Platzer Fastigheter Holding

Interim / Quarterly Report • Jul 8, 2014

Interim Report January - June 2014

• Rental incomes increased to SEK 261 million (231)
• Income from property management increased by 25% to SEK 105 million
• Profit for the period amounted to SEK 85 million (145)
• Property value increased to SEK 7,195 million (6,913)
• Equity per share amounted to SEK 28.75 (28.47)
• Profit per share amounted to SEK 0.88 (2.06)

New cars for Platzer staff. The picture is taken at Lilla Bommen in front of the property Gullbergvass 1:1, Gothenburg.

Event Schedule

Interim report January - September 2014 6 November 2014, 8:00 am Year-End Report January - December 2014 18 February 2015, 8.00 am Interim report January - March 2015 28 April 2015, 8.00 am Annual general meeting 28 April 2015

For more information, please go to platzer.se or contact P-G Persson, CEO, +46(0)734-11 12 22 Lennart Ekelund, CFO, +46(0)703-98 47 87

CHIEF EXECUTIVE OFFICER'S MESSAGE

Platzer grows through the development and acquisition of commercial properties in the Gothenburg area. In the last year the property management's value has grown by 14%, the rental income has increased by 13%, and the management profit has improved by 25%. The value changes in investment management have increased significantly over the preceding year as a result of the operations of the property and project development sectors as well as through properties in some markets benefiting from a reduced yield. The low market interest rates affected the value of our derivatives, which means that the reported profit before tax is significantly lower than in the same period in 2013. Given the fact that we do not intend to dispose of any interest rate derivatives and therefore over time it amounts to a zero sum game for Platzer, it is more relevant to compare profits before tax by deducting the value of financial instruments. In such a comparison, Platzer's earnings have increased by 100% versus the same period last year.

There are currently high levels of activity on the transaction market, and in this respect Gothenburg is no exception. Due to the wide range of possible financing options at low interest rates, property investment is an attractive investment alternative. The initial dividend yields are based on those transactions that have been completed in central Gothenburg, and these are historically low in the first half of this year. As one of the leading players in the Gothenburg property market, we have always arranged a great deal of interesting business discussions. So far this year, we have acquired a property at Backaplan with good cash flow and potential for the future development of the area, but we were not prepared to

put in the bids that have been required in order to achieve the property deals that have been made during the period. Our acquisition space is still about 1.5 billion.

Under the current market conditions with a falling yield and rising rents in prime locations, working on development projects is very beneficial, which is a distinct positive for Platzer. For years we have been building up an organisation to manage the property and project development as well as acquire properties with development potential. Our project in Garda Norra is leased to 99% with one year remaining to move in and we currently have more development projects in the pipeline than we had before. Platzer is a business-driven and development-orientated property company with good levels of knowledge when it comes to the local market. The daily management, operations and development of the property management portfolios that we have has, in recent years, grown from a smaller property company to the listed Platzer we have today. This growth has not been at the expense of our profitability and we will continue to work actively to create value for tenants, employees and shareholders.

Gothenburg, July 2014

P-G Persson CEO

PLATZER IN BRIEF

Platzer Fastigheter Holding AB (publ), (Platzer) is one of Gothenburg's largest and leading companies in the field of commercial properties; primarily office premises. The company owns, administers and develops 54 properties with a total floor space of approximately 380,000 square metres. By means of long-term property development and management, Platzer generates growth and profitability in its properties. Platzer prioritises good relations with tenants and offering services characterised by proximity and enthusiasm. At the end of the fiscal period, Platzer had 42 employees.

Vision

Platzer shall be the leading property company in the field of commercial premises in the Gothenburg region - the natural first choice.

Business Concept

From a leading position, Platzer shall develop and manage commercial properties in the Gothenburg region in an efficient, environmentally friendly and high-quality manner for the benefit of customers, employees and owners.

Financial Goals

• Net worth per share: SEK 40 (2017)
• Return on equity: Risk-free interest
• +5 percentage points
• Equity ratio: 30 percent
• Interest coverage ratio: 1.5 times

Strategy

• Strengthen the market position in Gothenburg in selected market segments. Become the leading player within the respective market segment. Continually examine new market segments.

• Strive toward long-term rental arrangements by actively working on customer relations. Systematically work the rental market in order to reach new customers.
• Strive for constant improvements to the property portfolio through active management and refinement with a focus on good cost efficiency, high occupancy rate and an optimal tenant composition.
• Finance the business operation though existing equity capital and, as needed, new equity capital in the form of issuances of B-shares, as well as loan financing.

