Bure Equity

Quarterly Report • Oct 22, 2009

Interim report January – September 2009

Third quarter of 2009

• Consolidated profit of SEK -27M (91).
• Consolidated profi t excluding discontinued operations of SEK -27M (-6).
• Diluted earnings per share of SEK -0.53 (1.01).
• Bure's share in net sales of the portfolio companies increased to SEK 341M (203).
• Bure's share in EBITA of the portfolio companies decreased to SEK -27M (-17).
• Parent Company profit after tax of SEK -2M (156).
• Bure and Altor have sold 50 per cent of their holding to some 50 key staff in Max Matthiessen at book value. Bure's holding thereafter amounts to 17.5 per cent..

Nine-month period January – September 2009

• Consolidated profit of SEK 105M (347).
• Consolidated profi t excluding discontinued operations of SEK 83M (112).
• Diluted earnings per share of SEK 1.94 (3.78).
• Bure's share in net sales of the portfolio companies was SEK 940M (783).
• Bure's share in EBITA of the portfolio companies fell to SEK -59M (35).
• Parent Company profit after tax of SEK -86M (343).
• Parent Company equity per share of SEK 26.83 (29.72).

Subsequent events

• The boards of Bure Equity AB and Skanditek Industriförvaltning AB propose a merger between the companies. It is proposed that the merger be carried out via a fusion in which Bure, as the takeover company, absorbs Skanditek. According to the exchange ratio in the merger, 4 shares in Skanditek will grant the right to 3 new shares in Bure.
• In connection with the merger between Bure and Skanditek, Bure's Board of Directors proposes an extra dividend to Bure's present owners amounting to a total of approximately SEK 478M, equal to SEK 9.50 per share.
• According to earlier agreement in connection with the acquisition of Carnegie, Bure and Altor have in October offered distribution of ownership with up to 25 per cent of the company to key staff in Carnegie. Bure's holding in Carnegie thereafter will be 26.3 per cent.

About Bure

Bure is an investment company whose primary emphasis is on long-term ownership in unlisted companies with a strong and stable earning capacity in sectors where Bure has previous experience.

COMMENTS FROM THE CEO

On 14 October 2009, the boards of Bure and Skanditek presented a proposal to their respective shareholders to merge the two companies into a single entity. This is a logical step in Bure's development and the combined resources will make the new company a stronger participant in the financial market. Furthermore, the new company will have an attractive investment portfolio with a balanced mix of both listed and unlisted, small and mid-sized companies. Bure and Skanditek will each hold an extraordinary general meeting on 1 December 2009.

Although we could see a few bright spots, the weak economy continued to impact Bure's portfolio companies during the quarter. In order to dampen the effects of the market downturn, Bure has been proactive and taken additional measures together with the managements of the portfolio companies. All of the companies are working to adapt their costs to a lower level of demand. There is a strong focus on sales activities and intensive market cultivation.

A great deal has happened since Bure and Altor's acquisitions of Carnegie and Max Matthiessen were completed in May. Carnegie naturally has a way to go before reaching historical levels, but the company is now on more solid ground with an earnings trend that is moving in the right direction and a positive underlying profit. At the same time, earlier and ongoing cost-cutting measures are resulting in a gradual cost reduction. The company has appointed a new president, Frans Lindelöw, and recruited a number of key competencies. The customers are showing continued loyalty to the company, as evidenced among other things by an inflow of capital and a top ranking in Prospera's Corporate Finance 2009 survey. Max Matthiessen had a stable sales trend in the third quarter and delivered higher earnings, excluding impairment losses, than in the prior year. Bure looks forward to contributing to the future development of Carnegie and Max Matthiessen with a view to restoring and strengthening their market positions.

PORTFOLIO COMPANIES JANUARY – SEPTEMBER 2009 (EXISTING UNITS)¹

Net sales, SEK M EBITA, SEK M² EBITA margin, % Holding, % 9 mths 2009 9 mths 2008 9 mths 2009 9 mths 2008 9 mths 2009 9 mths 2008 Carnegie 35.0 1,348.0 2,277.0 -82.03 849.03 -6.1 37.3 Mercuri 100.0 468.1 559.9 -56.4 17.3 -12.0 3.1 EnergoRetea 94.3 204.2 194.9 8.1 16.6 4.0 8.5 Max Matthiessen 17.5 416.0 446.0 85.0 79.0 20.4 17.7 SRC 96.2 22.8 28.4 -0.6 1.0 -2.7 3.4 Celemi 30.4 23.4 40.2 -7.4 5.0 -31.8 12.5 Total 2,482.5 3,546.4 -53.3 967.9 -2.1 27.3 Bure's share⁴ 939.8 783.2 -58.8 35.4 -7.9 4.5

The table shows holdings at 30 September 2009.

2 EBITA is defined as operating profit before impairment of goodwill and amortisation of other acquisition-related surplus values.

3 EBITA before provisions for credit losses. The figures are from Carnegie Investment Bank, a subsidairy to ABCIB Holding AB.

4 Bure's share in net sales and EBITA is calculated based on the length of time Bure has owned the portfolio company and Bure's holding at the end of the period. The comparison figure is calculated pro forma with the same holding at the end of the period of the current year.

For comments on the other holdings, see page 7.

Mercuri's market remained unstable in the third quarter and additional cost-cutting measures have been taken. During the year, the company has reduced the number of employees by around 120 people and generated significant cost savings through the wind-up of operations in Spain and Japan. Due to a higher number of customer inquiries, the organisation is now feeling a certain optimism about market stabilisation. Since this has not yet resulted in any new business, the effects for the full year are difficult to predict.

EnergoRetea's operations are divided into three main segments. Two of these, Energy & Power Networks and ICT, have developed according to plan in 2009. The Building Automation Systems segment in Stockholm, which is exposed to property owners and construction companies, was affected by lower demand in the spring and has shown weak development as a result. Order intake in the latter half of the second quarter and the third quarter indicates a certain recovery in the Building Automation Systems segment. The company is continuing to work intensively with its marketing.

In the third quarter of 2009, SRC was successful in winning new projects. The planned cost-cutting measures have now been implemented in full.

Celemi posted a weak quarter with declining sales, although the falling sales trend has slowed compared to the second quarter. Steps have been taken to reduce costs, which will be gradually visible.

Bure's financial position remains strong, with net loan receivable of around SEK 700M at 30 September. Reduced by the commitment for a future contingent payment in Carnegie, this leaves approximately SEK 560M.

Carl Backman CEO

ACQUISITIONS AND DIVESTITURES

In August Bure sold 50 per cent of its holding in Max Matthiessen to some 50 key staff in the company at book value through an ownership distribution programme. Bure's invested capital in Max Matthiessen, after the distribution of ownership to key staff, amounts to SEK 58M in the form of shares and loans. Bure's holding in Max Matthiessen thereafter is approximately 17.5 per cent.

In September Bure carried out a distribution of ownership in which key staff in Carnegie were offered the chance to acquire 25 per cent of the company at book value. The sale to key staff is expected to be completed at the end of October. Bure's holding in Carnegie thereafter will be 26.3 per cent.

In September Bure repurchased 1 per cent of the shares in EnergoRetea from senior executives in the company for SEK 1M.

FINANCIAL POSITION

Bure's net loan receivable amounts to SEK 698M including dormant companies. Excluding commitments and transactions related to the investment in Carnegie, Bure has a net loan receivable of SEK 560M. With this in consideration the funds for investment operations amounts to SEK 429M.

SUBSEQUENT EVENTS

According to earlier agreement in connection with the acquisition of Carnegie, Bure and Altor have in October offered distribution of ownership with up to 25 per cent of the company to key staff in Carnegie. Bure's holding in Carnegie thereafter will be 26.3 per cent. In consequence of the transaction a book loss in Bure will arise in the forth quarter with a total of approximately 112 MSEK. This because of the negative goodwill that arose with the acquisition of the company. In the parent company there will be no effects on profit

MERGER BETWEEN BURE AND SKANDITEK

The boards of Bure Equity AB och Skanditek Industriförvaltning AB propose a merger between the companies. The new company will have an interesting investment portfolio with a balanced mix of both listed and unlisted, small and mid-sized companies. Bure and Skanditek have a common approach to creating shareholder value by developing their portfolio companies through active ownership and board representation. The merger is seen as a natural step in the development of both companies, whose aggregate resources will make the new company a stronger participant in the financial market. With a combined market capitalisation of approximately SEK 2.5 billion and a tangible logic for the merger, the new group is expected to offer an attractive investment case.

