Credit Investor Presentation Q3 2021 (ENG)

STENDÖRREN

CREDIT INVESTOR PRESENTATION NOVEMBER 2021

DISCLAIMER

IMPORTANT INFORMATION

Acceptance of limitations: The information in this presentation (the "Material") is furnished by Stendörren Fastigheter AB (publ), 556825-4741 (the "Company") solely for the recipient's information and shall not be distributed to anyone else. The intended recipients are determined solely by Danske Bank A/S, Danmark, Sverige Filial and Skandinaviska Enskilda Banken AB (publ) (the "Managers"). By attending a meeting where the Material is presented, or by reading the Material, you agree to be bound by the limitations and notifications described below. The Material is strictly confidential and may not be disclosed or distributed to any other person unless expressly agreed by the Managers.

Use of the Material: This Material does neither constitute an offer to sell nor a solicitation of an offer to buy any securities, and it does not constitute any form of commitment or recommendation in relation thereto. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information in the Material.

No financial advice and no legal, investment or tax advice: The Managers are not giving and are not intending to give financial advice to any potential investor, and this Material shall not be deemed to be financial, legal, investment or tax advice from the Managers to any potential investor. Investors should not subscribe for or purchase any financial instruments or securities only on the basis of the information provided herein. Investors are encouraged to request from the Company and other sources such additional information as they require to enable them to make informed investment decisions, to seek advice from their own legal, tax and financial advisors and to exercise an independent analysis and judgment of the merits of the Company.

An investment in the securities involves a credit risk: Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Material, including, among others, risk or uncertainties associated with the Company's business, segments, developments, growth, management, financing and market acceptance, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rate and interest rates and other factors. Each potential investor in the securities must determine the suitability of that investment in light of its own circumstances.

No liability: Although the Company has endeavored to give a correct and complete picture of the Company, neither the Company nor the Managers can be held liable for any loss or damage of any kind arising from the use of the Material.

Information sources: The information in this Material is presented by the Company or constitutes publicly available material and has been produced by the Company assisted by the Managers exclusively for information purposes. This Material may contain forward-looking statements that reflect the Company's current views with respect to certain future events and potential financial performance. Such statements are only forecasts and no guarantee can be given that such expectations are correct. No information in this Material has been independently verified by the Managers or its advisors. The information relating to the Company does not constitute a complete overview of the Company and must be supplemented by the reader wishing such completeness.

Actuality: The Material is dated 09 November 2021. Neither the Company nor the Managers can guarantee that there has been no change in the affairs of the Company since such date, nor do they intend to, and assume no obligation to, update or correct any information included in the Material. The Material may however be changed, supplemented or corrected without notification.

Conflicts of interest: The Managers and the Managers' clients and/or employees may hold shares, options or other securities of any issuer referred to in this material and may, as principal or agent, buy or sell such securities. It should be noted that the Company may have interests that conflict with other noteholders particularly if the Company encounters difficulties or is unable to pay its debts as they fall due.

Prospectus: The Material does not constitute a prospectus for purposes of the Prospectus Regulation (EU) 2017/1129. Accordingly, the Material has not been approved by any supervisory authority.

Distribution: The information in this Material is not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. No securities referred to in this Material have been or will be registered by the Company under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state of the United States. This Material may not be distributed into or in the United States or to any "US person" (as defined in Rule 902 of Regulation S under the Securities Act). Further, the distribution of this Material and any purchase of or application/subscription for securities may be restricted by law in certain jurisdictions, and persons into whose possession this Material comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the applicable securities laws of any such jurisdiction.

In so far the information in this Material is made or would cause any effect in the United Kingdom, this Material is only addressed to and directed at persons in the United Kingdom who (i) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) are other persons to whom this Material may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). This Material must not be acted on or relied on in the United Kingdom by persons who are not Relevant Persons. Any investment or investment activity to which this Material relates is available only to Relevant Persons in the United Kingdom and will be engaged in only with such persons.

Applicable law: The Material is subject to Swedish law, and any dispute arising in respect of the Material is subject to the exclusive jurisdiction of Swedish courts (with District court of Stockholm as court of first instance).

2 Investor Presentation

TRANSACTION OVERVIEW

KEY TERMS FOR STENDÖRREN'S CONTEMPLATED NEW ISSUE

Issuer

Issuer rating

Status

Use of proceeds

Volume

Tenor

Coupon

Financial covenants

Dividend restrictions

Call Structure

Stendörren Fastigheter AB (publ)

BB- from Nordic Credit Rating

Senior Unsecured bonds

1. amortisations on existing revolving credit facilities in the Group and (ii) general corporate purposes (including acquisitions and investments) of the Group

SEK 600 expected, under a framework of SEK 1,200m

3.75 years, maturity in August 2025 3M Stibor (no floor) + [●] bps

LTV ≤ 70% at all times (maintenance)

ICR ≥ 1.75x at all times (maintenance)

Equity Ratio ≥ 25% at all times (maintenance)

Up to 50% of Profit from property management (Sw. "Förvaltningsresultat") less tax (dividends on preference shares and interest/principal on hybrid bonds excluded)

12 months before final maturity date @ 100% + 40% of spread 6 months before final maturity date @ 100% + 20% of spread

90 days before final maturity date @ 100 subject to refinancing with a new market loan (in whole or in part)

	•	Disposals
	•	Merger	•	Valuation of properties
Other undertakings	•	Change of business	•	Listing (of bonds)
•	Pari Passu ranking	• Compliance with laws and regulations
	•	Maintenance of properties	• Dealing with related parties
	•	Insurance
Change of control	Put option @ 101% upon either a Change of Control Event or a Listing Failure Event (60 days)
Governing Law/ documentation	Swedish law, standalone documentation
Admission to trading	Nasdaq Stockholm Corporate Bond list
Agent	Nordic Trustee & Agency AB (publ)
Arrangers	Danske and SEB

3 Investor Presentation

TODAY'S PRESENTERS

ERIK RANJE

CHIEF EXECUTIVE OFFICER

• CEO of Stendörren Fastigheter since 2020
• Experience: Previously Head of Real Estate Investment Banking at Danske Bank. Prior to that Erik held various positions at SEB within Structured Real Estate Finance and Corporate Finance for 20 years

PER-HENRIK KARLSSON

CHIEF FINANCIAL OFFICER

• CFO of Stendörren Fastigheter since 2020
• Experience: Previously Head of Accounting at Stendörren. Prior to that Per-Henrik held the position as Head of Nordic Accounting & Financial Control at NREP. Other experience includes, among others, Nordic CFO and member of the management team for one of the real estate funds at Aberdeen Standard Investments and Chartered Accountant at EY

4 Investor Presentation

AGENDA

1. INTRODUCTION
2. REASONS TO INVEST IN STENDÖRREN
3. 1. STABLE CASH FLOW
   2. SUSTAINABLE GROWTH
   3. VALUE GROWTH IN PROJECTS
   4. FINANCE
4. INVESTMENT HIGHLIGHTS
5. APPENDIX

5 Investor Presentation