1. Vasakronan - Sweden’s leading real estate company Håkan Bryngelson President & CEO Interim Report January-March 2008 Björn Lindström Chief Financial Officer Moderator Tobias Kaj Handelsbanken First quarter 2008

2. Vasakronan – Sweden’s leading real estate company Håkan Bryngelson President & CEO

3. 3 Change of ownership Resolution in the Swedish Parliament regarding sale on June 20, 2007 Extent, method and date is a matter for the owners Advisors –JP Morgan Financial advisor CatellaProperty advisor, Sweden –Cederquists Legal advisor, due diligence WSP, SwecoTechnical and Environmental advisor –PWC ÖhrlingsFinancial due diligence Vasakronan is prepared for a change of ownership –Market-leader in the property sector –One of Sweden’s most analyzed and transparent property companies –Works according to high market standards for communication, financial reporting and Codes

4. Agenda Summary Q1, 2008 Market Strategic position –Customer orientation –Continued growth –Focus on cost Interim Report January-March 2008

5. Summary Q1, 2008 Market Continued strong rental and property market Difficult to forecast economic development SEK M% Rental revenues757+ 7 Operating surplus518+ 10 Market value, property portfolio46,104 +0.4

6. Summary Q1, 2008 Start of new projects –Heden 42:4, Göteborg SEK 580 M –Lorensberg 45:16, Göteborg SEK 50 M Property acquisitions –Tigern 1, Malmö SEK 67 M –Lorensberg 45:16, Göteborg SEK 125 M Major rental agreements –Tax Authority, Stockholm13,200 m 2 –BDO Nordic, Stockholm2,800 m 2 –TAT, Malmö2,600 m 2 Great Communications Award

7. Swedish GDP Sources: Swedish National Statistics och Ministry of Finance 7 Difficult to forecast developments in the international economy Reduction of Swedish GDP-growth, but moderate slowdown of Swedish economy FFFF

8. Market rents Offices - City locations Source: Jones Lang LaSalle *Lund incl IDEON 8 Continued strong rental market Increased market rents Lower rate of increase SEK/m 2 2003 2004 200520062007 2008 Stockholm Malmö Göteborg Lund* Uppsala

9. Market yield requirements Modern offices in prime locations Source: Jones Lang LaSalle 9 Continued stable property market Same level of transactions during first quarter 2008 as first quarter 2007 Unchanged yield requirements in Stockholm Slightly increased yield requirements on other markets *Lund incl IDEON % 200320042005200620072008 Stockholm Malmö Göteborg Lund* Uppsala

10. Market vacancy rate Offices - city locations *Lund incl IDEON Source: Jones Lang LaSalle 10 Continued low vacancy rates Decline in Stockholm and Uppsala Moderate increases in Malmö and Göteborg Stable in Lund % 2003200420052006 2007 2008 Stockholm Malmö Göteborg Lund* Uppsala

11. Vasakronan today 46.1 billion in market value SEK 2.9 billion in rental revenues 172 properties 395 employees of which 159 in Vasakronan Service Partner 11 Rental revenues, % Stockholm Göteborg Malmö Uppsala 6 Lund 3 Office Retail Residential 1 Other 6 Garage/warehouse 4 60 16 15 76 13 99% commercial

12. Vasakronan’s key strategies 12 Rental market Attractive premises and services Strong customer relationships Active market approach Commercial properties Attractive growth markets Stockholm, Göteborg, Malmö, Uppsala and Lund Real estate market Project development Acquisitions and exchange deals Market-leading position

13. Financial trend 13 Income after net financial items, excl. change in market value Rental revenues Operating surplus SEK M Forecast

14. Breakdown of market value 14 Stockholm 27,750 Göteborg 8,271 Lund 1,906 Malmö 5,921 Uppsala 2,256 60% 18% 13% 5% 4% SEK M Total SEK 46,104 M

15. Vasakronan’s strategic position Strong corporate brand Sweden’s leading real estate company Focused growth Focus on offices in growth cities Strong property development portfolio Acquisitions and exchange deals Strong corporate culture Most attractive employer in real estate industry Low employee turnover Focus on costs Strong customer orientation Strong growth in rental revenues Most satisfied custo- mers in the industry Services for increased customer loyalty Environmental focus

16. Satisfied customers Satisfied Customer Index 16 Average Property Sector Vasakronan Location Handling complaints Service Adaptation of premises Image Customer orientation

