YEAR-END RELEASE 2003 ·The underlying operating result improved to SEK 854 (617) million. The operating profit, including write-downs of SEK 331 (0) million in the value of Korsnäs Packaging's fixed assets, restructuring costs of SEK 0 (27) million, and income from corporate development and capital gains on sales of securities of SEK 255 (755) million, amounted to SEK 778 (1,365) million. ·Kinnevik's interest in the earnings of associate companies excluding write-downs and reversals of write downs amounted to a net gain of SEK 97 (-1,023) million. ·Net result after taxes improved to SEK 3,731 (-4,109) million. ·Earnings per share amounted to SEK 59.27 (-65.28). ·The market value of the Group's holdings of listed securities increased during the year by 112% (excluding investments and disposals) and amounted to SEK 18,952 million at the end of the year. ·The Board proposes to pay a cash dividend of SEK 5.50 (4.00) per share. Industriförvaltnings AB Kinnevik was established in 1936 as an investment holding company. The Company's objective is to increase shareholder value, primarily through net asset value growth. The business consists of operating companies such as farming company MSLA and cartonboard and paper producer Korsnäs AB, and a portfolio of long-term investments in a select number of listed companies such as Tele2 AB, Modern Times Group MTG AB, Millicom International Cellular S.A., Metro International S.A., Transcom WorldWide S.A. and Invik & Co. AB. Kinnevik plays an active role on the Boards of its subsidiaries and associated companies. Kinnevik's 'A' and 'B' shares are traded on the Stockholmsbörsen 'A-list'. ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download:

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