Project Pecunia Teaser

Triple-A rated economy Known for its attractive investment environment, Denmark tops the World Bank’s list for ‘Ease of Doing Business’ and is one of only nine countries worldwide to enjoy AAA credit rating.

Buoyant residential market

Strong Copenhagen population growth drives demand for new residential accommodation to an extent which newbuilding activity has been unable to match in the past ten years or so. As a result, residential rental and ownership prices alike have soared. Newbuilding activity has picked up pace, but will not be sufficient to close the gap of accumulated undersupply in the foreseeable future. Continued supply/demand imbalance in Copenhagen housing market (sqm space)

Stable economy, with currency pegged to EUR

DKK

Record-low interest rate level

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000

Strong economic growth momentum, 2% in 2017*

Efficient mortgage bank system offering inexpensive financing

9 10 11

12 13 14 15 16 17 E18 E19

DKK

Annual completions

Annual increase in demand

Sources: Statistics Denmark, Byggefakta and Sadolin & Albæk

*Source: Danske Bank

Sales process outline The Seller of the Portfolio intends to structure the sale of all properties but one as asset deals. The sale of one asset (no. 6, see table on p. 3) is to be structured as a share deal involving the transfer of all shares in the SPV, which holds a significant amount of deferred tax. Subject to their signing a non-disclosure agreement (NDA), prospective buyers will be granted access to an Investment Memorandum, a preliminary virtual data room as well as site visits. A structured sales process is scheduled to commence at end-March 2018 with targeted signing in mid-June 2018. All properties are subject to tenants pre-emption right and accordingly, targeted closing is end-September 2018.

For more information, please contact Sadolin & Albæk, Copenhagen

Peter Kaalund Højland Petersen Consultant

Peter Winther Partner, CEO

Kristian A. Nielsen Senior Consultant

T: +45 61 71 14 10 E: php@sadolin-albaek.dk

T: +45 28 19 66 76 E: pw@sadolin-albaek.dk

T: +45 31 44 14 42 E: kan@sadolin-albaek.dk