17. Restaurant Conference facilities Tenant service Reception with RoomService Telephony Services through partners Services to achieve increased customer loyalty 17 Meet customers on a daily basis 10 years continuous growth Established in large property clusters Customer orientation

18. 18 Vasakronan – first climate neutral real estate company 18 Tons CO 2 CO 2 emissions from 29,000 ton to 1,500 ton Reduction with over 90 % per m 2 since 2003 Added emissions if deliveries had not been climate neutral Real emissions Customer orientation

19. Results of Vasakronan’s customer focus 19 Satisfied customersLow turnover of customers Vacancy rate, rental lossEmployee participation/motivation % % Customer orientation

20. Strong project portfolio 20 88% leased High increase of value Long-term contracts Strong customers Projects in progress, SEK M Growth

21. Project development Projects in progressSEK 3,9 billion Large project potentialSEK 6,1 billion Future projects Development projects -Detailed development plans but unutilized building rights -Potential building rights Growth

22. Projects in progress InvestmentFloor Est.Vacancy rate, LocationPropertySEK Mspace m 2 completionarea, % GöteborgHeden 42:1, Polishuset79443,000Dec. 20090 GöteborgHeden 42:4, Kriminalvården58028,715June 20100 StockholmFruktkorgen 1, Kungsholmen55023,910Dec. 20090 LundNya Vattentornet 454027,550Dec. 20080 StockholmSvea Artilleri 14, Östermalm41917,233Dec. 2010100 GöteborgHeden 46:1 Tingsrätten*16016,455Dec. 20090 GöteborgNordstan 8:2713516,260Aug. 20080 StockholmBeridarebanan 11, City1148,800June 200825 LundSpettet 31088,680Dec. 20080 StockholmVega 4, City883,931June 200855 MalmöKronan 10 & 118413,369Dec. 200813 GöteborgLorensberg 45:16506,800June 20090 Total3,622214,90312 Other minor projects102 Total3,861 * Jointly owned with NCC 22 Growth

23. Ullevi, Göteborg 23 Police Headquarters New construction of 30,000 m² Remodeling of 13,000 m² SEK 794 M Prison and Probation Service New construction and remodeling of 28,715 m 2 SEK 580 M City Court New construction of 16,500 m² NCC owns 50 % SEK 160 M, Vasakronan’s share Growth

24. 24 Projects Stockholm Svea Artilleri Remodeling of 17,233 m 2 Signed first tenant Completion 2010 SEK 419 M Rådhuset Remodeling and new construcition of 23,900 m² Completion 2009 SEK 550 M Fourth Hötorg Building Remodeling of 8,800 m 2 – 75 % leased – SEK 3,900 – 5,000/m² Completion 2008 SEK 114 M Growth

25. Brunnshög, Lund New construction of 27,550 m 2 for Sony Ericsson 1,600 workplaces Occupancy Q2 2008 SEK 540 M 25 Ericsson Mobile Platform Business Park Project owned by Vasakronan Sony Ericsson owned by Vasakronan Growth

26. Strong corporate culture Most attractive employer in the real estate industry –First choice for university students in real estate economics High employee rating on commitment, job satisfaction and pride Low employee turnover Corporate culture

27. Focus on cost Focus on procurement Insourcing SEK M Corporate culture

28. 28 Vasakronan’s future focus! Customer orientation Focused property portfolio and growth through projects and exchange deals Strong corporate culture and focus on cost Unique, leading and strong operation provides added value for customers and owners –Own management organization with a high level of expertise –The market’s most attractive employer –The market’s highest customer satisfaction and lowest vacancy rate in the market –Strong corporate brand

29. Interim Report January-March 2008 Björn Lindström Chief Financial Officer

30. Increased rental revenues+ 7 % Contracted / reported annual rent + 15 % Vacancy rate declined to 5 % Operating expenses and maintenance - 7 % Value growth property portfolio + 0.4 % Current tax SEK 0 M Project portfolio increased to SEK 3.9 billion 30 Summary Interim Report January - March 2008

31. Rental revenues Jan-March 31 %200820072006 Change in comparable + 3+ 6+ 4 property portfolio Acquisitions, new + 4+ 2- 5 construction & divestments Total change in + 7+ 8 - 1 rental revenues SEK M

