STOCKHOLM GOTHENBURG COPENHAGEN HELSINKI OSLO MALMÖ

Nordic Office Markets February 21 Nordic City Report Spring 21 Economies: All Nordic countries are expected to grow more quickly in 21 than in 213, albeit at modest rates. Office markets: Prime CBD office rents have generally been high in the main Nordic cities and the forecast is for them to remain stable or increase in the short term, assisted by a restricted office development pipeline. Investment markets: In 213, the transaction volume for the Nordics has been similar to that of 212, with prime office yields across the main markets consistently low and stable. STOCKHOLM GOTHENBURG COPENHAGEN HELSINKI OSLO MALMÖ

2 On Point Nordic City Report Spring 21 Contents Executive Summary... 3 Stockholm Office Market... Gothenburg Office Market... Malmö/Lund Office Market... 8 Oslo Office Market... 1 Copenhagen Office Market... 12 Helsinki Office Market... 1 Hotel deals on the upswing... 1 Transaction Data... 18 About Jones Lang LaSalle... 19 Economic Key Data Sweden Norway Denmark Finland EU GDP growth 213 (, change p.a.).1 1.8. -1.2 -.1 GDP growth 21(F) (, change p.a.) 1.2 2.1 1.3.8 1.2 Inflation 213 (, change p.a.). 2.1.8 1.5 1.8 Inflation 21(F) (, change p.a.).5 2. 1.3 1.5 1. Employment growth 213 (, change p.a.) 1. 1..1-1.1 -.3 Employment growth 21(F) (, change p.a.).7.9.1 -.3 -.3 Unemployment rate (, seasonally adj.) 7.5 3.5 5.8 8.2 11. Exchange rates (SEK/NOK/DKK per )* 8.8 8. 7.5 - - Typical lease length (years) 3-5 3-1 5-7 3-5 - Property tax ().5-1. -.7 1.-3..-1.35 - Capital gains tax () 3. 27. 25. 2. - VAT () 25. 25. 25. 2. - Stamp duty ().25 2.5../2. - Corporation tax rate () 22. 25. 25. 2. - *Exchange rates from 21-1-22 Source: European Central Bank, European Commission, Eurostat, IHS Global Insight, Ministry of Finance, National Statistics Definitions CBD Prime rent Prime yield Net-absorption Cross-border Vacancy rate Take-up Grade A property Grade B property Grade C property Central Business District. Represents the top open-market annual rent per sq m that can be expected for a notional office unit of the highest quality and specification in the best location in a market. All prime rents are effective, representing face rent. The rent quoted normally reflects prime units of over 5 sq m in size. Represents the best (i.e. mid point) yield estimated to be achievable for a notional office property of the highest quality and specification in the best location in a market. Net absorption represents the change in the occupied stock within a market. Cross-border describes investment flows from or into a country, including cross-border cross-border transactions. Vacancy rate represents finished floor space offered on the open market for leasing within three months. Take-up represents floor space acquired within a market for occupation during the survey period (normally three months). Real estate for which the rental level is above average for the submarket in question (e.g. CBD and near suburbs). Real estate for which the rental level is average for the submarket in question. Real estate for which the rental level is lower than the average for the submarket in question.

On Point Nordic City Report Spring 21 3 Executive Summary 213 can be summarized as a relatively stable year for the Nordic markets. Slowly but surely, underlying economic factors have been stabilizing, while office markets have performed solidly throughout the year. We have also noted considerable restraint with regard to speculative new office construction, which has prevented an increase in vacancies and a decline in rental levels. At year-end, Stockholm reported record low vacancy rates in most submarkets. At the same time, a record low volume of new office space has been completed, less than 5, sq m. Volumes of new office space scheduled for completion in 21 will be significantly higher at 1,7 sq m, but only 18 percent of this remains unlet. A limited supply in combination with increasing demand is likely to lead to rising rents in 21. Europe: Rental Growth Rates Change in prime rent Q 212 - Q 213* 12 1 8 2-2 - - -8 London Edinburgh Gothenburg Frankfurt/M Helsinki Berlin Brussels Madrid Malmö Moscow Oslo Rome Stockholm Lisbon Budapest Copenhagen Warsaw Barcelona Paris * Based on local currency Source: Jones Lang LaSalle In Gothenburg, demand for modern office space in combination with limited supply has led to record high rents. At year-end 213, Jones Lang LaSalle reported a prime rent of SEK 2, / sq m p.a., a level never before achieved in Sweden s second largest city. A lack of speculative construction in Malmö has resulted in a stabilization of vacancy rates, which in time may also lead to rental growth. Like last year, the rental market in Oslo has been strong, with high demand, low vacancy rates and limited new construction. Only, sq m of new office space is scheduled for completion in 21 and rents are expected to increase in the range of 5 to 1 percent in the coming years. The office market in Copenhagen has been characterized by continuing weak demand. This has led to limited new development, a slight increase in vacancies and a downward adjustment in rents. During 213, vacancies have also increased in Helsinki, especially in older properties, although despite the increase, rents in the CBD have risen slightly. Europe: Office Property Clock Q 213 The Jones Lang LaSalle Property Clocks SM Amsterdam, Helsinki Cologne Oslo, Stockholm, Stuttgart St. Petersburg Berlin, Moscow, Gothenburg Dusseldorf, Frankfurt, Hamburg, Munich Brussels Madrid London City, London West End Luxembourg Rome Istanbul Edinburgh, Manchester Dublin Rental Growth Slowing Rental Growth Accelerating Rents Falling Rents Bottoming out Geneva, Zurich Warsaw Milan, Paris CBD Athens, Lisbon, Rome Budapest, Prague Barcelona, Bucharest, Brussels, Copenhagen, Kiev, Lyon, Madrid, Malmö Source: Jones Lang LaSalle IP Note: Short-term rental cycle Nordics: Direct Property Investment Volumes Million Barcelona Lisbon Malmö Edinburgh Budapest Copenhagen Frankfurt London Moscow Warsaw Helsinki Berlin Stockholm Gothenburg Paris Oslo The transaction markets in the Nordics have reported transaction volumes for 213 at approximately the same levels as in 212. However, the fourth quarter has been relatively weak in all the Nordic countries with the exception of Finland, where Q results have been the strongest since 28. We have also noted yield compression in the Stockholm CBD, while yields have been stable in the other Nordic markets. In this issue of the Nordic City Report, our focus article concerns the hotel market, where the transaction volume in 213 increased by 17 percent in EMEA. 5 percent of this was in the UK and France. The Nordic countries have accounted for only 5 percent of the transaction volume involving hotel transactions, 1 percent of which has been in Sweden. Hotel operators have remained key buyers. Direct Property Investment Volumes H2 213 5 3 2 1 Sweden Norway Domestic Finland Cross-border Denmark *Non Euro currencies converted to the average rates for the quarter, ECB. Note: Residential and corporate deals not included. Source: Jones Lang LaSalle Note: Corporate deals and transactions < million not included Residential and land not included

