Oslo, 23 February th quarter and preliminary annual results 2009

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1 Oslo, 23 February th quarter and preliminary annual results Q 2009 presentation

2 Agenda Highlights and key figures Financial update Markets & operations: Svein Hov Skjelle Office portfolio Hotel portfolio Strategy for longterm value creation Closing remarks Q&A session 2 4Q 2009 presentation

3 4Q 2009 Stable operations, new strategic direction Gross rental income; NOK million Profit before tax and fair value adjustments; NOK 72.9 million (+ 25 percent y/y) Strong cash flow from operations; NOK million Value adjustments; negative for hotel portfolio, positive for office 40 office lease agreements renegotiated; rental uplift 18.8 percent Board of Directors approved new strategy for longterm value creation Targets separation of hotel and office operations during Q 2009 presentation

4 Agenda Highlights and key figures Financial update Markets & operations: Svein Hov Skjelle Office portfolio Hotel portfolio Strategy for longterm value creation Closing remarks Q&A session 4 4Q 2009 presentation

5 4Q 2009 Income statement NOK million 4Q Q Gross rental income Maintenance and property related cost Administrative and group expenses Operating result before value adjustment Net financial items excluding derivatives and currency effects Profit before value adjustments and acquisition financing Net financial items, acquisition financing Profit before value adjustments Net gain on disposals Net gain/loss on value adjustments, investment properties Impairment of goodwill Change in market value of financial derivatives Profit before income tax Income tax Profit for the period Earnings per share (NOK) Q 2009 presentation

6 4Q 2009 Income statement by business segment Office Hotel OP Total NOK million 4Q 09 4Q 08 4Q 09 4Q 08 4Q 09 4Q 08 4Q 09 4Q 08 Gross rental income Maintenance and property related cost Group expenses Operating result before value adjustment Net financial items excl. derivatives and currency Net financial items, acquisition financing Profit before value adjustments, gains and tax Net gain on disposals Net gain/loss value adj. investment properties Currency gain / loss Impairment of goodwill Change in market value of financial derivatives Profit before income tax Q 2009 presentation

7 4Q 2009 Positive trend confirmed for office portfolio Negative fair value adjustment of 3.5 percent for hotel portfolio in 4Q, and positive adjustment of 0.2 percent for office portfolio Negative fair value adjustment of 1.2 percent on group level Accumulated 5.4 percent for the full year 2009 compared to 12.8 percent in 2008 % Office Hotel NPRO Group Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q 2009 presentation

8 4Q 2009 Valuation of office portfolio by area External valuation by DTZ Realkapital and Akershus Eiendom Average market rent estimated to be 3.9 per cent higher than current payable rents ( uplift potential ) Increase in valuation NOK 28.2 million Negative effects from reduced inflation expectations Positive effects from yield reductions Area Total space (m²) NOK million Valuation NOK/m² Gross rent NOK million NOK/m² Net Yield * Oslo CBD % Oslo Skøyen % Oslo West / Lysaker / Fornebu % Oslo Nydalen % Oslo North / East % Stavanger % Gross Total % * Based on gross rent and estimated operating expenses of 5.6% 8 4Q 2009 presentation

9 4Q 2009 Valuation of hotel portfolio External valuation by DTZ Realkapital and Akershus Eiendom Valuation influenced by: Negative RevPAR development Review of long term capex needs in portfolio Decrease in portfolio value 4Q 2009: NOK million Currency effects and other: NOK million Fair value adjustments: NOK million Country Properties Rooms Total Value (NOK million) Per property Per room (NOK) Net yield * Norway % Sweden % Finland % Denmark % Total % * Based on rental income and expenses 2009 and valuation as of 31 December 2009 in local currency. 9 4Q 2009 presentation

10 4Q 2009 Cash flow NOK million 4Q Q Cash flow from operating activities Net financial items (ex. market value adj. and currency gain/loss) Adjusted cash flow from operating activities Cash received from sale of assets Purchase of tangible assets and subsidiaries Cash flow from investment activities Net change in interest bearing debt Capital increases Other financing activities Adjusted cash flow from financing activities Net change in cash Net cash at end of period NOK million Adjusted cash flow from operating activities 10 4Q 2009 presentation Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

11 4Q 2009 Balance sheet NOK million Investment properties 1) Goodwill Market value financial derivatives (net) Cash and cash equivalents Equity Long term interest bearing debt Short term interest bearing debt Deferred tax liability Net other assets Equity ratio 19.9 % 17.3 % Net asset value per share (NOK) 2) Net asset value per share (NOK), EPRA 2) ) Net of deferred tax at acquisition 2) Number of shares as per : Number of shares as per : Q 2009 presentation

