GUESTS COUNTRY OF ORIGIN. German 2.6% YTD: -1.3% Swedish Other 14.1% = 74.5% DENMARK. Danish = 58.5% YTD: +0.8% Others 17.5% YTD: +3.

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1 NORDIC HOTEL DEMAND YTD: 3/6/218 vs. Last Year GUESTS COUNTRY OF ORIGIN Share of total guest nights 217 and YTD growth June 218 NORWAY GUEST NIGHTS Norwegian 3.3% YTD: -3.% Swedish 3.3% YTD: +.7% +x% YTD June (18 vs. 17) NORWAY 217: 23.3m YTD: +4% 217: 36.5m YTD: +4% 217: 17.5m YTD: +2% German 2.6% YTD: -1.3% Swedish Other 14.1% = 74.5% Others 14.6% YTD: +12.6% YTD: +3.2% British 2.1% YTD: +4.9% YTD: -2.7% US 2.% YTD: +5.6% Danish 1.4% YTD: +1.8% DENMARK Norwegian = 71.7% YTD: +3.9% German 3.1% YTD: +2.3% US 2.7% YTD: +25.7% UK 2.7% YTD: -9.5% Chinese 1.9% YTD: -9.8% DENMARK 217: 19.5 m YTD : +1% Oslo +5% +2% Copenhagen DEMAND DRIVERS Economic indicators in feeder markets NORDIC HOTEL SUPPLY Stockholm +3% 217: 96.8m YTD: +3% +1% Helsinki Country GDP Growth Inflation Unemployment Others 17.5% YTD: +3.8% 17 18E 19E 17 18E 19E 17 18E 19E Sweden 2.4% 2.6% 2.2% 1.8% 1.5% 1.8% 6.7% 6.3% 6.3% Norway 1.8% 2.1% 2.1% 1.8% 2.5% 1.5% 4.2% 3.9% 3.8% Denmark 2.1% 2.% 1.9% 1.% 1.6% 1.8% 5.8% 5.7% 5.6% Finland 3.% 2.6% 2.%.5% 1.7% 1.7% 8.7% 8.% 7.5% Nordics 2.3% 2.3% 2.1% 1.3% 1.8% 1.7% 6.3% 6.% 5.8% Eurozone 2.4% 2.2% 1.9% 1.5% 1.5% 1.6% 9.1% 8.4% 8.1% USA 2.3% 2.9% 2.7% 2.1% 2.5% 2.4% 4.4% 3.9% 3.5% KEY STATISTICS US 3.2% YTD: +2.6% Danish = 58.5% YTD: +.8% Number of guest nights CAGR Swedish 6.4% YTD: + 3.4% Norwegian 6.3% YTD: -.9% German 4.2% YTD: +5.3% UK 3.8% YTD: -8.9% Sweden 4.2% Norway 3.4% Denmark 4.2% Finland 1.9% Exchange rate and oil price Others 18.4% YTD: +4.5% Finnish = 67.7% YTD: +2.3% Russian 3.6% YTD: -.1% UK 3.% YTD: -4.7% German 2.9% YTD: +.5% Swedish 2.7% YTD: -6.6% Chinese 1.7% YTD: +5.1% Last Last month YTD 1 EUR/NOK % -.9% EUR/SEK % 8.6% EUR/DKK %.2% USD/NOK % 2.1% USD/SEK % 11.9% USD/DKK % 2.9% EUR/USD % -2.5% Crude Oil-Brent (US$/BBL) % 15.3% 1 YTD 29/8/218 vs. Last Year Number of guest nights CAGR Sweden 5.6% Norway 4.4% Denmark 4.4% Finland 3.7% June 218 Hotels Share YoY NORDIC HOTEL OCCUPANCY CAGR Supply DEMAND & SUPPLY Demand Average capacity Sweden 2,4 123,799 4% 2.1% 1.5% 3.7% Norway 98 83,595 26% 2.8% 1.8% 3.2% Denmark ,463 17% 1.3% 1.8% 4.3% Finland ,412 17% 2.3%.9% 2.1% Avg. guests / room Total Nordic market supply Hotels 4,29 316,269 OCCUPANCY Millions of rooms sold/ rooms available NORWAY DENMARK % 5% 52% 58% 58% % 52% 53% 54% 54% 56% 3 5% 51% 53% 57% 58% 58% % 51% 51% 52% 54% 56%

2 NORDIC HOTEL INVESTMENT MARKET NORDIC HOTEL PROPERTY TRANSACTIONS In local currency Date Property / Portfolio Buyer Seller Price LOC Area Price (m) Price / (m) (sqm) / room sqm Advisor Jul-18 Hotel Norge - Kristiansand Lund / Christiansholm Catella Real Estate n.d , n.d. n.d. n.a. Jul-18 Hotel (project) Landvetter Airport - Göteborg Midstar Swedavia n.d , n.d. n.d. Nordier (sell) Jun-18 4 Hotels (project) - Göteborg, etc. Alecta Magnolia n.d. 1, 3, n.d. n.d. n.a. Jun-18 