The merger will be carried out through a fusion in which Bure, as the takeover company, will absorb Skanditek. According to the exchange ratio, 4 shares in Skanditek will grant the right to 3 new shares in Bure.

In connection with the merger, Bure's Board of Directors proposes an extra dividend to Bure's present shareholders in a total amount of approximately SEK 478M, equal to SEK 9.50 per share. When the merger has been completed, Skanditek's 19.9 per cent holding in Bure will be cancelled.

The boards of Bure and Skanditek view the fusion as beneficial to both companies and their shareholders. In addition, both boards consider the exchange ratio to be fair. The boards of the two companies unanimously recommend the merger to their respective shareholders and urge them to approve the joint fusion plan at the extraordinary general meetings of Bure and Skanditek, both of which are planned to be held on 1 December 2009. The boards' recommendations are supported by fairness opinions from KPMG and PWC respectively.

The proposed board of directors of the new company will be announced before the extraordinary general meeting of Bure. The intention is to propose Björn Björnsson as chairman of the new board and Patrik Tigerschiöld as CEO. Bure Equity AB will be proposed as the name of the parent company of the new group.

The targeted cost synergies resulting from the merger will lead to a reduction of approximately 50 per cent in administrative expenses, with full effect from the end of 2010.

The boards' fusion proposal is supported by the companies' major shareholders, the Tigerschiöld family, Catella Fonder and the Björkman family (including the Johan Björkman Foundation), which together hold approximately 25 per cent of the shares in Bure (including Skanditek's 19.9 per cent holding) and approximately 64 per cent of the shares in Skanditek.

The boards and executive managements of Bure and Skanditek expect the merger to be finalised by January 2010, at the earliest.

INFORMATION ABOUT THE PORTFOLIO COMPANIES CARNEGIE INVESTMENT BANK1

Carnegie now on more solid ground. Gradual increase in income and lower costs.

Income statements	Q3				Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Net commission income	404	564	1,124	1,928	2,393
Net interest income	19	15	42	100	73
Net financial items at fair value	44	139	182	249	276
Total income	467	718	1,348	2,277	2,742
Operating expenses	-431	-224	-1,331	-1,388	-2,509
EBITA before
one-time items	36	495	17	889	233
%	7.7	68.9	1.3	39.0	8.5
One-time items	-17	-40	-99	-40	-195
EBITA bef. provisions for credit losses	19	455	-82	849	38
%	4.1	63.4	-6.0	37.3	1.4
Provisions for credit losses		2 -1,052	2	-1,182	-1,956
Profit/loss before tax	21	-597	-80	-333	-1,918
Income tax expense	-11	180	-25	100	-300
Profit/loss for the period	10	-417	-105	-233	-2,218

Balance sheets		30 Sept 30 Sept	31 Dec
SEK M	2009	2008	2008
Cash and bank deposits	464	357	265
Chargeable treasury bills	275	523	477
Loans to credit institutions and public	9,300	10,791	7,741
Shares and securities positions	2,617	15,609	3,737
Securities settlement, receivables	40	2,921	1,059
Other assets	1,089	2,315	1,229
Goodwill	9	9	9
Total assets	13,795	32,524	14,517
Liabilities to credit institutions	333	13,573	1,449
Deposits from and loans to the public	7,102	8,563	6,651
Shares and securities positions	1,719	6,508	2,403
Securities settlement, liabilities	254	886	248
Other liabilities	2,115	1 078	1,354
Equity	2,272	1,916	2,413
Total equity and liabilities	13,795	32,524	14,517
Key figures		9 mths 9 mths Full year
SEK M	2009	2008	2008
Assets under management (excl. Private Bank)		88,900 121,700	91,000
Capital adequacy ratio, %	2.51	1.54	3.05
Income2/expense ratio, %	99	61	91
Average number of employees	710	826	815

1 Income statement and balance sheet for Carnegie Investment Bank, a subsidiary of ABCIB Holding.

Before one-time items and provisions for credit losses

• Gradually rising income during 2009 but lower income in relation to 2008. Income for the third quarter fell to SEK 467M (718). For the nine-month period, income decreased to SEK 1,348M (2,277).
• Inflow of capital to Asset Management and Private Banking and high capital procurement activity in Investment Banking.
• Carnegie once again topped the rankings in the Swedish corporate finance market through a shared first place in the "Corporate Finance 2009" survey.
• EBITA before provisions for credit losses was SEK 19M (455) for the third quarter and SEK -82M (849) for the first nine months.
• Profit was charged with one-time items of SEK -10M (-40) for the third quarter and SEK -92 (-40) for the nine-month period.
• Earlier and ongoing measures are resulting in lower costs. Adjusted for onetime items and profit-sharing, operating expenses for the nine-month period amount to SEK 1,234M (1,388).
• In September, Frans Lindelöw was appointed as the new President of Carnegie.
• In the third quarter, Carnegie reinforced its top-ranking position in research and brokerage through a number of key recruitments.
• High financial strength with a capital adequacy ratio of 2.51 (1.54). Low market and credit risks, but a dramatically reduced balance sheet of SEK 14BN (33).
• Bure and Altor have in October offered distribution of ownership to key staff in Carnegie with up to 25 per cent of the company.

Carnegie Investment Bank AB is a leading independent investment bank with a Nordic focus. Carnegie provides value-added services in securities brokering, investment banking, asset management and private banking to institutions, corporations and private clients.

carnegie.se President: Frans Lindelöw

Chairman: Arne Liljedahl Bure's holding: 35 per cent, 30 September 2009

MERCURI INTERNATIONAL

Mercuri's market remained unstable in the third quarter. Additional cost-cutting measures taken.

Income statements	Q3				Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Net sales	99	136	468	560	784
Operating expenses		-139 -156	-512	-543	-753
EBITA before
one-time items	-40	-20	-44	17	31
%		-40.4 -14.9	-9.4	3.1	3.9
One-time items	2	0	-13	0	-10
Shares in profit of associates	1	0	1	0	0
EBITA	-37	-20	-56	17	21
%		-37.4 -14.9	-12.0	3.1	2.7
Amortisation/impairment of surplus values	0	0	-14	0	-15
Operating profit/loss	-37	-20	-70	17	6
Net financial items	-4	1	-7	-3	0
Profit/loss before tax	-41	-19	-77	15	6
Income tax expense	1	-4	-6	-11	-23
Profit/loss for the period	-40	-23	-83	4	-17

Balance sheets SEK M			2009	30 Sept 30 Sept 31 Dec 2008	2008
Goodwill			304	323	333
Other intangible assets			3	3	3
Tangible assets			20	19	24
Financial assets			27	33	27
Inventories, etc.			1	2	1
Current receivables			133	193	190
Cash, cash equiv. and short-term investments			51	90	112
Total assets			545	663	690
Equity			238	328	334
Provisions			43	44	48
Non-current liabilities			40	105	104
Current liabilities			224	186	204
Total equity and liabilities			545	663	690
Key figures	Q3			Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Growth, %	-27	-1	-16	4	2
Of which, organic growth, %	-33	-1	-23	3	-2
Operating cash flow	-20	-11	-63	-14	-5
Equity/assets ratio, %			44	50	48
Net loan debt (-) / receivable (+)			-96	-31	-14
Average number of employees			563	626	626
Value added per employee,
rolling 12 months			752	855	826

Net sales for the third quarter were down by 27 per cent to SEK 99M (136). For the nine-month period, net sales fell by 16 per cent to SEK 468M (560). Excluding foreign exchange effects, net sales declined by 23 per cent.

• The third quarter showed a continued weak market with low activity.
• EBITA for the third quarter was SEK -37M (-20). For the first nine months, EBITA was SEK -56M (17). Foreign exchange losses are estimated at SEK 10M.
• The cost-cutting programme that was decided at the beginning of the year is proceeding according to plan. The number of employees has decreased by 106 since year-end 2008.
• During the period, the board of Mercuri International Group AB was enlarged with one new member, Elisabeth Annell.
• The company's net debt at 30 September 2009 was SEK 96M (31). In the third quarter, the company renegotiated the credit agreement with its primary bank. Mercuri International is Europe's leading sales and management training consultancy, with global coverage through wholly owned subsidiaries and franchisees.

mercuri.net

Chairman: Mats Pousette Bure's holding: 100 per cent, 30 September 2009 President: Susanne Lithander

ENERGORETEA

Order intake in the latter half of the second quarter and the third quarter indicates a recovery in the Building Automation Systems area.

