BOARD OF DIRECTORS’ REPORT 2022 Steen & Strøm‘s shopping center portfolio showed positive recovery during 2022, mainly following administrative closure of shopping centers in Denmark and Norway and several restrictions in Sweden during the first semester of 2021. Despite facing continuous macro challenges including Russia’s war against Ukraine, high inflation and overall uncertainty, Steen & Strøm has managed to mitigate the financial impacts of the ongoing crisis, and thus maintaining a solid financial position. Steen & Strøm holds ten shopping centers, located in major regional cities' catchment areas. The portfolio comprises resilient, large and modern assets, adapted to consumer needs and expectations. This has been confirmed during 2022, despite the ongoing, economic challenges, with retailer sales approaching pre Covid levels (‐1,8% vs. 2019), a relatively moderate impact on vacancy levels (5.5% at December 31 st , 2022) and overall satisfying collection rates (98.3% as of 31 January 2023 for 2022 rents). Seven assets were divested during 2021 (Nordbyen, Amanda, Nerstranda, Vinterbro, Farmandstredet, Torgterrassen/Building D at Arkaden and Lackeraren/big box in Borlänge). Three assets were divested during 2022 (Gulskogen, Maxi and Arkaden in Norway), as well as a development plot/building in Galleria Boulevard (Sweden). Net rental income on a like‐for‐like basis increased by +2.4% in 2022 (Norway +7.9%, Denmark +2.3% and Sweden +0.2%), mainly following last year lockdowns in Norway and Denmark, increased variable revenues, indexation and less discounts, to some extent off‐set by general increases in service charges and some bankruptcies (impacting provision for credit losses). For the Group as a whole, the indexed linked effect on net rental income was +2.2% and the reversion rate was +0.9% in 2022. Net interest‐bearing debt (not including lease liabilities) decreased by NOK 1 763.1 million to NOK 7 468.7 million 31 December 2022 and is reflected in the Group’s Loan‐to‐Value of 26.2% (29.1%). The average cost of debt was 1.6% in 2022, compared to 1.7% in 2021. Total change in fair value of investment properties amounted to NOK ‐1 027.5 million in 2022 (NOK ‐298.8 million in Norway, NOK ‐474.9 million in Sweden and NOK ‐253.7 million in Denmark). The valuations are corresponding to an average net initial yield of 4.7% (4.4% in Norway, 5.4% in Sweden and 4.2% in Denmark), 20 basis points above 2021, influenced by increasing cap rates and interest rates. All assets in Sweden and Denmark decreased in value due to increasing cap rates and interest rates. KEY FIGURES RETAILER SALES Steen & Strøm’s business model is to lease premises at its shopping centers to retailers. Retailer sales in Steen & Strøm’s shopping center portfolio was still impacted by Covid‐19 in 2022, however with very different trends by country, due to differences in outbreaks, national health strategies, restrictive measures and support schemes. Total retailer sales for Steen & Strøm’s shopping centers increased by 10.2% in 2022 compared to 2021 on a like‐ for‐like basis (thus excluding those shops that were closed during lockdowns). Per country, like‐for‐like center sales increased by 23.7 % in Denmark, 21.7% in Norway and 8.9% in Sweden, reaching close to pre‐Covid levels in 2019. In the following, please notice that numbers in brackets are 2021 comparisons. ECONOMIC ENVIRONMENT The Scandinavian economy entered a slowdown already before Covid‐19, which was accelerated by the pandemic in 2020 and 2021. Following a swift, post‐pandemic recovery (better occupancy and sales, less losses and discounts) in 2022, Scandinavia has now entered a new period of uncertainty with high inflation (highest levels in the 21st century), fueled by substantial price increases on ‘basic necessities’ (i.e. electricity, gas, food, 3 3 3 3 3 3 3 3

interest rates on mortgages), low/no unemployment in Norway and Denmark, thus high wage demands, and an overall economic uncertainty following Russia's war against Ukraine. Annual GDP growth Q3 2022, has increased in Norway (+2.5%), Sweden (+2.5%) and Denmark (3.2%) compared to Q3 2021. Inflation rates are high, with 12.3% in Sweden, 8.7% in Denmark and 5.9% in Norway. The unemployment rate has decreased in Sweden (to 6.4%), whilst Denmark and Norway remained at same levels as in 2021 (2.3% and 3.1% respectively), whilst the consumer confidence worsened significantly in all three countries. NET RENTAL INCOME Net rental income from shopping center operations was NOK 1 239.6 million (NOK 1 417.5 million), of which gross rental income was NOK 1 424.4 million (NOK 1 613.2 million). Direct operating expenses at the shopping centers, included in net rental income, amounted to NOK 184.9 million (NOK 195.7 million). Figures exclude rental income from joint venture operated shopping centers, consolidated by application of the equity method (Metro and Økern). Total net rental income, including equity investments, was NOK 1 289.4 million in 2022 (NOK 1 470.3 million). The average duration of lease contracts is 5.7 years in Norway and 4.9 years in Sweden. Duration of contracts in Denmark is indefinite. OPERATING EXPENSES In addition to direct operating expenses as defined above, other operating expenses include salaries, other general expenses and depreciation, amounting to NOK 175.7 million in 2022 (NOK 210.3 million). CHANGE IN THE FAIR VALUE OF INVESTMENT PROPERTIES Total fair value change of investment properties was NOK ‐1 027.5 million (NOK ‐969.1 million). The valuation of the shopping centers is based on an average yield of 4.69%, which is slightly higher than for 2021. The shopping centers and projects have a book value of NOK 28.5 billion (NOK 31.7 billion) as of 31.12.2022, including equity method investments. The weakening of NOK against DKK and SEK during 2022 has increased the value of investment properties with NOK 0.3 billion. The majority of the Group’s assets consist of investment properties. The Group has established routines whereby investment properties are valued twice a year by an external appraiser. The valuation of investment properties is calculated using assumptions and estimates that require significant judgment and may vary significantly dependent on the assumptions applied. OPERATING INCOME Steen & Strøm’s operating income was NOK 277.6 million (NOK 615.0 million) after fair value adjustments. Gain on disposal of subsidiaries and investment properties was NOK 157.1 million in 2022 (NOK 294.1 million), while other operating revenue amounted to NOK 22.7 million (NOK 11.9 million). COST OF NET DEBT Net cost of debt amounts to NOK 17.4 million (NOK 211.5 million), including a NOK 167.5 million currency translation gain (gain of NOK 5.2 million). Net interest income from swaps was NOK 15.8 million in 2022 (net interest expense of NOK 52.0 million). In addition, share of net income of NOK 310.5 million (NOK 88.6 million) has been recognized other investments (equity method shares). PROFIT BEFORE TAX Profit before tax amounted to NOK 598.6 million (NOK 507.6 million). Adjusted for fair value changes related to the investment property portfolio and income from disposals, the pre‐tax profit equals NOK 1 468.9 million, which is an increase of NOK 286.3 million from 2021. 4 4 4 4 4 4 4 4

CASH FLOW Net cash flow from operating activities was NOK 1 243.1 million (NOK 1 077.4 million), while net cash flow from investing activities was NOK 2 405.4 million (NOK 4 252.0 million). Net cash flow from financing activities was NOK ‐3 604.3 million (NOK ‐5 102.5 million). Cash and cash equivalents increased by NOK 44.1 million in 2022 and amounted to NOK 313.8 million at 31 December 2022. The Group has liquidity reserves through unused credit facilities of NOK 1 900 million and un‐mortgaged investment properties of NOK 17.8 billion. Un‐mortgaged investment properties are the carrying amount of investment properties and investment properties under construction deducted with the total mortgage amount. FINANCIAL POSITION Total assets for the Group as at 31 December 2022 have been reduced from 2021 due to divestments and amounted to NOK 30.5 billion (NOK 33.4 billion), of which investment properties amounted to NOK 26.6 billion (NOK 30.1 billion). Change in fair value of Investment properties amounted to NOK ‐1 027.5 million in 2022 (NOK ‐969.1 million in 2021), driven by the current impacts of increased inflation and interest levels in general. The valuation of the portfolio corresponds to an average net initial yield of 4.7% (4.5%) of which 4.4% in Norway, 5.4% in Sweden and 4.2% in Denmark. Booked equity amounted to NOK 17.8 billion at year‐end 2022, corresponding to a book equity ratio of 58.1% (55.4%). Net interest‐bearing debt amounted to NOK 7.5 billion (NOK 9.2 billion) at 31.12.2022. SHOPPING CENTER OPERATIONS Steen & Strøm operates 10 shopping centers in Scandinavia, two centers in Norway, five centers in Sweden and three centers in Denmark. SHOPPING CENTERS IN NORWAY Steen & Strøm holds one fully owned shopping center and one partly owned shopping center in Norway. Økern Center is classified as a part of the Økern Sentrum development project and is not included in the figures. The shopping centers saw an increase in retailer sales of 21.7% on a constant portfolio basis in 2022. The shopping centers had a total gross rental income of NOK 310.9 million (NOK 521.7 million) in 2022. Operating income, adjusted for fair value changes and income from disposals, amounted to NOK 271.5 million (NOK 414.5 million). Net rental income and operating income is included contribution from the three divested shopping centers for the first half of 2022. Increase in net rental income like‐for‐like was +7.9% in 2022. SHOPPING CENTERS IN DENMARK Steen & Strøm owns and operates three shopping centers in Denmark. The three fully owned shopping centers increased retailer sales by +23.7% in 2022. Gross rental income for the Danish centers amounted to NOK 563.9 million (NOK 542.1 million). Operating income, adjusted for fair value changes and income from disposals, amounted to NOK 453.6 million (NOK 442.3 million). Like‐for‐like increase in net rental income was 2.3% in 2022. SHOPPING CENTERS IN SWEDEN Steen & Strøm owns and operates five shopping centers in Sweden. The shopping centers saw an increase in retailer sales of 8.9% on a constant portfolio basis in 2022. Gross rental income for the Swedish centers amounted to NOK 549.6 million (NOK 549.4 million). Operating income, adjusted for fair value changes and income from disposals, amounted to NOK 422.9 million (NOK 433.2 million). Like‐for‐like increase in net rental income was +0.2% in 2022. 5 5 5 5 5 5 5 5

SHAREHOLDERS OWNERSHIP STRUCTURE Storm Holding Norway AS owns all shares in Steen & Strøm AS. Klépierre, the pan‐European leader in shopping malls (56.1%), and Stichting Depositary APG Strategic Real Estate Pool (43.9%) indirectly control all shares of Storm Holding Norway AS through Nordica Holdco AB. Klépierre has its headquarter in Paris and has operations in 12 countries, including Scandinavia. APG is one of the world’s largest pension fund managers, based in the Netherlands. GENERAL MEETINGS A General Meeting is held when required under the relevant legislation. General Meetings are called by the company`s sole shareholder, Storm Holding Norway AS, who also appoints the delegates to represent Storm Holding Norway AS in the General Meeting. Steen & Strøm AS has currently not adopted any resolutions allowing the company to acquire treasury shares. BOARD OF DIRECTORS Steen & Strøm AS’ Board of Directors currently has five members, elected by the General Meeting. Pursuant to the company`s articles of association, the Board of Directors shall consist of between five and seven members. The Board of Directors also acts as the Audit Committee. The company`s majority shareholder, Klepierre SA, has taken out directors and officers liability insurance, covering the directors of the company and any of its subsidiaries for an amount of up to EUR 100 million. The insurance covers any pecuniary consequences as well as defence costs for any claim against the insured individuals introduced during the insurance period or the subsequent period and involving his individual or joint civil liability, attributable to an actual or alleged professional misconduct. SHAREHOLDER POLICY Steen & Strøm’s long‐term goal is to ensure a competitive return on invested capital and equity. Assets are managed to give optimal long‐term return. In 2022, the Group provided NOK 40.5 million in group contribution and NOK 1 538.0 million in dividends to Storm Holding Norway AS. ORGANISATION AND ENVIRONMENTAL ASPECTS EMPLOYEES Steen & Strøm is a Scandinavian organization with employees in Norway, Denmark and in Sweden. The Group had 102 (including fix term) employees by end of 2022. These employees are based at our offices in Oslo, Copenhagen and Stockholm and at our 10 shopping centers across Scandinavia. Steen & Strøm has a gender spilt of approximately 63% women and 37% men. Women constitute the majority in positions and departments like accounting, rental, marketing, HR and shopping centers (including four female shopping center managers), while men constitute the larger part in corporate management, development and technical operations. Normal working hours are the same for all employees. Steen & Strøm is an equal opportunity employer. The average yearly salary of women is lower than that of men as more men are working at managerial levels in the Group. The Board of Directors has five male members and the Scandinavian Management Team has three female members out of nine members in total. The Management Team and the Board of Directors want to recruit women to new or available positions. The Group constantly strive to avoid any kind of discrimination. Steen & Strøm´s majority shareholder, Klepierre SA, has adopted a gender equality policy which aims to increase the proportion of women in the senior management teams to 50% by the end of 2025. The policy applies similarly to Steen & Strøm as a Klepierre group company. Steen & Strøm currently has a female CEO, as well as a senior 6 6 6 6 6 6 6 6

management group where 1/3 of the members are women. The company aims to increase the number of women in senior positions in 2023. The Group has working environment committees, working closely together with employee representatives to maintain a good and positive work environment. Absence due to illness was 4,49% in 2022. No injuries or accidents of any significance occurred in Steen & Strøm the last year. Steen & Strøm supports and respects the protection of international human rights, and the efforts to secure decent working conditions for all employees, and strives to secure that we do not contribute to any breaches of such rights. A statement regarding our due diligence assessment and efforts made to secure compliance pursuant to the “Transparency Act” (“Åpenhetsloven”) will be made available on the company’s website, www.steenstrom.com CORPORATE RESPONSIBILITY AND SUSTAINABILITY STATEMENT Steen & Strøm has for years, managed a sustainability program with the vision of being one of the leaders within corporate responsibility in our industry. Shopping centers are important social players in the local communities’, and this constitute the best possible basis for influencing both the environment and the society around, in a positive direction. Environmental and social responsibility is also a strategic, key element for Klépierre, our French majority owner. This includes all subsidiaries of the Klépierre Group. ACT FOR GOOD To meet our vision of sustainability, Steen & Strøm together with majority owner Klépierre, launched the new CSR approach Act for Good in 2018. Act for Good further combines the requirements of operational excellence with environmental, societal and social performance, resting on three pillars:  Act for the Planet, which sums up the Group’s ambition to make a positive contribution to the environment. This pillar consists of four initiatives; act for a low‐carbon future, contribute to circular economy, innovate for a sustainable mobility and develop a 100% certified portfolio.  Act for Territories, which illustrates the importance of the Group’s local involvement in the regions in which it operates. Four initiatives underpin this pillar; promote local employment around our centers, participate in the local community, pursue our responsible citizenship and involve local actors in development projects.  Act for People, which is about the women and men involved with our shopping centers. It is devoted to the well‐being of our visitors, our employees and our rental tenants’ employees through five initiatives; increase the satisfaction of visitors, promote health and well‐being in our centers, offer Group employees a positive experience, champion ethics in the local communities and be social conscious. ACT FOR THE PLANET ‐ ENVIRONMENTAL FOCUS Steen & Strøm aims to reduce the environmental impact in both the near and distant surroundings, by systematically analyzing and mapping each shopping center’s environmental impact, definition of targets for the sustainable development and continuous improvements by individual actions, measurement and reporting. Steen & Strøm implemented ISO‐14001 in 2014, with yearly internal and external audits by third party auditors. The pollution from the Group's activities is limited. However, Steen & Strøm has put a lot of effort into environmental issues and developed individual action plans to improve the Group’s environmental performance level. Renewable Energy Guarantees of Origin (GO) exists for all power purchased by Steen & Strøm in Norway and Sweden and Denmark. Moreover, for our center Emporia in Malmö, Sweden, all energy supplied is of 7 7 7 7 7 7 7 7

renewable origin. For our center Field’s in Copenhagen we have purchased Gold Standard certified climate compensation credits to compensate for the emissions of the district heating we are consuming. Steen & Strøm is also investing in new and existing centers to create the best retail destinations for the future; hence, responsible decision making in relation to development projects is required. In major development projects we comply with the international classification system “BREEAM”, aiming for level "excellent". In 2022, we also started to recertify our portfolio of existing centers BREEAM In‐Use V.6 GRESB In the annual Global Real Estate Sustainability Benchmark (“GRESB”) of 2022, Steen & Strøm increased its very high score of 96 points to 97 points (one point behind Klépierre that also increased with one point). A comprehensive non‐financial report on environmental and social responsibility describes the Klépierre Group's commitment to meet its goal of being among the leaders in environmental and social responsibility in the shopping center industry. The report highlights key policies, target areas and action plans, as well as case studies that highlight focus areas within both Klépierre and Steen & Strøm. CLIMATE RISK The climate change is demanding for all of us. To be in the front Steen & Strøm has used a third‐party auditor to perform “Flood Risk Assessment” and “Natural Risk Assessment” on all our shopping centers during 2022. The result of the Flood Risk Assessment and Natural Hazard Risk Assessment was overall very positive. No significant risks were found at any center. On a few of our centers some minor risks were identified. All of those minor risks have been entered into our Risk and Deviation file and are handled due to our normal procedure for how we handle risks following the Klepierre risk matrix. ORGANIZATION Steen & Strøm has a steering committee for CSR (Act for Good Committee) consisting of the following management representatives: Chief Executive Officer, Head of Maintenance and Sustainability, Chief Operation Officers, Head of Marketing, Head of Human Resources, Head of Leasing and CSR Officer. KEY TARGET AREAS Within energy management, Steen & Strøm is working proactively to reduce energy consumption and increase its share of renewable energy. The saving in 2022 versus 2021 was 10% percent. Within waste management, the goal is to achieve the highest possible degree of sorting. The goals are set individually for each country and shopping center, with a recovered material waste proportion of 50% for the shopping centers by end of 2022, versus 50% for 2021 (like‐for‐like portfolio of shopping centers). Within water management, the consumption was increased by 4% in 2022 compared with 2021. Within transport, one of the main goals is to increase the number of charging stations/points for electric cars and a project has been started in 2022 to fulfill the goals. CORPORATE GOVERNANCE Steen & Strøm aims to comply with requirements outlined in laws, regulations and general good business ethics. The Group strives towards openness on its’ economic performance and business operations. Corporate governance is founded on a systematic application of principles laid down in Norwegian recommendations within the field, and we aim at harmonizing with current international guidelines of corporate governance. RISK MANAGEMENT AND CONTROL Steen & Strøm is following a framework of risk management and internal control developed with its majority owner, Klepierre. The purpose of this framework is to ensure a strong link between the overall strategy and goals of the Group, incl. daily operations in the various companies owned by the Group. During 2022, Steen & Strøm 8 8 8 8 8 8 8 8