Hotel (project) - Södertälje Elite Hotels Acturum n.d , n.d. n.d. C&W (sell) May-18 Scandic Sundsvall City - Sundvall Västerkulla Sveafastigheter Fersen II n.d ,3 n.d. n.d. Pangea (buy) May-18 Smedasundet 91 - Haugesund Strawberry Properties Private investors 63 n.d. 2,37 n.d. 27,3 Pangea (buy) Apr-18 Hoom Home & Hotel - Stockholm (Järfälla) Genova WHD Holding ,6 1,2 33,6 C&W (sell) Apr-18 Vestfjord Hotell - Lofoten Eiendomsspar Norlandia Utvikling n.d. 63 3,723 n.d. n.d. n.a. Apr-18 Gloppen Hotel - Sandane Classic Norway Teina Holding AS n.d. 61 3,533 n.d. n.d. n.a. Apr-18 Lakkegata 3 - Oslo Balder Fastigheter AB Skanska ,5 2,6 49,2 C&W (sell) Source: Pangea Research/Mrec NORDIC HOTEL PLAYERS in the Nordics 6, 5, 4, H OTEL OP ERATORS Hotels in the Nordics 3 Hotels 25 2 in the Nordics 18, 16, 14, 12, H OTEL P ROP ERTY OWNERS Hotels in the Nordics 9 Hotels , 15 1, 8, 5 4 2, 1 6, 3 1, 5 4, 2, 2 1 LISTED HOTEL CHAINS AND PROPERTY OWNERS Note: for the sake of comparability Market Cap and EV are stated in a uniform currency Source: Pangea Research / latest annual reports / websites YTD: 29/8/218 vs. Last Year Last Last week Last mon. YTD EV Mcap Impl. LTV EV/EBITDA P/B P/E Div. yield NORDIC HOTEL OPERATORS Currency Price % % % EURm EURm % # % Radisson Hospitality SEK % 3.9% 41.4% % % 82,812 n.a. Scandic Hotels Group SEK % 2.1% -16.6% 1, % % 51,216 INTERNATIONAL HOTEL OPERATORS Accor SA EUR % -.3% 1.6% 11,688 12,673-8% % 619,58 Belmond USD % 5.% 34.7% 2,231 1,75 24% n.a..% n.a. 61% China Lodging Group USD % -13.4% -3.5% 9,348 8,67 7% % 384,959 88% Choice Hotels Intl USD % 1.8%.8% 4,431 3,783 15% % 556,952 Hilton Worldwide USD % -.3% -2.1% 26,4 19,911 24% % 879,349 76% Hyatt Hotels Corp USD %.4% 7.1% 8,374 7,493 11% % 187,63 77% InterContinental HG GBP 4,83. 2.% 2.6% 2.4% 11,721 1,234 13% % 89,889 n.a. Marriott USD % -1.2% -6.5% 44,991 37,624 16% % 1,286,725 73% Melia EUR % -.1% -4.4% 3,15 2,524 19% % 8,861 NH Hotels EUR % -6.9% 4.8% 2,693 2,465 8% % 59,682 71% Whitbread GBP 3, % 1.6% -.3% 9,65 8,14 1% % 72,466 79% Wyndham Worldwide USD % -1.7% n.a. 8,231 4,82 41% % 722,99 Last Last week Last mon. YTD EV Mcap Impl. LTV EV/EBITDA P/B P/E Div. yield NORDIC HOTEL PROPERTY OWNERS % % % EURm EURm % # % Pandox SEK 163..% -1.8% 2.8% 5,55 2,552 5% % 31,656 n.a. INTERNATIONAL HOTEL PROPERTY OWNERS Apple Hospitality USD %.6% -8.5% 4,515 3,53 22% % 3,7 77% Ashford Hospitality USD 6.6.5% -15.7% -2.4% 3, % n.a. 7.3% 24,93 74% Chesapeake Lodging Trust USD % 5.2% 2.9% 2,365 1,689 29% % 6,279 83% Covivio Hotels EUR % 1.5% -7.1% 4,921 3,14 36% % 466 n.a. DiamondRock Hospitality Co. USD 12..7% 1.8% 5.8% 2,85 2,121 24% % 9,949 81% Hospitality Property Trust USD % 5.5% -1.9% 7,68 4,19 46% % 5,379 Host Hotel & Resorts USD % 4.% 9.1% 16,769 13,715 18% % 49,537 79% Lasalle Hotel Properties USD % 3.% 26.2% 4,73 3,341 18% % 1,452 84% RLJ Lodging Trust USD %.