Interim Report January – June 2005

Continued strong sales and improved earnings

- Net sales increased by 10 percent to SEK 4,592m (4,165) and the number of sold residential units totaled 2,124 (2,393) - Profit after financial items improved to SEK 364m (279) and profit after tax for the period was SEK 255m (198). The operating margin was 9.4 percent (8.9) - Property sales of SEK 438m (693) provided capital gains of SEK 69m (86) - Return on equity totaled 17 percent. Earnings per share for the second quarter totaled SEK 5.20 (3.30) - Cash flow from operations during the first six months of the year totaled SEK 1,255m (871) - The company carried out a redemption of shares for SEK 966m during the second quarter “Demand for newly built homes remained strong during the second quarter. Our housing development projects continue to show favorable earnings with clear improvement in our Stockholm operations. Our efficiency enhancements have also contributed to the improved margins. Attractive residential units in our projects combined with a good market and low interest rates provide good prospects for 2005.” Johan Skoglund, President and CEO For the full report, please see attached PDF file.

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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