On Point Nordic City Report Spring 21 Stockholm Office Market Only a limited amount of speculative office space has entered the market during H2 213. As a result, overall vacancy during the period has decreased to its lowest level since 21. Demand has remained strong, with the highest activity in peripheral submarkets. Prime rental levels have remained stable across all submarkets. Investment volumes have decreased and international capital continues to experience difficulties competing for the most attractive properties. Nevertheless, interest in Swedish real estate from an international perspective is still considered to be high, while prime yield has decreased to.25 percent in the CBD. Alvik E18 Solna Centrum Sundbybergs Centrum Kista Bromma Adjacent Suburbs E2 E E Solna/ Sundbyberg Marievik Frösunda University KTH Rest of Inner City Globen CBD Nacka Strand Nacka Supply Lowest vacancy rate since 21 During H2 213, the vacancy rate has decreased in all markets in the Stockholm region. The total vacancy rate in Stockholm has dropped by. percentage points and is currently estimated at 9.1 percent, which is the lowest recorded vacancy rate for the Stockholm office market since 21. During H2 213, the vacancy rate in the CBD has dropped by.3 percentage points to 3. percent. The Adjacent Suburbs submarket, where the vacancy rate has decreased by 2.3 percentage points from 15 to 12.7 percent, has recorded the largest drop, finishing at its lowest level since the beginning of 29. The Solna/Sundbyberg submarket has remained at 8. percent, which is the same low level as in H1 213. During H2, 3,5 sq m of new office space has been constructed, compared to 11, sq m in H1 213. A limited amount of new supply has entered the Stockholm office market for 213 as a whole. Only 5, sq m has been constructed, compared to over 1, sq m in 212. Of the office space completed during H2 213, only 5, sq m was speculative on completion. During H1 21, approximately 12, sq m is scheduled for completion, of which only 9 percent is speculative. Larger volumes of new office space will be completed in both 21 and 215, with a total of 27, sq m in the pipeline. Demand Take-up volumes decreasing Demand for office space has weakened during H2 213. Total takeup in Stockholm has reached 117, sq m for the period, compared to total take-up of 215, sq m in H1 213 and 13, sq m during the same period last year. For 213 as a whole, total take-up has decreased by, sq m compared to 212, finishing at 332, sq m. The most active submarkets during H2 213 have been Kista and Adjacent Suburbs, which both registered take-up of 2, sq m each, followed by the CBD and Solna/Sundbyberg with take-up of 22, and 21, sq m respectively. The single largest decline has been recorded in Rest of Inner City, which dropped from 121, sq m in H1 213 to 17, sq m in H2. The single largest leasing transaction was in the CBD when AMF Fastigheter let,9 sq m of office space in the Grävlingen 12 (CityCronan) property on Regeringsgatan to DNB. Investment volumes High investor demand puts pressure on office yields During H2 213, the transaction volume in Stockholm has decreased substantially to SEK 1. billion, a decline of approximately 2 percent compared to the SEK 18.2 billion figure of H1 213, and approximately the same as the transaction volume in H2 212 of SEK 18.7 billion. For 213 as a whole, the decline has been 15 percent, with the Stockholm area recording a total transaction volume of SEK 33. billion compared to SEK 38 billon for 212. Stockholm accounted for almost percent of the total transaction volume in 213, which is in line with 212. The largest transaction during H2 213 has been the sale by Allianz to AMF Fastigheter of Jericho 3, the mixed-use property mostly let to EY. The purchase price was approximately SEK 1. billion. Office transactions as a percentage of the total transaction volume have amounted to nearly 5 percent during H2 213. During this period there have been seven crossborder transactions totalling SEK. billion, which has accounted for 3 percent of the total transaction volume in Stockholm. However, this is a decline of almost 5 percent compared to the previous half-year, as international investors are still experiencing difficulties competing for the most attractive properties. Nevertheless, interest in Swedish real estate from an international perspective is still considered to be high, especially in major urban areas such as Stockholm. All prime office yields in Stockholm have been adjusted downwards since the previous half year. The CBD has a prime yield of.25 percent, which represents a drop of.25 percentage points in the final quarter. Prime yield in Rest of Inner City has declined from 5.25 to 5 percent and in Adjacent Suburbs from.75 to.5 percent, while in Solna/Sund-

On Point Nordic City Report Spring 21 5 byberg and Kista prime yield has decreased from.25 to 5.75 percent and.75 to.5 percent respectively. Rents Stable since 212 During H2 213, prime rent in the CBD, which currently stands at SEK, per sq m p.a., and all Stockholm submarkets has remained stable since the minor fluctuations of H2 212, when prime rent in the CBD finished at SEK,3 per sq m p.a. Prime rent in Adjacent Suburbs has also increased from SEK 2,25 per sq m p.a. in Q2 212 to its current level of SEK 2, per sq m p.a. The property clock for the rental market is still set at slowing rental growth. Market outlook Minor increase in prime rent and stable yields Stockholm has benefitted from a relatively strong economy. Salaries have been rising faster than previously and the rate of new business formation has also been increasing. Stockholm s population is growing at double the national rate, while the region s unemployment rate has remained relatively stable and lower than the national average. Stockholm s office market is characterized by very low supply (the vacancy rate in Stockholm has not been this low since 21) as well as low new development, which has resulted in relatively low take-up levels. During H2 213, average letting size has also decreased. Prime rents have remained stable throughout the year, although an increase is expected, albeit a weak one, by the end of 21. The popularity of Stockholm s prime office property can be evidenced in the decreasing yields for H2 213. The CBD and Solna/ Sundbyberg submarkets have recorded the largest drop in yields of 5 basis points, while prime yields in the other Stockholm office submarkets have fallen by 25 basis points. During 21, we are expecting a more stable outlook for prime office yields. Prime Yield / Inflation Prime Yield Inflation 8.5. 8. 3.5 7.5 3. 7. 2.5.5 2.. 5.5 1.5 5. 1..5.5 -.5 5 Prime Rent 25 2 27 28 29 21 211 212 213 21(F) Inflation (RHS) Source: Jones Lang LaSalle, Eurostat Prime Rent / Vacancy Rate 5 Vacancy Rate SEK/sq m/p.a., 2 3 3 5,5 2 215 5, 1 1,5 1, -1-1 5 3,5 22 23 2 25 2 27 28 29 21 Inflation (RHS) 25 2 27 28 29 21 211 212 213 21(F) CBD Prime Rent (LHS) Total Vacancy Rate (RHS) Source: Jones Lang LaSalle 5 5 211(F) Vacancy rate Prime rent Office Properties CBD Rest of Adjacent 3 Kista Solna/ 3 Total* Q 213 Inner City Suburbs Sundbyberg Office stock Q 213 (m 2 ) 1,759, 3,9,1 1,79, 2 9, 1,81, 2 11,3,5 Total Completions 213 (m 2 ) 1, 29, - -, 5, Total Est. Completions 21 (m 2 ) 3, 55, 12,7 1 1 8, 1, 1,7 Total Est. Completions 215 (m 2 ) 3, - - 38, 3, 12, Vacancy rate () 3..7 12.7 12.8 8, 9,1 Prime rent (SEK/ /m 2 ), 3,3 2, 2,1 2,2 - Rent - Grade B properties (SEK/ /m 2 ) 2,5-3,1 1,-2, 1,-1, 1,-1, 1,2-1, - Prime yield ().25 5..5.5 5,75 - Yield - Grade B properties (). -.5.75-7.25 7.25-7.75 7.75-8.5 7,25-7,75 - * Also including submarkets not presented Source: Jones Lang LaSalle

