INVITATION TO ANNUAL GENERAL MEETING

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1 ANNUAL REPORT 2000

2 Cover: The canal with the building Malmö Börshus in the background, Malmö. Lännersta in winter apparel, Stockholm. Johnér Bildbyrå/Magnus Rietz and Göran Assner CEO s comments to shareholders 4 Business concept, goals and strategies 6 Organisation and personnel 7 History 8 Markets 9 INVITATION TO ANNUAL GENERAL MEETING The annual General Meeting of Wihlborgs Fastigheter AB will take place on Thursday 5 April 2001 at 5 p.m. at Slagthuset, Jörgen Kocksgatan 7 A, Malmö. Shareholders wishing to attend the meeting must be included in the register of shareholders maintained by VPC AB by Monday 26 March 2001 at the latest, and must also send notification of their participation to Wihlborgs Fastigheter AB, Box 97, Malmö, either by to by phone on or by fax on Notification must reach Wihlborgs by 4 pm on 30 March The notification must include the shareholders name, National Insurance number/corporate identity number, address, telephone number and number of shares owned. Shareholders with nominee-registered shares in order to participate must re-register their shares in their own name with VPC AB. A request for such reregistration must be made in good time before 26 March. dividend The Board and Chief Executive Officer propose that the Annual General Meeting retain a dividend for the year 2000 of SEK 0.70 per share. Tuesday 10 April 2001 is proposed as the record day for dividends. If the Annual General Meeting decides in accordance with the proposal, the dividend is expected to be distributed by VPC AB on Tuesday 17 April financial information 2001 Annual General Meeting Interim report January March Half-yearly report January June Interim report January September 5 April 2 May 9 August 1 November Property portfolio 14 Property valuation and calculation of net asset value 19 The Stockholm region 20 The Öresund region 24 Other properties 28 Projects and development 30 Acquisitions and sales 35 Financing, sensitivity analysis and tax situation 36 Environment 40 The Wihlborg share 42 Report by the Board of Directors 45 Income statements 47 Balance sheets 48 Cash flow analysis 50 Comments on the accounts 51 Notes 52 Auditors report 57 Five- year summary 58 Definitions 59 Board of Directors, Group Management and auditors 60 List of property acquisitions and property sales during Property register 64 Addresses 79

3 2000 IN BRIEF increased profit and higher tempo of business Wihlborgs income after financial items for the whole year of 2000 amounted to SEK 652m, which is a 30 per cent improvement on The improvement in income is mainly due to a higher tempo of business with more and larger property sales, which during the year generated a profit totalling SEK 260m. Wihlborgs has further consolidated its positions in its core areas through property purchases and investments in existing properties and projects to a total value of SEK 1,946m. Wihlborgs principal markets, the Stockholm and Öresund regions, have shown continued positive development with a high level of demand, falling vacancy rates and rising rent levels. Development has been stronger in the Stockholm region than in the Öresund region. In both regions a start has been made on new construction projects in certain areas, some of which were completed during the year, in order to meet the increased needs of the market. KEY RATIOS 1) Income after financial items rose by 30 per cent to SEK 652m (503m) Profit per share after full tax rose to SEK 1.48 (1.14) Equity/assets ratio rose to 24.0 per cent (22.7) Return on shareholders equity rose to 9.3 per cent (7.6) Rental income, SEKm 2,239 2,194 Net operating income, SEKm 1,362 1,337 Profit after financial items, SEKm Return on shareholders equity, % Equity/assets ratio, % Interest coverage ratio, times Profit per share after full tax, SEK Cash flow per share, SEK Dividend per share, SEK 2) The Board will propose that the Annual General Meeting approve an increase in dividend to SEK 0.70 (0.55) per share 1) For definitions see page 59 2) Proposed dividend for

4 SHARP UPTURN IN PROFITS AND A HIGHER TEMPO OF BUSINESS CEO s comments to shareholders Dear Shareholders, The past year showed once again the vitality of an even stronger and more active Wihlborgs. Income after net financial items reached SEK 652m, which means that the company s profits have risen by more than 80 per cent in two years. a year of great and rapid change The year 2000 was a year of great contrasts. The dominant feature at the start of the year was global joy over the virtually total absence of digital problems associated with the turn of the millennium and equally global and avid interest in the IT sector and securities related to it. A few months later the scene changed very rapidly. In the highly sensitive stock markets a large number of IT companies saw their values halved and halved again during the course of just a few months. In comparison with technology shares which were difficult to value and fluctuated nervously, shares in the property sector for the first time in several years emerged as an alternative for many investors. The overall picture of listed property companies in recent years has shown that stability and profits have increased steadily, but that these factors in many cases are not reflected in valuations and that the stock market has adopted a waitand-see attitude towards the companies. The second half of 2000 in particular ushered in a period in which demand for property shares increased significantly, and the effect of the increasing interest was that the Carnegie real estate index (CREX) closed the year more than 35 per cent up, outperforming the stock market general index (AFGX), which fell by 12 per cent. The price trend and demand for Wihlborgs shares were also better in 2000 than in previous years. The share price rose by 38 per cent over the whole year, after having being up by around 50 per cent during parts of the autumn. market development Development in Wihlborgs principal markets of the Stockholm and Öresund regions remained strong during the year, with Stockholm having developed most strongly. stockholm region Office rents in central Stockholm have again hit new peaks. Towards the end of the year, there were clear signs of a rent level for offices stabilising in the range of SEK 4,000 6,000 per sq.m. in the attractive parts of the inner city of Stockholm, compared with SEK 2,000 3,000 a few years ago. We foresee a trend over the next one to three years towards an increase in mobility for an ever larger proportion of tenants with offices in the inner city. It will therefore be advantageous for some tenants to move from the central parts of Stockholm to a suburban location so that they enjoy lower rents. This may have a favourable impact on Wihlborgs, as our properties are largely located in inner suburbs. The high rent levels in the inner city consequently mean that demand in suburban locations will gradually increase, which implies significant potential for large parts of Wihlborgs property stock in the Stockholm region. öresund region The Öresund Fixed Link between Sweden and Denmark was officially opened in July There both were and are great expectations for the role the link will play in the development of the region. A large number of other infrastructure projects are planned, which means that the work of amalgamating the Öresund region into an integrated whole is continuing. The trend in the commercial premises market has been positive over the past year, with falling vacancy rates and rising rent levels. Demand for premises in Helsingborg was strong throughout the year, while in Malmö there are vacant office and industrial premises. This has had the consequence that opportunities for raising rent levels in certain areas have been limited. 4