has continued to ensure harmonization of procedures for risk and control in accordance with Klépierre’s framework. This includes coordination of methodology for first and second level of controls, as well as internal audits on selected areas. Steen & Strøm has established a five‐year strategy, which is the basis for yearly plans and budgets. The Group activities involve different kinds of risk; operational risk, market risk, credit risk, liquidity risk and risks related to floating/fixed interest rates. The Board of Directors set the goals and frameworks for operational and financial risks. The main driver in the operational business of the Group is the development in retail spending. Based on available public forecasts we have reason to believe that the growth will stabilize upon Covid‐19 in the Scandinavian markets and the shopping center business will have its reasonable share of the retail spending. The Group’s credit risk is primarily related to the ability of the tenants to pay rent. Steen & Strøm has some 1 000 leasing contracts. Prominent, stable retail chains form the major Group of our tenants. Clear routines have been established on credit check of tenants before contract signing and follow‐up of due invoices. The Group loss on receivables is limited. The liquidity risk is managed by always having reserves in the form of liquid, current assets, unused credit facilities and un‐mortgaged properties. We aim to limit liquidity risk that arises from the refinancing of Group debts by scheduling maturity dates for loans at different times of the year and by having sufficient reserves to cover short‐term refinancing needs. To reduce the exposure to interest‐rate changes in the short‐term interest market, the Group has signed fixed interest swaps for approximately 80% of its loan portfolio. EMPLOYEES AND WORKING ENVIRONMENT Steen & Strøm’s most important resource is its employees. The Group aims to promote a healthy working environment for all employees. This by involving employees and follow‐up in terms of employee satisfaction surveys. The physical work environment is monitored through meetings concerning the Group’s working environment both at Scandinavian and national level. Risk assessment has been prepared for each center, as well as feedback from employees. Steen & Strøm strives to offer regular courses in safety, first aid and fire fighting for all relevant staff. The number of work‐related accidents is very low. ACTIONS AGAINST CORRUPTION Steen & Strøm has an employee manual and ethical guidelines where regulations are incorporated to highlight the Group’s attitude to prevent corruption, and in line with the Working Environment Act, established procedures for whistleblowing and notification. Steen & Strøm has also established actions to reveal eventual corruption; this implies actions of control that are organized through internal control processes, ordinary audit and internal/external audits. It’s mandatory for all new employees in Scandinavia to attend a virtual anti‐ corruption training developed by Klepierre. CUSTOMER‐CENTRIC MALL MANAGEMENT Steen & Strøm is a retailed focused company concentrating its efforts on better serving its direct clients: the retailers. This is achieved through an active marketing policy and specific mall design guidelines, both aimed at enhancing the customer experience in its malls:  Retail First means that Steen & Strøm regularly interacts with national and international retailers in order to facilitate their growth efficiently, whether this means optimizing their presence and their store format or offering new points of sale.  Let’s Play launched together with the majority owner Klépierre, sums up the positioning of the Steen & Strøm centers. It conveys the idea of promoting shopping as a game and infusing a “retailtainment” spirit combining retail and entertainment into all Steen & Strøm shopping centers.  Clubstore launched together with majority owner Klépierre, is Steen & Strøm’s comprehensive approach to the customer experience. The approach contains a holistic set of detailed standards with respect to 15 touch points with customers, from digital access to welcome desks, from parking to storefronts, from lightening to sound & smell, from break zones to kids’ entertainment, etc. 9 9 9 9 9 9 9 9

FINANCIAL REPORTING PROCESS Steen & Strøm AS has bonds listed on Oslo Stock Exchange. Hence, the external financial reporting is compliant with the regulations of Oslo Stock Exchange and Norwegian laws and regulations in general. Internal financial reporting is produced on a quarterly basis and results are assessed and analyzed against budgets and last year figures. Number of board meetings was four in 2022, of which three ordinary and one extraordinary. The financial performance was on the agenda in all the ordinary meetings. The Group financial statements are prepared by the financial department and are audited by an independent auditor on a yearly basis. In addition, external companies perform audits and controls on specific issues. Routines for reporting and benchmarking contribute to make irregular costs visible. Investment properties are stated in the balance sheet at fair value, according to IAS 40. Value of investment properties makes up 95% of all Group assets and is Steen & Strøm’s only Key Account Matter (KAM). An independent external appraiser, Cushman & Wakefield, makes the valuation of the investment properties. The valuations are carried out according to the Red Book issued by the Royal Institution of Chartered Surveyors (RICS). The valuation methods used are the discounted cash flow method (DCF) and capitalization of net market rental value. ACTIONS OF CONTROL Steen & Strøm organizes internal and external actions of control. Internal control actions comprise mainly ordinary internal control within the financial and operational processes. External controls actions comprise ordinary audit, extended audit, risk analyses and insurance analyses. GOING CONCERN The financial statements have been presented under the assumption of going concern. It is the opinion of the Board of Directors that the financial statements and notes presented for the year give satisfactory information about the Group’s operations and financial position at the end of the year. The Board of Directors confirms that the annual accounts give a true picture of the Company’s and the Group’s assets, liabilities, financial position and result for the year. It is the Board of Directors’ opinion that nothing of significance has occurred after the end of the year that would harm the Group’s reputation or change the Group’s financial position. In accordance with Section 3‐3a of the Norwegian Accounting Act, we hereby confirm that conditions for going concern is fulfilled. The Group has a shopping center portfolio of high quality, a strong financial position and employees with high competence within the shopping center business. STEEN & STRØM AS Steen & Strøm AS is a limited liability company incorporated in Norway. The company is providing administrative services and property management services for the other entities within the Steen & Strøm Group and jointly controlled companies. Most of its operating income is from selling administrative and property management services. All employees in Norway are employed by Steen & Strøm AS. Also, the Steen & Strøm Group bond (certificates) financing is carried out through this company. In 2022 Steen & Strøm AS sold its fully owned subsidiaries Hamar Storsenter AS, Gulskogen Senter AS and Stavanger Storsenter AS. The transfers were formally made and cash proceeds received 1 July 2022. Proceeds from the three disposals amounted to in total NOK 1 671 million (including a sellers’ credit of NOK 200 million). In relation to these disposals Steen & Strøm AS also received in total NOK 1 109 million in repayment of loans from the divested companies. Steen & Strøm AS had a profit for the year of NOK 301.7 million (NOK 1 586.9 million). The company has a very solid financial position with an book equity ratio of approximately 73% at 31 December 2022. 10 10 10 10 10 10 10 10

CONTENTS – CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS PAGE Consolidated statement of comprehensive income 13 Consolidated statement of financial position 14 Consolidated statement of cash flows 15 Consolidated statement of changes in equity 16 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 General information 17 2 Accounting principles 17 3.1 Segment information 24 3.2 Net book value of investment properties and properties under construction by operating segment 25 3.3 Acquisitions by operating segment 25 4.1 Subsidiaries 26 4.2 Goodwill 27 5.1 Intangible assets 27 5.2 Furniture and equipment 28 5.3a Investment properties 29 5.3b Investment properties under construction 29 5.3c Sensitivity and estimation uncertainty 30 5.4a Investments in jointly controlled companies 31 5.4b Equity method ‐ Statement of comprehensive income 32 5.4c Equity method ‐ Statement of financial position 32 5.5 Other non‐current assets 32 5.6 Trade receivables 33 5.7 Other receivables 34 5.8 Cash and cash equivalents 34 5.9 Shareholders' equity 34 5.10 Non‐current and current financial liabilities 35 5.11 Social and tax liabilities and other liabilities 36 5.12 Guarantees, bail declarations and pledges 36 6.1 Income from disposal of investment properties and equity instruments 37 6.2 Net cost of debt 37 7 Tax 38 8 Exposure to risk 39 9 Leases 41 10 Payroll Expenses 43 11.1 Fair value measurements 44 11.2 Litigations and claims 45 11.3 Related parties 46 11.4 Post‐balance sheet date events 46 11.5 Audit fees 46 INDEPENDENT AUDITOR’S REPORT Report on the audit of the financial statements 59 12 12 12 12 12 12 12 12

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME In thousands of NOK Note 2022 2021 Gross rental income 1 424 412 1 613 215 Non‐recovered rental expenses ‐ 139 936 ‐ 140 264 Building expenses (owner) ‐ 44 918 ‐ 55 432 Net rental income 3.1, 9 1 239 558 1 417 519 Management, administrative and related income 61 447 70 863 Other operating revenue 22 652 11 939 Change in the fair value of investment properties 5,3 ‐1 027 456 ‐ 969 144 Payroll expenses 10 ‐ 115 019 ‐ 126 551 Other general expenses 11.3,11.5 ‐ 50 552 ‐ 50 680 Depreciation and impairment on investment properties 5,3 ‐ 268 ‐ 268 Depreciation and impairment on intangible assets and furniture and equipment 5.1,5.2 ‐ 9 851 ‐ 32 839 Proceeds from disposal of investment properties and equity investments 1 678 727 3 220 402 Net book value of investment properties and equity investments sold ‐1 521 631 ‐2 926 272 Gain on disposal of investment properties and equity investments 6.1 157 096 294 130 Operating income 277 606 614 968 Net dividends and provisions on non‐consolidated investments 301 0 Financial income 590 175 442 225 Financial expenses ‐ 607 623 ‐ 653 693 Net cost of debt 6,2 ‐ 17 448 ‐ 211 468 Change in the fair value of financial instruments 27 602 15 481 Share of earnings in equity investment entities 5.4 310 510 88 604 Profit before tax 598 570 507 585 Corporate income tax 7 ‐ 18 817 20 472 Net income of consolidated entity 579 754 528 057 Average number of shares (in thousands) 29 303 29 303 Earnings per share 20 18 In thousands of NOK 2022 2021 Net income of consolidated entity 579 754 528 057 Other comprehensive income items recognized directly as equity Items that may be reclassified subsequently to profit or loss Gain/loss on cash flow hedges 353 702 149 875 Income tax related to cash flow hedges ‐ 30 864 ‐ 32 399 Exchange differences on translation of foreignoperations ‐ 57 014 ‐ 820 286 Items that will not be reclassified subsequently to profit or loss Other comprehensive income 265 824 ‐ 702 811 Total comprehensive income 845 578 ‐ 174 754 Comprehensive earnings per share 29 ‐6 The accompanying notes are an integral part of the consolidated financial statements. 13 13 13

CONSOLIDATED STATEMENT OF FINANCIAL POSITION In thousands of NOK Note 31/12/2022 31/12/2021 Goodwill 4.2 348 425 348 425 Intangible assets 5.1 20 237 17 341 Furniture and equipment and work in progress 5.2 28 585 16 598 Investment properties and properties under construction 3.2, 5.3, 5.10, 9, 11.1 26 640 670 30 140 407 Equity method securities 5.4 1 850 510 1 560 000 Other non‐current assets 5.5, 11.1 206 115 5 406 Non‐current derivatives 8, 11.1 447 339 63 149 Deferred tax assets 7 152 580 145 379 NON‐CURRENT ASSETS 29 694 460 32 296 705 Investment properties held for sale 5.3a, 11.1 57 145 58 908 Trade accounts receivables 5.6, 11.1 143 248 133 972 Other receivables 5.7, 11.1 312 398 382 513 Current derivatives 8, 11.1 16 843 18 104 Cash and cash equivalents 5.8 313 824 460 902 CURRENT ASSETS 843 457 1 054 400 TOTAL ASSETS 30 537 918 33 351 105 Share capital 5.9 73 259 73 259 Additional paid‐in capital 4 028 584 4 028 584 Consolidated reserves 13 071 845 13 856 498 Hedging reserves 370 807 47 969 Other consolidated reserves 12 701 038 13 808 529 Consolidated earnings 579 754 528 057 SHAREHOLDERS' EQUITY 17 753 441 18 486 398 Non‐current financial liabilities 5.10, 11.1 6 001 422 8 363 972 Non‐current derivatives 8, 11.1 4 723 2 082 Security deposits and guarantees 11.1 126 646 119 212 Deferred tax liabilities 7 3 987 924 4 135 282 NON‐CURRENT LIABILITIES 10 120 714 12 620 548 Current financial liabilities 5.10, 11.1 2 159 857 1 507 786 Bank facilities 5.8, 11.1 0 173 004 Trade payables 11.1 126 823 166 275 Other liabilities 5.11, 11.1 274 580 311 700 Current derivatives 8, 11.1 0 8 540 Social and tax liabilities 5.11, 11.1 102 501 76 852 CURRENT LIABILITIES 2 663 762 2 244 158 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 30 537 918 33 351 104 The accompanying notes are an integral part of the consolidated financial statements. _______________________ ______________________ Jean‐Marc Jestin Stephane Tortajada Chairman of the Board Member of the Board _______________________ ______________________ Rutger van der Lubbe Thomas Lourenco Member of the Board Member of the Board _______________________ ______________________ Rafael Torres Villalba Marie Caniac Member of the Board Chief Executive Officer Oslo, 29 March 2023

CONSOLIDATED STATEMENT OF CASH FLOWS In thousands of NOK Note 2022 2021 Net income of consolidated entity 579 754 528 057 Depreciation and impairment investment properties, intangible assets, furniture and equipment 10 119 33 107 Change in the fair value of investment properties 1 027 456 969 144 Capital gains and losses on asset disposals net of taxes and deferred taxes ‐156 770 ‐294 130 Income taxes 18 817 ‐20 472 Share of earnings in equity method investees ‐310 510 ‐88 604 Reclassification offinancial interests and other items 275 963 261 243 Paid taxes ‐32 520 ‐28 592 Change in operating working capital ‐128 694 ‐282 392 Net cash flow from operating activities 1 283 614 1 077 361 Proceeds from sale of investment properties 6,1 778 9 481 Proceeds from sale of other fixed assets 150 0 Proceeds from disposal of subsidiaries (net of cash disposed) 6,1 1 666 993 3 165 034 Acquisitions of investment properties 5,3 ‐7 712 ‐13 705 Payments in respect of construction work in progress 5,3 ‐109 930 ‐148 418 Acquisitions of other fixed assets 5.1,5.2 ‐26 154 ‐12 813 Proceeds of loans and advance payments granted and other investments 6,1 881 231 1 252 373 Net cash flow from investing activities 2 405 356 4 251 952 Dividends and group contributions paid to the parent company’s shareholders ‐1 578 535 ‐1 921 512 New loans, borrowings and hedging instruments 5,10 1 449 844 0 Repayment of loans, borrowings and hedging instruments 5,10 ‐3 311 147 ‐2 950 054 Interest paid ‐202 809 ‐228 326 Other cash flows related to financing activities ‐2 191 ‐2 571 Net cash flow from financing activities ‐3 644 838 ‐5 102 463 Net changes in cash 44 133 226 851 Cash at the start of the period 287 898 111 126 Effect of foreign exchange differences ‐18 207 ‐50 079 Cash at the end of the period 5.8 313 824 287 898 The accompanying notes are an integral part of the consolidated financial statements. 15 15 15 15 15 15 15 15