On Point Nordic City Report Spring 21 Gothenburg Office Market The Gothenburg rental market has seen continuing high demand during H2 213, and this has resulted in historically high prime rents and very low vacancy rates. As no speculative office space is currently under construction in the CBD, this trend is expected to continue for the time being. The investment market has been dominated by domestic capital as international investors are failing to outbid their Swedish competitors. Supply Rest of Inner City has dominated The overall vacancy rate has shown a minor increase to. percent during H2 213, although this is still one of the lowest levels recorded in the last ten years. Continuing high demand, especially in the central submarkets of CBD and Rest of Inner City, has pushed the overall vacancy rate below 7 percent for the third consecutive halfyear. The vacancy rate in the CBD has decreased by.5 percentage points since the last report and currently stands at 3. percent, its lowest level in over ten years. Meanwhile, very little new office space is currently under construction in the submarket, although Aberdeen is currently adding sq m of pre-let space at Östra Hamngatan. The Rest of Inner City submarket has shown a stable vacancy rate of 3. percent in the last two reports. This is the submarket with the largest volume of office space currently under construction, 55,5 sq m, of which 29 percent is speculative. One example is Platzer s newly launched Gårda Norra development project, which comprises,8 sq m of new office space. The two largest lease agreements of H2 have been signed at Gårda Norra with Försäkringskassan and GR, and all the available office space has already been let. Completion has been scheduled for autumn 215. In addition, PEAB has begun construction work to add 15,2 sq m of office space at Lyckholms Fabriker by Q2 215. PEAB, which will take up,2 sq m of the available space, is the only known tenant. Skanska is also due to complete its development of 1, sq m of office space in Q1 21 in the same area, 85 percent of which had been pre-let at year-end. Both Alecta and Wallenstam will be developing property in the same area, near Mölndalsvägen, which will make Almedal the largest development area in Göteborg at the present time. Of the 7,5 sq m of office space currently under construction, 25 percent is speculative. The bulk of this speculative space is not scheduled for completion until 215, thereby ensuring that the short-term vacancy rate forecast remains accurate. Demand Projects have dominated take-up During H2 213, total take-up has totalled 53,5 sq m, which is a drop of 23 percentage points compared to H1, although it should be Western Gothenburg Hisingen Lindholmen Gullbergsvass Science park Norra Älvstranden Gårda CBD Gothenburg Business School Chalmers University Rest of Inner City of Technology Sahlgrenska E University Hospital E2 Mölndal Kålltorp Eastern Gothenburg 2 km noted that a record large volume was registered during H1. At submarket level, the largest take-up volume, 19,8 sq m or 37 percent of the total, has been recorded in the Rest of Inner City submarket. A substantial proportion of this volume was the result of the two leases at Platzer s Gårda Norra mentioned above, in other words the 7,3 sq m taken up by Försäkringskassan and the 3,2 sq m taken up by GR. The second largest take-up volume has been recorded in the CBD with 25 percent of the total, or 13,3 sq m. The two largest transactions in this submarket have been the lease by Danske Bank of 2,5 sq m in the Wallenstam property on Östra Hamngatan 5 and the lease by Bassoe Technology of 2,3 sq m in the Aberdeenowned property Nordstaden 17:8, which is also located on Östra Hamngatan. As the supply of larger floor plates has been scarce in central locations, office developments have continued to account for the bulk of the larger leases. In addition, an increasing number of tenants are realizing the potential benefits of space efficiency and work space solutions. During H2 213, 1 percent of the total take-up was in office developments. Rents CBD rents are still moving upwards During H2 213, prime rent in the CBD has increased by SEK 1 to a new record high of SEK 2, sq m p.a., while prime rental levels have remained stable in other submarkets. The increase in the CBD was expected, as leases above prime rent level had been registered during the year. In addition, the vacancy rate has been exceptionally low for the past few years in this submarket. The Rest of Inner City submarket is also experiencing high demand, but as the supply pipeline is substantially larger, prime rent is expected to remain quite stable. Investment market No international buyers The total transaction volume during H2 213 has been SEK 2.1 billion, a decrease of 2 percent compared to H1. The Gothenburg market accounted for 5 percent of the total Swedish volume during H2. Office

On Point Nordic City Report Spring 21 7 property has dominated the transactions at SEK 952 million, with a total of out of 11 transactions or a 8 percent share of the total volume. The single largest transaction during the half has been Platzer s acquisition of the 1,7 sq m Tennet property in the CBD from Skanska for SEK 3 million. The second largest transaction was Balder s acquisition of Kanoldhuset at Bö 92:3 from Aberdeen Pan-Nordic Fund for SEK 19 million. Three of the transactions during H2 have been cross-border, which accounted for 21 percent of the total volume. It is also worth noting that all three of these transactions involved Swedish buyers. International capital has continued to show interest in the Gothenburg market, but has frequently been outbid by domestic investors. During H2 213, prime yield in Norra Älvstranden and Mölndal has decreased by 25 points to percent and.5 percent respectively. Yields have remained stable in the other submarkets. Market outlook Almost no development in the CBD The Gothenburg market has seen a high level of activity during H2 213, with record high take-up, increasing rental levels, continuing low vacancy rates and decreasing prime yields. In the rental market, the high demand is expected to continue going forward. Bearing in mind the small amount of speculative space due to enter the market in 21, vacancy rates will most likely remain stable. Further increases in prime rent in the CBD are possible due to the current supply situation. In the investment market, domestic capital is expected to dominate in 21 as international investors find it difficult to compete, especially with strong domestic institutions. Opportunistic capital, both domestic and international, may well continue to find interesting acquisitions. As demand and financing increase, the yield gap between prime and secondary product is expected to begin decreasing slightly during 21. Prime Yield / Inflation Prime Yield Inflation 9.. 8.5 3.5 8. 3. 7.5 2.5 7..5 2.. 1.5 5.5 1. 5..5.5 -.5 25 2 27 28 29 21 211 212 213 21(F) Inflation (RHS) Source: Jones Lang LaSalle, Eurostat 8 8 Prime Rent / Vacancy Rate 7 Prime Rent 25 2 27 28 29 21 211 212 213 21(F) 7 Vacancy Rate SEK/sq m/p.a. 5 5 2,75 15 2,53 3 2 2 1 2,25 1 1 2, -1-1 5 1,75 Inflation (RHS) CBD Prime Rent (LHS) Total Vacancy Rate (RHS) Source: Jones Lang LaSalle 3 3 25 25 22 23 2 25 2 27 28 29 21 211(F) 8, 7,, 5,, 3, 2, 1,, 1999 2 21 Inflatio Prime Vacancy rate Prime rent 2 2 Office Market Data CBD Rest of Norra Rest of 15 Mölndal Western Eastern 15 Total Q 213 Inner City Älvstranden Hisingen Gothenburg Gothenburg Office stock Q 213 (m 2 ) 871,5 73,5 258,3 1 1 2, 31, 325, 2, 3,229,9 Total Completions 213 (m 2 ) 11, 2,5 9,3 5 - - - - 5 22,8 Total Est. Completions 21 (m 2 ) 1, - - 12, - - 2, Total Est. Completions 215 (m 2 ) - 1,5 8, - - - - 5,1 Vacancy rate () 3. 3. 7.3 1.7 7.7 15.5 11.9. Prime rent (SEK/ /m 2 ) 2, 2,5 2,1 1, 1,5 1,15 1,1 - Rent - Grade B properties (SEK/ /m 2 ) 1,8-2, 1,5-2, 1, - 2, 7-1, 1, - 1,5 8-1,1 8-1,1 - Prime yield () 5. 5.5. 8..5 7.25 7.25 - Yield - Grade B properties ().-.5.5-7 7.25-7.75 9-9.5 7-7.5 8.25-8.75 8.25-8.75 - Source: Jones Lang LaSalle

