Fabege

Quarterly Report • Aug 15, 2007

PRESS RELEASE 15 August 2007

Interim Report January-June 2007

• Profit after tax was SEK 865m (1,026) and earnings per share were SEK 4.60 (5.27)
• Rental income was SEK 1,021m (1,261). The lower figure is wholly due to net sales of properties
• The occupancy rate at the end of the period was 91 per cent (87)

"Growth and demand on our main markets – the inner city of Stockholm, Solna and Hammarby Sjöstad – are very good, resulting in strong net lettings of SEK 33 million in the second quarter, Christian Hermelin, Fabege's CEO, comments.

"For comparable properties rental income increased by SEK 15 million on the first quarter. The surplus ratio in the second quarter was 63 per cent for the portfolio as a whole and just over 70 per cent for our investment properties", Christian Hermelin says.

"To make the most of the opportunities and potential created by the current economic growth, we have stepped up the pace and volume of our projects significantly. During the period we made decisions on project investments worth some SEK 1.6 billion", Christian Hermelin adds.

Fabege AB (publ)

Enclosed: Interim Report January-June 2007

For more information, please contact: Christian Hermelin, CEO, phone +46 (0)8-555 148 25, +46 (0)733-87 18 25 Roger Johansson, CFO, phone +46 (0)8-555 148 13, +46 (0)70-374 42 85 Mats Berg, Director of Communications and Investor Relations, phone +46 (0)8-555 148 20, +46 (0)733-87 18 20

Fabege Interim report January–June 2007

• Profit after tax totalled SEK 865 m (1,026) and diluted earnings per share was SEK 4.60 (5.27)
• Rental income totalled SEK 1,021 m (1,261). The lower figure is wholly due to net sales of properties
• Occupancy rate at the end of the period was 91 percent (87)

Fabege in summary

	2007 April-June	2006 April-June	2007 Jan-June	2006 Jan-June	2006 Jan-Dec
Rental income, SEKm	504	625	1,021	1,261	2,343
Net operating income, SEKm	316	393	622	728	1,401
Profit after financial items, SEKm	541	601	961	850	1,863
Profit after tax, SEKm	509	846	865	1,026	2,266
Earnings per share, SEK	2.75	4.38	4.60	5.27	11.74
Equity/assets ratio, %	-	-	38	35	41
Occupancy rate, %	-	-	91	87	89

The second quarter in brief

Good growth and demand in Fabege's main markets in combination with a wellpositioned property portfolio and efficient lettings activities resulted in a strong net lettings of SEK 33m during the quarter.

New lettings amounted to an aggregate contracted annual value of SEK 66m, while terminations amounted to SEK 33m. Several major lettings have been made after the end of the period. 10,000 m2 have been let to ICA in Paradiset 29 on western Kungsholmen and 11,500 m2 to Hennes & Mauritz in Marievik 19 in Marievik.

During the second quarter the economic occupancy rate improved to 91 percent – an increase of one percentage unit compared with the previous quarter and two percentage units higher than at the turn of the year.

The reduced vacancy rate is primarily due to improvements in existing investment properties. In Solna successful lettings activities resulted in an increase of one percentage point in the occupancy rate, to 92 percent.

The project in Paradiset 29 got underway during the second quarter, comprising a total of 42,000 m2 of shops, offices and garage in the prime communications location at Essingeleden on western Kungsholmen.

Property stock at 30-06-2007

	30 June 2007					1 Jan-30 June 2007
	Number of properties	Area, 000m2	Book value SEKm	Rental value SEKm	Economic occupancy rate, %	Rental income SEKm	SEKm	Property Net operat- expenses ing income SEKm
Operational categorisation1
Investment properties	91	933	20,435	1,672	95	764	-214	550
Improvement properties	43	395	4,953	463	81	186	-97	89
Project and land properties	34	92	1,438	66	57	18	-14	4
Total	168	1,420	26,826	2,201	91	968	-325	643
Market segment
Stockholm inner city	50	416	13 326	957	93	435	-131	304
Solna	34	518	8 858	772	92	341	-97	244
Hammarby Sjöstad	13	156	1 515	164	87	70	-33	37
Stockholm South	22	110	1 514	119	77	42	-20	22
Stockholm North	47	217	1 584	187	85	80	-44	36
Outside Stockholm	2	3	29	2	28	0	0	0
Total	168	1,420	26,826	2,201	91	968	-325	643
Letting, project development and property adm. expenses								-44
Total after letting, project development and property adm.								5992