Income statements SEK M	Q3	2009 2008	2009	2008	Q3 9 mths 9 mths Full year 2008
Net sales	53	59	204	195	274
Operating expenses	-52	-54	-195	-172	-247
EBITA before
one-time items	1	5	9	23	27
%	1.9	9.0	4.4	11.7	9.9
One-time items	-1	-2	-1	-5	-7
Shares in profit of associates	0	0	0	0	0
EBITA	0	3	8	17	20
%	0.0	5.1	3.9	8.5	7.2
Amortisation/impairment of surplus values	0	0	0	0	0
Operating profit	0	3	8	17	20
Net financial items	0	-1	-1	-2	-2
Profit before tax	0	2	7	15	18
Income tax expense	0	-1	-3	-5	-6
Profit/loss for the period	0	1	4	10	12

Balance sheets SEK M	2009	30 Sept 30 Sept 31 Dec 2008	2008
Goodwill	156	156	155
Other intangible assets	1	2	2
Tangible assets	10	11	12
Financial assets	0	1	1
Inventories, etc.	27	31	20
Current receivables	42	51	64
Cash, cash equiv. and short-term investments	7	8	9
Total assets	243	260	263
Equity	134	126	129
Provisions	5	5	5
Non-current liabilities	44	64	62
Current liabilities	60	65	67
Total equity and liabilities	243	260	263

Key figures	Q3				Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Growth, %	-10	48	5	35	34
Of which, organic growth, %	13	25	-6	29	22
Operating cash flow	12	-77	12	-29	-14
Equity/assets ratio, %			55	49	49
Net loan debt (-) / receivable (+)			-47	-67	-54
Average number of employees			272	268	275
Value added per employee,
rolling 12 months			744	820	774

Net sales were down by 10 per cent to SEK 53M (59) for the third quarter. For the first nine months, net sales rose by 5 per cent to SEK 204M (195).

• EBITA was SEK 0M (3) for the third quarter and SEK 8M (17) for the ninemonth period.
• During the period, EnergoRetea gathered its operations in Energy & Power Networks in a business area headed by Stefan Lagerholm.
• EnergoRetea signed new and/or extended contracts during the period with clients like Länsförsäkringar, IBS, Kriminalvården, Atrium Ljungberg, E.ON and Akademiska Hus.

EnergoRetea is a consulting company that provides services in the fields of Building Automation Systems, Energy & Power Networks and ICT (Information & Communication Technology). EnergoRetea is active mainly in the Stockholm area and in southern Sweden.

energoretea.se

President: Martin Dahlgren

Chairman: Kjell Duveblad Bure's holding: 94.3 per cent, 30 September 2009

MAX MATTHIESSEN

Stable sales development in the third quarter and a year-on-year improvement in earnings.

Income statements	Q3				Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Net sales	139	144	416	446	605
Operating expenses	-97	-122	-331	-367	-498
EBITA before
one-time items	30	22	85	79	107
%	21.6	15.3	20.4	17.7	17.7
One-time items	0	0	0	0	0
Shares in profit of associates	0	0	0	0	0
EBITA	30	22	85	79	107
%	21.6	15.3	20.4	17.7	17.7
Amortisation/impairment of surplus values	-76	-6	-77	-17	-33
Operating profit/loss	-46	16	8	62	74
Net financial items	-2	2	-2	6	10
Profit/loss before tax	-48	18	6	68	84
Income tax expense	-6	-6	-16	-24	-43
Profit/loss for the period	-54	12	-10	44	41

Balance sheets SEK M			30 Sept 30 Sept 2009	2008	31 Dec 2008
Goodwill			187	220	204
Other intangible assets			0	0	0
Tangible assets			9	10	9
Financial assets			28	27	22
Inventories, etc.			0	0	0
Current receivables			93	81	83
Cash, cash equiv. and short-term investments			117	234	286
Total assets			434	572	604
Equity			237	355	360
Provisions			73	73	73
Non-current liabilities			0	0	0
Current liabilities			124	144	171
Total equity and liabilities			434	572	604
Key figures	Q3		Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Growth, %	-3	-1	-7	6	6
Operating cash flow			-23		74
Equity/assets ratio, %			55	62	60
Average number of employees	331	331	336	340	330

• Net sales weakened by 3 per cent to SEK 139M (144) for the third quarter and by 7 per cent to SEK 416M (446) for the first nine months.
• EBITA for the third quarter was SEK 30M (22). For the nine-month period, EBITA was SEK 85M (79).
• Max Matthiessen has signed a cooperation agreement with Willis that gives Max Matthiessen's customers access to Willis' non-life insurance solutions at the same time that Willis can offer Max Matthiessen's occupational pension solutions.
• The UIG3 insurance solution procurement has now entered the implementation phase. Virtually all UIG2-affiliated companies have signed up for UIG3 and new groups are also in line to join.
• The debate surrounding the right to transfer pension assets issue intensified after the Swedish Government held a meeting with industry representatives. However, the conclusion was that this right can most likely not be fully implemented until ordered by the Government.

Max Matthiessen is Sweden's leading independent provider of advisory services for pension insurance and long-term savings. Its operations include qualified advice and administration in the area of personal insurance such as pension solutions, but also financial services and qualified consulting services in the area of pensions and benefits. The company's customers are companies, organisations and their employees.

maxmatthiessen.se

Chairman: Claes Ekström Bure's holding: 17.5 per cent, 30 September 2009 President: Christoffer Folkebo

SRC

During the quarter, SRC worked successfully to win new projects. The decided cost-cutting measures have now been implemented in full.

Income statements	Q3				Q3 9 mths 9 mths Full year
SEK M		2009 2008	2009	2008	2008
Net sales	6.1	8.1	22.8	28.4	36.6
Operating expenses	-6.3	-8.2	-23.4	-27.4	-36.1
EBITA before
one-time items	-0.2	-0.1	-0.6	1.0	0.5
%	-3.9	-1.2	-2.7	3.4	1.4
One-time items	0.0	0.0	0.0	0.0	0.0
Shares in profit of associates	0.0	0.0	0.0	0.0	0.0
EBITA	-0.2	-0.1	-0.6	1.0	0.5
%	-3.9	-1.2	-2.7	3.4	1.4
Amortisation/impairment of surplus values	0.0	0.0	0.0	0.0	0.0
Operating profit/loss	-0.2	-0.1	-0.6	1.0	0.5
Net financial items	0.0	0.0	0.0	0.1	0.3
Profit/loss before tax	-0.2	-0.1	-0.6	1.1	0.8
Income tax expense	0.0	0.0	0.0	-0.3	-0.3
Profit/loss for the period	-0.2	-0.1	-0.6	0.8	0.5

Balance sheets SEK M	30 Sept 30 Sept 2009	2008	31 Dec 2008
Goodwill	0	0	0
Other intangible assets	0	0	0
Tangible assets	0	1	0
Financial assets	0	0	0
Inventories, etc.	1	2	1
Current receivables	4	4	8
Cash, cash equiv. and short-term investments	5	6	6
Total assets	10	13	15
Equity	6	7	7
Provisions	0	0	0
Non-current liabilities	0	0	0
Current liabilities	4	6	8
Total equity and liabilities	10	13	15

Key figures	Q3			Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Growth, %	-25	10	-20	-4	-9
Of which, organic growth, %	-25	10	-20	-4	-9
Operating cash flow	-1	1	-1	1	1
Equity/assets ratio, %			60	55	44
Net loan debt (-) / receivable (+)			5	6	6
Average number of employees			22	26	26
Value added per employee,
rolling 12 months			711	800	749

Net sales for the third quarter fell by 25 per cent to SEK 6M (8). For the ninemonth period, net sales decreased by 20 per cent to SEK 23M (28).

EBITA was SEK 0M (0) for the third quarter and SEK -1M (1) for the nine-month period.

• Increased sales activities and ongoing cost adaptations.
• New customers during the period included Granngården, OKQ8, CB-Glace and Konsum Bohuslän Älvsborg.

SRC – Scandinavian Retail Center – is a consulting company and advertising agency specialised in services for the retailing industry. Work is conducted in three focus areas – Retail Concept, Trade Marketing and Action Marketing – all of which are based on trends and consumer behaviour in the retail trade.

scandinavianretailcenter.com

Chairman: Carl Backman Bure's holding: 96.24 per cent, 30 September 2009 President: Ola Dolck

CELEMI

Celemi had a weak quarter with falling sales. Measures have been taken to reduce the cost level.