8 On Point Nordic City Report Spring 21 Malmö/Lund Office Market The overall vacancy rate has increased in the Malmö/Lund market during H2 213. However, as a limited amount of speculative space is scheduled to enter the market in the coming years, the vacancy rate is expected to stabilize. Rental levels have remained stable in all submarkets, while the residential segment has dominated the investment market. Supply Declining speculative development During H2 213, the overall vacancy rate in Malmö/Lund has increased by 1.7 percentage points to 8.5 percent. The Malmö CBD has recorded a rise of 2.9 percentage points to 7.7 percent, its highest level since 27. This rise is probably due to the increasing trend for modern and efficient office space. Other submarkets have seen larger new construction volumes in recent years and the CBD has lagged behind. During H2 213, 1, sq m of new office space has entered the market, of which 3 percent was speculative on completion. This space has been divided between two developments, Vasakronan s Triangeln in the CBD, totalling, sq m, and Masthusen 11, the Diligentia development that has added, sq m of space to the Västra Hamnen submarket. A total of 2, sq m of office space is currently under construction in the Malmö/Lund market, of which 3 percent was speculative at year-end 213. Only,5 sq m is scheduled for completion during 21, all of which has been pre-let due to the fact that Skanska will be relocating to its own Klipporna development in Hyllie. During 215, 35,5 sq m of new space is due to enter the market, divided into three developments. Skanska is currently constructing Malmö Live, a hotel, conference and office complex that includes 1, sq m of office space, and developing another 7, sq m of office space in phase 2 of Klipporna in Hyllie. The third ongoing construction project is Niagara, an 18,5 sq m development in the CBD for Malmö University. Demand Large leases have dominated The total take-up volume during H2 213 has decreased by 9 percent to 33,8 sq m, of which as much as 2,8 sq m, or 2 percent, has been registered in the CBD. By far the largest lease during the period has been the take-up by Sweco, the technical consultancy, of 11, sq m in Skanska s Österport 7 property in the CBD. After substantial renovation, Sweco will begin sharing the premises with its new acquisition Vectura in early 215. The transaction is unusual because leases of this size are typically associated with office projects. Other notable leases have been Malmö Municipality IT, which has signed for 2, sq m in the Briggen-owned Betongen 11 property, Västra Hamnen Universitetsholmen Gamla Staden CBD Rest of Inner City Limhamn Malmö Stadion Hyllie Hamnen Möllevången 25 km and the Siemens lease of 1,7 sq m in phase 2 of Skanska s Klipporna development in Hyllie. Rents Stable across all submarkets Rental levels in Malmö/Lund have remained stable in H2 213, with a prime rent of SEK 2,1/sq m p.a. The substantial amount of speculative development in recent years has most likely contributed to the lack of rental growth in the market. Since the beginning of 29, Jones Lang LaSalle has only made minor adjustments in prime rental levels. Investment market Dominated by residential property During H2 213, the transaction volume has totalled SEK 2.2 billion, a decrease of 8 percent compared to H1 and 3 percent year-onyear. The Malmö/Lund market share of the total Swedish volume was 5 percent. Only two of the eleven transactions have been cross-border, but as both of the largest transactions have involved international capital, the cross-border share of the total volume is percent. The largest transaction has been a residential portfolio in Brunkeflostrand in Malmö, which the SEB Domestica fund acquired from Norwegian OBOS Forretningsbygg for SEK 9 million. The yield level has been estimated at approximately.5 percent. The second largest transaction has been the purchase by Corpus Sireo, the German asset and investment management consultants, of the Kronan 1 & 11 office properties from NIAM for SEK 5 million. The two properties total 17, sq m of space and the yield has been estimated at 5.5 percent. With percent of the volume, residential property is the property type that has dominated transactions, partly due to the portfolio purchase mentioned above. The second most active asset type has been office property, which accounted for 25 percent of the total volume as a result of the Corpus Sireo purchase. Prime yield levels have remained stable in all submarkets, with the CBD at 5.25 percent. E22 Rosengård Bulltofta Inre Ringvägen

8, 7,, 5,, 3, 2, 1,, 1999 2 On Point Nordic City Report Spring 21 9 Market outlook Stability ahead Despite substantial speculative development during recent years, the market has managed to absorb the volumes well. Nevertheless, the vacancy rate in Malmö/Lund has increased during H2 213 to its highest level since 2 due to slower demand than expected. How ever, as no speculative office space is scheduled for completion during 21, this should allow the market some time to stabilize. Hence the vacancy rate is not expected to increase a great deal going forward. In the investment market, domestic capital is likely to remain dominant in the core segment. However, as financing opportunities improve, the market for secondary product may well open up. Prime Yield / Inflation Prime Yield 9. 8.5 8. 7.5 7..5. 5.5 5..5 25 2 27 28 29 21 211 212 213 Inflation. 3.5 3. 2.5 2. 1.5 1..5 21(F) -.5 Inflation (RHS) Source: Jones Lang LaSalle, Eurostat Prime Rent / Vacancy Rate Prime 8 Rent Vacancy 8 Rate SEK/sq 7 m/p.a. 7 2,5 15 2,25 5 5 2, 1 1,753 3 Inf Pr 1,52 2 1,251 15 1, -1 25 22 2 23 27 2 28 25 29 2 21 27 211 28 212 29 213 21 21(F) 211(F) Inflation (RHS) -1 CBD Prime Rent (LHS) Total Vacancy Rate (RHS) 25 Source: Jones Lang LaSalle 25 Vacancy rate 2 2 Prime rent 15 15 Office Market Data CBD Rest of Lund Research Park 1 Lund Other Total for 1 Q 213 Inner City Inner City in Lund Malmö/Lund* Office stock Q 213 (m 2 ) 33,2 3,7 5, 5 25,3 2,2 52,75,5 Total Completions 213 (m 2 ) 9, - - 9, - 38,5 Total Est. Completions 21 (m 2 ) - - - - -,5 Total Est. Completions 215 (m 2 ) 28,5 - - - - 35,5 Vacancy rate () 7.7.2 1. 12. 3.9 8.5 Prime rent (SEK/ /m 2 ) 2, 1,35 1,7 1,9 1, - Rent - Grade B properties (SEK/ /m 2 ) 1,-1,9 1,1-1,3 1,-1,7 1,-1,9 1,3-1, - Prime yield () 5.25.75.5.5 7.25-7.75 - Yield - Grade B properties ().25-.75 7.-7.5 8.-8.5 7.5-8. - *Also including submarkets not presented Source: Jones Lang LaSalle

1 On Point Nordic City Report Spring 21 Oslo Office Market The majority of commercial property segments in Oslo have performed well during Q, both from a leasing and a transaction perspective. However, the outlook going forward is slightly more mixed due to reduced macroeconomic expectations. Supply - Few larger premises vacant The vacancy rate in the Oslo office market currently stands at 7 percent, or 57, sq m of vacant office space. Most vacant space can be found in smaller premises, as only thirteen premises larger than 5, sq m are currently unoccupied. During the next two years, approximately forty premises of this size will either become vacant or enter the market on a speculative basis. Grade A buildings in the CBD and close to public transportation are still attractive, while secondary properties in fringe locations have been experiencing a higher vacancy rate. During the next three years the vacancy rate is expected to decrease to.5 percent, while only, sq m of new office space will enter the market in 21, compared to 17, sq m in 213. However, in 215 12, sq m is scheduled for completion, of which 3 percent is speculative. Demand Strong take-up Despite the somewhat lower growth projections for the Norwegian economy, there are few indications that this has been impacting the Oslo office market. Office take-up has remained strong throughout 213 and preliminary figures suggest an absorption level of approximately 8, sq m (including renegotiations), an increase of 9, sq m compared to 212. Demand for office space has remained robust in the CBD and ongoing refurbishment projects in the prime area are starting to fill. The western fringe has attracted several large tenants during 213, of which the largest in 213 has been Aker Solutions at Fornebu, totalling 2, sq m. Going forward, office demand is expected to remain strong, and currently there are more than three hundred registered tenants searching for approximately 78, sq m in the upcoming four years. Twenty of these companies are looking for space in excess of 1, sq m. Rents Submarkets outperformed prime in rental growth during 213 During 213, prime rents have grown by less than 5 percent, while other submarkets such as Kvadraturen, Lysaker, Fornebu and Helsfyr-Bryn have recorded growth of between 5 and 1 percent. On the other hand, prime rents have experienced incredible growth in the past few years, while most fringe areas have recorded moderate growth in the same period. During 21, growth of Stabekk Outer City West Fornebu E18 Lysaker Holmenkollen Skøyen Bygdøy Nydalen Outer City East/ North/South Rest of Inner City CBD Tøyen E18 Økern Helsfyr Ryen Bryn 3 km E Oppsal between 5 and 1 percent in the CBD and Nydalen is expected, with relatively stable rental levels for the remaining fringe areas. Known office supply for the upcoming years is low, current vacancy is low and employment growth is relatively good, which all indicate a solid rental market in the long term. Investment Market Healthy market but lower volumes Preliminary figures suggest that the transaction volume for 213 will finish at nearly bnok, although this represents a setback compared to 212 when the volume reached bnok 5. While the number of transactions has only decreased marginally, the top 1 transactions during 213 accounted for only 3 percent of the total volume, compared to 5 percent 212. Q, which is traditionally very active, has been disappointing this year, with a volume of bnok 1, well below the figure achieved in 212. The market has been healthy, despite the relatively scarcity of major transactions, as the total number of properties sold has been high and the proportion of cash-flow properties to development-oriented properties has been more balanced than it was in 212. Prime office yield has remained unchanged at 5.25 percent, but there has been a gradual improvement in debt financing during the year for stable property companies acquiring prime objects. Market Outlook - Limited supply ahead After a weak H2 213 with declining prices and sales down 2 to percent, the residential market is now considered the most important variable for the upcoming year. Any impact on the commercial sector will be indirect, and it will only occur if prices continue to fall. The latest indications are that this is unlikely to happen and that construction activity will remain well above crisis levels. The Oslo market still has a large number of strong investors and a reasonable supply of leasing tenants, very few of which currently appear to be nervous about the future. However, the

