Kungsleden's Financial Statement; profits increase

Kungsleden's Financial Statement; profits increase · Profit before tax amounted to SEK 485 (452) m; profit after tax was SEK 745 (322) m, or SEK 39.30 (17.00) per share. · Proposed dividends are SEK 13.00 (12.00) per share, an 8% increase. · Rental revenues and operating surplus grew by 7 (24) and 4 (28)% respectively to SEK 1,376 (1,291) m and SEK 850 (818) m respectively. · The forecast for the financial year 2004 is for profit before tax of SEK 500 m. Yet another year of profit gains for Kungsleden; at year-end 2003, the property portfolio was worth over SEK 12.3 bn, and profit before tax was SEK 485 m, exceeding the latest published forecast by SEK 10 m. During the year, 77 properties were disposed of for over SEK 1.3 bn generating profits of SEK 151 m, while 70 properties were acquired for just over SEK 2.9 bn. The acquisitions were effected at an estimated property yield of 7.8%, while disposals were made at a property yield in terms of sales value of 5.8%. This year´s tax has been affected by the acquisition of loss.making companies as well as the changed evaluation of temporary differences in subsidiary share holdings. Commenting, Jens Engwall, Kungsleden's CEO, said: "From our viewpoint, 2003 was very similar to 2002; the deals we did in the year further enhanced our earnings strength and stability, and we take a positive view of our prospects of continuing to deliver healthy profits and cash flows through 2004." For more information, please contact: Jens Engwall, Kungsleden's Chief Executive, tel: +46 (0)8 503 05204, mobile +46 (0)70 690 6550 Johan Risberg, Kungsleden's COO, tel: +46 (0)8 503 05206, mobile +46 (0)70 690 6565 Detta pressmeddelande och kvartalsrapporten finns tillgängliga på svenska på www.kungsleden.se [REMOVED GRAPHICS] Kungsleden's strategy is to ensure sustainable high and stable returns proceeding from its existing holding, and through acquisitions and disposals. Kungsleden's property holding comprises 423 properties with a book value of approximately SEK 12.3 bn. The holding is located in a total of 110 municipalities, although concentrated on the Swedish provinces of Götaland and Svealand. Kungsleden has been quoted on the OM Stockholm Exchange O-list since 14 April 1999. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/17/20040217BIT00520/wkr0001.doc The full report http://www.waymaker.net/bitonline/2004/02/17/20040217BIT00520/wkr0002.pdf The full report

About Us

Kungsleden is a property company operating in Sweden and listed on Nasdaq Stockholm. We focus on owning, actively managing, improving and developing commercial properties long-term in the office, industry/warehouse and retail segments, in chosen growth regions such as Greater Stockholm, Greater Gothenburg, the Mälar Valley and southwestern Sweden. We offer appealing and functional premises in the right locations at the right price. Clustering our properties, ensuring a good local knowledge and being close to our customers allows us to quickly offer new solutions when our customers’ needs change.

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