Welcome to Kungsleden

Chief Executive Thomas Erséus Deputy Chief Executive Johan Risberg 21 October 2010

Kungsleden in brief ■Owns and manages properties generating high and stable long-term returns –Returns more important than property type and location –Returns cannot be judged without considering risk levels ■559 properties reported at SEK 21.8 (21.9) bn as of 30 September 2010 –Commercial properties 43% (46) –Public properties 43% (39) –Modular buildings 7% (7) –Retirement homes Germany 7% (8) ■24,700 shareholders. 45% of shares held by private individuals and approximately a quarter by foreign shareholders. –Ten largest shareholders control 19.1% of capital and votes

Profit for calculating dividends SEK mJan-Sep Gross profit 1,1601,398 Sales and administration costs Net financial position Sub-total Realised items Trading net at divestment Realised value changes, properties21,171 Realised value changes, financial instruments Sub-total Taxes payable Profit for calculating dividends 3791,016

Third quarter in brief ■Profit for the period generally stable ■Acquisition of 12 properties for a value of SEK 839 m and a property yield of 7.5% ■Divestment of 41 properties for SEK 1,028 m and a property yield of 6.5% ■Rental revenues remain stable despite increased vacancies in six commercial properties. ■Average fixed-interest term extended from 2.6 to 5.2 years

Customers and lettings ■New tenants include Mechanum, Isringhausen and Fraktkompaniet ■New lettings with annual rental value of SEK 53 m ■Vacancies mainly concentrated on six commercial premises in Burlöv, Kungsbacka, Botkyrka, Sollentuna, Gävle and Umeå ■Average vacancy of 8.7% for the group (6.2) and 7.0%, excl. the above properties ■Project Manager hired, upscaled marketing, addressing municipalities, considering potential partnerships, tenant adaptations or conversions ■Generally positive momentum in letting operations

Current market conditions ■Kungsleden’s lettings market –Generally stable lettings –Slight increase in vacancies from low levels ■ Financial market –Continued easing on credit market –Strong capital flows to the property sector –Alternative funding sources attractive ■Transaction market –Recovery with surprisingly high volumes –Continued firm competition over properties –Clearer trend of price increases on properties

Property portfolio

Our properties—by type

Kungsleden’s Q in figures

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues 1,5771,841 Sales revenues, modular buildings Net sales 1,7052,015 Gross profit 1,1601,398 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-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Reduction due to part-sale of Public Properties and negative rental indexation for Rental revenues reduced by 2% in like-for-like terms. Reduction due to part-sale of Public Properties and negative rental indexation for Rental revenues reduced by 2% in like-for-like terms.

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Reduced demand due to recession

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Down 17%, or 5% excluding Hemsö transaction. Indexation and higher snow clearance and heating costs the main reason Down 17%, or 5% excluding Hemsö transaction. Indexation and higher snow clearance and heating costs the main reason

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Sales price above book value.

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Lower admin. mainly because of part-sale to AP3

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Positive change mainly explained by lower loan volume in 2010.

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Positive value change on properties of SEK 106 m, or 0.5% of book value. Negative value change on financial instruments of SEK m, due to falling long yields. Positive value change on properties of SEK 106 m, or 0.5% of book value. Negative value change on financial instruments of SEK m, due to falling long yields.

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Includes positive effect of property divestments.

Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings Net sales1,7052,015 Gross profit1,1601,398 Trading net Sales and administration costs Net financial position Unrealised value changes Profit before tax Tax-8830 Profit after tax for the period Lower figure mainly due to a smaller portfolio after divestments over the past year.

Balance Sheet SEK m Assets30 Sep31 Dec Goodwill Properties 21,80021,860 Receivables, etc. 1,7011,466 Cash and cash equivalents Total assets 24,33824,208 Equity and liabilities Equity 6,8187,079 Interest-bearing liabilities 13,89814,437 Non-interest-bearing liabilities 3,6222,692 Total equity and liabilities 24,33824,208

Maturity structure, interest fixings As of 30 September 2010 Loan, SEK m Interest derivatives, SEK m Ave. interest, % Average fixed interest term, years , –– , , , , , Total derivatives14, Total loans13, Market value of loans and derivatives1,275 Total15,163

Maturity structure, credits (including un-utilised credit facilities) As of 30 September 2010 Utilised credits, SEK m Un-utilised credits, SEK m Total credits, SEK m , , ,6073,30011, , Total13,8883,95417,841 Average conversion term, years Equity ratio 30 Sep 10 28% 31 Dec 09 29% 30 Sep 09 30% Mortgage ratio646664

Underlying profits, 2000-Q3 2010

10 largest shareholders (% of votes & capital) ■Nordea fonder3.3 ■Länsförsäkringar fonder2.8 ■SHB fonder2.3 ■Olle Florén and companies2.3 ■Norwegian Government1.9 ■Danske Invest fonder (Sweden)1.4 ■AP4 1.4 ■Swedbank Robur Fonder1.3 ■AP21.3 ■Avanza Pension Försäkring AB Source: SIS Ägarservice

Focus for the remainder of 2010 ■Focus on cash flow, enhancing the portfolio and long agreements ■Measures ongoing in a limited number of properties with somewhat higher vacancy levels ■Financial room to act—broader base of alternative funding sources ■Work on creating a standalone Hemsö continues as planned ■Sharp increase in activity and interest in properties should benefit Kungsleden

The share to end of October 2010

Total yield to end of October 2010

Any questions?