2. Our market 3. Our operations 4. Financials 5. Financing - PowerPoint PPT Presentation

1. About us 2. Our market 3. Our operations 4. Financials 5. Financing strategy 6. Commercial paper programme 7. Summary 2

Joachim Hallengren, CEO Ann-Sofi Danielsson, CFO CEO of NCC Housing 2012 – 2016 and a CFO, Financial Director and a total of 13 total of 16 years’ experience of a range years’ experience as a member of NCC of positions in the NCC Group, including AB’s senior management. Business Area Manager of NCC Property Development and member of the senior management of NCC AB (publ). Shareholding in Bonava AB: Shareholding in Bonava AB: 14,144 series B shares. 10,000 series A shares and 46,894 series B shares. 3

Develops and sells affordable homes to private customers and investors Broad geographic presence Net sales of SEK 13.5 bn and EBIT of SEK 1.5 bn in 2016 Over 1,600 employees 5

Broad geographic presence Diversified offering Focus on affordable Strong market positions Strong financial position 6

2013- 1997 2009 2016 2015 7

Strong anchor holder (Nordstjernan) Ten largest owners Holding (%) Ten largest owners combined owns close Nordstjernan 18.7 to 60 per cent of the total outstanding shares AMF – Försäkring och fonder 9.7 Swedbank Robur fonder 7.2 SEB Investment Management 4.9 Lannebo 4.9 Fjärde AP -fonden 3.8 Carnegie fonder 2.8 Länsförsäkingar fondförvaltning 2.6 Handelsbanken fonder 2.3 Norges Bank 2.1 As of 31 August 8

Investments in housing development in Europe 2014 (BNEUR) Sweden 5 Germany 47 Finland 5 Denmark 2 Norway Rest of 8 Europe 181 EUR ~67bn market expected to grow with an annual rate of 4% until 2018 10

GDP Employment Disposable income 190 130 190 180 180 170 170 120 160 160 150 150 140 140 110 130 130 120 120 100 110 110 100 100 90 90 90 2005 2007 2009 2011 2013 2015 2017e 2005 2007 2009 2011 2013 2015 2017e 2005 2007 2009 2011 2013 2015 2017e 11

Population Degree of urbanisation 95% 115 90% 110 85% 105 80% 75% 100 70% 95 65% 60% 90 2005 2007 2009 2011 2013 2015 2017e Sweden Germany Finland Denmark Norway Russia Estonia Latvia 2015 2020 2050 12

Finland Sweden 11% 40% St. Petersburg Denmark and Norway 5% 12% Estonia and Latvia 1% Germany 31% 14 % Share of net sales as of Q2 2017 R12

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Customer segments Product types Consumers (70%) Multi-family houses Margins Volume Project vs. vs. profitability Risk Speed Investors (30%) Single-family houses 16

Accessing land Sales start Production start Hand over 1. Land purchase 2. Project development (design and 4. Project execution 5. Customer service planning) 3. Marketing and sales 17

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Consumers Consumer operations focused on Stockholm, Gothenburg, Linköping, Uppsala and Umeå Umeå Uppsala ~15 cities identified Linköping Stockholm Gothenburg Both multi-family and single-family houses 19

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Baltic Sea Customers Hamburg Consumers and investors in 8 regions Berlin Sachsen Both multi-family and single-family houses Rhine-Ruhr Cologne/Bonn Rhine-Main Rhine-Neckar/Stuttgart 21

Differentiation Geographic footprint Procurement Design & production Winning culture Operating Processes and people model & systems focus 22

-37% No. of building rights 11,200 2013 -26% 2017 Q2 9,700 +132% 7,900 7,200 7,100 -43% 3,400 2,800 1,600 SE DE FI 23

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Net sales, SEK M EBIT margin 15,201 13,492 13,070 14.0% 10,226 11.6% 9,196 10.5% 9.2% 6.8% 2013 2014 2015 2016 Q2 2017 R12 26

Net sales, SEK M EBIT margin 6,009 5,040 4,639 3,018 22.1% 2,409 18.3% 15.2% 13.8% 7.6% 2013 2014 2015 2016 Q2 2017 R12 27

Net sales, SEK M EBIT margin 4,747 3,907 3,471 12.7% 3,170 12.2% 2,508 12.1% 10.3% 9.1% 2013 2014 2015 2016 Q2 2017 R12 28

Net debt, SEK BN 5.3 5.2 5.1 4.8 4.6 1.0 0.9 4.2 0.5 1.4 1.0 3.7 1.0 0.1 4.3 4.3 4.3 3.7 3.6 3.5 3.2 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Net debt to tenant-owners associations/housing companies Other net debt 29

Cash flow before financing Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 Q1 2017 Q2 30

SEK BN 18,9 18,5 18,4 17,9 16,7 16,8 15.5 Properties held for future development Housing units in production Completed housing units Other assets Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 31

More than 30 percent of the business to be financed by equity Diversification of funding sources o Term loans from Svensk Exportkredit, 30+30 MEUR o Project loans from banks, SEK 4.4 bn as of 30 June 2017 o Revolving credit facility of SEK 2.7 bn, to be used as back-up facility for CP programme o Capital market financing through CP will replace part of other debt Floating interest rates, that may be hedged with interest rate swaps 33

Type of loan Amount Maturity date Interest base Utilized amount Unused amount Term loan MEUR 30 2020-06-09 Floating MEUR 30 - Revolving MSEK 2021-04-28 Floating MSEK 538 MSEK 2,162 Credit Facility 2,700 Term loan MEUR 30 2021-06-09 Floating MEUR 30 - Project Amount Average tenor Interest base Utilized amount Unused amount financing Brf/BAB*) n/a 20 months Floating MSEK 4,410 n/a 34 *Debt related to Finnish housing companies and Swedish tenant-owner association

Issuer Bonava AB Amount 2.0 bn SEK Arranger SEB IPA Handelsbanken Issuing banks Danske Bank, Handelsbanken, SEB and Swedbank Terms Yield level Tbd First issuance October 2017 Tenor 1-9 months Seasonal pattern CP issuance likely to be lower in the end of Q4 due to strong cash flows, and increased issuance during Q1 – Q3 36

Broad geographic presence Diversified offering Focus on affordable Strong financial position 38