1 See definitions, page 8

2 The table relates to Fabege's property stock at 30 june 2007, and revenue and expenses are reported as though the properties had been owned throughout the period. The difference between the operating surplus reported above, SEK 599m, and the operating surplus in the income statement of SEK 622m is explained by the fact that the operating surplus from sold properties has been excluded and acquired properties have been counted as though they had been owned/completed projects throughout the first six months of 2007.

Breakdown of book value/market value

companies focusing on commercial premises and is also a significant project and property developer. Its operations are heavily concentrated on a small number of sub-markets with a high rate of growth in the Stockholm region. Fabege manages and improves a well-positioned property stock and at the same time continuously develops the property portfolio through sales and acquisitions. According to Fabege's property improvement strategy, acquired properties are to have better growth opportunities and greater future potential than existing investment properties.

Office
	11,997
Office	4,985
Office	10,000
	26,982

Property sales	Area	Category	Area m2
Quarter 1
Racketen 10	Alvik	Office	38,378
Quarter 2
Botvidsgymnasium 3	Botkyrka	Industry/wareh/office	55,810
Ostmästaren 3	Årsta Park	Office/ind/wareh	18,467
Ostmästaren 4	Årsta Park	Office/ind/wareh	36,149
Ostmästaren 5	Årsta Park	Office/ind/wareh	10,427
Ostmästaren 6	Årsta Park	Office	7,254
Packrummet 10	Årsta	Office	2,100
Packrummet 12	Årsta	Industry/wareh/office	36,386
Varuhissen 1	Årsta	Industry/wareh/office	15,271
Totalt property sales Jan–June 2007			220,242

Market interest rates have increased during the quarter, which has a negative impact on the debit side of property companies. However, Fabege is well positioned to derive benefit on the asset side from the opportunities and potential in the economic growth.

For comparable stocks, rental income increased by SEK 15m compared with the first quarter. The surplus ratio for the entire stock amounted to 63 percent, while the surplus ratio for investment properties was just over 70 percent.

Rental levels continued to develop positively in all of Fabege's main markets, but primarily in Stockholm City where demand for small and medium-sized office premises is greater than supply. Several new lettings were made in the City area at the level of SEK 3,500/m2.

Eight properties in non-prioritised markets were sold during the quarter, in line with the company's strategy of concentrating its portfolio in efficient administrative units on fast-growing sub-markets.

Revenue and profit 1 2

Profit after tax for the period January-June totalled SEK 865m (1,026) and earnings per share was SEK 4.60 (5.27). Rental revenues totalled SEK 1,021m (1,261) and operating surplus SEK 622m (728), giving a surplus ratio of 61 percent (58%). The lower revenues are wholly attributable to net sales of properties. Non-realised changes in the value of properties totalled SEK 394m (324) and changes in value of interest-rate derivatives totalled SEK 40m (195). The profit includes dividends of SEK 60m (-) of which SEK 59m from Klövern AB.

Cash flow and financial position

At the end of the period equity totalled SEK 10,946m (12,177) and equity/assets ratio was 38 per cent (41). Interest-bearing liabilities (excluding the value of the de-

Structure of interest maturities, 30 June 2007

	SEKm	Loan sum, Av. intr. rate, Proportion, %	%
< 1 year	13,344	3.95	87
1 - 2 years	1,450	4.04	9
2 - 3 years	48	4.96	0
3 - 4 years	300	4.88	2
4 - 5 years	0	0.00	0
> 5 years	290	4.64	2
Total	15,432	3.99	100
Deficit on derivatives	-18
Total incl derivatives	15,414

Structure of loan maturities, 30 June 2007

	Credit agree-, ments, SEKm	Utilised, SEKm
< 1 year	8,620*	5,060
1 - 2 years	0	0
2 - 3 years	1,048	448
3 - 4 years	4,500	4,400
4 - 5 years	6,000	2,984
> 5 years	2,540	2,540
Total	22,708	15,432
Deficit on derivatives		-18
Total incl derivatives		15,414

*Including certificate framework at SEK 5,000m.

rivatives portfolio at SEK 18m) amounted to SEK 15,432m (14,978) with an average interest rate of 3.99 percent (3.72) excluding loan commitments and 4.03 percent including expenses for the loan commitments. Of total liabilities, SEK 48m comprise convertible debenture loans and SEK 4,450m outstanding certificates. The total volume of loans at 30 June includes loan amounts for projects in progress of SEK 247m, interest on which of SEK 3m has been capitalised.