12 4Q 2009 Financial position Interest bearing debt and hedging as per NPRO Norgani SUM OPAS SUM Total interest bearing debt NOK million of which interest hedged NOK million Hedging ratio Percent % 99.5 % % % Cash and cash equivalents NOK million Effective hedging ratio, including cash Percent % % % 0.6 % % Unused committed credit facilities (short and long term) NOK million Average remaining duration, hedging Years Average interest rate (including margin) Percent 5.48 % 5.06 % 5.33 % 5.22 % 5.33 % Average margin Percent 0.71 % 1.24 % 0.90 % 3.03 % 0.98 % Average remaining duration, borrowing Years Property value (gross of deferred tax at acquisition) NOK million Loan to value Percent 77.3 % 70.1 % 74.6 % 78.2 % 77.7 % 12 4Q 2009 presentation

13 4Q 2009 Managing debt and hedging portfolio Duration on debt Debt expiring in 2010 renewed (new bond issue in January) Focus on extending debt maturities Interest rate exposure Hedging ratio gradually reduced below 100 percent as swaps maturing are not extended Target hedging ratio of 70 percent or above as required in the borrowing facilities Targeting to increase average remaining duration on hedging (currently 3.1 years) Maturity profile for loans Maturity profile for interest rate swaps NOK ' Year Maturities in 2010 relate to ordinary amortisations OPAS facility Total Norgani Total Norwegian Property >2017 NOK ' Year 2016 Norgani swaps NPRO ASA swaps 2017 Not including NOK million which expired in January Q 2009 presentation

14 Agenda Highlights and key figures Financial update Markets & operations: Svein Hov Skjelle Office portfolio Hotel portfolio Strategy for longterm value creation Closing remarks Q&A session 14 4Q 2009 presentation

15 Office portfolio Highlights 4Q new lease agreements, 18.8 percent uplift Trend of positive value adjustment of portfolio maintained Small share of contract portfolio up for renegotiation in 2010 Market recovery underway 15 4Q 2009 presentation

16 Office portfolio Market recovery underway Rents stabilising and trending upwards Overall market vacancy peaking in 2011 for Oslo area *) Transaction market improving Availability of financing Improvement in underlying markets European office market property clock 4Q 2009 Rental growth slowing Rental growth accelerating Oslo, London West End, London City Rents falling Rents bottoming out Copenhagen, Edinburgh, Hamburg, Luxembourg Warsaw Bucharest, Lisbon Milan, Rome, Budapest Athens, Barcelona Amsterdam, Brussels, Düsseldorf, Frankfurt, Madrid, St. Petersburg, Stuttgart Dublin, Stockholm, Prague Helsinki, Istanbul Berlin, Paris Munich, Lyon Moscow, Kiev Source: Jones Lang La Salle, Akershus Eiendom *) Source: Akershus Eiendom 16 4Q 2009 presentation

17 Office portfolio Well positioned for market recovery 5.0 years duration of leases Vacancy at 2.0 percent Average current rent of NOK per m² **) 97.1 percent of lease volume is CPI adjusted (cash flow inflation hedge) Volume expiring per year Average existing rent by year of lease maturity*) 1000 m² NOK/m² *) Office space only **) Including all areas 17 4Q 2009 presentation

18 Hotel portfolio Highlights 4Q 2009 Value adjustments of minus 3.5 percent Operator company for Hotel Korpilampi in Finland bankrupt, dialogue with possible new operators and potential buyers ongoing New attractive operator agreement in Copenhagen Market cycle expected to bottom out in 2010 Norgani well positioned for market recovery 18 4Q 2009 presentation

19 Hotel portfolio RevPAR development Norgani 2009 revenues were 7.8 percent below 2008, minimum rents and seller guarantees limits income reductions Development in 4Q 09 improves YTD figures Occupancy Summer season better than expected, and improved development from November, especially in Sweden Current downturn similar to previous downturns in terms of who are hit the hardest; International business, conference and tourism market Capital areas Room rates Improved development in 4Q Capital cities have dropped somewhat more than expected, particularly in the upper range (suites etc.) Regional areas are fairly stable RevPAR development in the Nordic market vs. Norgani Norgani geographical split by rooms and revenue % Sweden Norway Finland Revenue Rooms Finland 27 % ,8% RevPAR market 2009 RevPAR Norgani 2009 RevPAR market OctDec RevPAR Norgani OctDec Sweden 45 % 54 % 24 % 19 % 3 % Norway 23 % Denmark 5 % 19 4Q 2009 presentation