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 31/12/2021 In thousands of NOK Share capital Additional paid‐ in capital Hedging reserves FX conversion reserves Consolidated reserves Consolidated earnings Total Equity Opening statement 73 259 4 028 584 ‐ 69 507 2 390 530 14 824 078 ‐ 664 141 20 582 803 Reclassification of last year's net income ‐ 664 141 664 141 Net income for the period 528 057 528 057 Net income of consolidated entity ‐ 664 141 1 192 198 528 057 Income from cash‐flow hedging net after tax 117 476 117 476 Exchange differences on translation of foreignoperations ‐ 820 286 0 ‐ 820 286 Other comprehensive income 117 476 ‐ 820 286 0 ‐ 702 811 Group contribution ‐ 224 012 ‐ 224 012 Dividends paid ‐1 697 500 ‐1 697 500 Other Movements ‐7 ‐ 133 ‐ 139 Closing statement 73 259 4 028 584 47 969 1 570 236 12 238 293 528 057 18 486 398 31/12/2022 In thousands of NOK Share capital Additional paid‐ in capital Hedging reserves FX conversion reserves Consolidated reserves Consolidated earnings Total Equity Opening statement 73 259 4 028 584 47 969 1 570 236 12 238 293 528 057 18 486 398 Reclassification of last year's net income 528 058 ‐ 528 058 Net income for the period 579 754 579 754 Net income of consolidated entity 528 058 51 696 579 754 Income from cash‐flow hedging net after tax 322 838 322 838 Exchange differences on translation of foreignoperations ‐ 57 014 0 ‐ 57 014 Other comprehensive income 322 838 ‐ 57 014 265 824 Group contribution ‐ 40 535 ‐ 40 535 Dividends paid ‐1 538 000 ‐1 538 000 Other Movements Closing statement 73 259 4 028 584 370 807 1 513 223 11 187 815 579 754 17 753 441 The accompanying notes are an integral part of the consolidated financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 GENERAL INFORMATION Steen & Strøm AS (the Company) is a limited liability company incorporated in Norway. The Company’s principal offices are located at Dronning Eufemias gate 8, N-0191 Oslo, Norway. The Group also has offices in Copenhagen and Stockholm, in addition to offices at the shopping centers. The consolidated financial statements for the accounting period of 1 January 2022 to 31 December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 29 March 2023. The principal activities of the Company and its subsidiaries (the Group) are described in Note 3.1 Segment information. 2 ACCOUNTING PRINCIPLES 2.1 BASIS OF PREPARATION The consolidated financial statements for the year 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Group’s consolidated statement of comprehensive income (EPRA model), consolidated statement of financial position (EPRA model), consolidated statement of cash flows and consolidated statement of changes in equity are presented with comparable numbers for the prior year. The functional currency of Steen & Strøm AS is the Norwegian krone (NOK), thus group accounts are presented in NOK. Presentation and classification of items in the financial statements is consistent for the periods presented. The consolidated financial statements have been prepared on a historical cost basis, except for certain assets and liabilities which are presented at fair value (primarily derivatives contracts and investment properties). Fair value measurements are categorised into Level 1, 2 or 3 based on the degree which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurements in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. Steen & Strøm Group uses the EPRA model for reporting of consolidated statements of comprehensive income and consolidated statements of financial position. EPRA is an abbreviation for the European Public Real Estate Association. EPRA’s mission is to promote, develop and represent the European public real estate sector. The EPRA reporting model makes the financial statements of public real estate companies clearer and more comparable across Europe which in turn enhances the transparency and coherence of the sector. The EPRA reporting model is used by more than 80% of Europe’s real estate companies, including Klépierre. For more information, visit the Association’s website at www.EPRA.com. 2.2 APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS AND AMENDMENTS New standards and amendments adopted as of 1 January 2022 No standards adopted by the Group for the first time for the current period have a material impact on the amounts reported, presentation or disclosures in these financial statements. New IFRS standards, amendments and interpretations issued but not effective for the financial year ending 31.12.2022 and not early adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Group. No new and revised IFRS standards issued are deemed to have any material impact on the consolidated financial statements for the Group. 2.3 CONSOLIDATION The consolidated financial statements include the financial statements of Steen & Strøm AS (the Company) and entities controlled by Steen & Strøm AS (the Group). Control is achieved when the Group: • has power over the investee; • is exposed, or has rights to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. 17 17 17 17 17 17 17 17

Control normally exists when the Group has more than 50% of the voting power through ownership or agreements. Non- controlling interests in subsidiaries are presented within the Group’s equity. The Group applies the acquisition method under IFRS 3 to account for business combinations. Subsidiaries are fully consolidated from the date on which control is obtained and ceases from the date control is lost. Investments in associated companies, where the Group has significant influence but not control, are accounted for using the equity method of accounting. Significant influence is the power to participate in the financial and operating policy decisions of the associate but is not control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The Group report its interests in joint ventures using the equity method of accounting. Using the equity method, an investment in a joint venture is initially recognised in the financial statements at cost and adjusted thereafter to recognise the Group’s share of profit or loss and other comprehensive income of the joint venture. When the Group’s share of losses of an associate or joint venture exceeds the Group’s interest in the associate or the joint venture, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Intercompany transactions and related balance sheet items, including internal profit and unrealised gains and losses are eliminated. Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognised in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. 2.4 CLASSIFICATION OF INCOME AND EXPENSES IN THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EPRA MODEL) The Group applies these classifications in Net rental income: Gross rental income Gross rental income includes rents from investment property and rent-related income such as car park rentals and early termination indemnities, income from entry fees and other related income. Stepped rents, rent-free periods and entry fees are recognised over the fixed term of the lease contract. Land expenses (real estate) From 2019 onwards, the Group has treated lease payments for properties built on land subject to building lease in accordance with IFRS 16 Leases. Non-recovered rental expenses Non-recovered building rental expenses are stated net of charges re-invoiced to tenants and mainly comprise expenses related to vacant premises. Building expenses (owner) Building expenses (owner) consist of owner’s expenses related to construction work, legal costs, bad debt expense and costs related to real estate management. In addition, Revenue classified as part of Operating income is: Other operating revenues Other operating revenues include building works re-invoiced to tenants and other income. 2.5 CASH AND CASH EQUIVALENTS In the consolidated statement of cash flows, cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. See note 5.8 for information related to bank credit facilities. 2.6 TRADE ACCOUNTS RECEIVABLE Trade receivables are primarily lease receivables from tenants and meet the requirements of SPPI and the business model of hold to collect. These receivables are initially recognised at fair value and subsequently measured at amortised cost less any loss allowance for expected credit losses (ECL). The loss allowance for the trade receivables is measured each period at an amount equal to lifetime expected credit losses, as an accounting policy choice allowed in IFRS 9 for lease receivables. See notes 2.11 and 5.6 for additional information. 18 18 18 18 18 18 18 18

2.7 HEDGE ACCOUNTING At the inception of each hedge relationship a specific derivative is designated as a hedge of future cash flows related to a highly probable forecasted transaction, normally for the Group this is a floating-rate interest payment. Documentation is created at the inception of the hedge for the relationship between the hedging instrument (derivative) and the hedged item (future cash flows), as well as to document possible sources of hedge ineffectiveness and the evaluation of hedge effectiveness. All hedges, both at hedge inception and on an ongoing basis, are assessed prospectively for hedge effectiveness. The effective portion of changes in the fair value of derivatives that are designated and qualify as hedge instruments for a cash flow hedge is recognised in other comprehensive income (OCI). The ineffective portion is recognised in the profit or loss statement. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecasted transaction is ultimately recognised in profit or loss. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in OCI is immediately transferred to profit or loss. 2.8 LEASING The details of accounting policies under IFRS 16 are presented below. (I) The Group as lessee The Group assess whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise:  Fixed lease payments (including in-substance fixed payments), less any incentives receivable,  Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date,  The amount expected to be payable by the lessee under residual value guarantees,  The exercise price of purchase options, if the lessee is reasonably certain to exercise the options, and  Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented within Non-current financial liabilities and Current financial liabilities in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group re-measure the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is re-measured by discounting the revised lease payments using a revised discount rate. The lease payments change due date to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is re-measured by discounting the revised lease payments using a revised discount rate. The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is re-measured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest-rate, in which case a revised discount rate is used. A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case:  The lease liability is re-measured based on the lease term of the modified lease by discounting the revised lease  Payments using a revised discount rate at the effective date of the modification The Group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions or the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. 19 19 19 19 19 19 19 19

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented within Furniture’s and equipment and Investment properties and properties under construction in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the Furniture and equipment policy. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of- use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the Other general expenses in profit of loss. (II) The Group as lessor The Group enters into lease agreements as a lessor with respect to its investment properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risk and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. When a contract includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component. 2.9 INVESTMENT PROPERTIES Investment properties comprise land and buildings for rent. Investment properties are initially recognised at cost and subsequently measured at fair value and changes in fair value are recognised in profit or loss in the period in which they occur. Fair value is the estimated value of the asset in a transaction between independent parties, without any deduction for transaction costs. Fair value represents an estimated gross sales value of the asset at the balance sheet date. Investment properties are valued twice a year by external appraisers who use a cash-flow based model in the calculation of fair value. For further details, see Note 5.3 and Note 11.1. Sale of subsidiaries where the main asset is an Investment Property is presented as gain (loss) on disposal of investment properties and equity investments sold. The gain (loss) is calculated as the fair value of the received payments reduced for the net book value of the assets and liabilities connected to the asset. 2.10 FINANCIAL ASSETS AND FINANCIAL LIABILITIES Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the income statement. The Group classifies its financial assets in the following categories: at fair value through profit and loss and amortised cost. (I) Financial assets at fair value through profit and loss A financial asset is classified in this category if it does not meet the conditions of SPPI (solely payments of principal and interest). Derivatives are by definition always at fair value over profit or loss (FVOPL) unless designated as a hedging instrument. Financial assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (II) Amortised cost All non-derivative financial assets held by the Group with fixed or determinable payments meet the SPPI criteria and have a business model of hold to collect. These financial assets are measured at amortised cost in the statement of financial position, and any interest income earned and impairment on the assets is recognised in the profit or loss statement. These financial assets are included in current assets, except for assets with maturities greater than 12 months after the end of the reporting period. These financial assets are classified as non-current assets. 20 20 20 20 20 20 20 20

Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method, less any loss allowance. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. The Group classifies its financial liabilities in the following categories: fair value through profit and loss and amortised cost. The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the liability. The difference between the carrying amount of the financial liability and the consideration paid and payable is recognised in profit or loss at the date of de-recognition. (I) Financial liabilities at fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss when the financial liability is irrevocably designated at fair value to eliminate or reduce an accounting mismatch or when the financial liability (or group of liabilities) is managed and performance is evaluated on a fair value. Derivative instruments are subsequently measured at fair value, with any gains or losses arising on re-measurement recognised in other comprehensive income or through profit or loss if the requirements for hedge accounting is not met. (II) Amortised cost Unless designated at fair value, financial liabilities are initially recognised at amortised cost. Financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method. 2.11 IMPAIRMENT OF FINANCIAL ASSETS The Group has adopted the accounting policy to use the simplified approach for measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for trade accounts receivable (lease receivables). To measure the expected credit losses, trade account receivables have been grouped based on shared credit risk characteristics and the days past due. Expected loss rates are based on payment profiles over a period of 36 months. Historical loss rates are adjusted to reflect current and forward-looking information on factors affecting the tenant’s ability to settle their liabilities. Such factors include the probability of bankruptcy and general market conditions for specific shopping centers. 2.12 EQUITY (I) Debt and equity Financial instruments are classified as debt or equity in accordance with the underlying economic reality and IFRS requirements. Interest, dividends, gains and losses related to a financial instrument which is classified as debt are recognised as an expense or income. Payments to holders of the financial instruments which are classified as equity will be recognised directly through equity. (II) Treasury shares Own equity instruments which are reacquired (treasury shares) are deducted from equity. No gains or losses are recognised in the income statement on the purchase, sale, issue or cancellation of the Company’s own equity instruments. (III) Costs of equity transactions Costs of equity transactions are recognised directly through equity (net of tax). Only transaction costs related to equity transactions are recognised in equity. (IV) Other equity (a) Reserve for exchange differences on translation of foreign operations (FX conversion reserves) Foreign currency exchange differences on translation of foreign operations occurs in connection with currency differences in the consolidation of foreign companies. At the disposal or sale of a foreign entity, the foreign currency translation differences related to the subsidiary are reversed and recognised in the consolidated statement of comprehensive income as in the same period as the recognition of the gain or loss related to the transaction. (b) Hedging reserves Hedging reserves is the total net change in fair value of the derivatives designated as instruments for a cash flow hedge, until the hedged cash flow occurs or is no longer expected to occur. 2.13 REVENUE RECOGNITION Revenues are recognised when it is probable that economic benefits from the transactions will flow to the Group, and the revenues can be reliably measured. Revenues are measured at the fair value of consideration received, net of discounts and sales related taxes. Rental income from investment properties is recognised using the straight-line method over the lease contracts’ firm periods. At termination of a lease, the tenant’s lease payment is recognised over the remaining lease term, or until the new tenant moves in. Income from rental agreement guarantees is treated the same way as terminations. In the event of the Company releasing a tenant from the lease contract, the costs are expensed immediately. Discounts cover abandoned rents and cash discounts granted during the lifetime of the lease contract. Discounts are either granted as an “introduction” discount upon the start of the contract, like an initial “rent free period” or stepped cash discounts, or it can be 21 21 21 21 21 21 21 21

granted as a one shot, cash discount at any time during the contract duration. Discounts are presented according to IFRS 16 Leases, thus when discounts are exchanged for another “Lease modification”, i.e. prolongation of the contract period, discounts are straight-lined over the remaining duration of respective contracts. Other, exceptional discounts, without lease modification are expensed immediately. Interest income is recognised using the effective-interest method as it is earned. Dividends are recognised when the shareholder’s right to receive dividends is established by the General Assembly. 2.14 FOREIGN CURRENCY (I) Foreign currency transactions Transactions in foreign currency are initially recognised in the functional currency of the entity at the exchange rate at the date of the transaction. Monetary assets in foreign currencies are translated to the functional currency at the Group’s exchange rate at the reporting date. Non-monetary items that are measured at historical cost in foreign currency are translated using exchange rates at the dates of the initial transactions. Non-monetary items that are measured at fair value in foreign currency are translated using exchange rates determined on the fair value valuation date. All exchange gains or losses are recognised in profit or loss. (II) Foreign entities Assets and liabilities of foreign operations, including goodwill and fair value adjustments, arising on consolidation, are converted to the presentation currency (NOK) using the Group’s closing rate. Revenues and expenses of foreign operations are converted to the presentation currency using a weighted average exchange rate for the accounting period. Translation differences arising from translation of net investments in foreign operations are classified as exchange differences on translation of foreign operations and recognised as part of OCI. A foreign operations’ accumulated translation differences in OCI is recognised in profit or loss upon disposal of the foreign operation. 2.15 EMPLOYEE BENEFITS (I) Pension obligations All employees of the Group are on defined contribution plans. For the defined contribution plans, the Group pays contributions to privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligation once the contributions have been paid. The contributions are recognised as employee benefit expense when due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. (II) Incentive agreements with employees of the management team For the Group’s incentive agreements for employees of the management team, see note 10. 2.16 BORROWING COSTS Borrowing costs occur when interest costs accrue during the construction period of the asset. Borrowing costs are capitalised to the extent they are directly related to the purchase, construction or production of a fixed asset. Borrowing costs are capitalized up until the point in time when the asset is ready for use. 2.17 PROVISIONS Provisions for environmental restoration, restructuring costs and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. 2.18 INCOME TAXES Tax expense consists of tax payable and deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in comprehensive income or directly in equity. In such cases, the tax is either recognised in comprehensive income or directly in equity. Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. Deferred tax is defined using tax rates and laws which are enacted or likely to be enacted on the balance sheet date, and which are expected to be used when the deferred tax asset is realised or when the deferred tax is utilised. Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at the applicable nominal tax rate. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against, which the temporary differences can be offset. 22 22 22 22 22 22 22 22

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, except where the group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. 2.19 STATEMENT OF CASH FLOWS The Group presents the statement of cash flows using the indirect method. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non-cash line items. Dividends distributed to controlling parties outside of the Group are reported as a financing activity. 2.20 SEGMENT INFORMATION For internal management reporting purposes, the Group is organised into business segments and geographic regions. The management team monitors the operating results of each business segment independently as a basis for segment decision-making and performance evaluation. Financial information for the operating segments is presented in Note 3. 2.21 CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognised in the consolidated financial statements. Significant contingent liabilities, with the exception of contingent liabilities where the likelihood of a settlement is remote, are disclosed. A contingent asset is not recognised in the consolidated financial statements but disclosed if it likely that a benefit will accrue to the Group. Contingent liabilities acquired in a business combination are initially measured at fair value at the date of acquisition. 2.22 SUBSEQUENT EVENTS New information on the balance sheet date that affects the Group’s financial position at the balance sheet date is recognised in the financial statements. Subsequent events that do not affect the Company’s financial position at the balance sheet date, but which will affect the Group’s financial position in a subsequent period, are disclosed as subsequent events. 2.23 CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The application of accounting policies requires that management makes estimates and judgments in determining certain revenues, expenses, assets, and liabilities. The principal assumptions made in respect of future events and other sources of uncertainty relating to the use of estimates for which there is a significant risk of material change to the net book values of assets and liabilities are presented below: Fair value of investment properties Investment properties are measured at their fair value based on independent external valuations. Each half-year an independent external appraiser values the properties. The valuations at 31 December 2022 were performed by Cushman & Wakefield. The valuations are based on the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated discount rate and then adding a residual value at the end of the period (exit). Future cash flows are calculated on the basis of cash flows from signed leases, as well as future cash flows based on expected market rent at the end of the lease terms. The fair value of investment properties is therefore mainly affected by expected market rents, discount rates and inflation. The market rent for each property takes into account the property’s situation, standard and leases signed for comparable properties in the area. The discount rate is based on interest on investments without risk and a mark-up based on an assessment of the risks related to the cash flows. Inflation is estimated using the consensus of a selection of banks and official statistics. When carrying out their valuations, the appraiser receives comprehensive details of the leases for the properties, floor space and details of any vacant premises, and up-to-date information about all ongoing projects. Any uncertainties relating to the properties/projects and leases are also clarified verbally and in writing when required. The Group management performs internal controls to ensure that all relevant information is included in the valuations. The appraiser performs the valuations on the basis of the information they have received, regularly scheduled on-site visits, and estimates of future market rents, yields, inflation and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the segment (location, type of property, mix of tenants etc.). For further information and details about valuation of investment properties, including main value drivers, impact from Covid-19 in the valuations, sensitivities and estimation uncertainty, see Note 5.3c. Measurement of goodwill Goodwill in the Group consolidated financial statements arises from the acquisition of investment properties recognised as a business combination and is mainly related to the discount on deferred tax liabilities attached to the acquisition. Goodwill is assessed for impairment on an annual basis. 23 23 23 23 23 23 23 23

