Income for year (after tax) increased by 25 percent to SEK 218.3 M

Income for year (after tax) increased by 25 percent to SEK 218.3 M Profit for the year (pro forma, after tax) increased by 25 percent to SEK 218.3 M (175.3 M, pro forma), equal to SEK 1.29 (1.04) per share. Profit increased despite the fact that the Company has changed its capital structure and that net interest expense thereby deteriorated from SEK 194,8 M in 1997 to SEK 250.8 in 1998. The rental market continued to develop favorably during the year. Leases for both offices and retail space in Stockholm were signed at new peak levels. The Board of Directors proposes payment of a dividend of SEK 0.80 (SEK 0.75). "The rental market for offices as well as retail space continued to be strong in 1998. "For the best retail space in central Stockholm the rentals have increased by more than 50 percent," says Tomas Billing, Hufvudstaden's president. "The increase in Hufvudstaden's profit is very gratifying. It is due in part to improved earnings in property management and in part to capital gains and other items affecting comparability. "Following the close of the period Hufvudstaden acquired an office building at Hötorget in Stockholm for SEK 82 M. The property, which has 2,200 square meters of rentable space, is an attractive development project, especially considering that Hufvudstaden already owns other parts of the block. Stockholm, February 12, 1999 Tomas Billing President Enclosed: Preliminary report on 1998 operations. For additional information, please call Tomas Billing, telephone: 08-762 90 00. HUFVUDSTADEN Preliminary report on 1998 operations Profit for the year (pro forma, after tax) increased by 25 percent to SEK 218.3 M (175.3 M, pro forma), equal to SEK 1.29 (1.04) per share. Profit increased despite the fact that the Company has changed its capital structure and that net interest expense thereby deteriorated from SEK 194.8 M in 1997 to SEK 250.8 in 1998. The rental market continued to develop favorably during the year. Leases for both offices and retail space in Stockholm were signed at new peak levels. The Board of Directors proposes payment of a dividend of SEK 0.80 (SEK 0.75). CONSOLIDATED RESULTS, PRO FORMA Property management 1 Net revenue for the period amounted to SEK 864.2 M (802.8) , of which the Retail Business Area accounted for SEK 407.4 M (387.2) and the Office Business Area for SEK 456.8 M (415.6). Of the increase of SEK 20.2 M in revenue from the Retail Business Area, SEK 14.5 M was attributable primarily to an increase in gross rentals and SEK 6.0 M to a lower vacancy rate. The increase in revenue in the Office Business Area amounted to SEK 41.2 M. The net of acquired and sold properties accounted for SEK 25.9 M of the increase, higher gross rentals for SEK 8.8 M, and the lower vacancy rate for SEK 7.3 M. Group operating expenses amounted to SEK 446.6 M (419.3), of which the Retail Business Area accounted for SEK 255.6 M (244.2) and the Office Business Area for SEK 191.0 M (175.1). The increase of SEK 11.4 M in expenses in the Retailing Business Area was attributable mainly to plannes maintenance and modifications of premises for offices in the NK Stockholm Building and in the gallerias. The increase of SEK 15.9 M in expenses in the Office Business Area was mostly a function of the net of properties acquired and sold, which amounted to SEK 17.0 M. Gross profit from Property Management increased by SEK 34.1 M, to SEK 417.6 M. Other operations Net revenues amounted to SEK 170.4 M (194.2), of which Sheraton accounted for SEK 122.2 M, and Parkaden for SEK 47.4 M. The decrease of SEK 23.8 M in revenue is the net of increased revenue in Sheraton (SEK 10.1 M) and Parkaden (SEK 3.3) and a loss of SEK 37.0 M on properties sold. Operating expenses amounted to SEK 139.8 M (166.0), of which Sheraton accounted for SEK 105.3 M and Parkaden for SEK 34.5 M. Of the lower expenses, SEK 27.3 M was attributable primarily to sold properties. Gross profit from "Other Operations" increased by SEK 2.4 M, to SEK 30.6 M. The operations in