Net Asset Value Report January - June 2004

Net Asset Value Report January - June 2004 Investor's net asset value on June 30, 2004 amounted to SEK 93,543 m. (SEK 122 per share), compared with SEK 83,063 m. (SEK 108 per share) on December 31, 2003. The net asset value increased by SEK 10,480 m. (5,832), or 13 percent (9), during the first six months of the year. The change in net asset value includes consolidated income after tax totaling SEK 7,732 m. (611), corresponding to SEK 10.08 per share (0.80). The value of Investor's total assets was SEK 109,459 m. on June 30, 2004, as against SEK 103,656 m. on December 31, 2003. Net debt amounted to SEK 15,916 m. at the close of the six-month period, compared with SEK 20,593 m. December 31, 2003, corresponding to 15 percent of total assets, as against 20 percent at year-end 2003. The value of Core Holdings increased by SEK 11,009 m. during the first six months of the year (7,952). Ericsson and ABB accounted for most of the increase: SEK 7,742 m. and SEK 1,082 m., respectively, while the value of Investor's holding in AstraZeneca changed by SEK -650 m. Investor acquired shares in Ainax for SEK 1,022 m. in the second quarter. In the first quarter of 2004, Investor sold shares in AstraZeneca for SEK 7,320 m. The value of New Investments increased by SEK 471 m. during the period (-447). Investments in the first six months totaled SEK 1,214 m. (1,106) and shares were sold for SEK 1,519 m. within the New Investments business (1,275). The total return on Investor shares was 14 percent in the first six months of 2004 (20). The total return was 2 percent in the second quarter (28). During the past 12-month period the total return has been 36 percent (-22). Our press releases can be accessed at www.investorab.com on the Internet. Investor is the largest industrial holding company in the Nordic region. For almost a century, our business concept has been to build best-in-class companies in sectors where we have a strong knowledge and networking advantage. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/07/12/20040712BIT20020/wkr0010.pdf Net Asset Value Report January - June 2004

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Investor, founded by the Wallenberg family a hundred years ago, is the leading owner of high quality Nordic-based international companies. Through board participation, our industrial experience, network and financial strength, we strive to make our companies best-in-class. Our holdings include among others ABB, Atlas Copco, Ericsson, Mölnlycke and SEB.

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