Norgani Hotels ASA Presentation November 2005

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1 Norgani Hotels ASA Presentation November 2005

2 Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Norgani Hotels ASA. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, macro economic fluctuations, inflation, interest rates, rent levels and such other factors as may be discussed from time to time in the Presentation. Although Norgani Hotels ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Norgani Hotels ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Norgani Hotels ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. In this presentation we may sometimes use Norgani", the Company, "we" or "us" when we refer to Norgani Hotels ASA. This presentation is for information purposes only and is not an offer to sell, or the solicitation of an offer to buy, any securities. The distribution of this presentation and the offer and sale of the securities in certain jurisdictions may be restricted by law. Any persons reading this presentation should inform themselves of and observe any such restrictions. The shares of Norgani Hotels ASA have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and are being offered within the United States in reliance on Rule 144A under the Securities Act ("Rule 144A") only to qualified institutional buyers (as defined in Rule 144A, "QIBs"), through ABG Sundal Collier Inc. and Enskilda Securities Inc. on behalf of the Managers, and are being offered and sold outside of the United States to certain non-u.s. persons in offshore transactions in reliance on Regulation S under the Securities Act ("Regulation S"). ABG Sundal Collier Inc. and Enskilda Securities Inc. are U.S. affiliates of ABG Sundal Collier ASA and Enskilda Securities ASA respectively. Prospective investors are hereby notified that the shares are subject to certain restrictions on transfer as described in the prospectus, and all investors that are U.S. persons or have a registered U.S. address will be deemed to have made the acknowledgments and representations mentioned therein. 2

3 Investment case Highly attractive yield and return on capital Guaranteed minimum revenues for +4Y and fixed financing terms for +5Y Only marginal payable tax first 3-6 years Highly predictable cash flow and investor returns Projected attractive dividend yield (+/- 50 % pay-out ratio) The largest Nordic hotel property owner 46 hotels (7,605 rooms) acquired or under letter of intent (6 hotels) Invested NOK 5.2 bn (incl. LOIs) at net yield 06 of ~7.0% (gross yield 8.0%) Well-defined investment area and strategy Pure exposure to the Nordic hotel property market and potentially Iceland and The Baltics Quality tenants, revenue-based leases; Choice, Hilton/Scandic and Rezidor SAS Medium term downside protected by minimum rent agreements and approx. 4.1 year minimum level seller guarantees (incl. LOIs) Positioned to benefit as market improves further Nordic hotel markets have bottomed out significant market upturn expected Supply of new hotel projects is limited 3

4 The transaction The Offering total size of 7.55m to 9.05m shares MNOK 400 to MNOK 487 New issue of 6.90 to 7.55m shares, equivalent to MNOK 400 Secondary sale of up to 1.5m existing shares, equivalent to up to MNOK 87 The Offering comprises: Retail Offering in Norway lower limit 200 shares/upper limit 20,000 shares Institutional Offering Institutional/professional investors - lower limit 20,001 shares Restrictions: Regulation S/Rule 144A under the U.S. Securities Act - QIB s only Greenshoe Option of up to 15 % of the Offering, equivalent to up to 1.36m shares, equivalent to up to MNOK 73 No of shares pre IPO 22.7 million Price Range of NOK 53 to NOK 58 market cap pre money BNOK 1.2 to BNOK 1.3 Bookbuilding Period from 2 November to 14 November 2005 First day of trading expected 16 November 2005 Settlement, T + 3 DvP, expected 18 November 2005 The board of Oslo Børs approved Norgani Hotels application for listing of the Shares at its meeting on 26 October 2005 subject to certain conditions Joint lead managers and book runners: Enskilda Securities and ABG Sundal Collier Retail Sales Agent: Terra Securities 4

5 Agenda Norgani history, targets and strategies Nordic hotel property market Property portfolio Key financial figures Enclosures 5

