Interim Report January-March 2009

Highlights during the first quarter

• Investor subscribed to the pro-rata shares in the successful rights issues in SEB and Husqvarna. Investor invested a total SEK 3,617 m. in Core investments during the quarter.

• Shares in Biovitrum AB were acquired for SEK 595 m., corresponding to 23 percent of the capital. Biovitrum is included in Operating Investments.

• Dividends totaling SEK 3,059 m. was paid to shareholders (SEK 4.00 per share) in the second quarter, but is reserved and deducted from net cash in the first quarter figures.

• The net cash position amounted to SEK 1,955 m. on March 31, 2009. During the second and third quarter dividends from Core Investments of approximately SEK 1.7 bn. is expected.

Financial information

• The net asset value amounted to SEK 109,785 m. (SEK 144 per share) on March 31, 2009 compared to SEK 115,233 m. (SEK 150 per share) at year-end 2008.

• The consolidated net profit for the first quarter, including change in value, was SEK -3,020 m. (SEK -3.91 per share), compared with SEK -8,930 m. (SEK -11.66 per share) for the same period of 2008.

• Core Investments had an effect on net asset value of SEK -631 m. in the first quarter (-7,084). Ericsson had the largest positive impact, SEK 1,386 m. and Atlas Copco had the largest negative impact, SEK -1,053 m.

• Operating Investments had an effect on net asset value of SEK -284 m. in the first quarter (-118).

• Private Equity Investments had an effect on net asset value of SEK -1,382 m. in the first quarter (-1,706).

• The total return on the Investor share was -11 percent in the first quarter (-9). The annual total return has averaged 9 percent over the past 5-year period.