1. Welcome to Kungsleden! Year-end and Q4 report 13 February 2014Biljana Pehrsson, CEO Anders Kvist, Deputy CEO and CFO

2. Agenda 1. 2013 and Q4 in brief 2. New strategy and targets 3. Kungsledens position Property portfolio The Stockholm region Nordic Modular4. Financial development and key ratios 5. 2014 outlook 6. Q & AMimer 5, Vsters|2 3. 2013 in brief Biljana Pehrsson appointed CEO Implementing new strategy and targets New management team and new business organisation Positive net letting of SEK 26 m (15) Economic occupancy during the year: 90,9 per cent (89,6) Real estate acquisitions of SEK 5,935 m during the year GE-transaction outstanding, purchase price SEK 5,500 m with approximate rental value of SEK 700m Bond issue SEK 700 m Net result after tax substantially improved to SEK 862 m (352)2013 and Q4 in brief|3 4. Q4 in numbers Net sales increased by 26 per cent to SEK 623 m (494) Gross profit increase by 25 per cent to SEK 354 m (282) Sales and administration costs were decreased to SEK 45 m (56) Net financial position SEK -160 m (-137) Profit from property management rose by 67 per cent to SEK 149 m (89) Value adjustments financial instruments; SEK 8 m (-19) Profit before tax was SEK 231 m (18) Net profit was SEK 179 m (923*) corresponding to SEK 1,31 per share (6,76)* Comparison period Oct Dec 2013 contains substantial contribution from Hems holding sale 2013 and Q4 in brief|4 5. 2013 in numbers Net sales increased by 5 per cent to SEK 2,224 m (2,110) Sales and administration costs decreased to SEK 156 m (187) Financial net SEK -596 m (-586) Profit from property management rose by 24 per cent to SEK 549 m (445) Value adjustments; properties SEK 48 m (-20) Value adjustments financial instruments; SEK 425 m (-70) Net profit was SEK 862 m (352) corresponding to SEK 6,31 per share (2,58) Book value property portfolio* (as of 31 Dec 2013) SEK 20,338 m Board of Directors proposal for 2013 dividend, SEK 1,25 per share (1,00)* Excluding modular buildings 2013 and Q4 in brief|5 6. Strategy Kungsleden will create value by satisfying customer needs for premises, managing and improving properties, and optimising the company's property portfolio Customer-centric property rental Flexibility and local presence with a decentralized organization Development Current property portfolio and new projects Optimization Well defined process for entry and exit of holdingsNew strategy and targets|6 7. Overall targets Concentration to regions with high growth and high demand for premises Customer needs in focus Attractive locations with good accessibility in the local market Efficient management with property clusters on respective local market Three segments within commercial premises15% Office Industry and warehouse Retail Quality Modern and suitable properties Stable rental revenue stream Cash-flow growthNew strategy and targets50%35%|7 8. Financial targets Actual 2013 ROE of 10 12% To generate long-term strong cash-flow growth A sound balance sheet Equity ratio above 30% Loan-to-value of between 6065% on new credit Liquidity reserve with liquid assets and credit facilities (in anticipation of tax proceedings) Continued cost effectiveness10,6% 59% 37% 3 200 Mkr -16% A mid-term target of distributing 50% of property rental profits to shareholders Profit from property management as financial target and senior management incentiveNew strategy and targets|8 9. Kungsledens position Why growth regions? Favourable demographics Above average GDP growth in big cities Good rental and vacancy development Positive value development for real estate Segmental mix substantially changed Office buildings account for half of the property portfolio after acquisitions during 2013 Industry / warehouse constitute 35 percent and retail 15 percent Geography Focus on selected outer city areas and suburbs in Stockholm, Gothenburg and Malm CBD locations in regional centres; Vsters, Norrkping, Eskilstuna, stersund Non-strategic properties (with a value of SEK1,000 m) to be divested mid-term Concentration to less than 70 localities Kungsledens property holdings by rental value Kungsledens position|9 10. Stockholm regionKungsledens position| 10 11. Property portfolio Transactions during 2013 Acquisition of 95 properties for SEK 5,935 m Investments in current properties SEK 212 m Sale of four properties for SEK 108 m, whereof one in Germany31 December 2013 17% 31% Changed geographical mix The greater Stockholm, Gothenburg and Malm areas have increased its portfolio share from 30 to 50 per cent GE-transaction contributes with a high share of Stockholm properties Geographic concentration brings economy of scale in property managementTotal Book value* 21%SEK 20,338 m21% 31% StockholmMlaren Valley and NorthGothenburgMalm The ten largest tenants 1 2 3 4 5ABB Bring Frigoscandia verskottsbolaget Fortifikationsverket ICA6 7 8 9 10Gotlands Kommun V-TAB BYGGmax Westinghouse Electric Axfood* Excluding modular buildings Kungsledens position| 11 12. Stockholm