JM's Board of Directors resolves to buy back shares

JM's Board of Directors has resolved to utilize the share buyback authorization given at the Annual General Meeting on April 26, 2012.

Acquisition of ordinary shares in JM AB may only take place on NASDAQ OMX Stockholm. The authorization will be utilized by distributing the buybacks over the period until the 2013 Annual General Meeting. The maximum number of ordinary shares that may be repurchased may not exceed ten (10) percent of all the shares in the company at any given time. JM currently holds 150,964 own shares. Purchasing ordinary shares in JM AB on NASDAQ OMX Stockholm may only be at a price that falls within the current price range on NASDAQ OMX Stockholm at any given time; the price range refers to the range between the highest bid price and the lowest selling price. 

The total number of JM shares is 83,534,726.

Contact

For more information: Magnus Åkesson, Chief Financial Officer, +46 8 782 89 71

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Annual General Meeting - JM AB

The Annual General Meeting of shareholders of JM AB met on April 26, 2012 and adopted all of the proposals of the Board of Directors and the Nomination Committee.

The Annual General Meeting resolved to pay a dividend of SEK 6.50 per share. The record date for payment is Wednesday, May 2, 2012. Euroclear Sweden AB will send the dividend on Monday, May 7, 2012. 

Board members and remuneration 

The Annual General Meeting resolved that the Board will have seven directors. Lars Lundquist was reelected Chairman of the Board. Elisabet Annell Åhlund, Anders Narvinger, Kia Orback Pettersson, Johan Skoglund and Åsa Söderström Jerring were reelected to the Board. Torbjörn Torell did not seek reelection. Johan Bergman was elected as the new director.

The Chairman will be paid SEK 660,000 for work on the Board and Directors who are not employed by the Company will be paid SEK 290,000.
Committee fees 

Directors who are not employed by the Company will receive remuneration for work on committees as follows: 

Chairperson of the Audit Committee: SEK 120,000.
Directors on the Audit Committee: SEK 90,000.
Chairperson of the Compensation Committee: SEK 60,000.
Director on the Compensation Committee: SEK 60,000.
Chairperson of the Investment Committee: SEK 60,000.
Directors on the Investment Committee: SEK 60,000. 

The total fee for the six paid directors amounts to SEK 2,710,000, including remuneration for committee work, which entails an increase of approximately 2.85 percent.

Election of auditors

The Annual General Meeting resolved to elect Ernst & Young AB as the audit company. In accordance with the Swedish Companies Act, the term of service runs until the end of the 2013 Annual General Meeting.

Nomination Committee 

The Annual General Meeting approved a revised version of the instructions for the Nomination Committee. 

The instructions for the Nomination Committee are available on JM AB's website, www.jm.se.

Guidelines for salaries and other remuneration 

The Annual General Meeting approved the proposed guidelines for salaries and other remuneration to senior executives. Compensation to the CEO and other senior executives will consist of a fixed component, short- and long-term variable components, pension benefits and other benefits. “Other senior executives” refers to the Executive Management. Total compensation must be at market rates and competitive in the labor market in which the executive works. 

Buyback

The Annual General Meeting resolved to authorize the Board to decide on the acquisition of ordinary shares in JM AB on a regulated market. 

The acquisition of ordinary shares in JM AB may only occur on NASDAQ OMX Stockholm. The authorization may be utilized on one or more occasions, although no longer than up until the 2013 Annual General Meeting. The number of ordinary shares that may be acquired is limited such that the Company's holdings do not at any point in time exceed ten (10) percent of all the Company's shares. The acquisition of ordinary shares in JM AB on NASDAQ OMX Stockholm may only occur at a price within the current spread on NASDAQ OMX Stockholm, which refers to the spread between the highest bid price and the lowest ask price. The objective of empowering the Board of Directors is to give it greater freedom of action and the possibility to adjust the Company's capital structure on a continuous basis.
Convertible program and warrant program 

The Annual General Meeting resolved that JM AB will raise a debenture loan with a maximum nominal value of SEK 120,000,000 by issuing a maximum of 530,000 convertible debentures aimed at all employees in Sweden and a maximum of 95,000 warrants aimed at all employees outside Sweden. The Annual General Meeting resolved that the terms will be in accordance with the proposal.

Amended Articles of Association 

The Annual General Meeting resolved in accordance with the proposal to amend section 9 of the Articles of Association to adapt to amendments to the Swedish Companies Act and to implement editorial changes. Section 9 refers to issues raised at the Annual General Meeting.

Contact

For more information please contact: Johan Skoglund, President and CEO: +46 8-782 89 39 Claes Magnus Åkesson, CFO JM: +46 8-782 89 71 Urban Lilja, General Counsel JM: +46 8-782 87 05

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Interim Report January - March 2012

Good profit level - lower sales rate

· According to segment reporting revenues increased to SEK 3,188m (2,491) and the operating profit to SEK 337m (278). The operating margin was 10.6 percent (11.2)

· Restated according to IFRIC 15 revenues increased to SEK 2,987m (2,547) and the operating profit to SEK 329m (279)

· Profit before tax improved to SEK 316m (265). Profit after tax improved to SEK 227m (187) 

· Return on equity for the past twelve months increased to 24.2 percent (18.5). Earnings per share for the first quarter amounted to SEK 2.70 (2.20)

· Consolidated cash flow including net investment in properties was SEK 2m (-65)

· The number of residential units sold totaled 627 (840) and housing starts totaled 631 (908).

