1. Welcome to Kungsleden

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

3. 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

4. Profit for calculating dividends 20102009 SEK mJan-Sep Gross profit 1,1601,398 Sales and administration costs -191-210 Net financial position -555-650 Sub-total 414538 Realised items Trading net at divestment 12-126 Realised value changes, properties21,171 Realised value changes, financial instruments-4-167 Sub-total 10878 Taxes payable -45-400 Profit for calculating dividends 3791,016

5. 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

6. 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

7. 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

8. Property portfolio

9. Our properties—by type

10. Kungsleden’s Q3 2010 in figures

11. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues 1,5771,841 Sales revenues, modular buildings 128174 Net sales 1,7052,015 Gross profit 1,1601,398 Trading net 12-126 Sales and administration costs -191-210 Net financial position -555-650 Unrealised value changes -20-103 Profit before tax 405309 Tax -8830 Profit after tax for the period 317339

12. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Reduction due to part-sale of Public Properties and negative rental indexation for 2010. Rental revenues reduced by 2% in like-for-like terms. Reduction due to part-sale of Public Properties and negative rental indexation for 2010. Rental revenues reduced by 2% in like-for-like terms.

13. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Reduced demand due to recession

14. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 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

15. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Sales price above book value.

16. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Lower admin. mainly because of part-sale to AP3

17. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Positive change mainly explained by lower loan volume in 2010.

18. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Positive value change on properties of SEK 106 m, or 0.5% of book value. Negative value change on financial instruments of SEK - 127 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 - 127 m, due to falling long yields.

19. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Includes positive effect of property divestments.

20. Income Statement SEK m 2010 Jan-Sept 2009 Jan-Sept Rental revenues1,5771,841 Sales revenues, modular buildings128174 Net sales1,7052,015 Gross profit1,1601,398 Trading net12-126 Sales and administration costs -191-210 Net financial position-555-650 Unrealised value changes-20-103 Profit before tax405309 Tax-8830 Profit after tax for the period317339 Lower figure mainly due to a smaller portfolio after divestments over the past year.

21. Balance Sheet SEK m20102009 Assets30 Sep31 Dec Goodwill 201193 Properties 21,80021,860 Receivables, etc. 1,7011,466 Cash and cash equivalents 636689 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

22. Maturity structure, interest fixings As of 30 September 2010 Loan, SEK m Interest derivatives, SEK m Ave. interest, % Average fixed interest term, years 201013,888 2011–– 20124004.4 20133,8004.1 20142,1004.2 20153,6004.2 20161,0004.3 20173004.5 20183,5504.3 Total derivatives14,7505.2 Total loans13,8885.2 Market value of loans and derivatives1,275 Total15,163

23. 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 2010580310890 20111,5033441,846 20128,6073,30011,907 20132,166 2015399 2018633 Total13,8883,95417,841 Average conversion term, years2.22.0 Equity ratio 30 Sep 10 28% 31 Dec 09 29% 30 Sep 09 30% Mortgage ratio646664

24. Underlying profits, 2000-Q3 2010

25. 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 AB1.1 19.1 Source: SIS Ägarservice

26. 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

27. The share to end of October 2010

28. Total yield to end of October 2010

29. Any questions?