6 Norgani history, targets and strategies

7 About Norgani Brief history Established 7 March 2005 and LOI s regarding 35 hotel properties signed mid-march 2005 June 2005, two equity issues at issue price NOK 50 per share against cash considerations, totaling MNOK 896 June 2005, entered into purchase agreements regarding three hotel portfolios of in total 35 hotels - total purchase price BNOK 3.5 in cash and shares July 2005, quoted on NOTC (The Norwegian Over The Counter Market) August 2005, management on board September 2005, letter of intent (LOI) with Capona AB concerning acquisition of six hotels in Sweden purchase price of MNOK 645 in cash October 2005, agreement with the Wenaas group concerning acquisition of 3 hotel properties purchase price of MNOK 745 in cash October 2005, agreement with Home Invest AS and Choice Hotels Scandinavia ASA, to acquire two hotel properties purchase price of MNOK 134 in cash Currently, the Company owns or has entered into acquisition agreements regarding 40 hotel properties (46 incl. LOIs) total purchase price of ~NOK 4.5 billion (~NOK 5.2 billion incl. LOIs) Last traded at NOK 60 market cap of NOK 1.36 bn 7

8 About Norgani Business concept, targets and IPO proceeds Norgani s business concept is to offer long-term investment in a liquid company which is listed on the stock exchange, exclusively focused on the purchase, sale, management and development of hotel properties. It is through active management and development that profitability is achieved and value is added. The intention is to pay a competitive average annual dividend. The Company s target is to distribute approx. 50% of annual net profit, excluding non-cash items. The Company s goal is to be a leading player in the Nordic hotel market and to provide shareholders with an attractive return on equity. The Company targets an annual average pre-tax return of minimum 15% on the basis of the Company s paid-in equity. The IPO proceeds will over the next six months be directed towards expansion/investments in additional hotel properties, totally NOK approx. 1.5 bn 8

9 Portfolio strategy The Nordic region (potentially Iceland and The Baltic States) 4 and 3 stars hotels Location: 75% city*, 25% regional Average size 150 rooms or more Leading hotel chains as operators Mostly revenue based lease contracts Average lease contract duration of 5 years or more Limited development project duration Active asset play *A city/area with more than 50,000 inhabitants 9

10 Investment process/score card Property: Location of property Market conditions (supply/demand) Market competition Infrastructure Technical quality and restrictions Visual layout Environmental issus Legislation Hotel size and concept Number of rooms and sqm Other facilities (Conference, F&B, Spa etc) Parking lots Expansion potential Tenant: Operator quality Solidity Profitability Pricing power Expansion strategy Operator s market position Financial: The hotel s historical operating performance For the tenant last 5Y For the property owner last 5Y Total price and price per sqm, per room etc Implied total return as is vs value potential Implied net rent yield, % IRR pre and post tax Transaction structure Tax-issues Seller guarantees and warrents Capex coverage by By seller By buyer By tenant Lease contract Gross and net lease level Turnover % Opex Guarantee arrangement Lease contract duration (Y) + option 10

11 Value creating activities Timing Example 1; Lillehammer; Conference expansion Increase lease / operator revenue: Operator RevPAR, increase occupancy turnover Hotel property and pricing development policy Marketing Expansionand sales activities Opex Maintenance and refurbishment Hotel property development Re-negotiations and pricing power Example 2; Copenhagen; Merger two sites (Vesterbro) Example 3; Copenhagen Conf. expansion (Clarion) Example 4; Oslo (Børsparken); Room expansion Time X 11

12 Financing strategy NOK 4 billion bridge facility in place Long term facility in process Bridge facility expires June 2006 option to extend to October 2008 Bridge facility on equal terms as the long term facility Initial leverage of 78% - average annual amortisation of 1.3% Revolving credit facility ensures flexibility and liquidity Bonds and alternative financing sources to be evaluated Norgani is actively using hedging instruments Minimum 70% secured interest rates currently 100% fixed Loans in local currency to hedge FX exposure forward contracts to hedge net cash flow on a 12 month rolling basis Attractive financing provides solid gap vs property yields Margin of 70 basis points Current interest rate mix at 3.84%, fixed for 5.3Y 12

13 Nordic hotel property market

14 Improving markets Very positive hotel market development in H1(05) 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, 77%* in cities Significant growth in August 2005 (Number of guest nights) Sweden +11% y/y, Norway +9% y/y, Denmark (hotels) + 7% y/y * Based on rent level 2006 Source: Capona, SHR, Enskilda, SSB and SCB 14

