1. Welcome to Fabege’s presentation
of the year-end report 2014
Christian Hermelin, CEO & President Fabege
Åsa Bergström, Vice President & CFO Fabege

2. 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)

3. 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

4. FINANCING
- DECEMBER31, 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

5.  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

6. 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

7. DEVELOPMENT – NUMBER OF EMPLOYEES
CORRESPONDS TOAPPROX. 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

8. 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)

9. TRANSACTION MARKET
 Strong transaction market
 Strengthened cash position by SEK 4bn during 2014
 Continued streamlining of the portfolio

10. VALUE CREATING PROPERTY DEVELOPMENT STRATEGY
Develop existing buildings Develop the area Work with development rights

11. ON-GOING PROJECTS
 Over 150,000 sqm under production
 Occupancy rate approx. 90 %
 High demand

12.  Stockholm – a growth market
 Modern buildings in attractive
locations
 Potential in property development
 Strong driven organisation
PREREQUISITES 2015

13. QUESTIONS