On Point Nordic City Report Spring 21 11 limited supply of new space is hampering the downside of the market. Banks also consider the commercial property sector to be healthy, and there is reason to expect downtown Oslo rents to rise slightly and property values to remain at their current levels at least. Prime Yield / Inflation Prime Yield Inflation 9.. 8.5 3.5 8. 7.5 3. 7. 2.5.5. 2. 5.5 1.5 5..5 1...5 Inflation (RHS) Source: Jones Lang LaSalle, Akershus Eiendom AS, Eurostat 8 7 Prime Rent / Vacancy Rate Prime Rent, 5,5 5,3,5 2, 3,51 3, 2,5 2, 8 7 Vacancy Rate NOK/sq 5 m/p.a. 5 25 2 27 28 29 21 211 212 213 Inflation (RHS) 15 3 21 1 5 Inf Pr 25 2 27 28 29 21 211 212 213 21(F) 25 2 27 28 29 21 211 212 213 21(F) 21(F) CBD Prime Rent (LHS) Total Vacancy Rate (RHS) 5 Source: Jones Lang LaSalle, Akershus Eiendom AS 5 Vacancy rate Prime rent 3 3 Office Market Data CBD Rest of Outer City Outer City Total Q 213 Inner City West 2 East/North/South 2 Office stock Q 213 (m 2 ) 3,25, 1,5, 1,, 2,, 8,3, Total Est. Completions 21 (m 2 ) 1 1, Total Est. Completions 215 (m 2 ) 12, Total Est. Completions 21 (m 2 ) 8, Vacancy rate () 7 8 9 7 Short-term forecast ( ) Prime rent (NOK/ /m 2 ), 2,5 2,9 1,9 - Short-term forecast ( ) Rent - Grade B properties (NOK/ /m 2 ) 2,5 1, 1,5 1,3. Prime yield () 5.25 5.5-. 5.5-. 5.75-.25 - Yield - Grade B properties () 5.75-.25.25-.75.5-7..75-7.75 - Source: Jones Lang LaSalle, Akershus Eiendom AS

12 On Point Nordic City Report Spring 21 Copenhagen Office Market The overall economic outlook in Copenhagen is more positive than it has been for a number of years. There have finally been a few indicators of stable, positive GDP growth, and expectations for 21 are relatively positive. This positive economic outlook has resulted in an increase in investment volumes in Denmark and an encouraging atmosphere in the commercial real estate business overall. Supply Vacancy levels have stabilized During 213, vacancy rates have been relatively stable both in the CBD and in Greater Copenhagen. In the CBD, the vacancy rate stood at 9.3 percent at the beginning of Q, which represents an increase of 2 bps since the beginning of 213. From the beginning of 212 until year-end 213, the CBD vacancy rate has remained stable in the 9 to 9.5 percent range. In Greater Copenhagen, the vacancy rate has fluctuated slightly more in the corresponding period, from 9.7 to 1.9 percent. At the beginning of Q 213, the vacancy rate in Greater Copenhagen stood at 1.5 percent, which was a drop of bps compared to the previous quarter. Construction activity has been slow in recent years, but a number of major projects have recently been announced, many of which are outside the centre of Copenhagen, which suggests that it is picking up again. Maersk, the major shipping conglomerate, will be taking up 22, sq m of office space in 215 in Lyngby, north of Copenhagen, and Microsoft is relocating all its Danish operations to a new 2, sq m office property in the same area. In Copenhagen, Nordea Bank has announced that it will be starting construction work on a new head office of approximately 5, sq m, which will house around 2, employees. The building is scheduled for completion in 21. Demand Demand still low while the market waits for employment growth While there are positive indicators for the overall economic outlook, and the investment market has shown encouraging signs, the demand side of the market is still struggling. Danish corporations have been increasing their earnings primarily by cutting their costs, and this has led to a drop in the employment rate. Demand for space from occupiers in the Copenhagen office market has therefore been low and it will only begin increasing if employment figures do likewise. Nevertheless, the employment rate is expected to increase slightly during 21, albeit slowly. Major leases in Copenhagen in H2 213 have included the take-up by Microsoft of 2, sq m of office space in Lyngby, north of Copenhagen. The property has been planned as a purpose-built headquarters. In Frederiksberg, the Lyngby Greater Copenhagen Ballerup Skovlunde Gladsaxe Hellerup Tuborg North Harbour Bronshoj New CBD (Waterfront) Frederiksberg CBD Old Glostrup South Harbour Ørestad Kastrup CBS business school has rented approximately 8, sq m at H.V. Nyholmsvej. Rents Low demand has led to a small drop in rents Office rental levels had dropped slightly by year-end 213, and prime rents in Copenhagen currently stand at 1,75 per sq m p.a. Low demand has put pressure on rental levels, which has resulted in a small decline in certain locations. However, there has only been a minor correction. The expectation continues to be that rental levels will remain constant during 21 before increasing again when economic growth has become more significant. Current demand is primarily for modern and space-efficient properties and it is this type of property that can drive prime rental levels. Prime rents in the CBD currently stand at DKK 1,35 to DKK 1,7 per sq m p.a., exclusive of taxes and operating costs, with top rents of DKK 1,75 per sq m p.a. Office rents in secondary CBD locations range between DKK 1,1 and DKK 1,25 per sq m p.a. Investment Market Prime properties still dominate, with some activity in the secondary market The office investment market is still dominated by Danish institutional investors looking for prime properties on long leases. However, there has also been a growing interest in secondary properties and it is expected that this market will grow during 21. The largest transaction during H2 213 has been the sale for DKK 1,9m and 15-year lease-back of the DONG Energy office premises in Gentofte to the Danish pension fund ATP. Yield for prime office property in the CBD has remained stable at 5 percent and 5.75 percent in the secondary CBD segment. Yield for prime office property outside the CBD has stabilized at 5 percent, while the secondary segment outside the CBD currently stands at 7.5 percent.

On Point Nordic City Report Spring 21 13 Market Outlook Growth in activity is expected to continue during 21 The investment market has seen a certain degree of growth during 213 and this is expected to continue in parallel with improved overall economic conditions. Before the office investment market can recover fully, some positive growth is needed on the demand side, and this is currently the missing link. Demand is expected to pick up during 21, which will lead to increasing investment activity. Currently, there is more focus from investors on residential and retail investments. Residential investments have been driven by a very positive demographic outlook for Copenhagen, and if current forecasts are correct, this will also have a positive impact on employment and consequently on the office sector. Prime Yield / Inflation Prime Yield 8. 7.5 7..5. 5.5 5..5 25 2 27 28 29 21 211 212 213 Inflation. 3.5 3. 2.5 2. 1.5 1..5 21F) Inflation (RHS) Source: Jones Lang LaSalle, Sadolin & Albæk A/S, Eurostat Inflation 5 Prime Rent / Vacancy Rate 5 Prime Yield Prime Rent Vacancy Rate DKK/sq m/p.a. 2,5 12 3 3 2,25 1 2,2 28 1,75 1 1,5 21 22 23 2 25 2 27 28 29 21F) 1 1,25 Inflation (RHS) 2 25 2 27 28 29 21 211 212 213 21(F) CBD Prime Rent (LHS) Total Vacancy Rate (RHS) 2 Source: Jones Lang LaSalle, Sadolin & Albæk A/S 2 Vacancy rate 15 15 Prime rent Office Market Data Old CBD New CBD Rest of Ørestad Greater Q 213 (City) (Waterfront) Copenhagen 1 Copenhagen* 1 Office stock Q 213 (m 2 ) 5,73, 19, 11,795, Total Completions 213 (m 2 ) 8, 25, 5 5 1, Total Est. Completions 21 (m 2 ) 2, 7, 3, 5, 23, Total Est. Completions 215 (m 2 ) 1, 5, 3, 7, 2, Vacancy rate () 9.3 9.9 Short-term forecast ( ) Prime rent (DKK/ /m 2 ) 1,35-1,7 1,75 1, - 1,5 1,3 Short-term forecast ( ) Rent - Grade B properties (DKK/ /m 2 ) 1,5-1,2 1,25-1,5 9 Short-term forecast ( ) Prime yield () 5. 5. 5. 5. Yield - Grade B properties () 5.75 -.5 5.5 -. 7.25-8.75. -.5 *Also including submarkets not presented Source: Jones Lang LaSalle, Sadolin & Albæk A/S

