Earnings trend in Castellum continues positive

  • Rental income for the period January-March 2004 amounted to SEKm
  • Net income after tax for the period amounted to SEKm 210 (155).
  • Earnings per share amounted to SEK 5.12 (3.78).
  • Income from property management improved by 6% to SEKm 130
  • During the period 17 properties were sold for a total of SEKm 375

Income from property management during the period, i.e. net income
excluding capital gains from property sales, items affecting
comparability and tax, amounted to SEKm 130, equivalent to SEK 3.17
per share, which is an improvement of 6 % compared with the same
period 2003. The improvement has been achieved, mainly through
increased rental income, realized investments and lower interest rate
levels.

During the period January-March, properties for a total of SEKm 375
(168) were sold with a capital gain of SEKm 151 (90). Net income
after tax for the period January-March amounts to SEKm 210 (155),
equivalent to SEK 5.12 per share (3.78). The investments during the
period amounted to SEKm 177 compared with SEKm 222 during
January-March 2003.

"Despite a relatively low net leasing during the first quarter there
is a tendency of increased activity and optimism among existing as
well as potential customers", comments Castellum's CEO, Lars-Erik
Jansson.

Enclosed: Interim Report January-March 2004

Castellum is one of the major listed real estate companies in Sweden.
The book value of the real estate portfolio amounts to approx. SEK 14
billion, and comprises mainly commercial properties. The real estate
portfolio is owned and managed by six subsidiaries with strong local
roots in five growth regions: Greater Gothenburg, the Öresund Region,
Greater Stockholm, Western Småland and Mälardalen. The Castellum
share is listed on Stockholmsbörsen's O-list.

For further information, please contact
Lars-Erik Jansson, CEO, phone +46 31 60 74 00 / mobile +46 705-92 06
70
Håkan Hellström, CFO/deputy CEO, phone +46 31 60 74 00 / mobile +46
705-60 74 56