Gothenburg, January 28, 2003

Castellum proposes an increased dividend of SEK 7.50

Net income for the year after tax including items affecting comparability amounts to SEKm 873.

Net income excluding items affecting comparability and after a standard tax deduction was SEKm 495, equivalent to earnings per share of SEK 12.07 – an increase by 21 % compared with previous year.

Income from property management per share rose 16% to SEK 12.39.

Net asset value per share amounted to SEK 183 at year-end.

The Board proposes an increased dividend of SEK 7.50 per share.

Income from property management for the year, i.e. net income excluding capital gains from property sales, items affecting comparability and tax, amounted to SEKm 508, equivalent to SEK 12.39 per share, which is an improvement of 16 % compared with previous year. The improvement has mainly been achieved through increased rental income, but acquisitions and investments in existing properties have also contributed to the increase in profit. Cash flow from property management totalled to SEKm 622 equivalent to SEK 15.17 per share, compared with SEK 13.32 previous year.During 2002, 31 properties were sold for a total of SEKm 503, with a capital gain of SEKm 179 compared with SEKm 129 during previous year. As a result of new accounting principles Castellum has reversed previously made write-downs that no longer can be justified for a total of SEKm 316 which are reported as items affecting comparability. Castellum's net income for 2002 was SEKm 873 compared with SEKm 426 previous year. Net income excluding items affecting comparability and after a standard tax deduction of 28 % was SEKm 495, equivalent to SEK 12.07 per share, which is an improvement by 21 % compared with previous year.Acquisitions and investments during 2002 amounted to SEKm 1,050 compared with SEKm 1,741 previous year.As at year-end, Castellum has made a valuation of all the properties. The net asset value per share was then calculated to SEK 183.At today's meeting, the Board of Directors decided to propose to the General Annual Meeting a dividend of SEK 7.50 per share and as record day for dividend Tuesday, March 25, 2003, was proposed. The Board also decided to propose that the AGM would re-authorize the Board to decide on purchase and transfer of own shares."It is very pleasing to be able to reveal that the earnings-growth for the year 2002 is kept on the same level as previous years," comments Castellum's CEO, Lars-Erik Jansson. "Successful leasing and renegotiations with increased rental income as well as acquisitions and investments are the principle explanations for the improvement. Our business concept with local subsidiaries, a wide risk spread and a large number of smaller contracts has shown successful even in a weaker market, hence, I take a positive view of the future," adds Lars-Erik Jansson.

Enclosure:

Year-end Report 2002

Castellum is one of the major listed real estate companies in Sweden. The book value of the real estate portfolio amounts to SEK 13 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 the Stockholmsbörsens O-list, Attract 40.&nb

• 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