Welcome to Fabege s year-end report Jan-Dec Christian Hermelin, CEO & President Fabege Åsa Bergström, Vice President & CFO Fabege

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1 Welcome to Fabege s year-end report Jan-Dec 2016 Christian Hermelin, CEO & President Fabege Åsa Bergström, Vice President & CFO Fabege

2 EARNINGS SEKm Property Management 6,209 3,308 1, ,230 Property Development 1, Transactions Contribution from operations 8,576 3,961 2,321 1,488 2,269 Contribution per share SEK 52 SEK 24 SEK 14 SEK 9 SEK 14 Loan-to-value, %

3 OUR ORGANIZATION HAS DELIVERED Renegotiations +23% (12) Retention rate 81% (73) Vacany 5 % (6) Net letting SEK127m (74) Surplus ratio 72% (72) Projektmarginal 87% (29) Green financing totals19% (6) 3

4 CONDENSED INCOME STATEMENT SEKm Rental income 2,105 1,998 Property expenses Net operating surplus 1,507 1,429 Central administration Net financial items Share in profits of associated companies Profit from property management Realised changes in value, properties Unrealised changes in value, properties 7,614 3,252 Changes in value, derivatives and equities Profit before tax 8,680 4,233 Tax -1,573-1,001 Positive rental growth in identical portfolio: approx. 10% Surplus ratio: 72% (72) Return on projects: 87% Accumulated value growth: 19% Earnings per share: SEK 42:97 (19:54) PROFIT FOR THE PERIOD 7,107 3,232 4

5 KEY FIGURES 31 Dec Dec Dec 2014 Equity, SEKm 23,002 16,479 13,783 Equity per share, SEK EPRA NAV, SEK per share Return on equity, % Equity ratio, % Loan-to-value ratio, % Interest coverage ratio, multiple

6 Capital Market

7 FINANCING 31 DECEMBER 2016 Activities during the fourth quarter Issue SFF SEK 700m Green issue MTN SEK 300m No additional fixed interest Activities during the first quarter 2017 Green issue SFF SEK 300m Maturity 3,3 years, margin 1.05% Total facilities SEK 23.9 bn Total loans SEK 22.0 bn Of which, bonds SEK 3.1 bn Of which, commercial paper SEK 5.0 bn 19 percent are now green financing Refinancing 2017 SEK 3,7 bn, maturing autumn -17 Unutilised SEK 1.9 bn Capital maturity period: 3.8 years Fixed-rate period: 2.2 years 7

8 Rental market

9 The occupancy rate increased to 94% (95% in portfolio management) Net letting SEK127m Renegotiations + 23% (volume SEK194m) Stockholm s strong growth and the relocation to quality properties favour rental increase in our area 9

10 SEKm REVENUE GROWTH Including known lettings and vacancies Excluding rental targets 400 Q Q Q Q Q Q Q Q

11 Transaction market

12 TRANSACTION AN INTENSIVE QUARTER Disposal of Uarda 7, Arenastaden Value of SEK 1.2bn, SEK104m profit before tax Restructuring ownership Friends Arena Capitalization of Arenabolaget KB Together with the Swedish football association turnaround and further develop Friends arena Gained access to land allocation Selfoss 1, Kista To be developed for residential Acquisition of 50% of Visio by Peab, date of access will take place in January Owns building rights in Solna Acquisition of Fortet 2, Solna, date of access will take place in February

13 TRANSAKTIONSMARKNADEN - STILL VERY STRONG -- Our growth in value during the period amounted to SEK 7,614m, corresponding to 19 % Average yield 4.53 % Most of the value growth in the management portfolio in the fourth quarter was due to increasing rents and we anticipate that yield requirements will continue to fall and the rents to increase 13

14 AVERAGE YIELD % Stockholm inner city Solna 4 Hammarby Sjöstad

15 Project portfolio

16 VALUE CREATION PROJECTS Approx. 194,000 sq.m under construction Pelaren 1 Uarda 6 Hörnan (Lagern 2) Forecast investments in 2017 SEK 2.6bn Occupancy rate 80% Vacancy 6,300 sqm Vacancy 1,800 sqm Vacany 5,400 sqm Pyramiden 4 Orgeln 7 Signalen 3 Fully leased Full uthyrd Vacany 19,000 sqm Vacany 6,000 sqm

17 OTHER DEVELOPMENT RIGHTS JANUARY 2017 INCLUDING ACQUISITIONS OF DISTANSEN AND RÅSTA (FABEGE'S SHARE 75%) Commercial development rights 373,100 sqm (118,200 sqm in Arenastaden) Approx. 58 % legally binding Book value: <2,000 SEK/sq.m. Housing development rights 251,000 sqm Approx. 36 % legally binding Book value: about 7,500 SEK/sq.m. 17 Kairo 1, Arenastaden

18 OUR GOOD PREREQUISITES Best locations in Stockholm Best project portfolio in Sweden Best market in Europe Best organisation in the world 18

19 QUESTIONS

20 THANK YOU FOR YOUR ATTENTION