A lot has happened in the company Osloviken real estate ASA in the last 8-10 years. The total property portfolio that the company owns and manages has increased significantly, including several new centrally located commercial buildings in Oslo, Bærum, and Drammen. In 2015, the company decided to invest in the hotel market and had three medium-sized hotel buildings built in Eastern Norway. Osloviken Eiendom has not itself been involved in the operation of these hotels but has outsourced this to the hotel chain Next Western. The hotels were completed only a short time before the COVID-19 pandemic hit the tourism industry, and in 2020 and 2021 the Osloviken property experienced that the hotel chain was unable to pay the agreed rent. The company therefore recently chose to waive part of its claim after demanding debt negotiations with Next Bestern in the autumn and winter of 2021-2022. This loss is the main reason why the consolidated financial statements for Osloviken Eiendom ASA are expected to show a loss for the first time when this is presented at the general meeting at the end of March. The company's share price has fallen for large parts of 2020 and 2021. In addition to the effect of the lost rental income from the hotels, the profitability of Osloviken Eiendom ASA has also been challenged by the fact that the proportion of vacant areas in many of commercial buildings has increased in recent years. In addition, the costs of management, operation, and maintenance have increased significantly more than what has been managed to compensate in increased rental income and increased invoicing of common costs to the tenants. Cash flow from operations has been negative in both 2020 and 2021, but this has been offset by raising new long-term loans on some of the company's prestigious buildings, and this has meant that the company has had satisfactory liquidity reserves recently, despite the financial losses. In December 2021, the company's board adopted a strategic plan for the period 2022-2026. In the same way as before, the company has chosen to summarize its long-term objectives as three strategic themes. For the period 2022-2026, these are: 

• Good and stable return for our investors • Attractive tenants who create activity in all our properties • High customer-perceived standard in all our properties The strategy plan contains a summary, which also formed the basis for a presentation of the strategy for Osloviken real estate employees in a general meeting held in mid-February 2022. In this summary we can read the following: After many years of growth in rental income, stable and good earnings and great growth in the company's market value, we experienced a few years ago that the development was no longer positive. Even when we choose to ignore the problems caused by the pandemic, our overall value creation in recent years has been significantly challenged by an increasing share of vacant office and retail space and a large increase in the costs of management, operation and maintenance. While a large proportion of the country's stock market analysts for many years often had Osloviken real estate on the list of recommended shares, this changed in 2019. Several negatively angled articles in the country's business newspapers also helped to reinforce the impression that Osloviken real estate was no longer investors' first choice when they want a diversified investment in the norwegian real estate market. The new management of the company received a clear mandate from the board in the spring of 2021. In addition to ensuring a future good and stable return for investors, we will also in the years to come work purposefully to fill the properties with attractive tenants who demand a high standard. The coming strategy period will be characterized by consolidation rather than increased growth. To make the company more solid, the strategic plan suggests that approx. 15% of the property portfolio shall be sold, and the part of the sales consideration that remains after the debt on these properties has been repaid shall be used to 2 repay part of the debt on the properties that are currently the highest mortgaged. The goal is for all properties by the end of the strategy period to be mortgaged with long-term mortgages that are between 40 and 60% of the properties' estimated market value. Real estate operations are a capital-intensive business and the total market value of our properties has long since exceeded NOK 10 billion. The one-sided focus we have always had on return on equity does not provide a good enough picture of the company's overall profitability, as we must make great demands on the entire capital to provide a satisfactory return. As we can not significantly affect the capital's turnover rate in the short term, in order to increase total profitability, we must work purposefully to influence the company's profit margin in the best possible way during the coming strategy period. We know that this is not only affected by the average rent level, but also by the proportion of vacant land, the costs of management, operation, and maintenance, the property debt ratio and the interest rate level, so we must ensure that development in these areas is positive and sustained over long. time.

Although we have many experienced and competent leaders and employees in the organization, we see a clear need to strengthen the company's intellectual capital to be better equipped for the restructuring that stands before us. While in the years after the company's start-up we had an organizational culture characterized by large individual commitment among managers and employees, the organization is now characterized by long decision-making processes and the absence of entrepreneurial spirit and cream culture. This can be one of the reasons why we have become significantly worse at ongoing market processing and active sales, and not always succeeded in renewing our leases when this is still possible. This is a development we must prioritize getting turned around as quickly as possible, as we have lost many valuable tenants they recent years and it can take many years until we eventually get these customers back. A development and maintenance plan shall be prepared for each property with an associated budget so that we can better plan how each property will be made more attractive and can ensure a good rent level going forward. An investment in more targeted development and maintenance presupposes that we are able to strengthen our competence in this area and have the good administrative capacity to develop good internal management systems for management, operation, and maintenance. Also on the financial side, we need to both strengthen our competence and develop better systems for it ongoing handling of accounting transactions. Each property must now be its own results, and the follow-up and management responsibility for the property shall be distributed among the six employees in the management team. In this way, each manager is given responsibility for a separate portfolio of properties and is given authority to make the necessary operational decisions along the way and report on to it gathered the management team about these. In this way, there will be fewer cases to be decided the management team and the decision-making processes are expected to go faster. Osloviken real estate also needs to strengthen its professional network in the years to come. Many previous contacts have disappeared when previous managers have left, and active efforts must be made to strengthen the network within financing, legal expertise/construction law, and external technical building competence. We want to show the market that we can provide the best return in real estate, and we believe that it is realistic to set a goal of achieving a total return of around 10% at the end of the strategy period. Together, we will make Osloviken property the market's most attractive company, both for investors, for the tenants, and for us who work here!

Prepare a strategy map that shows relevant connections between the critical ones the success factors you have identified and classified.