Board’s proposed terms for redemption of shares in JM

As previously communicated in the 2004 year-end report, the Board of Directors of JM AB (publ) has proposed a redemption programme of approximately SEK 1,000 million.

• The Board proposes redemption of every eighth share for SEK 285 per share • Through this redemption it is proposed that approximately SEK 1,000 million be transferred to shareholders. The Board of Directors has today decided on the terms for its proposal on redemption to the Annual General Meeting to be held on 28 April 2005. It is proposed that every eighth share can be redeemed for a cash payment of SEK 285. One redemption right will be received for every share in JM. Eight redemption rights are required in order to be able to redeem one share. In the event of full support for this offer, approximately 3.5 million shares will be redeemed and approximately SEK 1,000 million transferred to JM shareholders. Timetable (subject to Annual General Meeting approval): • Final day for trading in JM shares including redemption rights: 28 April 2005 • First day for trading in JM shares ex-rights: 29 April 2005 • Record date for receiving redemption rights: 3 May 2005 • Distribution of information brochures and application forms: 9 May 2005 • Application period: 12 May – 8 June 2005 • Trading in redemption rights on Stockholm Stock Exchange: 12 May – 2 June 2005 • Redemption proceeds are expected to be paid around mid-year 2005 A brokerage-free sale of up to 1,000 redemption rights may be made through Carnegie Investment Bank AB ("Carnegie") during the period 12 May – 27 May 2005 according to a special application procedure. Stockholm, 12 April 2005 JM AB Corporate Communications