March 31, 2014

• Stable in Stockholm and positive in Gothenburg

• Consolidated net revenue SEK 414 million, +6%

• Rental vacancy level 5.4% (5.0)

• The gross profit from property management was SEK 288 million, +9%

• The profit after tax for the period was SEK 194 million (266)

• Fair value SEK 26.0 billion (25.9 at the turn of the year)

• Net asset value of SEK 90 per share (92 at the turn of the year)

2

Q1 2014 IN BRIEF

3

Q1 2014 IN BRIEF

SEK m

Jan-Mar

2014

Jan-Mar

2013

Jan-Dec

2013

Gross profit, property management 288 264 1135

Profit after tax 194 266 1876

Equity ratio, % 56 54 58

Interest coverage, multiple 8.7 7.8 8.3

Net loan-to-value ratio, % 21 22 20

Fair value, property holdings 26.0 24.5 25.9

1) Comparable holdings excl. impairments and special projects

300

350

400

450

500

550

600

650

700

750

800

850

900

0,00

0,50

1,00

1,50

2,00

2,50

3,00

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Dividend,SEK Net Profit, MSEK

Dividend, SEK Net Profit, MSEK

+6%

+9%+8%

+12%+10%

+9%

+11%+9%

+10%+7%

+6%

4

NET PROFIT ON CURRENT OPERATIONS1)

AND ORDINARY DIVIDEND

5

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

SEK/Sq.m.

Bibliotekstan District Other central Stockholm Nordstan/City Other central Gothenburg

Stockholm Gothenburg

RENTS – OFFICE SPACE1)

MARKET RENT EX. PROPERTY TAX SUPPLEMENT

6

0

2

4

6

8

10

12

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014March

Percent

Floorspace Vacancy Rental Vacancy

VACANCY LEVELS - HUFVUDSTADEN

7

0

5 000

10 000

15 000

20 000

25 000

SEK/Sq.m.

Bibliotekstan District Top rent Stockholm Nordstan/City Top rent Gothenburg

Stockholm Gothenburg

RENTS - RETAIL SPACE1)

MARKET RENT EX. PROPERTY TAX SUPPLEMENT

61%

48%

30%

44%

9% 8%

0

10

20

30

40

50

60

70

Procent

Kontor

Butik/restaurang

Övrigt

Percent

Office space

Stores /

Restaurants

Other

8

DIVISION USAGEGROSS REVENUE

-20% -2%

0%

+6%

+14%+9%

+2%

+8%

+10%

+4%

0

50

100

150

200

250

300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

MSEK

Renegotiations annual rent Actual results renegotiations

9

RENEGOTIATION

22% 22%

21%

14%

8%

13%

0

50

100

150

200

250

300

350

400

2014 2015 2016 2017 2018 2019-

Mnkr

Löptid

Annual rent

MSEK

10

LEASE TERM STRUCTURE DECEMBER 31, 2013

Stockholm CBD and Bibliotekstan, Hufvudstaden’s property holdings

11

12

13

NORRMALMSTORG 1

Danske Bank

8

7

6

5

4

3

2 Several small tenants

1

BV

Zara and others Bank 518 sq.m.

+

Reception

Massimo Dutti and others

-II- -II-

14

15

16

17

18

19

20

& other

Stories

COS

Edblads

Armani

Sephora

Wienercaféet

Church’s

Prada

Stella McCartney

Michael Kors

Zara Home

Engelbert

Hufvudstaden

Other

Marc by Marc

Jacobs

Burberry

Hugo Boss

Gant

Ralph Lauren

21

22

100

120

140

160

180

200

220

240

260

280

300

1 000

1 200

1 400

1 600

1 800

2 000

2 200

2 400

2 600

2 800

3 000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Bruttoresultat, MnkrOmsättning, Mnkr

Omsättning Hufvudstadens bruttoresultat för NK-varuhusen

Gross profit, Million SEKGross profit, MSEKTurnover, MSEK

Turnover Hufvudstadens Gross profit for NK

NK STOCKHOLM / GOTHENBURG SALES TREND AND

GROSS PROFIT PROPERTY MANAGEMENT – TOTAL

23

Gothenburg CBD, Hufvudstaden’s property holdings

24

Central Gothenburg

25

26

27

28

Hufvudstaden’s acquisition in Gothenburg 1967 - 2011

29

Södra Hamngatan 47 with a fictional layout in Gothenburg

30

The whole block owned by Hufvudstaden

HÄRBÄRGET INOM VALLGRAVEN, GOTHENBURG

31

Vasakronan

Hufvudstaden

HUFVUDSTADEN’S HOLDINGS IN GOTHENBURG32

Source: JLL

0

1

2

3

4

5

6

7

8

9

10

%

Q1 2013 Q1 2014

Yield %

YIELD Q1 2014 – EUROPEAN CITIES

33

MARKET VALUE – Q1 2014

18,1

20,1

22,3

23,1

26,05,3%

4,7%

4,0%

4,2%

4,4%

4,6%

4,8%

5,0%

5,2%

5,4%

16,5

17,5

18,5

19,5

20,5

21,5

22,5

23,5

24,5

25,5

26,5

PercentProperty value

Billion SEK

Property value in Billion SEK Yield, average in percent

34

• Continued growth in Stockholm and Gothenburg

• Prioritize renegotiations and new rentals

• Continued focus on retail

• Refine and development of property stock

• Complementary acquisitions can not be ruled out

• Improve earnings from current operations

• Stable dividend growth

FUTURE

35

DEBT PROGRAMMES HUFVUDSTADEN

Limit ’

MTN SEK 4 Billion

Commercial paper program SEK 2 Billion(Backup facility SEK 2 Billion )

Shadow rating

- SHB A -

- SEB A -

36

BORROWING2008 - 2014

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

Mnkr

Banklån Obligationer Certifikat

MSEK

Bank loan Bonds Commercial Paper Program

37

51%

Back up facility MSEK 700

Unutilized loan assurance MSEK 1 300

BORROWING, MSEKMARCH 31, 2014

2 950

700

2 400

Banklån

Certifikat

Obligation

49%

Commercial

Paper

Bonds Bank loan

38