CEO Bruce Grant resigns from external board positions

CEO BRUCE GRANT RESIGNS FROM EXTERNAL BOARD POSITIONS Applied Value, a leading international strategy consultancy, today announced that its Chairman and CEO, Bruce Grant, has announced his resignation from the Boards of Industriförvaltnings AB Kinnevik, Tele2 AB and Transcom WorldWide S.A. This decision will enable Bruce Grant to focus entirely on Applied Value's rapid international growth and to develop its existing client base. Applied Value is a market leader for high-end growth strategy and cost efficiency consulting services, and lists world-leading corporations in both Europe and North America amongst its clients. The number of international contracts is growing rapidly and comes from an increasingly broad range of industries. Bruce Grant, President and CEO, commented: "I've made a difficult decision to finalize my independence from the Stenbeck Group by resigning from these board appointments. This decision will allow me more time to focus on Applied Value's significant growth opportunities and to strengthen our international position. My relationship with the late Jan Stenbeck and the Group he built has brought me much professional and personal joy during the past six years." For further information, please visit www.appliedvalue.com, email info@appliedvalue.com or contact Bruce Grant, Chairman & CEO on tel: +1 781 778 1800. Founded in 1997, Applied Value is a leading international strategy consultancy providing a comprehensive range of strategy, cost efficiency, operations and engineering management services from offices located in Boston, New York, Detroit, London and Stockholm. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/08/20/20030820BIT00830/wkr0001.doc http://www.waymaker.net/bitonline/2003/08/20/20030820BIT00830/wkr0002.pdf