Project Grid

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Project Grid_Pitch

Forside

Strictly confidential

Contents

16 Sales strategy and process design 21 Buyer universe 24 Price expectations 28 About Colliers 39 Fee proposal 45 Contact

03 Background and purpose 04 Core advisory team 05 Executive summary 06 Portfolio snapshot 11 The opportunity 13 Sales story

Colliers| Proposal for advisory services | 2

Background and purpose

Background Aurora North (Aurora), represented by Kristian Foss and Hannibal Søberg, has asked Colliers International Investment Services A/S (Colliers) to provide a proposal for sell-side advisory services in relation to the possible exit of a portfolio of industrial and logistics properties (the Portfolio) held by Ares Management Corporations (the Seller or the Client). For the purpose of this presentation, we will refer to the possible transaction as Project Grid. The Portfolio comprises a total of some 229,000 sq m distributed on 18 properties, of which two properties are currently under construction with scheduled completions in H1 2024. All properties in the Portfolio are situated in Denmark in attractive and strategic locations with motorway proximity.

Purpose This presentation outlines Colliers’ recommendations and service offerings in connection with the possible sale of the Portfolio. To provide the Client with a good basis for decision-making, the presentation includes a introduction of the Portfolio, an assessment of the marketability of the Portfolio, an outline of the sales story as Colliers sees it, a recommended sales process design and timing, along with an estimated price expectation. Additionally, the presentation includes an overview of Colliers’ track record of successful comparable transactions, and a proposal for sell-side advisory services, should the Client decide to initiate a sale of the Portfolio.

Colliers| Proposal for advisory services | 3

Core advisory team

Carsten Gørtz Petersen

Anders Holm

Kristian Axel Nielsen

Jakob Bagge

CEO | Partner

Director | Partner Capital Markets

Senior Director Capital Markets

Senior Associate Capital Markets

Team role

•

• •

Assistance in structuring, planning and management of the process.

Day-to-day project responsibility and client reporting.

Deal lead.

Overall project responsibility and client reporting. Contact and negotiation with relevant parties.

•

Leading the preparation phase (process material, VDR, etc.).

Structuring, planning and management of the process.

•

Coordination and management of the due diligence process.

Contact and negotiation with relevant parties.

Experience

8 years’ transaction and advisory experience: • Colliers International

8 years’ transaction and advisory experience: • Colliers International • Sadolin & Albæk

15 years’ transaction and advisory experience: • Colliers International • Sadolin & Albæk •

17 years’ transaction and advisory experience: • Colliers International • Sadolin & Albæk

DTZ (now Newsec Advisory)

Colliers| Proposal for advisory services | 4

Education

•

MSc in Economics, University of Copenhagen

MSc in Management Accounting, University of Southern Denmark

MSc in Business Administration and Commercial Law, Aarhus University

Diploma of Business Studies, Aarhus Business College Chartered surveyor, MRICS

•

Chartered surveyor, MRICS

Executive summary

Key takeaways

Why Colliers?

#1 Capital Markets advisor in the Nordics +55% market share in Denmark (transactions >DKK 100m) 1 +30% market share in the Nordics (transactions >DKK 100m) 1

Project Grid scores high on all the requirements that we expect to be important to today’s I&L investors requiring a core+/value-add return profile

Despite the current environment, the I&L investment market remains relatively liquid and competitive, and we have seen multiple transactions recently

Exceptional track record of high-volume transactions, including I&L, in Denmark +55% market share of I&L transactions (>DKK 100m) 2

Strong interest anticipated from a relatively broad field of investors fronted by international core+/value-add investors (including multiple partnerships)

Advisory team of top-tier Capital Markets professionals Average core team industry experience of 11 years

Colliers has detailed knowledge of the Portfolio due to ongoing valuation assignments and strategic discussions with Aurora

Structured bidding process with 15-25 carefully selected investors recommended

Our local market knowledge, data and network are unparalleled to the great advantage of our clients +3,000 commercial advisory and valuation assignments annually

Soft testing of investors and parallel preparation of process material to be initiated ASAP

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Strong international investor network following years of being the local market leader in the Nordics +50% of all transactions are cross-border transactions

Estimated sales value in the range of DKK 1,675m (slightly negative) to DKK 1,851m (slightly positive)

1 Transactions >DKK 100m (2021-Q2 2023) according to Real Capital Analytics (RCA). 2 I&L transactions facilitated by broker >DKK 100m (2022) according to Colliers’ database.

PORTFOLIO

SNAPSHOT

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Portfolio snapshot

Properties 18 1

GLA 229,000 sq m

BREAKDOWN OF GLA BY LOCATION

BREAKDOWN OF GLA BY USAGE 2

0,4%

10%

13%

15%

37%

33%

25%

44%

22%

Light industrial

Manufacturing

Northern Jutland Central Jutland Triangle Region and Funen Capital Region

Logistics

Office

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Other

Notes: 1 Project Morse has been is included as one property, while Project Interior 2.0 and Project Shopping 2.0 are included in the count as individual properties. 2 Estimated by Colliers based on information from the Seller.