32. Negotiation and renegotiation of rental portfolio Jan-March 32 %200820072006 Average rental change +9+3+3 Share of rental portfolio 2 2 1 Average rental term, years 4.94.54.0

33. Rental revenues – future growth March 31 SEK M200820072006 Contracted annual rent 3,3583,0572,767 Reported 12-month rent 2,923 2,757 2,681 Rental growth 43530086 Rental growth, %15113 33

34. Vacancy rate March 31 200820072006 Rental value, %567 - SEK M157173199 Floor space, %678 - 000 m 2 115 115136 Rental value, %20082007 Central Stockholm46 Greater Stockholm1111 Uppsala55 Göteborg22 Malmö33 Lund11 Total56 Vacancy rate, rent 34

35. Operating expenses and maintenance Jan-March 35 %200820072006 Change in comparable - 7 -4-12 property portfolio Acquisitions, new construction & divestments 0+1+7 Total change - 7-3 - 5 SEK M

36. SEK M200820072006 Net interest-bearing liabilities 12,89111,33111,036 Interest rate %, 4.4 3.33.7 Net financial items 1238999 Market rate comparable portfolio 2008-03-31 5.2 % Financial items March 31 36

37. 37 Market value 31 March SEK M 2008-03-312007-03-312006-03-31 Market value at January 1 45,23638,12232,827 Investments 508250171 Acquired properties 198971,025 Divested properties - -36 - Unrealized change in value162+ 0,4%497+1,3 %321+1,0 % Market value, March 31 46,10438,930 34, 344 Market value Q1, 2008 Internal update of previous quarter external appraisal Market value is affected by changes in market rent and yield requirements after reconciliation with DTZ and Newsec Market value is influenced by specific property occurrences

38. Unrealized change in value March 31, 2008 N ewly signed contracts Investment profit in projects 38 Unrealized change in value per quarter, SEK M

39. SEK M2008 20072006 Current tax 00-54 Deferred tax -147 -239 -155 39 Tax Jan-March

40. Income statement January-March 40 Change SEK M20082007SEK M% Rental revenues757708+49+7 Operating expenses -156-160+4-3 Maintenance -9-17+8+47 Site leasehold fee-22-17-5-29 Property tax -52-45-7-16 Operating surplus 518469+49+10 Income building rights 000 Income associated companies -10-1 Income service operations 20+2 Central administration and marketing -17 -19+2 Operating income 502450 +52+12 Financial net -123 -89-34 Income after financial net379361+18+5 Change in values 149502-353 Current tax000 Deferred tax-147-239+92 Income after tax381624-243-39

41. % 200820072006 Operating surplus margin 686663 Interest-coverage ratio, multiple 4.15.14.5 Return on shareholders’ equity 181711 Key ratios Jan-March 41 % Multiple Operating surplus margin Interest-coverage ratio

42. Cash flow Jan-March 42 SEK M200820072006 Current operations 330262-107 Investing operations -704-307672 Dividend --- Total cash flow -374-45565 SEK M

43. Ongoing property projects March 31 43 SEK M200820072006 Property projects 3,8612,9951,450 Investment in projects 506256165 Development operating surplus, ongoing projects, SEK M

44. Balance sheet 44 SEK M2008-03-312007-03-31Change Investment properties 46,18038,988+7,192 Deferred tax claims 210355-145 Financial assets 281523-242 Current receivables 678902-224 Cash and bank 4555+450 Total assets47,80440,773+7,031 Shareholders’ equity 26,11022,430+3,680 Deferred tax liabilities 6,2634,789+1,474 Interest-bearing liabilities 13,52511,719+1,806 Non-interest-bearing liabilities 1,9061,835+71 Total Shareholders’ equity and liabilities 47,80440,773+7,031

45. Key ratios 45 %200820072006 Equity/assets ratio 555552 Loan to market value282932 % Equity/assets ratio

46. Financing – Sources 2008-03-31 of whichShare, % SEK M Limitutilized Commercial paper 5,0002,71520 MTN program 20,0005,42440 EMTN program 9,374921 Bank loans 11,2725,26239 Total –13,493100 Vasakronan have unutilized bank loans amounting to SEK 6,010 M 46

47. SEK M20082007 Income after financial items excl. income from 1,500 1,477 building rights Unchanged forecast + Increased rental revenues + Improved operating surplus -Increased interest expenses + Increased investments 47

48. Tobias Kaj Handelsbanken Moderator

49. 49 Real offices for real people