Interim Report January - March 2005

Important events in the first quarter

• This is Investor's first interim report prepared in accordance with International Financial Reporting Standards (IFRS).
• Investor's financial flexibility was further strengthened and leverage declined to 11 percent.
• Shares were sold in AstraZeneca, ABB and Scania for SEK 2,207 m., SEK 788 m. and SEK 550 m., respectively.
• Five new investments were made in the New Investments business area. Investor Growth Capital successfully sold Entific. In March, EQT announced that it is participating in a public tender offer to acquire the listed company ISS A/S in Denmark. In the beginning of April, EQT reported that it is selling Dometic.
• The mobile broadband operator 3 Scandinavia had 414,000 subscribers in Sweden and Denmark at the end of March. Average revenue per user continued on a healthy level.
• The Grand Group sold Berns and two buildings next to the Grand Hôtel in Stockholm to release capital for its hotel business.

Financial information

• The net asset value amounted to SEK 99,577 m. on March 31, 2005 (SEK 130 per share), compared with SEK 92,915 m. (SEK 121 per share) at year-end 2004.
• Group earnings for the period totaled SEK 6,641 m. (SEK 8.66 per share), as aga9,945 m. in the corresponding period of last year (SEK 12.96 per share).
• Core holdings had an impact of SEK 6,152 m. on first-quarter earnings (10,007). AstraZeneca, ABB and Atlas Copco had the biggest impact: SEK 2,697 m., SEK
• New investments had an effect of SEK 486 m. on earnings in the first quarter (169).
• The total return on Investor shares was 13 percent in the first three months of 2005 (12). The total return was 26 percent during the last 12-month period (69).