Note: Approximate location of the Properties. Colours indicate primary use: Light industrial Logistics Manufacturing

Portfolio snapshot

Year 1 budget (fully let)

I&L GLA (sq m)

Office GLA (sq m)

Other GLA (sq m)

Total GLA (sq m)

Number of tenants

Project name

City

NOI (DKKm)

% of total NOI

1 Project Shopping

Nørresundby

20,243

2,067

22,310

11.6

10.5%

2 Project Stainless

Silkeborg

7,586

843

8,429

5.0

4.6%

3 Project Freeze

Silkeborg

9,756

1,097

10,853

4.4

4.0%

4 Project Furniture

Hinnerup

5,589

949

6,538

2.9

2.6%

5 Project Spare

Brabrand

11,523

1,123

12,721

5.7

5.1%

6 Project Print

Horsens

27,765

2,895

137

30,797

18.2

16.5%

7 Project Windmill

Hedensted

15,168

594

15,762

6.4

5.8%

8 Project Highway

Hedensted

9,895

2,040

11,935

4.7

4.3%

9 Project Solutions

Horsens

2,734

980

3,714

1.7

1.5%

10 Project Interior

Ikast

7,374

1,125

8,499

3.2

2.9%

11 Project Robot

Odense

5,309

1,854

7,163

3.9

3.6%

12 Project Teddy

Middelfart

10,414

997

213

11,624

2.7

2.4%

13 Project Auto

Kolding

2,799

634

3,433

2.3

2.1%

14 Project Zink

Horsens

11,004

633

11,637

5.1

4.6%

15 Project Skate

Hinnerup

9,564

1,284

190

11,038

4.5

4.1%

16 Project Interior 2.0

Ikast

11,802

219

12,021

4.9

4.5%

17 Project Shopping 2.0

Nørresundby

9,534

3,205

294

13,033

7.4

6.7%

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18 Project Morse

Ballerup

15,013

12,602

27,651

15.6

14.2%

Total

193,072

35,141

945

229,158

110

100%

Portfolio analysis

The Portfolio offers geographical diversification. Similarly, lease situations and usages vary across the Portfolio. We have therefore analysed the Portfolio to determine if partial sales/sub-portfolios may be advantageous in terms of achieving price optimisation, transaction certainty, and process flexibility. Such an analysis will also benefit a soft-testing process, where the right path forward is uncovered. Colliers has analysed the Portfolio based on the following four criteria: • Primary usage • Geographic location • Volume • Risk profile The matrix on the right-hand side shows the findings of the portfolio analysis and is believed to qualify as basis for the choice of portfolio composition including potential sub-portfolios as well as the selection of properties that would potentially be relevant for individual (single-property) sales.

DKK 225 million

DKK 510 million

DKK 678 million

DKK 351 million

DKK 512 million DKK 418 million DKK 833 million

LOGISTICS MANUFACTURING LIGHT INDUSTRIAL

PRIMARY USAGE

Legends

The size of the bubble represents the volume of the estimated selling price of the property, while the colour of the bubble indicates the assessed risk profile of the property:

TRIANGLE REGION AND FUNEN

NORTHERN JUTLAND CENTRAL JUTLAND

CAPITAL REGION

Core

Value-add

Core+

Opportunistic

GEOGRAPHIC LOCATION

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Based on the portfolio analysis, Colliers recommends to market the Portfolio as one single portfolio.

Project Shopping

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Ballerup I-III Project Highway

Project Robot

THE

OPPORTUNITY

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Portfolio assessment

Location Overall, the properties in the Portfolio are located in some of the most highly coveted I&L areas in Denmark, with the micro location of individual properties generally characterised by easy access to the motorway grid, ensuring a swift connection to all parts of Denmark as well as Germany, Sweden and Norway.

Volume With a total GLA of some 229,000 sq m, Project Grid is an investment opportunity with significant scale. We expect it to attract substantial interest from reputable, mainly international, investors with an appetite for new investments, albeit some are cautious of taking on large-scale investments in the current market environment.

Sector The Danish I&L investment property market remains relatively liquid and competitive. The segment has attracted strong interest mainly from international investors in recent years. We expect the Portfolio to attract solid interest from a range of investors, with the most competitive investors requiring a core+ return profile.

Marketability rating:

Lease situation 92% of the Portfolio’s GLA is currently let and the portfolio WAULT is 4.8 years. Most tenants of the Portfolio are financially strong with operations anchored around the individual properties. Also, the Portfolio offers an attractive lease situation on a property level in terms of 12 single-tenant properties and 6 multi-tenant properties.

