Year-End Report for 2005

Important events in the fourth quarter Investor’s net asset value continued to increase in the fourth quarter, consolidating 2005 as a very good year. The net asset value rose by SEK 42 bn. (46%) and the total return to shareholders was 68 percent for the year. Shares worth SEK 2.0 bn were redeemed in Gambro’s redemption program. 3 Scandinavia had 461,000 subscribers on December 31, 2005. As of this report, Investor will account for 3 as the sum of Investor’s share of 3’s shareholders’ equity (in accordance with the equity method) and Investor’s loans to 3. The sum totaled SEK 843 m. at year-end. As of this year-end report, Investor’s performance is being reported on the basis of the following new business area structure: Core Investments, Private Equity Investments, Operating Investments, and Financial Investments. Investor’s private equity investments have reached a level of maturity in recent years and the share of unlisted assets has increased. Investor’s board has therefore decided to renew its distribution policy. Financial information The net asset value amounted to SEK 134,180 m. (SEK 175 per share) on December 31, 2005, as against SEK 92,086 m. (SEK 120 per share) at year-end 2004. Consolidated net income (in accordance with IFRS) totaled SEK 43,858 m. in 2005 (SEK 57.15 per share), as against SEK 8,745 m. in 2004 (SEK 11.39 per share). Core Investments had an impact of SEK 39,427 m. on net income for the year (9,416). All core investments had a positive effect. AstraZeneca, Atlas Copco and ABB had the biggest impact: SEK 8,650 m., SEK 8,192 m. and SEK 6,886 m., respectively. Private Equity Investments had a positive effect of SEK 6,022 m. on net income for 2005 (970). The total return on Investor shares for the full year 2005 was 68 percent (25), of which 15 percent was in the fourth quarter (9). The average total return has been 17 percent over the past 20 years. The proposed dividend to shareholders is SEK 3.50 per share (2.25).