20 Hotel portfolio RevPAR decline slowing Falling RevPAR levels in Norgani s main markets, stabilising towards the end of the year Market cycle expected to bottom out in 2010 Norgani well positioned for market recovery European hotel market property clock 4Q 2009 London RevPAR growth slowing RevPAR rising RevPAR falling RevPAR decline slowing Heathrow, Dublin St. Petersburg Prague, Budapest Frankfurt Lisbon Gatwick Amsterdam, Madrid Copenhagen Munich, Rome Barcelona UK regions, Milan Paris Cologne, Dusseldorf Zurich, Oslo, Moscow Vienna Brussels, Stockholm, Warsaw, Scottish regions Istanbul, Hamburg, Berlin Source: Jones Lang La Salle Hotels 20 4Q 2009 presentation

21 Hotel portfolio Expected recovery will benefit hotel market GDP 6.0 % GDP (y/y) RevPAR (y/y) RevPAR 15.0 % 5.0 % 10.0 % 4.0 % 5.0 % 3.0 % 2.4 % 2.6 % 2.7 % 2.0 % 0.0 % 1.0 % 5.0 % 0.0 % 1.0 % 2.0 % For : R² = 0.75 RevPAR = (2.6 x GDP) 0.05 * Both GDP and RevPAR historical data are SSB official numbers for Norway * GDP estimates is the average of latest estimates from: SSB, DnB NOR, NB, Nordea and SEB 1.47 % 10.0 % 15.0 % 21 4Q 2009 presentation

22 Agenda Highlights and key figures Financial update Markets & operations: Svein Hov Skjelle Office portfolio Hotel portfolio Strategy for longterm value creation Closing remarks Q&A session 22 4Q 2009 presentation

23 Strategy for value creation Norwegian Property today Offices Norway, Oslo and Stavanger Prime properties Portfolio value: NOK 15.0 billion Market in recovery Limited synergies realised between office and hotel operations Office and hotel business separately operated with dedicated organisations Hotels Norway, Denmark, Sweden and Finland Mid segment hotels Portfolio value: NOK 8.9 billion Market recovery expected late 2010 / 2011 Lag in recovery (cycle) between office and hotel Focused operations enhance value creation 23 4Q 2009 presentation

24 Strategy for value creation Targets separation during 2010 OFFICE HOTEL Pure prime office company fully integrated Nordic no1 hotel property owner Businesses more effectively developed under separate structures and ownership Enhanced focus believed to benefit operations Strategic opportunities available may be more efficiently realised with two separate companies Both operations are selfcontained and with critical mass, including in relation to the capital market ABG Sundal Collier engaged as financial advisor for the separation process 24 4Q 2009 presentation

25 Strategy for value creation in hotel and office business Focus on key value drivers Increase customer focus Strengthen financial platform; balance financial risk Long term target of reducing LTV to 6065 percent Secure competitive return on equity Strengthen operations; focus on entire value chain Key value drivers: Letting Property management Development Two fully integrated property companies Transactions & financing 25 4Q 2009 presentation

26 Agenda Highlights and key figures Financial update Markets & operations: Svein Hov Skjelle Office portfolio Hotel portfolio Strategy for longterm value creation Closing remarks Q&A session 26 4Q 2009 presentation

27 Focus on longterm value drivers Stable 4Q operations Market recovery in sight Process initiated to separate company Focus on longterm value drivers Subscribe to NPRO news releases at 27 4Q 2009 presentation

28 Agenda Highlights and key figures Financial update Markets & operations: Svein Hov Skjelle Office portfolio Hotel portfolio Strategy for longterm value creation Closing remarks Q&A session 28 4Q 2009 presentation

29 Agenda Highlights and key figures Financial update Markets & operations: Svein Hov Skjelle Office portfolio Hotel portfolio Strategy for longterm value creation Closing remarks Q&A session Appendix 29 4Q 2009 presentation