Building design The Portfolio benefits from a building design well-suited for current usages. Most properties are let to a single or few tenants, and scenarios involving reactivation via division for multiple users may be contemplated as lease terms expire. Most properties qualify for such a redevelopment, save possibly Project Print and Project Spare.

Sustainability ESG is top of mind in today’s market and criteria such as sustainability certification are becoming increasingly important and even strictly necessary for most investors. The Portfolio is expected to achieve a DGNB BiU portfolio certification making it superior relative to comparable portfolios in the segment.

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Marketability rating:

SALES

STORY

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Selected points in sales story (1/2)

Denmark is one of the strongest economies in the world and a safe-haven investment market

Industrial output levels remain high

180

160

140

120

100

11 12 13 14 15 16 17 18 19 20 21 22 23

Note: The 10 countries in the world with AAA credit ratings by the top-three international credit rating agencies.

Note: Seasonally adjusted production index, Danish industry, index 100 = 2015. Source: Statistics Denmark

Space shortage and high construction costs will prolong market rent uplift above inflation

Insourcing of production and storage spell sustained shortage of space despite high construction activity

600

10%

Record low vacancy rates

CAGR above inflation

550

500

450

400

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350

11 12 13 14 15 16 17 18 19 20 21 22 23

23 E24 E25

Aarhus

Triangle Region

Greater Copenhagen

Actual market rent growth

Market rent if inflation-linked

Note: Vacancy rate in selected regions, 2011-2023. Source: Ejendomstorvet.dk

Note: Actual market rent growth vs. growth if linked to inflation. Source: Statistics Denmark, Colliers

Selected points in sales story (2/2)

High-quality assets with strong sustainability profile

Significant volume (platform) with potential for economies of scale

Aiming at DGNB BiU portfolio certification (in-place plan for net-zero carbon emission)

Secured, resilient and inflation-linked cash flows

Financially strong tenants with operations anchored around the assets

85% NPI-linked in place leases

4.8 years Portfolio WAULT

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~15% Rental income with +2.5% min indexation

6 months’ cash security

SALES STRATEGY AND PROCESS DESIGN

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Process approach

Colliers recommends a process approach where an initial investor long list is narrowed down by soft-testing the appetite of the investors ahead of entering the marketing phase, thereby reducing the field of prospective investors (short list).

Investor long list Colliers prepares a long list based on our experience from previous processes and general market knowledge .

40-50 investors

Soft-testing Colliers is testing the long-listed investors’ conceptual appetite (location, segment, volume, etc.) for the Portfolio based on high-level information.

15-25 investors

Marketing phase 15-25 investors are invited to the process, where the number of interested investors will naturally drop as they review the sales material and analyse the Portfolio.

5-10 investors

Indicative bids At the end of the marketing phase, we expect 3-5 investors to deliver indicative bids (potentially over two rounds), one of which is selected as the preferred investor to be granted exclusivity.

3-5 investors

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Exclusivity The preferred investor will during the exclusivity period conduct due diligence and the transaction documents are to be negotiated and ultimately signed, followed by closing at an agreed date.

Recommended process design and next steps

Structured sales process to optimise price, timing and general terms by means of increased competition Traditional marketing package (IM, FDP, etc.) with a specific deadline for offers and detailed bid instructions.

Anticipated field of 15-25 carefully selected investors based on preliminary soft-testing prior to process kick-off Suitable mix of domestic, Nordic and international core+/value-add investors.

W&I insurance may be considered to ensure a “cleaner” exit, making sales proceeds fully available at closing Taking out a W&I insurance will eliminate the need for escrow or other means of security / financial reserves.

Preparation of suitable VDD package may be considered to ensure that all red flags are raised before exclusivity All known red flags are clarified as early as possible to maintain process momentum and avoid loss of negotiation power.

Process design Next steps

ASAP: Initiation of process preparations to be ready to kick-off process shortly after soft-testing Notification to advisor team(s), compilation of documents, preparation of financial data package (FDP), etc.

Start-October: Soft-testing of investors to confirm the appetite for the Portfolio and narrow down the investor list Final short list of recommended investors is forwarded for the Seller’s approval before the process is initiated.

Post soft-testing (assuming positive feedback): ”Full speed ahead” with preparations followed by process kick-off Preparation of all process material, including VDD material (if any), and distribution of NDAs to selected investors.

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If unexpected feedback from soft-testing: Adjustment of sales strategy and process design to match investor appetite Clarification of potential sub-portfolios and re-launch of preparations according to new sales strategy and timeline.