Contact

For further information, please contact: Johan Skoglund, CEO and President, 46 (0)8-782 89 39 Claes Magnus Åkesson, CFO, 46 8 782 89 71 Tomas Eriksson, Press Officer, 46 8 782 86 61

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Notice of JM's Annual General Meeting on April 26, 2012

In accordance with NASDAQ OMX Stockholm's Rule Book for Issuers, JM AB is announcing via this press release its Notice of Annual General Meeting on April 26, 2012.

The notice will be published on the company's website on Wednesday, March 28. The notice will be published in Post- och Inrikes Tidningar and information that the notice has been published will be announced in the Svenska Dagbladet newspaper on March 28.

Contact

For additional information, please contact: Urban Lilja, Chief Legal Advisor: 46 (0)8 - 782 87 05

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New sheltered housing in Sköndal, Stockholm

Through its subsidiary company Seniorgården AB, JM has signed a contract with Stiftelsen Stora Sköndal for the acquisition and development of land to let 108 sheltered dwellings in Stora Sköndal, Stockholm.

The contract means JM will build and let 108 sheltered dwellings for a period of 15 years. JM will also acquire the land on which the residences are to be built as part of the contract. The purchase price of the land is MSEK 23. The land is being sold by Stiftelsen Stora Sköndal which will also be the tenant and have responsibility for its operational management. The project will be classed as a project property for accounting purposes within the business unit JM Fastighetsutveckling.

“Our partnership with Stiftelsen Stora Sköndal is exciting and developing,” said Birgitta Seeman, CEO of Seniorgården AB. “The new sheltered residences will meet the needs of many elderly people and be an attractive proposition in their quest for a practical and secure home.”  

Construction work is planned to start in the second quarter of 2012 with residents moving in in two stages, autumn 2013 and spring 2014.   

Contact

For more information, please contact Birgitta Seeman, CEO Seniorgården, tel +46 8 626 66 32 Tomas Hedenius, Communications Officer JM, tel +46 8 782 86 61

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Year-end Report 2011

Positive earnings trend – continued cautious demand

· According to segment reporting, revenues increased to SEK 12,217m (9,274), operating profit to SEK 1,544m (969) and operating margin to 12.6 percent (10.4)
· Restated according to IFRIC 15, revenues increased to SEK 12,001m (9,136) and operating profit to SEK 1,513m (907)
· Profit before tax improved to SEK 1,463m (840). Profit after tax improved to SEK 1,042m (594)
· Return on equity for the past twelve months rose to 24.5 percent (15.7). Earnings per share during the year amounted to SEK 12.50 (7.10)
· Consolidated cash flow including net investment in properties was SEK 733m (42)
· Number of sold residential units was 3,112 (3,276) and housing starts increased to 3,629
(3,404)
· Surplus values development properties SEK 2.4bn (2.6)
· The Board of Directors proposes a dividend of SEK 6.50 (4.50) for 2011, as well as a buyback authorization.

Contact

For further information, please contact: Johan Skoglund, CEO and President, 46 (0)8-782 89 39 Claes Magnus Åkesson, CFO, 46 8 782 89 71

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JM AB Nomination Committee proposals to the 2012 Annual General Meeting for chairman and directors

The Nomination Committee for JM AB is comprised as follows:

· AMF Pension represented by Lars-Åke Bokenberger, chairman
· Swedbank Robur Funds represented by Björn Franzon
· AFA Försäkring represented by Anders Algotsson
· Nordea Fonder represented by Jan Särlvik
· Lars Lundquist, chairman of the board of JM AB.

At the Annual General Meeting of JM AB on Thursday, April 26, 2012, the Nomination Committee will propose the following regarding the composition of the Board of Directors:

Number of directors on the Board: seven ordinary members, no deputies.

The Committee proposes that Lars Lundquist be re-elected Chairman of the Board (elected 2005).  The Nomination Committee further proposes re-election of directors Elisabet Annell Åhlund (elected 2002), Anders Narvinger (elected 2009), Kia Orback Pettersson (elected 2010), Åsa Söderström-Jerring (elected 2007) and Johan Skoglund (elected 2003). Torbjörn Torell is not available for re-election as director.

The Nomination Committee proposes Johan Berg as new member of the Board. Johan Berg is 47 years old and holds a degree in engineering from KTH, Stockholm. Johan Bergman has worked for 16 years in various positions within the Skanska Group and he has been CEO of NIAM AB for the past five years. Johan Berg has no other “significant appointments” in accordance with the Code and he is considered independent in relation to the Company and senior management as well as the major shareholders in the Company.

Details about the Nomination Committee’s other proposals will be included in the notice convening the Annual General Meeting, which will be announced on Wednesday March 28, 2012.

Contact

For further information, please contact: Chairman of the nomination committee Lars Åke Bokenberger, AMF Pension 08-696 31 00.

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JM acquires property in Uppsala

JM is acquiring the Kungsängen 28:1 property in Uppsala Municipality. The property includes a newly adopted local plan for housing consisting of approximately 200 residences.

The purchase price amounts to 95 MSEK. Access and submission of the main part of the payment are due to take place during the first six months of 2013.

The seller is KB Kungsängen 28:1.

