Interim Report January - June 2004

Formal Interim Report January-June, 2004

This formal Interim Report is based on the Net Asset Value Report released earlier on July 12, 2004.

In contrast to the Net Asset Value Report, the income statement and balance sheet in this formal Interim Report are prepared in accordance with the equity method. In other respects, the two reports do not differ.

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Investor is the largest industrial holding company in the Nordic region. For almost a century, our business concept has been to build best-in-class companies in sectors where we have a strong knowledge and networking advantage.