Indicative process timeline (assuming positive feedback from soft testing)

December

January

February

March

November

October

Week

4041 424344454647484950 51 52 1 2 3 4 5 6 7 8 9 10 11 12 13

Preparation

Kick-off meeting

Collection of documents and preparation of VDR

Approval of investor long-list

Soft testing, preparation of investor short-list and approval

Preparation of sales material and approval

Marketing

Distribution and negotiation of NDAs

Distribution of sales material (subject to signing of NDA)

Investor dialogue, investor presentations and property tours

Deadline for indicative bids

Evaluation of indicative bids and selection of preferred investor

Negotiation of HoT and granting of exclusivity

Due diligence and negotiation

Due diligence

Negotiation of transaction documents

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Signing of transaction documents

Closing (TBD)

Note:

= Process milestone

= Danish holiday period

Overview of key process material

NDA

Sales material • Investment memorandum • Financial data package • Process letter • Other relevant information (to be discussed)

VDR

To be signed by investors prior to distribution of sales material

Complete virtual data room (VDR) and Q&A-module

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Colliers| Proposal for advisory services | 21

BUYER

UNIVERSE

Introduction to buyer universe

We have prepared an investor long list as well as our view on the most likely indicative bidders.

For further information about Colliers’ recommendation for investor long list , please see separate Excel sheet.

40-50 investors

Based on the soft-testing, Colliers will prepare a recommended investor short list (to be approved by the Seller before the process is initiated).

15-25 investors

During the marketing phase, Colliers will keep track of all investor dialogues and share updated investor lists with the Seller on a regular basis.

5-10 investors

For further information about Colliers’ view on the most likely indicative bidders, please see the investor spotlight on the following pages (p. 23).

3-5 investors

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Colliers will prepare an overview of the indicative bids, which can assist the Seller in the selection of the preferred investor, which will be granted exclusivity.

Investor spotlight (most likely indicative bidders)

Investor

Key facts

General comments

Deal specific comments

•

Recently formed a new JV to aggregate small scale and high-growth industrial and logistics assets on a pan-European basis. Target to acquire ≈EUR 500m of GAV over the next two years (will be mainly capitalised by Starwood).

Origin: USA / UK Investor type: Investment manager / Asset manager

•

Can conceptually do a 50:50 split of any LCGT.

•

• Key contacts: Miles Chuter (Director, M7) and Michael De Bruyne (Starwood).

Source of funds: New JV AUM: EUR 108bn / 7bn

• •

A major focus on the Nordics.

Competitive bidder on Project Purple.

• Part of Blackstone’s Core+ investment strategy. • Primarily interested in light industrial and last mile logistics properties. • Ambition to do a swift scale up in the segment. • One of the most active investors within industrial and logistics in Denmark the past couple of years. • Competitive bidder on Project Purple. • JV with Patrizia ( ≈ 98%) as main capital contributor and Broadgate ( ≈ 2%) as active AM. • EUR +300m equity commitment to JV, targeting the Nordic urban industrial and logistics market. • Patrizia’s Trans-European Fund 8 is expected to have first close in Q4. • Already secured seed acquisition of a Swedish light industrial / last mile logistics portfolio (acquired on Patrizias own balance sheet, but will be transferred to Fund 8 once established). • Keystone Investment Management mandated to source Danish industrial and logistics properties for Partners Group with subsequent AM. • Keystone and Partners Group will formally form a JV with the former as minority equity partner. • Ambition to do a swift scale up in the segment and add exposure to the Danish market. • Competitive bidder on Project Purple.

Origin: USA / UK Investor type: Investment manager / Asset manager

•

Can conceptually do a 50:50 split of any LCGT.

• Key contacts: Alexander Simon (Managing Director with focus on Nordic opportunities), Francisco Vital (Principal, Blackstone) and Thomas Lauritsen (Country Director Denmark, Mileway).

Source of funds: BPPEH AUM: EUR 939bn / N/A

• Require a value-add return (+15% IRR) for the JV on an aggregated portfolio level. • Eager to scale up and gain significant presence in Denmark and willing to underwrite aggregation yield compression. • Key contacts: Michael Fynbo (Head of Danish Transaction, Patrizia), Jörg Laue (Nordic Head of Transactions, Patrizia) and Richard Wollter (CEO, Broadgate).

Origin: Germany / Sweden Investor type: Investment manager / Asset manager Source of funds: Trans-European Fund 8 (value-add) AUM: EUR 58bn / N/A

•

IRR-target of +15%.

Origin: Switzerland / Denmark Investor type: Investment manager / Asset manager Source of funds: Value-add vehicle AUM: EUR 135bn / EUR 4bn

• Scale and location might lower target as Nordic exposure is sought after to diversify fund allocation. • Can conceptually do a 50:50 split of any LCGT. • Key contacts: Johan Johanssen (Partners Group) and Thomas Mølhave (CIO. Keystone).

