Interim report January - June 2004

Strong growth during the first six months - Net sales increased 54 % to MSEK 575.1 (373.6) 1) - Operating profit increased 35 % to MSEK 44.7 (33.0) 2) - Earnings after tax increased 38 % to MSEK 27.4 (19.9), yielding earnings per share of SEK 3.5 (2.6) - Moving into a newly built production facility in Torsby, Sweden - The NOTE share listed on the Stockholm Stock Exchange, the O-list. The new share issue in conjunction with the introduction on the stock exchange has, together with the option redemption, provided the Company with MSEK 101. 1) Excluding units acquired during 2003, sales totaled MSEK 430 (374), which corresponds to roughly 15% growth for comparable units. 2) Excluding units acquired during 2003, operating income totaled MSEK 36.3 (33.0), which corresponds to an improvement of roughly 10% for comparable units.

About Us

NOTE is one of northern Europe's leading EMS partners, producing PCBAs, subassemblies and box build products. NOTE's offering covers the whole product lifecycle, from design to after-sales. NOTE has a presence in Sweden, Finland, the UK, Estonia and China. NOTE is listed on Nasdaq Stockholm. For more information, please go to www.note.eu.

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