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Interim Report 2005 1 January – 30 June

• Net sales for the first half of the year amounted to SEK 2,871 million (2,898). Since Kinnevik will distribute all the shares in Invik & Co. AB (”Invik”) to Kinnevik’s shareholders, Invik is reported as discontinued operations and is not included in figures above. Total turnover in Invik increased for the first half of the year to SEK 754 million (pro forma first half of 2004 SEK 663 million). • Korsnäs Holding reported an operating profit of SEK 141 million (463). The comparative figures for 2004 include earnings of about SEK 60 million from own forests during the first quarter. The

Discosure Notice – Cherryföretagen

Investment AB Kinnevik (“Kinnevik”) with subsidiaries today announced that it has sold 701,250 A-shares and 7,378,249 B-shares in Cherryföretagen AB (publ) to an institutional investor. After the transaction, Kinnevik with subsidiaries owns 701,250 A shares in Cherryföretagen AB, representing 1.8 per cent economic interest and 7.9 per cent voting interest.For further information, please visit www.kinnevik.se or contact: Vigo Carlund, President & CEO +46 (0) 8 562 000 00 Henrik Persson, Investor Relations +46 (0) 8 562 000 87

Acquisition of shares in Millicom

Investment AB Kinnevik (“Kinnevik”) today announced that it has disposed its convertible bonds in Millicom International Cellular S.A. (”Millicom”) for the amount of SEK 219 million and acquired 1,616,940 shares in Millicom for the same amount. After the transaction, Kinnevik with subsidiaries hold 36,759,475 shares in Millicom, representing 37.2 % of capital and votes.For further information, please visit www.kinnevik.se or contact: Vigo Carlund, President & CEO +46 (0) 8 562 000 00 Henrik Persson, Investor Relations +46 (0) 8 562 000 87

Administrative court of appeal issues ruling in tax cases

Investment AB Kinnevik (“Kinnevik”) announced today that the Administrative Court of Appeal has issued a ruling on a number of tax disputes against the company. Of the two main disputes, The Administrative Court of Appeal ruled in Kinnevik’s favour in one and against Kinnevik in the other. The net effect of the ruling is that the Group’s earnings in the second quarter of 2005 will be charged with SEK 116 million in tax expenses. Kinnevik won the dispute regarding the sale of Korsnäs Kraft in 1993, but lost the dispute regarding the taxation of an option in Millicom issued to Modern Times

New acting CEO at Korsnäs

Investment AB Kinnevik (“Kinnevik”) today announced that Vigo Carlund, the Chairman and former CEO of Korsnäs, has been appointed acting CEO of Korsnäs AB. The current CEO, Per Lindberg has resigned at his own request. The work on recruiting a new CEO will begin immediately and Vigo Carlund will remain as the acting CEO until a replacement is appointed. For further information, please visit www.kinnevik.se or contact: Vigo Carlund, President & CEO +46 (0) 8 562 000 00 Henrik Persson, Investor Relations +46 (0) 8 562 000 87

Annual General Meeting

Investment AB Kinnevik ("Kinnevik”) today announced that the Company’s Annual General Meeting (AGM) held today re-elected Pehr G Gyllenhammar, Cristina Stenbeck, Edvard von Horn, Wilhelm Klingspor, Erik Mitteregger and Stig Nordin.The AGM approved the proposal from the Board of Directors to distribute a cash dividend to the shareholders for 2004 of SEK 0.25 per share. The record date for the dividend is Tuesday 17 May 2005 and it is estimated that the dividend will be distributed by VPC on Friday 20 May 2005. Further, the AGM resolved on a non-cash dividend of all shares in Invik & Co. AB (

THE BOARD OF DIRECTORS COMPLETE PROPOSALS

Investment AB Kinnevik ("Kinnevik) today announced that the Board of Directors complete proposals for the Annual General Meeting is available at the company’s premises at Skeppsbron 18 in Stockholm and on the company’s website, www.kinnevik.se. For further information, please visit www.kinnevik.se or contact: Vigo Carlund, President & CEO +46 (0) 8 562 000 00 Henrik Persson, Investor Relations +46 (0) 8 562 000 87 +46 (0) 707 62 00 87

Interim Report 2005 1 January – 31 March

• Net sales for the first quarter of the year amounted to SEK 1,383 million (1,438). Since the Board has proposed to the Annual General Meeting that all shares in Invik & Co. AB (”Invik”) shall be distributed to Kinnevik’s shareholders, Invik is reported as discontinued operations and is not included in figures above. Total turnover in Invik increased for the first quarter to SEK 354 million (pro forma first quarter 2004 SEK 309 million). • Korsnäs Holding reported an operating profit of SEK 125 million (286). The comparative figures for 2004 include earnings of about SEK 60 million from

