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Nordic City Report Spring 2012

Market Outlook

2

Office Rental Clock Evolution

Rental GrowthSlowing

RentsFalling

Rental GrowthAccelerating

RentsBottoming Out

Rental GrowthSlowing

RentsFalling

Rental GrowthAccelerating

RentsBottoming Out

Rental GrowthSlowing

RentsFalling

Rental GrowthAccelerating

RentsBottoming Out

Barcelona, BrusselsBarcelona, BrusselsAmsterdam, Budapest,Dublin, MadridAmsterdam, Budapest,Dublin, MadridEdinburgh, RomeEdinburgh, RomeSt. PetersburgSt. Petersburg

MilanMilan

CologneCologne

Lyon, Stuttgart Lyon, Stuttgart

CopenhagenCopenhagen

AthensAthensLisbonLisbon

Bucharest, Frankfurt, Istanbul, Kiev, Luxembourg, PragueBucharest, Frankfurt, Istanbul, Kiev, Luxembourg, Prague

Berlin, Hamburg, MunichBerlin, Hamburg, Munich

Düsseldorf, Geneva, StockholmDüsseldorf, Geneva, StockholmWarsawWarsaw

Helsinki Helsinki Helsinki Moscow Moscow

OsloOslo

London City, London West End, Paris, Zurich

London City, London West End, Paris, Zurich

Q4 2011

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Rents

Solna / Sundbyberg Prime Rent SEK 2,200 sq m (16.7%)

Adjacent Suburbs Prime Rent SEK 2,000 sq m (5.3%)

Rest of Inner City Prime Rent SEK 3,300 sq m (10.0%)

Kista Prime Rent SEK 2,100 sq m (10.0%)

CBD Prime Rent SEK 4,200 sq m (5.0%)

Stockholm Total Prime Rent SEK 4,200 sq m (5.0%) Stockholm Submarkets Q4

Source: Jones Lang LaSalle IP, January 2012

4

Vacancies

Solna / Sundbyberg Vacancy Rate 11.1% (-1.0%-units)

Adjacent Suburbs Vacancy Rate 16.2% (-1.1%- units)

Rest of Inner City Vacancy Rate 5.6% (-2.2%- units)

Kista Vacancy Rate 13.9% (+3.4%- units)

CBD Vacancy Rate 3.2% (-2.2%- units)

Stockholm Total Vacancy Rate 9.7% (-1.2%- units) Stockholm Submarkets Q4

Source: Jones Lang LaSalle IP, January 2012

0%

5%

10%

15%

20%

0

50

100

150

200

250

300

350

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F 2013F

Completions CBD Completions rest of Stockholm Vacancy rate Stockholm Vacancy rate CBD

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Vacancy and Completions Stockholm 2002 – 2013

Source: Jones Lang LaSalle IP, January 2012

2011

6

New development projects – Stockholm

2

4

3

5

1• 22,000 sq m • Completed Q4 2013

1. Torsplan– NCC

• 15,000 sq m • Completed Q4 2013

Träsket 17 – Diligentia • 7,000 sq m • Completed Q3 2013

3. Svea Artilleri– Vasakronan

• 55,000 sq m • Completed Q1 2014

4. Lustgården– Skanska

• 3,320 sq m • Completed Q3 2012

• 2,000 sq m extension

5. Sperlingens Backe 30 – SEB