Castellum proposes an increased dividend of SEK 9.50

  • Rental income for 2004 amounted to SEKm 1,856 (1,758).

During 2004, 28 (24) properties were sold for a total of SEKm 494
(397), with a capital gain of SEKm 190 (180). Castellum's net income
after tax for the year was SEKm 586 (526), equivalent to SEK 14.29
(12.83) per share.

Acquisitions and investments during 2004 amounted to SEKm 1,268
compared with SEKm 1,108 during 2003.

The property valuation at the year-end indicates an increase in
Castellum's portfolio of approx. 3%. Net asset value before tax may
be calculated to SEKm 10,085, equivalent to SEK 246 per share, while
the net asset value after a 28% tax deduction may be calculated to
SEKm 8,317, equivalent to SEK 203 per share.

"I'm very pleased with the net income for the year 2004 and that all
our overall objectives were achieved" comments Castellum's CEO,
Lars-Erik Jansson. "I estimate that the demand for premises in our
submarkets has reached the bottom. Rental levels have been relatively
stable, yet there is a continued high pace of change in the business
environment, resulting in terminations which implied a negative net
leasing for the year", adds Lars-Erik Jansson

At today's meeting, the Board of Directors decided to propose to the
Annual General Meeting a dividend of SEK 9.50 per share and
Wednesday, March 30, 2005 as record day for dividend. The Board also
decided to propose that the AGM would re-authorize the Board to
decide on purchase and transfer of own shares.

The Board of Castellum AB has decided that the current incentive
programme for the management and other senior executives shall be
extended on essentially unchanged conditions. The programme, which
includes nine people in all lasts for three years and consists of one
part based on the development of the share price as well as one part
based on the earnings trend of the company. Any bonus payable will be
paid out as salary and at least half of the net pay shall be used for
purchase of Castellum shares.

Enclosure: Year-end Report 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 15
billion, and comprises mainly commercial properties. The real estate
portfolio is owned and managed by six wholly owned 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
Håkan Hellström, CFO/deputy CEO, phone +46 31 60 74 00 / mobile +46
705-60 74 56