% 1.1% 5,195 3,327 36% % 3,5 78% Last Last week Last mon. YTD EV Mcap Impl. LTV EV/EBITDA P/B P/E Div. yield INDEX % % % EURm EURm EURm % # % Pangea Index - Operator EUR n.a. 1.6% -.5% -1.2% 143, ,577 16% % 5,794,589 7% Pangea Index - Owner EUR n.a. 1.1% 2.5% 5.5% 56,874 38,77 33% % 244,353 78% Notes: Accor negative LTV explained by the cash injection from the sale of 57.8% of AccorInvest count: latest quarterly report available : latest annual report Source: Thomson Reuters / Companies reports / Pangea Research INVESTMENT INDICATORS Interest rates Norway Sweden Denmark Finland (Euro) Repo rate.5% -.5% % 1M (Nibor, Sibor, Cibor, Euribor).81% -.46% -.36% -.4% 3M (Nibor, Sibor, Cibor, Euribor) 1.3% -.38% -.3% -.36% 6M (Nibor, Sibor, Cibor, Euribor) 1.16% -.34% -.14% -.31% 1Y swap 1.21% -.3% -.27% -.25% 5Y swap 1.84%.46%.44%.31% 1Y swap 2.18% 1.15% 1.6%.93% Government bonds Last Last week Last month YTD 3 Norway 1Y Govt. index 1.8% 4.1% -2.% 11.7% Sweden 1Y Govt. index.5% 13.8% -2.7% -3.1% Finland 1Y Govt. index.6% 9.3% 15.6% -2.3% Denmark 1Y Govt. index.4% 18.5% 6.4% -19.3% UK 1Y Govt. index 1.4% 5.9% 5.5% 14.1% US 1Y Govt. Index 2.9% 2.1% -2.4% 19.8% 3 YTD 29/8/218 vs. Last Year 2

3 YTD: 31/7/218 vs. Last Year NORDICS The Q2 218 interim reports of Scandic Hotels and Radisson Hospitality showcased a continued strong development in the Nordics for Q2 with LFL increases in RevPAR of 4.1% and 8.2% respectively. Both companies reported improved RevPAR in all of the individual markets with particularly strong performance in Norway. First half year, Scandic Hotels noted a marginal decrease in its EBITDA-margin while Radisson Hospitality improved margin by 3.6%-points. Oslo, Norway Copenhagen, Denmark The Swedish Patent and Market Court on 2 July 218 issued its judgement forbidding the OTA booking.com to impose limitations on hotel s pricing on their own sales channels. The verdict will put an end to the practice, often referred to as rate parity, starting from mid-october 218. The new regulation is deemed to benefit guests and operators by reducing the leverage of OTA s over hotel operators and allow for greater flexibility in pricing. Similar legislation has already been implemented in approximately half of the European markets and is currently being reviewed by Danish regulators. Scandic Hotels have finished rebranding 34 Cumulus hotels in its recently acquired Restel portfolio, and is consequently, the biggest hotel brand in Sweden, Norway, Denmark and Finland. Helsinki, Finland Stockholm, Sweden ADR AND OCCUPANCY DEVELOPMENT 1 REVPAR DEVELOPMENT 1 12-month rolling Nordic capital weighted average (Index, 21 = 1) 4.6pts -.4pts ADR 3.8% 2.5% 12-month rolling Nordic capital weighted average (Index, 21 = 1) CAGR YTD Nordic avg. 6.2% 1.9% Stockholm 4.7%.7% Oslo 7.3% 3.5% Copenhagen 9.1% 1.9% Helsinki 3.1% 3.2% PANGEA FORECAST ADR: Average Daily Rate RevPAR: Revenue Per Available Room NORDIC CAPITAL CITIES STOCKHOLM YTD: 31/7/218 vs. Last Year 3.6pts -.5pts ADR 2.8% 1.6% RevPAR 4.7%.7% (Index, 21 = 1) 217 Passengers Arlanda 26,642,34 5.9% 1.8% sold Stockholm 7,181, % 3.8% sold Arlanda 