INTERIM REPORT NO. 2, JANUARY 1 – JUNE 30, 2004 FOR AB NOVESTRA (PUBL)

• SIGNIFICANTLY BETTER H1 RESULT

• IMPROVED OUTLOOK FOR THE FUTURE

The net result for the period amounted to MSEK 40.3 (4.4) corresponding to a result amounting to SEK 1.29 (0.19) per share. Shareholders’ equity as at June 30, 2004 amounted to MSEK 414.6 (228.3) corresponding to SEK 11.15 (9.76) per share. Equity/asset ratio amounted to 89.8% (99.3).

Cash and cash equivalents, including current investments, amounted to MSEK 142.2 (48.8) corresponding to SEK 3.82 (2.09) per share. Together with the public holdings, as at June 30, 2004, liquid assets amounted to MSEK 269.9 (48.8) (including unrealised surplus values) corresponding to SEK 7.26 (2.09) per share.

In the non-public portfolio companies, growth in revenues and results increased further during the 2nd quarter and exceeded previous forecasts for 2004. The outlook for a continued strong growth among the portfolio companies during the remainder of the year is estimated to be very good.

In order to being able to take advantage of a number of attractive investment opportunities, Novestra completed a directed new share issue in June of 6 000 000 shares which provided the company with MSEK 81.7, after transaction costs totalling MSEK 0.2.
The outlook for listings or divestitures among the portfolio companies during the next 18 months is expected to be good. Any such transactions will likely have a positive effect on Novestra’s result in the future.

“The outlook for the future is positive and there is great potential in our non-public portfolio, particularly in our U.S.-based portfolio companies with an exceptional growth rate which is expected to continue for the next few years. It is likely that some of these values will be magnified already during 2005,” Novestra’s Managing Director, Peter Ekelund, says.

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

About AB Novestra
Novestra is an independent investment company with a portfolio of small cap private as well as public companies. Novestra focuses on investing in companies with substantial growth or value potential.

Novestra’s portfolio of companies consists of i.a. Explorica, Inc., FLEXbridge Technologies, LLC,
IBS AB (publ), inWarehouse AB (publ), Lagercrantz Group AB (publ), MyPublisher, Inc.,
Netsurvey AB, Pergo AB (publ), Qbranch AB and Strax Holdings, Inc. as well as the co-investment vehicle Continuum Group Ltd. The Novestra shares are listed on the O List of Stockholmsbörsen (the Stockholm Stock Exchange). For further information regarding AB Novestra, please see www.novestra.com.

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