3.1 ‐ Segment information 2022 In thousands of NOK Denmark Norway Sweden Total Gross rental income 563.917 310.936 549.560 1.424.412 Land expenses (real estate) ‐163 ‐ ‐ ‐163 Non‐recovered rental expenses ‐59.526 ‐13.618 ‐66.792 ‐139.936 Building expenses (owner) ‐39.734 50.200 ‐55.222 ‐44.755 Net rental income 464.494 347.518 427.546 1.239.558 Management, administrative and related income 14.900 27.052 19.495 61.447 Other operating revenue 4.529 11.904 6.220 22.652 Change in the fair value of investment properties ‐253.695 ‐298.834 ‐474.927 ‐1.027.456 Payroll expenses ‐17.639 ‐78.170 ‐19.211 ‐115.019 Other general expenses ‐12.041 ‐27.436 ‐11.075 ‐50.552 Depreciation and impairment allowance on investment properties ‐ ‐268 ‐ ‐268 Depreciation and impairment allowance on intangible assets and furniture and equipment ‐684 ‐9.129 ‐38 ‐9.851 Proceeds from disposal of investment properties and equity investments ‐ 1.678.727 ‐ 1.678.727 Net book value of investment properties and equity investments sold ‐ ‐1.521.631 ‐ ‐1.521.631 Income from disposal of investment properties and equity investments ‐ 157.096 ‐ 157.096 Operating income 199.863 129.733 ‐51.990 277.606 Net dividends and provisions on non‐consolidated investments 301 Financial income 590.175 Financial expenses ‐607.623 Net cost of debt ‐17.448 Change in the fair value of financial instruments 27.602 Share of earnings in equity investment entities 310.510 Profit before tax 598.570 Corporate income tax ‐18.817 Net income of consolidated group 579.754 2021 In thousands of NOK Denmark Norway Sweden Total Gross rental income 542.068 521.746 549.401 1.613.215 Non‐recovered rental expenses ‐49.856 ‐28.990 ‐61.418 ‐140.264 Building expenses (owner) ‐40.063 21.646 ‐37.015 ‐55.432 Net rental income 452.150 514.402 450.967 1.417.519 Management, administrative and related income 13.524 31.158 26.181 70.863 Other operating revenue 2.493 5.196 4.250 11.939 Change in the fair value of investment properties ‐12.683 ‐691.114 ‐265.346 ‐969.144 Payroll expenses ‐12.575 ‐77.187 ‐36.789 ‐126.551 Other general expenses ‐12.228 ‐31.308 ‐7.144 ‐50.680 Depreciation and impairment allowance on investment properties ‐ ‐268 ‐ ‐268 Depreciation and impairment allowance on intangible assets and furniture and equipment ‐1.040 ‐27.536 ‐4.263 ‐32.839 Proceeds from disposal of investment properties and equity investments ‐ 3.177.106 43.296 3.220.402 Net book value of investment properties and equity investments sold ‐ ‐2.875.537 ‐50.735 ‐2.926.272 Income from disposal of investment properties and equity investments ‐ 301.569 ‐7.439 294.130 Operating income 429.639 24.912 160.417 614.968 Net dividends and provisions on non‐consolidated investments ‐ Financial income 442.225 Financial expenses ‐653.693 Net cost of debt ‐211.468 Change in the fair value of financial instruments 15.481 Share of earnings in equity investment entities 88.604 Profit before tax 507.585 Corporate income tax 20.472 Net income of consolidated group 528.057 Segment income statement Steen & Strøm is a Scandinavian shopping center company, with 10 leading centers located in the most attractive marketplaces in Denmark, Norway, and Sweden. For management purposes, the Group is structured into operating segments which are geographic regions. There are in total three operating segments. These three operating segments are structured as follows: — Denmark — Norway — Sweden The management team monitors the operating results of each business segment independently as a basis for segment decision‐making and performance evaluation. Group financial policy (including the impact of financial income and expenses), corporate activities and tax result calculation are handled at Group level, and are not allocated to the operating segments. 24 24 24 24 24 24 24 24

In thousands of NOK 31/12/2022 31/12/2021 Denmark 11.300.067 11.079.008 Norway 4.689.473 7.798.125 Sweden 9.278.642 10.032.373 Investment properties 25.268.183 28.909.506 In thousands of NOK 31/12/2022 31/12/2021 Denmark 837.120 678.650 Norway 17.691 27.909 Sweden 517.676 524.342 Investment properties under construction 1.372.488 1.230.901 3.2 Net book value of investment properties and properties under construction by operating segment 3.3 Aquisitions by operating segment 2022 In thousands of NOK Intangible assets Furniture and equipment and work in progress Investment properties Investment properties under construction Total aquisitions Denmark ‐ 687 ‐ 24.823 25.511 Norway 8.248 17.219 7.712 57.116 90.295 Sweden ‐ ‐ ‐ 27.991 27.991 Total 8.248 17.906 7.712 109.930 143.797 2021 In thousands of NOK Intangible assets Furniture and equipment and work in progress Investment properties Investment properties under construction Total aquisitions Denmark ‐ 633 831 33.967 35.430 Norway 7.127 3.935 12.803 69.339 93.204 Sweden ‐ 1.118 71 45.113 46.302 Total 7.127 5.686 13.705 148.418 174.936 25 25 25 25 25 25 25 25

4.1 - Subsidiaries Country Headquarter % of interest Full consolidated companies 31/12/2022 31/12/2021 Steen & Strøm AS Norway Oslo 100,0% 100,0% Bruun's Galleri A/S Denmark Copenhagen 100,0% 100,0% Bryggen, Vejle A/S Denmark Copenhagen 100,0% 100,0% Field's A/S Denmark Copenhagen 100,0% 100,0% Steen & Strøm CenterService A/S Denmark Copenhagen 100,0% 100,0% Steen & Strøm CenterUdvikling VI A/S Denmark Copenhagen 100,0% 100,0% Steen & Strøm Danmark A/S Denmark Copenhagen 100,0% 100,0% Viva, Odense A/S Denmark Copenhagen 100,0% 100,0% Gulskogen Senter AS Norway Oslo 0,0% 100,0% Hamar Storsenter AS Norway Oslo 0,0% 100,0% Stavanger Storsenter AS Norway Oslo 0,0% 100,0% Oslo City Kjøpesenter AS Norway Oslo 100,0% 100,0% Oslo City Parkering AS Norway Oslo 100,0% 100,0% Steen & Strøm Mediapartner Norge AS Norway Oslo 100,0% 100,0% Steen & Strøm Senterservice AS Norway Oslo 100,0% 100,0% FAB Allum Sweden Stockholm 100,0% 100,0% FAB Borlange Köpcentrum Sweden Stockholm 100,0% 100,0% FAB Centrum Västerort Sweden Stockholm 100,0% 100,0% FAB CentrumInvest Sweden Stockholm 100,0% 100,0% FAB Emporia Sweden Stockholm 100,0% 100,0% FAB Marieberg Galleria Sweden Stockholm 100,0% 100,0% FAB P Åkanten Sweden Stockholm 100,0% 100,0% FAB P Brodalen Sweden Stockholm 100,0% 100,0% FAB P Porthälla Sweden Stockholm 100,0% 100,0% Partille Lexby AB Sweden Stockholm 100,0% 100,0% Steen & Ström Holding AB Sweden Stockholm 100,0% 100,0% Steen & Ström Sverige AB Sweden Stockholm 100,0% 100,0% Changes in the scope of consolidation and other movements is related to divested entities. See information about divestments in Note 6.1. 26 26 26 26 26 26 26 26

5.1 Intangible assets In thousands of NOK 31/12/2021 Acquisitions Disposals and retirement of assets Amortization and impairment allowances 31/12/2022 Total gross value 197.501 8.248 ‐ ‐ 205.749 Amortization and impairment allowances ‐180.160 ‐ ‐ ‐5.352 ‐185.512 Total amortization and impairment allowances ‐180.160 ‐ ‐ ‐5.352 ‐185.512 Intangible assets ‐ Net value 17.341 8.248 ‐ ‐5.352 20.237 In thousands of NOK 31/12/2020 Acquisitions Disposals and retirement of assets Amortization and impairment allowances 31/12/2021 Total gross value 190.374 7.127 ‐ ‐ 197.501 Amortization and impairment allowances ‐159.845 ‐ ‐ ‐20.315 ‐180.160 Total amortization and impairment allowances ‐159.845 ‐ ‐ ‐20.315 ‐180.160 Intangible assets ‐ Net value 30.529 7.127 ‐ ‐20.315 17.341 Intangible assets consist of software. Depreciation on software is calculated using the straight‐line method to allocate the cost to their residual values over their estimated useful life. Useful life is defined to be eight years for software. 4.2 Goodwill Oslo City Kjøpesenter AS Oslo City Parkering AS Total Goodwill 332.518 15.907 348.425 Total estimated sales value CGU 4.507.106 201.011 4.708.117 Total Group book value equity CGU 4.330.850 194.479 4.525.329 As the total estimated sales value exceeds the book value of subsidiaries, goodwill is not impaired. After the recognition of Oslo City Kjøpesenter AS and Oslo City Parkering AS in 2016 as fully consolidated subsidiaries of Steen & Strøm AS there has been no further business combinations. The goodwill of NOK 348,4 million consists mainly of the discounted value of deferred tax liabilities in the purchase price. Goodwill is allocated to the following cash‐generating units (CGU): Sales value approach The best estimate of the investment properties sales value is the bi‐annual valuation, which in turn equals carrying value. Cash and working capital (such as account receivables, payables etc.) are in general valued at nominal value in a sale transaction. As cash and working capital are recorded at nominal value, carrying value is assumed to approximate the sales value. The deferred tax balance is currently estimated to be discounted at a value of 10% of the temporary difference between the property sales value and tax value. The deferred tax balance is currently recognized at 22% of the temporary difference between carrying value (equal to the fair value) and tax value. As carrying value equals sales value for all assets and liabilities except the deferred tax balance, it is only required to estimate the gain to be received from the discount applied to the deferred tax balance. If the estimated discount is greater than the carrying value of the goodwill, it is assumed that the goodwill balance is not impaired. 27 27 27 27 27 27 27 27

5.2 - Furniture and equipment In thousands of NOK 31/12/2021 Acquisitions Disposals and retirement of assets Depreciation and impairment allowances Currency fluctuations Other movements 31/12/2022 Furniture and equipment 81 754 1 677 -1 469 - -639 - 81 323 Right-of-use assets 31 063 16 229 -15 935 - -256 - 31 100 Total gross value 112 816 17 906 -17 404 - -895 - 112 423 Depreciation and impairment allowances furniture and equipment -69 710 - 992 -1 499 349 - -69 868 Depreciation and impairment allowances right-of- use assets -26 509 - 15 294 -3 000 244 - -13 971 Total depreciation and impairment -96 218 - 16 286 -4 499 593 - -83 839 Furniture and equipment - Net value 16 598 17 906 -1 117 -4 499 -302 - 28 585 In thousands of NOK 31/12/2020 Acquisitions Disposals and retirement of assets Depreciation and impairment allowances Currency fluctuations Other movements 31/12/2021 Furniture and equipment 100 198 454 -14 475 - -4 424 - 81 754 Right-of-use assets 28 300 5 232 -2 069 - -956 556 31 063 Total gross value 128 499 5 686 -16 543 - -5 380 556 112 816 Depreciation and impairment allowances furniture and equipment -84 945 - 14 475 -2 921 3 682 - -69 710 Depreciation and impairment allowances right-of- use assets -19 381 - 1 454 -9 603 686 334 -26 509 Total depreciation and impairment -104 325 - 15 929 -12 524 4 367 334 -96 218 Furniture and equipment - Net value 24 173 5 686 -615 -12 524 -1 013 890 16 598 Furniture and equipment consist of vehicles/machines and furniture/fittings/equipment. Depreciation on furniture and equipment is calculated using the straight-line method to allocate the cost to their residual values over their estimated useful life. Useful life is defined to be 3-5 years for vehicles/machines and 5 years for furniture/fittings/equipment. 28 28 28 28 28 28 28 28

5.3a - Investment properties In thousands of NOK 31/12/2021 Acquisitions Disposals and retirement of assets Depreciation and impairment allowances Currency fluctuations Fair value adjustments Other movements 31/12/2022 Shopping centers Land 2 443 169 155 -165 227 - 28 053 - 6 082 2 312 232 Structures 13 337 267 - -673 590 -268 97 125 - - 12 767 840 Facades, cladding and roofing 876 606 5 314 -621 490 - -6 730 - 1 374 255 075 General and technical installations 2 058 993 636 -474 311 - 41 495 - 28 412 1 655 225 Fixtures 1 601 195 88 -476 787 - 16 937 - - 1 141 433 Right-of-use assets 347 558 1 519 -5 580 - 17 908 -1 784 2 011 361 632 Cost value 20 664 789 7 712 -2 416 985 -268 194 788 -1 784 37 879 18 493 436 Fair value adjustments 8 244 718 - -406 505 - 75 378 -1 131 538 - 6 774 747 Fair value shopping centers 28 909 506 7 712 -2 823 490 -268 270 166 -1 133 322 37 879 25 268 183 Other movements consist of investment properties transferred from investment properties under construction, see Note 5.3b Investment properties under construction. Investment properties held for sale: In thousands of NOK 31/12/2020 Acquisitions Disposals and retirement of assets Depreciation and impairment allowances Currency fluctuations Fair value adjustments Other movements 31/12/2021 Shopping centers Land 2 592 266 - -122 598 - -64 969 - 38 470 2 443 169 Structures 15 142 506 3 362 -1 171 833 -268 -636 854 - 354 13 337 267 Facades, cladding and roofing 1 275 441 37 -416 167 - -16 120 - 33 416 876 606 General and technical installations 2 731 888 1 756 -643 451 - -82 329 - 51 129 2 058 993 Fixtures 1 750 944 7 719 -132 872 - -64 661 - 40 065 1 601 195 Right-of-use assets 383 649 831 -14 321 - -16 297 -6 304 - 347 558 Cost value 23 876 692 13 705 -2 501 242 -268 -881 229 -6 304 163 434 20 664 789 Fair value adjustments 11 460 600 - -1 920 575 - -376 191 -919 116 - 8 244 718 Fair value shopping centers 35 337 293 13 705 -4 421 817 -268 -1 257 420 -925 420 163 434 28 909 506 The subsidiary FAB Centrum Västerort has agreed to sell a part of its total portfolio of investment properties. The sale of the investment property is expected to be finally closed during the first half of 2023. The carrying amount 31 December 2022 of NOK 57.1 million is equal to the agreed sales price and is classified as a separate line item within current assets in the consolidated statement of financial position. 5.3b - Investment properties under construction In thousands of NOK 31/12/2021 Acquisitions Disposals and retirement of assets Depreciation and impairment allowances Currency fluctuations Fair value adjustments Other movements 31/12/2022 Investment properties under construction 1 230 901 109 930 -63 117 - 24 775 105 866 -35 868 1 372 488 In thousands of NOK 31/12/2020 Acquisitions Disposals and retirement of assets Depreciation and impairment allowances Currency fluctuations Fair value adjustments Other movements 31/12/2021 Investment properties under construction 1 429 091 148 418 -4 128 - -71 249 -43 723 -227 508 1 230 901 Other movements consist of investment properties under construction transferred to investment properties and investment properties held for sale, see Note 5.3a Investment properties. 29 29 29 29 29 29 29 29

5.3c -Sensitivity and estimation uncertainty The value of investment properties corresponds to the following average net initial yields: Average yields (%) 31/12/2022 31/12/2021 Norwegian investment properties 4,36 % 4,37 % Swedish investment properties 5,42 % 4,88 % Danish investment properties 4,19 % 4,13 % Weighted average 4,69 % 4,47 % The average net initial yields (%) for the Danish investment properties for 2021, in the table above, have been impacted by the treatment of discounts when calculating discounted cash-flows in year one in the valuations. Further, the divestment of five centers in Norway in July 2021, and a further three centers in July 2022, impacts the average net initial yield (%) for the Norwegian investment properties. Sensitivities yield The following table shows the sensitivity in fair value of investment property as a result of change in yield: In thousands of NOK Yield Value Change Reduced yield by -0,5% -0,5% 29 817 104 3 176 434 Fair value 31/12/2022 0,0% 26 640 670 - Increased yield by 0,5% 0,5% 24 075 855 -2 564 815 Sensitivities cash flows The following table show sensitivity in fair value of investment property as a result of change in cash-flow: In thousands of NOK Cash flow Value Change Increased cash-flow by 1% 1,0% 26 907 077 266 407 Fair value 31/12/2022 0,0% 26 640 670 - Reduced cash-flow by 1% -1,0% 26 374 264 -266 407 There are no significant contractual commitments to purchase, construct or develop investment properties. Estimation uncertainty At 31 December 2022 the Group has no material ongoing construction/refurbishment projects. The two key components in valuation estimates are evolution of market rents and yields. Our external appraisers have applied different approaches, namely on the anticipated need for temporary discounts and pace of leasing activities, depending on the retail climate in each country. The common approach in all three countries, to account for the above-mentioned uncertainties, is to increase discount rates vs. pre Covid levels. The Covid pandemic has been “replaced” by new macroeconomic uncertainties, due to the war in Ukraine, high inflation and increasing interest rates, thus influencing cap rates. It is currently uncertain, how long this slow down will last and thus what impact it will have on our activities and thus to which extent it will impact our investment properties. Increased attention towards climate impact and social responsibility can potentially impact our image and sustainability, and thus the yields. These areas are important focus areas for Steen & Strøm, and forementioned certifications and ratings, i.e., GRESB is confirming our claimed pursuit of excellence on both areas. The current increase in energy prices also has a potential impact on our cash flow, should current levels persist. On the short term, Steen & Strøm and our tenants are “shielded” by electricity hedging (see note 8 - Exposure to risk). Ongoing construction contracts 30 30 30 30 30 30 30 30