547,98 6.1% 4.4% SEK 1,4 1,2 1, 8 6 1,12 1, % 1,186 1,168 1, % 58% % 54% 52% 12 5% 1 Source: Swedavia / Benchmarking Alliance Kista Hotel Apartments (Holar 1) Establishment Kungsleden Villa Dagmar (Östermalmshallen) Establishment Stockholms stad Connect Hotel City Expansion Connect City AB Bank Hotel Establishment SEB Trygg Liv Comfort Hotel Kista Establishment Klövern Bostad Direkt Brommaplan Closing JM Nobis Blästern Establishment Kungsleden Hotel Gamla Stan Conversion - Hotell Sveavägen Establishment CityFast ApartHotel Attaché Expansion Brf. Aparthotel Attaché Vallgossen 14 Kungsholmen Establishment Svenska Bostäder Humlegårdsgatan Establishment Abu Dhabi Investment Authority Elite Hotel Stockholm Plaza 2 57 Expansion Elite Hotels Lunda Hotell och Pensionat 2 2 Expansion Göran Mårds Hotel Stiftelsen 2 N/A Establishment Vasaparken Fastighets AB 9% 8% 7% 6% 5% 4% 3% 2% 1% % % 3.6pts -.5pts Supply rooms 1) 1,686, % 4.7% Demand rooms sold 7,181, % 3.8% 7% 6% 5% 1) Room Supply and Demand based on Benchmarking Alliance data, not representing 1% of the total market supply 3

4 OSLO YTD: 31/7/218 vs. Last Year 7.2pts -.9pts ADR 3.4% 4.8% RevPAR 7.3% 3.5% (Index, 21 = 1) 217 Passengers 27,457, % 4.% sold Oslo 4,34, % 3.5% sold Gardermoen 797, % 2.5% NOK 1,2 1, ,2 1, % % 6% 58% 56% % 1 Source: Avinor / Benchmarking Alliance Scandic Lillestrøm Establishment Obos Quality Airport Hotel Gardermoen Expansion KLP Eiendom Best Western Oslo Airport 18 8 Expansion Norlandia Thon Hotel Linne 18 5 Expansion Norwegian Hospitality Group Thon Hotel Storo Establishment Thon Storo ANS Clarion Hotel The Hub Reopening Strawberry Amerikalinjen - Nordic Choice Conversion Strawberry Clarion Hotel Oslo - Bjørvika Establishment HAV Eiendom The Well Resort Establishment Canica AS Comfort Hotel Xpress Expansion Ragde Eiendom HasleLinje - Nordic Choice Establishment Höegh Eiendom / AF Gruppen Sommerrogaten - Nordic Choice 21 3 Conversion Strawberry Økern Portal - Lørenfaret Conversion Oslo Pensjonsforsikring OAC Hotel Establishment OAC 1% 8% 6% 4% 2% % -2% -4% % 7.2pts -.9pts Supply rooms 1) 6,177,263.8% 4.9% Demand rooms sold 4.284, % 3.5% 1) Room Supply and Demand based on Benchmarking Alliance data, not representing 1% of the total market supply 7% 6% 5% NORDIC CAPITAL CITIES COPENHAGEN YTD: 31/7/218 vs. Last Year 5.3pts -.8pts ADR 6.6% 2.9% RevPAR 9.1% 1.9% (Index, 21 = 1) 217 Passengers 29,177, % 3.4% sold Copenhagen 3,183, % 1.% DKK 1,2 1, % % % 78% % 8% 7% 6% 5% 4% 3% 2% 1% % 1 Source: Copenhagen Airport / Benchmarking Alliance Scandic Kødbyen - Meatpacking Conversion KLP Ejendomme Hotel Ottilia - Brøchner Hotels Conversion Carlsberg Byen P/S Moxy Sydhavnen Establishment Vastint Hospitality Wakeup Kalvebod Brygge Conversion Arp-Hansen Group CitizenM Radhuspladsen Conversion Hildebrandt Family Scandic Falkoner Extension ATP Bryggen Guldsmeden Conversion PFA Centralpostbygning - Nordic Choice 2 39 Conversion Strawberry Zleep Hotel Copenhagen Arena Establishment ATP Real Estate