Sheraton Göteborg Hotel & Towers developed strongly and contributed SEK 16.9 M (SEK 1.9 M). Approximately half of the increase is attributable to changes in depreciation methods. Items affecting comparability amounting to SEK 43.8 M (13.5) included consisted primarily of capital gains of SEK 78.2 M on sales of property, a provision of SEK 15.2 M for the restructuring reserve, expenses of SEK 19.7 M in connection with termination of the management agreement with Sheraton International, as well as SEK 5.9 M related to partial liquidation of the personnel reserve provided in connection with the sale of Hufvudstaden International. The restructuring reserve left at year-end amounted to SEK 4.9 M and is expected to cover remaining costs. Profits amounting to SEK 24.1 M (11.2) from participations in associated companies were attributable in their entirety to Vasaterminalen AB. The increase in profit was due primarily to increased rental revenue and to a change in capital structures as of December 31, 1997. Net financial expense during the period amounted to SEK 246.5 M (141.1). Net interest expense increased from SEK 194.8 M to SEK 250.8 M. Of the increase of SEK 56.0 M in financial expense, increased borrowing in connection with the distribution of SEK 1,873 M in August accounted for approximately SEK 70 M. Group tax expense (income tax and deferred tax) during the period amounted to SEK 15.7 M (76.5). The low tax expense was due to utilization of tax-loss carryforwards. By the end of the year, approximately SEK 40 M of the tax deductible deficiency remained. Profit for the period increased by SEK 43.0 M, to SEK 218.3 M. CONSOLIDATED LEGAL RESULTS Consolidated net revenue increased to SEK 904.5 M (704.7). Gross profit for 1998 increased to SEK 423.0 M (334.1). Net profit for the period increased to SEK 239.2 M (183.0). The improvement was due largely to capital gains, lower tax expense and the acquisition of NK Cityfastigheter. 1 Unless otherwise specifically stated, figures in this report are from the pro forma income statements for 1998 and 1997. See also Definitions attached. QUISITIONS AND DIVESTMENTS Two properties were acquired during the year, Stubinen 2 (19,770 square meters of rentable space) and Stora Katrineberg 16 (54,292 square meters of rentable space) on Liljeholmen, outside Stockholm, for SEK 113.0 M and SEK 560.0 M, respectively. NK Cityfastigheter AB, with 185,578 square meters of rentable space, was also acquired for SEK 1,447.0 M. The remaining six properties in the Birger Jarl subsidiary were sold during the year for SEK 118,5 M, resulting in a capital gain of SEK 21.7 M. In addition, two residential buildings in Stockholm - Snickaren 15 and Rörstrand 33 - were sold for SEK 146.0 M, yielding a capital gain of SEK 56.5 M. Capital gains are included in items affecting comparability. BUSINESS PLAN During the year the Board of Directors approved a new business plan whereby, among other policies, the Company's operations are to be concentrated in Stockholm. REAL ESTATE PORTFOLIO The book value of Hufvudstaden's real estate portfolio amounted to SEK 7,908.7 M. The rentable space totaled 586,738 square meters, of which 49.1 percent were in the Retail Business Area and 50.9 percent in the Office Business Area. The total space-based vacancy rate, pro forma, 3.3 percent, remained unchanged during the year. The total vacancy rate based on rental income was 2.5 percent. The vacancy rate based on rental income was 2.4 percent in the Retail Business Area and 2.5 percent in the Office Business Area. Contracts are dominated by leases expiring within the next four years. As of December 31, 1998, leases that are renegotiable in 1999 amount to SEK 198.2 M, and those renegotiable in 2000 total SEK 213.9 M, Income classified by size of leases in 1998 [REMOVED GRAPHICS] RENTAL AND RETAILING MARKETS The rental markets for offices and stores in Hufvudstaden's market segments continued to develop strongly in 1998. During the autumn leases for both offices and stores were signed at new peak rates. In central Stockholm