5.4b Equity method - Statement of comprehensive income 2022 2021 In thousands of NOK 100 % Group share 100 % Group share Gross rental income 127 262 63 631 130 062 65 031 Non-recovered rental expenses -16 635 -8 318 -16 179 -8 090 Building expenses (owner) -10 956 -5 478 -8 294 -4 147 Net rental income 99 671 49 836 105 589 52 795 Other operating revenue 137 69 517 259 Change in the fair value of investment properties 674 049 337 025 58 272 29 136 Other general expenses -266 -133 695 348 Depreciation and impairment allowance on intangible assets and property, plant and - - - - Operating income 773 591 386 796 165 073 82 537 Financial income 182 91 35 18 Financial expenses -69 -35 -63 -32 Net cost of debt 113 57 -28 -14 Profit before tax 773 704 386 852 165 045 82 523 Corporate income tax -152 685 -76 343 12 163 6 082 Net income of joint venture entities 621 019 310 510 177 208 88 604 5.4c Equity method - Statement of financial position 31/12/2022 31/12/2021 In thousands of NOK 100 % Group share 100 % Group share Furniture and equipment and work in progress - - - - Investment properties and properties under construction 3 936 901 1 968 451 3 219 515 1 609 758 Deferred tax assets - - - - NON-CURRENT ASSETS 3 936 901 1 968 451 3 219 515 1 609 758 Trade accounts and notes receivable 6 423 3 212 6 035 3 018 Other receivables 9 870 4 935 9 685 4 843 Cash and cash equivalents 70 279 35 140 46 380 23 190 CURRENT ASSETS 86 572 43 286 62 100 31 050 TOTAL ASSETS 4 023 473 2 011 737 3 281 615 1 640 808 Share capital 1 595 502 797 751 1 635 502 817 751 Additional paid-in capital 1 857 929 1 857 929 Consolidated reserves 1 482 641 741 321 1 258 983 629 492 Other consolidated reserves 1 482 641 741 321 1 258 983 629 492 Consolidated earnings 621 019 310 510 223 658 111 829 Shareholders’ equity, group share 3 701 019 1 850 510 3 120 000 1 560 000 SHAREHOLDERS' EQUITY 3 701 019 1 850 510 3 120 000 1 560 000 Deferred tax liabilities 287 437 143 719 134 752 67 376 NON-CURRENT LIABILITIES 287 437 143 719 134 752 67 376 Trade payables 26 301 13 151 1 048 524 Other liabilities 7 777 3 889 24 275 12 138 Social and tax liabilities 939 470 1 540 770 CURRENT LIABILITIES 35 017 17 509 26 863 13 432 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 4 023 473 2 011 737 3 281 615 1 640 808 5.5 - Other non-current assets In thousands of NOK 31/12/2022 31/12/2021 Other long term investments 3 283 3 230 Deposits 2 832 2 177 Loans * 200 000 - Total 206 115 5 406 * In 2022 Steen & Strøm AS sold its fully owned subsidiaries Hamar Storsenter AS, Gulskogen Senter AS and Stavanger Storsenter AS. In connection with the sales Steen & Strøm AS (lender) agreed to grant a seller’s credit in the aggregate principal amount of NOK 200 million to the buyer (borrower). The borrower shall pay interest on the outstanding principal amount of the credit from time to time at the rate of five (5) per cent per annum. Interests are payable quarterly in arrears. The maturity date for the loan is 1 July 2025. The borrower may at any time prepay any amount outstanding (in full or in part) without any premium fee or penalty at any time by giving three (3) business days' prior written notice to the lender. 32 32 32 32 32 32 32 32

5.6 - Trade receivables In thousands of NOK 31/12/2022 31/12/2021 Trade receivables 125 686 104 891 Stepped rents and rent-free periods of leases 70 112 74 932 Gross Value 195 797 179 823 Loss allowance -52 550 -45 851 Net value 143 248 133 972 Trade receivables aging and loss allowance In thousands of NOK Total Not due < 3 Months 3-6 Months > 6 Months Trade receivables, gross as of 31/12/2022 195 797 42 319 66 952 41 966 44 561 Loss allowance -52 550 - - -7 988 -44 561 Trade receivables, net as of 31/12/2022 143 248 42 319 66 952 33 978 - Trade receivables, gross as of 31/12/2021 179 823 106 364 14 904 25 859 32 696 Loss allowance -45 851 - -1 940 -11 215 -32 696 Trade receivables, net as of 31/12/2021 133 972 106 364 12 964 14 644 - In thousands of NOK 2022 2021 Opening balance loss allowance -45 851 -48 962 Increase in loss allowance recognised in the profit and loss during the period -36 586 -10 982 Impairment losses on trade receibavles 11 558 9 825 Reversal of previously impairment losses 18 633 1 117 Foreign exchange effects -303 2 416 Closing balance -52 550 -45 851 The trade receivables are spread across several shopping centers throughout Scandinavia (Norway, Sweden and Denmark). There is no one single customer who represents a significant share of the trade receivables. The majority of the Group's rental contracts have deposit and bank guarantees which secure up to 3 to 6 month's rent, including the outstanding trade receivables. Credit risk Credit risk is assessed for in accordance with IFRS 9. The credit risk assessment was conducted differently for forced closure periods and for open periods. The main rules applied are detailed below: 1) Specific tenants at risk: a) Receivables related to insolvent or bankrupt tenants have been 100% provisioned, after deducting any security deposits. b) For businesses heavily impacted by forced closure periods, the related receivables have been 100% provisioned without deducting security deposits. 2) Forced closure periods: a) The outstanding receivables (after deduction of abatements granted or to be granted) have been provisioned based on a tenant-by- tenant assessment of solvency profiles. Where there is an agreement for abatement, the outstanding amount net of abatements is maintained in receivables (no allowance or use of security deposits), as we consider that the outstanding receivable would be collected further to the rent abatement to be granted. b) These rules do not apply to receivables with the most heavily impacted businesses, which have been 100% provisioned without deducting security deposits, as described above. 3) Open period: a) Where an abatement agreement has been signed, agreed or expected, uncollected rents are maintained in receivables, with or without deduction of security deposits (depending on the quarter). b) Where no abatement agreement has been signed, agreed or expected, the outstanding amounts to be collected were assessed on a tenant-by-tenant basis taking into account the tenant’s solvency profile. Tenants were analyzed using different parameters such as the occupancy cost ratio. Therefore different levels of allowance were defined, ranging from 0% to 100%. 33 33 33 33 33 33 33 33

5.7 ‐ Other receivables In thousands of NOK 31/12/2022 31/12/2021 Tax receivables 100.830 153.570 ‐ Corporate income tax 22.253 22.502 ‐ VAT 78.577 131.068 Other receivables 211.567 228.944 ‐ Service charges due 19.064 19.909 ‐ Supplier advances and down payments made 3.095 3.190 ‐ Prepaid expenses 8.314 4.851 ‐ Other 181.094 200.994 Total 312.398 382.513 The item Other consists primarly of funds managed by the Group on behalf of tenants and third parties and receivables related to tax consolidation in Sweden (Nordica HoldCo AB is part of the Swedish tax group, but not part of the Steen & Strøm Group). 5.8 ‐ Cash and cash equivalents In thousands of NOK 31/12/2022 31/12/2021 Bank 313.824 460.902 Treasury instruments ‐ ‐ Gross cash and cash equivalents 313.824 460.902 ‐ Bank overdrafts ‐ ‐173.004 Net cash and cash equivalents 313.824 287.898 Restricted bank deposits The group maintain a group account scheme for bank accounts in Norway, which is linked to the group's overdraft accounts. At 31 December 2022 and 2021, the group held a total bank credit facility available of NOK 1 900 million and NOK 1 850 million, respectively. At 31 December 2022 and 2021, restricted funds amounted to NOK 2.4 million and NOK 3.0 million, respectively. Note 5.9 ‐ Shareholders' equity Share capital Shareholders At 31 December 2022, the share capital of the Company was NOK 73 258 653, divided into 29 303 461 shares at par value NOK 2,50. At 31 December 2022 and 2021, 100% of the shares in the Company were held by Storm Holding Norway AS. Storm Holding Norway AS is 100% owned by Nordica HoldCo AB, which in turn is owned 56.1% by Klèpierre Nordica BV, corporate identity number 34261791 with headquarters in Amsterdam, Holland and 43.9% by Storm ABP Holding BV, corporate identity number 34313617, with headquarters in Schipol, Holland. 34 34 34 34 34 34 34 34

5.10 ‐ Non‐current and current financial liabilities In thousands of NOK Opening Balance 01/01/2022 Cash flow Reclassification Non Current to Current Foreign exchange movement Fair Value changes Other movements Closing Balance 31/12/2022 Non‐current financial liabilities Bonds net costs/premium* 2.087.465 ‐4.460 ‐1.600.000 12.756 ‐ ‐ 495.761 Loans and borrowings from credit institutions ‐ more than one year** 5.521.976 ‐ ‐483.108 88.377 ‐ ‐ 5.127.245 Other loans*** 406.939 ‐399.999 ‐ ‐ ‐ ‐ 6.940 Non‐current lease liabilities (Note 9) 347.592 10.499 ‐4.427 17.811 ‐ ‐ 371.476 Non‐current derivatives (Note 8) 2.082 5.212 ‐ ‐ ‐2.082 ‐489 4.723 Total non‐current financial liabilities 8.366.054 ‐388.748 ‐2.087.535 118.944 ‐2.082 ‐489 6.006.145 Current financial liabilities Bonds net costs/premium* 948.000 ‐948.000 1.600.000 ‐ ‐ ‐ 1.600.000 Loans and borrowings from credit institutions ‐ less than one year** 253.125 ‐245.660 483.108 10.852 ‐ 40.759 542.184 Accrued interest 9.791 568 ‐ ‐ ‐ ‐ 10.359 Commercial papers**** 292.347 ‐292.680 ‐ 333 ‐ ‐ ‐ Current lease liabilities (Note 9) 4.523 ‐1.721 4.427 85 ‐ ‐ 7.314 Current derivatives (Note 8) 8.540 ‐2.007 ‐ ‐ ‐ ‐6.533 ‐ Total current financial liabilities 1.516.326 ‐1.489.499 2.087.535 11.270 ‐ 34.226 2.159.857 Total non‐current and current financial liabilities 9.882.380 ‐1.878.247 ‐ 130.214 ‐2.082 33.737 8.166.002 In thousands of NOK Opening Balance 01/01/2022 Cash flow Reclassification Non Current to Current Foreign exchange movement Fair Value changes Other movements Closing Balance 31/12/2022 NOK 3.762.835 ‐1.631.020 ‐ 13.089 ‐2.082 ‐7.022 2.135.800 SEK 2.385.675 ‐17.149 ‐ ‐71.287 ‐ ‐ 2.297.240 DKK 3.733.870 ‐230.079 ‐ 188.412 ‐ 40.759 3.732.962 Total non‐current and current financial liabilities 9.882.380 ‐1.878.247 ‐ 130.214 ‐2.082 33.737 8.166.002 Contractual payment* of liabilities In thousands of NOK 31/12/2022 31/12/2021 0‐1 years 2.283.094 1.637.833 2‐5 years** 2.484.830 4.028.313 More than 5 years 5.249.156 5.611.127 Total non‐current and current financial liabilities 10.017.080 11.277.273 ** The total loan granted byparent company, including incurred interests, was repaid in advance in February 2022. In thousands of NOK 31/12/2022 31/12/2021 Investment properties and properties under construction 24.351.860 22.440.922 Total carrying value of pledged assets 24.351.860 22.440.922 The total mortgage amount of the pledged assets amounts to NOK 8 863 million. **** Commercial papers are short‐term certificates issued by Nordic banks. The duration of the certificates is below 12 months. Recognised value of the Group's non‐current and current financial liabilities are denominated in currencies as follows: Certain loans are secured by pledge in certain assets. Pledged assets are specified in the table below: Foreign exchange rates at 31/12/2022 are used in the calculations. * Bonds are listed on the Oslo Stock Exchange. Information about interest‐rate and hedge agreements is provided in Note 8 *** Other loans includes loan granted by parent company of NOK 400 million. This loan was repaid in February 2022. See note 11.3 for further information about this loan. * Expected future interest payments is included in contractual payment of liabilities. Expected future interest payments is calculated based on the forward interests and spreads (fixed rate if applicable) for the liabilities in each country The mortgaged loans in Sweden has an average duration of 15.4 years, while in Denmark 13.7 years ** Loans and borrowings from credit institutions consist of mortgaged loans, related to the Group's investment property in Denmark/Sweden, granted by Nordic financial institutions 35 35 35 35 35 35 35 35

5.11 ‐ Social and tax liabilities and other liabilities In thousands of NOK 31/12/2022 31/12/2021 Social and tax liabilities Staff and related accounts 18.042 20.497 Social security and other bodies 8.894 5.822 ‐ Corporate income tax ‐15.877 ‐93.500 ‐ VAT 29.698 38.489 Other taxes and duties 61.745 105.545 Total social and tax liabilities 102.501 76.852 Other liabilities Creditor customers 131.295 160.991 Prepaid gift cards 33.751 46.030 Other liabilities 109.534 104.679 Total other liabilities 274.580 311.700 Note 5.12 Guarantees, bail declarations and pledges In thousands of NOK Bankingpartner 31/12/2022 Bail declaration ‐ surety for indemnity declaration previous tenants Nordea Bank AB, Norwegian branch 2.147 Pledges secured in investment property of subsidiaries Different partners 8.862.985 8.865.132 Loan covenants The Group has given the following guarantees, bail declarations and pledges: Total off‐balance sheet commitments of guarantees, bail declarations and pledges Certain loan agreements contain financial covenants. With regard to such covenants, Steen & Strøm AS has to maintain a minimum book equity ratio of 20%. Some subsidiaries have loan agreements with LTV (loan to value) covenants. Loan to value expresses the ratio of net interest‐ bearing debt to the value of the investment property. The covenants on these loans require the LTV to be below 65%. Furthermore, certain loan agreements contain a change of control event provision being triggered should the Klèpierre Group cease to own (directly or indirectly) 50% of the shares in Steen & Strøm AS. The Steen & Strøm Group was in compliance with its loan covenants 31 December 2022. 36 36 36 36 36 36 36 36

6.1 ‐ Income from disposal of investment properties and equity instruments 2022 Proceeds from disposal of investment properties and equity investments 1.678.727 Net book value of investment properties and equity investments sold ‐1.521.631 Income from disposal of investment properties and equity investments 157.096 2021 Proceeds from disposal of investment properties and equity investments 3.220.402 Net book value of investment properties and equity investments sold ‐2.926.272 Income from disposal of investment properties and equity investments 294.130 In 2022 Steen & Strøm AS sold its fully owned subsidiaries Hamar Storsenter AS, Gulskogen Senter AS and Stavanger Storsenter AS. All these sales took place with effect from 1 July 2022. Profit and loss from the sold companies have been included in the group accounts for Steen & Strøm AS for the first half of 2022. The transfers were formally made and cash proceeds received 1 July 2022. In relation to the above mentioned sales Steen & Strøm AS also received in total NOK 1 109 million in repayment of loans from the divested companies. In 2021 Steen & Strøm AS sold its fully owned subsidiaries Amanda Storsenter AS, Nerstranda AS, Vinterbro Senter DA and Farmandstredet Eiendom AS (including Slagenveien 2 AS). In addition, Steen & Strøm AS, also sold its 50% stake in Hovlandparken DA, (including Hovlandparken AS). All these sales took place with effect from 1 July 2021. Profit and loss from the sold companies have been included in the group accounts for Steen & Strøm AS for the first half of 2021. The transfers were formally made and cash proceeds received in July 2021. In relation to the above mentioned sales Steen & Strøm AS also received in total NOK 1 080 million in repayment of loans from the divested companies. In addition, Steen & Strøm AS, sold its fully owned subsidiary Torgterrassen AS in October 2021. Consideration for the sale was received in October 2021. Torgterrassen AS was founded in 2021 by a vertical de‐merger of Stavanger Storsenter AS, where the property Torgterrassen was transferred to the newly established company Torgterrassen AS. Finally, the fully owned subsidiary Steen & Strøm Holding AB, sold its fully owned subsidiary FAB Lackeraren Borlänge. Sale conducted and cash received in June 2021. 6.2 ‐ Net cost of debt In thousands of NOK 2022 2021 Financial income Interest income on swaps 56.666 15.149 Interest on associates’ advances ‐ 1 Other interest received 14.390 120 Other revenue and financial income 1.133 5.332 Foreign exchange gains 517.986 421.623 Financial income 590.175 442.225 Financial expenses Interest on bonds ‐71.661 ‐69.431 Interest on loans from credit institutions (incl. certificates) ‐84.443 ‐64.948 Interest expense on swaps ‐40.858 ‐67.123 Interest on associates’ advances ‐3.408 ‐15.516 Other financial expenses ‐49.787 ‐12.963 Foreign exchange losses ‐350.465 ‐416.465 Interest on lease liabilities ‐7.001 ‐7.248 Financial expenses ‐607.623 ‐653.693 Net cost of debt ‐17.448 ‐211.468 Net cost of debt include net foreign exchange gain of NOK 167.5 million and NOK 5.2 million in 2022 and 2021, respectively. Financial expenses includes interest on external bonds, certificates and bank loans. 37 37 37 37 37 37 37 37

