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Investor presentation Oslo september 2016

Shareholders

Change of control

Change of control clause in all capital market

and bank funding

”… when shares representing 51 % of the votes

in Vasakronan are not owned by one or more of

Första, Andra, Tredje and Fjärde AP-fonden”

Vasakronan in brief

• Market value, billion SEK b 109

• Total area, thousand m2 2,5

• Contracted rent, SEK b 6

• Number of properties 181

• Number of employees 355

Stockholm

Gothenburg

Malmö/Lund

Uppsala

Contracted rent by geographic market

Stockholm, 62%

Gothenburg, 19%

Öresund, 12%

Uppsala, 7%

Contracted rent by property type

Offices, 79%

Retail, 17%

Other, 4%

93,0 93,0 93,4 92,0 92,6

93,6

75

80

85

90

95

100

2011 2012 2013 2014 2015 2016 Q2

Stable occupancy rate

%

Duration contract portfolio Average term, 4,5 years

0

5

10

15

20

25

30

35

40

Share, %

Loan to value

49

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

2009 2010 2011 2012 2013 2014 2015 2016Q2

%

Interest cover ratio has improved

3,8

0

1

2

3

4

2009 2010 2011 2012 2013 2014 2015 2016Q2

times

1,9 times

Total return 2015

30,5

16

28,3

10,5

0,51 0

5

10

15

20

25

30

35

Vasakronan returnon equity

Vasakronan totalreturn

Listed real estatecompanies

Swedish Stockmarket

OMRX Bond

%

Total return 10 years

Vasakronan Return on equity

OMRX Bond Index

Swedish Stockmarket, SIX

Listed Swedish real estate companies

Vasakronan Total return

0%

5%

10%

15%

20%

25%

30%

0% 5% 10% 15% 20% 25% 30%

Average total return

Volatility (standard deviation)

Office rent - 50% up since 2009

3 000

3 500

4 000

4 500

5 000

5 500

6 000

6 500

2008 2010 2012 2014 2016

SEK/sqm

Office rent Stockholm CBD

6 000 6 000

150 000

60 000

25

10

0

5

10

15

20

25

30

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

2000 2016

Rent/sqm Rent/employee Sqm/employee

Rising rents but falling rental costs

Sqm Rent

More efficient office space

0

500

1 000

1 500

2 000

2 500

3 000

3 500

11 12 13 14 15 16 17 18 19 20 21 22

Other projects Ongoing and decided projects Planned projects

High potential in upcoming projects

M SEK

Sergelhuset

Platinan, Göteborg

57 billion

Loan portfolio

Diversified funding

MTN Bonds 20,3 SEK B

Bank loans with collateral 17,2

SEK B

Bank loans without collateral

0,5 SEK B

MTN Inflation linked bonds 0,8 SEK B

MTN Green bonds

4,7 SEK B

Commercial papers

11,1 SEK B

NOK-Bonds 3,2 SEK B

Bond issues in NOK

3,2 Billion

NOK

3-7 Years

5 Bonds

Revolving credit facility Shows large commitment from the AP-funds

• Agreement with owners to

purchase commercial papers

• Amount 18 SEK Billion

• Constant maturity 2 years

• Gives strong liquidity position and

low risk in short term funding

Loan maturity 3,3 years

0

2

4

6

8

10

12

14

16

18

20

0-1 1-2 2-3 3-4 4-5 5+

Commercial papers MTN Bonds Bank loans

33 %

22 %

15 %

8 % 9 %

13%

SEK Billion

år

Fixed interest term 4,2 years

46 % <1 Y

54 % ~8 Y

Välkommen till

en bättre värd

Thomas Nystedt

thomas.nystedt@vasakronan.se

+46 (0)8 566 205 41