• In all of our business and project development, our goal is to improve the company's key figures over time.

Value-generating Growth

• Platzer refines its property holdings by means of active management and rental activities, value-generating property development and new production, as well as acquisitions and sales of properties.

Core Values

Platzer's three core values permeate the entire enterprise. The core values reinforce various decisions and make room for personal responsibility in everyday contact with customers, suppliers, owners and colleagues.

Freedom under Responsibility

I dare to invest for success. I show pride in my work and take responsibility for my role. I take responsibility for my skills and personal development. I request help when I need it.

Long-term Development

I actively seek out opportunities for value-generating growth. I contribute to the sustainable development of our properties, the region and the city. I build long-term relations. I look for constant improvement.

Openness

I am open to innovation and change. I raise issues when I am not satisfied. I share my experiences. I strive for open and business-like dialogue.

COMMENTS JANUARY - JUNE 2014

Comparative items for income statement items pertain to the corresponding period in the previous year for balance sheet items 31 December 2013.

Earnings

The total earnings for the first half of the year amounted to SEK 105m (84), an improvement of 25%. This improvement is due partly to the growth strategy Platzer is working on after it has implemented a large property management portfolio in 2014 when compared to 2013, partly due to development activities and more rentals in the available properties. The changes in the value of property increased by SEK 86 million to SEK 108 million (22), and net earnings amounted to SEK 85 million (145).

Rental incomes

The rental incomes for the first half of the year increased to SEK 261 million (231), an increase of 13%. The increase in revenue is primarily attributable to a greater property management portfolio as well as to new leasing contracts and completed redevelopment work. Rental income from the existing lease agreements is assessed at the balance sheet closing date and amounts to SEK 541 million on an annual basis. The occupancy rate for the period was 93% (91).

Property costs

Property expenses during the period amounted to SEK 64m (62), an increase that was due mainly to a large property management portfolio. The costs have also benefited from weather that was warmer than usual. To a large extent, consumption costs such as heating, electricity, refrigeration and sanitation services, as well as property taxes, are also charged to tenants.

Operating surplus

The net operating income amounted to SEK 197m (169), an increase of 17%. The profit ratio remained at a high and stable level, and for the first half of the year amounted to 75% (73).

Financial items-net

Net financial items amounted to SEK -77 million (-73). The increase in interest expenses relates to debt funding for property acquisition, which was net charged to earnings by approximately SEK -4 million when compared to last year. The market rate so far in 2014 was slightly lower than the corresponding period last year, but this was offset by higher bank margins. On 30 June the average interest rate, including the effects of derivative instruments, increased by 3.38% (3.42).

Taxes

The taxes for the period amounted to SEK -24 million (-42) and consisted mainly of deferred tax. The sale of properties, giving rise to unrealised changes in value, is usually made via a company sale, which means that these test results, are tax-free. In addition, there currently a tax system in place that offers opportunities for tax write-offs, and in some cases the direct deduction of repairs which lowers the tax in question.

Cash flow

The net investments in properties during the first six months amounted to SEK 174m (172), including property acquisition which represents SEK 118 million (176). Investments in available properties amounted to SEK 56m (76). Investments financed from the company's own cash flow since last year's rights issue increased the checkout by 651 million. After the distribution to shareholders which amounted to SEK 58 million, the cash flow for the year was SEK -164 million in total (60). The liquid assets ratio at the balance sheet date amounted to SEK 513 million (677). In combination with the current equity ratio of 36%, liquidity means the space available for future property investments amounts almost to SEK 1.5 billion.

Management properties and changes in property value

Properties are stated at their estimated real value of SEK 7,195m (6913), which is based on an internal valuation on the closing date. The properties are valued internally in relation to the annual financial statements through a ten-year cash flow model on all properties. The quarterly financial statements represent a review and update of the ratings with regard to whether there have been any changes in the factors that influence the market's return, rent levels and occupancy rates in the properties, and any realised value changes and investment in the properties. Once a year Platzer permits the implementation of an external evaluation of a sample of properties that represent a cross section of the property management portfolio in order to assure the quality of the internal valuation.

The internal property valuation has resulted in a change of SEK 108 million in the value of investment properties during the first half of the year (22). Among the total changes in value, approximately 70% of them come through project- and property development and related leasing, while the remainder results from the market's reduced yield.

