JM, Peab and Wihlborgs form a property development company

JM, Peab and Wihlborgs form a property development company with the intention of acquiring the "Kranen" area of Malmö's western harbour, with building rights for 225,000 sq.m., for a price of MSEK 337.5. JM, Peab and Wihlborgs have formed a property development company to acquire the "Kranen" area of Malmö, of which the three companies will each own one third. The purchase price is MSEK 337.5. The company's plan is to develop the Malmö region's most attractive residential and office area. The site's unique attributes are enhanced by its proximity to the waterfront, college and city centre. The area will include building rights for around 225,000 sq. m. of residential and commercial space. More than 1,200 residential units are planned. "Today JM is Sweden's foremost residential developer. We have been well established in southern Sweden for many years and have been active in Malmö since 1996. After carrying out a number of successful residential projects, we are well acquainted with the local market. This acquisition has definitely placed JM as the leading player in the Malmö market.", says JM's Managing Director and CEO Carl Eric Stålberg. For additional information, please contact Managing Director Carl Eric Stålberg, telephone +46-8-782 88 33 or Regional Manager Anders Wahrer, JM Lund, telephone +46-46-30 00 00. Stockholm, 15 August 2000 JM AB Group Staff Communications This and earlier press releases are also available at ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download:

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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.