Year-end Report 2008

Continued cautious demand and declining production

- Income fell by 4 percent to SEK 12,229m (12,731) and number of residential units sold dropped to 1,871 (3,880)

- Earnings before tax declined to SEK 1,052m (2,297) and net profit for the year decreased to SEK 818m (1,665). Write-downs of SEK 320m (0) for development properties were charged against operating profit. Operating margin decreased to 8.9 percent (18.1)

- Property sales of SEK 748m (653) provided capital gains of SEK 73m (182)

- Return on equity for the past twelve months was 22.9 percent (44.5). Earnings per share for the year totaled 9.50 SEK (18.30)

- Consolidated cash flow including net investment in properties was SEK 101m (1,826) after a strong cash flow during the fourth quarter

- The Board of Directors proposes 0 SEK (5.50) in dividend for 2008 while awaiting a normalized supply of liquidity from the banking system for new projects to be started.

JM discloses the information provided in this year-end report and interim report pursuant to the Securities Markets Act and/or Financial Instruments Trading Act. The information was submitted for publication on February 10, 2009.