During the period in question, acquisition of the property known as Backa 173:2 was completed on 16 May. No property sales occurred during the period. Investments in available properties during the period amounted to SEK 56m (76), where the largest single investment is a new construction project, Gårda Norra,

and the property, Gårda 3:14. Since the project is now leased to 99% of its total, and the construction work has commenced as planned, consideration has been given to the property valuation work.

Equity

The partnership's own capital increased in the middle of the year to SEK 2,753 million (2726), after paying a dividend of SEK 0.60 per share. Company capital per share increased on the closing day to 28.75 million SEK (28.47). The long-term asset value, EPRA NAV, amounted on the same day to SEK 32.09 (30.58). The solvency equity ratio was 36% (36).

Debt financing and changes in value derivatives

On the closing date, the long-term interestbearing debt was SEK 4,518 million (4,520), corresponding to an LTV (Loan to Value Ratio) of 63% (65). Debt financing is done exclusively through bank loans that are guaranteed by mortgages on the property. The average interest rate on the closing date increased to 3.38% (3.42). The average duration, including the effects of derivative contracts, amounted simultaneously to 3.8 years (2.8). The average maturity period was 1.9 years (2.3). To achieve the desired interest rate structure, interest derivates are used. Interest derivate instruments are as follows: instruments such as interest rate derivatives, primarily interest rate swaps that are recorded at their real value in the balance sheet with changes in value recognised in income without applying hedge accounting. Thanks to falling market rates in the first half of the year, the value of Platzer's interest rate derivatives during the period increased to SEK 133 million, which resulted in a change in value of SEK -104 million. Value changes do not affect cash flow. During the remaining period for derivates the value is determined and the financial costs in the income statement are reduced.

The financial assets and liabilities which are evaluated at their real value in the Partnership comprise the above described derivatives and capital insurance. Both the derivatives and endowment policies are included in Level 2 in accordance with IFRS 13. The real value of the long term debt corresponds to its carrying value due to the fact that the discounting effect is not significant when the interest rate on the loan is variable and marketable.

Staff and organisation

The number of employees increased to 42 people on 30 June. Platzer's property management portfolio is organised into three market areas. For each market, there is a property manager and two or three administrators as well as numerous facility officials.

Second quarter 2014

The rental income for the second quarter amounted to SEK 131 million (116), an increase of 13%. The net operating income increased in the second quarter by 18% to SEK 103m (87) and the management earnings improved for the same period by 30% to SEK 56m (43). In addition, there are changes in the value of investment properties for the quarter of SEK 91 million (22) as well as changes in the value of financial instruments of SEK -56 million (49). Profits after tax for the quarter amounted to SEK 71 million (88).

Events after the reporting period

No significant events occurred after the end of the period.

Parent company

The parent company has no properties of its own, but it does have certain corporate management and financing functions. The Partnership's revenue is entirely related to the billing of services to the companies that are involved in the group.

Significant risks and uncertainties

The property business is always exposed to risks. Good internal controls and external audits that are carried out by auditors, plus well-functioning administrative systems and policies and proven practices for property valuations, are all methods that Platzer uses to manage and reduce risks. The risks and uncertainties that Platzer faces are described in the Annual Report for 2013 on pages 36-38 and 57-58.

Accounting guidelines

Platzer prepares its consolidated financial statements in accordance with IFRS (International Financial Reporting Standards) as adopted by the EU. The same accounting and valuation principles have been applied in the most recent annual report. New or revised IFRS standards that took effect in 2014 have not exerted any positive material influence on the partnership's financial statements. This interim report is prepared in accordance with IAS 34 Interim Financial Reporting. The parent company applies the Annual Accounts Act and RFR 2.

The interim report has not been reviewed by the auditors.

Gothenburg 8 July 2014

Platzer Fastigheter Holding AB (publ)

P-G Persson CEO

INCOME STATEMENT THE GROUP SUMMARY

Million SEK	2014 Apr-Jun	2013 Apr-Jun	2014 Jan-Jun	2013 Jan-Jun	2013 Jan-Dec	2013/2014 Jul-Jun
Rental incomes	131	116	261	231	464	494
Property costs	-28	-29	-64	-62	-123	-125
Operating surplus	103	87	197	169	341	369
Central administration	-8	-6	-15	-12	-26	-29
Financial items-net	-39	-38	-77	-73	-149	-153
Income from property management	56	43	105	84	166	187
Change in value for management properties	91	22	108	22	117	203
Change in value for financial instruments	-56	49	-104	81	82	-103
Profit before taxes	91	114	109	187	365	287
Tax on profit for the period	-20	-26	-24	-42	-71	-53
Profit for the period 1)	71	88	85	145	294	234
Profit per share 2)	0.74	1.25	0.88	2.06	3.82	2.74

1) There is no other total comprehensive income for the Group; hence the total comprehensive income for the Group is the same as the profit for the period.