“We’re very happy to be able to acquire additional residential development rights in the attractive Kungsängen area in Uppsala, within walking distance of central Uppsala. JM has already built 525 residences within the area and, after this acquisition, will have approximately 750 residential development rights at its disposal, where the first stage will be available for sale during spring 2012,” says Per Johansson, Regional Manager JM.

Contact

For more information, please contact: Per Johansson, Regional Manager JM Bostad: 018-66 03 39 Tomas Hedenius, Press Officer: 08-782 86 61

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Interim Report January - September 2011

High level of housing starts - somewhat lower rate of sales

- According to segment reporting revenues increased to SEK 8,547m (6,342), operating profit to SEK 1,047m (572) and operating margin to 12.2 percent (9.0)

- Restated according to IFRIC 15 revenues amounted to SEK 8,299m (6,061) and operating profit totaled SEK 1,013m (525)

- Profit before tax totaled SEK 974m (496). Profit after tax improved to SEK 695m (329)

- Return on equity for the past twelve months rose to 24.2 percent (14.9). Earnings per share during the nine-month period amounted to SEK 8.30 (3.90)

- Consolidated cash flow including net investment in properties was SEK 173m (-263)

- Number of residential units sold increased to 2,366 (2,220) and housing starts increased to 2,856 (2,432)

- Major acquisitions in Stockholm and Oslo increased the portfolio to 28,000 residential building rights (26,700).

Contact

For additional information, please contact: Johan Skoglund, President and CEO johan.skoglund@jm.se 46 (0)8 - 782 89 39 Claes Magnus Åkesson, CFO claes-magnus.akesson@jm.se 46 (0)8 - 782 89 71

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JM AB's Nomination Committee for the 2012 Annual General Meeting

The Annual General Meeting at JM AB on April 28, 2011 decided that the members of the Nomination Committee for the 2012 AGM will be appointed as per August 31, 2011, by representatives of the Company’s four largest shareholders/shareholder groups in terms of voting rights, who wish to be included on the Nomination Committee.

The Chairman of the Board of Directors will be the fifth member of the Nomination Committee.

The shareholders referred to above, who represent about 30 percent of the shares and voting rights in the Company, have appointed the following representatives:

· AMF Pension: Lars-Åke Bokenberger, who was also appointed chairman of the Nomination Committee
· Swedbank Robur fonder: Björn Franzon
· AFA Försäkring: Anders Algotsson
· Nordea Fonder: Jan Särlvik
· Lars Lundquist, chairman of the board of JM AB.

The Nomination Committee will prepare and present proposals to the AGM for:

· chairperson at the AGM
· number of directors
· chairperson and other directors on the Company's board
· fees, with distribution between the chairman and directors on the Board of Directors and remuneration for committee work
· auditors and their fees and
· where applicable, amendment of instructions for the Nomination Committee.

The Nomination Committee will otherwise perform the duties specified in the Swedish Code of Corporate Governance that applies at any given time, which is issued by the Swedish Corporate Governance Board.

JM AB's Annual General Meeting of Shareholders will be held on Thursday, April 26, 2012, at corporate headquarters in Solna.

Shareholders wishing to submit proposals to JM’s Nomination Committee may do so by e-mail to: valberedningen@jm.se or by mail to: JM AB, Attn: Nomination committee, SE-169 82 Stockholm, Sweden, no later than March 8, 2012.

For further information, please contact
Urban Lilja, General counsel JM: +46 (0)8-782 87 05Tomas Hedenius, press officer JM, +46 (0)8 - 782 86 61

JM is one of the Nordic region’s leading developers of housing and residential areas. 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. Our annual sales total approximately SEK 10 billion and the company has about 2,200 employees. JM AB is a public limited company listed on NASDAQ OMX Stockholm, Mid Cap segment.

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Groundbreaking for new black building in Stockholm

Internationally acclaimed architect Gert Wingårdh, together with JM President Johan Skoglund, turned the first sod today for the initial phase of Kajen 4, which will perhaps be the most spectacular high-rise in Stockholm – it is completely covered in black metal and has protruding circular balconies. 

“Kajen 4 is a project that inspires pride,” says Johan Skoglund, President of JM.

Gert Wingårdh is the architect behind Kajen 4, which is located right in the middle of Liljeholmskajen in Stockholm. Vin & Sprit’s production facilities were previously located here. The project is divided into two phases; the first one consists of a 21-storey contemporary design building. In addition to the black metal façade, the high-rise is characterized by protruding balconies that give a view in all directions. The two phases will comprise a total of 170 flats consisting of 1-4 bedrooms.

There has been a great deal of interest in the flats, which are conveniently located close to both the water and the city. The 105 flats in the first phase have not yet been offered for sale to the public, but about a third of them have already been reserved by JM’s VIP customers.

Kajen 5 is an energy-efficient building with low heating costs and reduced carbon dioxide emissions. The building falls under the second highest energy efficiency class, with an estimated energy consumption of 79 kWh/m2and year according to JM’s recently launched energy classification system. This can be compared to the Swedish National Board of Housing, Building and Planning’s requirement of 110 kWh/m2.

It is estimated that residents can begin moving in at the end of 2013.

The groundbreaking means that production of the first phase including 105 flats will start in Q4 2011.

Contact

For more information, please contact: Björn Olsson, Project Manager, JM:+46 (0)8-782 89 03 Tomas Eriksson, Press Officer, JM, +46 (0)8-782 86 61

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New Malmö vantage point generates strong interest

Construction of a twelve-story apartment building at attractive Slussplan is now underway. Here, at the edge of the canal by the heart of downtown Malmö and close to the railway station, a total of 103 apartments will be built. Interest is extremely strong.

