Norw egian Property ASA

DnBNOR propert ies

Aker Brygge

July 2007

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DnBNOR propert ies, Aker Brygge

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Purchase of DnBNOR propert ies, Aker Brygge

Norwegian Property purchases 31,736 sqm of office and retail prem ises at Aker

Brygge from DnBNOR for NOK 1,740 m illions

The t ransact ion will be com pleted in 3rd quarter 2007

Norwegian Property:

Norwegian Property regards the t ransact ion as at t ract ive for the com pany both

operat ionally and financially. The propert ies are purchased at an at t ract ive yield level in relat ion to re-negot iat ion potent ial of rental cont racts at high

m arket rent level in the years to com e. Propert ies at Aker Brygge are

considered to be som e of the m ost at t ract ive in whole count ry

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Main points regarding DnBNOR propert ies, Aker Brygge

4 at t ract ive office and retail propert ies of approx. 3 1 ,7 3 6 sqm

Gross rent of approx. NOKm 8 2 .5 and net rent of approx. NOKm 7 7 .4

Average return on equity is approx. 1 3 % ( pre- tax) given:

The condit ions which Norwegian Property achieves in the current m arket

A relat ively conservat ive project ion of current m arket rent level

Re-negot iat ion at higher m arket levels over the com ing years

Great potent ia l for increased rental incom e in the com ing years due to re- negot iat ion of lease contracts

Average office rent per sqm in the propert ies are approxim ately NOK 2,700

Office market rent at Aker Brygge is between NOK 3,500 and NOK 4,000 and are est im ated to increase to between 4,000 and 5,000 during the nest 2-3 years

Norwegian Property re-negot iated a lease cont ract last week regarding approx. 850 sqmat NOK 4,300 per sqm

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DnBNOR propert ies- Centrally located propert ies at Aker Brygge in Oslo

Center of OsloOslo area

Oslo CBD:

3 1 ,7 3 6 sqm

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Aker brygge

XX X

X

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Aker Brygge propert ies locat ion at Aker Brygge

Soppen er ikke inkludert

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Property facts DnBNOR propert ies, Aker Brygge

Locat ion: Aker Brygge, Oslo

Ow ner: DnBNOR ASA

Num ber of propert ies: 4

Num ber of sqm : 3 1 ,7 3 6 m 2 :

Office: 23.016 m 2 (72% )

Shopping: 2.347 m 2 (7% )

Restaurant : 1.467 m 2 (5% )

Other: 4.906 m 2 (16% )

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Largest tenant :

DnBNOR Bank ASA

4 years rental cont ract with r ight to extend at m arket condit ions

82% of rental incom e

DnBNOR s Norwegian Head Quarter

Other tenants

Approx. 20 other tenants

Durat ion approx. 4.4 years

Mainly shopping and restaurants

Gross rent ( 2 0 0 7 ) : NOKm 8 2 .5

Net rent ( 2 0 0 7 ) : NOKm 7 8 .4

Owner cost of ca. 7%

Annual CPI adjustm ent : 1 0 0 %

Vacancy: ~ 0 %

Rental facts DnBNOR propert ies, Aker Brygge

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Value: NOKm 1 ,7 4 0

After deduct ion of deferred tax of MNOK 14

Average value per sqm : NOK 54.827

Average value per property: NOKm 435

I RR: approx 1 3 %

Yields 2 0 0 7 / 2 0 0 8 :

On gross cont ract rent : 4.8%

On net cont ract rent : 4.5%

On net m arket rent : 5.8%

Valuat ion DnBNOR propert ies, Aker Brygge

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About Aker Brygge

Aker Brygge lies in the pr im e CBD-area and is am ong the m ost at t ract ive addresses in Oslo.

More than 5.000 people live and work in the area.

Aker Brygge is a m ajor at t ract ion for residents and tourists at t ract ing m ore than 14 m illion visitors each year.

- Large choice of restaurants and pavem ent cafés

- Big shopping area

- Beaut iful waterside

- Lots of cultural act ivit ies

Excellent com m unicat ions and walking distance towards the inner city

- Railway and underground stat ion only five m inutes away

- Marina and boat harbor

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86.000 offices m 2

68 stores

36 restaurants

2 cinem as

A theat re

A conference cent re

380 high quality apartm ents

health-and- fitness cent re

- Oslo s prim ary and m ost popular m eet ing place both day and night

Aker Brygge - land and sea, business and pleasure

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Building B

Building C

Building A

Building D

The DnBNOR propert ies locat ion at Aker Brygge

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Floors and types of prem ises, DnBNOR propert ies

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Norw egian Propertyincluding

DnBNOR propert ies

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Norw egian Property in Norw ay

4 7 propert ies6 1 1 ,0 0 0 sqm

1 property2 2 ,0 0 0 sqm

Trom sø

Bodø

Oslo: Ca 7 % of the office

m arket

Bergen:Ca 1 .5 % of the office m arket

Stavanger:Ca 7 % of the office m arket

Propert ies ow ned by Norw egian

Property

Market share Norw egian

Property

1 1 propert ies1 2 9 ,0 0 0 sqm

Stavanger

Oslo

Bergen

X

X

X

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Norw egian Property- Centrally located propert ies in the Oslo area

