INTERIM REPORT ON THE OPERATIONS OF AB CUSTOS FOR THE PERIOD JANUARY 1 - JUNE 30, 2004

- The total return on Custos shares during the report period was 18.9 percent.
- Net asset value amounted to SEK 146 per share on June 30, 2004.
- Net income per share amounted to SEK 8 (4) during the report period.
- Decision on merger with Öresund.

Decision on merger with Öresund

On June 8, 2004, the Annual General Meeting of Custos decided to approve the merger plan adopted by the Boards of Directors of AB Custos ("Custos") and Investment AB Öresund ("Öresund"). 1

1 An Extraordinary General Meeting of Öresund, which was held on the same day, also decided to approve the merger plan adopted by the Boards of Directors.

According to the merger plan, Öresund will absorb Custos. Merger payment will consist of one (1) share in Öresund for each share in Custos. Those who are recorded in Custos' share register on the day of the decision by the Swedish Companies Registration Office ("the Office," formerly the Swedish Patent and...

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