Norgani Hotels ASA Presentation August/September 2005

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1 Norgani Hotels ASA Presentation August/September 2005

2 Agenda Headlines Investment Case portfolio and financing Organisational structure The acquired properties Nordic hotel property market Key financial figures Enclosures 2

3 Headlines 35 centrally located hotels acquired 1 July & 3 star hotels only Quality tenants majority operated by leading chains Revenue based leases 4 year minimum level seller guarantee Successful equity issue of NOK 1.1bn in June 2005 at price NOK 50 per share (current share price NOK 57) IPO on OSE in 4Q05 3

4 Investment case Size, leverage and return Property value short term target of NOK 5bn Leverage: 20%-25% equity 75%-80% debt financing Pretax IRR 15% Dividend yield 5% or more 4

5 Investment strategy The Nordic hotel market Location: 75% city, 25% regional Hotels 4 and 3 stars Average size 150 rooms or more Leading hotel chains as operators Average contract duration of 7 years or more Turnover based leases Limited development projects Value added strategy Active asset management Disposal gains to be reinvested or paid out as seen best for shareholders 5

6 An important Nordic player 6

7 Portfolio structure and financing Portfolio build-up Property value NOKm EV, NOKm 66,000 55,000 44,000 33,000 22,000 11, Wenaas NOK1.3bn Capona NOK1.2bn Pandox/ Eiendomsspar NOK1.1bn Portfolio To be acquired 78% 78% Debt Debt 22% Equity 22% Equity Short term property value targets of NOK 5bn Current property value NOK3.6bn Letter of intent 2 hotels Negotiating further investments of approximately NOK 1bn Targets 20%-25% equity financing Current equity ratio of 30% Debt financing at favourable terms Currently 100% fixed rate Average duration 5.5 years Average interest rate 3.84% Agreed maximum leverage 78% Yearly amortisation 1.3% 7

8 Organisational structure 8

9 The acquired properties

10 A well balanced portfolio Source: Enskilda Securities, Wenaas, Capona, Pandox/Eiendomsspar 10

11 Portfolio overview 11

12 Portfolio - facts and figures Facts 35 hotels 5,748 rooms Average 164 rooms per hotel Cities 78%, regional 22% Hotels operated by leading chains: 78% Average duration of lease contracts of 8.6 years 98% turnover based lease contracts Figures Normalised gross rent approx. NOK 286 million Opex 13-15% Property value approximately NOK 3.6bn Price per square metre approximately NOK 12,000 4 years rent guarantee from seller (100% CPI adjusted) 12

13 Nordic Hotel Property Market

14 A cyclical market Source: Enskilda Securities 14

15 Improving markets RevPAR improving Occupancy increasing Moderate price increases Source: Capona, SHR, Enskilda, SSB and SCB 15

16 Yields are trending lower Source: DTZ, Enskilda 16

17 Hotel property values Change in value Source: HVS International 17

18 Future market direction Rent, NOKm Increasing Yield, % Decreasing Increasing Decreasing 18

19 Value added Timing Timing Operator increase turnover Hotel property development Expansion Opex Time X 19

20 Key financial figures

21 Key figures Norway Sweden Denm ark Finland T otal Operational key facts: Number of hotels Number of rooms 1,532 2, ,7 48 Average number of rooms per hotel Sqm size 83, ,599 40,649 11, ,827 Average sqm per hotel 10,387 8,080 8,130 5,7 41 8,481 Lease contract duration (y) as of 30 September Lease gross rent 2005F (NOKm) Seller guaranty dev. gross rent (NOKm) Normalized gross rent 2005 (NOKm) Financial key facts Gross interest bearing debt 821 1, ,444 Net interest bearing debt 564 1, ,187 Average interest rate 4.52 % 3.51 % 3.46 % 3.53 % 3.84 % Fixed share, % 100 % 100 % 100 % 100 % 100 % Fixed duration (y) Equity ratio, % 300 % 30% Total asset values (NOKm) 3,511 3,648 Per share data Total Book value per share Total number of oustanding shares (m) Latest share price quoted (NOK) 57.0 Market capitalisation 1,295 21