15 Norgani vs market average RevPAR comparison NOK Norway Sweden Denmark Finland 1H04; Norgani Market average Diff H05; Norgani Market average Diff Change 1H04 vs 1H05; Norgani 4 % 5 % 9 % 19 % Market average 7 % 4 % 3 % 4 % Source: Norgani Hotels, Capona, Pandox, Wenaasgruppen, Horwath, Choice Hotels, Hilton Scandic, SSB and SCB 15

16 A cyclical market RevPAR Nordic Countries 160 Sweden Norway Denmark Helsinki Trend Market average CAGR 3% 130 Index F Source: Enskilda Securities and HVS International 16

17 Hotels less volatile than office Revenue fluctuations Oslo 25,00 % Office revenues RevPAR (Hotels) 20,00 % 15,00 % 10,00 % 5,00 % 0,00 % -5,00 % -10,00 % -15,00 % -20,00 % The RevPAR development in Oslo has actually been less volatile than office rental income, if factoring in vacancy in the office market -25,00 % Office revenues; average market rent Oslo adjusted for vacancies Sources: SSB, Dagens Næringsliv/Akershus Eiendom, ABG sundal Collier 17

18 Supply and demand - Norway Room capacity and GDP growth RevPAR development Mainland GDP change Change # Rooms RevPAR %, RevPAR change 9,00 % ,00 % 8,00 % 7,00 % 350 8,00 % 6,00 % 330 6,00 % Change, % 5,00 % 4,00 % 3,00 % NOK 310 4,00 % 2,00 % Change, % 2,00 % 290 0,00 % 1,00 % 0,00 % 270-2,00 % -1,00 % 250-4,00 % E Source: SSB, Enskilda Securities 18

19 Supply and demand - Sweden Room capacity and GDP growth RevPAR development 8,00 % Mainland GDP change Change # Rooms 390 Rev PAR %, RevPAR change 10,00 % 6,00 % 370 8,00 % 4,00 % 350 6,00 % Change, % 2,00 % 0,00 % SEK ,00 % 2,00 % Change, % -2,00 % 290 0,00 % -4,00 % 270-2,00 % -6,00 % 250-4,00 % E Source: SCB, Enskilda Securities 19

20 Yields are trending lower Nordic hotel transactions SWAP rate 10 year STIBOR 3 month Hotel market yield Norgani Yield 11 % 10 % 9 % 8 % Norgani Yield 7 % 450 bp 450 bp 650 bp Indeks 6 % 5 % 260 bp 580 bp 480 bp 4 % 440 bp 3 % 2 % 1 % 0 % Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Source: DTZ, Enskilda 20

21 Hotel property values European Hotel Valuation Index & NOK (000's) per room ( ) Europe (NOK) Stockholm (NOK) Copenhagen (NOK) Europe Copenhagen Stockholm London Trend (5% up) Indeks NOK ' Norgani, NOK 658,000 per room Source: HVS International 21

22 In the sweet spot..? Rent Increasing Yield Decreasing Increasing Decreasing 22

23 Property portfolio

24 The largest Nordic hotel owner LOI Norgani Norlandia Hotels & Resorts Olav Thon Gruppen Pandox/Eiendomsspar Dividum Capona Host Hotelleiendom Kapiteeli Rica Eiendom Wenaas Hotels # Hotels Tapiola Vital Eiendom Nordisk Renting Number of hotels LOI

25 A well balanced portfolio By rooms* DEN 17 % SWE 44 % NOR 34 % FIN 5 % By rent level 2006* DEN 20 % SWE 35 % Under LOI *Excluding 6 Swedish hotels under LOI Source: Enskilda Securities, Wenaas, Capona, Pandox/Eiendomsspar NOR 42 % FIN 3 % 25