7 - Tax In thousands of NOK 2022 2021 Tax expenses: Current Tax 22 814 -32 796 Change in deferred tax -41 631 53 268 Tax expenses -18 817 20 472 Profit before tax 598 570 507 585 Tax calculated on profit before tax -130 017 -109 722 Tax on group contribution given to parent company 8 918 49 283 Taxes without bases in taxable income current period 57 002 -4 744 Non taxable elements 45 205 85 415 Other 76 240 Tax expenses -18 817 20 472 Non taxable elements in mainly related to sale of shares. Effective tax rate 3,1% -4,0% Deferred taxes are composed of: Deferred tax assets In thousands of NOK 31/12/2022 31/12/2021 Tangible fixed assets and investment property 152 580 152 500 Losses carried forward - -7 068 Capital losses carried forward/capital gain pending taxation - 510 Other - -562 Total for entities in a net asset position 152 580 145 379 Deferred tax liabilities Tangible fixed assets and investment property 3 811 034 4 091 185 Derivatives 42 653 6 237 Long-term liabilities and receivables - 1 992 Capital losses carried forward/capital gain pending taxation 1 112 2 933 Other 133 125 32 935 Total for entities in a net liability position 3 987 924 4 135 282 NET POSTITIONS 3 835 345 3 989 903 Summary of losses carried forward No due date 377 858 513 263 Total losses carried forward 377 858 513 263 Change in deferred tax recognized in other comprehensive income Cash flow hedges ex translation profits and losses 30 864 23 351 Translation profits and losses cash flow hedges -410 252 Total deferred tax recognized in other comprehensive income 30 454 23 603 Losses carried forward is related to the Group's operations in Sweden. 38 38 38 38 38 38 38 38

Overview of the Group's hedge agreements: Start Date End Date Amount Currency Int. rate Excess value (thousand NOK) 14.06.2019 14.03.2024 400 000 000 NOK 1,7525 % 7 791 14.06.2019 16.03.2026 300 000 000 NOK 1,8275 % 12 335 18.10.2019 24.10.2024 200 000 000 NOK Cross‐currency swap 783 18.10.2019 24.10.2024 150 000 000 NOK 2,5500 % ‐4 723 13.07.2020 07.07.2025 300 000 000 NOK 0,5720 % 21 080 26.10.2020 08.08.2025 250 000 000 NOK 0,5800 % 17 609 02.09.2021 16.06.2025 100 000 000 NOK 0,5500 % 6 475 02.09.2021 27.12.2023 300 000 000 NOK 1,4860 % 5 512 23.06.2022 23.06.2027 500 000 000 NOK 1,5210 % 33 004 01.10.2018 21.08.2023 400 000 000 SEK 1,5000 % 3 867 09.07.2020 29.09.2023 200 000 000 SEK 1,1500 % 4 263 30.10.2020 29.10.2027 100 000 000 SEK 0,1880 % 12 814 15.04.2021 30.09.2027 300 000 000 SEK 0,1820 % 37 850 30.12.2021 30.12.2026 200 000 000 SEK 0,3190 % 20 885 30.06.2022 30.06.2027 300 000 000 SEK 0,3910 % 33 771 09.12.2022 14.04.2023 230 000 000 SEK FX swap 4 818 02.01.2019 03.07.2023 300 000 000 DKK 1,3900 % 3 112 30.12.2020 30.12.2025 300 000 000 DKK ‐0,1010 % 42 418 30.06.2022 30.06.2027 800 000 000 DKK 0,0460 % 155 474 03.07.2023 30.06.2026 300 000 000 DKK 0,0540 % 40 319 Total net excess value 459 459 8 ‐ Exposure to risk The procedures for managing risk are approved by the Board of Directors. Interest‐rate risk Interest rate risk arises in the short and medium term, following the part of the Company's debt which has a floating interest rate. The loan portfolio currently has a combination of floating and fixed rates, where long‐term rent agreements have been made for approximately 80% of the Group's loan portfolio. The Group uses various types of interest rate derivatives to hedge against fluctuations due to changes in interest rate levels. As of 31 December 2022 and 2021, the Group had interest‐rate hedges at nominal value NOK 6 690 million and NOK 8 453 million, respectively. The interest rate swaps are used to hedge against fluctuations due to changes in the level of interest rates. The secured loans and the swap agreements have the same terms and conditions. For the swaps that's satisfy the requirements for hedge accounting under IFRS 9, changes in fair value are recognized directly through other comprehensive income (OCI). Average rate on interest‐bearing loans in 2022 and 2021 was 1.6% and 1.7%, respectively. Based on the financial instruments and interest rate swaps as of 31 December 2022, a general increase of 1% in interest rate levels will reduce profits by approximately NOK 10.5 million. The Group recognized in 2022 an income of NOK 15.8 million on interest‐rate hedging (expense of NOK 52.0 million in 2021). Other movements in interest rate hedging that are not recognized through the income statement are itemized in other comprehensive income. Liquidity risk The Group's strategy is to, at all times, have sufficient cash and cash equivalents or credit facilities to be able to finance operations and investments for the next three years, in accordance with the Company's strategic plan for the same period. See Note 5.8 Cash and cash equivalents. At 31 December 2022, the Group held a total bank credit facility available of NOK 1 900 million. See note 5.10 for further details regarding financial liabilities. 39 39 39 39 39 39 39

31/12/2022 31/12/2021 SEK 2 297 240 2 385 675 DKK 3 732 962 3 733 870 Exchange rate on the balance sheet date 31/12/2022 31/12/2021 SEK 94,53 97,45 DKK 141,38 134,32 In thousands of NOK 31/12/2022 31/12/2021 Total financial liabilities (including bank facilities and excluding lease liabilities) 7 782 489 9 692 647 Cash and interest‐bearing receivables 313 824 460 902 Net interest‐bearing debt 7 468 665 9 231 745 Total non‐current assets 29 694 460 32 296 705 Debt ratio 25,2% 28,6% Debt ratio as of 31 December 2022 and 2021 were as follows: Non‐Current and Current Interest bearing Financial Liabilities in foreign currency (in thousands of NOK) Counterparty risk Counterparty risk is limited by the fact that Steen & Strøm is structurally a borrower. The Group is therefore limited essentially to investments made by the Group and the Group's derivative transactions counterparties. The Group only conducts marketable securities and hedging instruments with leading Scandinavian financial institutions recognized as financially sound. Debt ratio The Group's objective is to secure continued operations by ensuring sustainable returns for shareholders and other stakeholder, and to maintain an optimal capital structure to reduce capital costs. To improve the capital structure , the group may adjust the level of dividends to shareholders repay capital to shareholders, issue new shares or sell assets in order to repay loans. Electricity hedging Steen & Strøm is purchasing «common» electricity on behalf of the center and thus our tenants, and for some centers in Sweden we also purchase electricity for our tenants’ «private consumption». To secure a stable and foreseeable budget, we are hedging the electricity price based on projected consumption for the portfolio, following a fixed, rolling strategy agreed with our provider. The defined strategy entails forward hedges corresponding to 80%, 60%, 40% and 20% of expected consumption for the subsequent 4 years. Forecasted consumption for all 3 countries is approx. 56.500 MWh/year. Currency risk Changes in exchange rates involve both direct and indirect financial risk for the Group. The currency exposure is mainly limited to the equity portion of shopping center investments in Sweden and Denmark. Hedging is achieved by using the same currency for assets and liabilitites in each country. 40 40 40 40 40 40 40

9 ‐ Leases Comprehensive income statement impacts from applying IFRS 16 Leases: In thousands of NOK 2022 2021 Value change right‐of‐use assets related to investment properties ‐1 784 ‐6 304 Depreciation of right‐of‐use assets related to office and vehicle leases 3 000 9 603 Interest expense on lease labilities 7 001 7 248 Total (net expense) 11 786 23 156 Future minimum lease payments related to non‐cancellable leases fall due as follows (discounted values): In thousands of NOK 31/12/2022 31/12/2021 Within 1 year 7 314 4 523 1 to 5 years 10 020 10 020 After 5 years* 361 456 337 572 Total 378 790 352 115 * Leasing commitment related to 84 year lease of land in Denmark. Consolidated statement of cash flows impacts from applying IFRS 16 Leases: In thousands of NOK 2022 2021 Change in the fair value of investment properties ‐1 784 ‐6 304 Depreciation, amortization and provisions 3 000 9 603 Reclassification of financial interests and other items ‐7 001 ‐7 248 Repayment of loans, borrowings and hedging instruments ‐1 721 ‐10 716 The carrying value of assets, leased under lease agreements were the Group is the lessor, is as follows: In thousands of NOK 31/12/2022 31/12/2021 Investment properties 26 640 670 30 140 407 Total 26 640 670 30 140 407 IFRS 16 Leases was implemented with effect from 1 January 2019. The Group as lessee The Group has entered into several leases for vehicles, offices and properties/land. Several of these leases have an extension option. The agreements do not contain restrictions on the Company's dividends policy or financing opportunities. All lease agreements, where the Group is the lessee, have been reviewed in accordance with IFRS 16. Right‐of‐use assets and lease liabilities have been recognized in the statement of financial position measured at the present value of unavoidable lease payment. Further details about right‐of‐use assets and lease liabilities are provided in note 5.2 Furniture and equipment, 5.3a Investment properties and 5.10 Non‐current and current financial liabilities. Total cash payments made during 2022 and 2021 related to leases for vehicles, offices and properties/land accounted for in accordance with IFRS 16 Leases, where the Group is the lessee, amounted to NOK 15.6 million and NOK 14.0 million respectively. Group as lessor The Group's main activity is that of being a lessor of the Group's investment properties. Leases as described in the tables below are based on agreements as of 31 December 2022, and in nominal amounts. The Group's lease agreements are adjusted with changes in consumer price index on an annual basis. 41 41 41 41 41 41 41

f 10 ‐ Payroll Expenses In thousands of NOK 2022 2021 Wages, bonuses and indemnities 80 994 89 410 Social security tax 14 946 17 524 Pension costs 12 946 13 469 Other costs 6 134 6 149 Payroll expenses 115 019 126 551 Remuneration of senior executives 2022 (in thousands of NOK) Salary Bonus Payment in kind Pension Total Group Management Marie Caniac ‐ Chief Executive Officer 2 013 512 838 196 3 559 Bjørn Tjaum ‐ Chief Investment Officer 2 162 1 053 330 275 3 819 Nils Eivind Risvand ‐ Chief Legal Officer 1 783 1 053 310 247 3 393 Brian Jensen ‐ Chief Financial Officer 1 970 747 118 193 3 028 Total compensation 7 927 3 364 1 596 911 13 798 2021 (in thousands of NOK) Salary Bonus Payment in kind Pension Total Group Management Marie Caniac ‐ Chief Executive Officer (from 1 July 2021) 982 ‐ 414 86 1 482 Louis Bonelli ‐ Chief Executive Officer (until 30 June 2021) 1 190 675 445 171 2 482 Bjørn Tjaum ‐ Chief Investment Officer 2 097 466 292 260 3 115 Nils Eivind Risvand ‐ Chief Legal Officer 1 731 964 275 256 3 226 Brian Jensen ‐ Chief Financial Officer 1 911 717 127 188 2 943 Total compensation 7 911 2 822 1 552 962 13 247 Employees The average number of employees in the Group in 2022 and 2021 were 114 and 133, respectively. At 31 December 2022 (31 December 2021) the Group had 102 (124) employees. Pension cost All employees in the Group are on defined contribution plans. The contribution plans are in compliance with the legal requirements of each country. Bonus scheme Bonus schemeBonus is decided based on the Company's achieved results and an individual assessment of each employee. As of 31 December 2022 and 2021 NOK 17.1 million and NOK 15.2 million, respectively, have been accrued to cover the Group's bonus scheme. The bonus provision includes public and social taxes. The Chief Executive Officer is hired on an expat agreement with the Klèpierre Group. The expat contract for the Chief Executive Officer last until 30 June 2024. The notice period for the Chief Investment Officer and the Chief Financial Officer is six months, while it is four months for the Chief Legal Officer. No agreements have been entered with regards to severance payment or other post‐employment benefits for the senior executives if the employment contracts are to be terminated. None of the Company's employees or members of the board have shares or stock options in the Company. 43 43 43 43 43 43

in thousands of NOK Level 1 Level 2 Level 3 Total Total investment properties 26 697 816 26 697 816 Total financial derivatives 459 459 459 459 Other financial assets 455 646 206 115 661 761 Other financial liabilities ‐8 791 829 ‐ ‐8 791 829 Total other financial assets and liabilities ‐ ‐8 336 184 206 115 ‐8 130 069 Total ‐ ‐7 876 725 26 903 931 19 027 206 in thousands of NOK Level 1 Level 2 Level 3 Total Total investment property ‐ ‐ 30 199 315 30 199 315 Total financial derivatives ‐ 70 631 ‐ 70 631 Other financial assets ‐ 516 485 5 406 521 892 Other financial liabilities ‐ ‐10 718 802 ‐ ‐10 718 802 Total other financial assets and liabilities ‐ ‐10 202 317 5 406 ‐10 196 910 Total ‐ ‐10 131 685 30 204 721 20 073 036 31/12/2022 31/12/2021 11.1 ‐ Fair value measurements This note provides information about how the Group determines the fair values of various assets and liabilities Investment properties The Group has appointed Cushman & Wakefield as external appraiser for determining the fair value of the Group's investment properties. The fair value was determined based on the income approach. The model is based on the actual tenant situation, long‐term predictions based on expected inflation and market developments. The shopping centers are appraised twice a year by the external appraiser. Hedging items Interest rate swaps are included in the balance sheet at fair value. The fair value of interest rate swaps is obtained from financial institutions. Other financial assets and liabilities Other financial assets consist of other non‐current assets, trade accounts receivables and other receivables. Other financial liabilities consist of non‐ current and current financial liabilities, security deposits and guarantees, bank facilities, trade payables, other liabilities and social and tax liabilities. All accounting items measured at fair value have been categorized to assess valuation uncertainty. ∙ Level 1 includes investments where fair value has been determined based on quoted prices in active markets. ∙ Level 2 includes investments where fair value has been determined based on valuation modelling and market information. These investments are more uncertain than Level 1. ∙ Level 3 includes investments where fair value has not been determined based on observable market data (i.e. unobservable inputs). Investments in Level 3 is determined using valuation models that, in material aspect, uses input that is non observable market data which implies that there exist a considerable uncertainty in determining fair value. Description of adapted methods for determining fair value on liabilities and assets measured at other than fair value in the balance sheet The carrying value of cash, cash equivalents and bank overdrafts approximates their fair value as these instruments have short maturities. Similarly, the book value of accounts receivable and accounts payable approximates to fair value. For other financial assets and liabilities, except the accounting items described above, fair value is calculated as the present value of estimated cash flows discounted at the rate applicable to similar liabilities and assets on the balance sheet date. This value is approximately equal to fair value. 44 44 44 44 44 44 44

11.2 – Litigations and claims Steen & Strøm is a Scandinavian company that, through its ongoing business operations, will be exposed to litigations and claims from public authorities and contracting parties. Changes in individual countries’ tax laws, could increase the Group’s tax exposure. The Group’s assessment is that best estimate provisions have been made for the aforementioned conditions. Field´s – “Naturklagenævnet” In the High Court of Eastern Denmark validated a decision from the Nature Protection Board of Appeal, which stated that the building permit for a part of the shopping centre “Field´s” did not comply with the local development plan. The decision was upheld in 2014 after a complaint. The party to this decision was the Municipality of Copenhagen, however Steen & Strøm had the right to appeal. Steen & Strøm issued a law suit in 2014, claimingthat the decision of the Nature Protection Board of Appeal is void, on several grounds. The court process has taken several year. In 2016, a specific issue was separated from the case and heard for Copenhagen City Court. Steen & Strøm stated that the case should be dismissed, as the organization making the initial protest, did not have sufficient legal interest. However, Steen & Strøm was not successful with this argument. The case now continues on its merits. The main proceedings for the court has been scheduled for January, 2024. In the main hearing, the court will also consider Steen & Strøm’s claim that the case must be referred to the ECJ (European Courts of Justice). The decision of the court can be appealed, and a final decision might take several further years. No provisions related to this case have been made in the Steen & Strøm Group consolidated financial statements at 31 December 2022. Tax case – Lillestrøm Torv The Norwegian tax authorities have decided that taxable income in a former subsidiary of Steen & Strøm AS shall be increased by NOK 85.3 million for the income year 2015. The amount entails a tax of NOK 23 million. The reason for the decision is that a property transferred to another group company in 1997, by mistake, remained in the transferring company's books. This was corrected when it was discovered in 2015, but the tax authorities' opinion was that the realization first took place in 2015. Steen & Strøm strongly disagrees with the decision and have filed a complaint. The complaint is likely to be heard in 2023 or 2024. If this is unsuccessful, the matter is likely to be taken to the courts. No provisions related to this case have been made in the Steen & Strøm Group consolidated financial statements at 31 December 2022. 45 45 45 45 45 45 45 45