The average fixed-rate interest term of the loans including effects of utilised derivative instruments at 30 June was 6 months (10). Of the total amount of loans at variable interest rate, SEK 15,384m, SEK 5,190m has been extended using interestrate swaps with terms of up to 5.1 years

The average capital tie-up period was 4.1 years (4.2). The profit produced an addition to liquidity of SEK 478m (304). Following an increase in operating capital of SEK 806, which varies primarily due to the effect of possession/final settlement for bought and sold properties, operating activities produced a change in liquidity

of SEK –328m (8,703). Property sales exceeded investments and acquisitions by SEK 643m (-2,082). Operations consequently produced an aggregate increase in liquidity of SEK 315m (6,621). Dividends to shareholders and repurchase of the company's own shares amounted to SEK 761m (754) and SEK 64m (634) respectively. After increase in liabilities, group cash and cash equivalents totalled SEK 109m (164).

Market trend

Fabege's property management and project development activities are highly concentrated on sub-markets with good growth prospects in and around Stockholm. Stockholm inner city, Solna and Hammarby Sjöstad comprise Fabege's principal markets.

The Swedish economy and growth is strong, not least in Stockholm where the increased employment has also produced increased demand for office space and other premises. The market for modern offices that make efficient use of space is very buoyant. Market rents are continuing to

¹ The stock of properties has undergone significant changes since the equivalent period of 2006, which have had a material effect on income and profit.

² The comparison figures for profit items relate to values for the period Jan-June 2006, and for balance-sheet items as of 31-12-2006 is less than demand.

develop positively and are following a rising trend, primarily in the inner city sub-market (Stockholm City) where the supply of small and medium-sized premises is less than demand.

The market in the "Malm" districts is stable with good demand for office premises on Södermalm and Kungsholmen. Interest in the "Malm" districts and nearby suburbs is estimated to increase further in line with rents rising in City locations.

The rental market for commercial premises in Solna continues to strengthen with rising rental levels around Solna Station, where it is planned the new National Arena will be erected. The level of interest in setting up in the Solna Business Park sub-market, where Fabege owns most of the properties, remains high.

As the area is developed, Hammarby Sjöstad, with its excellent communications and lakeside location will become more attractive, not least for service-providing companies. There is a high level of activity in the market and rent levels are gradually rising

The property market in Stockholm remains strong, with a high level of interest among both Swedish and international investors.

Property stock and management

Fabege's property stock at 30 June comprised commercial and residential properties with a rental value of SEK 2.2bn, lettable space of 1.4 million m2 and a book value including project properties of SEK 26.8bn. Of the rental value, 96 per cent pertained to commercial premises while 4 per cent related to residential properties. The economic occupancy rate improved by one percentage point during the second quarter to 91 percent in comparison with the previous quarter.

New lettings were made during the period to an aggregate contracted value of SEK 128m, while terminations totalled SEK 61m. Among the lettings are included 9,000 m2 to Birka Logistik in Lillsätra 3 (Sätra), approx. 5,000 m2 to the Swedish Tax Agency in Nöten 4 (Solna) and 3,000 m2 to Recip Pharma in Stigbygeln 5 (Solna).

Property acquisitions and sales

Three properties were acquired during the period for a total of SEK 482m (of which SEK 380m related to Mimer 5 in Stockholm's inner city) while nine properties in Alvik, Årsta and Botkyrka were sold for SEK 2,050m. The sale yields a profit after tax of around SEK 300m.