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PRICE

EXPECTATIONS

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Valuation method and assumptions

Valuation method All properties in the Portfolio have been valued by applying a 10-year DCF-model in order to capture the value of e.g. minimum indexations above expected inflation. Operating budgets in year 1 Based on the financial data package provided by Aurora, Colliers has forecast the net operating income (fully let) in year 1, assuming that year 1 runs from 1 March 2024 to 29 February 2025. The market rent for the vacant units has been estimated by Colliers assuming typical TIs. The Portfolio comprises several tenancies with different months of rent regulation, while, as mentioned, some tenants have agreed to minimum rent indexations above expected inflation. The projections of rental income in year 1 factor in these terms and are based on an assumed inflation of 2.00% in year 1. Based on the assumptions above, the estimated rental income in year 1 (fully let) is estimated at DKK 115 million, of which DKK 8.15 million is vacancy rent. Owner’s share of operating expenses in year 1 is estimated at DKK 4.65 million. As a result, the NOI in year 1 (fully let) can be calculated at DKK 110 million.

General assumptions for the cash flows Considering that most properties in the Portfolio have one or few tenants as well as residual non terminability, cash flows have been projected based on the following assumptions:

• Actual rent has been applied for all tenants until the expiry of their non-terminability term.

• Post non-terminability period, the rent is assumed to be renegotiated to the estimated market rent, while the non-terminability term is extended by an additional 3-5 years. • Annual inflation is estimated at 2.0%. Opex, actual rent without or with minimum indexation below 2.0%, and market rent is indexed annually with this rate.

Colliers| Proposal for advisory services | 25

Breakdown of price expectation (base case)

DKKm

2.000

1.800

DKK 1,763m

DKK 225m

1.600

DKK 132m

DKK 80m

1.400

DKK 77m

DKK 83m

1.200

DKK 36m

DKK 39m

DKK 61m

DKK 47m

DKK 29m

1.000

DKK 73m

DKK 84m

DKK 272m

800

600

DKK 103m

DKK 51m

400

DKK 89m

DKK 62m

DKK 219m

200

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Shopping

Stainless

Freeze

Furniture

Spare

Windmill

Highway

Solutions

Interior

Robot

Teddy

Auto

Zink

Skate

Interior 2.0

Shopping 2.0

Morse

Total

Summary of price expectations

Value considerations Considering where we are in the market cycle at present, we expect the prospective buyer universe to be relatively broad fronted by international core+ and value-add investors. Colliers’ sum-of-parts valuations assume that the interest of an aggressive core+ investor is captured. Furthermore, based on recent trading trends and ongoing sales processes, it is Colliers’ assessment that the outcome of Project Grid will depend on: • Investor perception of portfolio premium relative to individual purchase portfolio aggregation, considering easier and faster capital deployment, reduced use of internal resources and lower deal costs

• Selecting the right process design at the time when the Property is put on the market

• Creating the right sales story and targeting the right investors

• If market consensus is that interest rates have peaked.

As the market is currently characterised by low transaction activity and some degree of uncertainty, we have quoted a price interval denoting the value of the Portfolio in three scenarios, reflecting the slightly negative to the slightly positive scenario, based on an assumed Q4 2023 sales process with expected closing in Q1 2024.

Summary of gross asset value estimates

SLIGHTLY NEGATIVE

SLIGHTLY POSITIVE

BASE CASE

Colliers| Proposal for advisory services | 27

DKK 1,675m 6.84% NIY DKK 7,309/SQ M

DKK 1,851m 6.16% NIY DKK 8,078/SQ M

DKK 1,763m 6.47% NIY DKK 7,693/SQ M

ABOUT

COLLIERS

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About Colliers

5 Offices

+160 Experts

~40% Market share

Colliers Nordics Colliers in Denmark

~30% Market share

+500 Experts

4 Countries

66 Countries

+18,000 Experts

4.5 billion dollar Global revenue

Colliers| Proposal for advisory services | 29

Colliers worldwide

Number of countries includes affiliates.

Market share Nordic

Transactions >DKK 100m (2021-Q2 2023) according to RCA Market share, sell-side advisory, Nordics

