Interim Report January – September 2005

Continued strong sales and improved profitability

- Net sales increased by 17 percent to SEK 7,011m (5,970) and the number of sold residential units totaled 2,958 (3,349) - Profit after financial items improved to SEK 627m (425) and profit after tax for the period rose to SEK 544m (303). The operating margin increased to 10.0 percent (8.8) - Property sales of SEK 539m (722) provided capital gains of SEK 100m (96) - Return on equity totaled 22.6 percent. Earnings per share for the nine-month period increased to SEK 20.20 (10.80) - Cash flow from operating activities during the first nine months totaled SEK 1,471m (1,164) - The Group's capital requirements are under review. Preliminarily, the Group's surplus of equity is estimated at SEK 800 - 1,000m For full report see attached PDF.

About Us

JM is one of the leading developers of housing and residential areas in the Nordic region. Operations focus on new production of homes in attractive locations, with the main focus on expanding metropolitan areas and university towns in Sweden, Norway, Denmark, Finland and Belgium. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM seeks to promote long-term quality and environmental considerations in all its operations. Annual sales total approximately SEK 17 billion and the company has about 2,500 employees. JM is a public limited company listed on NASDAQ OMX Stockholm, in the Large Cap segment.

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