Interim Report on the operations of AB Custos January 1 - March 31, 2000

INTERIM REPORT ON THE OPERATIONS OF AB CUSTOS FOR THE PERIOD JANUARY 1 - MARCH 31, 2000 Total return on Custos shares for the period was 11.4 percent for Series A shares and 9.8 percent for Series B shares. Bid for Perstorp from Industri Kapital. The Board of Directors is proposing a single series of Custos shares. Total return Total return on Custos shares for the period @ taking into account share price appreciation, dividend paid and redemption of shares @ was 11.4 percent for Series A shares and 9.8 percent for Series B shares. Total return on Custos shares up to April 13, 2000 was 13.8 percent for Series A shares and 13.3 percent for Series B shares. Return, January 1 - March 31, 2000, percent Custos Custos Series A Series B Total return 11.4 9.8 Consists of the following components: Change in net asset value 2.0 2.0 Change in discount to net asset value 9.2 7.6 1 Cost of shareholders' equity 2.1 Findata Yield Index 13.9 1 Measured as the average 12-month Swedish treasury bill rate plus a risk premium of 4 percent during the three-month period. The total return for some of Custos' shareholdings is shown below. Return, January 1, 2000 - March 31, 2000 Portfolio holding % Perbio Science 73.8 Perstorp 27.8 C. Tybring-Gjedde 24.2 Christian Salvesen 12.2 Bilia 11.4 Svedala -18.3 SCA -19.0 Net asset value Total net asset value on March 31, 2000 was MSEK 8,741 (Dec. 31, 1999: 8,568), or SEK 274 (Dec. 31, 1999: 269) per share. Net asset value per share was calculated on the basis of 31,845,613 shares, with the Custos shares included in the synthetic buy-backs being valued at market value. On March 31, 2000, Custos' discount to net asset value was 16 percent for Series A shares and 18 percent for Series B shares. This was lower than at year-end 1999, when the discount amounted to 23 percent for Series A shares and 24 percent for Series B shares. During 1999 and the first quarter of 2000, Custos entered into swap agreements, related to synthetic buy-backs of its own shares, equivalent to 4,086,810 shares. If these shares were to be regarded as redeemed on March 31, 2000, total net asset value would amount to MSEK 7,811, which is equivalent to SEK 281 per share. The discount to net asset value would amount to 18 percent for Series A shares and 20 percent for Series B shares. Net asset value on April 13, 2000 was estimated at a total of MSEK 7,535, or SEK 271 per share. In this case, net asset value per share was calculated on the basis of 27,758,803 Custos shares (see "Synthetic buy- backs of Custos' own shares"). ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/19/20000419BIT00510/bit0001.doc The full report http://www.bit.se/bitonline/2000/04/19/20000419BIT00510/bit0002.pdf The full report