“Two thirds of the apartments are already reserved,” says Sven Olsson, project manager at JM. In addition to the central location, customers are attracted to the building’s proximity to water and its exciting architecture.

The architect firm White Arkitekter designed the building with its unique rounded, dark-brick facade. A common lounge with a sauna is located on the eighth floor. The plans include building docks and installing plantings for the enjoyment of both residents and passers-by.

A total of 103 apartments will be built, including 78 tenant-owned apartments and 25 rental units, which will be leased through Boplats Syd. The ground floor features premises for facilities such as restaurants.

The first residents are expected to move in at the end of 2013.

Contact

For further information, please contact: Sven Olsson, project manager JM, +46 (0)40-16 56 18 Tomas Eriksson, press officer JM, +46 (0)8-782 86 61

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JM Implements Housing Energy Rating System

JM is now implementing a uniform, transparent energy rating system for all new homes, similar to the one for household appliances that has long been available. Starting during the sales phase, customers can visit the individual project website to see information about energy use for all new housing projects. Customers will quickly gain a clear picture of how energy efficient their home is compared with current building standards, as well as energy use in other homes.

“Low-energy houses have been the JM standard in Sweden since 2008,” says Lennart Henriz, director of quality and the environment at JM. The majority of all projects that were rated received a B rating, which is at least 25 percent better than current building regulations.

An energy-efficient home has lower maintenance costs and is better for the environment. Standard measures at JM since 2008 that reduce housing costs include better insulated walls and windows, individual hot water meters and more effective heat recovery.

Household energy consumption – and therefore the energy rating the home receives – is determined not only by the energy system, design and location of the house in Sweden, but also to a large extent by the behavior of the residents in the home.

Contact

For further information please contact: Lennart Henriz, quality- and environtmental director, +46 (0)8-782 89 47 Tomas Eriksson, press officer, +46 (0)8-782 86 61

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Interim Report January - June 2011

Continued good demand in JM’s main markets

- Revenues amounted to SEK 5,228m (4,114), including a negative impact on revenue of SEK -360m (-216) due to restatement according to IFRIC 15. Revenue according to segment reporting shows an increase of SEK 1,258m (-91)

- Number of residential units sold increased to 1,661 (1,462) and housing starts increased to 1,851 (1,621)

- Profit before tax improved to SEK 594m (294) including a negative impact on revenue of SEK -47m (-38) due to restatement according to IFRIC 15. Profit after tax improved to SEK 422m (205). Operating margin increased to 11.8 percent (8.0)

- Return on equity for the past twelve months was 21.4 percent (14.7). Earnings per share during the first six months of the year amounted to SEK 5.10 (2.50)

- Consolidated cash flow including net investment in properties was SEK -143m (-236)

- Major acquisition of land in Stockholm and residential building rights in Oslo completed after the end of the reporting period with potential for development of about 3,600 residential units.

Contact

For additional information, please contact: Johan Skoglund, President and CEO: +46 (0)8 - 782 89 39 Claes Magnus Åkesson, CFO: +46 (0)8 - 782 89 71

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JM acquires Property in Järfälla, Stockholm

JM has acquired centrally located property in Jakobsberg, Järfälla Municipality. The property is currently in the planning process for about 600 residential units in Järfälla. The seller is Kefren Properties and the purchase price is SEK 80m. The company will pay for and take possession of the property on August 19.

Small office and storage buildings that will be demolished currently stand on the approximately 53,000 m2 property.

The area, which currently is currently zoned industrial, is part of the municipality's plan for the town center and will be converted into a large new centrally located residential area for more than 1,000 residential units. The local plan is expected to gain legal force in late 2012. Construction of the residential units is planned to begin in 2013.

JM is one of the Nordic region’s leading developers of housing and residential areas. 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. Our annual sales total approximately SEK 10 billion and the company has about 2,200 employees. JM AB is a public limited company listed on NASDAQ OMX Stockholm, Mid Cap segment.

Contact

For more information please contact: Zdravko Markovski, business unit manager, JM Residential: +46 (0)8-782 88 13 Per Johansson, project development manager, JM Residential +46 (0)8-782 89 21 Tomas Eriksson, press officer: +46 (0)8-782 86 61

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JM acquires business and residential building rights in Oslo

JM is acquiring all shares in ÖIE AS, Oslo, and a project portfolio for residential development of about 350 building rights.  The purchase consideration of SEK 443 million, for Öie AS and building rights, will be paid in conjunction with the closing on July 1, 2011. The deal also includes conditional acquisition of about 300 building rights and about 400 building rights in the form of options.  The Öie AS business, with about 70 employees and a building rights portfolio, is mainly located in northern Oslo.

-  Öie AS is a highly renowned construction and project development company that has successfully been active inOslo since 1957. The company specializes in residential development with a focus on quality, resulting in numerous awards for well-executed projects. The acquisition is a good fit with JM's growth strategy and overall the deal entails potential development of about 1,000 residential units inOslo,” says Johan Skoglund, CEO.