Notice of Annual General Meeting

The shareholders of Investment AB Kinnevik (publ) are hereby invited to the Annual General Meeting on Thursday 12 May 2005 at 9.30 a.m. CET at the cinema Skandia, Drottninggatan 82, in Stockholm.NOTIFICATION Shareholders who wish to participate at the Annual General Meeting shall - have their names entered in the register of shareholders maintained by VPC AB (the Swedish Securities Register Center) on 2 May 2005, and - notify the company of their intention to participate by no later than 3.00 p.m on Friday, 6 May 2005. The notification can be made on the company’s website, www.kinnevik.se,

ADMINISTRATIVE COURT OF APPEAL ISSUES RULING IN SCD INVEST’S TAX CASE

Investment AB Kinnevik (Kinnevik) announced today that the Administrative Court of Appeal has issued a ruling with regard to the tax dispute involving the associated company SCD Invest AB with subsidiaries. The Administrative Court of Appeal’s ruling was against Kinnevik and, consequently, the Group’s earnings in the first quarter of 2005 will be charged with SEK 89 million in deferred tax expenses related to the 2004 fiscal year. The ruling does not result in any payment of current tax.The case that was decided in the Administrative Court of Appeal dealt with the size of the tax loss

Year-end release 2004

•The earnings presented below include Invik as of the third quarter of 2004. Pro forma figures include Invik as of 1 January 2004. •Net sales for the full year rose to SEK 6,649 (5,660) million. Pro forma net sales amounted to SEK 7,541 million. •Operating profit, excluding income from corporate development, amounted to SEK 782 (523) million. The pro forma operating profit amounted to SEK 844 million. •Net profit after taxes totaled SEK 662 (3,731) million. The comparative figures for 2003 include the reversal of depreciation in the amount of SEK 2,867 million. Pro forma net profit after

Financial calendar

Investment AB Kinnevik (“Kinnevik”) today announced the following preliminary dates for the release of its quarterly results statements and the Annual General Meeting in 2005: Q4 2004 and Full Year Report 17 February 2005 Q1 Interim Report 26 April 2005 Q2 Interim Report 26 July 2005 Q3 Interim Report 25 October 2005 Annual General Meeting (Stockholm) 12 May 2005 For further information, please visit www.kinnevik.se or contact: Vigo Carlund, President & CEO +46 (0) 8 562 000 00 Henrik Persson, Investor Relations +46 (0) 8 562 000 87 +46 (0) 707 62 00 87 Investment AB Kinnevik is an

KINNEVIK PURCHASES MILLICOM SWEDISH DEPOSITARY RECEIPTS AND CONVERTIBLES

NOT FOR DISTRIBUTION IN USA, CANADA OR JAPAN Investment AB Kinnevik (“Kinnevik”) today announced that it has purchased 4.050.000 Swedish Depositary Receipts (the “Share Offering”) and USD 35 million of convertible bonds (the “Bond Offering”) in the private placement concluded by Millicom International Cellular S.A. (“Millicom”) today. As a result of these purchases, Kinnevik will own 35.7% of the capital and votes in Millicom, assuming that Morgan Stanley’s option to subscribe further securities on the Share Offering is exercised. Assuming full conversion of the convertible bond, including

PARTICIPATION IN MILLICOM INTERNATIONAL CELLULAR S.A. PRIVATE PLACEMENT

NOT FOR DISTRIBUTION IN USA, CANADA OR JAPANInvestment AB Kinnevik (“Kinnevik”) today announced that it is fully supportive of the private placement announced today by Millicom International Cellular S.A. (“Millicom”), a company in which Kinnevik is an approximately 35% shareholder. Kinnevik intends to participate in the offering. Kinnevik will agree not to sell any Ordinary Shares and/or SDRs of Millicom, or securities convertible into or exchangeable for such Ordinary Shares and/or SDRs, for a period of 120 days For further information, please visit www.kinnevik.se or contact: Vigo

INTERIM REPORT 1 JANUARY-30 SEPTEMBER 2004

INTERIM REPORT 1 JANUARY-30 SEPTEMBER 2004 ·The result presented below includes Invik as of the third quarter of 2004. Pro forma figures include Invik as of 1 January 2004. ·Net turnover for the first nine months of the year increased to SEK 4,777 (4,324) million. Pro forma net turnover amounted to SEK 5,668 million. ·The operating profit, excluding income from corporate development, amounted to SEK 637 (701) million. The pro forma operating profit amounted to SEK 699 million. ·Net result after taxes increased to SEK 655 (447) million. Pro forma net result after taxes amounted to SEK 718