Income statements	Q3				Q3 9 mths 9 mths Full year
SEK M	2009 2008		2009	2008	2008
Net sales	7	12	23	40	57
Operating expenses	-9	-10	-30	-35	-48
EBITA before
one-time items	-2	2	-7	5	9
%	-28.5	16.5	-31.8	12.5	16.4
One-time items	0	0	0	0	0
Shares in profit of associates	0	0	0	0	0
EBITA	-2	2	-7	5	9
%	-28.5	16.5	-31.8	12.5	16.4
Amortisation/impairment of surplus values	0	0	0	0	0
Operating profit/loss	-2	2	-7	5	9
Net financial items	0	0	0	0	1
Profit/loss before tax	-2	2	-7	5	10
Income tax expense	0	0	0	0	-1
Profit/loss for the period	-2	2	-7	5	9

Balance sheets SEK M			2009	30 Sept 30 Sept 31 Dec 2008	2008
Goodwill			5	5	4
Other intangible assets			0	0	0
Tangible assets			2	2	3
Financial assets			0	0	0
Inventories, etc.			4	4	3
Current receivables			13	21	20
Cash, cash equiv. and short-term investments			3	3	10
Total assets			27	35	40
Equity			23	26	30
Provisions			0	0	0
Non-current liabilities			0	0	0
Current liabilities			5	9	10
Total equity and liabilities			27	35	40
Key figures	Q3		Q3 9 mths 9 mths Full year
SEK M	2009	2008	2009	2008	2008
Growth, %	-35	20	-42	14	19
Of which, organic growth, %	-35	20	-42	14	19
Operating cash flow	-3	1	-7	4	10
Equity/assets ratio, %			83	75	75
Net loan debt (-) / receivable (+)			3	3	10
Average number of employees			28	29	28
Value added per employee,
rolling 12 months			742	1,048	1,271

Net sales for the third quarter amounted to SEK 7M (11), equal to negative growth of 35 per cent.

EBITA for the third quarter was SEK -2M (2). For the first nine months of the year, EBITA was SEK -7M (5).

Cost-cutting measures are being taken to improve earnings in the second half of the year.

Through business simulations and customised solutions, Celemi helps large enterprises to rapidly and efficiently communicate key messages that motivate and mobilise people to act in line with company objectives.

celemi.se

Chairman: Göran Havander Bure's holding: 30.4 per cent, 30 September 2009 President: Lars Ynner

PARENT COMPANY HOLDINGS AT 30 SEPTEMBER 2009	% of capital	% of votes	Book value, SEK M
Unlisted holdings
Mercuri International1	100.00	100.00	275
EnergoRetea1	94.25	94.25	104
Carnegie (ABCIB Holding )2	35.00	35.00	412 2
Max Matthiessen (MM Holding)3	17.50	23.33	4 3
CIBVESTCO4,6	35.00	35.00	28
Scandinavian Retail Center SRC1	96.24	96.24	12
Celemi	30.37	30.37	9
Business Communication Group5	100.00	100.00	19
Sancera5	100.00	100.00	1
Cindra	100.00	100.00	5
CR&T Holding5	100.00	100.00	31
CR&T Ventures5	100.00	100.00	2
Other dormant companies5			2
Total			904
Other net assets according to the Parent Company balance sheet			447
Equity in the Parent Company			1,351
Equity per share divided between 50,348,808 shares			26.83
1 Ownership diversification programmes have been carried out in the subsidiaries Mercuri, EnergoRetea and SRC. See also information about dilution on page 15.

The book value of Carnegie includes Bure's 35 per cent share (SEK 184M) in the commitment for a future purchase payment to the Swedish National Debt Office. Aside from the book value of SEK 412M there are receivables with a book value of SEK 27M.

3 Aside from the book value of SEK 4M for the shares in Max Matthiessen, there are receivables with a book value of SEK 28M.

4 Management company in Carnegie, initially owned by Altor/Bure

5 Dormant companies that essentially correspond to liquidity placements.

3 Aside from the book value of SEK 28M for the shares in CIBVESTCO, there are receivables with a book value of SEK 28M.

Comments on the table:

The bulk of Bure's investments consist of unlisted holdings, which means that revaluation gains are not recognised. Unlisted companies are carried at book value. The previously used term "net asset value" may be misinterpreted as meaning the market value of Bure's holdings. To avoid any possible misunderstanding, Bure now uses the term "equity per share". The readers are instead given the opportunity to form their own opinions on the value of the respective holdings based on the provided information about the earnings and financial positions of the individual portfolio companies.

Bure performs ongoing cash flow valuations of all its holdings to determine the need for adjustment of book values. If a discounted cash flow valuation indicates a value that shows that the market value of a holding has fallen below its carrying amount, an impairment loss is recognised. Correspondingly, a previous impairment loss may be reversed if the value of the holding is recovered. For obvious reasons, a more critical assessment is made before deciding to reverse a value.

Valuation of a company is always uncertain, since it is based on an assessment of future development. The values determined in the cash flow valuations are based on the management's estimates of the future cash flows generated in the respective portfolio company.

INTERIM REPORT

GROUP

Because Bure is an investment company, the Group's composition of subsidiaries and associated companies varies in pace with acquisitions and divestitures. Since this makes the consolidated income statement difficult to analyse, it is more meaningful to look at development in the portfolio companies on an individual basis. More detailed information about the portfolio companies can be found on pages 4–6.

Results for the third quarter

Consolidated operating profit including discontinued operations for the third quarter was SEK -25M (77). Consolidated operating profit in continuing operations for the quarter was SEK -25M (-22), a figure that includes exit gains of SEK 0M (2). Of total operating profit, SEK -37M (-18) attributable to the existing subsidiaries and SEK 17M (1) to shares in profit of associates. Of the shares in profit of associates, SEK 1M is attributable to Carnegie, SEK 16M to Max Matthiessen and SEK 0M to Celemi. The remaining profit consists of the Parent Company's administrative expenses and group adjustments. Consolidated profit after financial items was SEK -28M (-1).

Results for the first nine months

Consolidated operating profit including discontinued operations for the first nine months of 2009 is reported at SEK 105M (340).Consolidated operating profit in continuing operations for the same period was SEK 83M (81), and included exit gains of SEK 0M (8). Profit for the period was affected by reversals of previously recognised impairment losses amounting to SEK 0M (62). Profit was charged with impairment losses in portfolio companies for a total of SEK 68M, of which SEK 41M was attributable to Mercuri and SEK 27M to Max Matthiessen. Of total operating profit, SEK -49M (35) was attributable to profit in the existing subsidiaries and SEK 22M (235) to subsidiaries discontinued or held for sale. Shares in profit of associates amounted to SEK 223M, of which SEK 208M is attributable to Carnegie, SEK 17M to Max Matthiessen and SEK -2M to Celemi. The high share in profit from Carnegie is largely due to the negative goodwill that arose on acquisition of the company. The remaining profit consists of the Parent Company's administrative expenses and group adjustments. Consolidated profit after financial items was SEK 91M (128).

Financial position

Equity at the end of the period totalled SEK 1,556M (2,637) and the equity/assets ratio was 71 per cent (78). Diluted equity per share was SEK 30.90 (31.42). At 30 September 2009 the Group had a reported net loan receivable of SEK 560M (1,573), which consisted of interest-bearing assets of SEK 767M (1,790) and interest-bearing liabilities of SEK 207M (217).

BURE'S LOSS CARRYFORWARDS

At the beginning of 2009 the Bure Group had total loss carryforwards of approximately SEK 650M. Of this amount, SEK 390M refers to the Parent Company and can be offset against taxable profits in certain wholly owned subsidiaries. The total deferred tax asset based on unutilised loss carryforwards is valued at SEK 31M, which corresponds to SEK 118M of the total loss carryforwards.

SIGNIFICANT RISKS AND UNCERTAINTIES

The current climate of financial unrest in the market is creating widespread uncertainty about future development. In light of the high volatility in the financial markets, there is a special emphasis on monitoring the effects on Bure's investments and their valuations. The strong financial position in the Parent Company and restrictive indebtedness in the portfolio companies have given Bure a limited level of risk. In May Bure completed the acquisitions of Carnegie and Max Matthiessen. The investment has reduced the Parent Company's net cash by SEK 365M, and has thereby increased the level of financial risk in the company. In other respects, no significant changes have taken place during the quarter in the risks and uncertainties to which the Parent Company and the Group are exposed.