1 On Point Nordic City Report Spring 21 Helsinki Office Market The sluggish trend in the Finnish economy has continued into H2 213, but forecasts for 21 indicate that the economy will start growing again slowly. There have also been a few early recovery indicators in the investment market, as Helsinki reflected the trend in the main European markets during Q 213 and recorded its highest investment volume since Q1 28. However, the vacancy rate in the Helsinki office market has continued to rise gradually, while the Helsinki CBD has witnessed slight rental growth in the prime segment. Espoo Vantaa Aviapolis Malmi Rest of Helsinki Leppävaara Pitäjänmäki Itäkeskus Tapiola Pasila Herttoniemi Keilaniemi CBD Ruoholahti Supply Vacancy still increasing except in the Helsinki CBD The vacancy rate has continued to increase slightly in H2 213. In the Helsinki CBD, a slight decrease in vacancies has been recorded, but otherwise, particularly in B/C stock in Espoo and Vantaa, vacancies are still increasing. The development pipeline has also continued to shrink rapidly and planned projects have been postponed. Never theless, a few new projects have reached the market, although nobody is launching speculative construction projects. The amount of new space entering the market is expected to decline from approximately 95, sq m in 213 to approximately 7, sq m in 21 and then to around 5, sq m in 215, while the vacancy rate is expected to continue increasing slightly in the short term. At the same time, a small proportion of old stock will be demolished or converted, typically for residential use. Demand The CBD is performing best Demand in the Helsinki CBD has remained relatively strong despite several large occupiers relocating to the Töölönlahti area. However, this demand has mostly been focused on grade A premises, which has led to owners launching several refurbishment projects. With the employment rate decreasing and minimal growth in the economy, expansionary take-up is currently almost non-existent. The difficulties of letting out new developments at office hubs outside the CBD have also been evident and the competition for tenants is tightening, particularly in areas with large existing modern office stock such as Aviapolis and Leppävaara. As a result, the amount of vacant modern space has started increasing, which has created new opportunities for tenants looking for cost-effective but modern solutions. Rents Prime rents increase slightly after two years of stagnation A slight increase in prime rents in the Helsinki CBD has been recorded in Q 213. Prime rents have risen to 3 per sq m p.a. compared to the stagnant level of 3 per sq m p.a. of the previous two years. Record-high rental levels in new developments in Töölönlahti and refurbishment projects in the CBD have pushed up asking rents in the CBD. In other areas, both asking rents and headline rents have remained stable. However, with its high demand the CBD as a whole stands apart from the rest of the Helsinki metropolitan area, where rental levels are seeing some downward pressure in the short term. Investment Market Transaction activity increased in Q High transaction activity has been recorded in Q 213, bringing 213 up to a normal full-year volume despite a slow Q1-Q3. The office transaction volume in the Helsinki metropolitan area during Q finished at approximately 38 million, which is the highest quarterly figure recorded since Q1 28. Transaction stock has consisted of several modern office buildings in the main office hubs outside the CBD and several older buildings in established office areas such as Vallila and Pasila. Activity on the buy-side has been dominated by local institutions and Nordic funds, and on the sell-side by developers and sale & leaseback driven owner-occupiers. Investment demand has still been strongest for prime properties, but the lack of supply is diverting this interest to good quality buildings in secondary office areas. Prime yield has remained stable in the CBD at 5.2 percent and is expected to remain at this level in 21. Market Outlook Slow recovery in both the economy and the office market In parallel with the expected recovery in the global economy, the export-driven Finnish economy has been forecast to return to a growth track in 21. However, only moderate growth is expected, and the positive impact on the office market is anticipated to remain limited as a result. Even if the number of office occupiers has started to increase, companies are looking to use space more efficiently, and expansionary take-up is expected to remain low.

On Point Nordic City Report Spring 21 15 Although development has been decelerating, the vacancy rate is expected to continue increasing, with rental levels outside the CBD under downward pressure. With its limited supply will remain the strongest submarket but the possibility of rental growth is limited in the short term as well. Investment demand for core assets remains strong, as equity rich investors continue to look for safe havens, but there are also signs that investors are starting to diversify their portfolios, both in terms of risk and geography, and are looking for more value-added and secondary opportunities. However, stronger economic fundamentals are needed before more robust growth can be expected. Prime Yield / Inflation Prime Yield Inflation 8.. 7.5 3.5 7. 3..5 2.5. 2. 5.5 1.5 5. 1..5.5 25 2 27 28 29 21 211 212 213 21(F) Inflation (RHS) Source: Jones Lang LaSalle, Eurostat Prime Rent / Vacancy Rate 8 Prime 7 Rent Vacancy Rate /sq m/p.a. 35 12 Inflation 33 2 1 25 1 8 25 2 27 28 29 21 211 212 213 21(F) Prime Yield 5 CBD Prime Rent (LHS) Total Vacancy Rate (RHS) 35 Source: Jones Lang LaSalle 35 Vacancy rate 3 3 Office Market Data CBD Rest of 25 Espoo Vantaa 25Total Q 213 Helsinki 2 2 Office stock Q 213 (m 2 ) 1,7,,8, 1,8, 91, 8,58, Total Completions 213 (m 2 ) 3, 15 25,, 15 95, Total Est. Completions 21 (m 2 ) 35, 2, 15, 7, 1 1 Total Est. Completions 215 (m 2 ) 25, 15, 1, 5, Vacancy rate (). 1. 5 15.8 1. 511.1 Short-term forecast ( ) Prime rent (SEK/ /m 2 ) 3 228 2 2 - Rent - Grade B properties (SEK/ /m 2 ) 18-21 78-11 72-18 72-18 - Prime yield () 5.2..5.75 - Yield - Grade B properties () 7.-7.5 8.-8.5 8.5-9. 8.5-9. - Prime rent Source: Jones Lang LaSalle