Contact

For more information, please contact: Magnus Berg, head of JM Norway: +46 (0)18-66 03 69 Sten Hamberg, business unit manager: +46 (0)18-66 88 52 Tomas Eriksson, press officer: +46 (0)18-66 86 61

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Martin Asp new Business Unit Manager

Martin Asp has been appointed the new Business Unit Manager of the JM Group Management Team. He will take over the position on 1 July 2011. Martin Asp is currently the President of Kvarnholmen Utveckling AB, which is partly owned by JM. He will become the new head of the following business units: JM Residential Norway and JM Residential Denmark, Finland, Belgium. Martin Asp will replace Sten Hamberg in JM’s Group Management Team. After nearly 30 years at JM, Sten Halmberg has decided to reduce his workload and he will now transition to a more senior role in order to work with, among others, strategic tasks that have been assigned by JM’s President and CEO, Johan Skoglund.

“Martin has a great deal of experience and involvement in housing development,” says Johan Skoglund, President and CEO of JM. “He will be an asset to both the Group Management Team and JM’s foreign operations,” he says.

Martin Asp has worked at JM for 15 years in such roles as supervisor, head of project planning and project manager. For the last five years, he has been President of Kvarnholmen Utvecklings AB, responsible for developing the new city district, Kvarnholmen in Nacka.

Contact

For further information, please contact: Martin Asp: +46 (0)8-782 89 85 Sten Hamberg: +46 (0)8-782 88 52 Tomas Eriksson, press officer: +46 (0)8-728 86 61

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JM Acquires Property at Brommaplan in Stockholm

JM is purchasing the property Pundet 1 at Brommaplan in Stockholm from Pandox AB. The property, which today houses Hotel Scandic Bromma, has a leasable area of 6,100 square meters. The deal amounts to SEK 125 million, of which SEK 27 million comprises a deferred tax liability. Possession and payment will take place at the end of June.

“This is an important piece of the puzzle for the renewal of Brommaplan,” says Zdravko Markovski, business unit manager at JM.

In December 2010 JM acquired two properties at Brommaplan with the aim of taking part in the development of a total solution for Brommaplan. JM plans to build a total of about 600 residential units and 14,000 m2for services and retail premises here. Construction on the new project is planned to begin in 2013 with occupancy beginning in 2016.

Contact

For more information, please contact: Lars-Olof Höglund, head of JM Property Development: +46 (0)8-782 89 83 Tomas Eriksson, press officer: +46 (0)8-782 86 61

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JM Negotiates Acquisition in Oslo

JM is negotiating with the owners of ÖIE AS, Oslo, to acquire all shares in the company and a project portfolio for residential development of over 600 building rights. The business, with about 70 employees and a building rights portfolio, is mainly located in northern Oslo.

The acquisition is subject to completion of due diligence and a local authority decision planned for June/July.

JM’s growth strategy includes growth in Norway, particularly in the Oslo area.

More information will be provided in the final agreement.

Contact

For more information, please contact: Magnus Berg, head of JM Byggholt: +46 (0)18-66 03 69 Tomas Eriksson, press officer: +46 (0)8-782 86 61

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Annual General Meeting - JM AB

The Annual General Meeting of shareholders of JM AB met on April 28, 2011 and adopted all of the proposals of the Board of Directors and the Nomination Committee.

The Annual General Meeting resolved to pay a dividend of SEK 4.50 per share. The record date for payment is Tuesday, May 3, 2011. Euroclear Sweden AB will send the dividend on Friday, May 6, 2011.

Board members and remuneration
The Annual General Meeting resolved that the Board will have seven directors.
Lars Lundquist was reelected Chairman of the Board. Directors Elisabet Annell, Anders Narvinger, Kia Orback Pettersson, Johan Skoglund, Åsa Söderström Jerring and Torbjörn Torell were reelected to the board.
The Chairman will be paid SEK 635,000 for work on the Board and Directors who are not employed by the Company shall be paid SEK 280,000.

Committee fees
Directors who are not employed by the Company will receive remuneration for work on committees as follows:
Chairperson of the Audit Committee: SEK 120,000
Directors on the Audit Committee: SEK 90,000
Chairperson of the Compensation Committee: SEK 60,000
Director on the Compensation Committee: SEK 60,000
Chairperson of the Investment Committee: SEK 60,000
Directors on the Investment Committee: SEK 60,000
The total fee for the six paid directors amounts to SEK 2,635,000, including remuneration for committee work, which entails an increase of approximately 8.2 percent.

Nomination committee
The Annual General Meeting approved the instructions for the Nomination Committee adopted at the 2010 Annual General Meeting.
The instructions to the Nomination Committee are available on JM AB's website www.jm.se (http://www.jm.se/).

Guidelines for salaries and other remuneration
The Annual General Meeting approved the following guidelines for salary and other remuneration to senior executives.
Compensation to the CEO and other senior executives will consist of fixed salary, short-and long-term variable salary programs, pension benefits and other benefits. “Other senior executives” refers to the Executive Management. Total compensation must be at market rates and competitive in the labor market in which the executive works. Fixed salary and short-term variable salary program will be related to the executive's responsibilities and authorities. The short-term variable salary program for senior executives will be capped at 50 percent of fixed salary. The short-term variable salary program will be based on performance in relation to established targets, which is usually the externally reported operating profit before tax, earnings per share and Customer Satisfaction Index. Long-term variable salary programs can be share- and/or cash-related and will be performance-based and upon commitment obligations be capped at 50 percent of fixed salary. Termination of employment is normally subject to a mutual period of notice of six months. If notice of termination is given by JM, severance pay equivalent to six months’ salary should also be payable. Pension benefits shall be either defined benefit or defined contribution, or a combination thereof, and the normal retirement age is 65. The Compensation Committee will draft and the Board of Directors will approve the remuneration policy for the CEO and senior executives. The Board has the right to depart from the guidelines if extenuating circumstances are present in the individual case.

