Interim Report on the Operations of AB Custos for the Period January 1 - March 31, 2002

INTERIM REPORT ON THE OPERATIONS OF AB CUSTOS FOR THE PERIOD JANUARY 1 - MARCH 31, 2002 · Total return on Custos shares for the report period was 16.8 percent. · 98.7 percent degree of acceptance in Custos' redemption program. Total return Total return on Custos shares for the report period was 16.8 percent. Return, January 1, 2002 - March 31, 2002 % Total return on Custos shares1 16.8 Cost of shareholders' equity2 1.7 SIX Portfolio Return Index -1.4 SIX Return Index -2.7 1 Return taking into account share price appreciation and, where appropriate, dividend paid and share redemption. 2 Measured as the average 12-month Swedish Treasury bill rate plus a risk premium of 3 percent during the three-month period. Net asset value Total net asset value on March 31, 2002 was MSEK 1,788 (Dec. 31, 2001: 3,046), which was equivalent to SEK 218 (Dec. 31, 2001: 224) per share. Value per share is based on 8,210,600 Custos shares. Net asset value on March 31, 2002 is calculated on the assumption that the 5,362,742 Custos shares registered for redemption in Custos' offer have been redeemed (see "Redemption of Custos shares with payment in cash" below). The same applies to the synthetically repurchased shares (as provided by a mandate from the Annual General Meeting on April 5, 2001). On March 31, 2002, Custos' discount to net asset value was 11 percent. This was higher than at year-end 2001, when the discount amounted to 10 percent. Jan. 1, 2002- Change in net asset value, MSEK Mar. 31, 2002 Net asset value, January 11 3, 046 Dividends 11 Administrative expenses -6 Other income and expenses 1 Income/loss from fixed-asset 0 receivables Financial income and expenses 20 Taxes -1 25 Change in value of securities portfolio Bilia 55 Christian Salvesen 24 Perbio Science 18 C. Tybring-Gjedde 17 Sydsvenska Kemi 15 SCA 7 Esselte 5 Pergo -18 Other holdings 38 161 Change in net asset value 186 before dividend etc. Payment for redemption shares2 -1,418 Change in value from synthetic 0 buy-backs of Custos' own shares (swap agreement 3) which arose during 2002 Transfer of market value of 1 synthetic share buy-backs on December 31, 2001 (swap agreement 3) Preliminary redemption amount of -1 synthetic share buy-backs on March 31, 2002 (swap agreement 3)3 Other items -26 Net asset value at end of period 1,788 1 The Custos shares that were included in the synthetic buy-back program on December 31, 2001, as provided by a mandate from the Annual General Meeting on April 5, 2001 (swap agreement 3), are assumed to have been redeemed at the market value prevailing on December 31, 2001 (MSEK 1). 2 Redemption payment and the dividend belonging to it (see "Redemption of Custos shares with payment in cash"). 3 The Custos shares that were included in the synthetic buy-back program on March 31, 2002, as provided by a mandate from the Annual General Meeting on April 5, 2001 (swap agreement 3), are assumed to have been redeemed at the market value prevailing on March 31, 2002 (MSEK 1). ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/04/19/20020419BIT00400/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2002/04/19/20020419BIT00400/wkr0002.pdf The Full Report