1 On Point Nordic City Report Spring 21 Hotel deals on the upswing 213 has been a resurgent year for the hotel investment market in Europe, the Middle East and Africa (EMEA), with transaction volume reaching 1.9 billion. Although economic recovery in Europe has remained sluggish, overall investor confidence has improved. EMEA hotel transaction volumes 1998-21F 25 2 15 1 5 1998 1999 2 21 22 23 2 25 2 27 28 29 21 211 212 213 21F Single Asset Sales Portfolio Sales Source: Jones Lang LaSalle Hotels & Hospitality Group The UK and France have together accounted for more than half of the EMEA transactions during 213. The UK has been the most liquid market, gaining a 3 percent share of investment volume at 3.7 billion. France has secured the second highest share of total EMEA transaction volumes at 19 percent or 2.1 billion, led by the sale of a number of trophy assets and several notable portfolio trans actions including Groupe du Louvre and Club Med. More opportunities in 21 Despite the continued economic challenges across Europe, we expect hotel investment volumes in EMEA to reach approximately 12 billion in 21. This increase will be bolstered by the continuing sell-down of over-leveraged assets in the control of lenders, as well as a number of private equity funds that are due to reach the end of their life cycle. We are also expecting brands to continue their asset light / asset right strategy, which may lead to more asset disposals that benefit from strong investor sentiment. Improved trading fundamentals will further underpin 21 transaction volumes, with most markets continuing to show trading growth or stability after a period of decline. Although some markets are at varying stages of the recovery curve, the underlying sentiment is far more positive, which has led to renewed interest in hotel investment. There may also be several seasonal downturns due to the absence of trade fairs and sporting events. Nevertheless, we are anticipating stronger growth in rebounding peripheral markets. We also expect to see a rising appetite among institutional investors for making considerable investments in the debt market, which should facilitate transaction financing. Core markets such as the UK, France and Germany will provide good opportunities for investors in 21 since the maturity of these markets, as well as their familiarity, will drive more value. In 21, private equity investors will continue not only as buyers, but also as sellers. Where fund life cycles are coming to an end, private equity players will need to make strategic decisions regarding when to exit their existing funds and focus on reinvesting in the sector. Countries with a large number of distressed assets such as Spain and Ireland will also offer good investment opportunities, and investors will be eager to move on well-positioned assets in these markets. In CEE we have seen the re-emergence of the hotel investment market in 213 after years of slow activity and we would expect this trend to continue. Sovereign Wealth Funds and High Net Worth Individuals (HWNI) will continue to hunt for trophy assets across Europe as they did in 213. With a preference for single-asset transactions, these investors are keen to acquire hotels in prime locations such as London, Paris and Munich, which have strong trading fundamentals and where capital can be secured in the long term. Hotel operators that continue to pursue asset-light strategies will remain the primary sellers during 21, along with owners of franchise hotel groups, some of which have retained assets for 2 to 3 years and are now looking to exit the sector. Europe is attracting cross-border investment As US real estate becomes more expensive with hotel values not far below their previous peak US-based private equity funds and other investors are turning their gaze towards Europe, with a primary focus on core markets and institutional or opportunistic assets. Investors from Asia are also keen to tap into this region, as the European hotel real estate market is offering some very attractive returns.

On Point Nordic City Report Spring 21 17 Investment volumes double in the Nordics At 2 million, hotel transactions in the Nordic countries have accounted for just 5 percent of all EMEA transaction volumes in 213, though this was a 55 percent rise compared to the previous year. The majority of the transactions took place in Sweden, which accounted for 1 percent of the total, followed by Denmark (37 percent) and Norway (1 percent). No hotel transactions have been recorded in Iceland and Finland in the last two years. Historically a domesticallydriven investment market, the majority of investments have remained within the Nordics, although there has been recent interest from USbased investors keen to find opportunities on European soil. Hotel operators remain key buyers Hotel operators have been the key investors during 213 with 57 percent of total transaction volumes, followed by REITs at 22 percent and developers/property companies with a 13 percent share. There has only been one portfolio transaction, the sale of Hotel Skt. Petri and First Hotel Vesterbro in Copenhagen by First Hotels to Choice Hotels Scandinavia for 17 million, while the remainder were all single-asset transactions. Several of the more noteworthy transactions have included the sale of First Hotel Amaranten in Stockholm by AB Hotels to Sweden s Home Capital AS for 11 million, and the sale of the Radisson Blu Lindholmen Hotel in Gothenburg by Skanska AB to Fastighets AB Balder for 8 million and the sale of the Sheraton Hotel by the Blackstone Group to Host Hotels & Resorts. Stockholm continues to attract investor appetite The Swedish economy has rebounded quickly after the economic crisis in 29, and robust trading conditions in Stockholm have resulted in a rising appetite for hotel assets in the capital. The hotel investment market has been dominated by domestic investors, with only a limited number of foreign acquisitions taking place in recent years. Publicly reported transaction activity in Sweden totalled 283 million during 213, over 8 pecent of which was Stockholm. This represents significant growth compared to the previous year, when only 98 million changed hands. Domestic demand drives visitor numbers to the capital and accounts for approximately 7 percent of the visitor total, which has increased RevPAR by 2 during 213 to 8. The proportion of foreign visitors has decreased slightly due to the strong SEK. According to STR Global, the Stockholm hotel market currently amounts to about 19, hotel rooms and it is estimated that the market will see supply growth of approximately15 percent in the next few years. 213 RevPAR Performance 15 12 9 3 London Amsterdam Moscow Stockholm Copenhagen Helsinki Berlin Hotel buyer categories 3 1 Hotel / SA Operator Source: STR Global & Stockholm Tourist Board Data from STR Global concerns November YTD 213 Data from Stockholm Tourist Board concerns October YTD 213 13 22 57 REIT Developer / Property Company Investment Fund / Private Equity Unknown Bank / Institutional investor HNWI Other Source: Jones Lang LaSalle Hotels & Hospitality Group

18 On Point Nordic City Report Spring 21 Transaction Data Representative Office Investment Transactions Q3-Q 213 Property Location Area (sq m) Price Purchaser Vendor (Million ) Fralten 1, 2, 3 (Torsplan) Rest of Inner City, Stockholm 3, 18 KLP Fastigheter NCC Jericho 3 CBD, Stockholm 21, 182 AMF Fastigheter Allianz Polisen 2 (Arken) Solna/Sundbyberg 52,95 1 Delarka Holding Vasakronan Lustgården 1, 18 Rest of Inner City, Stockholm 21, 91 Alecta Credit Suisse Tobaksmonopolet Rest of Inner City, Stockholm 13, 59 AMF Fastigheter Aberdeen Pan-Nordic fund Tennet (Gullbergsvass 5:2) CBD, Gothenburg 17, 72 Platzer Skanska Kanoldhuset (Bö 92:3) Rest of Inner City, Gothenburg 9,2 22 Balder Aberdeen Pan-Nordic Fund Nordstaden 28:2 CBD, Gothenburg 9,1 confidential SEFA NIAM Office Portfolio Mölndal/Partille 9,5 9 NREF Klövern Masthugget :5 Rest of Inner City, Gothenburg 2,5 Sigillet TG Holding Kronan 1, 11 Malmö CBD 17, 57 Corpus Sireo NIAM Björnen Malmö CBD 2,2 5 Unknown Briggen Portfolio at Fornebu Western fringe-fornebu 7, 15 Technopolis IT Fornebu Gullhaug Torg Eastern Fringe-Nydalen 21, 19 Ness, Risan & Partners Storebrand Østensjøveien 27 Eastern Fringe-Helsfyr 1,7 55 RS Platou and Malling & Co NCC Storgata 51 Inner City, Oslo 1,3 confidential Oslo Areal Eiendomsspar Lille Grensen 7 CBD, Oslo 7, 37 Nordea Liv Obos Forretningsbygg DONG domicile Gentofte 57, 255 ATP DONG Lyngby Hovedgade 75-85 Lyngby 22, 5 PFA Ejendomme Sjælsø Gladsaxe Company House Gladsaxe 15, 1 PensionDanmark NCC Property Development Kigkurren Copenhagen 12, 2 TG Partners Private ISS Headquarter Søborg,2 19 PFA Ejendomme Private Skanska HQ Helsinki 9, 32 Union Investment Skanska Falcon Business Park Espoo 2,3 7 Technopolis Aberdeen Property Nordic Fund Pöyry HQ Vantaa 25, n/a Niam Nordic Core Plus Pöyry Elimäenkatu 23 Helsinki 3,8 n/a Finnish insurance company HGR & Sveafastigheter Fund III Plaza Business Park Halo Vantaa 5 7 n/a Finnish institution NCC Source: Jones Lang LaSalle, Akershus Eiendom AS, Sadolin & Albæk A/S Representative Office Leasing Transactions Q3-Q 213 Property Location Tenant Leased Area (sq m) Owner Farsta Centrum Rest of Inner City, Stockholm Stockholms Stad,53 Atrium Ljungberg Gångaren 1 Rest of Inner City, Stockholm Skatteverket 1,5 AREIM Grävlingen 12 CBD, Stockholm DNB,9 AMF Fastigheter Träsket 17 CBD, Stockholm SAP 2,25 Diligentia Gårda Norra Rest of Inner City, Gothenburg Försäkringskassan 7,3 Platzer Gårda Norra Rest of Inner City, Gothenburg GR 3,2 Platzer Inom Vallgraven 21:11 CBD, Gothenburg Danske Bank 2,5 Wallenstam Nordstaden 17:8 CBD, Gothenburg Bassoe Technology 2,3 Aberdeen Österport 7 Malmö CBD Sweco 11, Skanska Betongen 11 Malmö Suburbs Malmö Stads IT 2, Briggen Hans Michelsen 9 Malmö CBD King 1,7 Vasakronan Klipporna phase 2 Malmö Suburbs Siemens 1,7 Skanska Fornebuporten Western fringe-fornebu Aker Solutions 2, Aker ASA Pilestredet 2 Inner City, Oslo Oslo and Akershus University College 13, Norwegian Property Stranden 5 CBD-prime, Oslo DLA Piper 5, Norwegian Property Akersgata -8 Inner City, Oslo Ministry of Labour and Social Affairs 18, KLP H.V Nyholmsvej 21 Frederiksberg CBS 8,255 Topdanmark Ejendom A/S Borgergade 2,.-. Copenhagen Elmer & Partnere 1,875 Jeudan Lyngbyvej 2 Copenhagen Devoteam 1,3 Topdanmark Ejendom A/S Nordhuset, Kajakvej 2 Kastrup Broen Armatur A/S 83 Skanska Kanalvej 2 Lyngby Microsoft 2, Danica Source: Jones Lang LaSalle, Akershus Eiendom AS, Sadolin & Albæk A/S