29 JULY 2004 FIRST DAY OF TRADING IN NEW INVIK SHARES

29 JULY 2004 FIRST DAY OF TRADING IN NEW INVIK SHARES Industriförvaltnings AB Kinnevik ("Kinnevik") today announced that the new Invik shares, issued to Kinnevik's shareholders as merger consideration, will be registered on shareholders´ accounts Monday 2 August 2004. The first day of trading in the new Invik shares will be Thursday 29 July 2004. Simultaneously, Invik will be included in the Stockholm Stock Exchange's Attract 40 Index. As previously announced, Kinnevik will be dissolved when the Swedish Companies Registration Office registers the merger. Consequently, Kinnevik has filed for

PRV APPROVES MERGER WITH INVIK

PRV APPROVES MERGER WITH INVIK Industriförvaltnings AB Kinnevik ("Kinnevik") today announced that PRV, the Swedish Patent and Registration Office, has notified Kinnevik and Invik & Co. AB ("Invik") that it has formally approved the execution of the merger of the two companies. The notification period, during which Kinnevik's creditors had the right to oppose the ongoing merger between Kinnevik and Invik, ended on 28 June 2004 and no creditor opposed the merger. For further information, please visit www.kinnevik.se or contact: Vigo Carlund, CEO, Industriförvaltnings AB Kinnevik tel: +46 (0)

PRV APPROVES MERGER OF KINNEVIK AND INVIK

PRV APPROVES MERGER OF KINNEVIK AND INVIK Industriförvaltnings AB Kinnevik ("Kinnevik") today announced that PRV, the Swedish Patent and Registration Office, has notified Kinnevik and Invik & Co. AB ("Invik") that it has formally approved the merger of the two companies. The notification period, during which Kinnevik's creditors had the right to oppose the ongoing merger between Kinnevik and Invik, ended on 28 June 2004 and no creditor opposed the merger. For further information, please visit www.kinnevik.se or contact: Vigo Carlund, CEO, Industriförvaltnings AB Kinnevik tel: +46 (0) 8 5620

RECLASSIFICATION OF TELE2 SHARES

RECLASSIFICATION OF TELE2 SHARES Industriförvaltnings AB Kinnevik (publ) with subsidiaries ("Kinnevik") today announced that Kinnevik has reclassified 900,000 class A shares in Tele2 AB (publ) ("Tele2") into Tele2 class B shares. Following the reclassification, Kinnevik holds 5,468,880 class A shares and 24,565,929 class B shares in Tele2, representing a 27.6 per cent voting interest and 20.4 per cent of the share capital. On a fully diluted basis, Kinnevik's aggregate holding in Tele2 represents a 27.5 per cent voting interest and 20.3 per cent of the share capital. Invik & Co. AB (publ)

SHARE RECLASSIFICATION

SHARE RECLASSIFICATION Industriförvaltnings AB Kinnevik today announced that holders of 182,479 class A shares have registered to reclassify their class A shares into class B shares. The reclassification is made in accordance with the resolution passed at the Extraordinary General Meeting on 16 April 2004. The number of class A shares following the reclassification is 13,520,555 and the number of class B-shares is 49,418,122. The total number of outstanding shares following the share reclassification remains unchanged at 62,938,677. For further information, please visit www.kinnevik.se or

KINNEVIK BUYS SHARES IN MILLICOM

KINNEVIK BUYS SHARES IN MILLICOM Industriförvaltnings AB Kinnevik ("Kinnevik") with subsidiaries today announced that it has bought 1,550,000 shares in Millicom International Cellular S.A. ("Millicom"). After the transaction, Kinnevik with subsidiaries holds 29.838.648 shares in Millicom, representing 33,5 percent economic and voting interest. For further information, please visit www.kinnevik.se or contact: Vigo Carlund, CEO, Industriförvaltnings AB Kinnevik tel: +46 8 5620 0000 Henrik Persson, Investor & Press Relations tel: +44 77 47 822 406 Industriförvaltnings AB Kinnevik was

DISCLOSURE OF SUBSTANTIAL SHAREHOLDING

DISCLOSURE OF SUBSTANTIAL SHAREHOLDING Industriförvaltnings AB Kinnevik ("Kinnevik") with subsidiaries today announced that it has sold 3,000,000 B-shares in AcandoFrontec AB (pub) (org nr 556272-5092). After the transaction, Kinnevik with subsidiaries owns 2,335,580 B-shares in AcandoFrontec AB, representing 4.2 per cent economic interest and 2.9 per cent voting interest. Kinnevik's fully diluted holding, including all outstanding option schemes, is 3.9 per cent economic interest and 2.8 per cent voting interest. For further information, please visit www.kinnevik.se or contact: Vigo

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