11.3 - Related parties Other general expenses In thousands of NOK 2022 2021 Standard IT fee -10 218 -15 329 Total -10 218 -15 329 Net cost of debt 11.4 - Post-balance sheet date events 11.5 - Audit fees In thousands of NOK 2022 2021 Statutory audit 5 146 5 063 Other services 541 197 Total 5 686 5 260 The parent company of the Steen & Strøm Group, Steen & Strøm AS is a 100% owned subsidiary of Storm Holding Norway AS. Storm Holding Norway AS is fully owned by Nordica HoldCo AB, which in turn is owned by subsidiaries of Klépierre SA and Stichting Pensionenfonds ABP. Transactions between related parties are mainly related to provision of group shared services, and financing. All transactions with related parties are carried out at arm's length principle. Steen & Strøm AS was during 2020 granted a loan, with face value of NOK 400 million, from its parent company Storm Holding Norway AS. The loan was interest- bearing at a fixed interest-rate of 3.75%. According to the loan agreement the loan should be repaid in full within 2 July 2025. The total loan was repaid in advance in February 2022. High inflation is still influencing our economies. The conflict in Ukraine is expected to continuously influence the global economy, and consumer confidence is declining, however the impact on consumer behavior is still somewhat unclear. It is consequently still too early to fully assess the impacts on Steen & Strøm’s operations, which will depend on the duration of the conflict in Ukraine. Management is monitoring the situation ongoing and will take necessary precautions to mitigate the negative impacts. 46 46 46 46 46 46 46 46

^dE Θ ^dZTD ^ Ͳ &/EE/> ^ddDEd^ ^ddDEd K& KDWZ,E^/s /EKD /Ŷ ƚŚŽƵƐĂŶĚƐ ŽĨ EK< EŽƚĞ ϮϬϮϮ ϮϬϮϭ KƚŚĞƌ ŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ϭϬϰ ϳϵϯ ϭϭϰ ϰϴϳ 'ĂŝŶ ĨƌŽŵ ƐĂůĞƐ ŽĨ ĂƐƐĞƚƐ ϭ ϭϱϬ Ͳ dŽƚĂů ŽƉĞƌĂƚŝŶŐ ŝŶĐŽŵĞ ϭϬϰ ϵϰϯ ϭϭϰ ϰϴϳ WĂǇƌŽůů ĞǆƉĞŶƐĞƐ Ϯ ϲϬ ϱϵϲ ϳϰ ϵϯϴ ĞƉƌĞĐŝĂƚŝŽŶ ϭ ϵ ϭϳϯ Ϯϳ ϰϴϮ KƚŚĞƌ ŽƉĞƌĂƚŝŶŐ ĞǆƉĞŶƐĞƐ ϭ Ϯ ϯ ϱϰ ϵϯϯ ϰϵ ϳϯϴ dŽƚĂů ŽƉĞƌĂƚŝŶŐ ĞǆƉĞŶƐĞƐ ϭϮϰ ϳϬϮ ϭϱϮ ϭϱϴ KWZd/E' /EKD Ͳ ϭϵ ϳϱϵ Ͳ ϯϳ ϲϳϭ &ŝŶĂŶĐŝĂů ŝŶĐŽŵĞ ĂŶĚ ĞǆƉĞŶƐĞƐ /ŶĐŽŵĞ ĨƌŽŵ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ϰ ϭϭϬ ϴϯϯ ϭϯϰ ϭϰϬ 'ĂŝŶ ĨƌŽŵ ƐĂůĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ĂŶĚ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ϰ ϭϱϵ ϭϬϮ ϭ ϰϮϰ ϰϵϲ /ŶƚĞƌĞƐƚ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ŐƌŽƵƉ ĐŽŵƉĂŶŝĞƐ ϱ ϴϭ ϬϳϮ ϭϰϬ ϯϵϲ EĞƚ ŝŶƚĞƌĞƐƚ ŽŶ ĂƐŚ ƉŽŽů ϲ ϵϲϭ Ͳ ϭ ϬϲϮ KƚŚĞƌ ĨŝŶĂŶĐŝĂů ŝŶĐŽŵĞ ϲ ϭϱϲ ϭϬϬ Ϯϰϳ ϯϮϮ tƌŝƚĞ ĚŽǁŶ ŽŶ ƐŚĂƌĞƐ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ϰ Ͳ Ͳ ϭϭ ϴϴϴ /ŶƚĞƌĞƐƚ ƉĂŝĚ ƚŽ ŐƌŽƵƉ ĐŽŵƉĂŶŝĞƐ ϱ Ͳ ϱ Ϯϳϯ Ͳ ϭϳ Ϭϵϵ /ŶƚĞƌĞƐƚ ŽŶ ďŽƌƌŽǁŝŶŐƐ ϭ ϳ Ͳ ϰϵ ϲϬϲ Ͳ ϵϮ ϯϴϳ KƚŚĞƌ ĨŝŶĂŶĐŝĂů ĞǆƉĞŶƐĞƐ ϲ Ͳ ϭϰϲ ϱϳϳ Ͳ ϮϬϴ ϱϳϴ Ed &/EE/> /EKD E yWE^^ ϯϭϮ ϲϭϯ ϭ ϲϭϱ ϯϰϭ WZK&/d &KZ dy ϮϵϮ ϴϱϰ ϭ ϱϳϳ ϲϳϬ ŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ƚĂǆ ϴ ϴ ϴϲϯ ϵ ϮϳϬ KZWKZd /EKD dy ϴ ϴϲϯ ϵ ϮϳϬ EĞƚ ŝŶĐŽŵĞ ϯϬϭ ϳϭϳ ϭ ϱϴϲ ϵϰϬ KƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŝƚĞŵƐ ƌĞĐŽŐŶŝǌĞĚ ĚŝƌĞĐƚůǇ ĂƐ ĞƋƵŝƚǇ /ƚĞŵƐ ƚŚĂƚ ŵĂǇ ďĞ ƌĞĐůĂƐƐŝĨŝĞĚ ƐƵďƐĞƋƵĞŶƚůǇ ƚŽ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ĨĨĞĐƚŝǀĞ ƉŽƌƚŝŽŶ ŽĨ ƉƌŽĨŝƚƐ ĂŶĚ ůŽƐƐĞƐ ŽŶ ĐĂƐŚͲĨůŽǁ ŚĞĚŐŝŶŐ ŝŶƐƚƌƵŵĞŶƚƐ ;/&Z^ ϵͿ ϱϴ ϱϯϱ ϲϳ ϵϰϬ dĂǆ ŽŶ ĐĂƐŚͲĨůŽǁ ŚĞĚŐŝŶŐ ŝŶƐƚƌƵŵĞŶƚƐ Ͳ ϭϮ ϴϳϳ Ͳ ϭϰ ϵϰϳ /ƚĞŵƐ ƚŚĂƚ ǁŝůů ŶŽƚ ďĞ ƌĞĐůĂƐƐŝĨŝĞĚ ƐƵďƐĞƋƵĞŶƚůǇ ƚŽ ƉƌŽĨŝƚ ĂŶĚ ůŽƐƐ Ͳ Ͳ dŽƚĂů ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ϯϰϳ ϯϳϱ ϭ ϲϯϵ ϵϯϮ 48 48 48 48 48 48 48 48

^ddDEd K& &/EE/> WK^/d/KE /Ŷ ƚŚŽƵƐĂŶĚƐ ŽĨ EK< EŽƚĞ ϯϭϭϮϮϬϮϮ ϯϭϭϮϮϬϮϭ /ŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ϴ Ϯϴ ϰϱϳ Ϯϵ ϵϮϳ ^ŽĨƚǁĂƌĞ ϭ ϮϬ Ϯϯϴ ϭϳ ϯϰϭ dŽƚĂů ŝŶƚĂŶŐŝďůĞ ĂƐƐĞƚƐ ϰϴ ϲϵϱ ϰϳ Ϯϲϴ WƌŽƉĞƌƚǇ ƉůĂŶƚ Θ ĞƋƵŝƉŵĞŶƚ ŽŵƉĂŶǇ ĐĂďŝŶ ϭ ϭ ϵϰϵ Ϯ Ϯϭϳ ĂƌƐ ŵĂĐŚŝŶĞƌǇ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ϭ ϭ ϳϯϱ ϭ ϭϳϬ ZŝŐŚƚͲŽĨͲƵƐĞ ĂƐƐĞƚƐ ϭ ϭϰ ϳϯϲ Ϯ Ϯϭϯ dŽƚĂů ƉƌŽƉĞƌƚǇ ƉůĂŶƚ Θ ĞƋƵŝƉŵĞŶƚ ϭϴ ϰϭϵ ϱ ϱϵϵ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ /ŶǀĞƐƚŵĞŶƚ ŝŶ ƐƵďƐŝĚŝĂƌŝĞƐ ϰ ϳ ϵϬϰ ϴϲϬ ϵ ϰϮϯ ϳϬϲ >ŽĂŶƐ ƚŽ ƐƵďƐŝĚŝĂƌŝĞƐ ϱ ϲ ϭ ϱϭϴ ϳϲϮ ϯ ϯϯϮ ϱϵϳ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ũŽŝŶƚ ǀĞŶƚƵƌĞƐ ϵ ϭ ϬϬϲ ϱϬϬ ϵϵϭ ϱϬϬ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐŚĂƌĞƐ ϰ ϮϯϬ ϮϯϬ KƚŚĞƌ ŶŽŶͲĐƵƌƌĞŶƚ ƌĞĐĞŝǀĂďůĞƐ ϲ Ϯϵϵ Ϭϳϴ Ͳ dŽƚĂů ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ϭϬ ϳϮϵ ϰϯϬ ϭϯ ϳϰϴ Ϭϯϯ EKEͲhZZEd ^^d^ ϭϬ ϳϵϲ ϱϰϰ ϭϯ ϴϬϬ ϵϬϬ ZĞĐĞŝǀĂďůĞƐ dƌĂĚĞ ƌĞĐĞŝǀĂďůĞƐ ϭϰ ϯϮϵ Ͳ >ŽĂŶƐ ƚŽ ŐƌŽƵƉ ĐŽŵƉĂŶŝĞƐ ϱ ϱ ϱϴϲ ϳϱ ϳϰϭ KƚŚĞƌ ĐƵƌƌĞŶƚ ƌĞĐĞŝǀĂďůĞƐ ϲ ϭϬ ϯϮ ϳϴϳ ϱϴ ϯϱϭ dŽƚĂů ĐƵƌƌĞŶƚ ƌĞĐĞŝǀĂďůĞƐ ϱϮ ϳϬϮ ϭϯϰ ϬϵϮ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ ĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ Ϯ ϲϰ ϬϮϰ ϯϲ Ϭϳϴ hZZEd ^^d^ ϭϭϲ ϳϮϲ ϭϳϬ ϭϳϬ dKd> ^^d^ ϭϬ ϵϭϯ ϮϳϬ ϭϯ ϵϳϭ ϬϳϬ 49 49 49 49 49 49 49 49

STATEMENT OF CASH FLOWS In thousands of NOK Note 2022 2021 Net income 301 717 1 586 940 Corporate income tax 8 ‐ 8 863 ‐ 9 270 Paid tax for the period ‐ 17 906 ‐ 2 731 Gain/Loss on sale of non‐current assets ‐ 150 ‐ Income on shares in subsidiaries 4 ‐ 75 833 ‐ 91 140 Gain/Loss on sale of shares 4 ‐ 159 102 ‐1 424 496 Depreciation on fixed assets 1 9 173 27 482 Write‐down/reversal of write‐down on financial assets 4 ‐ 11 888 Changes in trade receivables ‐ 14 329 67 Changes in trade payable ‐ 22 ‐ 13 929 Changes in social and tax liabilities ‐ 1 253 ‐ 1 252 Changes in other current assets & other current liabilities ‐ 34 813 2 566 Net cash flow from operating activities ‐ 1 382 86 125 Payments on acquisitions of non‐current assets 9 ‐ 15 000 ‐ 21 000 Proceeds from sale of non‐current assets 4, 6 1 477 949 3 166 645 Payments on acquisitions of other assets ‐ 9 925 ‐ 7 127 Proceeds from loans to subsidiaries 1 813 834 1 980 974 Net cash flow from investing activities 3 266 858 5 119 492 Payments on borrowings 7 ‐1 699 530 ‐3 522 678 Payments of dividends ‐1 538 000 ‐1 697 500 Net cash flow from financing activities ‐3 237 530 ‐5 220 178 NET CHANGES IN CASH 27 946 ‐ 14 561 Cash at the start of the period 36 078 50 639 Net changes in cash 27 946 ‐ 14 561 Cash at the end of the period 64 024 36 078 51 51 51 51 51 51 51 51

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NOTES TO THE FINANCIAL STATEMENTS All amounts in thousands of NOK, unless otherwise specified. ACCOUNTING PRINCIPLES Simplified Application ‐ change of accounting principle Shares in subsidiaries and joint ventures 1 ‐ SOFTWARE, PROPERTY, PLANT & EQUIPMENT Intangible assets ‐ software 31/12/2022 31/12/2021 Acquisition cost as of 01/01 197 501 190 374 Acquisition 8 248 7 127 Acquisition cost as of 31/12 205 750 197 501 Acc. depreciation as of 31/12 185 512 180 160 Net book value as of 31/12 20 238 17 341 Depreciation for the year 5 351 20 315 Vehicles, furniture and office equipment and machinery 31/12/2022 31/12/2021 Acquisition cost as of 01/01 16 161 16 161 Acquisition 1 196 ‐ Acquisition cost as of 31/12 17 357 16 161 Acc. depreciation as of 31/12 15 623 14 991 Net book value as of 31/12 1 735 1 170 Depreciation for the year 1 112 1 867 Company cabin 31/12/2022 31/12/2021 Acquisition cost as of 01/01 6 698 6 698 Acquisition cost as of 31/12 6 698 6 698 Acc. depreciation as of 01/01 4 482 4 214 Acc. depreciation as of 31/12 4 750 4 482 Net book value as of 31/12 1 949 2 217 Depreciation for the year 268 268 The accounts have been prepared in accordance with simplified application of international accounting standards according to §3‐9 of the Norwegian Accounting Act. See also note 2 in the group's consolidated financial statements. The explanation of the accouting policies also apply to the parent company, and the notes to the consolidationed financial statements will in som cases cover the parent company. As from 2022 the Company has applied the following simplification to the recognition and valuation rules of IFRS: ‐ IAS 10, paragraph 12 and 13 are omitted so that dividends and group contribution accounted for in accordance with Norwegian Accounting Act. The tax is recognized in accordance with IAS 12.57A as under full IFRS, where the tax effects of the distribution are presented as a tax expense in the statement of comprehensice income in the same period as the distribution is accrued as a liability. Shares in subsidiaries and joint ventures are stated using the cost method. 53 53 53 53 53 53 53 53

Right‐of‐use assets 31/12/2022 31/12/2021 Net book value as of 01.01 2 213 3 475 Acquisition 15 464 3 835 Disposal ‐ 499 ‐ 65 ‐ 2 442 ‐ 5 032 Net book value as of 31/12 14 736 2 213 Rent period as of 31/21/2021 is 3 months. Liabilities right‐of‐use assets: 31/12/2022 31/12/2021 Other Non‐Current liabilities 11 117 1 053 Current liabilities (1. year payment) 3 636 1 157 Total liabilities right‐of‐use assets as of 31/12 14 754 2 211 Interest expenses right‐of‐use liabilities of NOK 51 thousand. 2 ‐ PAYROLL EXPENSES 2022 2021 Wages, bonuses and indemnities 45 552 57 510 Social security tax 7 176 9 083 Pension costs 4 212 4 577 Other costs 3 656 3 767 Total payroll expenses 60 596 74 938 Employees The average number of employees in Steen & Strøm AS in 2022 and 2021 were 45 and 63, respecƟvely. Remuneration of senior executives See note 10 of the consolidated financial statements. Audit fees The audit fee for Steen & Strøm AS in 2022 was NOK 2 492,5 thousand (NOK 1 912 thousand in 2021). Other certification service for Steen & Strøm AS in 2022 was NOK 282,5 thousand. Restricted funds As of 31 December 2022 and 2021, restricted funds amounted to NOK 2 345 thousand and NOK 2 993 thousand. 3 ‐ BREAKDOWN OF OTHER OPERATING EXPENSES 2022 2021 Rental space 1 570 530 Management and other fees 4 954 5 069 Other operating expenses 4 192 3 810 Other administrative costs 44 217 40 328 Total other operating expenses 54 933 49 738 DepreciaƟon and impairment allowances 54 54 54 54 54 54 54 54