On Point Nordic City Report Spring 21 19 Jones Lang LaSalle World Wide Jones Lang LaSalle is a financial and professional services firm specializing in commercial real estate services and investment management. We create value for companies and institutions that invest in and use real estate. Our 8, people work across 1, locations in 7 countries to serve the global, regional and local needs of corporates, investors and developers. Our integrated services offering is grounded in expertise in all property types, a deep understanding of real estate markets and capital markets, and is coordinated and consistent across geographies. We hold ourselves accountable for the social, environmental and economic impact of our operations. Our people have the skills and opportunity to reduce the significant impacts that real estate has on the environment. We will lead the transformation of the real estate industry by making a positive impact both in and beyond our business. Global Presence Americas Europe, Middle East and Africa Asia Pacific Argentina Buenos Aires Brazil Curitiba Rio de Janeiro São Paulo Canada Calgary Mississauga Montreal Ottawa Toronto Vancouver Chile Santiago Colombia Bogota Mexico Guadalajara Mexico City Monterrey Tijuana Puerto Rico San Juan United States Alpharetta, GA Altamonte Springs, FL Ann Arbor, MI Atlanta, GA Austin, TX Baltimore, MD Bellevue, WA Bethesda, MD Boston, MA Charlotte, NC Cherry Hill, NJ Chicago, IL Chicago, IL O Hare Cincinnati, OH Cleveland, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI East Bay, CA El Segundo, CA Fort Lauderdale, FL Fort Worth, TX Hartford, CT Hasbrouck Heights, NJ Houston, TX Indianapolis, IN Iselin, NJ Jacksonville, FL Kansas City, MO King of Prussia, PA Las Vegas, NV Los Angeles, CA Los Angeles (North), CA Los Angeles (West), CA Melville, NY Memphis, TN Miami, FL Minneapolis, MN Montgomery, AL New York, NY Orange County, CA Orlando, FL Palo Alto, CA Parsippany, NJ Philadelphia, PA Phoenix, AZ Pittsburgh, PA Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA St. Louis, MO Seattle, WA Stamford, CT Tacoma, WA Tampa, FL Vienna, VA Virginia Beach, VA Washington, DC Westmont, IL Belgium Antwerp Brussels Liège Croatia Split Zagreb Czech Republic Prague Egypt Cairo Finland Helsinki France Lyon Paris Central Paris La Defense Paris Plessis-Robinson Paris Saint-Denis Germany Berlin Dusseldorf Frankfurt Hamburg Hannover Cologne Leipzig Munich Stuttgart Hungary Budapest Ireland Dublin Israel Tel Aviv Italy Milan Rome Kazakhstan Aktau Luxembourg Luxembourg Netherlands Amsterdam Eindhoven The Hague Rotterdam Utrecht Poland Gdansk Katowice Warsaw Portugal Lisbon Romania Bucharest Russia Moscow St. Petersburg Serbia Belgrade Saudi Arabia Jeddah Riyadh Slovakia Bratislava South Africa Johannesburg Spain Barcelona Madrid Seville Valencia Sweden Gothenburg Stockholm Switzerland Zurich Turkey Istanbul United Arab Emirates Abu Dhabi Dubai UK/England Bath Birmingham Bristol Exeter Leeds Liverpool London - Canary Wharf London - City London - South East London - Heathrow London - West End Manchester Newcastle upon Tyne Norwich Nottingham Southampton UK/Scotland Edinburgh Glasgow UK/Wales Cardiff Ukraine Kiev Australia Adelaide Brisbane Canberra Melbourne Melbourne Glen Waverly Perth Sydney Sydney Brookvale Sydney Liverpool Sydney Mascot Sydney North Sydney Sydney Parramatta Greater China Beijing Chengdu Chongqing Guangzhou Hong Kong Kowloon Hong Kong Quarry Bay Hong Kong Queensway Macau Qingdao Shanghai Pudong Shanghai Puxi Shenyang Shenzhen Tianjin India Ahmedabad Bangalore Chandigarh Chennai Coimbatore Delhi Gurgaon MG Road Gurgaon South City Hyderabad Kochi Kolkata Mumbai Lower Parel Mumbai Parel Noida Pune Indonesia Bali Jakarta Surabaya Japan Osaka Sapporo Tokyo-Nagatac-cho Tokyo-Sanban-cho Korea Seoul Malaysia* Johor Bahru Kuala Lumpur Penang New Zealand Auckland Christchurch Wellington Philippines Manila Singapore Singapore Taiwan Taipei Thailand Bangkok Phuket Pattaya Vietnam Hanoi Ho Chi Minh City * Services in Malaysia are provided through a strategic alliance with Jones Lang Wooton Malaysia

Jones Lang LaSalle Sweden Our Services Capital Markets: Our strategic advisory services maximize conditions for profitable real estate transactions. Whether your investment strategy calls for buying, selling or financing, we ll provide a capital solution that maximizes both value and returns. Corporate Solutions: Before we put our knowledge of local real estate markets to work, we get to know your short- and long-term business objectives and your occupancy needs. We ll advise on how to reduce the costs and risks associated with leasing, ultimately finding space for you that maximizes workplace flexibility and productivity. Leasing: Our leasing agents are known for being the most creative and knowledgeable in the industry. We ll help you meet your financial goals by taking a proactive approach to positioning your property, securing tenants and maximizing rental rates. Research & Valuation: We use our global experience and deep knowledge of local real estate markets to providean accurate, reliable evaluation of your property or research reports as a basis for decision making. We perform valuations and appraisals for single assets, global portfolios and a range of property types. Retail & Development: The world of retail and leisure may be fast-moving, but we understand evolving consumer demand, retailer strategies and the trends that are altering the retail landscape. Our experts use their deep industry expertise, local market knowledge and global connections with investors and retailers to enhance the value of the property you invest in or use. Contacts: Stockholm Jones Lang LaSalle Lästmakargatan 2 Box 117 SE-111 81 Stockholm Tel: + 8 53 5 Fax: + 8 53 5 1 www.joneslanglasalle.se Gothenburg Jones Lang LaSalle Lilla Bommen Box 158 SE-5 22 Göteborg Tel: + 31 78 53 Fax: + 31 78 53 1 www.joneslanglasalle.se Helsinki Jones Lang LaSalle Mikonkatu 15 A FI-1 Helsinki Tel: +358 27 1 99 Fax: +358 27 1 99 2 www.joneslanglasalle.fi In cooperation with: Oslo Akershus Eiendom AS Haakon VII s gate 5, 7 etg NO-11 Oslo Tel: +7 22 1 8 Fax: +7 22 1 8 www.akershus-eiendom.no Copenhagen Sadolin & Albæk A/S Palægade 2- DK-121 Copenhagen K Tel: +5 7 11 55 Fax: +5 33 32 72 9 www.sadolin-albaek.dk Copyright Jones Lang LaSalle 21. This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.