Interim Report for January - June 2005

Important events in the second quarter

• Shares were sold in SEB for SEK 1,925 m., in AstraZeneca for SEK 1,282 m., and in ABB for SEK 935 m.
• Investor Growth Capital invested in Mindjet and sold its remaining position in Tessera. An agreement was reached to divest Bredbandsbolaget. EQT invested in ISS and Sanitec and reached an agreement to acquire Brandtex. Dometic and Flexlink were sold. Agreements were reached to sell Sirona and IHI.
• The mobile broadband operator 3 Scandinavia secured external loan financing totaling SEK 10.5 bn. The company's owners are initially guaranteeing the loan facility. As an effect of the facility, SEK 4.2 bn. in loans were repaid to Investor.
• Investor announced on April 11 that Marcus Wallenberg is stepping down as President and CEO and will be succeeded by Executive Vice President Börje Ekholm.

Financial information

• The net asset value amounted to SEK 113,419 m. on June 30, 2005 (SEK 148 per share), compared with SEK 92,915 m. (SEK 121 per share) at year-end 2004.
• Consolidated net income for the period totaled SEK 22,150 m. (SEK 28.87 per share), as against SEK 11,797 m. in the corresponding period of 2004 (SEK 15.38 per share).
• Core holdings had an impact of SEK 17,589 m. on net income for the period (12,411). All core holdings had a positive effect. AstraZeneca, Ericsson and Atlas Copco had the biggest impact: SEK 5,193 m., SEK 3,290 m. and SEK 3,145 m., respectively.
• New investments had an effect of SEK 4,551 m. on net income in the first six months
• The total return on Investor shares was 28 percent during the first six months of 2005 (14). The total return was 41 percent over the past 12-month period (36).