Convertible program and warrant program
The Annual General Meeting resolved that JM AB will raise a debenture loan with a maximum nominal value of SEK 120,000,000 by issuing a maximum of 530,000 convertible debentures, aimed at all employees in Sweden and a maximum of 95,000 warrants aimed at all employees outside Sweden.
With respect to convertibles, the issue price will correspond with the par value of the debt commitments and with respect to the warrants, the option premium will correspond with the market value of the warrants at the time of issue. Each convertible and each warrant, respectively, will be able to converted to or entitle the holder to subscription of one ordinary share at a conversion price or subscription price equivalent to 125 percent of the latest noted average price paid for ordinary shares in JM on the official exchange list of the NASDAQ Stockholm AB for the period of May 3, 2011 to May 11, 2011.
Conversion or subscription may occur commencing on June 2, 2014 through May 22, 2015, with the exclusion of the period January 1 through the record date for dividends each years, or if the Annual General Meeting should not resolve on a dividend during a year, the third business day after the AGM.
In the event of full participation in the offer as well as full conversion and full exercise of the warrants, respectively, JM’s share capital could increase by a maximum of SEK 625,000, through the issue of a maximum of 625,000 ordinary shares, each with a quota value of 1 Swedish krona. This corresponds with dilution of about 0.75 percent of shares and votes in JM.
The term of the convertibles will begin on June 20, 2011, and fall due for payment on June 19, 2015, insofar as conversion has not already been undertaken. The interest rate on the convertible bonds is determined annually, the first time as at June 16, 2011 (for the period June 20, 2011 to June 19, 2012). The interest rate is based in part on the conversion rate and the calculated market value for the convertibles at issuance. Assuming an average share price of about SEK 160 during the benchmark period and a conversion price of SEK 200, the interest rate would be STIBOR 360 plus 2.05 percentage points.
Only a wholly owned subsidiary of JM is entitled to subscribe to the convertibles and issue of warrants respectively, with waiver of shareholders’ rights of pre-emption. The subsidiary must subscribe and pay for the convertibles and warrants, respectively, during the period commencing on June 16, 2011 through June 20, 2011. The subsidiary will have the right and obligation during the period commencing on May 23, 2011 until June 7, 2011, to offer those who as of April 29, 2011 are (i) employees in the JM Group in Sweden, on market-based terms, the opportunity to acquire convertible debentures and (ii) to offer employees in the JM Group outside Sweden to acquire warrants.
Everyone entitled to subscribe for convertibles will be guaranteed a nominal amount of SEK 33,962, though a maximum of 150 convertibles, and everyone entitled to subscribe for the warrants will be guaranteed 150 warrants.

Amended Articles of Association
The Board of Directors proposes amendment of section 8 point 1 of the Articles of Association to adapt the Articles of Association to new rules in the Swedish Companies Act.
Previous version: Notification of the Annual General Meeting or extraordinary general meeting in which a matter concerning amendments to the company Articles of Association will be dealt with must be issued at the earliest six weeks and at the latest four weeks before said meeting. Notification to other extraordinary general meetings must be issued at the earliest six weeks and at the latest two weeks before the date of the said meeting.
Adopted version: Notification of the Annual General Meeting or extraordinary general meeting in which a matter concerning amendments to the company Articles of Association will be dealt with must be issued at the earliest six weeks and at the latest four weeks before said meeting. Notification to other extraordinary general meetings must be issued at the earliest six weeks and at the latest three weeks before the date of the said meeting.
 

Contact

For more information, please contact: Johan Skoglund, CEO and President: +46 (0)8 782 89 39 Claes Magnus Åkesson, CFO JM: +46 (0)8-782 89 71 Urban Lilja, General counsel JM: +46 (0)8-782 87 05

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Interim Report January - March 2011

Continued good demand in JM’s main markets

- Revenues amounted to SEK 2,547m (1,708), including an impact on revenue of SEK 56m (-205) due to restate¬ment according to IFRIC 15. Revenue according to segment reporting shows an increase of SEK 578m (-206)

- The number of residential units sold increased to 840 (757) and housing starts increased to 908 (749)

- Profit before tax improved to SEK 265m (93) including an impact on revenue of SEK 1m (-29) due to restatement according to IFRIC 15. Profit after tax improved to SEK 187m (63). The operating margin increased to 11.0 percent (7.1)

- Return on equity for the past twelve months increased to 18.5 percent (10.8). Earnings per share during the first quarter amounted to SEK 2.20 (0.80)

- Consolidated cash flow including net investment in properties was SEK -65m (-88).

Contact

For additional information, please contact: Johan Skoglund, President and CEO: +46 (0)8 - 782 89 39 Claes Magnus Åkesson, CFO: +46 (0)8 - 782 89 71

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First Block in New Täby center

Today Leif Gripestam, municipal executive board chairman in Täby, Johan Skoglund, CEO at JM AB, and Birgitta Seeman, CEO på Seniorgården AB, broke ground for the first residential blocks in the new Täby center. Here in the large parking area and directly adjacent to the Täby mall, JM and Seniorgården are building two new residential blocks of 69 and 51 apartments each.

