Mandamus' Board recommends LRF's bid

Mandamus' Board recommends LRF's bid The Board of Mandamus Fastigheter AB (publ) ('Mandamus') has considered the offer ('the Offer') announced in a press release on 20 March 2003 by Lantbrukarnas Ekonomi Aktiebolag (publ), a company in the corporate group owned by the Federation of Swedish Farmers ('LRF'), through a wholly-owned subsidiary. Under the Offer, LRF is bidding for all the shares in Mandamus. The Board Chairman, Leif Zetterberg, who is also the Managing Director of LRF, did not take part in the Board's administration of matters relating to the Offer. The Board of Mandamus has evaluated the Offer and, in so doing, engaged Leimdörfer Kapitalmarknad AB ('Leimdörfer') to express its opinion on whether the Offer is fair from a financial point of view. Evaluation of the Offer prompts the Board to issue the following statement of opinion. Under the Offer, shareholders have been invited to sell their shares in Mandamus for cash payment of SEK 84 per share. Leimdörfer's assessment, based on a liquidation valuation and a cash- flow valuation, is that the value of Mandamus does not significantly exceed the value of the Offer. In its valuation statement, Leimdörfer notes that the bid premium is low in relation to the public acquisitions of property companies listed on the Stockholm Stock Exchange that were implemented in the years 1996-2002. At the same time, it is emphasised that, including the bid premium, Mandamus has had the highest total yield of Swedish property companies in the past year. Finally, Leimdörfer has assessed the probability of a financial investor placing a higher bid as small. All in all, it is Leimdörfer's view at 9 April 2003 that the Offer is fair from a financial point of view. Leimdörfer's fairness opinion is issued in its entirety as an annex to this press release. In view of the above considerations, the Board also deems that the Offer is fair. The Board therefore recommends shareholders in Mandamus to accept the Offer. Stockholm, 9 April 2003 Mandamus Fastigheter AB (publ) The Board Queries Please address any queries to the Managing Director, Anders Silverbåge, tel. +46-8-566 13000 or e-mail anders.silverbage@mandamus.se, and to Björn Hall, member of the Board, tel. +46-708-164 427. Mandamus is a property company that seeks, on a long-term basis, to own, develop and manage high-yield residential properties, mainly in growth areas in Southern and Central Sweden. Mandamus owns properties with a book value of some SEK 5,700m, yielding annual rental income of roughly SEK 900m. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/10/20030410BIT00150/wkr0001.doc http://www.waymaker.net/bitonline/2003/04/10/20030410BIT00150/wkr0002.pdf Attachment