INTERIM REPORT JANUARY 1 - JUNE 30 2005

• OPERATING EARNINGS SEK 53 (90) MILLION • OPERATING INCOME SEK 234 (291) MILLION • EARNINGS AFTER TAX LESS MINORITY SHARE SEK 37 (66) MILLION • EARNINGS PER SHARE SEK 8.1 (12.8) • OPERATING EARNINGS SECOND QUARTER SEK 35 (30) MILLION • ASSETS UNDER MANAGEMENT SEK +7 BILLION IN FIRST HALF YEAR, SEK 33 (26) BILLION, OF WHICH NET INFLOW SEK 3.6 BILLION • PROPOSAL OF MERGER BETWEEN HAGSTRÖMER & QVIBERG AND HQ FONDER