5 Income after net financial items reached SEK 652m, which means that the company s profits have risen by more than 80 per cent in two years. increased demand leads to new production In order to meet the increased needs of the market for commercial premises in both the Stockholm and Öresund regions, new production has been started and in some places put into service. Properties which have been completed have almost without exception been fully let before the construction work has been finished. The addition of new premises which new construction work in recent years has brought about is essential for economic growth, and as long as demand and new production are in balance, extensive production of new properties is also to the good. It is this attention to the existing and specific need for premises that to date has been the great difference between the present strong property market and the largely speculative production in the late 1980s. Wihlborgs share of the new production consists of ongoing projects which at the end of 2000 had a total completion value amounting to around SEK 2.4 billion. The largest individual project is Klara Zenit in central Stockholm, which during the year developed very strongly and is almost fully let at rent levels which substantially surpass those which we anticipated at the time of the acquisition in more rapid restructuring of the property portfolio and higher tempo of business 60/20/20 Wihlborgs started the year by launching orientation 60/20/20, which means that the property portfolio in the long term is to consist to 60 per cent of commercial premises, 20 per cent of residential properties and 20 per cent of projects. The increased commitment to the development of profitable projects is combined with a higher tempo of business, which provides the necessary basis for profits in property sales. The first year with the target set at 60/20/20 has involved selling more than 140 properties to a value of around SEK 2.6 billion and at a profit amounting to SEK 260m. Of the total sales of SEK billion, residential properties accounted for more than half or SEK 1.5 billion. There has also been continued concentration of the property stock both within and outside the principal markets, leading to the sale of properties to a further value of around SEK 500m in non-prioritised locations. Investments have also been made via acquisitions of properties to a value of almost SEK 800m and investments in projects and existing properties at SEK 1.2 billion. We have additionally rationalised our property holdings by selling off two part-owned managed properties. The part-owned property Marievik 23 in Stockholm was sold, and we acquired the holdings of other part-owners in Activum Fastighetsutveckling AB, which resulted in Wihlborgs receiving a number of properties, principally in Södertälje. Partownership may be of great benefit to everyone involved in the development and operation of extensive and demanding projects. When a property or area of properties is transferred into management, there are in our view no evident advantages to shared ownership, and disposal is the best solution in the vast majority of cases. continued development of wihlborgs in 2001 During the coming year, Wihlborgs will further advance its positions, raise the tempo and increase profitability. Our presence and the favourable trend in our principal markets, two of the most lucrative growth regions in the Nordic countries, mean that we have an excellent basis for continued positive development. We are well aware of the importance of constantly exploiting small and large business opportunities, and we look forward with confidence to a very strong 2001 Erik Paulsson Chief Executive Officer

6 BUSINESS CONCEPT, GOALS AND STRATEGIES At the beginning of 2000, Wihlborgs strategies were specified with the focus on commercial premises and projects, reduction in the proportion of residential properties and a reduction of the total property holdings. An account is given below of Wihlborgs business concept, goals and strategies, which have been further clarified and adapted to prevailing and anticipated future conditions. Business concept Wihlborgs will operate on a limited number of sub-markets which function well with high growth in the Stockholm and Öresund regions. The company will administer its existing property stock in an efficient way and develop profitable property projects. The property stock will be constantly improved through the sale, purchase and improvement of properties. Goals overall goals Wihlborgs, by virtue of its size, strength and orientation, aims to give shareholders a return in excess of the average return for similar companies on the OM Stockholm Stock Exchange. financial goals The share dividend is to be not less than 40 per cent and not more than 60 per cent of the net profit. Wihlborgs is to be consistently among the leading listed property companies in relation to profitability (return on reported equity), and at the same time is to surpass the risk-free rate of interest by at least four percentage points. The visible equity/assets ratio is to be at least 25 per cent. The interest coverage ratio is to amount to at least 2.0. Strategies concentration Wihlborgs market positions in the Öresund and Stockholm regions are to be consolidated and further strengthened through concentration on selected market segments, both geographically and functionally. Gradual restructuring and disposal of Wihlborgs property holdings are to take place. The objective of this work is to further concentrate property holdings at the pace the market allows. The company s property portfolio is to be 6 focused on the property segment of commercial premises and the development of property projects and to a lesser extent be geared towards residential properties. The model for long-term plan planning of the composition of the property portfolio is referred to as 60/20/20. This means that Wihlborgs property value is to comprise 60 per cent commercial premises, 20 per cent residential properties and 20 per cent projects. improvement The necessary basis for a further boost to the profitability of the company is created through the acquisition of properties with development potential, the application of successful technological discoveries and the disposal of ready-developed properties. The average lead time for projects is to be in the range of 3 to 5 years, and over an economic cycle the proportion of projects is to be 20 per cent of the Group s total property value. The yield on started projects will vary depending on location and type of property, but is always to amount to at least 8 per cent and be financed to at least 50 per cent from the company s own funds. customer The main target group for commercial premises is small and medium-sized companies with a strong financial position. Wihlborgs is to establish good customer relations through good value for money in service and business and by offering services which increase added value and encourage long-term relations. For tenants of apartments, Wihlborgs is to strive at all times to improve each residential area with the aim of creating a residential environment which attracts tenants who value care, security and well-being. effectiveness Wihlborgs is to have continued high cost-effectiveness and be one of the leaders in comparison with other Swedish property companies. risk Wihlborgs exposure to risks should be limited and controlled in the best possible way to make the expected rate of return correspond to the estimated risk in every engagement.

