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 operating profit for the first half of 2005 was also affected by the rebuild of Paper Machine 4 and maintenance stoppage, amounting to approximately SEK 170 million. • The market value of the Group’s holdings of listed securities declined in the first half of the year by a net of SEK 593 million after dividends received and the redemption of shares in Tele2 for SEK 627 million, and amounted on 30 June 2005 to SEK 20,896 million. • Including the decrease in the value of its listed holdings, the Group reported a loss after tax of SEK 727 million (loss of 408). • The loss per share for continuing operations was SEK 3.00 (loss of 1.85). • The recalculation of the comparative figures for the first half of 2004 to conform with IFRS is described in appendix 1 and can also be found on the Company’s website, www.kinnevik.se under Investor Relations/Accounting Principles. • Invik’s interim report for the first half of 2005 is included as appendix 2 of this interim report.