Interim Report January-June, 2009p y ,Börje Ekholm

The market 2008-H1 2009

110

90

100

80

90

Investor

SIXRX70

SIXRX

50

60

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr JunMay2008 2009

2

Net Asset Value 1988 – Q2 2009

SEK bn.

H1 2009 Q2 2009 162162183183

+SEK 10.5 bn.+9%

Q+SEK 15.9 bn.+14%

162162

126126110110

126126

5757

131388 89 1990 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 0988 89 1990 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09Q2

3

Core Investments

> Mi t i i H i th d

Key events

> Minor net increase in Husqvarna in the second quarter

> Companies well prepared to weather current environment

– Strong balance sheetsStrong balance sheets– Actions to adjust cost levels taken

> Maintain focus on long term value creation> Maintain focus on long-term value creation

Operating Investments

> 3 S di i EBIT b k i S d

Key events

> 3 Scandinavia EBIT break-even in Sweden for the month of June

> Cost reduction efforts have started to yield effects

> Growth despite adverse environment

> Strong earnings capacity and stable cash g g yflow generation supporting high leverage

Private Equity Investments

> P i t E it t ib ti t t t

Key events

> Private Equity contributing to net asset value growth in the second quarter

> Challenging macro environment for Private Equity

> Continued weak exit markets

Going forward

Build and develop successful companies> Ensure companies can weather

medium-term challenges

Create

> Maintain focus on long-term growth opportunities

long-termshareholder

lInvesting in companies with potential

value> Deal flow currently weak, but

is expected to improve

7

FinancialsJohan Bygge

Financial HighlightsJanuary – June 2009

> Net Asset Value SEK 125.7 bn.(SEK 115 2 b d)

350

Total shareholder return 2004-2009

(SEK 115.2 bn. year end)

> Net Income SEK 13.8 bn.(SEK 12 5 bn Jan June 2008)

250

300

(SEK -12.5 bn. Jan. – June 2008)

> Leverage -1.4 %(-9 2 % year end) 150

200Investor

(-9.2 % year end)

> TSR Investor share 6 %(-10 % Jan – June 2008)

100

150

SIXRX

( 10 % Jan. June 2008)50

9

Net Asset Value June 30, 2009 vs. December 31, 2008

SEK/share SEK m. SEK/share SEK m.Core Investments 119 90 310 96 73 272

June 30, 2009 December 31, 2008

Core Investments 119 90 310 96 73 272

Operating Investments 20 15 455 20 15 605

Private Equity Investments 21 15 567 20 15 295

Financial Investments 3 2 284 1 1 246

Other asset and liabilities 0 318 0 68

Total Asset 163 123 934 137 105 486

Net debt/cash 2 1 753 13 9 747

Net asset value 165 125 687 150 115 233

70% 74%

30% 26%

Listed holdings

Unlisted holdings

Dec. 2008 June 2009 10

Change in Net Asset ValueJanuary 2004 – June 2009

15 000

20 000

SEK m.

5 000

10 000

15 000

-5 000

0

5 000

-15 000

-10 000

-20 0002004 2005 2006 2007 2008 Q2

2009

11

Income StatementJanuary – June 2009 vs. 2008

SEK m. Jan. - June 2009 Jan. - June 2008Core Investments 15 196 -10 595

Operating Investments 852 6Operating Investments -852 -6

Private Equity Investments -709 -1 545

Financial Investments 683 -51

Total 14 318 -12 197

Other -488 -258

Net Income 13 830 12 455Net Income 13 830 -12 455

12

Core InvestmentsIncome effect January – June 2009

%SEK m.

3 914

95

105

115

125

3 500

4 000

4 500 Income effectSEK 15.2 m.