Decided projects > SEK 50m jan-june 2007, SEKm

				Lettable	value space, 30-06-	Esti-	upp to mated 30-06-
Property	Type of property	Submarket	Finished	sqm	2007	invest.	2007
Paradiset 29 (50%) Retail/Office/Garage		Stadshagen	Q3 2009	42,0001	91	380	91
Marievik 19	Office/Garage	Marievik	Q3 2008	22,600	167	170	7
Lillsätra 3	Warehouse	Sätra	Q2 2008	9,000	10	75	0
Skvaltkvarnen 1 m fl	Residential	Tensta/Rinkeby 2007-2011		95,300	452	600	76
Luma 1 (part of)		Residential Hammarby Sjöstad	Q1 2009	5,900	75	190	0
Luma 1 (part of)		Office Hammarby Sjöstad	Q4 2007	7,000	48	69	20
Lammet 17		Office City/Gamla Klara	Q3 2008	6,800	160	60	0
Läraren 5	Office	Norrmalm	Q3 2008	6,400	140	85	0
Total Jan-June 2007					1,143	1,629	194
Other projects & land					1,030
Other improvement properties					4,218
Total project, land and improvement properties					6,391

1Refers to 100% of the area.

Projects and investments

A total of SEK 386m was invested in existing properties and projects and related to land, new construction, extension and refurbishment. The largest investments related to Kåkenhusen 38 in Stockholm City, Sicklaön 145:17 and 145:19 (Stockholm Fashion Centre) in Järla Sjö/Nacka and Bacchus 3 in the Old Town. Fabege has increased the pace and volume of its projects. During the period decisions were made on project investments totalling some SEK 1.6bn (excl. acquisitions), see table above.

Changes in value of properties

A market valuation for each property was made at 30 June 2007 on the basis of the year-end valuation. The aggregate market value totalled SEK 26.8bn. During the period non-realised changes in the value of properties totalled SEK 394m (324). During the second quarter the changes were SEK 184m (309), mainly due to positive changes of contract terms. New lettings and positive renegotiations affect the valuation partly in the form of a changed cash flow and partly by ensuring a more secure cash flow, which justifies a lower required return. The value increase is essentially attributable to Fabege's priority sub-markets: Stockholm City, the Solna Station area and Solna Business Park.

Net worth per share

Equity per share at 30 June was SEK 62 (58). Excluding deferred tax on the surplus value of properties, net worth totalled SEK 70 (66).

Employees

At the end of the period there was a staff of 146 persons (140) employed in the Fabege group. In a move to further improve its ability to develop and enhance its property portfolio, Fabege has recruited a number of project managers that have previously worked for the company on a contract basis.

Book Invested

Parent Company

Revenues during the period totalled SEK 54m (66) and profit before appropriations and tax SEK -87m (-115). Net investments in properties, equipment and participations totalled SEK 25m (3,121). The Parent Company applies RR 32 "Accounting for Legal Entities". (See also income statement and balance sheet on page 7.)

Acquisition of the company's own shares

On 13 June Fabege commenced a repurchase programme in accordance with a decision by the annual general meeting on 27 March 2007. 1,000,250 shares were purchased during the period 13 June – 11 July for SEK 75m (average price of SEK 74.66). As at 15 August Fabege owns 1,000,250 of its own shares. The holding is equivalent to 0.6 percent of the total number of shares in the company.

Share split

On 31 May, in accordance with a decision taken at the AGM, a 2:1 split was implemented in Fabege whereby the number of shares was doubled.

Fabege is appealing the tax ruling

As previously announced, the Swedish Tax Agency has ruled that the tax assessment for the Fabege group will be raised with respect to a number of property sales through limited partnerships. (See also press release dated 7 December 2006.) The overall increase in the tax assessment at 15 August 2007 is SEK 3,313m. The decisions have led to aggregate tax demands of SEK 928m plus tax surcharge of SEK 169m, i.e. SEK 1,097m in total excluding interest. Fabege vigorously contests the tax demands the Swedish Tax Agency has decided on, and the decisions have been appealed.

Redemption offer

The offer to redeem shares for shares in Klövern ended in May. Fabege now holds no shares in Klövern.

Risks and uncertainty factors

In addition to that which is set out in the cur-

rent interim report, there is a detailed description of the group's risks on pages 40-41 and 59 in the annual report for 2006. There have not been any substantial changes in comparison with the statement in the annual report.

