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

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

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

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5 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

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

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8 Ten largest owners Holding (%) Nordstjernan 18.7 AMF Försäkring och fonder 9.7 Strong anchor holder (Nordstjernan) Ten largest owners combined owns close to 60 per cent of the total outstanding shares 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

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

11 GDP Employment Disposable income e e e 11

12 Population Degree of urbanisation % % 85% % % 70% 95 65% e 60% Sweden Germany Finland Denmark Norway Russia Est onia Lat via

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

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

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

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

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

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

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

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26 Net sales, SEK M EBIT margin 15,201 13,070 13, % 9,196 10, % 10.5% 11.6% 6.8% Q R12 26

27 Net sales, SEK M EBIT margin 6,009 4,639 5,040 3,018 2, % 15.2% 18.3% 22.1% 7.6% Q R12 27

28 Net sales, SEK M EBIT margin 4,747 2, % 3, % 3, % 3, % 12.7% Q R12 28

29 Net debt, SEK BN Q Q Q Q Q Q Q Net debt to tenant-owners associations/housing companies Other net debt 29

30 Cash flow before financing Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 30

31 SEK BN ,7 17,9 18,4 16,8 18,5 18,9 Properties held for future development Housing units in production Completed housing units Other assets Q Q Q Q Q Q Q

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33 More than 30 percent of the business to be financed by equity Diversification of funding sources o Term loans from Svensk Exportkredit, 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

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

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

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