Interim report January – September 2004

· The parent company’s reported net equity (net asset value) after full subscription to outstanding warrants amounted to SEK 1,914M on 30 September. Shareholders’ equity is equivalent to SEK 1.48 per share after full dilution (discounted value) and to SEK 1.60 per share without discounting.

· On 2 November, equity per share after full dilution was calculated at SEK 1.48 (discounted value) and at SEK 1.60 without discounting.

· The parent company’s net loan liability, after taking full subscription to outstanding warrants into account, amounted to SEK -5M (14) on 30 September. The adjusted net loan liability, excluding receivables from subsidiaries, decreased by SEK 190M to SEK 45M (235) compared with the same date in the previous year.

· The parent company’s result after tax amounted to SEK -63M (128) for the third quarter and to SEK 56M (17) for the first nine months of the year.

· The consolidated operating result before goodwill amortisation amounted to SEK -45M (144) for the third quarter and to SEK 115M (70) for the first nine months of the year. The consolidated net result for the third quarter amounted to SEK -90M (64) and to SEK -60M (-133) for nine months. This is equivalent to SEK -0.24 per share (0.10) and to SEK -0.17 (-0.63) after full dilution.

· During the first nine months, divestments were made which generated a total capital gain of SEK 121M and a liquidity contribution of SEK 384 M in the parent company.

Subsequent events

· After the end of the reporting period, Bure has made an agreement to sell its holding in Xdin to senior executives. An agreement has also been made to sell Simonsen’s materials division to the company’s former president. In addition, the subsidiary, Business Communication Group, has made an agreement to sell its holding in Stark to senior executives in the company.

· Bure intends to enable potential future buy-backs of warrants through a reduction of the statutory reserve.

· Bure will shortly call an Extraordinary General Meeting to obtain the necessary approval for the sales and the reduction of the statutory reserve. The EGM is planned to be held at Svenska Mässan, Gothenburg, on 9 December 2004 at 2 pm.

Interim report January – September 2004