7 COMMERCIAL STOCKHOLM SOUTH RESIDENTIAL STOCKHOLM OTHER, NYKÖPING ORGANISATION AND PERSONNEL Wihlborgs' organisation comprises the two principal operating regions, Stockholm and Öresund, and supporting shared central company functions. The core of Wihlborgs organisation is the property management units of the Wihlborgs organisation, which have been split into market segments in order to achieve a firm local base in the sub-market concerned. The guiding principles for everything which is done in the service of Wihlborgs are professionalism, speed, efficiency and profit orientation combined with a high level of service. personnel The number of full-time equivalent employees at the end of the year amounted to 204 persons, of whom 39 per cent are women and 61 per cent are men. The Group management consists solely of men. In finance the majority are women, while in the property organisation the majority are men. The average age is 43 years. The average period of employment for men is 6 years and for women is 7 years. Many of Wihlborgs staff have university or university-level education, and most have long experience of property management. skills development Wihlborgs works actively to develop and utilise the skills of its employees on the basis of the organisation s requirements and future needs. If possible, the company is to look for the skills required in the organisation internally in order to give Wihlborgs staff an opportunity to develop and to utilise the knowledge which exists within the Group. Changes create new opportunities and invite staff to develop and act more independently in new roles. Learning and skills development take place in daily work and the goal is that Wihlborgs should be an employer who attracts and stimulates motivated and committed employees. training Continuous in-service training takes place in the IT area, and many staff have obtained the European Computer Driving Licence (ECDL). During the year all staff received COMMERCIAL STOCKHOLM NORTH 7 COMMERCIAL MALMÖ PROJECTS AND DEVELOPMENT PROPERTIES STOCKHOLM REGION GROUP MANAGE- MENT PROPERTIES ÖRESUND RESIDENTIAL MALMÖ CENTRAL REGION Sketch of Wihlborgs organisation with both of the operative administative regions and a minimum of efficient corporate support functions. further training in the environmental area. Special efforts have been made in relation to environmental skills within projects and the development functions. Several individualised training courses have been held in areas such as customer care, sales techniques and letting law. All personnel also receive regular training in the area of the working environment. market pay In accordance with Wihlborgs personnel policy, all staff are to receive individually set pay at market rates, which is based on the individual employee s personal circumstances, skills and initiative, as well as performance, responsibility and ability to work with others. The right of women and men to equal treatment is respected in setting pay. The setting of pay levels is to be consistent with the Group s overall goals and the goals laid down in the individual development programmes drawn up in consultation with the employee. working environment Work relating to the working environment is naturally incorporated into operations, and efforts to create a good working environment are constantly in progress. Employer and employee work together to bring about a good working environment, and the company endeavours to make sure that its personnel are content, that there are no risks to health and that work is carried out efficiently. Every employee is to assist in the daily work related to the working environment through personal commitment in order to reduce the risk of industrial injuries and contribute to a good working environment. FUNCTIONS HELSINGBORG REST OF SWEDEN COMMERCIAL KÖPENHAMN

8 HISTORY OF WIHLBORGS 1924 Builder O P Wihlborg founds the building firm in Malmö, which has given it s name to Wihlborgs Fastigheter AB (publ) The Malmö-based group ACTIVE acquires Wihlborgs from the Wihlborg family. Building operations in Wihlborgs are sold on and a pure property group is - formed within ACTIVE Trading in Wihlborgs shares take place, without official listing Wihlborgs Series B-shares are listed on the O list of Stockholm Stock Exchange. Peab AB becomes new principal shareholder in Wihlborgs In connection with new share issue of SEK 371m, Wihlborgs acquires 33 properties, whereby Wihlborgs total property portfolio amounts to 410,000 sq.m. Bergaliden becomes principal shareholder in Wihlborgs Fastighets AB Stillman in Malmö is acquired at the beginning of the year. Wihlborgs Series B-shares are listed on the OTC list of the Stockholm Stock Exchange In November 1996 the Board of Wihlborgs makes a public offer for the acquisition of M2 Fastigheter AB. In December, Wihlborgs Series B share are listed on the A list of the Stockholm Stock Exchange During the spring, Wihlborgs finalises the acquisition M2 Fastigheter. In September 1997 the Board of During the spring, Wihlborgs acquired Slagthuset in Malmö. Wihlborgs makes a public bid for the acquisition of Klövern Fastigheter AB At the beginning of the year Wihlborgs finalises the acquisition of Klövern Fastigheter AB. Wihlborgs disposes of its stock in the Netherlands comprising 11 properties, which came to Wihlborgs upon the acquisition of Klövern. On 13 April 1998, Wihlborgs makes an offer for Fastighets AB Storheden in Stockholm, and the merger takes place late in summer that same year Wihlborgs acquires Svedeg GmbH s 50 per cent holding in the company owning the property Blåmannen 20-Klara Zenit in central Stockholm. Wihlborgs thereby owns 75 per cent of the joint company in which Peab AB already owned 25 per cent Conversion of A-shares with high voting strength to B-shares takes place. Wihlborgs afterwards has only one type of share, Wihlborg B, where each share carries one vote. Wihlborgs acquires remaining shares in Activum Fastighetsutveckling AB in Södertälje. Wihlborgs and the construction companies JM and Peab formed a jointly owned development company for the Kranen area in Västra Hamnen in Malmö. 8