Bure has a number of basic principles for management of risks. Bure's finance policy states that the Parent Company shall be essentially debt-free. Furthermore, each portfolio company shall be financially independent from the Parent Company, which means that the Parent Company is not financially liable for obligations in the portfolio companies and that the companies are responsible for their own financing arrangements. Financing of the respective portfolio companies shall be well adapted to each company's individual situation, where total risk is managed through a balanced spread between operating and financial risk. For a more detailed description of the Group's risk exposure and risk management, see Note 26 of Bure Equity's annual report for 2008. Bure's assessment is that no significant risks have arisen other than those described in the annual report and this interim report.

CURRENCY EXPOSURE

Most of the Group's revenue is denominated in Swedish kronor and euros. The Group is thereby exposed to currency exposure mainly against the euro in the form of exchange rate movements. The underlying costs are normally generated in the same currency as revenues, which means that transaction exposure is limited.

FINANCIAL TARGETS AND DIVIDEND POLICY

• Bure's share shall provide a total return of at least 10 per cent over time.
• Administrative expenses shall be low and, over time, shall not exceed 1.5 per cent of the company's total assets.
• Organic and acquisition-driven growth shall together amount to at least 15 per cent over time.
• The Bure share shall have a dividend, over time, that reflects growth in equity. It should be possible to supplement dividends with measures such as share buybacks, redemption procedures and distribution of shareholdings.
• The Parent Company shall be essentially debt-free and the portfolio companies shall have a level of debt over time that is adequate inrelation to their assessed operating risk.

OWNERSHIP STRUCTURE

Bure's largest shareholders at 30 September 2009 were Skanditek, with a holding of 19.9 per cent, Catella, with 5.3 per cent, and Nordea, with 4.8 per cent. Since year-end 2008, the number of shareholders has decreased somewhat from 18,000 to 17,723 at 30 September 2009. For more information about Bure's shareholders visit www.bure.se under the heading "Investor Relations/ Shareholders".

PARENT COMPANY

Results for the third quarter

The Parent Company's profit after tax for the third quarter was SEK -2M (156), including exit gains of SEK 0M (142). Administrative expenses for the quarter totalled SEK 4M (7). Bonus provisions were made in an amount of SEK 0M (2).

Results for the first nine months

The Parent Company's profit after tax for the first nine months was SEK -86M (343), including exit gains of SEK 22M (151). Dividends of SEK 8M (0) were received from subsidiaries. Profit for the period was affected by reversals of SEK 0M (170) and impairment losses of SEK 109M (0). These consist of an impairment loss of SEK 84M on shares in Mercuri and of SEK 26M on shares and receivables in Max Matthiessen. Administrative expenses for the period totalled SEK 22M (30) and included a SEK 4M (8) reversal of a provision for termination benefits. Bonus provisions were made in an amount of SEK 1M (3).

Financial position

Equity in the Parent Company at the end of the period totalled SEK 1,351M (2,494) and the equity/assets ratio was 86 per cent (97). The Parent Company's cash and cash equivalents and shortterm investments at 30 September 2009 amounted to SEK 522M (1,528). At the end of the period the Parent Company had a reported net loan receivable of SEK 633M (1,581), where the decrease is due to the implementation of a previously decided redemption procedure.

Composition of net loan receivable (Parent Company)

Net loan receivable/debt SEK M	30 Sept 2009	30 Sept 2008	31 Dec 2008
Interest-bearing assets
Receivables from subsidiaries	35	44	43
Other interest-bearing receivables	106	37	19
Cash and cash equivalents	522	1 528	1 814
	663	1,609	1,876
Interest-bearing liabilities
Liabilities to subsidiaries	30	29	28
	30	29	28
Net loan receivable	633	1,581	1,848

Placement of excess liquidity

Bure may normally place excess liquidity in fixed-income investments secured by collateral with counterparties such as the Swedish Government, Swedish banks or Swedish residential mortgage institutions. Furthermore, an investment advisor appointed by the Bure's Board of Directors may decide on certain alternative investments. At 30 September 2009, SEK 500M was placed in short-term bank deposits and the remaining SEK 22M in bank accounts.

Investments

In the third quarter, Bure repurchased 1 per cent of the shares in EnergoRetea from senior executives in the company.

Also in the third quarter, key staff in Max Matthiessen acquired 50 per cent of Max Matthiessen at Bure's book value. Bure's holding after the sale amounts to17.5 per cent.

In the third quarter, key staff in Carnegie were offered the chance to acquire 25 per cent of the companye. The sale will be carried out indirectly via the holding in CIBVESTCO (20 per cent) and directly in ABCIB Holding (5 per cent).

In the second quarter Bure made an investment in Carnegie Investment Bank amounting to SEK 307M, of which SEK 252M in shares and SEK 55M in loans. In the third quarter, additional expenses for the acquisition of Carnegie were capitalised at a total historical cost of SEK 5M. The investment was carried out via ABCIB Holding and CIBVESTCO AB. Furthermore, Bure has committed itself to pay a shareholder contribution of SEK 184M to ABCIB Holding (35 per cent of SEK 525M). The commitment has been expensed and will cease in 2010 after ABCIB Holding has paid the future base purchase price of SEK 525M to the Swedish National Debt Office. Bure's holding in Carnegie at the end of the period was 35 per cent.

Bure also made an investment in Max Matthiessen during the second quarter. The investment amounted to SEK 58M, divided between SEK 15M in shares and SEK 43M in loans after the sale of shares to key staff during the third quarter. The acquisition of Max Matthiessen was carried out via MM Holding AB.

Divestitures – exits

The capital gain for the nine-month period consists of a conditional purchase price of SEK 22M in respect of the sale of Textilia in 2008. Bure has sold 3.8 per cent and issued purchase options for 11.3 per cent of the shares to key staff in SRC, Scandinavian Retail Center.

Reported equity per share

Diluted equity per share at the end of the period amounted to SEK 26.83, compared to SEK 29.14 at year-end 2008.

The Bure share

Bure's market capitalisation at the end of the period was SEK 1,928M, compared to SEK 2,073M at year-end 2008. In the first quarter, Bure completed a voluntary redemption procedure for a total of SEK 1,007M, corresponding to 33,565,872 shares. The total number of shares outstanding at 30 September was 50,348,808, compared to 83,914,680 at year-end 2008.

The Bure share	21 Oct 2009	30 Sept 2009	31 Dec 2008
Share price development, SEK	35.50	38.30	24.70
Change since year-end, %	44	55	-35

For more information about key figures for the Bure share, see the five-year summary on page 18.

CAPITAL DISTRIBUTION

An extraordinary general meeting at the end of 2008 approved a voluntary redemption procedure for a total of SEK 1,007M that was completed in February 2009.

Total capital distribution in 2009/2008, SEK M	2009	2008
Ordinary cash dividend	–	93
Repurchase of shares	–	369
Dividend of shares in Academedia	–	717
Voluntary redemption procedure	1,007	–
Total capital distributed	1,007	1,179

SUBSEQUENT EVENTS

• The boards of Bure Equity AB and Skanditek Industriförvaltning AB propose a merger between the companies. It is proposed that the merger be carried out through a fusion in which Bure, as the takeover company, absorbs Skanditek. According to the exchange ratio in the merger, 4 shares in Skanditek will grant the right to 3 new shares in Bure.
• In connection with the merger between Bure and Skanditek, Bure proposes an extra dividend to Bure's shareholders amounting to a total of approximately SEK 478M, equal to SEK 9.50 per share.
• According to earlier agreement in connection with the acquisition of Carnegie, Bure and Altor have in October offered distribution of ownership with up to 25 per cent of the company to key staff in Carnegie. Bure's holding in Carnegie thereafter will be 26.3 per cent.

Göteborg, 22 October 2009

Bure Equity AB (publ) Carl Backman

AUDIT REPORT ON THE REVIEW OF INTERIM FINANCIAL INFORMATION PRESENTED IN ACCORDANCE WITH IAS 34 AND THE ANNUAL ACCOUNTS ACT

To the Board of Directors of Bure Equity AB

Introduction

We have reviewed the interim financial information of Bure Equity AB at 30 September 2009 and for the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and fair presentation of this interim financial information in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the Standard on Review Engagements (SÖG) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing in Sweden (RS) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material aspects, in accordance with IAS 34 and the Annual Accounts Act for the Group and in accordance with the Annual Accounts Act for the Parent Company.