Colliers

32%

CBRE

19%

C&W

11%

32%

JLL

11%

Nordics

Catella

New

48%

Nordano

Finland

Norway

Newsec

27%

Others

Sweden

Savills

59%

Eastdil

Colliers| Proposal for advisory services | 30

Source : Colliers / Real Capital Analytics

Denmark

Capital Markets team Nordic

Nordics

Bård Bjølgerud Head of Capital Markets

Norway

Denmark

Sweden

Finland

Erik Høvik Head of Capital Markets

Matti Ahrelma Head of Capital Markets

Peter Winther Head of Capital Markets

André Lundberg Head of Capital Markets

Roar Ingdal Director

Elias Wiklund Associate

Mikko Koskinen Director

Christina Kämpe Director

Christian Sahlström Associate Director

Kristian Axel Nielsen Senior Director

Carsten Gørtz Petersen CEO | Partner

Victoria Tichit Associate Director

Alexander Frønsdal Associate

Sanna Lamminpää Director

Sofie Babic Associate

Thomas Andersson Director & Partner

Anders Holm Director & Partner

Frederik Møllebjerg Senior Director

Frida TosterudGrov Associate Director

William Ødegård Analyst

Aleksi Lindqvist Analyst

Fredric Gylling Associate

Andreas Friberg Director & Partner

Søren Lindbjerg Director

Andreas Brandt Director

Vetle H. Johansen Associate Director

Andreas Fiskum Associate

Mathilda Ingelgård Associate

Martin Schollin Director & Partner

Niklas Christensen Senior Associate

Søren Skovbjerg Manager

Linn Källum Analyst

Joachim Svedberg Director & Partner

Debt Advisory

Project Finance

Jakob Bagge Senior Associate

Nicolai Thygesen Senior Associate

Arnstein Rød Managing Director & Partner Viktor Myhre Associate Director & Partner

Terje A. Pettersen Managing Director & Partner

Fredrik Angelin Director

Mario Ishak Analyst

John Stene Director & Partner

Julia Bergqvist Director

Erik Oom Analyst

Sondre A. Skjerven Associate Director

Ola Aukan Velund Associate

Max Bartholdsson Associate Director

John Petersson Analyst

Dino Ligonja Associate

Susanna Gunnå Associate Director

Christofer Pool Wiklund Analyst

Daniella Svensson Analyst

Philip Kouvatsis Senior Analyst

Professionals 54

Colliers| Proposal for advisory services | 31

Debt Advisory

Viggo Bekker Ståhl Managing Director & Partner

Service lines Capital Markets

Corporate Finance (ECM) • Mergers & Acquisitions (M&A) • IPOs and buyouts • Equity capital raising • Corporate restructuring

Property transaction • Sell-side and buy-side • Single assets and portfolios • JV/partnership structures • Forward deals

Capital Markets

Financing (DCM) • Debt advisory • Financial restructuring • Debt capital arrangements for M&A • Debt capital raising strategy

Research and valuation • Full Nordic coverage • Customised analyses • Commercial buy-side advisory • Valuations

Project finance • Buy-side advisory

Strategic advisory • Feasibility studies • Site selections • Best-use analyses • Hold/exit strategies

• Equity and debt placements • Structuring and execution • Business management

Colliers| Proposal for advisory services | 32

Colliers Denmark Capital Markets

Transaction volume by property agent >DKK 100m transactions, sell-side advisory

DKK 30bn

DKK 25bn

DKK 20bn

DKK 15bn

DKK 10bn

DKK 5bn

DKK 0bn

Colliers| Proposal for advisory services | 33

2015

2016

2017

2018

2019

2020

2021

2022

Colliers Broker 1 Broker 2 Broker 3 Broker 4

Danish market position within I&L Colliers

Colliers’ role in top 10 transactions in Denmark

Share of Danish I&L transaction volume

Only I&L transactions from 2022 included in overview

>DKK 100m transactions, sell-side advisory

Price, DKKm

Colliers’ role

Project

Sq m

Buy-side advisor

      × × × 

132,000

Confidential

Hedeland II, III & IV

132,000

Confidential

N/A

DanLog portfolio

83,700

Confidential

N/A

Project Imperial II

2022

151,000

Confidential

N/A

Project Skylight

56%

Sell-side advisor Sell-side advisor Sell-side advisor Sell-side advisor Sell-side advisor Sell-side advisor

113,000

601

Project Lacus

31,900

333

Nova 4

31,900

328

Nova 5

26,000

Confidential

System Transport

Colliers

Competitor 1

Competitor 2

Competitor 3

Competitor 4

Others

Colliers| Proposal for advisory services | 34

31,500

Confidential

Project Print

28,000

Confidential

Industriparken 1-2

Source : Colliers

Selected references Industrial and logistics

DAFA Group (sale-leaseback)

Nova VI

Project Purple (ongoing DD)

Exclusive sell-side

Sell-side

2023

Address: Multiple (Greater Copenhagen) Buyer: Confidential

Address: Lille Gedved 1, DK-8700 Horsens Buyer: Confidential

Address: Holmstrupgårdsvej 12, DK-8220 Brabrand Buyer: SF Management

Price: Confidential

Seller: AKF

GLA: 83,300 sq m

Seller: DKI Logistics

GLA: 31,700 sq m

Seller: DAFA Group

GLA: 16,000 sq m

Designa Kitchen (sale-leaseback)