the rentals for the best retail space increased by more than 50 percent during 1998. The vacancy rate continued to decline during the year and was close to 2.5 percent for Hufvudstaden's portfolio at the end of the year. Based on the strong demand for centrally located premises, the market at the beginning of 1999 has been characterized by continuing upward pressure on rentals. Private consumption strengthened perceptibly during 1998, which benefited retailers to a substantial degree. All branches showed increases in sales compared with 1997, measured in current prices. With variations in amounts, clothing, shoe, furniture and electronics retailers reported lower prices in 1998. Purchases of "big ticket" items increased by 7.5 percent in current prices, compared with the preceding year, according to the Retail Research Institute (Handels Utredningsinstitut). NK Göteborg, with a change of 8 percent, reported the strongest increase in sales. Retailing is continuing to show a positive trend in 1999 in the segments of the market where Hufvudstaden is represented. FINANCING STRUCTURE Hufvudstaden's borrowing amounted to SEK 4,918.7. The average fixed- interest-rate period was slightly less than nine months and the average rate of interest was 4.9 percent. Net debt amounted to SEK 4,843.0 M. Financing structure, December 31, 1998 Maturi Volum Percen Avera ty e, t ofge SEK M volume inter est rate 1999 3,527 71.7 4.4 .7 2000 443.3 9.0 6.3 2001 816.0 16.6 5.8 2002 130.1 2.7 6.5 2003- 1.6 0.0 5.5 Total 4,918 100.0 4.9 .7 DIVIDEND POLICY AND PROPOSED DIVIDEND Hufvudstaden's dividend policy is as follows: "The share dividend shall amount to more than half of the net profit from current operations." A dividend of SEK 0.80 per share (SEK 0.75) is proposed for 1998. TOTAL RETURN The total return for 1998 reflects the estimated return a shareholder received. Hufvudstaden's total return, which amounted to -20.5 percent (7.9 percent), may be compared with the total return of the "pure" real estate companies listed on the Stockholm Stock Exchange. The total return 2 for these companies in 1998 was 2.3 percent (3.8 percent). NEW BOARD OF DIRECTORS New members of the Board of Directors were elected at a Special General Meeting of the Company on June 25, 1998. The Board thereafter consists of Claes Boustedt, Bo Ingemarson, Fredrik Lundberg (Chairman), Lars Lundquist, Curt G Olsson, Jan Sjöqvist, Bo Waldemarson and Tomas Billing. NET (LEGAL) INVESTMENTS Investments in properties during the year amounted to SEK 3,381.5 M. Of this amount, the acquisitions of the Stubinen 2 and Stora Katrineberg 16 properties accounted for SEK 117.8 M and SEK 580.4 M, respectively and the purchase of NK Cityfastigheter for SEK 2,664.9 M. Properties sold amounted to SEK 146.0 M. RENT COMPANY The Parent Company's (legal) profit for the year amounted to SEK 393.2 M. The Company's liquid funds at December 31, 1998 amounted to SEK 40.8 M. Investments in properties during the period totaled SEK 16.3 M. Ín addition, properties valued at SEK 146.0 M were sold. ENVIRONMENT The program to fulfill environmental objectives for the year was largely completed. One of the most important objectives involved the boiler plant in the Orgelpipan 7 property. Hufvudstaden is operating an oil-burning plant to provide heat for a number of buildings in the Klara block in Stockholm. An agreement was reached to replace the plant with district heating supplied by Stockholm Energi. Accordingly, the boiler plant will be dismantled and a garage will be constructed in the space that is opening up. The project is expected to be completed during 1999. For more detailed information, please refer to Hufvudstaden's website: www.hufvudstaden.se MEASURES TO DEAL WITH THE YEAR 2000 PROBLEM The work of documenting possible computer problems related to the advent of the new millennium has been under way since September 1997. All units and systems have now been inventoried and evaluated in terms of risk. Plans are being made to correct components that will not be able to handle the "Year 