Interim Management Statement January-March 2014

Highlights during the first quarter

• Net asset value amounted to SEK 227,584 m. (SEK 299 per share) on March 31, 2014, an increase of SEK 12,167 m. (SEK 16 per share) during the quarter, corresponding to a change of 6 percent. Over the past 20 years, annual net asset value growth, with dividend added back, has been 15 percent.

• EQT funds distributed a net of SEK 868 m., and Investor Growth Capital distributed SEK 362 m. to Investor during the quarter.

• Additional shares in ABB were acquired for SEK 239 m.

Financial information

• Consolidated net profit for the period, which includes unrealized change in value, was SEK 12,163 m. (SEK 15.96 per share), compared to SEK 16,195 m. (SEK 21.29 per share) for the same period 2013.

• Core Investments contributed SEK 10,585 m. to net asset value for the period (15,837), of which the listed SEK 10,183 m. (16,072).

• Financial Investments contributed SEK 2,054 m. to net asset value for the period (381).

• Leverage (net debt/total assets) was 8.8 percent as of March 31, 2014 (9.7).

• Consolidated net sales for the year was SEK 4,883 m. compared to SEK 4,179 m. for the same period 2013.