2 374

2 7653 032

6165

75

85

95

2 500

3 000

998

1 596

791

61

3225

35

45

55

1 000

1 500

2 000

791

-2325

1620 21

8

-5

5

15

25

0

500

1 000

-15-15-500

ABB AstraZeneca Atlas Copco Electrolux Ericsson Husqvarna Saab SEB

Income effect Total return (%) (right hand scale)

13

Core InvestmentsMarket Value June 30, 2009

SEK 3 632 m.Invested YTD 2009

20 168SEB

1)3 136

Husqvarna 488Atlas Copco 8

17 591

4 2103 5931 275

SEK 90 bn.

15 717

15 41712 339

4 210

Divested YTD 2009Divested YTD 2009SEK 0 m.

141. Additional shares in SEB were purchased during the quarter as part of the capital raising. These shares were later divested during the quarter.

Operating Investments

% of total

Market Value June 30, 2009

MV ASSET SEK/share SEK m.% of total

Assets

Mölnlycke 8 6 167 5

Lindorff 4 2 935 3

Gambro Holding 4 2 923 2

3 Scandinavia 2 1 289 13 Scandinavia 2 1 289 1

Biovitrum 1 780 0

The Grand Group 0 462 0

Other 1 899 1

Total 20 15 455 12

15

Mölnlycke Health Care

H1 2009 EUR m. H1 2008 EUR m.Net Sales 412 387Normalized EBITDA 103 105Normalized EBITDA % 25 27

Q2 2009 Q4 2008Net debt 1 770 1 855

Contributed up to June 30, 2009 5 863

ffAccumulated effect on value up to 2009 320Effect on value in 2009 -11Adjustment on group level -5Closing balance equity 6 167

> Continued growth despite the demanding economic environment

> Advance Wound Care shows good momentum and gains market share> Advance Wound Care shows good momentum and gains market share

Note: Period December 1, 2008 – May 31, 2009

16

Lindorff

H1 2009 EUR m. H1 20082) EUR m.Net Sales1) 137 139Normalized EBITdA3) 24 34

3)Normalized EBITdA %3) 18 24Q2 2009 Q4 2008

Net debt 529 615

Contributed up to June 30, 2009 3 297Accumulated effect on value up to 2009 -16Effect on value in 2009 -348Adjustment on group level 2Closing balance equity 2 935

> St th f ll ti> Strong growth of new collection cases

> Performance of existing portfolios negatively impacted by the weak economy

1. Including amortization of surplus value of EUR 13 m. for H1 2009 and EUR 12 m. for H1 2008. 2. Pro forma, since Investor owned the company for only part of the year3. EBITDA after portfolio depreciation.

17

Note: Period December 1, 2008 – May 31, 2009

Gambro Holding

H1 2009 H1 2008 H1 2009 H1 2008H1 2009 SEK m.

H1 2008 SEK m.

H1 2009 USD m.

H1 2008 USD m.

Net Sales 6 355 5 522 235 228

Normalized EBITDA 1 171 722 64 60Normalized EBITDA 1 171 722 64 60

Normalized EBITDA % 18 13 27 26

Q2 2009 Q4 2008

Net debt 25 779 25 483

Contributed up to June 30, 2009 4 246

Accumulated effect on value up to 2009 -860

Effect on value in 2009 -463

Closing balance equity 2 923

> Continued growth despite a tough economic environment

> Solid growth and good performance by core business areas

Closing balance equity 2 923

> Cost efficiency program shows good progress throughout the organization

> Market interest in Mirasol is strong, but market adaptation for Atreus is slower than expected

Note: Period December 1, 2008 – May 31, 2009 18

3 Scandinavia

H1 2009 EUR m.

H1 2008 EUR m.

Net Sales 2 768 2 461Normalized EBITDA1) 133 -155Normalized EBITDA 133 155Normalized EBITDA % 5 -

Q2 2009 Q4 2008Net debt 10 132 10 235

Contributed up to June 30, 2009(In addition Investor AB, has provided loan

t t 3 t t li SEK 4 2 b l i t t) 6 158guarantees to 3 totaling SEK 4.2 bn. plus interest) 6 158Accumulated effect on value up to 2009 -4 681Effect on value in 2009 -151Adjustment on group level -37Adjustment on group level -37Closing balance equity 1 289> Continued solid growth during the quarter and EBIT break-even reached in Sweden for the month of June

> Somewhat lower customer usage noted on the back of a weakening economy

191. EBITDA for 3 Scandinavia is defined as EBITDA after deducting all customer acquisition and retention costs.

Note: Period December 1, 2008 – May 31, 2009

3 ScandinaviaNormalized EBITDA

200

SEK m.