Göteborg, 22 October 2009 Ernst & Young AB Staffan Landén Authorised Public Accountant

FINANCIAL CALENDAR

Year-end report 2009 24 February 2010 Annual General Meeting 28 April 2010 Interim report January – March 28 April 2010

FOR ADDITIONAL INFORMATION CONTACT

Carl Backman, President & CEO	+46 31- 708 64 59
Jonas Alfredson, Chief Financial Officer	+46 31- 708 64 41
Pia-Lena Olofsson, Group Accounting Director	+46 31- 708 64 49

STATEMENT OF COMPREHENSIVE INCOME, GROUP

SEK M		Q3 2009	Q3 2008	9 mths 2009	9 mths 2008Full year 2008
Continuing operations
Operating income
Net sales	Note 1	162.4	203.4	704.8	783.0	1,096.6
Other operating income		5.0	5.2	17.2	8.2	19.1
Exit gains		0.0	1.8	0.1	8.5	8.5
Shares in profit of associates		17.2	0.5	223.2	1.6	3.0
Total operating income		184.6	210.9	945.4	801.3	1,126.4
Operating expenses
Goods for resale		-2.6	-3.2	-12.0	-14.2	-22.6
Other external expenses		-68.9	-68.5	-212.9	-223.4	-333.3
Personnel costs		-127.8	-152.3	-514.2	-515.9	-712.7
Depreciation/amortisation and impairment losses		-6.9	-4.8	-88.2	-16.0	-38.0
Reversal of previously recognised impairment losses in investing activities		–	–	–	61.7	61.7
Other operating expenses		-3.5	-3.6	-34.6	-12.0	-15.7
Exit losses		–	-0.8	–	-0.8	-0.8
Operating profit/loss	Note 1	-25.0	-22.3	83.6	80.7	65.8
Net financial items		-3.0	21.1	7.1	47.1	74.7
Profit after financial items		-28.0	-1.2	90.6	127.7	140.5
Income tax expense		1.5	-4.7	-7.8	-15.8	-26.9
Profit for the period from continuing operations		-26.5	-5.9	82.9	111.9	113.6
Discontinued operations
Profit for the period from discontinued operations	Note 2	–	96.8	22.2	234.9	769.0
PROFIT FOR THE PERIOD		-26.5	90.9	105.1	346.8	882.6
Other comprehensive income
Translation differences		-36.3	7.6	-27.3	10.2	37.2
Issue proceeds, Max Matthiessen		6.9		6.9
Comprehensive income for the period	Note 5	-55.9	98.5	84.7	357.0	919.8
Profit for the period attributable to minority interests		-0.1	0.0	0.0	0.6	0.6
Profit for the period attributable to equity holders of the Parent Company		-26.4	90.9	105.1	346.2	882.0
Total profit		-26.5	90.96	105.1	346.8	882.6
Average basic number of shares, thousands		50,349	89,889	54,283	91,752	89,782
Average diluted number of shares, thousands		50,349	89,889	54,283	91,752	89,782
Basic earnings per share for the period in continuing operations, SEK		-0.53	-0.07	1.53	1.22	1.26
Basic earnings per share for the period in discontinued operations, SEK		–	1.08	0.41	2.56	8.56
Basic earnings per share for the period, SEK		-0.53	1.01	1.94	3.78	9.82
Diluted earnings per share for the period in continuing operations, SEK		-0.53	-0.07	1.53	1.22	1.26
Diluted earnings per share for the period in discontinued operations, SEK		–	1.08	0.41	2.56	8.56
Diluted earnings per share for the period, SEK		-0.53	1.01	1.94	3.78	9.82

STATEMENT OF FINANCIAL POSITION, GROUP

SEK M		30 Sept 2009	30 Sept 2008	31 Dec 2008
Assets
Intangible assets		401.6	449.0	458.4
Of which, goodwill		397.6	444.0	453.6
Tangible assets		70.6	87.5	75.2
Financial assets		769.9	83.0	78.6
Inventories, etc.		28.1	35.0	22.3
Current receivables		253.6	313.4	301.6
Cash and cash equivalents and short-term investments		656.1	1,746.9	2,058.9
Total assets in continuing operations		2,179.9	2,714.8	2,995.0
Non-current assets held for sale	Note 3	–	675.5	–
Total assets		2,179.9	3,390.3	2,995.0
Equity and liabilities
Equity attributable to equity holders of the Parent Company		1,548.8	2,627.6	2,472.1
Equity attributable to minority interests		7.6	8.9	8.6
Total equity		1,556.4	2,636.5	2,480.7
Non-current liabilities		131.7	223.8	214.7
Current liabilities		491.8	288.9	299.6
Total liabilities in continuing operations		623.5	512.7	514.3
Liabilities directly connected to non-current assets held for sale	Note 3	–	241.1	–
Total equity and liabilities		2,179.9	3,390.3	2,995.0
Of which, interest-bearing liabilities		206.6	217.8	193.6
Pledged assets and contingent liabilities
Pledged assets		252.4	208.7	253.4
Of which, pledged assets in discontinued operations		–	6,2	–
Contingent liabilities		–	–	–
Of which, contingent liabilities in discontinued operations		–	–	–

STATEMENT OF CHANGES IN EQUITY, GROUP

		Equity attributable to equity holders of the Parent Company
SEK M Group	Share capital	Other contributed capital	Reserves	Retained profit/ loss incl. profit loss for the year	Minority share	Total equity
Opening balance at 1 January 2008	842.1	1,178.9	12.9	712.2	7.7	2,753.8
Comprehensive income for the period	–	–	10.2	346.2	0.6	357.0
Sale to (+)/acquisition from (-) minority	–	–	–	0.7	0.6	1.3
Transactions with minorities	–	–	–	-13.7	–	-13.7
Cash dividend	–	–	–	-92.6	–	-92.6
Repurchase of shares	–	–	–	-368.9	–	-368.9
Costs related to redemption procedure				-0.5		-0.5
Closing balance at 30 September 2008	842.1	1,178.9	23.0	583.4	8.9	2,636.5
Opening balance at 1 January 2009	300.1	1,720.9	50.3	400.7	8.6	2,480.7
Comprehensive income for the period	–	–	-20.3	105.1	0.0	84.7
Sale to minority				1.0	-1.0	0.0
Completed redemption procedure	–	-1,007.0	–	–	–	-1,007.0
Costs for the completed redemption procedure	–	–	–	-2.2	–	-2.2
Closing balance at 30 September 2009	300.1	713.9	30.0	504.7	7.6	1,556.4

STATEMENT OF CASH FLOWS, GROUP

SEK M	Q3 2009		Q3 2008 9 mths 2009	9 mths 2008 Full year 2008
Cash flow from operating activities before change in working capital	-39,5	9.1	-54.5	209.6	239.9
Cash flow from change in working capital	16,5	-18.3	-55.5	-37.0	6.9
Cash flow from operating activities	-23,0	-9.2	-110.0	172.6	246.8
Cash flow from investing activities	8,1	266.3	-245,7	248.5	483.6
Cash flow from financing activities	-6,1	-301.1	-1,042.2	-497.2	-500.8
Cash flow for the period	-21,0	-44.0	1,397.9	-76.1	229.6
Cash and cash equivalents at beginning of period	681.5	1,783.4	2,058.9	1,816.1	1,816.1
Exchange rate differences and change in value of hedge fund	-4.4	7.5	-4.9	6.9	13.2
Cash and cash equivalents at end of period (incl. non-current assets held for sale)	656.1	1,746.9	656.1	1,746.9	2,058.9

INCOME STATEMENT, PARENT COMPANY

SEK M	Q3 2009	Q3 2008	9 mths 2009	9 mths 2008 Full year 2008
Operating income
Investing activities
Dividends	–	–	8.0	–	–
Exit gains	–	141.9	22.3	150.9	811.9
Reversals/impairment losses	-0.5	–	-109.4	170.0	170.0
Profit before financial items and administrative expenses	-0.5	141.9	-79.1	320.9	981.9
Administrative expenses	-4.3	-7.1	-21.6	-30.4	-38.0
Profit before financial items	-4.8	134.8	-100.7	290.5	943.9
Net financial items	2.5	21.3	14.9	52.9	75.3
Profit after financial items	-2.3	156.1	-85.8	343.4	1,019.2
Income tax expense	–	–	–	–	–
Profit for the period	-2.3	156.1	-85.8	343.4	1,019.2
Average number of shares, thousands	50,349	89,889	54,283	91,752	89,782
Average number of shares after dilution, thousands	50,349	89,889	54,283	91,752	89,782
Basic earnings per share, SEK	-0.05	1.74	-1.58	3.74	11.35
Diluted earnings per share, SEK	-0.05	1.74	-1.58	3.74	11.35
Average number of employees	7	9	7	9	9

