YEAR-END REPORT 2004 VASAKRONAN AB

• Income after financial items amounted to SEK 457 M (37). Excluding capital gains, write-downs and reversal of reserves for write-downs, income exceeded Vasakronan’s forecast of SEK 350 M and amounted to SEK 382 M (585). • The market value of the properties amounted to SEK 32.9 bn (31.4). The value increase for comparable portfolios was 1%. Properties were written down by a total of SEK 307 M (712). • Rental revenues declined to SEK 2,719 M (2,961), mainly as a result of property sales. The vacancy rate rose to 12% (10) of rental revenues, due primarily to the acquisition of Kista Science Tower. • The outlook for 2005, in accordance with IFRS accounting rules, is that income after financial items, before unrealized value changes in properties and capital gains, will amount to SEK 875 M (840). • The Board of Directors is proposing a dividend of SEK 165 M (9) to the Annual General Meeting. “The forecast was surpassed despite severe market conditions,” comments Håkan Bryngelson, President of Vasakronan. “The market value of the property increased in Göteborg, Malmö, Lund and Uppsala and declined somewhat in the Stockholm region. “It is projected that the business climate will continue to be strong during 2005, and will lead to an increased employment during the second half of 2005. “Our forecast is that it will take until 2006 before we can foresee any substantial effects and the demand for premises and the rental market.” The Year-end Report will be published at www.vasakronan.com. For further information, contact: Håkan Bryngelson, President and CEO +46 8 783 21 05 Björn Lindström, Chief Financial Officer +46 8 783 21 12 Bengt Möller, Senior Vice President Corporate Communications +46 8 783 21 09