Year-End Report 2003

Year-End Report 2003

Investor's net asset value amounted to SEK 83,163 m. (SEK 108 per share)
on December 31, 2003, compared with SEK 62,869 m. (SEK 82 per share) on
December 31, 2002.

 Investor's  net  asset valued increased SEK 20,294 m.,  or  32  percent,
 during 2003 (-55,415). In the fourth quarter, Investor's net asset value
 rose  SEK  7,596 m. (5,955). The change in net asset value  during  2003
 includes  consolidated income after tax totaling  SEK  929  m.  (1,610),
 corresponding to SEK 1.21 per share (2.10).

 The  value  of  Investor's total assets amounted to SEK  103,656  m.  on
 December  31, 2003, as against SEK 79,227 m. at year-end 2002. Net  debt
 amounted  to  SEK 20,493 m. on December 31, 2003 (16,358), corresponding
 to 20 percent of total assets (21).

 The value of Investor's Core Holdings increased SEK 22,466 m. during the
 year  (-48,968). All holdings contributed positively to  the  change  in
 value  during 2003. Contributing the most were Ericsson, SEK  5,333  m.,
 SEB,  SEK  4,676 m. and AstraZeneca, SEK 3,822 m. In the fourth quarter,
 the value of Core Holdings appreciated by SEK 7,791 m. (7,323).

 Investor participated in ABB's new rights issue in the fourth quarter by
 subscribing for its pro-rata share, corresponding to SEK 1,962 m. In the
 fourth  quarter,  shares were sold in AstraZeneca for  SEK  667  m.,  in
 Ericsson for SEK 412 m., in SEB for SEK 145 m., in OMHEX for SEK 121 m.,
 in  Electrolux for SEK 114 m., in Gambro for SEK 10 m., and  in  WM-data
 for  SEK  1 m. Investor also sold its holding in ABB's convertible  loan
 for  SEK 371 m. In 2003, investments in core holdings totaled SEK  1,962
 m. (4,749) and shares were sold for a total of SEK 1,891 m. (2,995).

 The  value  of New Investments increased SEK 293 m. during the  year  (-
 2,071),  of  which SEK 379 m. in the fourth quarter (-950).  Investments
 totaled  SEK 1,914 m. (4,364) and shares were sold SEK 2,364 m.  (1,926)
 within the New Investments business.

The total return on Investor shares was 43 percent (-52). In the fourth
quarter, the total return was 8 percent (15).

The proposed ordinary dividend to shareholders is SEK 2.25 per share
(2.25). An extraordinary dividend of SEK 1.15 per share was also paid
for fiscal 2002.

 Upcoming financial events 2004
              
 March 23     Annual General Meeting

 April 19     Net Asset Value Report, January-March
              
 May 28       Interim Report, January-March
              
 July 12      Net Asset Value Report, January-June
              
 August 27    Interim Report, January-June
              
 October 12   Interim Report, January- September
              
 November 26  Interim Report, January- September
              

Stockholm, January 20, 2004
[REMOVED GRAPHICS]

Marcus Wallenberg
President and Chief Executive Officer

For more information:
Lars Wedenborn, Chief Financial Officer:
+46 8 614 2141, +46 735 24 2141
lars.wedenborn@investorab.com

Fredrik Lindgren, Vice President,
Corporate Communications: +46 8 614 2031,
+46 735 24 2031
fredrik.lindgren@investorab.com

Investor Relations Group, +46 8 614 2800
ir@investorab.com

Investor AB (publ), 556013-8298
Visiting address: Arsenalsgatan 8C
SE-103 32 Stockholm, Sweden
Phone: + 46 8 614 20 00
Fax: + 46 8 614 21 50
info@investorab.com