Long tradition of untraditional business Name Name October 2017

This is Tagehus Create value growth through investments and development of assets with good and stable value potential long term Residential, hotel and swimming pool properties Airplanes Complementary portfolio companies with value growth potential Strategic, long-term investment in Atrium Ljungberg, a Swedish listed property company Investments and operations in Sweden and The Netherlands 100% family owned group Founded in 1946 Resting on a master builder tradition Referens till byggmästare på engelska; https://en.wikipedia.org/wiki/Master_builder

Together we build lasting values for future generations I sammanhanget byggmästartradition kan Tagehus värderingar nämnas - om det passar - tex omtanke, ärlighet och lojalitet.

Long term investment perspective Active owner Buy, develop and hold is the main strategy Small organization, speedy decision making processes Majority ownership is preferred

Strong brands in all segments Residential Hotel and conference Swimming and leisure Airplanes Investments

Total assets of approx. 7,0 MSEK in five segments Här kan nämnas att portföljprofilen bidrar till att sprida riskerna.

2016 in brief Operating income 1 291 MSEK* (1 246) Asset management profit 222 MSEK (194) Profit after tax 638 MSEK (530) Investments 464 MSEK (157) Equity 3 719 MSEK (3 236) Profits mainly driven by Credentia and new terms for the hotel operations in Amsterdam Stronger long term focus on sustainability issues * Tagehus Holding and T Ljungberg BV’s financial performance combined

Residential

Property management and land portfolio 460 approx. rental apartments on Lidingo, north east of Stockholm Undergoing renovation Further property and land development planned 370 approx. rental apartments in Are, northern Sweden Zoning to increase residential density Ambition to increase presence in Are long term 20% project property ownership in Akersberga, north of Stockholm, totaling 7 000 residential units

Credentia’s development rights portfolio Credentia, founded 1926 in Norrtalje, north of Stockholm Production and sales of condos and housing developments Property management Contracting services Operating income 390 MSEK (347) Project portfolio of approx. 1 160 (900) units by Dec. 31, 2016 Sales of approx. 160 apartments (100) Construction start of 160 apartments in own book Acquisition of 50 development rights in Akersberga Plan to expand to additional local markets

Residential MSEK 2016 2015 Operating income 451.0 404.6 Property management profit 38.0 27.7 Interest coverage ratioe (%) 283 247 Return on equity (%) 18.4 16.2

Hotel and conference

Hotel and conference Hotel and conference facilities in Stockholm, around Lake Malaren and Amsterdam Hotel operator agreement with property company Humlegarden in Solna Refurbishment and upgrading of hotel and conference facilities at Marriott Hotel Acquisition of smaller property in Amsterdam at the start of 2017

Hotel and conference MSEK 2016 2015 Operating income 405.6 382.2 Property management profit 102.6 67.7 Interest coverage ratio (%) 513 373 Return on equity (%) 30.1 6.3

Swimming and leisure

Swimming and leisure Turn key offers for swimming pools and sports facilities Specialists in project development and construction of indoor swimming pools, combined with long experience of operating swimming and other exercise activities

Medley Manages and operates approx. 35 swimming pools and sports facilities in 20 municipalities in Sweden The biggest operator of public swimming pools and wellness facilities in the Nordic countries, founded in 2001 Operating income 332 MSEK (332) Further strengthening of the organization Expanded offer in exercise and wellness to reach new customer segments Approx. 3.3m visitors 2016 Operating sports and outdoor facilities as well

Tagebad Indoor swimming pools Turn key offer includes design, project management, construction, property management and ownership Quality and construction standard key to low maintenance costs long term Offers a range of standard size indoor swimming pools Continued dialogue with municipalities about building new indoor swimming pools

Jarfalla municipality chooses Medley Complete swimming and sports concept, including construction, management and ownership of new indoor swimming pool 50 meters pool, 3 training/children’s pools and a Jacuzzi The indoor pool facility is designed, built and financed by Tagehus on a 30 year contract Completion expected spring 2018 Building on experience from Tyreso indoor pool, built and inaugurated as planned 2012/13

Swimming and leisure MSEK 2016 2015 Operating income 333.4 332.5 Property management profit 21.0 30.7 Interest coverage ratio (%) 660 833 Return on equity (%) 11.9