The entire profit is attributable to the parent company's shareholders.

2) There is no dilution effect, as there are no potential shares.

BALANCE SHEET THE GROUP SUMMARY

Million SEK	30/06/2014	30/06/2013	31/12/2013
ASSETS
Management properties	7,195	6,285	6,913
Other fixed assets	7	3	6
Financial fixed assets	12	21	22
Current assets	21	16	29
Cash	513	178	677
TOTAL ASSETS	7,748	6,503	7,647
EQUITY AND LIABILITIES
Eguity	2,753	1,926	2,726
Deferred tax liability	186	164	172
Long-term interest-bearing liabilities	4,518	4,188	4,520
Other long-term liabilities	144	50	47
Current liabilities	147	175	182
TOTAL EQUITY AND LIABILITY	7,748	6,503	7,647
Pledged insurances	4,677	4,218	4,670
Contingent liabilities	56	57	57

CASH FLOW ANALYSIS THE GROUP SUMMARY

Million SEK	2014 Apr-Jun	2013 Apr-Jun	2014 Jan-Jun	2013 Jan-Jun	2013 Jan-Dec	2013/2014 Jul-Jun
Operating activities
Operating surplus	103	87	197	169	341	369
Central administration	-8	-6	-15	-12	-25	-28
Financial items-net	-39	-38	-77	-73	-149	-153
Income tax	-2	-	-6	-	-6	-12
Cash flow from operating activities before
working capital changes	54	43	99	84	161	176
Changes in current receivables	5	7	8	3	-9	-4
Changes in current liabilities	-22	19	-36	36	5	-67
Cash flow from operating activities	37	69	71	123	157	105
Investment activities
Investment in management properties	-28	-35	-56	-76	-114	-94
Acquisition of management properties	-118	-	-118	-176	-931	-873
Management properties sold	-	80	-	80	340	260
Other investments	1	-	-1	-	-3	-4
Cash flow from investment activities	-145	45	-175	-172	-708	-711
Financing activities
Amortisation of interest-bearing liabilities	-2	-	-2	-	-282	-284
New borrowing in interest-bearing liabilities	-	-19	0	144	757	613
Dividend	-58	-35	-58	-35	-35	-58
New issue	-	-	-	-	670	670
Cash flow from financing activities	-60	-54	-60	109	1 110	941
Cash flow for the period	-168	60	-164	60	559	335
Cash at the beginning of the period	681	118	677	118	118	178
Cash at the end of the period	513	178	513	178	677	513

STATEMENT OF CHANGES TO EQUITY THE GROUP

SUMMARY

Million SEK	2014 Jan-Jun	2013 Jan-Jun	2013 Jan-Dec
Equity attributable to parent company shareholders
At the beginning of the period	2,726	1,816	1,816
New issue	-	-	651
Profit for the period	85	145	294
Dividend	-58	-35	-35
At the end of the period	2,753	1,926	2,726

INCOME STATEMENT PARENT COMPANY SUMMARY

Million SEK	2014 Jan-Jun	2013 Jan-Jun	2013 Jan-Dec
Net sales	5	4	7
Operating costs	-5	-4	-8
Financial items-net	-21	-17	62
Change in the value of financial instruments	-94	78	79
Profit before taxes and financial dispositions	-115	61	140
Financial dispositions	-	-	-9
Taxes	25	-17	-29
Profit for the period 1)	-90	44	102

1) There are no other total profit in the parent company, why the profit for the period coincide with the total profit for the period.