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ϲ Ͳ &/EE/> /EdZhDEd^ Ͳ yWK^hZ dK Z/^< dŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ĂŵŽƵŶƚ ĨŽƌ ϯϭϭϮϮϬϮϭ ǁĂƐ Ă ŶĞƚ ƌĞĐĞŝǀĂďůĞ ŽĨ EK< Ϯϳ ϳϱϵ ƚŚŽƵƐĂŶĚ ^ƵŵŵĂƌǇ ŽĨ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ĚĞďƚƐ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ϮϬϮϮ ϮϬϮϭ EŽŶͲĐƵƌƌĞŶƚ ƌĞĐĞŝǀĂďůĞƐ /Ŷ ƚŚŽƵƐĂŶĚƐ ŽĨ ^< Ϯϴ ϯϮϴ ϳϬϯ ϴϭϰ EŽŶͲĐƵƌƌĞŶƚ ĚĞďƚ /Ŷ ƚŚŽƵƐĂŶĚƐ ŽĨ << ϭϱϰ Ϯϭϰ ϭϱϮ ϲϴϬ ǆĐŚĂŶŐĞ ƌĂƚĞ ŽŶ ƚŚĞ ďĂůĂŶĐĞ ƐŚĞĞƚ ĚĂƚĞ ^< Ϭϵϱ Ϭϵϳ << ϭϰϬ ϭϯϰ /Ŷ ƚŚŽƵƐĂŶĚƐ ŽĨ EK< EŽŶͲĐƵƌƌĞŶƚ ƌĞĐĞŝǀĂďůĞƐ Ϯϲ ϳϴϯ ϲϴϱ ϴϱϵ EŽŶͲĐƵƌƌĞŶƚ ĚĞďƚ Ϯϭϱ ϱϲϵ ϮϬϱ Ϭϴϱ ZĞŵĂŝŶŝŶŐ ůŝŶĞƐ ŽĨ ĐƌĞĚŝƚ ĂƌĞ EK< ϭ ϵϬϬ ϬϬϬ ƚŚŽƵƐĂŶĚ ϳ Ͳ >//>/d/^ EŽŶͲĐƵƌƌĞŶƚ ŝŶƚĞƌĞƐƚ ďĞĂƌŝŶŐ ďŽƌƌŽǁŝŶŐƐ ϯϭϭϮϮϬϮϮ ϯϭϭϮϮϬϮϭ ŽŶĚƐ ϰϵϱ ϳϲϭ Ϯ ϭϬϬ ϭϲϲ dŽƚĂů ŶŽŶͲĐƵƌƌĞŶƚ ŝŶƚĞƌĞƐƚ ďĞĂƌŝŶŐ ďŽƌƌŽǁŝŶŐƐ ϰϵϱ ϳϲϭ Ϯ ϭϬϬ ϭϲϲ ƵƌƌĞŶƚ ďŽƌƌŽǁŝŶŐƐ ĞƌƚŝĨŝĐĂƚĞƐ Ͳ ϮϵϮ ϯϰϳ ŽŶĚƐ ϭ ϲϭϬ ϯϬϲ ϵϰϱ Ϭϯϵ ŽƌƌŽǁŝŶŐ ƚŽ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ ΎͿ Ͳ ϭϳϯ ϬϬϰ dŽƚĂů ĐƵƌƌĞŶƚ ďŽƌƌŽǁŝŶŐƐ ϭ ϲϭϬ ϯϬϲ ϭ ϰϭϬ ϯϵϬ ΎͿ ĂŶŬ ŽǀĞƌĚƌĂĨƚƐ >ŝŶĞ ŽĨ ĐƌĞĚŝƚ ;EͿ ĂƌĞ EK< ϭϬϬϬϬϬϬ ƚŚŽƵƐĂŶĚ ZĞƉĂǇŵĞŶƚ ƉůĂŶƐ ĂŶĚ ƌĞŶĞŐŽƚŝĂƚŝŽŶ ŽĨ ŶŽŶͲĐƵƌƌĞŶƚ ĚĞďƚ ĞƚǁĞĞŶ ϭ ĂŶĚ ϱ ǇĞĂƌƐ ϯϵϱ ϳϲϭ Ϯ ϬϬϬ ϭϲϲ DŽƌĞ ƚŚĂŶ ϱ ǇĞĂƌƐ ϭϬϬ ϬϬϬ ϭϬϬ ϬϬϬ dŽƚĂů ϰϵϱ ϳϲϭ Ϯ ϭϬϬ ϭϲϲ dŚĞ ƚĂďůĞ ĞǆĐůƵĚĞƐ ŝŶƚĞƌĐŽŵƉĂŶǇ ůŽĂŶƐ ^ĞĐƵƌĞĚ ĚĞďƚ ŝŶĐůƵĚĞƐ ĂůƐŽ ĐŽůůĂƚŽƌĂů ŽĨ ŽƚŚĞƌ 'ƌŽƵƉ ĐŽŵƉĂŶŝĞƐΖ ĂƐƐĞƚƐ &Žƌ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĚĞƐĐƌŝƉƚŝŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉΖƐ ƐƚƌĂƚĞŐǇ ƐĞĞ ŶŽƚĞ ϴ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ /Ŷ ĐŽŶŶĞĐƚŝŽŶ ƚŽ ƚŚĞ ĚŝǀĞƐƚŵĞŶƚ ŽĨ ƚŚƌĞĞ ĨƵůůǇ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌŝĞƐ ŝŶ ϮϬϮϮ ^ƚĞĞŶ Θ ^ƚƌƆŵ ^ ŚĂƐ ŐƌĂŶƚĞĚ Ă ƐĞůůĞƌΖƐ ĐƌĞĚŝƚ ƚŽ ƚŚĞ ďƵǇĞƌ ŽĨ ƚŚĞ ĐŽŵƉĂŶŝĞƐ ŽĨ EK< ϮϬϬ ϬϬϬ ƚŚŽƵƐĂŶĚ ^ĞĞ ŶŽƚĞ ϱϱ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨŽƌ ŵŽƌĞ ŝŶĨŽƌŵĂƚŝŽŶ dŚĞ ĐŽŵƉĂŶǇ ŚĂƐ ĂƐ ŽĨ ϯϭϭϮϮϬϮϮ ƌĞĐŽƌĚĞĚ Ă ŶĞƚ ƌĞĐĞŝǀĂďůĞ ŽĨ EK< ϭϬϰ ϲϴϰ ƚŚŽƵƐĂŶĚ ƌĞůĂƚĞĚ ƚŽ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƌĞĐŽƌĚĞĚ Ăƚ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ ƉĞƌ ϯϭϭϮϮϬϮϮ ŚĂŶŐĞƐ ŝŶ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ ĐŽŵƉĂƌĞĚ ǁŝƚŚ ůĂƐƚ ǇĞĂƌΖƐ ĞǆĐŚĂŶŐĞ ƌĂƚĞƐ Ăƚ ϯϭϭϮϮϬϮϭ ŝƐ ƉŽƐƚĞĚ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚƐ ĂƐ Ă ůŽƐƐ  ŐĂŝŶ ^ƚĞĞŶ Θ ^ƚƌƆŵ ^ ŚĂƐ ŝŶ ϮϬϮϮ ŚĂĚ Ă ŶĞƚ ŐĂŝŶ ŽŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐǇ ŽĨ EK< ϭϲ ϵϬϴ ƚŚŽƵƐĂŶĚ KĨ ƚŚŝƐ ĂŵŽƵŶƚ Ă ŐĂŝŶ ŽĨ EK< ϭϱϬ ϰϵϳ ƚŚŽƵƐĂŶĚ ŝƐ ƌĞĂůŝǌĞĚ dŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ĂŵŽƵŶƚƐ ŝŶ ϮϬϮϭ ǁĂƐ Ă ŶĞƚ ŐĂŝŶ ŽĨ EK< ϯϳ ϲϰϴ ƚŚŽƵƐĂŶĚ ŽĨ ǁŚŝĐŚ EK< Ϯϴ ϴϮϭ ƚŚŽƵƐĂŶĚ ŝŶ ƌĞĂůŝǌĞĚ ŐĂŝŶ 56 56 56 56 56 56 56 56

8 ‐ TAX Temporary differences 31/12/2022 31/12/2021 Fixed assets ‐ 1 731 ‐ 1 347 Non‐current receivables ‐ 16 269 102 868 Shares in partnerships ‐ 223 192 ‐ 192 939 Taxable profit and loss account 5 055 6 319 Accrual of interest rate swap 1 921 ‐ 1 480 Other differences 104 864 26 379 Net temporary differences ‐ 129 351 ‐ 60 200 Group Contribution ‐ ‐ 75 833 Basis for deferred tax / tax assets ‐ 129 351 ‐ 136 033 22 % deferred tax / deferred tax assets ‐ 28 457 ‐ 29 927 Total deferred tax assets (‐) / liabilities (+) ‐ 28 457 ‐ 29 927 Explanation of the tax expense 2022 2021 22 % tax on profit before tax 64 428 347 087 Tax on non deductible interest ‐ ‐ 2 731 Change of shares in partnerships from previous years ‐ 6 656 ‐ 41 161 Tax on given/received group contribution adopted this year ‐ 16 455 20 051 Permanent differences ‐ 52 725 ‐ 331 209 Other differences 2 544 ‐ 1 306 Corporate income tax expense ‐ 8 863 ‐ 9 270 Analysis of tax expense 2022 2021 Taxes payable ‐ 15 361 Change in deferred tax 1 470 ‐ 8 378 Tax on non deductible interest ‐ ‐ 1 306 Correction of tax expence from previous year 2 544 ‐ The tax effects recognized in equity ‐ 12 877 ‐ 14 947 Corporate income tax expense ‐ 8 863 ‐ 9 270 Basis for tax payable 2022 2021 Profit before tax 292 854 1 577 670 Write‐downs on shares ‐ 11 888 Income from partnerships 30 253 40 861 Revenue from companies within the exemption method ‐ 270 237 ‐1 558 636 Other permanent differences 324 391 Basis for this year's tax 53 195 72 174 Change in temporary differences 97 433 2 376 Given/Received group contribution adopted this year ‐ 150 628 75 833 Taxable income ‐ 150 383 Use of tax losses carried forward ‐ ‐ 68 144 Basis for tax payable ‐ 82 239 Taxable income ‐ 82 239 Non decutible interest ‐ ‐ 12 414 Basis for tax payable ‐ 69 825 Tax payable (22%) ‐ 15 361 57 57 57 57 57 57 57 57

9 ‐ INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURES Associated companies and joint ventures in the statutory accounts are recorded at cost method. Company Ownership 31/12 Value at 01/01 Capital increase / Sale Value at 31/12 Metro Senter ANS 50,0 % 490 750 ‐ 490 750 Økern Sentrum ANS 50,0 % 500 750 15 000 515 750 Total 991 500 15 000 1 006 500 10 ‐ LITIGATIONS AND CLAIMS See note 11.2 of the consolidated financial statements. 11 ‐ SHAREHOLDER'S EQUITY AND TREASURY SHARES See note 5.9 of the consolidated financial statements. 12 ‐ SHARES OWNED BY THE CEO OR MEMBERS OF THE BOARD None of the Company's employees or Members of the Board have shares or stock options in the Company. See note 10 of the consolidated financial statements. 13 ‐ GUARANTEES, BAIL DECLARATIONS AND PLEDGES Steen & Strøm AS is by ownership solely responsible for the debts of the following companies: Total debt SST Share Ownership Økern Sentrum ANS 20 973 10 487 50,0 % Metro Senter ANS 13 292 6 646 50,0 % Total 34 265 Steen & Strøm AS has given the following guarantees, bail declarations and pledges: Type Banking partner 31/12/2022 Bail declatration ‐ surety for indemnity declaration previous tenants Nordea Bank AB, Norwegian branch 2 147 Pledges sercured in investment property of subsidiaries Different partners 8 862 985 Total off balance sheet commitments of garantees, bail declarations and pledges 8 865 132 14 ‐ RELATED PARTIES See note 11.3 of the consolidated financial statements. 15 ‐ POST BALANCE SHEET DATE EVENTS See note 11.4 of the consolidated financial statements. 58 58 58 58 58 58 58 58

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.no to learn more. © Deloitte AS Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282 Deloitte AS Dronning Eufemias gate 14 Postboks 221 Sentrum NO-0103 Oslo Norway Tel: +47 23 27 90 00 www.deloitte.no To the General Meeting of Steen & Strøm AS INDEPENDENT AUDITOR’S REPORT Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Steen & Strøm AS, which comprise: • The financial statements of the parent company Steen & Strøm AS (the Company), which comprise the statement of financial position as at 31 December 2022, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and • The consolidated financial statements of Steen & Strøm AS and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2022, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion: • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with simplified application of international accounting standards according to section 3-9 of the Norwegian Accounting Act, and • the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.We have been the auditor of the Company for 14 years from the election by the general meeting of the shareholders on 8 November 2009 for the accounting year 2009. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 59 59 59 59 59

site 2 Independent Auditor's Report - Steen & Strøm AS Valuation of investment property Key audit matter How the matter was addressed in the audit The majority of the group's assets consist of investment properties. The carrying amount of investment properties as at 31 December 2022 is NOK 26 698 million. In addition, the group has interest in investment properties through jointly controlled companies, accounted for using the equity method. The carrying value of the jointly controlled companies is NOK 1 851 million as at 31 December 2022. Investment properties are measured at fair value. Fair value adjustments of investment properties may have a significant effect on the group’s operating income and consequently the equity. The fair value is based on estimates as well as property specific information. The basis for management’s estimates is valuations performed by external, independent appraisers. These estimates require significant judgement and therefore valuation of investment property is a key audit matter. Refer to note 2.23 "Critical accounting judgements and key sources of estimation uncertainty” in addition to note 5.3 and 5.4 in the financial statements of the group for details of investment properties and valuation methodology. We evaluated the design and implementation of the control activities that management has established to ensure that relevant property information is included in the external valuations. For a sample of investment properties, we reconciled the information regarding annual rent in the external valuers' reports to the group’s own records. We assessed the external valuers' competence and qualifications and that the valuation methods used were in accordance with generally accepted valuation standards and were appropriate to determine fair value of the group’s investment properties. We met with the external appraisers, and discussed and challenged assumptions used and reason behind significant movements in valuations from previous periods. Were relevant, we compared the assumptions used with observable market data and our knowledge about the market. We reconciled the values used in the financial statements to the valuation reports. We used Deloitte valuation specialists in our audit of the valuation of investment property. We also assessed the adequacy of the related disclosures in the financial statements. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other information accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable statutory requirements. Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate Governance and Corporate Social Responsibility. 60 60 60 60 60

site 3 Independent Auditor's Report - Steen & Strøm AS Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with simplified application of international accounting standards according to the Norwegian Accounting Act section 3-9, and for the preparation and true and fair view of the consolidated financial statements of the Group in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 61 61 61 61 61

site 4 Independent Auditor's Report - Steen & Strøm AS We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on Compliance with Requirement on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Steen & Strøm AS, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name “5967007LIEEXZXJNDK21-2022-12-31-en(4).zip” have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation. Management’s Responsibilities Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. Auditor’s Responsibilities Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation. As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Oslo, 5 April 2023 Deloitte AS Sylvi Bjørnslett State Authorised Public Accountant (This document is signed electronically) 62 62 62 62 62

Alternative performance measures (APM) Net rental income including equity investments In thousands of NOK 2022 2021 Net rental income of Consolidated Statement of Comprehensive Income 1 239 558 1 417 519 Group share of Net rental income from Equity investments according to note 5.4B 49 836 52 795 Net rental income including equity investments 1 289 394 1 470 314 Net rental income evolution on like‐for‐like basis 2022 Denmark Norway Sweden Total Net rental income of current operations 464 494 347 518 427 546 1 239 558 Net rental income of constant operations 459 270 204 266 418 566 1 082 102 Variable 5 224 143 252 8 890 157 456 2021 Denmark Norway Sweden Total Net rental income of current operations 452 150 514 402 450 967 1 417 519 Net rental income of constant operations 448 753 189 379 417 877 1 056 009 Variable 3 397 325 023 33 090 361 510 Net rental income evolution on like‐for‐like basis 2,3% 7,9% 0,2% 2,4% Net rental income on like‐for‐like includes only comparable data (i.e. the portion of the portfolio that has remained the same year over year). The computation does not include equity investments (the one partly owned shopping center in Norway). The Scandinavian holding fee has been neutralized. Direct operating expenses In thousands of NOK 2022 2021 Non recoverable rental expenses 139 936 140 264 Building expenses (owner) 44 918 55 432 Direct operating expenses 184 854 195 696 Direct operating expenses occur at the shopping centers and are equal to gross rental income minus net rental income. Other operating expenses In thousands of NOK 2022 2021 Payroll expenses 115 019 126 551 Other general expenses 50 552 50 680 Depreciation and impairment allowance on investment properties 268 268 Depreciation and impairment allowance on intangible assets and property, plant and equipment 9 851 32 839 Other operating expenses 175 691 210 338 Other operating expenses occur in the management companies and relate to commercial management and development of the portfolio. 63 63 63 63 63 63 63 63

Net interest‐bearing debt In thousands of NOK 2022 2021 Non‐current financial liabilities 5 629 946 8 016 380 Current financial liabilities 2 152 543 1 503 263 Bank facilities ‐ 173 004 Cash and cash equivalents ‐313 824 ‐460 902 Net interest‐bearing debt 7 468 665 9 231 745 Net interest‐bearing debt is defined as interest‐bearing debt, excluding lease liabilities, deducted cash on account. Loan to Value In thousands of NOK 2022 2021 Investment properties 26 640 670 30 140 407 Equity method securities 1 850 510 1 560 000 Value of portfolio 28 491 180 31 700 407 In thousands of NOK 2022 2021 Net interest‐bearing debt 7 468 665 9 231 745 Value of portfolio 28 491 180 31 700 407 Loan to Value 26,2 % 29,1 % Loan to Value expresses the ratio of net interest‐bearing debt to the value of portfolio. Book equity ratio In thousands of NOK 2022 2021 Shareholders’ Equity 17 753 441 18 486 399 Total Assets 30 537 918 33 351 105 Book equity ratio 58,1 % 55,4 % Book equity ratio indicates the relative proportion of equity used to finance the assets. Reversion rate In thousands of NOK Denmark Norway Sweden Total Previous MGR 19 474 25 784 75 023 120 281 New yearly MGR 18 313 28 205 74 845 121 363 Reversion rate ‐6,0 % 9,4 % ‐0,2 % 0,9 % Reversion rate expresses the average increase of yearly Minimum Guaranteed Rent (MGR) for re‐let and renewed contracts signed during the year. 64 64 64 64 64 64 64 64