9 MARKETS The Stockholm Region a region undergoing strong economic growth Economic growth in the Stockholm region remains strong. Very significant driving factors are advances for companies in the telecoms industry, headed by Ericsson and Nokia, the financial sector and companies in the IT sector. However, some segments of the latter felt the extremely rapid changes on the financial market. This led to a number of companies, particularly in the e-commerce sector, filing for bankruptcy or being wound up with heavy losses and large numbers of redundancies. However, these closures and cutbacks have not been on such a large scale as to substantially affect the region s economic climate. There is nevertheless no doubt that the companies in the emerging Internet sector had previously been one of the strongest single forces driving and maintaining the demand in the very highest price brackets for office premises, residential properties and IT expertise. population growth The population of Stockholm County at the end of 2000 stood at 1.82 million. During the last few years inward migration has been substantial, around 20,000 people yearly. Recently, however, a slight slow down in the pace of inward migration has been noticed. The reasons for this are thought to be effects of the great shortage of housing and an increasingly complex transport situation. In the short term, the shortage of housing has led to almost nonexistent availability of apartments for rent and a very sharp rise in prices for tenant-ownership dwellings and small self-contained houses. The traffic problems which now affect large parts of the region for an ever increasing number of hours per day mean that more and more inhabitants of Stockholm are being caught up in traffic congestion. In the medium and long terms, there is a risk of these two factors reversing the positive trend, and additional measures will have to be taken to prevent the growth of the region being curbed. 9 Hammarby Sjöstad. One of the largest ongoing projects in the Stockholm region. ongoing town planning and infrastructure projects Two of the largest investments currently in progress in the region are the Hammarby Sjöstad project and the construction of the Södra Länken road link. Hammarby Sjöstad involves the old harbour and industrial area around the lake of Hammarby sjö being transformed into a modern district as a natural continuation of Södermalm. The first new tenants moved in in December 2000, and altogether 8,000 new apartments will be built here for 20,000 inhabitants. When this district has been fully developed in 2010, 30,000 people will live and work within the area. The infrastructure will also be boosted by Hammarby Sjöstad being linked to the rest of the public transport network via the Tvärbanan tram line. The Gullmarsplan Liljeholmen route operated at present will be extended down through Hammarby Sjöstad and on to Sickla Udde. the property and commercial premises markets The past year has been characterised by continued strong development on both the property market and the market for commercial premises. The high level of demand and shortage of premises on some sub-markets has meant that rents have reached their highest ever levels. The accelerating inner-city rents have also had an impact on rent-setting in other parts of the region, although neither absolute rent levels nor the rate of increase have shown the same exceptionally strong growth as in the central parts of the inner city of Stockholm. On the property markets, the established property companies and insurance companies have strengthened their positions and a number of newconstruction projects have been started to meet the increased demand. Virtually all the new construction projects are already fully let when construction begins, which means that the volume built to exploit non-contracted demand for premises is limited. Conversions of residential properties

10 Järla Herrgård, Järla Sjö Nacka. from tenancy to tenant-ownership have also continued, particularly in attractive inner-city locations, with public housing companies, listed companies and private property owners as the sellers. residential in stockholm Stockholm s market for rented housing is dominated by the three municipally owned companies Svenska Bostäder, Familjebostäder and Stockholmshem. These three companies together own around 110,000 residential apartments within the City of Stockholm. The largest private property owner in the Stockholm region is the listed property company Drott, with around 7,000 apartments, followed by Wihlborgs with around 6,000 apartments. All the sub-markets on which Wihlborgs is represented are showing very strong demand, non-existent vacancies and ever declining mobility among tenants. There has been very little new production in recent years, and what new production there has been has related to tenantownership. The consequence of this has been ever longer waiting times for rented apartments and a very sharp rise in prices for tenant-ownership apartments. Despite a lively debate in recent years on the subject of the effect of location on rent levels, which is referred to in everyday language as the first step on the road to market rents, the parties in the Stockholm rental market have not yet been able to agree on any model for this. Rent negotiations in 2000 in the municipality of Stockholm resulted in a settlement between the public housing companies and the tenants association which meant that rents were raised on an average by 1.95 per cent from 1 July 2000 and 2.2 per cent from 1 January Wihlborgs has followed the settlement between the parties, and rents in Wihlborgs areas have therefore been raised to an equivalent extent. office premises in stockholm Rents in the central and most attractive parts of the inner city of Stockholm reached new peaks during the year. A sharp increase in rent levels in the city also affects other markets, which have had yet another year of positive development. It is important in this context to point out that the highest rents and the most extreme development only relates to certain limited parts of the inner city of Stockholm. Growth has generally not been as dramatic on the sub-markets where Wihlborgs holdings are concentrated, primarily in inner suburbs. The longer the distance from the city, the more limited the growth in rents has been, due mostly to the fact that to date there has relatively greater access to vacant premises. In several of these areas demand has been increasing, with shortages of premises in some, and the vacancy situation is in balance, so that rent development can be expected to become stronger over the next few years. In some attractive office locations, the method of converting former industrial spaces to office accommodation, with better growth in rents, has meant a new supply which in some cases exceeds demand, with the effect of curbing increases in rents and a continued unchanged vacancy situation. Newly signed lease contracts for offices, in submarkets on which Wihlborgs is represented, are in range of SEK 900 2,800 per sq.m. per year, with the highest levels being recorded in Södermalm and Kista. retail premises in stockholm Retail trade in the Stockholm region continued to develop positively during the year, which together with the limited supply of retail premises particularly in attractive locations has meant a further increase in demand for retail premises. The proportion of vacant premises is very low, and Wihlborgs most successful concentration of retail premises, Arninge Centrum, again showed strong advances and improvements in