26 Portfolio - facts and figures Facts (%s based on number of rooms) 40 hotels (46 incl. LOIs) 6,672 rooms (7,605 incl. LOIs) Average 167 rooms per hotel Cities 77%, regional 23% (6 LOI hotels 88% city) Hotels operated by leading chains: 80% Average duration of lease contracts of 10 years* 95% revenue based lease contracts Figures Guaranteed minimum rent 2006 approx. NOK 360 million (NOK 413 million incl. LOIs) Opex estimated at 13-15% of gross rent (incl. adm/hq) Invested approx. NOK 4.5bn (5.2 incl. LOIs) Price per square metre approximately NOK 12,800 Price per room approximately ~NOK Approx 4 years rent guarantee from seller (100% CPI) * Based on rent level

27 Norgani s hotel brand-mix By revenue* By rooms Ot h er %16 Ot h er %22 40 hotels Radisson SA S %14 Ch oice Hot els Sca n d %43 Radisson SA S %7 Choice Hot els Sca n d %44 Hilt on / Sca n dic 27 % Hilt on / Sca n dic 27 % 46 hotels Radisson SA S 11 % Ot h er 16 % Ch oice Hot els Sca n d 37 % Radisson SA S %7 Ot h er %23 Choice Hot els Sca n d %38 / Hilt on Sca n dic %36 Hilt on / Sca n dic 32 % *Operator/tenant revenue 27

28 Norgani market share # rooms Norway Sweden Denmark Finland Total Nordic region Norgani Market share % 3,9% 3,3% 2,8% 0,7% 2,8% Norgani incl. LOIs (Capona II) Market share % 3,9% 4,3% 2,8% 0,7% 3,2% Average hotel size, rooms Norway Sweden Denmark Finland Total Nordic region Norgani Norgani incl. LOIs (Capona II)

29 N0rgani key rental figures Year/NOK Million Norway Sweden Denmark Finland Total ,5 117,1 48,8 10,3 290, ,7 117,7 55,2 9,8 305,4 2005F 132,2 115,0 65,5 10,6 323,3 2006F 138,8 120,8 68,8 11,2 339,5 Guarantee payment 2006F* 11,8 5,8 2,8 0,0 20,4 Guaranteed 2006F by Sellers 150,6 126,6 71,5 11,2 359,9 1st Half ,8 58,3 27,1 4,8 152,0 1st Half ,5 57,0 32,8 6,0 158,4 *The difference between 2006F and Guaranteed 2006F by Sellers 29

30 Key financial figures

31 3Q05 income statement Figures in NOK Rental income from properties Guarantee rent from sellers Gross rental income Operating expenses Gross operating profit Gain from fair value adjustment on investment property Administrative expenses Operating profit Financial costs Profit before income tax Income tax expense Profit for the period 3Q (23 320) (23 532) (9 106) YTD (23 881) (22 986) (9 102) Earnings per share (EPS fully diluted) Return on equity % 31

32 3Q05 balance sheet Figures in NOK ASSETS Investment property Seller guarantees for future rent Deferred income tax assets Other fixed assets Total non-current assets Trade receivables Cash and cash equivalents Total current assets Total assets EQUITY AND LIABILITIES Share capital Share premium reserve Translation reserve Retained earnings Total equity Interest-bearing long-term debt Derivative financial instruments Deferred income tax Total non-current liabilities Trade and other payables Provisions Total current liabilities Total liabilities Total equity and liabilities (11)

33 Key figures Operational key facts Norway Sweden Denmark Finland Total LOIs Inc. LOIs Number of hotels Number of rooms Average number of rooms per hotel Size (sqm) Lease contract duration as of 30 September 2005 (yrs) 10,4 7,9 13,0 8,8 10,0 7,2 9,6 Lease gross rent 2006F (MNOK) 138,8 120,8 68,8 11,2 339,5 50,2 389,7 Guarantee payments (MNOK) 11,8 5,8 2,7 0,0 20,4 2,6 23,0 Guaranteed gross rent 2006F (MNOK) 150,6 126,6 71,5 11,2 359,9 52,8 412,7 Pro forma 30/ Balance sheet key facts (40 hotels) Gross interest bearing debt Net interest bearing debt Average interest rate 3,84% Fixed share (%) 100 % Fixed duration (yrs) 5,3 Equity ratio (%) 30,8 % Per share data Book value of equity per share 50 Total number of outstanding shares (mill) 22,7 Latest price quoted (NOK) 60 Market capitalisation (MNOK)

