DISCLOSURE OF SUBSTANTIAL SHAREHOLDING

DISCLOSURE OF SUBSTANTIAL SHAREHOLDING Industriförvaltnings AB Kinnevik ("Kinnevik") today announced that the merger between Acando AB and Frontec AB has been completed. Following the merger, Kinnevik owns 5,935,580 class B shares in the merged entity, which is changing its name to AcandoFrontec AB. Kinnevik's holding is equivalent to a 7.47 per cent voting interest and a 10.66 per cent economic interest. Kinnevik's fully diluted holding in the merged entity, after the exercise of all outstanding warrants and the conversion of all convertible loan notes, will be equivalent to a 6.90 per cent voting interest and a 9.54 per cent economic interest. For further information, please contact: Vigo Carlund, CEO, Industriförvaltnings AB Kinnevik tel: +46 8 5620 0000 Henrik Persson, Investor & Press Relations tel: +44 20 7321 5010 Industriförvaltnings AB Kinnevik was established in 1936 as an investment holding company. The Company's objective is to increase shareholder value, primarily through net asset value growth. The business consists of operating companies such as farming company MSLA and paper and pulp producer Korsnäs AB, and a portfolio of long-term investments in a select number of listed companies such as Tele2 AB, Modern Times Group MTG AB, Millicom International Cellular S.A., Metro International S.A., Transcom WorldWide S.A. and Invik & Co. AB. Kinnevik plays an active role on the Boards of its subsidiaries and associated companies. Kinnevik's 'A' and 'B' shares are traded on the Stockholmsbörsen 'A- list'. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/07/01/20030701BIT01010/wkr0001.doc http://www.waymaker.net/bitonline/2003/07/01/20030701BIT01010/wkr0002.pdf