11 The Öresund region. industrial and warehouse premises in stockholm Rents are not increasing at the same rate for industrial and warehouse premises as for office and retail premises. The reason for this is that there has been a greater supply of vacant premises and that clients are more inclined to relocate their operations if costs increase. At the same time, rationalisation is taking place constantly with regard to companies warehousing activities with a continuing trend towards outsourcing and just-in-time deliveries. Taken together, this is leading to increased demand in certain situations being met with space which has become available within the existing properties. The improvements which are continuously being made also affect the attractiveness the company s own properties, so that vacancies are decreasing and rents are rising. Rent levels for industrial and warehouse premises in Lunda and Veddesta are between SEK 600 and 850/sq.m./year. In Bromma/Hagalund, rents for equivalent spaces have increased towards SEK 800 1,000/sq.m./year. The trend generally remains good in the southwestern suburbs of Stockholm, Jordbro, Haninge, and in Södertälje, where rent levels at present are in the SEK /sq.m./year range. Öresund Region a region undergoing rapid change After many years of planning and construction, the official opening of the Öresund Bridge in July 2000 marked the dawn of a new age for the region, with the fixed link between Sweden and Denmark attracting massive media coverage and royal attendance. Flows across the bridge, particularly of heavy traffic, have not quite lived up to expectations, but rail traffic between the two countries has been a success. The next step in the improved Öresund links is the construction of the City Tunnel, which has now entered a stage in which detailed planning is starting to take shape and after the final financial decisions have been 11 made, the construction process is estimated to start in The completion of the City Tunnel will signify further improvements to the efficiency and simplicity of travelling between the two countries, to the benefit of development towards the vision of an integrated urban region around the Öresund with a population of more than three million. population growth and educational profile During 2000, the total population of the county of Skåne increased by approximately 6,000, around of the half of the increase taking place in Malmö and Helsingborg. Expanding trade and industry, investments in future sectors and education and training mean that the conditions for further growth are favourable, which contributes to the interest of more companies in moving to the region. Its educational profile has long been a characteristic feature of the Öresund region, and at present there are more than 130,000 students in what is known as the Öresund University, which is a collaborative organisation involving universities and colleges in the region. Over the next few years, further efforts will be made in higher education, and it is estimated that student numbers in Malmö University College, which is expanding sharply, will have risen from the present 6,000 to 15,000 on an annualised basis in the property and commercial premises markets Growth in the region over the last few years has meant that both property prices and rent levels have generally increased. The Helsingborg area in relative terms developed more strongly than the Malmö region during However, within each sub-market there are significant deviations, and it is the most central parts in each location where the increases in value and rents have had the greatest impact.

12 Forskaren 1 in Malmö. Malmö residential in malmö The leading player on the Malmö residential market is the municipal company MKB, which with its around 19,500 rental apartments is represented on each sub-market. Wihlborgs holds a strong position and, with around 3,000 apartments, is the largest of the private landlords. The proportion of unoccupied apartments in Wihlborgs housing stock has decreased over the past year to a very low level. The is partly due to the general increase in demand, but also to Wihlborgs residential properties now being concentrated on the central parts of Malmö, and sales have been made of the majority of the remaining units in the outer areas. As supply on the rental market has decreased, the price level for tenant-ownership units has also risen significantly, which may have the effect of making it appropriate to sell properties to tenantownership associations by converting from tenancy to tenant ownership. The volume of transfers within the residential stock remains too high, although it showed signs of falling during the year. In 2000, rents were increased on an average by 2.5 per cent. office premises in malmö The leading players on the office premises market in Malmö are Castellum (Briggen), Drott, Skanska, Vasakronan and Wihlborgs. The improved economic situation and the development of the region have meant that demand for offices in Malmö has increased over the last few years. Development has been strongest in central locations, where rent levels have increased most and vacancy rates have fallen sharply. However, a considerable volume of vacant premises remains available on the market, which has the effect of slowing down the rate of increase in rents. The dramatically changed conditions for companies in the IT sector in the 12 majority of cases has led to their aggressive plans for expansion not being implemented. The effect is that the IT companies which have been a significant factor in the increase in demand have largely disappeared completely from the market for commercial premises, and this has also contributed to slowing down the rate of increase in rents. General rent levels for centrally located premises are SEK 1,100 1,200 sq.m./year, with individual peaks exceeding SEK 2,000/sq.m./year. New office premises have also been added during the year, both in central locations and in their immediate vicinity, as in Västra Hamnen. The new construction is a response to the demand which it has not been possible to meet through the existing stock of properties, for example large and very large premises for companies which have undergone or are in a phase of rapid growth. Rents are on a par with the upper segment of the market, which means upwards of SEK 1,500/sq.m./year. retail premises in malmö The market for retail premises in the Malmö region continued to strengthen in A decisive reason for this strength is that development in retail trade in the region is good, although the very mild autumn and time up to Christmas trading have had an adverse impact on the trade in clothing. Despite the downturn at the end of 2000, total trade and demand for retail premises are increasing, with a general rise in rent levels. A pattern which has become increasingly clear is the significance of the location factor for demand for retail premises, which means that sensitivity to rent level exhibits substantial differences depending on where the retail premises are located. This trend has been in existence for a few years and is growing stronger from year to year, both between and within the sub-markets.