34 NAV sensitivity Pre IPO transaction 100 NAV per share NAV per share incl. NPV of tax losses carried forward 97 NOK per share ,25 % 7,00 % 6,7 5 % 6,50 % 6,25 % 6,00 % Rate of return requirement on net rental income 2006 Key rent assumptions annualised 2006F; Number of properties 40 Gross rent NOKm 360 Opex NOKm 40 Net rent NOKm 320 Other key assumptions; Net interest bearing debt NOKm 3,274 as of Additional value: Loss carried forward SEKM 894 NPV LCF NOK 6 per share (Source: Terra, Enskilda) FX as of October

35 Shareholder structure Norgani - Shareholders as of 27 October 2005 SHAREHOLDER TYPE NAT # SHARES CANICA INVEST AS ORD NOR DEUTSCHE BANK AG LONDON NOM GBR % 13,0 % 11,9 % Paid in equity: NOK 1,136mill. at price NOK 50 per share Total management holding: 0,3% MORGAN STANLEY UBS AG, LONDON BRANC PANDOX AB NOM NOM ORD GBR GBR SWE ,4 % 7,2 % 6,7 % US 10 % Ot h er 3 % CAPONA AB ORD SWE ,2 % THE NORTHWESTERN MUT INSURANCE COMPANY NORSK HYDROS PENSJON P-INVEST AS ORD ORD ORD USA NOR NOR ,2 % 4,4 % 4,4 % Norway 43 % ORKLA ASA ENSKILDA SECURITIES EGENHANDELSKONTO* ORD ORD NOR NOR ,0 % 4,0 % UK 31 % BANK OF NEW YORK, BR S/A ALPINE INTL REAL ORD USA ,7 % ODIN NORDEN ORD NOR ,7 % GOLDMAN SACHS & CO WENAASGRUPPEN AS NOM ORD GBR NOR ,1 % 2,9 % Sweden 13 % MP PENSJON ORD NOR ,2 % GRIFFIN UMBRELLA FUN HABRA INVEST AS C/O VENTOR AS KAMABO INVEST AS C/O VENTOR AS EIENDOMSSPAR A/S TOTAL TOP 20 OTHER ORD ORD ORD ORD IRL NOR NOR NOR ,2 % 1,3 % 1,3 % 1,0 % 96,7 % 3,3 % OSE-ticker: NORGAN OTC-ticker: GANI No. of shares: 22.73m Last traded share price: NOK 60 Market cap: 1.36bn TOTAL ,0 % * shares are held on own account, of which shares are held as hedge for sold Future Contracts 35

36 Enclosures

37 Portfolio - Norway Seller guaranteed 2006 Gross rent (MNOK) Rental contract duration (years) as of Hotel Municipality Operator/Distributor Number of rooms Sqm Radisson SAS Lillehammer Hotel Lillehammer Lillehammer Hotel AS/ Radisson SAS , Quality Hotel Alexandra/Comfort Hotel Nobel Molde Choice/Hotel Nobel Mgmt (Nobel) , Quality Hotel Kristiansand Kristiansand Choice Hotels Scandinavia 210 9, Quality Hotel Hafjell Øyer Choice Hotels Scandinavia 210 9, Comfort Hotel Børsparken Oslo Choice Hotels Scandinavia 198 7, Scandic Bergen Airport Bergen Hilton/Scandic 197 9, Radisson SAS Hotel Bodø Bodø Radisson SAS , Scandic KNA Oslo Hilton/Scandic , Rica Olrud Hotel 1 Ringsaker Rica 176 9, Comfort Hotel Holberg Bergen Choice Hotels Scandinavia 140 5, Quality Hotel & Resort Fagernes Fargernes Choice Hotels Scandinavia , Quality Hotel Arcticus Harstad Hotel Arcticus AS/Choice 75 3, Total Norway (12 hotels) 2, ,

