1. About us

2. Our market

3. Our operations

4. Financials

5. Financing strategy

6. Commercial paper programme

7. Summary

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3

Joachim Hallengren, CEO

CEO of NCC Housing 2012–2016 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.

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

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Broad geographic presence

Diversified offering

Focus on affordable

Strong market positions

Strong financial position

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7

2009 20162013-2015

1997

Strong anchor holder (Nordstjernan)

Ten largest owners combined owns close

to 60 per cent of the total outstanding shares

8As of 31 August

Ten largest owners Holding (%)

Nordstjernan 18.7

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

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Investments in housing development in Europe 2014 (BNEUR)

Sweden

5Germany

47

Finland

5

Denmark

2

Norway

8Rest of

Europe181

EUR ~67bn market expected to grow with an annual rate of 4% until 2018

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GDP

90

100

110

120

130

140

150

160

170

180

190

2005 2007 2009 2011 2013 2015 2017e

90

100

110

120

130

140

150

160

170

180

190

2005 2007 2009 2011 2013 2015 2017e

90

100

110

120

130

2005 2007 2009 2011 2013 2015 2017e

Employment Disposable income

12

Population Degree of urbanisation

90

95

100

105

110

115

2005 2007 2009 2011 2013 2015 2017e

60%

65%

70%

75%

80%

85%

90%

95%

Sweden Germany Finland Denmark Norway Russia Estonia Latvia

2015 2020 2050

14% Share of net sales as of Q2 2017 R12

Sweden

Denmark and Norway

Germany

St. Petersburg

Finland

Estonia and Latvia

40%

12%

31%

1%

5%

11%

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Customer segments Product types

Consumers (70%)

Investors (30%)

Margins vs.

Risk

Volumevs.

Speed

Multi-family houses

Single-family houses

Project profitability

5. Customer service4. Project execution

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Sales start Production start Hand over

2. Project development (design and planning)

1. Land purchase

Accessing land

3. Marketing and sales

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Uppsala

Stockholm

Gothenburg

Linköping

Umeå

Consumers

Consumer operations focused on Stockholm, Gothenburg,

Linköping, Uppsala and Umeå

~15 cities identified

Both multi-family and single-family houses

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Customers

Consumers and investors in 8 regions

Both multi-family and single-family houses Rhine-Ruhr

Cologne/Bonn

Rhine-Main

Rhine-Neckar/Stuttgart

Berlin

Sachsen

Baltic Sea

Hamburg

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Processes & systems

Operating model

Winning culture and people focus

Differentiation

Design & production Procurement

Geographic footprint

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DESE

-43%

FI

11,200

9,700

7,900

1,600

-26%

-37%

2,8003,400

7,200

+132%

7,100

2017 Q2

2013

No. of building rights

25

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Q2 2017 R12

14.0%

6.8%

10.5%10,226

2015

13,070

20142013

9,1969.2%

11.6%

2016

13,492

15,201

Net sales, SEK M EBIT margin

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Q2 2017 R12

22.1%

6,009

3,018

7.6%

2,409

13.8%

2013

18.3%

5,040

15.2%

2015

4,639

20162014

Net sales, SEK M EBIT margin

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3,4713,907

12.2%

2015 2016

9.1%

12.1%2,508

2013

3,170

Q2 2017 R12

4,747

2014

10.3%

12.7%

EBIT marginNet sales, SEK M

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5.3

3.2

1.0

1.4

3.73.5

Q1 2016

1.0

Q4 2015

4.64.2 0.5

Q4 2016

0.9

Q1 2017

4.3

3.7

3.6

5.2

Q2 2016

4.8

0.1

Q3 2016

4.3

5.1

4.3

1.0

Q2 2017

Net debt, SEK BN

Net debt to tenant-owners associations/housing companies

Other net debt

30

Q1 2017Q1 2015 Q4Q2 Q2Q3 Q3 Q4Q1 2016 Q2

Cash flow before financing

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16,7

Q3 2016Q2 2016Q4 2015

15.5

17,9 18,4

Q1 2016 Q1 2017

Completed housing units

Other assets

Housing units in production

18,5

Q4 2016

16,8

Q2 2017

18,9

Properties held for future development

SEK BN

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

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Type of loan Amount Maturity date Interest base Utilized amount Unused amount

Term loan MEUR 30 2020-06-09 Floating MEUR 30 -

Revolving Credit Facility

MSEK 2,700

2021-04-28 Floating MSEK 538 MSEK 2,162

Term loan MEUR 30 2021-06-09 Floating MEUR 30 -

*Debt related to Finnish housing companies and Swedish tenant-owner association

Project financing

Amount Average tenor Interest base Utilized amount Unused amount

Brf/BAB*) n/a 20 months Floating MSEK 4,410 n/a

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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

Broad geographic presence

Diversified offering

Focus on affordable

Strong financial position

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