Events after the end of the reporting period

ICA signs new lease to create new retail centre on Kungsholmen

A contract has been signed with ICA for the lease of about 10,000 m2, about 9,000 m2 of which is shop space, in the Paradiset 29 property. The property, the former Skogaholm bakery, is in an excellent transport location next to the Essingeleden flyover at the western end of Kungsholmen. The project in Paradiset 29, which comprises a total of 42,000 m2 of shops, offices and garage, represents a total reconstruction of the property. Total cost of the project amounts to approx. SEK 760m. Work on renting out the remaining premises

is currently underway. A major letting has also been made in the Marievik 19 property, which previously housed the Stockholm Fashion Centre. Hennes & Mauritz are leasing about 11,500 m2 with occupancy planned for August 2008. The entire property of about 20,000 m2 will be refurbished into a new office space with large floors areas of about 2,800 m2 with a view over Årsta bay.

Changes in Group management

Roger Johansson, Deputy CEO and CFO at Fabege, has decided to move on to another position/self- employment and will be terminating his employment when a successor has been appointed/taken over.

Accounting policies

The accounting policies are unchanged form the 2006 annual accounts. This interim report has been prepared in accordance with IAS 34 and the Annual Accounts Act.

Signatories to the report

The Board and the Chief Executive Officer hereby certify that the half-yearly report provides a correct overview of the parent company and the group's activities, position and earnings, and also describes fundamental risks and uncertainty factors faced by the company and the companies that belong to the group.

Stockholm, 15 August 2007

Erik Paulsson Chairman

Sven-Åke Johansson Deputy Chairman

Göte Dahlin Director

Märtha Josefsson Director

Helen Olausson Director

Svante Paulsson Director

Mats Qviberg Director

Christian Hermelin Chief Executive Officer

This interim report has not been examined by the company's auditors.

Questions concerning the report should be addressed to:

Christian Hermelin, CEO, phone +46 (0)8-555 148 25, +46 (0)733-87 18 25

Roger Johansson, Deputy CEO, CFO, phone +46 (0)8-555 148 13, +46 (0)703-74 42 85

Mats Berg, Director of Communications, phone +46 (0)8-555 148 20, +46 (0)733-87 18 20

Refurbishment of properties in the Solna Station area is continuing. Work on the facade at Stigbygeln 3 (picture) on Gårdsvägen will be completed during summer 2007.

Income statements, SEKm

	2007 April-June	2006 April-June	2007 Jan-June	2006 Jan-June	2006	Rolling 12 months Jan-Dec July 2006-June 2007
Rental income	504	625	1,021	1,261	2,343	2,103
Property expenses	-188	-232	-399	-533	-942	-808
Net operating income	316	393	622	728	1,401	1,295
Surplus percentage	63%	63%	61%	58%	60%	62%
Central administration and marketing	-16	-52	-30	-75	-109	-64
Realised changes in value of properties	114	31	174	33	61	202
Unrealised changes in value of properties	184	309	394	324	911	981
Operating profit	598	681	1,160	1,010	2,264	2,414
Dividens	60	-	60	-	-	60
Net interest income	-149	-177	-298	-355	-646	-589
Changes in value of interest-rate derivatives	33	97	40	195	230	75
Realised changes in value of shares	-1	-	-1	-	15	14
Profit after financial items	541	601	961	850	1,863	1,974
Current tax	-	-5	-	-5	-8	-3
Deferred tax	-32	250	-96	181	411	134
Profit for period/year	509	846	865	1,026	2,266	2,105
Parent company's share of profit for period/year	509	844	865	1,017	2,257	2,105
Earnings per share before dilution effect, SEK	2.77	4.40	4.62	5.30	11.80	11.15
Earnings per share after dilution effect, SEK	2.75	4.38	4.60	5.27	11.74	11.08
Number of shares at end of period after dilution effect, million	177.6	191.4	177.6	191.4	190.3	177.6
Number of shares at end of period before dilution effect, million 178.7		192.4	178.7	192.5	191.4	178.7
Average number of shares before dilution effect, million	184.0	191.8	187.1	192.1	191.3	188.9
Average number of shares after dilution effect, million	185.0	193.0	188.2	193.2	192.5	189.9