13 Svea 6 & 7 in Helsingborg. industrial and warehouse premises in malmö The market for industrial and warehouse premises has developed less strong than that for retail and office premises. Demand for small and medium-sized space is good, while demand and mobility in the market for tenants requiring large premises is lower. Rent levels in attractive locations, such as the industrial village in Arlöv, are in the SEK /sq.m./year range. Offices alongside industrial and warehouse premises generally have a slightly higher rent level. Helsingborg office premises in helsingborg Demand for office premises continued to grow in Helsingborg in Demand was particularly strong in central Helsingborg, where there are virtually no vacant offices at present, with the consequence that rent levels in attractive locations have risen by around 15 per cent and are now in the SEK 900 1,200/sq.m./year range. Demand for offices outside the centre has also increased, albeit not to the same extent. industrial and warehouse premises in helsingborg Demand for industrial and warehouse premises remained very strong throughout Industrial premises with a lettable space between 200 and 500 sq.m. prove to have the best development. Both in the Berga industrial estate and Sydhamnen, where Wihlborgs is the dominant property owner, vacancies have fallen and rent levels which now stand at SEK /sq.m./year are rising. residential in helsingborg and åstorp The shortage of housing in Helsingborg is very noticeable, and at present it is almost impossible to find a vacant flat to rent in Helsingborg. Contributory reasons are that new production is very limited, the turnover of tenants in the housing stock is low and the new college which at present has nearly 1,000 students has increased demand particularly for smaller apartments. However, the above factors are having a positive effect on the market in Åstorp, where Wihlborgs is the largest player on the residential side. New renting has proved successful, resulting in a fall in the vacancy rate from 29 to 23 per cent. The previous objective that the proportion of vacant apartments at the end of 2002 is to be less than 10 per cent remains. Copenhagen office premises in copenhagen The market for commercial premises in the Copenhagen area remains stable and is notable for increasing internationalisation and the strength of development of the Öresund region, which is above the Danish average. Demand for offices continues to be good, particularly in attractive locations, but rent levels have stagnated due to the extensive new construction in progress, and peak annual rents for offices amount to DKK 2,000 sq.m/year. 13

14 PROPERTY PORTFOLIO Wihlborgs property portfolio at 31 December 2000 comprises 644 properties with a total lettable space of 2,702,244 sq.m., an aggregate rental value of SEK 2,206m and a book value of SEK 19,850m. The occupancy rate expressed as rental value for the total stock amounted to 95 per cent. Of the total rental value, the Stockholm region accounts for 46 per cent, the Öresund region for 46 per cent and Other properties for 8 per cent. Of the total lettable space, 40 per cent is in the Stockholm region and 51 per cent in the Öresund region. Broken down by category of property, the rental value for commercial properties accounts for 68 per cent and that for residential properties for 32 per cent. The book value of the properties is equivalent to SEK 6,742/sq.m. excluding projects and land, and yield on an annualised basis amounts to 7.3 per cent. In the table on the next page, the properties have been broken down into categories of property on the basis of the principal use of the properties. The table also shows how the lettable spaces are distributed for each type of premises. A specification of the lettable spaces per property is shown on pages Rental value and income-based occupancy rate are values on an annualised basis at 31 December 2000 for the property stock at 31 December Rental income relates to values for the period from January to December 2000 for the property stock at 31 December 2000, where properties acquired during 2000 have been converted to an annualised basis. For this reason, there is no absolute connection between the values given in the tables for rental values and rental income and the calculation of occupancy rates. Rental value by geographical region Stockholm 46 % Öresund 46 % Other 8 % Lettable space by geographical region Stockholm 40 % Öresund 50 % Other 10 % Rental value by property category Offices/retail 47 % Industrial/warehouse 20 % Residential 32 % Hotels 1 % Lettable space by property category Offices/retail 37 % Industrial/warehouse 30 % Residential 32 % Hotels 1 % 14

