Year End Report 2014

January 2014 - December 2014

  · Rental income of SEK 608.7 million (-)
  · Net operating income of SEK 257.6 million (0.4)
  · Earnings from management operations of SEK 42.4 million (-2.7)
  · Changes in the value of investment properties amounted to SEK 278.4 million
(-)
  · Changes in the value of derivative instruments affected earnings by SEK
-14.2 million (-)
  · Profit after tax amounted to SEK 233,1 million (-2.7)
  · Earnings per share of SEK 3.3, before dilution
  · Earnings per share of SEK 2.6, after dilution

Significant events during the fourth quarter

  · On 27 October 2014, D. Carnegie & Co held an extraordinary general meeting
of the shareholders at which it was resolved to acquire a property portfolio in
Norrköping valued at SEK 1,000 million and at which a new board of directors was
elected to serve until the next annual general meeting
  · On 11 December  2014, D. Carnegie & Co was admitted to trading on NASDAQ OMX
First North Premier

Significant events after the fourth quarter

  · D. Carnegie & Co has initiated a process aimed at being listed on a
regulated market, NASDAQ OMX Mid Cap

Comments from the CEO

2014 has been a particularly eventful year for D. Carnegie & Co. Since its
listing on NASDAQ OMX First North in April, the company has acquired properties
valued in excess of SEK 8 billion, of which more than SEK 1 billion occurred
during the fourth quarter. In conjunction with the listing, we foresaw a
doubling within two years; thus, we have more than amply attained our growth
targets.

At the beginning of November, we acquired 1,900 apartments strategically located
in i Norrköping. Our own property management Graflunds, has previously handled
the entire management and financial reporting in respect of the portfolio, and
thus we know that it will generate a stable contribution to income from property
management.

Due to the large number of acquisitions at different times during the year, this
report does not cover four quarters with comparable results. Therefore, in order
nevertheless to provide guidance the company will publish an annual earnings
capacity statement as of 1 January 2015 showing current net operating income on
that date of SEK 531 million (see also page 16). This does not, however,
constitute a forecast as regards the future and does not take into account
anticipated changes in rents and changes in costs.

The fact that our Bosystem solution for renovating individual properties
functions well and entails that we expect to be able to renovate 7-10% of our
portfolio annually is just as important as our high rate of acquisitions. The
renovation of an apartment means that the rent can be increased by 30-40%. Over
10 years we can thus increase the rents on our entire portfolio to a
corresponding extent.

We are also pleased with the fact that, in connection with the valuation we
carried out as of 31 December 2014, an increase in value of just over SEK 278
million was noted during the fourth quarter.

It is also worth mentioning that trading in D. Carnegie & Co’s shares on NASDAQ
OMX First North Premier commenced on 11 December 2014.

ULF NILSSON,
CEO of D. Carnegie & Co

For more information, please contact:

Ulf Nilsson, VD 46 (0)8 121 317 25
Per-Axel Sundström, CFO 46 (0)8 121 317 25