Safe and transparent procurement of indoor swimming pool and wellness facilities Cost control and predictability Control over production, maintenance and capital costs Remuneration determined long term Quality based on long experience Quality and service attracts more visitors Contributes to better public health in the municipality Efficient and simple administration One procurement and one contract Extensive developer competence not required nor any operational or staff responsibilities Proven concept Potential risk absorbed by Tagehus as regulated by contract Positive experience from Tyreso och Jarfalla Municipality’s influence Ongoing consultation Transparent agreements Repurchase right The municipality has the right to repurchase the facility during the contract term Low capital costs Municipality guarantee lowers the cost Pool owner and operator’s equity acts as buffer

Airplanes

Rockton management company Leasing of airplanes for regional traffic, mainly turboprop planes for the European market Fleet of approx. 20 airplanes, including partly owned planes LOI with Mitsubishi Aircraft to acquire 10+10 MRJ90 regional jets for delivery starting 2020 Lease back agreement with Air Atlanta regarding three GE engines Actively seeking acquisitions, including whole fleets

Airplanes MSEK 2016 2015 Operating income 102.4 124.8 Asset management profit 40.4 39.4 Interest coverage ratio (%) 1 053 449 Return on equity (%) 6.9 22.7

Investments

Investments Atrium Ljungberg (10.6% of votes) Listed property company that owns, develops and manages primarily retail and office properties Focus on growth regions such as Stockholm, Malmo, Gothenburg and Uppsala Establishment of new equity portfolio with a 100 MSEK mandate Greater risk diversification Improved relations with the capital markets Fokus weekly news magazine (22.2% of votes)

Investments Mkr 2015 2014 Operating income* 58.1 57.0 Asset management profit 44.7 44.3 Interest coverage ratio (%) 489 490 Return on equity (%) 19.6 25.4 *Including financial income

Tagehus in numbers

Profit and loss statement MSEK 2016 2015 Operating income 1 290.6 1 245.5 Operating expenses, excl. depreciation and write-downs -1 075.5 -1 041.0 Operating profit, excl. depreciation and write-downs 215.1 204.5 Financial income 63.4 62.1 Financial costs -61.0 -66.7 FX effects 4.6 -6.0 Profit from asset management 222.1 193.9 Depreciation and amortization of fixed assets -117.0 -125.5 Capital gains on divestment of assets 72.8 1.7 Unrealized changes in value, securities and property 536.1 533.2 Result before tax 714.0 603.3 Tax on the result of the year -75.9 -73.0 Result 638.1 530.3

Balance sheet MSEK 2016-12-31 2015-12-31 Tangible fixed assets 3 789.5 3 343.0 Financial fixed assets 2 505.2 2 149.9 Other fixed assets 67.4 165.6 Current assets excl. cash 391.3 336.3 Cash 213.4 232.4 Total assets 6 966.8 6 227.2 Equity 3 719.0 3 236.0 Provisions 311.3 253.0 Long-term liabilities 2 441.1 2 225.2 Short-term liabilities 495.4 513.0 Total equity and liabilities

Operating income and asset management profit 2016

Operating income +17% a year on average 2012-16 MSEK

Asset management profit +11% average 2012-16 MSEK

Assets and equity - Assets +15% and equity +15% on average 2012-16 MSEK

Key ratios 2016 2015 Profit from asset management vs operating income (%) 17.2 15.6 Interest coverage ratio (%) 463.5 390.4 Return on equity (%) 18.4 17.6 Return on equity, excl. unrealized changes in value (%) 9.7 4.9 Return on total assets (%) 11.8 11.3 Return on total assets, excl. unrealized changes in value (%) 5.7 4.0 Equity ratio (%) 53.4 52.0 Gearing ratio (%) 35.0 35.8 Average rate of interest on interest-bearing liabilities (%) 2.8 2.7 Average number of employees, the group 631 608

Equity ratio and target fulfilment Financial targets Definition Target fulfilment 2016 Interest coverage ratio over 200% long term Cash flow must cover interest costs by a wide margin +464% Solidity over 40% long term Equity adjusted for risk 53% Average fixed interest rate term 1-3 years Aiming to reduce interest rate exposure 2.2 years

About Tagehus

Values and foundation Foundation Long term investment perspective High business standards Trust Respecting the individual Foundation Business sense Confidence Competence Caution

TLBV Hospitality Group Organization Approx. 630 co-workers in total of which approx. 75 in Residential, 300 in Swimming and Leisure (Medley) and 245 in Hotel and conference Head office in Stockholm with 13 co-workers Strengthened competence in sustainability Low management cost target Tagehus T Ljungberg BV Group TLBV Hospitality Group Tagehus Holding Group Swimming and Leisure Credentia Group

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