eng

Kinnevik: Reclassification of Tele2 shares

6/24/2004 5:10 PM

Industriförvaltnings AB Kinnevik (publ) with subsidiaries (Kinnevik) today announced that Kinnevik has reclassified 900,000 class A shares in Tele2 AB (publ) (Tele2) into Tele2 class B shares. Following the reclassification, Kinnevik holds 5,468,880 class A shares and 24,565,929 class B shares in Tele2, representing a 27.6 per cent voting interest and 20.4 per cent of the share capital. On a fully diluted basis, Kinnevik's aggregate holding in Tele2 represents a 27.5 per cent voting interest and 20.3 per cent of the share capital.

Invik & Co. AB (publ) with subsidiaries (Invik), which will merge with Kinnevik, has reclassified 4,083,924 Tele2 class A shares into Tele2 class B shares. Following the reclassification, Invik holds 5,807,863 class A shares and 5,984,503 class B shares in Tele2, representing a 22.3 per cent voting interest and 8.0 per cent of the share capital. On a fully diluted basis, Invik's aggregate holding in Tele2 represents a 22.3 per cent voting interest and 8.0 per cent of the share capital.

After reclassification, the merged entity will hold 11,276,473 Tele2 class A shares and 30,550,432 class B shares, representing a 49.9 per cent voting interest and 28.3 per cent of the share capital of Tele2. On a fully diluted basis, the holding represents a 49.8 per cent voting interest and 28.2 per cent of the share capital.

For further information, please visit www.kinnevik.se or contact:

Vigo Carlund, CEO, Industriförvaltnings AB Kinnevik
tel: +46 8 5620 0000

Henrik Persson, Investor & Press Relations
tel: +44 7747 822 406

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 cartonboard and paper 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'.