2000" problem not later than during the summer of 1999. Remaining costs for corrective measures are estimated to amount to a maximum of SEK 4 M. For information on each building, please refer to Hufvudstaden's website: www.hufvudstaden.se EVENTS FOLLOWING THE CLOSE OF THE PERIOD 2 The Carnegie Real Estate Index (CREX) increased by 0.5 percent in 1998. A direct return estimated at 1.8 percent is added to the CREX figure. The Hästhuvudet 3 property at Hötorget in Stockholm, containing 2,200 square meters of rentable space, was acquired after the end of the year. The price was SEK 82 M. In January, Tomas Billing, announced his resignation as president of Hufvudstaden. A new president has not yet been appointed. OWNERSHIP STRUCTURE Hufvudstaden acquired a new principal owner, the Lundberg company, during 1998. As of December 31, 1998, Lundberg owned 27.1 percent of the share capital and 75.8% of the voting rights. Foreign ownership amounted to 3.7 percent of the share capital. are capital structure Decembe Numbe Share Per Per r 31,r capit cen cen 1998 of al, t t share SEK M of of s sha vot re ing cap rig ita hts l A- 162,3 811,8 96. 19. unrestr 74,60 73,02 1 6 icted 5 5 C- 6,642 33,21 3.9 80. unrestr ,942 4,710 4 icted Total 169,0 845,0 100 100 17,54 87,73 .0 .0 7 5 EMPLOYEES The average number of employees in the Group was 247, pro forma, a decrease of 52 compared with the number in 1997. The decrease is attributable primarily from properties sold. CALENDAR Hufvudstaden's 1998 Annual Report is expected to be distributed in the beginning of March. The Annual General Meeting will be held at 5:00 p.m. Wednesday, March 24 in the Auditorium of the Modern Museum on Skeppsholmen, Stockholm. 98 Annual Report March 1999 nual General MeetingMarch 24, 1999 ree months' interim reportMay 6, 1999 x months' interim reportAugust 11, 1999 ne months' interim reportOctober 26, 1999 The 1998 Annual Report can be ordered on telephone no +46 8 762 90 00. Information is also presented on Hufvudstaden's website: www.hufvudstaden.se Stockholm, February 12, 1999 Tomas Billing President Ten largest owner groups December 31, 1998 Series ASeries CTotalt Percent Percent shares shares number of of of share voting shares capital rights 1 Lundbergs 39,909,06 5,865,62 45,774,6 27.1 75,8 5 2 87 2 Skandia 24,529,49 - 24,529,4 14.5 3,0 0 90 3 SEB Trygg Liv 20,348,26 - 20,348,2 12.0 2.5 2 62 4 Robur (incl15,643,76 - 15,643,7 9.3 1.9 FöreningsSparba 3 63 nken) 5 NCC 14,180,69 590,860 14,771,5 8.7 8.9 4 54 6 SPP 6,872,411 83,906 6,956,31 4.1 1.8 7 7 ABN Amro Bank 3,312,025 - 3,312,02 2.0 0.4 5 8 Swedish 2,887,000 - 2,887,00 1.7 0.3 Employers 0 Federation 9 Nordbanken 1,625,000 - 1,625,00 1.0 0.2 0 1 Lundberg, 1,228,641 51,192 1,279,83 0.8 0.8 0 Fredrik 3 Other shareholders 31,838,25 51,362 31,889,6 18.8 4.4 4 16 Total 162,374,6 6,642,94 169,017, 100.0 100.0 05 2 547 Trend of share price and volume of trading EMOVED GRAPHICS] Kronor The above chart shows the trend of share prices since September 1, 1997 lative to the Carnegie Real Estate Index (CREX) and the Affärsvärlden neral Index (AFGX). Condensed consolidated income statement SEK M Pro formaPro formaLegal (1) Legal (1) 1998 1997 1998 1997 Net sales Real estate864.2 802.8 734.1 530,1 management Other operations 170.4 194.2 170.4 174,6 1,034.6 997.0 904.5 704.7 Operating expenses Maintenance, operation and-234.7 -219.0 -172.9 -114.5 administration Ground rents -15.2 -10.5 -14.7 -9.6 Property tax -62.7 -59.1 -54.2 -43.0 Depreciation -134.0 -130.7 -99.9 -60.8 Real estate-446.6 -419.3 -341.7 -227.9 management Other operations -139.8 -166.0 -139.8 -142.7 -586.4 -585.3 -481.5 -370.6 Gross profit 448,2 411.7 423.0 334.1 - of which, Real417.6 383.5 392.4 302.2 estate management - of which, Other30.6 28.2 30.6 31.9 operations Central -40.1 -43.5 -31.3 -34.4 administration Items affecting48.3 13.5 48.7 13.5 comparability Operating profit 456.4 381.7 440.4 313.2 Income from participations in24.1 11.2 24.1 11.2 associated companies Financial income and-246.5 -141.1 -208.4 -66.2 expense Profit before taxes 234.0 