22 Financials Profit performance Total* NOKm ** Gross Rent OPEX EBITDA *Unaudited figures ** Cost Range, annulized amounts 22

23 Hotel turnover Revenue split All countries NOKm Norway* Sweden Denmark* Finland TOTAL Room Conference F&B Other TOTAL ,015.6 * former Wenaas hotels only have a split between "Room" and "Other" Very positive hotel market development in H1(05) Increasing capacity utilisation and price increases of 1%-2% price RevPar increases of +4% in Sweden and Finland, +7% in Norway Hotel operators offer generally positive outlook for Capital cities lead the way Sharp increases in RevPar in the major cities in H1(05) +8% in Stockholm, +18% in Oslo, + 7% in Helsinki Note that 41% of Norgani s capacity is in the Capital cities, 78% in cities 23

24 High free float and dividend yield Dividend yield Source: ABG Sundal Collier 24

25 Shareholder structure Norgani NorGani - Shareholders - Shareholders as of As 23 Of August 23 August Nam e Country % stake Canica NOR % Nominee GBR 11.9 % Nominee GBR 8.4 % Nominee CY M 7.2 % Pandox* SWE 6.7 % Capona* SWE 6.2 % The Northwestern Mut. Insurance Comp. USA 5.2 % Norsk Hydro PK NOR 4.5 % P-Invest NOR 4.4 % Sabaro Inv estments MCO 4.0 % Orkla A SA NOR 4.0 % Bank of NY, Alpine Intl Real Estate USA 3.7 % Odin Fo ndene NOR 3.1 % Nominee GBR 3.1 % Wenaasgruppen* NOR 2.9 % MP Pensjon NOR 2.2 % Nominee GBG 2.2 % Kamabo Invest NOR 1.3 % Habra Inv est NOR 1.3 % Eiendomsspar* NOR 1.0 % Others Div 3.9 % TOTAL % * Sellers of properties Paid in equity: NOK 1136mill. at price 50 per share Total management holding: 0,3% Norgani Hotels, Owner by country USA 9 % Sweden 13 % Other 17 % UK 23 % Norway 38 % OTC-ticker: GANI No. of Shares: 22.72m Last traded share price: NOK 57 Market cap: 1.3bn 25

26 Enclosures

27 Business/conference share and room distribution 27

28 Revenue based lease structure Revenue based leases Hotel operator pays rent as a share of sales (Norgani portfolio ca 24-26% of total revenues) Differentiation by origin of sales (rooms, F&B and other) Percentages vary by hotel Minimum rental level in most cases 28

29 Current Gross rent profile Gross rent profile based on lease contract duration* 350,0 300,0 250,0 NOKm 200,0 150,0 100,0 50,0 0, * Included sellers guarantee (100% CPI adjusted) 29

30 Revenue growth by operator Hotel operators revenue growth - YTD 2005 vs YTD 2004 Ch oice Rica Scandic Hilton Occupancy increase 5.1 % 5.5 % 5.4 % Rev PAR increase 8.2 % 8.0 % 8.4 % Rev enu e increase 3.7 % 5.4 % 6.6 % 5.7 % 30

31 Norgani & Enskilda contacts Chairman Jan P. Storetvedt Telephone: Mobile: CEO Kjell Sagstad Telephone: CFO Helge Nerland Telephone: Bård Bjølgerud Telephone: Mobile: Mona C. Bugge Telephone: Mobile: Knut Malterud Telephone: Mobile: Enskilda s project partners and contributors Legal counsels: Thommessen (NO), Vinge (SW), Kromann Reumert (DK) Auditors: PricewaterhouseCoopers External valuation of properties: DTZ International Executive search: Korn Ferry International Provider of market and destination research: Horwath Consulting 31

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