A leading European hotel property company

DNB Nordic Real Estate & Construction Conference

20 September, 2018

Anders Berg, Head of Communications and IR

CORPORATE PRESENTATION

Ticker: PNDXB SS Market cap: MSEK 27,555 Listed: Nasdaq Stockholm

Unique business model

1

2

Pandox’s core business is to own hotel properties and lease them to strong hotel operators under long-term revenue-based lease agreements If the conditions are not in place for a profitable lease, Pandox can choose to operate the hotel itself

EXCELLENCE IN HOTEL OWNERSHP AND OPERATIONS

Hotel properties only

Large hotel properties in strategic locations in major markets

Long revenue-based lease agreements with the best operators

High-quality property portfolio with a sustainable footprint

Geographical diversification to reduce fluctuations

Ability to be active across the value-chain reduces risks and creates opportunities

BUSINESS CONCEPT STRATEGY

EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Hotel market and cycle

Brand and concepts

Hotel operations

Value-driving investments

Financing

An organisation for active ownership Key competence areas

Acquisitions and

transactions

Strong track record Pandox 22 years (*)

Market position: Pan-European in size and recognition

Business partners: Strong portfolio with well-known operators and brands

Specialist expertise: Market, operations, business development and acquisitions

Property portfolio: Large, high quality and well diversified

(*) From inception in 1995 until Q2 2018

PORTFOLIO MARKET VALUE (SEKbn) NUMBER OF COUNTRIES NUMBER OF DESTINATIONS

87x 15x 6x

53

1

15

15

83

0.6

4.0%

A large and dynamic market Good underlying growth in the global travel and tourism market

Source: World Travel & Tourism Council (WTTC), Global Travel & Tourism GDP growth as CAGR, Brookings Institution and IATA

10% OF GLOBAL GDP

2x EXPECTED GLOBAL TRAVEL &

TOURISM CAGR 2017-2027 GLOBAL MIDDLE CLASS

NEXT 20 YEARS

+1BN INCREMENTAL ANNUAL

TRIPS NEXT 20 YEARS

Economic growth

6

7

Property Management dominates Operator Activities creates additional opportunities

EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

SEK 53.1bn Property market value

Pandox Group

128 Leased properties

29,946 Rooms

Property Management

86% Property market value

15 Operated properties

4,710 Rooms

Operator Activities

14% Property market value

143 Hotel properties

31,656 Rooms

5.57% Valuation yield

7.27% Valuation yield

1,505

2,699

894

1,816

0

500

1 000

1 500

2 000

2 500

3 000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017 2018

Total net operating income Total cash earnings

+2.0x

+1.8x

Strong growth since listing

All values per 30 June 2018

MSEK, R12M

The world of Pandox

18%

48%

32%

2%

Circles represent market value by region (rounde

percentages. All values per 30 June 2018. Trademarks,

service marks and trade names of others are the

property of their respective owners and have been

collected from their respective web pages.

143 hotels

31,656 rooms

15 countries

83 destinations

+20 brands

Regional

Basel

Hamburg

Munich

Copenhagen Cologne

Frankfurt

Stockholm

International

London

Amsterdam

Dublin

Montreal Brussels

Berlin

Vienna

Destinations A mix of international, regional and domestic demand

9

Domestic

Cardiff

Leeds

Jönköping

Dortmund Wolfsburg

Tammerfors

Sheffield

Park Hotel Amsterdam 189 rooms

Hilton London Heathrow Airport 398 rooms

NH Vienna Airport 499 rooms

Flagship hotels in selected international destinations Well positioned to benefit from market growth and market share gains

Hotel Berlin, Berlin 701 rooms

Hyatt Regency Montreal 607 rooms

The Hotel, Brussels 421 rooms

Hilton Stockholm Slussen 421 rooms

NH Collection Hamburg City 129 rooms

Radisson Blu Cologne 393 rooms

Leonardo Royal Hotel Frankfurt 449 rooms

Flagship hotels in selected regional destinations Well positioned to benefit from market growth and market share gains