BALANCE SHEET PARENT COMPANY SUMMARY

Million SEK	30/06/2014	30/06/2013	31/12/2013
ASSETS
Shares in group companies	1,020	815	1,020
Other financial assets	1,198	1,140	1,192
Receivables from subsidiaries	747	604	666
Other current assets	8	8	2
Cash	261	6	446
TOTAL ASSETS	3,234	2,573	3,326
EQUITY AND LIABILITIES
Equity	1,910	1,383	2,057
Untaxed reserves	22	13	22
Long-term liabilities	1,294	1,171	1,212
Current liabilities	8	6	35
TOTAL EQUITY AND LIABILITIES	3,234	2,573	3,326
Pledged insurances	1,170	1,170	1,170
Contingent liabilities	3,327	2,973	3,329

INTEREST-BEARING LIABILITIES

		Interest Maturity		Loan Maturity
Year	Loan amount SEK million	Share %	Average interest %	Loan amount SEK million	Share %
2014	1,898	42	2.55	1,003	22
2015	-	-	-	1,170	26
2016	200	4	3.89	1,313	29
2017	400	9	3.80	1,032	23
2018	100	2	4.20
2019	200	4	3.60
2020	300	7	4.54
2021	370	9	3.98
2022	550	12	3.88
2023	100	2	3.88
2024	400	9	4.17
Total	4,518	100	3.38	4,518	100

KEY RATIOS

	2014 Jan-Jun	2013 Jan-Jun	2013 Jan-Dec	2013/2014 Jul-Jun
Financial
Debt/equity ratio (multiple)	1.6	2.2	1.7	1.6
Interest coverage ratio, (multiple)	2.3	2.1	2.1	2.4
Loan-to-value ratio (LTV), %	63	67	65	63
Equity ratio %	36	30	36	36
Return on equity, %	6.0	11.3	12.9	10.0
Property related
Dividend yield, %	5.6	5.4	5.3	5.5
Surplus ratio, %	75	73	74	75
Economic occupancy rate, %	93	91	93	93
Rental value, SEK/sq. m.	1,507	1,288	1,363	1,417
Leasable area, thousands of square metres	380	400	374	380

SEGMENT REPORT JAN—JUN 2014

	Management properties							Project properties	Total
		Central Gothenburg		west Gothenburg		Other parts of Gothenburg
Million SEK	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013
Rental incomes	148	125	38	35	74	68	1	3	261	231
Property costs	-31	-29	-15	-13	-17	-17	-1	-3	-64	-62
Operating surplus	117	96	23	22	57	51	0	0	197	169

The segment information is provided in the statement of accounts in accordance with IFRS 8 Operating Segments. Operating segments are reported in a manner consistent with the internal reporting provided to the major operating decision maker, who is responsible for allocating resources and assessing the performance of the operating segment results. In the case of partnerships the major operating decision maker's role belongs to the CEO.

Regarding partnerships internal reporting, the activities are split in the above segments. The operating surplus, as above, accords with the reported operating surplus in the income statement. The difference between the operating surplus of SEK 197 million (169) and earnings before taxes of SEK 109 million (187) comprises central administration at SEK -15 million (-12), finance net at SEK -77 million (-73), and the value changes in properties and derivatives at SEK 4 million (103).

CHANGE IN PROPERTY VALUE

	2014	2013	2013
Million SEK	Jan-Jun	Jan-Jun	Jan-Dec
Property value, opening balance	6,913	6,091	6,091
Investments in existing properties	56	76	114
Property acquisition	118	176	931
Property sales	-	-80	-340
Changes in value	108	22	117
Property value, closing balance	7,195	6,285	6,913

PROPERTY CATEGORY AND AREA

	Quanti ty of Proper ties	Leasable area sq. m	Property value SEK millions	Rental value, SEK milli ons	Economic occupan cy rate, %	Rental income, SEK millions	Opera ting surplus, SEK mil lions	Sur plus ratio, %
MANAGEMENT PROPERTIES
Central Gothenburg
Offices/Retail	16	142,133	4,183	307	94	290	228	79
Industry/Warehouse/Other	2	23,925	278	21	72	15	12	80
Total	18	166,058	4,461	328	93	305	240	79
West Gothenburg
Offices/Retail	6	43,389	473	49	84	41	25	60
Industry/Warehouse/Other	9	53,066	373	39	95	37	22	59
Total	15	96,455	846	88	89	78	47	60
Other parts of Gothenburg
Offices/Retail	11	92,306	1,488	138	96	132	100	76
Industry/Warehouse/Other	2	18,813	234	26	100	26	21	82
Total	13	111,119	1,722	164	96	158	121	77
TOTAL MANAGEMENT PROPERTIES	46	373,632	7,029	580	93	541	408	75
PROJECT PROPERTIES	8	6,657	166	4	0	0	-1	-
TOTAL PLATZER	54	380,289	7,195	584	93	541	407	75

This statement covers management properties at 30 June 2014.

Rental value refers to the rental incomes plus the estimated market rent of vacant premises in its present condition.