15 WIHLBORGS PROPERTY PORTFOLIO Summary of Wihlborgs total property portfolio at ) Book Rental Income-based Rental Net opera- Interest Distribution by No. of Space value, value, occupancy income, ting income, Yield subsidies, real estate category properties 6) s.q.m 5,7) SEKm SEKm 2,5,6,7) rate, % SEKm 3) SEKm 3) % 4) SEKm Offices/retail ,150 9,201 1, Industrial/warehouses ,346 3, Residential ,304 5, Hotels 5 29, Land and projects 53 1,632 Total 644 2,702,244 19,850 2, ,072 1, Distribution by geographical region Stockholm 219 1,069,427 9, Öresund 366 1,369,252 8,453 1, Other ,565 1, Total 644 2,702,244 19,850 2, ,072 1, ) Rental income, net operating income and interest subsidies pertain to the period 1 Jan. 31 Dec for Wihlborgs real estate portfolio at 31 Dec ) Rental value is defined as paid rent as of 31 Dec on an annualised basis, with a supplement for estimated market rent for vacant spaces. 3) Current property stock as of 31 December Accounted rental income and net operating income concerning properties acquired during 2000 have been recalculated on an annualised basis. 4) In calculating yield, the book value of propties has been reduced by the book value of land and projects. 5) The Granen 21 and Söderbymalm 3:482 properties in the Stockholm region, with combined floor areas of 18,061 sq.m. and a total annual rental value of SEK 29 million, became managed properties during the first quarter. During the third quarter the Sigmabuilding on Kranen 1 in the Öresund region were taken under management with a lettable area of 11,000 sq.m. and an annual rental value of SEK 16 million. During the fourth quarter the project Styckjunkaren 3 in the Stockholm region, were taken under management with a lettable area of 11,283 sq.m. and an annual rental value of SEK 18 million. The Kitteln 11 in Other properties were reconstructed during the year yielding an expanded lettable area of 2,258 sq.m. and an additional annual rental value of SEK 2.5 million. 6) The total number of properties held by Wihlborgs increased by a net of 1 as a result of the mergers, plan changes and reclassifications within the existing property holding that took place over the past year. This increase breaks down as follows: 1 additional property in the Stockholm region, 7 fewer in the Öresund region, and 7 more in the Other region. 7) The lettable area of the managed part of the Klara Zenit (Blåmannen 20) property has been reduced by 3,325 sq.m. which have become part of the reconstruction project of the property. Distribution of lettable space by type of premises at Type of premises Lettable space, sq.m. Share, % Offices 776, Retail 217,742 8 Industrial/warehouse 736, Residential 782, Hotels 33,047 1 Other 155,753 6 Total Wihlborgs 2,702, Duration of leases at Year No. of Space, Lease value Percentage Type of premises of expiry leases x1,000 sq.m. SEKm of value, % Commercial , > Subtotal 3,620 1,741 1, Residential 11, Subtotal excl. garages 14,866 2,524 2, Garages 1) 4, Total Wihlborgs 19,271 2,601 2, ) Relates to garages incl. outdoor carparks. 15

16 1) 2) TOTAL REAL ESTATE PORTFOLIO SUMMARY Stockholm Öresund Other Total Office and retail properties Number Book value, SEKm 4,038 4,111 1,052 9,201 Space, sq.m. 365, , , ,150 Rental value, SEKm ,032 Income-based occupancy rate, % Rental income, SEKm Net operating income, SEKm Yield, % Book value, SEK per sq.m. 11,041 8,894 6,603 9,321 Rental value, SEK per sq.m. 1, ,045 Net operating income, SEK per sq.m Industrial and warehouse properties Number Book value, SEKm 1,491 1, ,280 Space, sq.m. 251, ,548 79, ,346 Rental value, SEKm Income-based occupancy rate, % Rental income, SEKm Net operating income, SEKm Yield, % Book value, SEK per sq.m. 5,929 3,378 1,868 4,018 Rental value, SEK per sq.m Net operating income, SEK per sq.m Residential properties Number Book value, SEKm 3,041 2, ,453 Space, sq.m. 447, ,610 24, ,304 Rental value, SEKm Income-based occupancy rate, % Rental income, SEKm Net operating income, SEKm Yield, % Interest subsidies, SEKm Book value, SEK per sq.m. 6,793 5,539 8,626 6,273 Rental value, SEK per sq.m Net operating income, SEK per sq.m Hotel properties Number Book value, SEKm Space, sq.m. 4,600 24,844 29,444 Rental value, SEKm Income-based occupancy rate, % Rental income, SEKm Net operating income, SEKm Yield, % Book value, SEK per sq.m. 15,000 8,654 9,645 Rental value, SEK per sq.m. 1, Net operating income, SEK per sq.m. 1, Land and projects Number Book value, SEKm 1, ,632 1) Rental income, net operating income and interest subsidies pertain to the period 1 Jan. 31 Dec for Wihlborgs real estate portfolio at 31 Dec ) Rental value is defined as paid rent as of 31 Dec on an annualised basis, with a supplement for estimated market rent for vacant spaces. 16

17 Stockholm Öresund Other Total Total Number Book value, SEKm 9,887 8,453 1,510 19,850 Space, sq.m. 1,069,427 1,369, ,565 2,702,244 Rental value, SEKm 998 1, ,206 Income-based occupancy rate, % Rental income, SEKm ,072 Net operating income, SEKm ,325 Yield, % 3) Interest subsidies, SEKm Book value, SEK per sq.m. 4) 8,078 5,962 5,372 6,742 Rental value, SEK per sq.m Net operating income, SEK per sq.m ) In calculating yield, the book value of the properties has been reduced by the book value for land and projects. 4) Exclusive of land and projects. REAL ESTATE STRUCTURE AND PROPERTY EXPENSES Real estate structure managed properties Wihlborgs real estate portfolio as of by size No. Proportion Prop. of total space Size in sq.m properties No. sq.m. of total properties % sq.m, % < , ,001-4, , ,001-6, , ,001-8, , ,001-10, , ,001-15, , >15, , Total 591 2,702, The above table shows Wihlborgs managed properties by size. 49 per cent of Wihlborgs total lesable space is represented by the 100 managed properties, which have a lettable space per property in excess of 8,000 sq.m. Property expenses per region 2000 SEKm Stockholm Öresund Other region region properties Total Costs for electricity, heating and waste disposal Other operating costs Repairs and maintenance costs Property tax Ground rent Property administration Total property costs The above table shows the components included in property expenses classified by geographical region for Wihlborgs property stock at