Sysselvej 67

Project Lacus

Exclusive sell-side

2022

Colliers| Proposal for advisory services | 35

Address: Multiple (primarily Jutland) Buyer: Arrow Capital Partners

Address: Sysselvej 67, DK-7120 Vejle Øst Buyer: Verdion

Address: Industrivej 1-2, DK-8620 Kjellerup Buyer: Vika

Price: DKK 601m

Price: Confidential

Price: DKK 161m

Seller: Pristine

GLA: 112,800 sq m

Seller: System Transport A/S

GLA: 26,300 sq m

Seller: Designa Kitchen Group

GLA: 28,000 sq m

Selected references Industrial and logistics

Project Print

Nova V

Nova IV

Exclusive sell-side

2022

Address: Egeskovvej 20, DK-8700 Horsens Buyer: Catena AB

Address: Egeskovvej 24, DK-8700 Horsens Buyer: Catena AB

Address: Saturnvej 65, DK-8700 Horsens Buyer: The client

Price: DKK 333m

Price: DKK 328m

Price: DKK 245m

Seller: DKI Logistics

GLA: 31,900 sq m

Seller: DKI Logistics

GLA: 31,900 sq m

Seller: AP Pension

GLA: 30,700 sq m

Project Somnium

Project Freeze

Advansor

Exclusive sell-side

2022

Colliers| Proposal for advisory services | 36

Address: Rosbjergvej 7A, DK-8220 Brabrand Buyer: Pareto Securities

Address: Linåvej, DK-8600 Silkeborg Buyer: The client

Address: Fabriksvej 13, DK-7760 Hurup Thy Buyer: Middelfart Ejendomsinvest

Price: DKK 158m

Price: DKK 78m

Price: DKK 130m

Seller: Private investors

GLA: 13,500 sq m

Seller: Private investors

GLA: 11,000 sq m

Seller: Niam

GLA: 33,600 sq m

Selected references I&L portfolios outside Denmark

Alta portfolio (Sweden)

Zeus (UK)

Javelin (UK)

Exclusive sell-side

Sell-side

2023

Address: Multiple Buyer: P3

Address: Multiple Buyer: Barings

Address: Multiple Buyer: Patrizia / Broadgate

Price: DKK 750m

Price: DKK 1,350m

Price: Confidential

Seller: Segro

GLA: N/A

Seller: NFU Mutual

GLA: N/A

Seller: Alta Fastigheter

GLA: 37,000 sq m

Revolution (Germany)

Nationwide portfolio (Sweden)

Greater Stockholm portfolio (Sweden)

Exclusive sell-side

2023

Colliers| Proposal for advisory services | 37

Address: Multiple Buyer: NREP/Logicenter

Address: Multiple Buyer: Axa

Address: Multiple Buyer: Alliance

Price: DKK 1,267m

Price: DKK 1,565m

Price: DKK 1,417m

Seller: Kilenkrysset/Bockasjö

GLA: 120,000 sqm

Seller: NREP/Logicenter

GLA: 170,000 sq m

Seller: ICG

GLA: N/A

Selected references Other recent high-profile transactions

Galleri K

Project Death Star

Project Nacre

Exclusive sell-side

2022

Address: Multiple, Copenhagen and Aarhus (portfolio) Buyer: OCP

Address: Multiple, Copenhagen, Lyngby, Odense and Aarhus (portfolio) Buyer: Peek & Cloppenburg Price: DKK 4,400m (indicative) Seller: ATP & PensionDanmark GLA: 135,000 sq m

Address: Pilestræde 6, etc., DK-1112 Copenhagen K Buyer: Jeudan

Price: DKK 4,800m (indicative)

Price: DKK 2,200m (indicative)

Seller: NREP

GLA: 110,000 sq m

Seller: Aviva/PSP

GLA: 25,000 sq m

Portland Towers

Svanemølleholm

Project Day

Exclusive sell-side

2021

2022

2021

Colliers| Proposal for advisory services | 38

Address: Multiple, across Denmark (portfolio) Buyer: Cibus

Address: Nordsøvej 15, etc., DK-2150 Nordhavn (Copenhagen) Buyer: KanAm Grund Price: DKK 3,825m Seller: AP Pension GLA: 75,000 sq m

Address: Göteborg Plads 1, DK-2150 Nordhavn (Copenhagen) Buyer: Hines Price: DKK 700m Seller: ATP / PFA / PensionDanmark GLA: 13,750 sq m

Price: DKK 2,080m

Seller: SG Nordic

GLA: 76,000 sq m

FEE

PROPOSAL

Colliers| Proposal for advisory services | 39

Colliers’ services

Colliers offers to head the overall preparation, structuring and execution of the transaction. The workstreams and services generally fall into three main phases as set out below.