Scandic Copenhagen 486 rooms

Jurys Inn Manchester 265 rooms

Radisson Blu Dortmund 190 rooms

Flagship hotels in strong domestic destinations Well positioned to benefit from market growth and market share gains

Jurys Inn Sheffield 259 rooms

Elite Stora Hotellet Jönköping 163 rooms

Leonardo Hotel Wolfsburg City Centre 212 rooms

Scandic Tampere City 263 rooms

A stable earnings development Second quarter 2018

13

20% Return on equity2

-0.6% LFL growth in NOI

Property Management3

15% LFL growth in NOI Operator Activities3

1) Measured as net operating income Property Management and gross profit plus depreciation Operating Activities. 2) Measured as growth in EPRA NAV, including dividend and excluding proceeds from directed share issue, at annual rate. 3) Adjusted for currency effects and comparable units.

Profitable acquisitions in new large markets 1

Continued strong development in Brussels

Good underlying demand in the hotel market

2

3

33% Growth in total

net operating income1

Solid increase in total net operating income Second quarter 2018

Net +207m

+ Strong performance in the UK and Ireland + Good development in Brussels + Seasonally strong quarter + Favourable market conditions - Fewer business days in Europe (Germany) - Weaker trade fair calendar in Germany - Some renovation effects

EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

Good growth in Europe (RevPAR Q2 y/y)

Europe (RevPAR)

Source: STR Global

Selected countries (RevPAR)

Source: STR Global, Benchmarking Alliance

EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

-1%

1%

2%

3%

4%

5%

7%

9%

-2%

0%

2%

4%

6%

8%

10%

Au

stri

a

UK

Ger

ma

ny

Fin

lan

d

Den

ma

rk

Sw

eden

No

rwa

y

Irel

an

d

7% 7%

6%

5%

0% 0%

1%

2%

3%

4%

5%

6%

7%

8%Q

2 2

017

Q3

20

17

Q4

20

17

Q1

20

18

Q2

20

18

Stable underlying demand in key markets (RevPAR Q2 y/y)

Key markets (RevPAR)

Source: STR Global, Benchmarking Alliance

Stockholm (RevPAR)

Source: Benchmarking Alliance

EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

-4%

-1%

3% 4%

5% 5% 6%

8%

15%

-5%

0%

5%

10%

15%

20%M

on

tre

al

Hel

sin

ki

Be

rlin

UK

Re

gio

na

l

Fra

nk

furt

Co

pe

nh

ag

en

Fra

nk

furt

Osl

o

Bru

sse

ls

11%

-4% -3% -3%

5%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Q2

20

17

Q3

20

17

Q4

20

17

Q1

20

18

Q2

20

18

Financing and capital structure Solid growth in EPRA NAV and maintained financial flexibility

EXCELLENCE IN HOTEL OWNERSHIP AND OPERATIONS

1,561

2,232

3,319

3,071

2015 2016 2017 Q2 2018

Liquid funds and long-term unutilised credit facilities (MSEK)

48.9

47.9

50.8 50.6

2015 2016 2017 Q2 2018

Loan to value (%)

Renewed mandate from the AGM 2018 to issue new shares up to a maximum of 10 percent of total

outstanding shares

EPRA NAV per share, SEK

16,156

19,883

24,428

25,789

2015 2016 2017 Q2 2018

EPRA Net Asset Value (MSEK)

107.7

126.2

144.5

154.0

Q&A

Head office Pandox AB (publ) Box 15 SE-101 20 Stockholm, Sweden Visiting address Vasagatan 11 Stockholm, Sweden Tel: +46 8 506 205 www.pandox.se Org.nr. 556030-7885

Forward-looking statements. This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of Pandox AB (publ), may cause actual developments and results to differ materially from the expectations expressed in this presentation.