Interim Report January-June 2008

Important events during the second quarter
3 Scandinavia (Sweden and Denmark combined) reached EBITDA breakeven on a monthly basis in June.
An agreement was entered to invest in Lindorff, a leading debt collection company in the Nordic region. Ownership, fully diluted, will be about 57 percent. Investor’s total investment, in equity and debt-related instruments, will be approximately EUR 360 m.
Additional shares were purchased in SEB and Electrolux for SEK 125 m. and SEK 44 m., respectively.
The sale of the Scania shares is expected to be finalized during the third quarter.
Financial strength was maintained and leverage was 2 percent on June 30.

Financial information
The net asset value amounted to SEK 138,885 m. (SEK 182 per share) on June 30, 2008, compared with SEK 155,204 m. (SEK 203 per share) at year-end 2007, corresponding to a change, including dividend paid, of -8 percent in the first half of 2008.
The consolidated net result for the first half of the year, including change in value, was SEK -12,450 m. (SEK -16.26 per share), compared with SEK 26,690 m. (SEK 34.84 per share) for the same period of 2007.
Core Investments had an impact of SEK -10,595 m. on income for the period (20,148). Scania had the most positive impact with SEK 3,202 m. and SEB had the largest negative impact with SEK -6,514 m.
Operating Investments had an effect of SEK -7 m. on income for the period (101).
Private Equity Investments had an impact of SEK -1,545 m. on income during the period (6,552).
The total return on Investor shares was -10 percent in the first half of the year (9), of which -2 was in the second quarter (7). The annual total return has averaged 13 percent over the past 20-year period.