KUNGSLEDEN GENERAL UPDATE SPRING 2014 ABGSC Nordic Property Tour BILJANA PEHRSSON, CEO

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2013 was the starting point for a new Kungsleden

■ New strategy, new targets, new management team

■ Transformation from transaction-oriented to pro-active, long-term oriented and focused property management company

■ Acquisitions contributed to rental income growth in 2013, forming a higher income base for the years to come. This, together with cost savings, resulted in higher earnings and growth in equity

■ Kungsleden has set an overall long-term objective of becoming Sweden’s most profitable and successful property company, with the 2013 results representing the first steps on this journey

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Q1 2014 – Continued implementation of strategy

■ Net sales increased to SEK 707m (487), and gross profit increased to SEK 408m (281)

■ Profit from property management improved to SEK 195m (88), corresponding to SEK 1.43 per share (0.64)

■ Net lettings increased to SEK 12m (-5)

■ Profit before tax amounted to SEK 91m (236), corresponding to SEK 0.25 per share (1.53)

■ Strong market demand for attractive properties

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Important events in Q1 and April-May 2014

■ Integration of GE acquisition finalized

■ Property divestments so far in 2014 of approximately SEK 800m, with book profit of SEK 60m

■ Property acquisition of two office buildings in Malmö at a price of SEK 66m corresponding to a yield of 8%

■ Average borrowing costs in Q1 2014 decreased to 5.4% (5.8%)

■ On 1 April, Kungsleden received negative tax rulings from the Stockholm Administrative Court of Appeal on tax deduction of so called ‘lagerandelar’.

Ottar 6, Västerås

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Tax position update

■ Negative rulings in BV cases autumn 2013 and Q1 2014. Leave to appeal denied, hence rulings have acquired legal force and Kungsleden´s provisions have been utilized.

■ Pending tax proceedings provisioned for amount to SEK 368m

■ Negative tax rulings from the Administrative Court of Appeal received in early Q2 2014 for years 2004–2006 and 2006–2008. These cases not provisioned. Negative effect on equity is estimated at SEK 1,615m, and the liquidity effect at SEK 1,450m

■ Kungsleden intends to apply to the Supreme Administrative Court of Appeal for leave to appeal but will make the tax payment in May

■ Risks in non-provisioned proceedings amount to SEK 2,990m (shareholders equity impact)

■ Kungsleden’s assessment of the likelihood of success for individual tax proceedings sets the basis for their provisioning. The assessment is conducted on an ongoing basis

■ Rulings for all cases expected during 2014 and 2015

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Kungsleden’s strategy and long-term targets

■ Concentration on regions with high growth and high demand for premises – Focus on customer needs – Attractive locations with good accessibility in local markets – Concentration on less than 70 cities and municipalities – Efficient management with property clusters in respective local markets

■ Three targetted segments within commercial property – Office – Industry and Warehouse – Retail

■ Quality – Modern and suitable properties – Stable rental revenue stream – Cash flow growth

To become Sweden’s most profitable and successful real estate company

Presence in growth regions

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30%

30%

21%

19%

Stockholm Mälardalen Vallay & North Gothenburg Malmö

51%

33%

13%3%

Office Industry/warehouse Retail Other

Property portfolio as at 31 March 2014

■ Transactions in last 12 months – Acquisition of 95 properties for SEK 5,935m – Investments in current properties of SEK 169m – Divestments of 4 properties for SEK 109m, of

which 1 in Germany

■ Changed geographical mix – The portfolio share of the combined greater

Stockholm, Gothenburg and Malmö areas has increased from 30% to 50%

– The GE acquisition contributes a high share of Stockholm properties to the portfolio

– Geographic concentration brings economies of scale in property management

Region

Segment

* Excluding modular buildings

Book value SEK 20,410m*

Book value SEK 20,410m*

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Kungsleden’s largest tenants

■ The company’s 10 largest tenants account for 26% of its rental income – Average contract length of 4.2 years

1 ABB 6 Gotlands Kommun 2 Bring Frigoscandia 7 V-TAB 3 Överskottsbolaget 8 BYGGmax 4 Fortifikationsverket 9 Westinghouse Electric 5 ICA 10 Axfood

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Leverage on internal strengths

■ Customer-centric property rentals – Flexibility and local presence with a decentralized

organizational structure

■ Development – Current property portfolio and new projects

■ Optimization – Well-defined process for entry and exit of holdings

■ Sustainability as a core value – Energy efficiency, green tenancy agreements, social

responsibility, diversity and equality

Kungsleden will create value by satisfying customer needs for premises, managing and improving properties, and optimizing the company's property portfolio, with an attractive total return as overall target

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Organization

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Financial targets

■ The generation of strong cash flow growth

■ Return on equity of 10–12% 10.7%

■ A sound balance sheet – Solvency above 30% 37% – Loan-to-value of 60–65% on new credits 59%

■ Liquidity reserve with liquid assets and credit SEK 2,700m facilities (in anticipation of tax proceedings)

■ Continued cost effectiveness -16%

■ A mid-term target of distributing 50% of 30% (SEK 1.25 per share) profits from property management to shareholders

■ Profit from property management as financial target and senior management incentive

Actual 2013

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Outlook

■ Continue to implement Kungsleden’s new strategy – Active property management – Building a project portfolio – Refining and optimizing the property portfolio – Divestment of non-strategic properties, approximately SEK 1–1.5bn – Reinvestment in strategic properties with a high expected total return

Svärdet 7, Danderyd Bergudden 8, Danderyd

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Outlook

■ Favourable market conditions – Improved demand for premises in Kungsleden’s segments and sub-markets – Cautiously optimistic view on rental market; strong investor demand for attractive properties – Potential for rental income improvements in current properties – Benign environment for divestments

■ Continued cost effectiveness

■ In addition to earlier communicated financial targets, Kungsleden has a long-term ambition to grow its property portfolio and reach a property market value of SEK 30bn

Movie - Welcome to Danderyd and Västerås

MOVIE WELCOME TO DANDERYD AND VÄSTERÅS http://youtu.be/ChWVb1sskEo

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Summary

■ A new Kungsleden for all stakeholders – Attractive total return for shareholders – Suitable and attractively priced premises for tenants – Employees who add value and are proud of the company

■ Important change of direction – Long-term management, enhancement and development of property – New organizational structure and management team – Focus on three commercial property segments – Focus on growth regions and cities – Growth in net operating results and cash flow – Development of current portfolio and new projects to form a new business area

■ Kungsleden is on track for profitable growth