38 Portfolio - Sweden Seller guaranteed 2006 Gross rent (MNOK) Rental contract duration (years) as of Hotel Municipality Operator/Distributor Number of rooms Sqm Scandic Hotel Star Sollentuna Stockholm Hilton/Scandic , Quality Hotel Luleå Luleå Choice Hotels Scandinavia , Quality Hotel Prins Phillip Stockholm Choice Hotels Scandinavia 201 7, Quality Hotel Ekoxen Linköping Choice Hotels Scandinavia , Ibis Stockholm Syd Stockholm Accor Hotels/Ibis Hotels 190 8, Scandic Hotel Ferrum Kiruna Kiruna Hilton/Scandic , Quality Hotel Grand Kristianstad Kristianstad Choice Hotels Scandinavia 149 7, Scandic Hotel Kalmar Väst Kalmar Hilton/Scandic 148 5, Scandic Hotel Bromma Stockholm Hilton/Scandic 144 6, Scandic Hotel Klarälven Karlstad Hilton/Scandic 143 5, First Hotel Mora Mora Pandox/First 135 9, First Hotel Linköping Linköping Tribe/First 133 6, Quality Hotel Winn, Göteborg Göteborg Choice Hotels Scandinavia 121 5, Best Western Princess Hotel Norrköping Portieren Norrköping/Best Western Hotels 119 7, First Hotel Linné Uppsala Uppsala Tribe/First 116 5, Quality Hotel Winn, Huskvarna Jönköping Choice Hotels Scandinavia 112 7, Quality Hotel Prisma Skövde Choice Hotels Scandinavia 107 3, First Hotel Mårtenson Halmstad Tribe/First 103 6, First Hotel Royal Star Stockholm Cadhotels/First 103 4, Stadshotellet Princess Sandviken Sandviken Stadshotellet i Sandviken AB 84 7, Total Sweden (20 hotels) 2, ,

39 Portfolio Denmark & Finland Seller guaranteed 2006 Gross rent (MNOK) Rental contract duration (years) as of Hotel Municipality Operator/Distributor Number of rooms Sqm Comfort Hotel Europa Copenhagen Choice Hotels Scandinavia 230 8, Clarion Hotel Copenhagen 2 Copenhagen Choice Hotels Scandinavia 216 9, Scandic Hotel Hvidovre Copenhagen Hilton/Scandic 207 9, Comfort Hotel Excelsior / The Mayfair Hotel Copenhagen Choice Hotels Scandinavia 204 7, Scandic Hotels Kolding Kolding Hilton/Scandic , Scandic Hotel Glostrup Copenhagen Hilton/Scandic 120 5, Total Denmark (6 hotels) 1,163 50, Airport Hotel Bonus Inn Vantaa Bonfinn 211 8, Comfort Hotel Pilotti Vantaa Citymac Travels/Choice 112 3, Total Finland (2 hotels) 323 8,

40 Hotel revenues Revenue split All countries NOK Million Norway Sweden Denmark Finland Total Room 308,8 306,5 134,8 29,0 779,1 F&B and Other 275,4 154,1 60,7 8,5 498,6 TOTAL 584,1 460,6 195,5 37, ,7 Operator revenue development - Norgani Hotels Real 2004 Nom inal NOK Million *Sources: Sellers, verified by Norgani s due diligence advisors 40

41 Current Gross rent profile Gross rent profile (NOK Million) NOK Million *Included sellers guarantee (100% CPI adjusted) **Excluding 6 hotels under LOI 41