Interest has been strong in both JM's apartments in the Esplanaden block and Seniorgården’s senior housing (55+) in the Magnolian block.

“Of course it’s the location, in the middle of central Täby and close to shopping and services, that’s attractive,” says Stefan Lifvergren, JM's project manager. “This event marks the start of an exciting new period in Täby!”

In Esplanaden and Magnolian JM and Seniorgården are building modern, well-planned and accessible housing tailored to contemporary housing trends. The green courtyard protects against traffic noise, creating a safe and secure living environment.

Seniorgården’s block will have a common living room, guest room, and laundry room. In addition, residents will be offered services, etc., through Seniorgården’s “Boförmåner” program.

A common parking garage will be built under the two blocks that will enable residents to take the elevator directly from their cars up to their apartments. A restaurant and five shops will occupy the ground floor.

The buildings in both blocks will be built to meet low-energy standards, which entails reduced heating costs and carbon dioxide emissions.

Occupancy is planned for autumn 2012

For further information, please contact: 
Stefan Lifvergren, Project Manager JM: +46 8 782 11 15
Birgitta Seeman, President Seniorgården: +46 8 626 66 32

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JM Acquires Rental Housing in Nälsta, Stockholm

JM has acquired, in an agreement with HEBA in corporate format, the property Gästabudet 2 in Nälsta, Stockholm municipality, with 102 dwellings and opportunities for additional projects in the future. The deal amounts to SEK 129 million, of which SEK 32 million comprises a deferred tax liability. Possession and payment are planned for July 2011. 

At the same time JM is selling land with associated contract for 77 rental homes in Råcksta in the Vattenfallet block to HEBA. The deal is worth SEK 167 million. Construction is planned to begin in June 2011 with completion in December 2012.

Contact

For further information: Lars-Olof Höglund, Manager, Commercial Properties: +46 (0)8-782 89 83 Tomas Eriksson, Press Officer: +46 (0)8-782 86 61

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Notice of Annual General Meeting

Shareholders in JM AB are hereby invited to attend the Annual General Meeting to be held at 4:00 pm on Thursday April 28, 2011, at JM’s head office, located at Gustav III:s boulevard 64 in Solna, Sweden.

Shareholders who wish to participate at the Annual General Meeting must be:

a) entered in the register of shareholders maintained by Euroclear Sweden AB by Wednesday, April 20, 2011, and

b) must have informed the Company of their intention to participate by 4:00 pm on Wednesday, April 20, 2011, using one of the following channels:

JM ABs website:      www.jm.se (http://www.jm.se/) (only for private individuals)

E-mail:                      monica.charron@www.jm.se (monica.charron@jm.se)

Mail:                         JM AB, SE-169 82 Stockholm

Telephone:               +46 (0)8-782 87 00

Fax:                          +46 (0)8-782 86 24

In order to be entitled to participate at the Meeting, shareholders whose shares are registered in the name of a nominee must request that their shares be temporarily registered in their own name in the register of shareholders by Wednesday, April 20, 2011.

Admission cards to the Annual General Meeting will be sent out.

REPRESENTATIVE

Shareholders represented by proxy shall issue a power of attorney for the proxy. If the proxy is issued by a legal person, a certified copy of a valid registration certificate for the legal person must be appended. The proxy in the original and registration certificate (if required) should be sent well in advance of the Meeting to JM AB, Legal Affairs and Development, SE-169 82 Stockholm, Sweden.

A proxy form is available on the JM AB website, www.jm.se (http://www.jm.se/). The proxy form will also be sent to those shareholders who request it and provide their mailing address.

SHARES AND VOTES

JM AB's share capital amounts to SEK 83,404,177, equivalent to 83,404,177 ordinary shares and 0 Class C shares. Ordinary shares carry one vote and Class C shares carry one tenth of a vote. As at March 30, 2011 the Company holds 164,307 own ordinary shares, equivalent to the same number of votes.

DOCUMENTS

The accounts, the auditor’s report, the Board of Directors’ reasoned statements, the auditor’s statement according to chapter 8 section 54 of the Swedish Companies Act as well as the Board of Directors’ complete proposal as set forth in item 18 below will be available no later than April 7, 2011, at JM AB's head office, Gustav III boulevard 64, Solna, and on the JM AB website, www.jm.se (http://www.jm.se/) under the tab “About JM – Corporate Governance.” The documents referred to above will also be sent to those shareholders who request them and provide their mailing address. They will also be available at the Annual General Meeting.

Shareholders are advised that the evaluations of

· current programs for variable compensation for senior management as well as those that concluded during the year,
· application of the guidelines for benefits to senior executives adopted by the 2010 AGM, and
· compensation structures and remuneration levels within the JM Group

are presented on JM AB's website under the tab “About JM – Corporate Governance” in compliance with point 10.3 of the Swedish Code of Corporate Governance. The evaluations in question were carried out by the Compensation Committee, which was established by the Board of Directors of JM AB. The conclusion of the evaluations is that the compensation systems are well designed and effective and that the compensation levels are market-based.

OTHER

Upon request by any shareholder and where the Board believes that such may take place without significant harm to the Company, the Board and the President shall provide information at the Annual General Meeting in respect of

· ·         any circumstances which may affect the assessment of a matter on the agenda and
· ·         any circumstances which may affect the assessment of the company’s financial position.

