Presentation from Fabege's Year-end report 2014

Welcome to Fabege’s presentation of the year-end report 2014 Christian Hermelin, CEO & President Fabege

Åsa Bergström, Vice President & CFO Fabege

CONDENSED INCOME STATEMENT

SEKm JAN-DEC 2014 JAN-DEC 2013

Rental income 2,087 2,059

Property expenses -602 -648

Net operating surplus 1,485 1,411

Central administration -67 -62

Net financial items -664 -705

Share of profits of associated companies -72 -30

Profit from property management 682 614

Realised changes in value, properties 300 135

Unrealised changes in value, properties 1 339 739

Changes in value, derivatives and equities -454 504

Profit before tax 1,867 1,992

Tax -129 -462

Profit for the year 1,738 1,530

• Positive rental growth in

identical portfolio: 5%

• Surplus ratio: 71% (69)

• Return on investment:

22%

• Average return

requirement: 5.4%

• Earnings per share:

SEK10,51 (9,26)

Dec 31, 2014 Dec 31, 2014

Equity, SEKm 13 783 12 551

Equity per share, SEK 83 76

EPRA NAV, SEK 95 84

Return on equity, % 13,2 12,8

Equity ratio, % 38 35

Loan-to-value ratio, % 60 57

Adjusted Loan-to-value ratio, % 56 -

Interest coverage ratio, multiple 2,4 2,0

KEY FIGURES

FINANCING - DECEMBER 31, 2014

Total facilities: SEK 24.4bn

Total loans: SEK 19.6bn

• Of which, bonds SEK 1.9bn

• Of which, corporate paper: SEK 2.9bn

Maturity period: 3.7 years

Fixed-rate period: 1.9 years

Unutilised: SEK 4.6bn

Continued excellent climate in the financial market

New SFF

Revolving

credits

Bonds

Corporate

paper

Other loans

Unutilised

facilities

Positive net lettings

Value growth through projects and attractive properties in good locations

Maintain a high rate of improvement in the portfolio

• Balance between

investments and sales

TARGETS 2014

SEKm 2014 2013 2012 2011 2010

Contribution from Property Management

1,755 944 1,230 1,256 1,347

Contribution from Property Development

266 409 872 401 278

Contribution from Transactions 300 135 167 173 237

Contribution from operations 2,321 1,488 2,269 1,830 1,862

Contribution per share (SEK) 14 kr 9 14 11 11

ALL BUSINESS AREAS CONTRIBUTE

DEVELOPMENT – NUMBER OF EMPLOYEES CORRESPONDS TO APPROX. 130,000 SQM OF OFFICE SPACE PER YEAR

240,000

260,000

280,000

300,000

320,000

340,000

360,000

380,000

400,000

1993 1998 2003 2008 2013

Number

Source: Statistics Sweden, Swedish National Institute of Economic Research, Catella

Trend curve,

calculated on

1.87% growth

Office employment greater

Stockholm

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

0

1000

2000

3000

4000

5000

6000

85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Source: DTZ Sweden

CPI-adjusted rent

SEK/sqm Vacancy rate %

POTENTIAL FOR RENT INCREASE

Real average rent

Stockholm CBD (LS)

Vacancy CBD

(RS)

TRANSACTION MARKET

Strong transaction market

Strengthened cash position by SEK 4bn during 2014

Continued streamlining of the portfolio

VALUE CREATING PROPERTY DEVELOPMENT STRATEGY

Develop existing buildings Develop the area Work with development rights

ON-GOING PROJECTS

Over 150,000 sqm under production

Occupancy rate approx. 90 %

High demand

Stockholm – a growth market

Modern buildings in attractive locations

Potential in property development

Strong driven organisation

PREREQUISITES 2015

QUESTIONS