Changes in equity, SEKm

Balance sheets, SEKm

	Of which attributable	Of which
	Equity	to parent comp. attributable to shareholders	the minority
Equity 01.01.2006	10,727	10,727	-
New share issue, conversion
of dept instruments	6	6	-
Minority interest acquisition
of subsidiary	665	-	665
New share issue	723	723	-
Acquisition of minority in
part-owned subsidiary	-723	-77	-646
Cash acquisitions, minority percentage
of shares in subsidiaries	-6	-	-6
Exchage-rate differences	-21	-20	-1
Cash dividend	-754	-754	-
Share buyback	-706	-706	-
Net profit for the year	2,266	2 ,257	9
Equity 31-12-2006	12,177	12,156	21
New share issue, conversion
of dept instruments	1	1	-
Change in minority interest
through pre-emtion shares in
Fastighets AB Tornet	-21	-	-21
Redemption Klövern	-1 251	-1 251	-
Cash dividends	-761	-761	-
Share buyback	-64	-64	-
Profit/loss for the period	865	865	-
Equity 30-06-2007	10,946	10,946	-

Total assets	28,559	30,009	31,772
Cash and cash equivalents	109	164	48
Current assets	863	757	1,054
Financial fixed assets	753	1,889	516
Other tangible fixed assets	8	11	13
Properties	26,826	27,188	30,141
Assets
	30-06-2007	31-12-2006	30-06-2006

Equity and liabilities

Equity	10,946	12,177	11,009
- of which minority share	-	21	21
Provisions	1,058	1,001	1,127
Interest-bearing liabilities	15,414	14,999	13,581
Non-interest-bearing liabilities	1,141	1,832	6,055
Total equity and liabilities	28,559	30 009	31,772
Equity/asset ratio	38%	41%	35%

Cash flow analysis, SEKm

	2007	2006	2006
	Jan-June	Jan-June	Jan-Dec
Operating profit excl.
depreciation and changes in
value existing property stock	767	690	1,311
Net financial expenses paid	-289	-381	-657
Income tax paid	-	-5	-8
Changes in other
operating capital	-806	8,399	3,197
Cash flow from
operating activities	-328	8,703	3,843
Acquistion of shares in subsidiaries	-	-2,536	-2,536
Investments and acquisitions
of properties	-948	-7,089	-8,014
Property sales, book value
properties sold	1,704	7,598	12,112
Other investments (net)	-113	-55	-49
Cash flow from
investing activities	643	-2,082	1,513
Dividend paid to shareholders	-761	-754	-754
Buyback of shares	-64	-634	-706
Change in interest-bearing liabilities	455	-5 256	-3 803
Cash flow from
financial activities	-370	-6,644	-5,263
Change in liquid assets	-55	-23	93
Liquid assets at start of period	164	71	71
Liquid assets at end of period	109	48	164

Key ratios¹

	2007	2006	2006
	Jan-June	Jan-June	Jan-Dec
Financial
Return on capital employed, %	9.4	8.8	9.0
Return on equity, %	15.0	18.9	19.8
Interest coverage ratio, multiple	2.7	2.0	2.1
Equity/assets ratio, %	38	35	41
Loan-to-value, properties, %	57	45	55
Dept/equity ratio, multiple	1.4	1.2	1.2
Share-related
Profit for period per share, SEK	4.60	5.27	11.74
Equity per share, SEK	62	58	64
Cash flow per share, SEK	2.81	1.89	3.94
Number of shares at end of period, before
dilution effect, thousands	177,590	191,370	190,316
Number of shares
at end of period, after
dilution effect, thousands	178,669	192,482	191,398
Average number of shares before dilution effect, thousands	187,148	192,094	191,332
Average number of shares after dilution effect, thousands	188,216	193,250	192,460
Property-related
Number of properties	168	230	174
Book value of properties, SEKm	26,826	30,141	27,188
Lettable space, sq.m	1,420,000 2,006,000		1,624,000
Economic occupancy rate, %	91	87	89
Surplus ratio, %	61	58	60

1 Dilution effects of potential ordinary shares have been taken into account in calculating key ratios per share. As at 30 June 2007 there is a convertible debenture loan with a book value of SEK 48m (nom SEK 45m). The loan runs at an interest rate of 5.25% and falls due for payment on 1 October 2009. Conversion can take place up to 1 September 2009. Conversion price SEK 41.80. On full conversion there will be an additional 1,079,069 shares.

