Net Asset Value Report for 2004

Investor’s net asset value on December 31, 2004 amounted to SEK 89,966 m. (SEK 117 per share), compared with SEK 83,063 m. (SEK 108 per share) on December 31, 2003. The net asset value increased by SEK 6,903 m. (20,294), or 8 percent (32), during the year. The change in net asset value includes consolidated income after tax totaling SEK 8,147 m. (929), corresponding to SEK 10.62 per share (1.21). The value of Investor’s total assets was SEK 105,517 m. on December 31, 2004, as against SEK 103,656 m. one year ago. Net debt amounted to SEK 15,551 m. on December 31, 2004, compared with SEK 20,593 m. on December 31, 2003, corresponding to 15 percent of total assets at the close of the reporting period, as against 20 percent at year-end 2003. The value of Core Holdings increased by SEK 8,077 m. during the year (22,466). Ericsson and SEB accounted for most of the increase: SEK 6,726 m. and SEK 3,111 m., respectively, while the value of Investor’s holding in AstraZeneca changed by SEK -6,977 m. The value of New Investments increased by SEK 381 m. during 2004 (202). Investments during the year totaled SEK 1,818 m. (1,914) and shares were sold for SEK 4,448 m. (2,364). The total return on Investor shares was 25 percent in 2004 (43). The total return was 9 percent in the fourth quarter (8). The proposed ordinary dividend to shareholders is SEK 2.25 per share (2.25). The effects of applying IFRS are reported in accordance with the recommendation of the Stockholm Stock Exchange in Appendix 2 on page 16. In connection with the application of IFRS, Investor has adapted the valuation principles for the net asset value so they are in agreement with the company’s accounting. When applying these principles to the most significant entries, the value of total assets on December 31, 2004 would increase by approximately SEK 3 bn., and net debt would increase by about SEK 0.5 bn., compared with current principles used to calculate the net asset value.