NovoNordisk_CushmanWakefield_RPF_FINAL

56 Novo Nordisk | Cushman & Wakefield

• Softening of rentals due to current slowdown – rental advantage • Before metro work completion and operations as this would be a major demand driver for the micro-market

and displacement, Financial viability and operations/space optimization, social and physical infrastructure • RE Market dynamics and financial impact : Demand/ Supply and rental trends, initial investment, time frame and opportunity costs

Critical Issues • All buildings in the portfolio are standalone and do not offer any amenities – approximately 62% of the portfolio is in buildings aged 10 years and above Scenarios Evaluated • Scenario 2 : Consolidate – For occupancy in H2 2021

Key considerations for the long term office portfolio strategy • Business considerations : Human resource - employee demographics

• Operational inefficiencies - team fragmentation and duplication of services C&W Recommendations and Next Steps • Explore consolidation H1 2021 -

Novo Nordisk I Cushman & Wakefield C&W Recommendations and Next Steps • Opportunity for consolidation into a single building / project Challenges • Portfolio spread across multiple projects leading to space inefficiencies - Scenarios Evaluated • Scenario 1: Stay – continue with existing leases and renew as you go receptions I cafeterias I server rooms I lounges etc. • Varied rents, lease expiry and escalation dates – inefficient value proposition and administration challenges

• Cost and space optimization along efficient and new age space design • Newer infrastructure (MEP) – operational cost savings and support amenities – employee wellness

• Novo Nordisk occupies ~2,93,987 SF across 5 Buildings / Projects in the city across 11 leases; Whitefield micro market is the biggest foot print with 287K SF • Leases totalling to 214K SF are out of lock-in and balance will be out of lock-in by 2021/2022

Executive Summary Portfolio overview