X

X

X

X

X

X

X

X

X

6

4

X

9

X

X

X

X

XX

XX

X

X

X

X

X

X

X

X

XX X

X

X XX

XX

XX

Oslo area:

Ca 6 1 1 ,0 0 0 sqmCenter of Oslo:

Ca 4 7 7 ,0 0 0 sqm

X

X

X

X

X

X

X

X X

X

X

1 1

X X

Center of Oslo

X

Oslo area

XX X

X

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Norw egian Property- At t ract ive property port folio, large w ell- know n tenants

Restaurant

4 %

Industry/Prod

9 %

Public adm

8 %

Bank/finance

21 % Other

services

11 %

Retail

4 %

Telecom/

Data/IT

21 %

Culture/

media

2 %

Oil/ Oil

services

19 %

2007 E

Port folio

Number of propert ies 59

Number of sqm 761,993

Avrg sqm size per propert y 12,915

Avrg value per sqm 26,217

Avrg value per propert y (NOKm ) 339

Avrg rent per gross sqm 1,510

Va lua t ion ( NOKm )

Tot al invest ment (NOKbn) 19,977

Gross rent 1,151

Opex 66

Net rent 1,084

Gross y ield (2007E) 5.8%

Net y ield (2007E) 5.4%

Durat ion (years) 7.0

CPI adj (2007) 96 %

Vacancy ( rent) 0.7 %

Tenant

Cont ract rent

2 0 0 7 ( NOKm ) %

Durat ion

( years)1 Aker ASA/ Aker Kværner ASA 78,3 6,8 % 12,62 EDB Business Partner ASA 75,5 6,6 % 12,13 DnBNOR Bank ASA 67,4 5,9 % 4,04 Nordea 43,7 3,8 % 6,95 SAS 40,4 3,5 % 9,86 I f Skadeforsikr ing 38,4 3,3 % 5,67 Statoil 35,3 3,1 % 4,68 Total E&P 27,5 2,4 % 10,99 Get

( t idl. UPC) 26,2 2,3 % 4,210 Leif Høegh 25,9 2,2 % 13,011 Telenor 25,8 2,2 % 8,612 Aker Kværner Offshore Partner 23,0 2,0 % 2,713 NetCom AS 22,6 2,0 % 5,514 Skanska Norge AS 21,1 1,8 % 8,215 Fokus bank 19,9 1,7 % 5,916 Ast rup Fearnley/ Astrup Fearnely st iftelsen 19,2 1,7 % 10,317 Hafslund 18,2 1,6 % 11,818 Nera ASA 17,8 1,5 % 4,519 Em entor Norge AS 17,7 1,5 % 5,520 Oslo Sporveier 17,0 1,5 % 8,321 Sim onsen Advokat firm a DA 16,7 1,4 % 5,722 Rikshospitalet 16,2 1,4 % 14,923 TDC Norge AS 15,2 1,3 % 4,124 Arbeidsdirektoratet 14,3 1,2 % 4,525 GlaxoSmithKlein 14,3 1,2 % 9,8

TOTAL 2 5 LARGEST TENTANTS 7 3 8 6 4 % 8 ,1

Other tenants 413 36 % 4,5

TOTAL - ALL TENANTS 1 1 5 1 1 0 0 % 7 ,0

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Public

14 %

Private

86 %Oslo

88 %

Bergen

1 %

Other

1 %

Stavanger

10 %

Parking

5 %

Office

7 8 %

W arehouse

2 %

Retail

1 0 %

Other

5 %

3 - 6 years

24 %

6 - 10 years

36 %

> 10 years

28 %

< 3 years

13 %

Norw egian PropertyThe present port folio fulfills the m ain targets

Private

70-75 %

Public

25-30 %

Oslo / Bergen /

Stavanger / Tr.heim

85-90 %

Annet sentralt

10-15 %

Office

70-75 %

Retail / Warehouse/

Parking

25-30 %

3 - 6 years

20-25 %

< 3 years

10 %> 10 years

25-30 %

6 - 10 years

40-45 %

Oslo / Bergen /

Stavanger / Tr.heim

85-90 %

Annet sentralt

10-15 %Other cent ral

10-15%

Tenant m ix* * target & actual

Lease durat ion m ix ( Y) * * * target & actualProperty m ix* * target & actual

Geographic focus* target & actual

* By Value * * By rent * * * Cont ractual rent

Target Actual

Target Actual

Target Actual

Target Actual

W eighted average

durat ion 7 yearsW eighted average

durat ion ca. 7 years

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Port folio Oslo CBD

Aker Brygge

Grev Wedels plass 9

Stortingsgt. 6

C.J. Hambros pl 2Nydalen (IFN-portfolio)

Aker Brygge (New)