region 201320127444594,000328,0006,0802,583Rental value, SEKm697308Industry / warehouseOperating net, SEKm435202RetailEconomic occupancy, %89.491.67.27.8Properties Area, sq.m. Book value, SEKmProperty yield, %12%Office17%Other 68%Premises with excellent locations outside the inner city in Kista, Danderyd, Tyres and Sollentuna3%Office share of property portfolio increased to 68 percent in the region with the acquired GE-propertiesBreakdown by segmentIncreased average rental level from acquired propertiesSvrdet 7, DanderydKungsledens position| 12 13. Nordic Modular EBITDA-result (2013) SEK 194 m (191) Rental modular buildings 20132012232,000231,0001,5091509Rental value, SEKm262257Operating net, SEKm14516079.179.89.610.62932702412Area, sq.m. Book value, SEKmEconomic occupancy, % Property yield, %Temporent modular buildingModule production and sales Sales, SEKm Gross profit, SEKmFlexator, productionKungsledens position| 13 14. Income statement 2013 JanDec2012 JanDec%1,6691,5835Rental revenues, modular buildings2622572Sales revenues, module manufacture2932708Net sales2,2242,1105Gross profit1,3011,2187Sales and administation costs-157-187-16Net financial position-596-58625494452356-4425-701,030371178-192-813-76838-44224794862352SEKm Rental revenuesOperating net Value changes, properties Unrealised value changes, financial instruments Profit before tax Tax Profit/loss from continuing operations Discontinued operations: Hems holding after tax Net profit Financial development and key ratiosAcquisitions during 2013 forms higher base for rental revenuesCost target achieved during the yearContinuing interest payments in swap contracts and higher bond yieldsNo tax charges on 2013 results 145| 14 15. Financial position SEKm31 Dec 201331 Dec 2012ASSETS Investment properties properties20,33814,2471,5091,509222149066603,363Current receivables286373Cash and bank balances32372122,96820,9008,4537,72612,8799,704Derivatives7081,125Other non-interest-bearing liabilities9282,34522,968Acquisitions have increased the property portfolio by more than 40 percent20,900Investment properties modular buildings Properties used in business operations Other long-term assets Receivable from AP3Total assets EQUITY AND LIABILITIES Equity Interest-bearing liabilitiesTotal equity and liabilities Financial development and key ratiosHems sale completed in February 2013Shareholders equity increased from SEK 7,726m to 8,453m or by 9 percentBalance sheet increase by 10 percent| 15 16. Financing Loan portfolio amounted to SEK 12 879m (9 704) at year end 2013 Increased interest bearing liabilities and lower borrowing costs for property financing brought a lower average interest rate, at 5,8 per cent (6,8) as per December 31st The average remaining duration of loans and interest swaps as per December 31st was 3,1 years (5,1), hedging ratio was 73 per cent 9,00% 8,00% 7,00%6,8% 0,6%0,6%5,8%3,5%3,5%3,6%0,2%0,1%6,00% 5,00%0,5%2,5%2,1%4,00% 3,00%2,8% 2,7%2,7%2,7%2,4%1,4%1,2%1,2%1,2%1,1%31 Dec 201231 Mar 201330 Jun 201330 Sep 201331 Dec 20132,00% 1,00% 0,00%Commitment fee for liquidity reserve Difference between Stibor 3m and fixed interest on interest rate derivatives Interest margin and arrangement fees Interest on bank borrowings and bond issuesFinancial development and key ratios| 16 17. Key ratios 20122013Property yield, %7.87.5Economic occupancy, %89.690.9Operating surplus margin, %65.566.1Return on Equity, %4.610.6Equity ratio, %37.036.8Loan to value ratio, %61.558.9Interest rate coverage, multiple2.71.9Equity per share, SEK56.6061.93Operating net per share, SEK3.264.02Profit after tax per share, SEK2.586.31Cash-flow per share, SEK0.903.51Dividend per share, SEK1.001.25Property related actualFinancialEquity(proposed for 2013)Financial development and key ratios| 17 18. Tax position Tax proceedings applicable to the years 2004 2007 Changed interpretation of laws and practices sets the basis for tax claims on Kungsleden Outstanding and provisioned tax proceedings amount to SEK 658 m Negative outcome in so-called BV rulings autumn 2013, Kungsleden has applied for leave to appeal with the Supreme Administrative Court Risks in non-provisioned proceedings amount to SEK 2,990 m (shareholders equity impact) Kungsledens judgement of the possibility to achieve final success in each and every tax proceeding sets the basis for eventual provisioning Ruling for all cases expected during 2014 and 2015Financial development and key ratios| 18 19. Outlook 2014 We see improved demand for premises within Kungsledens segments and markets Continue to implement and deliver according to our strategy Focus on active management and to develop our property portfolio with the aim to maximize operating net and to create long-term value Focus on portfolio optimization and refinement with investments and divestments Stable and attractive total return in our property portfolio Strengthened earnings capacity in current portfolio Cost effectivenessOutlook 2014| 19 20. Q&AOutlook 2014| 20