PRESS RELEASE REGARDING INTERIM REPORT NO. 1 (2003) JANUARY 1 – MARCH 31, 2003 FOR AB NOVESTRA (PUBL.)

SUMMARY AND FINANCIAL HIGHLIGHTS

POSITIVE RESULT DEVELOPMENT AND POSITIVE CASH FLOW

The net result of the Group for the period amounted to MSEK –1.2 (–41.4) and included share of earnings in associated companies amounting to MSEK –2.6 (1.4). The parent company posted a positive net result of MSEK 1.4 (–45.4). The Group showed a positive cash flow of MSEK 2.7 (–35.8) and the parent company showed a positive cash flow amounting to MSEK 2.7 (–35.1 ).

Shareholders’ equity as at March 31, 2003 amounted to MSEK 188.2 (333.9) corresponding to SEK 8.0 (14.3) per share. Cash and cash equivalents, including investments made within liquidity management and accounted for as fixed financial assets, amounted to MSEK 66.1 (77.8) corresponding to SEK 2.8 (3.3) per share.

Performance in the portfolio has been positive with most companies experiencing increased revenues and improved results. The positive development is expected to continue through the year.

Currently, Novestra does not see any need for additional write-downs. Even with current market conditions, the company finds it reasonable to believe that it can post a profit for the full year.

“Most of our portfolio companies have had a stable development during the quarter and, since most companies are cash flow positive, any capital needs are limited to expansion capital. Novestra’s liquidity situation is good and the we expects to be able to use part of our liquidity to increase our ownership in one or two existing portfolio companies,” Novestra’s Managing Director, Peter Ekelund, says.

For further information please contact Mr Peter Ekelund, Managing Director, phone No. +46 8 545 017 50.

About AB Novestra
Novestra is an independent venture capital investment company with focus on investments in growth companies. Novestra’s portfolio of companies includes Explorica, Inc., MyPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc.as well as the co-investment vehicle Continuum Group Ltd. Novestra’s shares are listed on the O-List of Stockholmsbörsen.

For information regarding AB Novestra, please see www.novestra.com

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