251.8 256.1 258.2 Taxes -15.7 -76.5 -16.9 -75.2 Net profit for year 218.3 175.3 239.2 183.0 Operating net 551.6 514.2 492.3 363.0 The condensed income statements below have been enclosed for legal reasons. Specification: Retail Business Area d Office Business Area Key data (legal) SEK M Pro Pro Decembe Decembe forma forma r 31 r 31 1998 1997 1998 1997 Retail Visible 34.5 31.4 Business equity/assets ratio, Area % Net sales 407.4 387.2 Debt/equity ratio,1.7 2.0 times Operating - - Market price, Series23.50 30.50 expenses 255.6 244.2 A shares, SEK Gross profit 151.8 143.0 Shareholders' equity17.28 12.43 per share, SEK Book value of46.79 35.25 properties per share, SEK Office Profit per share,1.42 1.37 Business SEK Area Net sales 456.8 415.6 Number of shares,169,017 133,755 end of period ,547 ,388 Operating - - expenses 191.0 175.1 Gross profit 265.8 240.5 Condensed consolidated balance sheet SEK M Legal Legal December 31, December 1998 31, 1997 Properties 7,908.7 4,716.6 Other fixed assets 410.2 398.3 Current assets 142.1 185.7 Total assets 8,461.0 5,300.6 Restricted shareholders'2,336.6 1,226.7 equity Unrestricted 584.4 436.2 shareholders' equity Minority interest 0.7 0.0 Interest-bearing 4,918.7 3,311.4 liabilities Other liabilities 620.6 326.3 Total shareholders'8,461.0 5,300.6 equity and liabilities Rentable space and annual rent by business area and type of occupancy (1) (3) December Rentable space Annual rent by type of 31, 1998 occupancy (2) Retail Office Total Retail Office Total Business Business Business Business Area Area Area Area Sq.m % Sq.m % Sq.m % SEK % SEK % SEK % . . . M M M Office 54,6 19. 180, 60. 235, 40. 80.3 20. 359. 70. 439. 48. 34 0 766 5 400 1 4 4 9 7 8 Retail 81,2 28. 33,9 11. 115, 19. 207. 52. 79.7 15. 286. 31. 35 2 65 3 200 6 0 6 7 7 8 Hotel 36,3 12. - - 36,3 6.2 28.7 7.3 - - 28.7 3.2 91 6 91 Restauran 9,42 3.3 13,0 4.4 22,5 3.9 23.8 6.1 24.1 4.8 47.9 5.3 t 9 92 21 Cinema 661 0.3 4,72 1.6 5,39 0.9 0.4 0.1 5.3 1.1 5.7 0.6 9 0 Warehouse 26,1 9.1 16,0 5.4 42,2 7.2 21.3 5.4 12.9 2.5 34.2 3.8 84 60 44 Garage 79,3 27. 38,0 12. 117, 20. 32.0 8.1 15.2 3.0 47.2 5.3 32 5 23 7 355 0 Residenti - - 12,2 4.1 12,2 2.1 - - 10.3 2.0 10.3 1.2 al 37 37 Total 287, 100 298, 100 586, 100 393. 100 506. 100 900. 100 866 .0 872 .0 738 .0 5 .0 9 .0 4 .0 Does not include Hufvudstaden's shares in the Östra Nordstaden and in the Norrköping Residents Associations. Defined as gross rental income excluding sales-based supplemental payment. Does not include the central boiler plant in property Orgelpipan. Space-based and income-based vacancy rates (1) (3) December Spece-base rate Rental-income-based rate 31, 1998 (2) Retail Office Total Retail Office Total Business Business Business Business Area Area Area Area Sq.m % Sq.m % Sq.m % SEK % SEK % SEK % . . . M M M Office 4,96 9.1 4,84 2.7 9,80 4.2 5.3 6.6 7.6 2.1 12.9 2.9 4 0 4 Retail 3,94 4.9 390 1.1 4,33 3.8 4.2 2.0 0.6 0.7 4.8 1.7 1 1 Hotel - - - - - - - - - - - - Restauran - - - - - - - - - - - - t Cinema - - - - - - - - - - - - Warehouse - - 4,47 27. 4,47 10. - - 3.4 26. 3.4 10. 2 8 2 6 4 0 Garage - - 494 1.3 494 0.4 - - 0.4 2.6 0.4 0.8 Residenti - - 539 4.4 539 4.4 - - 0.8 8.2 0.8 8.2 al Total 8,90 3.1 10,7 3.6 19,6 3.3 9.5 2.4 12.8 2.5 22.3 2.5 5 35 40 (1) Does not include Hufvudstaden's shares in the Östra Nordstaden and in the Norrköping Residents Associations. Rental-income-based vacancy rate is calculated including index, property tax, maintenance and operations, excluding sales-based supplemental payment. Does not include the central boiler plant in property Orgelpipan. Duration of leases - Annual rents (1) December 1999 2000 2001 2002 2003 2004 2005 2006 Tota Perc 31, 1998 l ent SEK M Retail Business Area Office 23.2 10.4 20.8 12.2 0.3 - - - 66.9 7.8 Retail 55.8 65.9 51.9 21.2 12.7 - 3.0 - 210. 24.4 5 Other 9.8 33.2 5.2 21.6 12.7 2.7 12.6 2.3 100. 11.6 1 Subtotal 88.8 109. 77.9 55.0 25.7 2.7 15.6 2.3 377. 43.8 5 5 Percent 23.6 29.0 20.6 14.6 6.8 0.7 4.1 0.6 100. - 0 Office Business Area Office 67.8 72.3 82.7 55.9 47.2 6.2 19.7 - 351. 