Chief Executive Thomas Erséus Deputy Chief Executive Johan Risberg 19 August 2010

Kungsleden in brief ■Owns and manages properties generating high and stable long-term returns –Returns more important than property type and location –A property’s yield cannot be judged without considering risk levels ■559 properties reported at SEK 21.9 bn. as of 30 June 2010 (21.9) –Commercial properties 43% (46) –Public properties 43% (39) –Modular buildings 7% (7) –Retirement homes Germany 7% (8) ■Just over 25,800 shareholders. 47% of shares held by private individuals and approximately a quarter by foreign shareholders –Ten largest shareholders control 17.5% of capital and votes

Profit for calculating dividends SEK mJan-Jun Gross profit Sales and administration costs Net financial position Sub-total Realised items Trading net at divestment Realised value changes, properties-131,177 Realised value changes, financial instruments Sub-total Taxes payable Profit for calculating dividends

Clarified dividend policy ■The Board’s ambition is to maintain stable dividends with a high pay- out ratio. The policy implies that dividends shall amount to 50 per cent of profit for calculating dividends. ■When judging the amount of dividends, consideration will be given to the company’s investment need, capital structure and financial position otherwise

Second quarter in brief ■Profit in line with expectations ■Acquisition of 10 properties for a value of approximately SEK 800 m and a property yield of 7.4% ■Divestments of 9 properties for about SEK 300 m at a property yield of 5.7% ■Slight increase in vacancies, but rental revenues remained stable ■Five-year bond loan issued of around SEK 400 m

Current market conditions ■Kungsleden’s lettings market –Lettings remain stable –Slight increase in vacancies from low levels ■ Financial market –Greater willingness to invest from banks –Increased inflow of capital to the property sector –More interest in alternative funding sources ■Transaction market –Recovery, with surprisingly high volumes –Greater competition over properties –Prospects for a price increase on properties

Property portfolio

Our properties—by type

Kungsleden’s Q2 – 2010 in figures

Income Statement SEK m Jan-Jun 2009 Jan-Jun Rental revenues 1,0621,301 Sales revenues, modular buildings Net sales 1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax Profit after tax for the period

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Decrease due to part- sale of Public Properties and negative rental index for 2010 Rental revenues decreased by 1% in like-for-like terms Decrease due to part- sale of Public Properties and negative rental index for 2010 Rental revenues decreased by 1% in like-for-like terms

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Reduced demand due to the recession

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Decreased by 21% Excluding the effect of the Hemsö transaction, operating net decreased by 4% Decreased by 21% Excluding the effect of the Hemsö transaction, operating net decreased by 4%

Income Statement SEK m Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period The sales price exceeds the book value

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Lower administration costs mainly due to the part-sale to AP3

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Positive change primarily explained by lower loan volume in 2010

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Positive value change on properties of SEK 96 m., corresponding to 0.4% of book value Negative value change on financial instruments resulting from falling long yields Positive value change on properties of SEK 96 m., corresponding to 0.4% of book value Negative value change on financial instruments resulting from falling long yields

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Includes positive effect of property divestments

Income Statement SEK m 2010 Jan-Jun 2009 Jan-Jun Rental revenues1,0621,301 Sales revenues, modular buildings80138 Net sales1,1421,439 Gross profit Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-3072 Profit after tax for the period Lower figure mainly due to negative unrealised value changes on financial instruments

Balance Sheet SEK m Assets30 Jun31 Dec Goodwill Properties 21,86621,860 Receivables, etc. 1,6191,466 Cash and cash equivalents Total assets 24,31824,208 Equity and liabilities Equity 6,6577,079 Interest-bearing liabilities 14,15314,437 Non-interest-bearing liabilities 3,5092,692 Total equity and liabilities 24,31824,208

Interest fixings As of 30 Jun 2010 Interest maturity Loan, SEK m Interest derivatives, SEK m Proportion, % Ave. interest, % ,1397, ––– , , , , Total14,13914, Market value of loans and derivatives1,339 Total15,478

Maturity structure As of 30 Jun 2010 Average conversion term, years Year Credits, SEK mProportion, % , , , Total credits17, Un-utilised credit facilities-3,754 Total utilised credit facilities14, Equity ratio 30 Jun 10 27% 31 Dec 09 29% 30 Jun 09 29% Mortgage ratio646665

Underlying profits, Q2, 2010

10 largest shareholders (% of votes & capital) ■Florén, Olle and companies2.3 ■Nordea fonder2.1 ■Norwegian Government2.0 ■SHB fonder2.0 ■SEB fonder1.8 ■Danske Invest fonder (Sweden)1.8 ■Länsförsäkringar fonder1.6 ■Avanza Pension Funds 1.4 ■Second Swedish Nat’l Pension fund1.3 ■Swedbank Robur fonder Source: SIS Ägarservice

Ongoing outlook for 2010 ■Focus on cash flow, enhancing the portfolio and long agreements ■Increased activity on the transaction market should favour Kungsleden ■Reiterating the estimate of profit for calculating dividends of SEK 600 m ■Ensure financial flexibility to act ■Extend the base of funding sources ■Prepare Hemsö for standalone status

The share to mid-August 2010

Total yield to mid-August 2010

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