Interim Report January - September 2008

Cautious demand and declining level of activity

- Income increased by 6 percent to SEK 9,379m (8,852) and the number of residential units sold fell to 1,601 (2,837)
- Earnings before tax totaled SEK 1,276m (1,491) and net profit for the period totaled SEK 915m (1,074). Operating margin decreased to 13.8 percent (17.0)
- Property sales of SEK 83m (564) provided capital gains of SEK 21m (143)
- Return on equity for the past twelve months was 45.5 percent (46.6). Earnings per share during the nine-month period was SEK 10.50 (11.70)
- Consolidated cash flow including net investments in properties was
SEK -141m (1,081)
- Staff cutbacks are planned due to the rapidly declining economy and the effects of the crisis in the financial system. About 600 of a total of about 2,500 employees are affected.

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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