Preparation phase

Marketing phase

DD and negotiation phase

• Overall structuring and planning of the sales process, including a detailed time schedule with specific milestones for all parties involved. • Structuring of complete virtual data room, including collection and review of all relevant material in this connection – in close cooperation with the Client’s legal advisor. • Advice, coordination and assistance in preparing potential vendor due diligence and other relevant process documentation. • Advice, coordination and assistance in connection with a potential W&I tender process. • Preparation of sales material, usually comprising NDA, teaser, IM, financial data package and process letter. • General advice in relation to other relevant matters such as transaction structure, tactical sales process design, bid instructions, etc.

• Distribution, negotiation and signing of the NDA by potential investors – in close cooperation with the Client’s legal advisor. • Overall management of the sales process and investor dialogue based on the agreed sales process design and the approved sales material. • Facilitating and leading investor presentations, property tours and similar with potential investors during the marketing phase. • Support potential investors in their evaluation and underwriting of the opportunity, including strategic bid guidance. • Advice in the evaluation of bids received and choice of next steps, including selection of preferred investor with whom to proceed.

• Negotiation of HoT, including a detailed timeline for the completion of the transaction. • Overall structuring, planning and coordination of the DD phase, including facilitation of additional property tours, Q&A sessions and similar. • Management and gatekeeping of the virtual data room and Q&A process. • Strategic advice and assistance in the negotiation phase, including assistance in the final SPA negotiations. • Assistance as required in the completion of the transaction and communication with relevant stakeholders in this connection.

Colliers| Proposal for advisory services | 40

Fee proposal

No cure, no pay We take pride in the fact that we always work on a true ‘no cure, no pay’ fee principle with no hidden retainers, no abortive fees and no reimbursement of various out-of-pocket expenses. Colliers pays all costs relating to the preparation of the marketing/process material, including professional photos, copy, design and printing of materials. However, the Client is expected to pay directly for costs associated with any legal, technical and financial/tax advice in relation to the proposed transaction. Proposed fee structure Upon a successful sale of the Portfolio, Colliers is entitled to a success fee consisting of a base fee up to an agreed threshold value (base fee) plus a potential incentive-based fees (kicker): 1) Base fee of 0.35% of the agreed value of the properties in the Portfolio up to a threshold value of DKK 1,763m 2) Kicker of 5.00% of the part of the agreed value of the properties in the Portfolio that exceeds DKK 1,763m If the transaction is structured as share deals as anticipated, the basis of the calculation of the fee shall be the agreed value of the properties in the Portfolio as stated in the closing balances. If the LCGT is not fully recognised in the closing balance, the amount ‘saved’ will be added to the property value when calculating the fee. Furthermore, the fee will in this instance be exempt from Danish VAT.

Colliers| Proposal for advisory services | 41

Full advisory team (1/2)

Carsten Gørtz Petersen CEO | Partner Aarhus, Denmark

Anders Holm Director | Partner Capital Markets Aarhus, Denmark

Søren Skovbjerg Manager Capital Markets Copenhagen, Denmark

Gregers Rasmussen Head of Research

Valuation & Advisory Copenhagen, Denmark

Kristian Axel Nielsen Senior Director Capital Markets Copenhagen, Denmark

Thora Nielsen Senior Project Coordinator Capital Markets Copenhagen, Denmark

Ieva Glasius-Nyborg Manager, Design Team Copenhagen, Denmark

Jakob Bagge Senior Associate Capital Markets Copenhagen, Denmark

Colliers| Proposal for advisory services | 42

Core team

Support team

Full advisory team (2/2)

Edward Plumley Director EMEA Capital Markets London, England

Bård Bjølgerud CEO Nordics & Partner Oslo, Norway

André Lundberg Head of Capital Markets & Partner Stockholm, Sweden

Luke Dawson Head of Global and EMEA

Capital Markets London, England

Christian Kadel Head of International Capital Markets Frankfurt, Germany

Erik Høvik Head of Capital Markets Oslo, Norway

Matti Adrelma Head of Capital Markets Helsinki, Finland

Colliers| Proposal for advisory services | 43

Nordic team

EMEA team

Project Auto

Project Print

Colliers| Proposal for advisory services | 44

Project Freeze

Colliers

| 45

Contact

Carsten Gørtz Petersen CEO | Partner Aarhus, Denmark +45 28 19 66 71 carsten.goertzpetersen@colliers.com

Colliers| Proposal for advisory services | 45

Copenhagen Toldbodgade 33 DK-1253 Copenhagen K Aarhus Søren Frichs Vej 38A DK-8230 Åbyhøj Odense Cortex Park 12 DK-5230 Odense M Aalborg Østre Havnegade 20 DK-9000 Aalborg

Vejle Dandyvej 3B DK-7100 Vejle

colliers.com +45 70 23 00 20

Colliers| Proposal for advisory services | 46

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