42 Board of Directors Jan Petter Storetvedt, age 51, Chairman of the Board Storetvedt has long experience from the real estate sector with several positions in Norwegian and US real estate companies: CEO and chairman of the board in Avantor ASA, Chairman of the board of Legend Properties Inc. (Delaware,US), EVP (real estate) in AkerRGI AS (today Aker ASA). From March 2005, CEO of Angvik Eiendom AS. Storetvedt is also member of the board of directors in Eiendomsmegler1 Midt-Norge Knut Brundtland, age 44 Knut Brundtland has a law degree and has practiced as a lawyer (partner) in the lawfirm BAHR specializing in corporate finance. From January 2005 professional board member: Chairman of Bluewater Insurance ASA, Contopronto AS, Youngstorvet Eiendom AS, Creditsafe Business Information N.V., Contextvision AB, VOSS of Norway ASA, Sealbay AS, Try AS and Futuris Asset Management AB. Chairman of the financial committee for Norway`s Labour Party. Hege Bømark, age 42 MBA (siviløkonom) from the Norwegian School of Economics and Business Administration (NHH). Worked as a financial analyst in Orkla Finans (Fondsmegling) AS and Fearnley Finans (Fondsmegling) AS, with focus on, e.g. real estate. Mrs Bømark has also worked as a project manager in AS Eiendomsutvikling, with syndication of real estate projects. Currently a board member of Oslo Areal ASA and Block Watne Gruppen ASA. Eva Eriksson, age 46 Graduate engineer from KTH. Regional manager of Kungsleden AB and included in the corporate management. Previous positions includes manager of property developments in JM AB, manager of property sales (Stockholm) in NCC Fastigheter AB, manager of Real Estate Finance in Landesbank Schleswig-Holstein in Stockholm, section leader of property analysis in Föreningsbanken AB (Stockholm), Valuation Board (Stockholm), property manager of Kungsfiskaren Bygg- och Fastighet AB (Stockholm). Mats Lönnqvist, age 51 MBA degree (civilekonom) from the Stockholm School of Economics (HHS). Has held positions as CFO of Swedish listed companies Biacore, Esselte and Eniro and four years as Senior Investment Manager with Ratos. CFO of stately owned Securum , a company created to handle assets coming out of the Swedish bank crisis. Since 2004 focusing on board-assignments, e.g. Fastighets AB Tornet, Spendrups Bryggeri and Bluegarden. He has earlier served on the board of then listed Scandic Hotels. 42

43 Organisational structure Board of Directors Chairman: Jan Petter Storetvedt CEO Kjell Sagstad CFO Helge Nerland Administration COO Magne Ramlo Asset Manager: Ronny Wilhemsen Asset Manager: TBA Asset Manager: TBA Technical management functions outsourced to local providers Accounting function outsourced 43

44 Management Kjell Sagstad, age 57, CEO Comes from a position as CEO of Vital Eiendom with property portfolio of approximately NOK 20 billion. Long experience relating to property acquisition, divestment and management including hotel properties in the Nordic region. 20 years of experience form the property business, the last 14 years through the holding of various managerial positions in Vital Forsikring. He has also served as a member of the Board of Directors of Eiendomsspar. Sagstad holds a degree in Economics from the University of Oslo, Norway. Helge Nerland, age 49, CFO Master s degree in business and economics from the Norwegian School of Management. Extensive experience from a variety of financial and accounting posts, as well as international expansion processes. Auditor for KPMG, controller at Tomra, CFO at the Jøtun Group, CFO in Tomra until Since 2002 he has run his own consulting business Magne Ramlo, age 49, Technical director MSc in civil engineering from the Norwegian Institute of Technology (NTNU). He comes from a position as technical director in Vital Eiendom. Also been heavily involved in property investments carried out by Vital the last 4 years, including several hotel investments in the Nordic region. More than 13 years of experience, including as CEO of Oslo branch office, from the Reinertsen Group, one of Norway s leading engineering and construction companies Ronny Wilhelmsen, age 33, Asset manager Master of Business Administration from Norwegian School of Management, Oslo, Norway. He comes from a position as manager in Vital Eiendom AS where he has been working with new investments and building a portfolio of NOK 4 billion in office, hotel and retail properties in Stockholm, also acting as member of the negotiating and due diligence team. Consulting experience from PricewaterhouseCoopers and shipping experience from Frapaco Management. 44

45 Norgani & Managers 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: Jarle Norman Hansen Knut Løken Telephone: Mobile: Telephone: Mobile: Magnus Drageset Telephone: Mobile: Project partners and contributors Legal counsels: Thommessen (NO), Vinge (SW), Kromann Reumert (DK), Hannes Snellman (FI) Auditors: PricewaterhouseCoopers External valuation of properties: DTZ International Executive search: Korn Ferry International Provider of market and destination research: Horwath Consulting 45

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