Pandox : Analyst lunch - Presentation by Anders Nissen, CEO, and Liia Nõu, CFO

Portfolio by operational model

Anders Nissen, CEO

Liia Nõu, CFO

16 ▪ 12 ▪ 2020

New interior @Midland Manchester

Two business segments

Four operational models

1 Lease agreement with and without minimum guaranteed rent

1. Management agreement
2. Owned and operated with franchised brand
3. Owned and operated with independent brand

PM

OA

2	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Portfolio by operational models*

Balanced revenue mix

	32 properties
35%	Revenue-based
without
	minimum
Fully variable from	guaranteed
rent, 18%

first unit of

rent/revenue

Own operations, 17%

20 properties

Fixed rent, 7%

9 properties

59%

Fully variable

above minimum guaranteed rent

Revenue-based withlevel minimum guaranteed

rent, 59%

95 properties

*Per 30 September 2020 in number of rooms

3	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Revenue-based leases with minimum guaranteed rent

Protects downside, may limit early stage growth

Rent is variable but cannot fall below a certain minimum level

For variable rent to materialise, accumulated rent (i.e. hotel revenue) must exceed the accumulated minimum level

Limits the downside when hotel revenue is low, but may also limit early stage growth when hotel revenue increase from low levels and do not exceed the

"minimum level"

Minimum level depends on market practise, commercial considerations and contract age

4	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Based on 2019 actual revenue and RevPAR

Property Management

Rental income, MSEK

3,129

Approximate occupancy level for variable rent

Occupancy, % in leases with minimum guaranteed rent

		Country	Approx. occupancy	Hotels	Rooms
		Switzerland	40-45%	1	206
71		Sweden	40-45%	28	5,822
	Finland	45-50%	8	2,108
	Norway	50-55%	6	1,112
		Belgium	52-57%	2	519
		Denmark	60-65%	2	414
		Germany	60-65%*	33	6,876
		UK	60-65%**	18	4,277
		Ireland	70-75%	3	445
		Netherlands	75-80%	1	189
		Austria	80-85%	2	639
		Total		104	22,607

*Adjusted for 9 fixed leases with 1,977 rooms **Adjusted for 1 fixed lease with 312 rooms

5	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Based on 2019 actual revenue and RevPAR

Property Management

Approximate occupancy level for variable rent
in leases with minimum guaranteed rent	Fully variable leases	Total
Country	Approx. occupancy	Hotels	Rooms		Country	Hotels Rooms		Hotels Rooms
Switzerland	40-45%	1	206		Switzerland	-	-		1	206
Sweden	40-45%	28	5,822		Sweden	14	2,965		42	8,787
Finland	45-50%	8	2,108		Finland	5	813		13	2,921
Norway	50-55%	6	1,112		Norway	8	1,461		14	2,573
Belgium	52-57%	2	519		Belgium	-	-		2	519
Denmark	60-65%	2	414		Denmark	4	1,028		6	1,442
Germany	60-65%*	33	6,876		Germany	-	-		33	6,876
UK	60-65%**	18	4,277		UK	1	398		19	4,675
Ireland	70-75%	3	445		Ireland	-	-		3	445
Netherlands	75-80%	1	189		Netherlands	-	-		1	189
Austria	80-85%	2	639		Austria	-	-		2	639
Total		104	22,607		Total	32	6,665		136	29,272

*Adjusted for 9 fixed leases with 1,977 rooms **Adjusted for 1 fixed lease with 312 rooms

6	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Based on 2019 actual revenue

Operator Activities

	85
Revenue, MSEK	Occupancy, %

	2,424							73						Full exposure from
																				the first unit of
																				revenue and cost
	Belgium		Germany			Canada			UK		Denmark		Netherlands		Finland			Total hotels and rooms
	7		5			2			2		2		1			1			20
	1,955		1,490			952			611		403		216			160			5,787

7	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Six development levels…

…to get back to full performance

Revenue				6	Group returns
					5
					International and
				4		meeting returns
				Domestic business
		3	Domestic leisure	returns
2			returns
Hotels open up for
1			business
	Cities and countries
	open up
	Restrictions easing
	gradually						Time

8	PANDOX - EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

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Head office

Pandox AB (publ)

Box 15

SE-101 20 Stockholm

Sweden

Visiting address

Vasagatan 11

Stockholm

Sweden

Tel: [phone]

www.pandox.se

Org.nr. 556030-7885

Forward-looking statements. This presentation contains forward- looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of Pandox AB (publ), may cause actual developments and results to differ materially from the expectations expressed in this presentation.

Hotel Twentyseven, Copenhagen

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