PARENT COMPANY

Income statement

Profit before tax Tax	-87 19	-115 14	1,955 16
interest-rate derivativest	40	-	176
Change in value of
Net financial expenses	-77	-71	1 871
Expenses	-104	-110	-239
Income	54	66	147
	2007 Jan-June	2006 Jan-June	2006 Jan-dec

Balance sheet, SEKm

	30-06-2007	30-06-2006	31-12-2006
Participations in
group companies	15,116	14,364	15,092
Other fixed assets	28,387	28,150	28,480
Cash and cash equivalents	57	72	93
Other current assets	31	30	32
Total assets	43,591	42,616	43,697
Equity	9,994	9,574	12,167
Provisions	60	3	52
Long-term liabilities	28,253	28,046	26,405
Current liabilities	5,284	4,993	5,073
Total equity and liabilities	43,591	42,616	43,697

Major shareholders at 30-06-2007

Shareholders	Number of shares	Proportion of capital and votes, %
Brinova	23,291,092	13.1
Maths O Sundqvist	21,306,292	12.0
Öresund	7,235,626	4.1
Swedbank Robur funds	3,218,366	1.8
Mats Qviberg with family	2,273,786	1.3
Länsförsäkringar funds	2,089,160	1.2
Second AP Fund	1,335,571	0.7
SHB/SPP funds	1,229,381	0.7
SEB funds	1,061,402	0.6
Skandia Liv	891,564	0.5
Foreign shareholders	75,447,655	42.5
Other shareholders	38,209,871	21.5
Total number of
outstanding shares	177,589,766	100.0
Repurchase of own shares	859,950
Total number of shares	178,449,716

Share trend

Financial reporting 2007

Interim report January-September 2007 30 October 2007

Definitions

Capital employed

Balance-sheet total less non-interest-bearing liabilities and provisions.

Cash flow per share

Income before tax plus depreciation, plus/minus unrealised changes in value and minus current tax in relation to average number of shares.

Contract value

Current basic rent on an annual basis according to rental contract after indexation, adjusted for rent rebates and surcharges.

Debt/equity ratio

Interest-bearing liabilities in relation to shareholders' equity.

Earnings per share

Parent company shareholders' propotion share of profit for period after tax in relation to the average number of outstanding shares in period.

Economic occupancy rate

Contracted rental income in relation to rental value at end of period.

Equity/assets ratio

Shareholders' equity, including minority interest, in relation to balance-sheet total.

Improvement properties

Properties with refurbishment or extension in progress or planned which materially affect the operating surplus of the property. The operating surplus is affected either directly by the project or by restrictions on letting ahead of improvement. Recently acquired properties (within one year) with work in progress to substantially enhance the property's operating surplus in relation to the time of acquisition.

Interest coverage ratio

Profit/loss after financial items plus financial expenses plus/minus unrealised changes in value in relation to financial expenses.

Investment properties

Properties under continuous and active management.

Land and project properties

Land and development properties and properties with new production/complete refurbishment in progress.

Mortage ratio, properties

Interest-bearing liabilities in relation to book value of properties at end of period.

Rental value

Contract value plus estimated annual rent for vacant premises after reasonable general renovation work.

Return on capital employed

Profit before tax plus interest expenses divided by average capital employed. In interim accounts return is converted to a full-year basis without taking account of seasonal variations.

Return on shareholders' equity

Profit for the period/year divided by average equity. In interim accounts, return is converted to a full-year basis without taking account of seasonal variations.

Shareholders' equity per share

Parent company shareholders' propotion of equity according to balance sheet in relation to the number of shares at end of period.

Surplus ratio

Net operating income in relation to rental income.

Yield, shares

Dividend in relation to share price at year end.

Fabege AB (publ)

P O Box 730, SE-169 27 Solna, Sweden, Visitors: Dalvägen 8, SE-169 56 Solna, Sweden Phone: +46-8-555 148 00, Fax: +46-8-555 148 01, E-mail: info@fabege.se, Internet: www.fabege.se Corporate identity number: 556049-1523, Board registered office: Stockholm