Rental income refers to the contracted rental income including agreed extras, such as compensation for heat and property taxes, and notwithstanding time-limited discounts of approximately SEK 7 million at 1 July 2014.

Operating surplus indicates the properties earning potential on a yearly basis defined as contracted rental income at 1 July 2014, with a deduction on the estimated property costs including property administration within twelve months.

PROPERTY PORTFOLIO

Platzer owns, manages and develops commercial properties in the Gothenburg area. These properties can be divided into three geographic regions: Central Gothenburg (Centre, Gårda and Gullbergsvass), West Gothenburg (Högsbo and Långedrag) and Other parts of Gothenburg (Backaplan, Gamlestaden, Mölndal and Mölnlycke). By means of profitable growth Platzer strives to be the leading player in all priority areas. Today the company is the leading player in Lilla Bommen, Gårda and Högsbo.

The property portfolio

The property portfolio comprised by 30 June 2014 a total of 54 properties, of which eight project properties, with a real value of SEK 7,195 million.

The total leasable area increased to 380,083 square metres, which were distributed as follows: 64% in offices, 5% retail, 16% industry / warehouse and 15% other.

The financial occupancy rate during the period was 93% (91).

Rental development

Platzer has 553 rental contracts for premises. Among the main tenants, are included the following entities: DB Schenker, Migrationsverket, Mölnlycke Health Care, Länsförsäkringar Göteborg & Bohuslän, FlexLink, Stampen, Domstolsverket, AcadeMedia, Cochlear and Reinertsen.

The twenty largest leasing contracts constituted 32% of the rental value. The average remaining maturity amounted to forty months.

In addition, Platzer has signed rental contracts for new construction projects, with move-ins scheduled for the autumn of 2015. In addition to rental contracts for premises, there are parking contracts for garages and car parks, short-term parking facilities, contracts for advertising signs and masts with a total rental value of SEK 34 million.

Contract Structure / Agreements per year of maturity1)

	Number	Rental income	Share %
2014	99	39	8
2015	167	125	24
2016	112	103	20
2017	110	81	16
2018	31	47	9
2019	13	43	8
2020-	21	76	15
Total	553	514	100
Parking/Other		34
Minority		-7
Total		541

1) Excluding lease contracts for new building projects.

PROPERTY TRANSACTIONS

During the second quarter Platzer acquired a retail property at Backaplan in Gothenburg, Backa 173:2. Backaplan is one of Sweden's larger retail places and faces an exciting transformation. The property, which was transferred on 16 May, covers nearly 6,000 square metres, and the largest tenants are Rusta and Mekonomen. Platzer already owns three properties in the area.

						Industry/ Ware
Quarter	Properties	Area	Segment	Offices	Retail	house	Other	Total
	Acquisition
1	Backa 173:2	Backaplan	Gothenburg Other	151	5,330	420		5,901
								5,901

