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 felling in own forests during the first quarter. • The market value of the Group’s holdings of listed securities declined during the first quarter by SEK 454 million and on 31 March 2005 amounted to SEK 21,434 million. The change in value is reported in the consolidated income statement in accordance with International Financial Reporting Standards (“IFRS”). • Including the decrease of SEK 454 million (decrease of 127) in the value of its listed holdings, the Group reported a loss after tax of SEK 463 million (loss of 2). • The loss per share for continuing operations was SEK 1.85 (loss of 0.01). • The recalculation of the opening balance per 1 January 2004 and of the comparative figures for the first quarter of 2004 to conform with IFRS is described in appendix 1. • Invik’s interim report for the first quarter of 2005 is included as appendix 2 of this interim report.