40.8 8 Retail 25.8 16.0 24.7 5.8 3.6 2.3 0.9 - 79.1 9.2 Other 15.8 16.1 13.7 5.9 2.1 - 0.1 0 53.7 6.2 Subtotal 109. 104. 121. 67.6 52.9 8.5 20.7 0 484. 56.2 4 4 1 6 Percent 22.6 21.5 25.0 14.0 10.9 1.7 4.3 0.0 100. 0 Total 198. 213. 199. 122. 78.6 11.2 36.3 2.3 862. - 2 9 0 6 1 Percent 23.0 24.8 23.1 14.2 9.1 1.3 4.2 0.3 100. - 0 Percent, 21.7 19.7 24.7 16.3 11.4 1.5 4.7 - 100. - Office 0 Percent, 28.2 28.3 26.4 9.3 5.6 0.8 1.4 - 100. - Retail 0 (1) Net rent excluding sales-based supplemental payment. Does not include Hufvudstaden's shares in the Östra Nordstaden and in the Norrköping Residents Associations. Does not include the central boiler plant in property Orgelpipan. Leasing contracts for housing are not included since the term is not specified. Excluding certain office areas, used by Hufvudstaden. No indexation has been adopted for 2000-2006. FINITIONS Annual rental income. Gross rental income at end of period, adjusted apward on an annual basis. Average number of employees. The volume of work performed during the year expressed in terms of full-time employees. (Number of hours of paid work as a percentage of a normal work year in the Company- Central administration. Cost of Group management and staffs, cost of maintaining the Company's stock exchange listing as well as other common Company costs. Note that central administrative functions attributable to Other Operations are included in the item "Costs of Other Operations." Debt/equity ratio. Net debt as a percentage of shareholders' equity at year-end. Gross rental income. Gross rental income is defined as contracted rental income, including unleased space estimated at market rates. Income-based vacancy rate. Vacant space estimated at market rental rates for individual premises, divided by gross rental income. Investments. Costs related to planned maintenance and property modifications are capitalized only if they enhance the value of the property involved. Legal 1998. NK Cityfastigheter AB was consolidated effective June 30, 1998; only income from the second half of the year has been consolidated. Acquired and sold properties are consolidated to the degree that they have been held during the year. Stubinen is consolidated for nine months and Stora Katrineberg for six months. The properties in the Birger Jarl subsidiary were consolidated for one month, and the Snickaren and Rörstrand properties for three months. Legal 1997. Pertains to Hufvudstaden's 1997 Annual Report. Net debt. Interest-bearing liabilities less interest-bearing assets. Net rental income. Gross rental income excluding rental income lost through vacancies. Operating net. Net revenue from real estate management, less costs of real estate management, ground rents and real estate tax. Profit for year. Profit after paid tax. Profit per share for the year. Profit after paid tax divided by number of shares outstanding at year-end. Pro forma 1998 and 1997. Pertains to Hufvudstaden, excluding Hufvudstaden International but with NK Cityfastigheter consolidated as if it had been held for the full year. The accounting principles applied by Hufvudstaden and NK Cityfastigheter have been harmonized in the pro forma accounts. No adjustments have been made for properties acquired or sold. Rentable space. Total space available for rental. Rental-income losses. Revenue lost due to vacancies. Shareholders' equity per share. Shareholders' equity divided by number of shares outstanding at year-end. Space-based vacancy rate. Total unrented space as a percentage of total rentable space. Visible equity/assets ratio. Shareholders' equity at year-end as a percentage of total assets. Note! New address Hufvudstaden AB (publ) NK 100 SE-111 77 Stockholm, Sweden Street address: Regeringsgatan 38 Telephone: 08-762 90 00 / Telefax: 08-762 90 01 E-mail: info@hufvudstaden.se / Website: www.hufvudstaden.se Organization number: 556012-8240 Registered domicile: Stockholm, Sweden ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/1999/02/12/20000908BIT00220/bit0001.doc http://www.bit.se/bitonline/1999/02/12/20000908BIT00220/bit0002.pdf