EBITDA

-100

0

100

-300

-200

100

-500

-400

-600

20

Development of 3 ScandinaviaARPU and number of subscribers

1 400 000

1 600 000

450

500

SubscribersARPU* (SEK)

1 000 000

1 200 000

1 400 000

350

400

450

600 000

800 000

1 000 000

200

250

300

200 000

400 000

50

100

150

Average monthly revenue per user (ARPU) during the past 12-month period00

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

* Average monthly revenue per user (ARPU) during the past 12-month period

21

Grand Hôtel

H1 2009 SEK m. H1 2008 SEK m.Net Sales 166 198Normalized EBITDA 26 45Normalized EBITDA % 16 23

Q2 2009 Q4 2008Net debt 507 452

Closing balance equity December 31, 2008 592Effect on value in 2009 -1Adj t t l l 129Adjustment on group level -129Closing balance equity 462

22

Financing Operating Investments

> Ri f d t t Möl l k H lth C> Ring fenced structures, Mölnlycke Health Care, Gambro/CaridianBCT, Lindorff & Grand Hôtel

> Guaranteed SEK 4 2 bn bank loan for 3 Scandinavia (Hi3G)> Guaranteed SEK 4.2 bn bank loan for 3 Scandinavia (Hi3G)

> Long duration, >4 years

23

Private Equity InvestmentsResult 2009 vs. 2008

SEK m. Jan. – June 2009

Jan. – June 2008

Investor Growth Capital -365 -398

1998-2009

EQT -220 -1 051

Operating costs -124 -96

RealizedIRR

>20%Net income -709 -1 545

24

Private Equity InvestmentsMarket Value June 30, 2009

SEK 1 316 m.Invested (net) 2009EQT 754

MV ASSET SEK/share SEK m.% of total

assets

Investor Growth Capital 11 8 000 7

EQT 754IGC 562

Investor Growth Capital 11 8 000 7

EQT 10 7 567 6

Total 21 15 567 13

EQT 36IGC 148

Divested (net) 2009SEK 184 m.

25

Financial Investments Market Value June 30, 2009

MV ASSET SEK/share SEK m % of totalMV ASSET SEK/share SEK m. % of total Assets

Financial Investments 3 2 284 2

26

Investor Group Leverage

SEK bn. June 30,2009

Dec. 31, 2008

Net debt(-)/cash (+) 1 753 9 747 15

20

25

%

Market value assets 123.9 105.5

Leverage -1.4 % -9.2%0

5

10

00 0 02 03 0 0 06 0 08

Current rating‐15

‐10

‐5 00 01 02 03 04 05 06 07 08 June 09

gStandard & Poor’s AA-

Moody’s A1Leverage target rangeMaximum leverage target range

27

Strong financial position

25 000

SEK m.

Average maturity

15 000

20 000

Maturing < 5 years

g y12.8 years

10 000

15 000

0

5 000

Cash available for investments

Borrowings Net cash

28

Net Asset Value

SEK b

1988 – Q2 2009

H1 2008

SEK bn.

H1 2009SEK 10 5 b

Q2 2009S 1 9 162162

183183– SEK 16 bn.– 8%

+SEK 10.5 bn.+9%

+SEK 15.9 bn.+14.5%

162162

126126110110

126126

57571313

1988 1989 1990 91 92 93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09Q2

1313

29

Total shareholder return

320

2004 - 2009

280

320

240

160

200 Investor

SIXRX

120

160 SIXRX

80

30

Q & A