18 NET OPERATING INCOME AND PROPERTY COSTS Development of net operating income January-December SEKm Income effect Rental income 2,239 2,194 Less disposals Less acquired properties Adjusted rental income 1,814 1, Property costs Less disposals Less acquired properties Adjusted property costs Adjusted net operating income for comparable units 1,075 1, This table shows the net operating income for the whole of 2000 compared with After adjustment of values for properties acquired and disposed of, income for comparable property stock is seen to have increased by SEK 77m during 2000 compared with A corresponding cost calculation shows that costs increased by SEK 35m during The overall effects that net operating income for comparible property stock during 2000 increased by SEK 42m compared with Comparison of net operating income SEKm Net operating income in the income statement for ,362 Disposals: net operating income for that part of the year in which properties sold belonged to the Group Stockholm -87 Öresund -27 Other properties -32 Additions: net operating income for acquired properties on full-year basis Stockholm 83 Öresund 23 Other 3 Total net operating income on full-year basis for the real estate portfolio at ,325 The above table shows a comparison between net operating income in the income statement for 2000 and the net operating income on an annualised basis for Wihlborgs property stock as of The comparison shows that the change in total net operating income is mainly due to the decrease of other properties. 18

19 PROPERTY VALUATION AND CALCULATION OF NET ASSET VALUE market valuation at december 2000 At the end of 2000, the Ernst & Young Property Market Group made an assessment of Wihlborgs market value. This external valuation covered all Swedish properties and development land. The foreign properties in Denmark and Germany have been valued internally. The market value of the property stock was assessed as of December 2000 at SEK 21.2 billion. The book value of the property stock at the same time was SEK 19.8 billion. method and data The basis for the valuation is the figures which Wihlborgs has supplied on lease contracts, vacant spaces, current operating and maintenance costs and investments. In addition, a large proportion of the property stock has been inspected. Figures have has been obtained from the Ernst & Young market database on market rents, standardised operating and maintenance costs and the required return in the property market for different types of properties. basis of valuation and discount rate The analysis is based on the guidelines established by the Swedish Property Index. The valuation is based on cashflow analyses in which the operating surplus is computed at present value over a five-year analysis period and a residual value at the end of the analysis period. A discount rate based on a long-term discount rate with an addition for property-related risk is used in the valuation. The cost of capital for Wihlborgs total property portfolio amounts to 9.3 per cent. Taking a long-term bond interest rate of 4.4 per cent, the property-related risk can be calculated at an average of 4.9 per cent. calculation of net asset value At the valuation date in December 2000 the market value of Wihlborgs property holding was SEK 21.2 billion, corresponding to a net asset value per share on the same date of SEK The dilution effect of warrants issued, resulting in the total number of shares in the company reaching million, has been taken into account when calculating the net worth, as have the deferred tax of 28 per cent of the surplus values and the minority holding s share of the properties value. Market segment Market value, SEK bn Book value, SEK bn Discount rate, % Yield, % Stockholm Commercial Stockholm Residential Helsingborg Malmö Commercial Malmö Residential Other Öresund incl. Denmark Other locations inc. Germany Projects and Land Total

20 The Stockholm region's share of Wihlborgs' total rental value of SEK 2,206 million. Stockholm region 46% Anders Hörnqvist, Property Manager, Stockholm Residential Rental value by market segment Stockholm North commercial premises 35 % Stockholm South commercial premises 27 % Residential 38 % Rental value by property category Offices/retail 37 % Industrial/warehouse 30 % Urban Sjölund, Property Manager, Commercial premises Stockholm North Residential 32 % Hotels 1 % THE STOCKHOLM REGION Wihlborgs property stock in the Stockholm region at 31 December 2000 comprises 219 properties with a total lettable space of 1,069,427 sq.m., an aggregate rental value of SEK 998m and a book value of SEK 9,887m. The occupancy rate expressed as rental value for the total stock amounted to 97 per cent. Broken down by category of property, the rental value for commercial properties accounts for 62 per cent and that for residential properties for 38 per cent. The book value of the properties is equivalent to SEK 8,078/sq.m. excluding projects and land, and yield on an annualised basis amounts to 7.1 per cent. Market segment Stockholm Residential property stock The Stockholm Residential market segment consists of 103 properties with a total lettable space of 441,909 sq.m. and an aggregate rental value of SEK 376m. The properties contain a total of around 6,000 apartments. The occupancy rate expressed as value amounts to 99 per cent and yield to 6.9 per cent. The properties in this market segment are located in Stockholm, Nacka and Vallentuna. residential Wihlborgs holdings of residential property are largely made up of properties in inner surburbs of Stockholm such as Bagarmossen, Fruängen, Hagsätra, Skärholmen, Spånga and Årsta. Only a small number (two) of Wihlborgs residential properties are located in Stockholm city centre. There is one residential area in Nacka and two in Vallentuna. After the sales activities of the last few years, Wihlborgs residential property stock in Stockholm mostly consists of closely connected management units in areas of strong growth. A number of improvements were noted 20 during the year in many years, chiefly in what are known as the million programme areas where rehousing, rental losses and damage necessitating emergency repairs have decreased substantially. property development Re-building and action programmes involving the residential stock continued during the year, principally in Fruängen and Vallentuna. In connection with re-building projects for residential apartments, a change is taking place in rent levels in accordance with applicable regulations and the scope of the action taken. organisation The objective is to combine a high level of service for our tenants with cost-effective management. This is achieved through a decentralised, flexible organisation with short decision paths so that the residents find it easy to have their questions answered. In order to bring us even closer to our customers, we also have local offices in some of our residential areas. Management is dealt with in close cooperation between our own personnel and personnel from external management companies, resulting in further capacity and space to structure our operations in line with the changes taking place in the property stock. Market segment commercial premises Stockholm North property stock The Stockholm North market segment comprises 71 properties with a total of 316,180 sq.m. of lettable space and an aggregate rental value of SEK 352m. Of the rental value, 83 per cent relates to office and retail properties and 17 per cent to industrial and warehouse properties. The occupancy rate expressed in value amounts to 99 per

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