BALANCE SHEETS, PARENT COMPANY

SEK M		30 Sept 2009 30 Sept 2008	31 Dec 2008
Assets
Tangible assets	0,3	0,4	0,4
Financial assets	904,1	924,7	611,0
Non-current receivables	51,2	–	–
Current receivables	99,9	105,7	73,1
Cash and cash equivalents and short-term investments	522,0	1 528,3	1 813,6
Total assets	1 577,5	2 559,1	2 498,1
Equity and liabilities
Equity	1 351,1	2 493,9	2 445,2
Current liabilities	226,4	65,2	52,9
Total equity and liabilities	1 577,5	2 559,1	2 498,1
Of which, interest-bearing liabilities	29,8	28,5	28,4
Pledged assets and contingent liabilities
Pledged assets	25,0	–	–
Contingent liabilities	–	–	–

CASH FLOW STATEMENTS, PARENT COMPANY

SEK M	Q3 2009		Q3 2008 9 mths 2009	9 mths 2008 Full year 2008
Cash flow from operating activities before change in working capital	-1.9	15.1	1.4	23.4	37.6
Cash flow from change in working capital	-10.1	-25.4	-6.6	-20.7	-17.9
Cash flow from operating activities	-12.0	-10.3	-5.2	2.7	19.7
Cash flow from investing activities	-1.8	408.4	-180.8	397.6	669.0
Cash flow from financing activities	-0.1	-250.2	-1,105.5	-295.1	-298.2
Cash flow for the period Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	-13.9 535.9 522.0	147.9 1,380.4 1,528.3	1,291.5 1,813.6 522.0	105.2 1,423.1 1,528.3	390.5 1,423.1 1,813.6

STATEMENT OF CHANGES IN EQUITY, PARENT COMPANY

SEK M	Q3 2009		Q3 2008 9 mths 2009	9 mths 2008 Full year 2008
Opening balance, equity	1,353.4	2,686.4	2,445.2	2,612.4	2,612.4
Shareholder contributions received/paid	–	–	51.0	–	-6.9
Impairment loss on shares	–	–	-50.1	–	–
Repurchase of shares	–	-348.6	–	-368.8	-368.9
Completed redemption procedure	–	–	-1,007.0	–	–
Cash dividend	–	–	–	-92.6	-92.6
Distribution of shares in AcadeMedia	–	–	–	–	-717.5
Costs related to redemption procedure	–	–	-2.2	-0.5	-0.5
Profit for the period	-2.3	156.1	-85.8	343.4	1,019.2
Closing balance, equity	1,351.1	2,493.9	1,351.1	2,493.9	2,445.2

ACCOUNTING POLICIES

This consolidated interim report for the third quarter of 2009, like the annual report for 2008, has been presented in compliance with International Financial Reporting Standards (IFRS) as endorsed for application in the EU, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2.2, Accounting for Legal Entities.

Since the publication of the most recent annual report, a few new or revised standards have been adopted. The most important of these is IFRS 8, Operating Segments. The concepts of primary and secondary segment in the Group have been replaced by operating segments. The implementation of this standard has had no impact on the profit or financial position of the Group. The implementation of IFRS 8 has not given rise to any segments other than those reported as primary segments in accordance with IAS 14. Segment information is provided in Note 1.

A revised IAS 1, Presentation of Financial Statements, has also been adopted. The standard requires entities to present changes in equity resulting from transactions with owners separately from 'non-owner' changes. The statement of changes in equity will only contain details relating to transactions with owners. Other "non-owner' changes in equity are presented on a line in the statement of changes in equity. In addition, the standard introduces the "Statement of comprehensive income" which shows all items of income and expense. See also page 11.

Furthermore, a revised IAS 23, Borrowing Costs, has been adopted. The standard requires capitalisation of borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that takes a substantial period to get ready for use or sale. In addition, a new interpretation, IFRIC 13 Customer Loyalty Programmes, has been adopted and requires entities to allocate some of the proceeds of the initial sale to the award credits and recognise these proceeds as revenue only when they have fulfilled their obligations. Neither IAS 23 nor IFRIC 13 is deemed relevant to Bure's operations at present, and these have not had any impact on Bure's financial statements.

Those parts of the report that are based on the above accounting policies are the financial statements on pages 11–17.

DISCLOSURES

Dilutive effects of existing ownership distribution programmes

The following information is provided as a disclosure regarding the dilution effects that exist in the companies where Bure has carried out ownership distribution programmes:

Scope		SRC	EnergoRetea	Mercuri
Holding based on number of warrants/options granted, %1		11.3	4.1	21.7
Exercise date for subscription rights		May 2014	May 2012	Aug 2011
Exercise price calculated on 100% of the company, SEK M2		20	175	443
Value range for premature exercise of subscription rights2	Period	SRC	EnergoRetea	Mercuri
Exercise price calculated on 100% of the company, SEK M2	31 Dec 2009	13	139	378
	31 Dec 2010	14	153	416
	31 Dec 2011	16	169
	31 Dec 2012	18
	31 Dec 2013	19
	31 May 2014	20

1 The specified percentage refers to the number of warrants/options sold to date. Further dilution may thus arise. Subscription rights may be exercised prematurely in certain situations, e.g. in connection with an exit. The exercise price then varies with respect to the date.

2 The exercise price will be indexed, normally by 10 per cent annually, with monthly adjustment of the exercise price.

NOTE 1 – SEGMENT REPORTING

Segment reporting

Bure has adopted the new IFRS 8 standard for reporting of operating segments. Since Bure has previous accounted for segments in a similar manner, the new standard has not led to any changes in the basis for segmentation or in calculation of profit/loss in the segments compared to the most recently published annual report.

Positive and negative goodwill arising on consolidation has been attributed to the respective companies. Transactions between the various segments are insignificant in scope and are equal to less than 0.1 per cent of total sales. Dormant companies or companies not classified as portfolio companies are reported under the heading "Other companies". For a description of the respective companies' operations, see pages 4–6.

SEK M	Mercuri		EnergoRetea		SRC		Other companies		Discontinued operations		Eliminations, etc.		Parent Company		TOTAL
	9 mths 2009	9 mths 2008	9 mths 2009	9 mths 2008	9 mths 2009	9 mths 2008	9 mths 2009	9 mths 2008	9 mths 2009	9 mths 2008	9 mths 2009	9 mths 2008	9 mths 2009	9 mths 2008	9 mths 2009	9 mths 2008
Income
Total income	468	560	204	195	23	28	11	4	–	–	-1	-4	–	–	705	783
Shares in profi t	1						222	2							223	2
Profit/loss
Profi t/loss by segment	-56	17	8	18	-1	1	222	3	–	–	–	3	–	–	174	66
Unallocated costs:													-22	-30	-22	-30
Reversals/ impairment losses	-14										55	-108	-109	170	-68	62
in investing activities															–	–
Dividends											-8		8		–	–
Exit gains/losses				-1							-22	-142	22	151	0	8
Operating profit/loss	-70	17	8	17	-1	1	222	3	–	–	25	-247	-101	291	84	81
Net fi nancial items															7	47
Income tax expense															-8	-16
Continuing operations															83	112
Profit from discontinued operations															22	235
Profit for the year															105	347

Other disclosures

SEK M		Mercuri	EnergoRetea SRC		Other Discontinued companies operations		Eliminations, etc.		Parent Company		TOTAL
	30 Sept 2009	30 Sept 2008	30 Sept 2009	30 Sept 2008	30 Sept 2009	30 Sept 2008	30 Sept 2009	30 Sept 2008	30 Sept 2009	30 Sept 2008	30 Sept 2009	30 Sept 2008	30 Sept 2009	30 Sept 2008	30 Sept 2009	30 Sept 2008
Assets	511	649	193	209	15	18	147	200	–	470	-67	-88	674	1,654	1,472	3,111
Shares in equity	4	3	–	–	–	–	–	11	–	188	220	-183	453	183	676	202
Unallocated assets															31	77
Total assets															2,179	3,390
Liabilities	132	179	51	64	4	6	42	48	–	220	-67	-85	226	65	388	497
Unallocated liabilities															236	257
Total liabilities															623	754
Investments	4	7	1	34	–	–	4	8	–	18	–	–	455	12	464	80
Amortisation/depreciation	-7	-7	-2	-2	–	-1	-10	-3	–	-47	–	–	–	–	-20	-60

