JM does not take responsibility for the translation

JM Group - Interim Report January-June 2003

Report 7/21/2003 5:34 PM

Interim report 1 January - 30 June 2003

· Profit after financial items amounted to SEK 332m (416).

· Property sales of SEK 2,101m (921) generated capital gains of
SEK 399m (176), of which SEK 96m (176) is included in profit from
project development.

· A deal where office properties were exchanged for residential
properties in Stockholm was completed with acquisition of a
residential portfolio in Vaxholm.

· The number of residential units sold during the period rose to
1,275 (1,251).

· Profit from project development amounted to SEK 159m (470). The
project development margin for the past 12 months amounted to
1.9% (12.1).

· Over the past 12 months, return on equity amounted to 5% (19)
and earnings per share amounted to SEK 7 (23).


Stockholm, 21 July 2003

Johan Skoglund
President and CEO

This interim report has been reviewed by the company's auditors.

Additional information and telephone conference

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

JM is holding a telephone conference in Swedish on 22 July at 9 a.m.
Johan Skoglund and Claes Magnus Åkesson will answer questions. To take
part, please call +46 8 562 137 06 five minutes before the conference
starts.


Financial calendar

22 October 2003Interim Report January - September 2003
16 February 2004 Year-end report 2003


JM AB is a public limited company listed on the Stockholm Stock
Exchange. JM has around 2,600 employees in Sweden, Norway, Denmark and
Belgium and annual sales of approximately SEK 8 billion. The company is
Sweden's leading housing developer, and the core business is project
development of residential and commercial properties in central areas of
growth markets. JM's operations are characterised by a focus on quality
and the environment.

JM AB, SE-169 82 Stockholm
Visitors' address: Telegrafgatan 4, Solna
Tel. +46 8 782 87 00 Fax +46 8 782 86 00
www.jm.se

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http://www.waymaker.net/bitonline/2003/07/21/20030721BIT00440/wkr0001.doc The full report
http://www.waymaker.net/bitonline/2003/07/21/20030721BIT00440/wkr0002.pdf The full report