LIST OF PROPERTIES

No.	Property	Area	Year built	Offices	Retail	Indu strial/ ware housing	Other	Total
	Management properties
1	Backa 173:2	Backaplan	1979	151	5,330	420		5,901
2	Balltorp 1:135	Mölndal	1989	5,515	515		377	6,407
3	Bagaregården 17:26	Gamlestaden	1941/2010	24,977	365	6,975	2,535	34,852
4	Bosgården 1:71	Mölndal	1988	4,687	56			4,743
5	Brämaregården 35:4	Backaplan	1984/1991	12,377		222	855	13,454
6	Forsåker 1:196	Mölndal	1955/2002	5,242			150	5,392
7	Fänkålen 2	Mölndal	1990	3,913	45	536		4,494
8	Gasklockan 2	Mölndal	1991/2010	1,482		3,394		4,876
9	Gullbergsvass 1:1	Gullbergsvass	1988/2013	16,003				16,003
10	Gullbergsvass 1:17	Gullbergsvass	1993/2011	5,400				5,400
11	Gullbergsvass 5:10	Gullbergsvass	1988	11,736		252	547	12,535
12	Gullbergsvass 5:26	Gullbergsvass	2001/2013	15,298			1,447	16,745
13	Gullbergsvass 703:53	Gullbergsvass	1991				9,000	9,000
14	Gårda 1:15	Gårda	1971/1992	9,672				9,672
15	Gårda 13:7	Gårda	2003				14,925	14,925
16	Gårda 16:17	Gårda	1986	15,101		168	564	15,833
17 18	Gårda 3:12 Gårda 4:11	Gårda Gårda	1956/1998 1965/2002	3,503 7,464			433	3,503 7,897
19	Gårda 8:2	Gårda	1940/2007	1,960				1,960
20	Högsbo 1:4	Högsbo	1980	1,638		1,444		3,082
21	Högsbo 11:3	Högsbo	1960	400		1,257		1,657
22	Högsbo 11:5	Högsbo	1959			3,670		3,670
23	Högsbo 13:6	Högsbo		6,196		1,658		7,854
24	Högsbo 2:1	Högsbo	1991/2009	6,300				6,300
25	Högsbo 27:8	Högsbo		528			2,028	2,556
26	Högsbo 3:6	Högsbo	1964	4,831		19,588	722	25,141
27	Högsbo 3:9	Högsbo	1971	2,123		2,210		4,333
28	Högsbo 32:3	Högsbo	1974/2011	6,381		1,053	570	8,004
29	Högsbo 34:13	Högsbo	1981	493		1,287		1,780
30	Högsbo 39:1	Högsbo	1972			3,390		3,390
31	Högsbo 4:1	Högsbo	1965/1972	1,310	510	2,823		4,643
32	Högsbo 4:4	Högsbo	1962	2,670		3,718		6,388
33	Högsbo 4:6	Högsbo	1974	1,349		2,549		3,898
34	Livered 1:329	Mölndal	1962				13,937	13,937
35 36	Nordstaden 13:12 Nordstaden 14:1	Centre Centre	1929/1993	5,070 8,958				5,070 8,958
37	Nordstaden 20:5	Centre	1943	2,554		231		2,785
38	Solsten 1:110	Mölnlycke	1991	1,658		1,089	356	3,103
39	Solsten 1:132	Mölnlycke	2002	4,953				4,953
40	Stampen 4:42	Centre	2009	5,769			2,847	8,616
41	Stampen 4:44	Centre	1930/1994	14,681				14,681
42	Stigberget 34:12	Centre		4,433	2,801	264	253	7,751
43	Stigberget 34:13 (50,3%)	Centre	1969/2011	2,738	66		2,033	4,837
44	Tingstadsvassen 3:8	Backaplan	1991	29	3,966		850	4,845
45	Tingstadsvassen 4:3	Backaplan		517	3,268	54		3,785
46	Älvsborg 178:9	Långedrag	1993	9,659		296	3,862	13,817
	Total management properties			239,719	16,922	58,494	58,291	373,426
	Project properties
47	Gårda 2:12	Gårda	1959	1,785	1,340			3,125
48	Gårda 3:14	Gårda						0
49	Högsbo 3:5	Högsbo						0
50	Högsbo 7:21	Högsbo						0
51	Högsbo 14:3	Högsbo	1967	3,255		277		3,532
52	Högsbo 757:118	Högsbo						0
53	Högsbo 757:121	Högsbo						0
54	Högsbo 757:122	Högsbo						0
	Total project properties			5,040	1,340	277		6,657
TOTAL				244,759	18,262	58,771	58,291	380,083

SHARES AND OWNERS

Platzer's B shares were listed on the NASDAQ OMX Stockholm, Mid Cap, November 29, 2013 at an initial price of 26.50 per share. Regarding the listing, there was a new issue that raised SEK 651 million, after the deduction of issue costs. The company's share price amounted to SEK 30.10 per share on 30 June, and the market capitalisation amounted to SEK 2,882 million.

Share Capital

As at 30 June 2014, the share capital in Platzer was distributed among 20,000,000 A shares with 10 votes per share, and 75,747,434 B shares carrying one (1) vote per share. Each share has a quotient value, or implied book value, of SEK 0.10.

Dividend policy and dividend

The dividend shall, in the long term, amount to 50 percent of the income from property management after taxes (where the taxes are considered 22 percent model taxes).

Ownership

The number of shareholders as at 30 June 2014 amounted to 2,934. Foreign ownership amounted to 6 percent of the share capital and 2 percent of the number of votes. Platzer Fastigheter Holding AB (publ) was formed on 1 January 2008 by Ernström & CO,

Brinova Fastigheter (wholly owned by Backahill AB since 2012) and Länsförsäkringar Göteborg och Bohuslän. The same group still constitutes Platzer's A-shareholders.

In Platzer's Articles of Association, there is a preemption clause entailing that a buyer of an A share, who does not previously own A shares, is obligated to give right of first refusal to the other A-shareholders, unless the acquisition was made through an intra-group transfer or transfer to a legal entity, including the Länsförsäkringar company. If owners of Ashares do not acquire the pre-empted shares, the transferred shares automatically become B-shares before the acquiring party is entered into the shareholders' register.