30 Office portfolio Overview of portfolio of commercial properties Run rate as of 1 January 2010 Portfolio Number of properties Total size (m 2 ) Average size per property (m 2 ) Average value per m 2 (NOK) Average value per property (MNOK) Average rent per m 2 (NOK) Valuation Market value (MNOK) Gross rent (MNOK) Opex (MNOK) Net rent (MNOK) Gross yield, contractual rent Net yield, contractual rent Gross yield. market rent* Net yield, market rent* Duration (years) CPI adjustment (2009) Vacancy (excl. warehouse and parking) % 6.6 % 7.4 % 7.0 % % 2.0 % *) Market rent is assessed by DTZ Realkapital and Akershus Eiendom to be 3.9 % (weighted average) above current contractual rents 30 4Q 2009 presentation

31 Office portfolio Exposure to prime locations in Oslo Nydalen Majorstuen Skøyen Fornebu/ Lysaker CBD 3 properties 11 properties 1 property 11 properties 12 properties 1 property at Gardermoen and 1 at Tøyen Office: m² Indoor Parking: m² Total: m² Office: m² Indoor Parking: m² Total: m² Office: m² Indoor Parking: m² Total: m² Office: m² Retail: m² Total: m² Office: m² Indoor Parking: m² Total: m² Office m² Warehouse: m² 31 4Q 2009 presentation

32 Office portfolio Strategic locations in Stavanger; the oil and gas cluster Finnestadveien 44 Office: m² Total: m² Badehusgaten 3339 Office: m² Total: m² Maskinveien 32 Office: m² Total: m² Strandsvingen 10 Office: m² Total: m² Svanholmen 2 Office / Retail: / m² Total: m² Forusbeen 35 Office: m² Total: m² Grenseveien 21 Office: m² Total: m² Grenseveien 19 Office: m² Total: m² 32 4Q 2009 presentation

33 Office portfolio Concentrated high quality customer base Tenant Rent (MNOK) Duration (years) Share of total Public sector participation Listed at group level EDB Business Partner ASA % Aker Solutions ASA % DnB NOR ASA % Nordea % StatoilHydro ASA % SAS Scandinavian Airlines Norge AS % If Skadeforsikring % Aker Offshore Partner AS % Total E&P Norway AS % Höegh Autoliners Management AS % Get AS % Telenor Eiendom Holding AS % NetCom AS % Skanska Norge AS % Fokus Bank % Atea ASA % TDC AS % NAV % Uno X Energi AS % Tieto Norway AS % BW Offshore AS % Simonsen Advokatfirma DA % Økokrim % ErgoGroup AS % Schibsted Eiendom AS % Close customer followup Regular credit assessments of tenants Limited risk related to tenant defaults and renewals Top 25 tenants average lease duration 5.5 years Total 25 largest tenants % 13 / / 25 Total other tenants % TOTAL ALL TENANTS % 33 4Q 2009 presentation

34 Office portfolio Uplift potential delivered 40 new lease agreements gives an uplift of 18.8 per cent over existing rent level Estimated uplift potential of 3.9 per cent MNOK Expired contracts New contracts Percent uplift Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q % Q 2009 presentation

35 Hotel portfolio Overview of hotel portfolio As of 31 December 2009 Portfolio Number of properties Number of rooms Total size (m 2 ) Average size per property (m 2 ) Average value per m 2 (NOK) Average value per property (MNOK) Average value per room (NOK) Valuation Market value (MNOK) Gross rent 2009 (MNOK) Net yield * Remaining duration contracts (years) ** Minimum rent and seller guarantee 2010 (MNOK) ** % * Based on result 2009 and valuation as of 31 Dec ** Based on budget 2010 currency rates EURNOK (8.44), SEKNOK (0.84) and DKKNOK (1.13) 35 4Q 2009 presentation

36 Hotel portfolio The leading Scandinavian hotel company Q 2009 presentation

37 Hotel portfolio Distribution of revenue Brands Type of revenue Best Rica; 2 % Western; 1 % First; 2 % Hilton; 5 % Other; 7 % Conference rent 4 % F&B rent 12 % Other hotel rent 2 % Rezidor; 6 % Scandic; 58 % Choice; 19 % Room rent 82 % 37 4Q 2009 presentation

38 Hotel portfolio Hotel lease maturity profile Average weighted duration of 9.5 years 9.9 years when including the new Hotel Europa agreement Of the six leases maturing in , three are with smaller private operators Number of contracts Q 2009 presentation

39 Disclaimer The information included in this Presentation contains certain forwardlooking statements that address activities, events or developments that Norwegian Property ASA ( the Company ) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which Norwegian Property is or will be operating, counterparty risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors we refer to Norwegian Property s Annual Report for As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forwardlooking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Norwegian Property disclaims any and all liability in this respect. 39 4Q 2009 presentation

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