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Interim Report January – March 2005

Report 4/28/2005 1:40 PM

Stable earnings trend and continued high sales

- Net sales increased by 4% to SEK 2,054m (1,982) and the number of sold residential units totalled 1,021 (1,265)

- Profit after financial items amounted to SEK 155m (148) and profit after tax for the period reached SEK 109m (106). The operating margin amounted to 8.7% (9.9)

- Property sales of SEK 352m (404) provided capital gains of SEK 38m (61)

- In the past 12-month period, return on equity amounted to 14%. Earnings per share for the first quarter of 2005 amounted to SEK 3.90 (3.80)

- A strong cash flow in the first quarter reduced the interest-bearing net debt by SEK 0.5 billion to SEK 0.1 billion

For the full report, please see attached PDF file.