Investor AB's Net Asset Value Report January - September 2004

Investor AB's Net Asset Value Report January - September 2004 Investor's net asset value on September 30, 2004 amounted to SEK 91,887 m. (SEK 120 per share), compared with SEK 83,063 m. (SEK 108 per share) on December 31, 2003. The net asset value increased by SEK 8,824 m. (12,698), or 11 percent (20), during the first nine months of the year. The change in net asset value includes consolidated income after tax totaling SEK 7,766 m. (587), corresponding to SEK 10.12 per share (0.77). The value of Investor's total assets was SEK 107,946 m. on September 30, 2004, as against SEK 103,656 m. on December 31, 2003. Net debt amounted to SEK 16,059 m. on September 30, 2004, compared with SEK 20,593 m. on December 31, 2003, corresponding to 15 percent of total assets at the close of the nine-month period, as against 20 percent at year-end 2003. The value of Core Holdings increased by SEK 9,715 m. during the first nine months of the year (14,675). Ericsson and ABB accounted for most of the increase: SEK 7,958 m. and SEK 1,736 m., respectively, while the value of Investor's holding in AstraZeneca changed by SEK -3,252 m. Within the Core Holdings business area, Investor acquired A-shares in Scania for SEK 487 m., and sold B-shares in Scania for SEK 296 m., in the third quarter. The value of New Investments increased by SEK 268 m. during the nine-month period (-154). Investments in the first nine months totaled SEK 1,504 m. (1,407) and shares were sold for SEK 2,734 m. (1,715). Sales include uninvested capital in the amount of SEK 876 m. that b-business partners repaid to Investor. The total return on Investor shares was 15 percent in the first nine months of 2004 (33). The total return was 1 percent in the third quarter (10). During the past 12-month period the total return has been 24 percent (52). Our press releases can be accessed at www.investorab.com on the Internet. 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. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/10/12/20041011BIT22010/wkr0019.pdf Investor AB's Net Asset Value Report January-September 2004

About Us

Investor is the leading owner of Nordic-based international companies, founded by the Wallenberg family a hundred years ago. We own significant minority or majority interests in high quality companies. Through our participation on the boards of directors, we work for continuous improvement of the performance of the companies. With our industrial experience, network and financial strength we strive to make our companies best-in-class. Our cash flow allows us to support strategic initiatives in our companies, capture investment opportunities and provide our shareholders with a dividend. Our Core Investments include listed holdings Atlas Copco, SEB, ABB, Ericsson and the operating subsidiary Mölnlycke Health Care.

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