AGENDA

1.      Call to order and election of Chairperson.

2       Preparation and approval of voting list.

3.      Election of two people to check the minutes.

4.      Determination of whether the meeting has been duly convened.

5.      Approval of the agenda.

6.      The Chairman of the Board's report on the work of the Board and Committees since the 2010 Annual General Meeting. The President’s report on the business during 2010 as well as the result for the first quarter of 2011, presentation of the annual report and the auditors’ report, as well as the consolidated accounts and the auditors’ report on the consolidated accounts.

7.      Decision on approval of Income Statement and Balance Sheet and the Consolidated Income Statement and the Consolidated Balance Sheet.

8.      Resolution about allocation of the Company’s profit.

9.      Resolution on record day for issuing dividend.

10.    Resolution to discharge the Board and the President from liability.

11.    Resolution on the number of Board members.

12.    Determination of remuneration to the Board of Directors.

13     Determination of the fee payable to the auditors.

14.    Proposals for Directors with information on the proposed candidates’ duties in other companies.          

15.    Election of Chairman of the Board and other Directors.

16.    Motion for resolution on adopting instructions to the Nomination Committee.

17.    Motion for resolutions on guidelines for salary and other remuneration to senior executives.

18.    Motion for JM Convertibles 2011/2015 and JM Warrants 2011/2015.

19.    Motion on amendment of Articles of Association.

Proposals for resolution:

Item 1. The Nomination Committee proposes that Lars Lundquist be appointed to chair the Annual General Meeting.

The Nomination Committee consists of Lars-Åke Bokenberger (Chairperson) representing AMF Pension, KG Lindvall representing Swedbank Robur Funds, Anders Algotsson representing AFA Försäkringar, Thomas Ehlin representing Nordea Fonder and Lars Lundquist, Chairman of the Board of JM AB.

Items 8 and 9. The Board of Directors proposes that a dividend of SEK 4.50 per share be paid to shareholders. The proposed record date for the dividend is Tuesday, May 3, 2011. If the Annual General Meeting resolves to adopt the recommendation the dividend will be sent by Euroclear Sweden AB on Friday, May 6, 2011.

Items 11 – 16. The Nomination Committee proposes the following:

Item 11. Seven Directors elected by the Annual General Meeting.

Item 12.

Directors' remuneration

The Chairman shall be paid SEK 635,000 and Directors who are not employed by the Company will be paid SEK 280,000.

Committee fees

Directors who are not employed by the Company will receive remuneration for work on Committees as follows:

Chairperson of the Audit Committee: SEK 120,000.

Directors on the Audit Committee: SEK 90,000.

Chairperson of the Compensation Committee: SEK 60,000.

Director on the Compensation Committee: SEK 60,000.

Chairperson of the Investment Committee: SEK 60,000.

Directors on the Investment Committee: SEK 60,000.

Proposed fees for the 2011 Annual General Meeting pertaining to six paid Directors amounts to a total of SEK 2,635,000, including remuneration for work on Committees. Thus the proposal entails a raise of approximately 8.2 percent.

Item 13. Remuneration to auditors will be paid as per invoices issued by the auditing company and approved by JM.

Items 14 and 15. Reelection of Lars Lundquist to Chairman of the Board (elected 2005).

Reelection of Directors Elisabet Annell (elected 2002), Anders Narvinger (elected 2009), Kia Orback Pettersson (elected 2010), Johan Skoglund (elected 2003), Åsa Söderström Jerring (elected 2007) and Torbjörn Torell (elected 2004).

Information about all Directors proposed for JM AB’s Board as well as the statement of the Nomination Committee pertaining to the proposal is available on JM AB’s website at www.jm.se (http://www.jm.se/) under section About JM – Corporate Governance. These documents will be sent to those shareholders who request them and provide their mai

Contact

For further information, please contact  Urban Lilja, general counsel JM, telephone/mobile: +46 (0)8-782 87 05

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JM's Board of Directors proposes convertible and warrant programs

JM's Board of Directors has decided to propose that the 2011 annual general meeting resolve on a convertible program and a warrant program.

The convertible program and warrant program in brief:

·
The Board of Directors proposes, that JM raise a debenture loan with a maximum nominal value of SEK 120 million by issuing a maximum of 530,000 convertible debentures, aimed at all employees in Sweden and issue a maximum of 95,000 warrants aimed at all employees outside Sweden.

·
Each convertible and warrant carries the right to convert to and subscribe to one share, at a conversion or exercise price equal to 125 percent of the average price paid for the JM share during the period from May 3, 2011, through May 11, 2011.

·
Conversion or exercise of option rights may take place from June 2 , 2014 through May 22, 2015.

·
Through conversion of the convertible and exercise of warrants JM's share capital could increase by a maximum of SEK 625,000, equivalent to a dilution of about 0.75 percent of JM's share capital and votes.

The Board of Directors’ complete proposal for resolution will be available at JM AB's headquarters, Legal Affairs and Development, Gustav III:s Boulevard 64, Solna, and on the JM AB website, www.jm.se (http://www.jm.se/) no later than April 7, 2011. 

Contact

For more information, please contact: Claes Magnus Åkesson, CFO JM, tel/mobile: +46 (0)8-782 89 71  Urban Lilja, General counsel JM, tel/mobile: +46 (0)8-782 87 05

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