Information for Shareholders

Platzer's primary information channel is platzer.se. This is where all press releases and financial reports are made public. Press messages and reports can be obtained by e-mail or SMS in connection with publication to the public. The website also features presentations from general meetings and meetings with analysts, general information about the shares, reports on company administration, financial data and information on insiders and insider transactions.

SHAREHOLDERS

Shareholders in Platzer Fastigheter Holding AB (publ) on 31 May 2014

Owners	Number of A shares	Number of B-shares	Number of shares	Number of votes	Capital share
Ernström & C:o	10,000,000	0	10,000,000	36.3 %	10.4 %
Länsförsäkringar Göteborg och Bohuslän	5,000,000	11,162,490	16,162,490	22.2 %	16.9 %
Backahill	5,000,000	9,125,000	14,125,000	21.4 %	14.8 %
Familjen Hielte / Hobohm	0	19,293,745	19, 293,745	7.0 %	20.1 %
Länsförsäkringar fondförvaltning AB	0	9,298,699	9,298,699	3.3 %	9.6 %
Lannebo fonder	0	3,470,751	3,470,751	1.3 %	3.6 %
Lesley Invest (incl. private possession)	0	2,771,490	2,771,490	1.0 %	2.9 %
Svolder AB	0	1,506,749	1,506,749	0.6 %	1.6 %
CGML PB Client ACCT-Sweden Treaty	0	1,300,000	1,300,000	0.5 %	1.4 %
Prior & Nilsson Fond- och Kapitalförvaltning	0	1,225,962	1,225,962	0.4 %	1.3 %
Other owners	0	16,592,548	16,592,548	6.0 %	17.4 %
Total (2,934 owners)	20,000,000	75,747,434	95,747,434	100 %	100 %

KEY RATIOS PER SHARE

	2014 Jan-Jun	2013 Jan-Jun	2013 Jan-Dec	2013/2014 Jul-Jun
Equity, SEK	28.75	27.34	28.47	28.75
Long-term net worth (EPRA NAV), SEK	32.09	30.32	30.58	32.09
Market value, SEK	30.10	-	27.00	30.10
Profit after tax, SEK 1)	0.88	2.06	3.82	2.74
Income from property management, SEK	1.09	1.19	2.16	2.17
Cash flow from current operations, SEK	0.73	1.76	2.04	1.22
Number of shares as at the balance sheet closing date, thousands	95,747	70,447	95,747	95,747
Average number of shares, thousands	95,747	70,447	76,772	85,758

1) There is no effect of dilution, since there are no potential shares.

FINANCIAL

Interest-bearing liabilities divided by equity.

Interest coverage

Profit after financial income divided by interest expenses.

Loan-to-value ratio (LTV)

Interest-bearing liabilities divided by the value of the properties.

Equity ratio

Equity divided by the balance sheet total or total capital employed.

Return on equity

Earnings after tax as a percentage of average equity, translated into values for the whole year and for interim periods.

PROPERTY-RELATED

Dividend yields

Operating surplus as a percent of the properties' average value, translated into values for the whole year and for interim periods.

Surplus ratio

Operating surplus as a percentage of rent revenues.

Economic occupancy rate

DEFINITIONS Q2 Debt/equity ratio Rental income as a percentage of the rental value where rental income is defined as rents charged as well as supplements such as compensation for heating and property tax, and the rental value is defined as rental income plus the estimated market rent (without supplements) for estimated vacant area (in the condition in which they are).

Rental value, SEK/sq. m

Rental value divided by the leasable area where the rental value is defined as rental income plus estimated market rent (without supplements) for vacant area (in the condition in which they are).

SHARES

Key Ratios per Share

Equity and net worth calculated in terms of the number of shares as at the balance sheet closing date; others are calculated in terms of average number of shares.

Long-term net worth (EPRA NAV)

Equity according to the balance sheet with reversal of interest derivatives and deferred taxes.

Q1-

P l a t z e r Fa s t i g h e t e r H o l d i n g A B ( p u b l ) , P O B o x 2 1 1 , S E - 4 0 1 2 3 G O T H E N B U R G , S W E D E N Calling address: Anders Personsgatan 16 Tel (+46)031-63 12 00, Fax (+46)031-63 12 01 info@platzer.se platzer.se The registered office of the Board of Directors: Gothenburg Org nr: 556746-6437