Comfort Hotel Copenhagen Airport Establishment Copenhagen Airport Cabinn Village Kalvebod Brygge Establishment Niels Fennet Scandic Copenhagen Airport Establishment Skanska Hilton Copenhagen City Centre 2 4 Establishment ATP Comwell Hotel Nordhavn Establishment AP Pension, Keva Cabinn Village Kalvebod Brygge 21 8 Extension Niels Fennet Wakeup Borgergade - Arp-Hansen Extension Arp-Hansen Group Scandic Spectrum Establishment HM 2 A/S 2% 15% 1% 5% % 74% 77% % 5.3pts -.8pts Supply rooms 1) 4,27,54.2% 2.% Demand rooms sold 3,183, % 1.% 79% 79% -5% 1) Room Supply and Demand based on Benchmarking Alliance data, not representing 1% of the total market supply 78% 85% 8% 7% 6% 5% 4

5 HELSINKI YTD: 31/7/218 vs. Last Year.9pts 2.4pts ADR 2.7% -.4% RevPAR 3.1% 3.2% (Index, 21 = 1) 217 Passengers 18,892, % 12.% sold Helsinki 1,499, % 7.4% EUR % % 5% Source: Finavia / Benchmarking Alliance Holiday Inn Messukeskus Closing Suomen Messut Osuuskunta Scandic Helsinki Airport Establishment Suomen Valtio/Alv St. George Establishment Deka Immobilien Lapland Hotel Bulevardi Establishment LocalTapiola Hotel Hellsten Jätkäsaari Establishment - Hotel Kalasatama Establishment SRV Group Kuriiritie Hotel (Airport) 19 2 Establishment - Barings Unioninkatu Conversion Barings Real Estate Vastint Moxy Jätkäsaari Establishment Vastint Hospitality Break Sokos Hotel Flamingo (Airport) Expansion Varma Mutual Pension Wood City 19 2 Establishment SRV Group Scandic Marski Reopening Valion Eläkekassa Holiday Inn Messukeskus Reopening Suomen Messut Osuuskunta Sokotel Tripla Pasila 2 43 Establishment Exilion Management Oy Scandic Helsinki Central Station Conversion Exilion Management Oy 7% 6% %.9pts 2.4pts 7% Data available on Room Supply and Demand not considered representative enough of the total market PANGEA HOTEL THE TEAM Pangea Property Partners offers a senior project team dedicated to the Hotels & Hospitality industry. The team has a broad network, and one of the strongest Nordic hotel market track records bb@pangeapartners.no thomas.andersson@pangeapartners.se Contract Negotiations Research & Valuation erik.hovik@pangeapartners.no tobias.arfelt@pangeapartners.se Operator Selection Property Transactions (sell-side / buy-side) vt@pangeapartners.no mikael.soderlundh@pangeapartners.se Corporate Finance & Financing Strategic Advisory OSLO Pangea Property Partners AS Tjuvholmen Allé 3-5, 8th floor N-25 Oslo Phone: STOCKHOLM Pangea Property Partners KB Norrlandsgatan 15, 7th floor Box 774, Stockholm Phone: LONDON Pangea Property Partners AS Berkeley Square House, Berkeley Square London W1J 6BD Phone: +44 (2) HELSINKI Mrec Oy Mikonkatu 3, 2nd floor 1, Helsinki Phone: All the information inthis publication has been compiled in good faith and is based on sources that Pangea Property Partners considers reliable. Nevertheless, no guarantee can be given for the completeness of correctness of the contents, and Pangea assumes no responsibility for actions based on the contents of this publication. 5