Project Grid

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.

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