NOTE 2 – PROFIT FROM DISCONTINUED OPERATIONS

SEK M	Q3 2009	Q3 2008	9 mths 2009	9 mths 2008	Full year 2008
Operating income
Net sales	–	242.4	–	1,188.8	1,188.8
Exit gains	–	89.4	22.3	136.4.	676.1
Other operating income	–	0.2	–	0.7	0.6
Shares in profit of associates	–	–	–	7.0	11.1
Total operating income	–	332.0	22.3	1,332.9	1,876.6
Operating expenses
Goods for resale	–	-33.5	–	-91.7	-90.6
Other external expenses	–	-84.4	–	-363.8	-364.4
Personnel costs	–	-109.0	–	-574.3	-577.6
Amortisation/depreciation and impairment losses	–	-6.0	–	-44.5	-44.5
Other operating expenses	–	–	–	0.6	-6.3
Operating profit	–	99.1	22.3	259.2	793.2
Net financial items	–	–	–	–	0.1
Profit after financial items	–	99.1	22.3	259.2	793.3
Income tax expense	–	-2.3	–	-24.3	-24.3
PROFIT FROM DISCONTINUED OPERATIONS	–	96.8	22.3	234.9	1 769.0
Basic earnings per share, SEK	–	1.08	0.41	2.56	8.56
Diluted earnings per share, SEK	–	1.08	0.41	2.56	8.56
Cash flow from operating activities	–	34.0	–	110.8	2 110.8
Cash flow from investing activities	–	204.9	40.8	190.7	482.1
Cash flow from financing activities	–	–	–	-56.3	-56.3
Net cash from discontinued operations	–	238.9	40.8	245.2	536.6

1 Discontinued operations refer to Anew Learning, AcadeMedia, Textilia and the Citat group excluding Scandinavian Retail Center AB.

2 In cash flow from discontinued operations, investing activities include the acquisition of properties in Textilia that were previously held under a finance lease by another company in the Bure Group.

NOTE 3 – NON-CURRENT ASSETS HELD FOR SALE

At 30 September 2009, Bure had no holdings classified as noncurrent assets held for sale.

NOTE 4 – ACQUISITIONS AND DIVESTITURES

Acquisitions

During the quarter and the nine-month period, the acquisition of a 1% minority holding in EnergoRetea was carried out for a purchase price of SEK 1.1M.

Divestitures during the year

No divestitures were carried out in the third quarter. During the nine-month period, a conditional purchase price for the sale of Textilia affected profit in an amount of SEK 22.3M. The total effect on cash and cash equivalents was SEK 40.8M, due to the payment of a previously unsettled purchase price commitment of SEK 18.5M.

Total value of sold assets and liabilities in Textilia during the quarter and accumulated for 2009:

SEK M	Q3 2009	9 mths 2009
Assets	–	–
Liabilities	–	–
Capital gains	–	22.3
Total purchase price	–	–
Previously unsettled purchase price commitments now paid	–	18.5
Effect on the Group's cash and cash equi valents, total net outfl ow	–	40.8

NOTE 5 – EFFECTS OF CHANGED ESTIMATES AND ASSUMPTIONS

Key accounting estimates and assumptions are presented in Note 11 of the annual report for 2008. No changes have been made in these accounting estimates and assumptions that could have a significant impact on this interim report.

FIVE-YEAR OVERVIEW

Data per share 1	2005 3	2006	2007		2008 9 mths 2008 9 mths 2009
Equity (net asset value), SEK2	33.36	46.73	28.02	29.14	29.72	26.83
Equity (net asset value) after exercise of
outstanding warrants, SEK2	18.99	26.30	28.02	29.14	29.72	26.83
Share price, SEK	23.80	33.40	37.90	24.70	37.10	38.30
Share price as a percentage of equity, %	125	127	135	85	125	143
Parent Company basic equity per share, SEK	33.36	46.73	28.02	29.14	29.72	26.83
Parent Company diluted equity per share, SEK	18.99	26.30	28.02	29.14	29.72	26.83
Consolidated diluted equity per share, SEK	32.81	43.57	29.54	29.56	31.42	30.90
Consolidated diluted equity per share, SEK	18.73	24.77	29.54	29.56	31.42	30.90
Parent Company basic earnings per share, SEK	6.22	13.85	8.11	11.35	3.74	-1.58
Parent Company diluted earnings per share, SEK 4	3.08	6.99	6.36	11.35	3.74	-1.58
Consolidated basic earnings per share, SEK	9.37	14.21	12.39	9.82	3.78	1.94
Consolidated diluted earnings per share, SEK 4	4.63	7.17	9.71	9.82	3.78	1.94
Number of shares, thousands	60,358	62,819	93,225	83,915	83,915	50,349
Number of warrants outstanding, thousands	69,362	66,901	–	–	–	–
Total number of shares including warrants outstanding, thousands	129,720	129,720	93,225	83,915	83,915	50,349
Diluted number of shares according to IAS 33, thousands	115,772	122,836	93,225	83,915	83,915	50,349
Average number of shares, thousands	54,172	61,071	84,465	89,782	91,752	54,283
Average diluted number of shares according to IAS 33, thousands	109,585	121,086	107,782	89,782	91,752	54,283
Key figures
Dividend paid, SEK per share	–	–	1.00	8.55	1.00	–
Direct yield, %	–	–	2.64	34.62	2.80	–
Total yield, %	36.8	40.3	16.6	-2.8	0.5	55.1
Market capitalisation, SEK M	1,437	2,098	3,533	2,073	3,113	1,928
Diluted market capitalisation, SEK M5	3,087	4,333	3,533	2,073	3,113	1,928
Net asset value, SEK M	2,014	2,935	2,612	2,445	2,494	1,351
Return on equity, %	19.2	34.2	24.7	40.3	12.0	-4.5
Parent Company profit and financial position
Exit gains/losses, SEK M	353.7	625.6	451.9	811.9	150.9	22.3
Profit for the period after tax, SEK M	337.2	846.1	685.2	1 019.2	343.4	-85.8
Total assets, SEK M	2,109	3,112	2,695	2,498	2,559	1,578
Equity, SEK M	2,014	2,935	2,612	2,445	2,494	1,351
Equity/assets ratio, %	95.4	94.3	97.0	97.9	97.5	85.6
Net loan debt (-) / receivable (+)	404	1,080	1,462	1,848	1,581	633
Net loan debt (-) / receivable (+) after
exercise of outstanding warrants	854	1,556	1,462	1,848	1,581	633
Consolidated profit and financial position
Net sales, SEK M	2,022.7	2,147.1	1,013.2	1,096.6	783.0	704.8
Profit for the period after tax, SEK M	543.7	884.9	1 047.1	882.0	346.2	105.1
Total assets, SEK M	4,032	3,885	3,747	2,995	3,390	2,180
Equity, SEK M	1,980	2,737	2,754	2,481	2,637	1,556
Equity/assets ratio, %	49.1	70.5	73.5	82.8	77.8	71.4
Net loan debt (-) / receivable (+)	201	1,178	1,514	1,892	1,573	560
Net loan debt (-) / receivable (+) after
exercise of outstanding warrants	651	1,655	1,514	1,892	1,573	560
Average number of employees (excluding discontinued operations)	2,220	2,683	799	939	920	864

¹ All historical data per share has been adjusted for shares in issue with a time-weighting factor as prescribed by IAS 33.

² Net asset value corresponds to equity per share.

³ The figures for the full year 2005 include discontinued operations.

⁴ In the event of a negative result, the average number of shares before dilution is also used for calculation after dilution.

⁵ Market capitalisation taking into account the total number of shares after full exercise of outstanding warrants multiplied by share price on the closing date for the period in question.

The information in this Interim Report is subject to the disclosure requirements of Bure Equity AB under the Swedish Securities Market Act. This information was publicly communicated on 22 October 2009.

About Bure

Bure is an investment company whose primary emphasis is on long-term ownership in unlisted companies with a strong and stable earning capacity in sectors where Bure has previous experience.

Bure Equity AB (publ), Box 5419, SE-402 29 Göteborg, Sweden, Tel +46 31-708 64 00, Fax +46 31-708 64 80 Corporate ID number 556454-8781, www.bure.se