THE SHAREHOLDERS OF INVESTMENT AB KINNEVIK (publ) are hereby invited to the Annual General Meeting on Monday 11 May 2009

THE SHAREHOLDERS OF INVESTMENT AB KINNEVIK (publ) are hereby invited
to the Annual General Meeting on Monday 11 May 2009 at 9.00 a.m. CET
at the Hotel Rival, Mariatorget 3 in Stockholm

NOTIFICATION
Shareholders who wish to participate at the Annual General Meeting
shall

- have their names entered in the register of shareholders maintained
by Euroclear Sweden AB (formerly VPC AB, the Swedish Central
Securities Depository) on Tuesday 5 May 2009, and
- notify the Company of their intention to participate by no later
than 3.00 p.m. CET on Tuesday 5 May 2009. The notification can be
made on the Company's website, www.kinnevik.se, by telephone +46 771
246 400 or in writing to the Company at:

Investment AB Kinnevik
C/o Novator Bolagsservice AB
P.O. Box 10
SE-182 11 Danderyd, Sweden

When giving notice of participation, the shareholders should state
their name, personal identification number (or company registration
number), address, telephone number, shareholdings and any advisors
attending. If participation is by way of proxy, such document should
be submitted in connection with the notice of participation of the
Annual General Meeting. If the proxy is issued by a legal entity, a
certified copy of the registration certificate or an equivalent
certificate of authority, shall be attached to the proxy. The proxy
and the document evidencing proof of authority may not be issued
earlier than one year prior to the Annual General Meeting. Written
notifications made by post should be marked "AGM".

Proxy forms are available at the Company's website (www.kinnevik.se).
For ordering the proxy forms the same address and telephone number
can be used as for the notification, see above. Distance
participation and voting is not available.

Shareholders whose shares are registered in the names of nominees
must temporarily re-register the shares in their own name in order to
be entitled to participate at the Annual General Meeting.
Shareholders wishing to re-register must inform the nominee well in
advance of Tuesday 5 May 2009.

PROPOSED AGENDA
1. Election of Chairman of the Annual General Meeting.
2. Preparation and approval of the voting list.
3. Approval of the agenda.
4. Election of one or two persons to check and verify the minutes.
5. Determination of whether the Annual General Meeting has been duly
convened.
6. Presentation of the Annual Report and Auditor's Report and of the
Group Annual Report and the Group Auditor's Report.
7. Resolution on the adoption of the Profit and Loss Statement and
the Balance Sheet and of the Group Profit and Loss Statement and the
Group Balance Sheet.
8. Resolution on the proposed treatment of the Company's
unappropriated earnings or accumulated loss as stated in the adopted
Balance Sheet.
9. Resolution on the discharge of liability of the directors of the
Board and the managing director.
10. Determination of the number of directors of the Board.
11. Determination of the remuneration to the directors of the Board
and the auditor.
12. Election of the directors of the Board and the Chairman of the
Board.
13. Determination of the number of auditors and election of auditors.
14. Approval of the procedure of the Nomination Committee.
15. Resolution regarding Guidelines for remuneration to the senior
executives.
16. Resolution regarding incentive programme comprising the following
resolutions:
     (a) adoption of an incentive programme;
     (b) authorisation to resolve to issue Class C shares;
     (c) authorisation to resolve to repurchase own Class C shares;   (d) transfer of Class B shares.
17. Resolution on amendment of the Articles of Association.
18. Resolution to authorise the Board of Directors to resolve on
repurchase of own shares.
19. Resolution to reduce the share capital by way of redemption of
repurchased shares.
20. Closing of the Meeting.

NOMINATION COMMITTEE PROPOSALS (Items 1 and 10-14)
The Nomination Committee proposes that the lawyer Martin Börresen is
appointed to be the Chairman of the Annual General Meeting.

The Nomination Committee proposes that the Board of Directors shall
consist of seven directors and no deputy directors. The Nomination
Committee proposes, for the period until the close of the next Annual
General Meeting, the re-election of Vigo Carlund, Wilhelm Klingspor,
Erik Mitteregger, Stig Nordin, Allen Sangines-Krause and Cristina
Stenbeck, and election of John Hewko, as directors of the Board. The
Nomination Committee proposes that the Meeting shall re-elect
Cristina Stenbeck as Chairman of the Board of Directors. Furthermore,
it is proposed that the Board of Directors at the Constituent Board
Meeting appoints a Remuneration Committee and an Audit Committee
within the Board of Directors. The Nomination Committee's motivated
opinion regarding proposal of the Board of Directors is available at
the Company's website, www.kinnevik.se.

It was noted that the accounting firm Ernst & Young AB was appointed
as auditor, with the Authorised Public Accountant Erik Åström as
auditor in charge, at the Annual General Meeting in 2005, for a
period of four years. The Nomination Committee proposes that Ernst &
Young AB is re-appointed as auditor, with the Authorised Public
Accountant Thomas Forslund as auditor in charge, for a period of four
years.

The Nomination Committee proposes that the Annual General Meeting
resolves that the remuneration to the Board of Directors for the
period until the close of the next Annual General Meeting shall be
the same remuneration per Board member. Due to an addition of another
Board member, however, the total Board remuneration shall be
increased from SEK 3,400,000 to SEK 3,800,000, of which SEK 900,000
shall be allocated to the Chairman of the Board, SEK 400,000 to each
of the directors of the Board and in total SEK 500,000 as
remuneration for the work in the committees of the Board of
Directors. The Nomination Committee proposes that for work within the
Audit Committee SEK 150,000 shall be allocated to the Chairman and
SEK 75,000 to each of the other three members. For work within the
Remuneration Committee SEK 50,000 shall be allocated to the Chairman
and SEK 25,000 to each of the other three members. Furthermore,
remuneration to the auditor shall be paid in accordance with approved
invoices.

The Nomination Committee proposes that the Annual General Meeting
approves the following procedure for preparation of the election of
the Board of Directors and auditor. The work of preparing a proposal
on the directors of the Board and auditor, in the case that an
auditor should be elected, and their remuneration as well as the
proposal on the Chairman of the Annual General Meeting of 2010 shall
be performed by a Nomination Committee. The Nomination Committee will
be formed during October 2009 in consultation with the largest
shareholders of the Company as at 30 September 2009. The Nomination
Committee will consist of at least three members representing the
largest shareholders of the Company. The Nomination Committee is
appointed for a term of office commencing at the time of the
announcement of the third quarter report in 2009 and ending when a
new Nomination Committee is formed. The majority of the members of
the Committee may not be directors of the Board of Directors or
employed by the Company. If a member of the Committee resigns before
the work is concluded, a replacement member is to be appointed in the
corresponding manner. Cristina Stenbeck will be a member of the
Committee and will also act as its convenor. The members of the
Committee will appoint the Committee Chairman at their first meeting.
The Nomination Committee shall have the right to upon request receive
personnel resources such as secretarial services from the Company,
and to charge the Company with costs for recruitment consultants if
deemed necessary.
The above proposals are supported by shareholders representing more
than 50% of the votes in the Company including among others Alecta,
Emesco AB, the von Horn family, the Klingspor family and Swedbank
Robur fonder.

DIVIDENDS (Item 8)
The Board of Directors proposes an unchanged dividend of SEK 2.00 per
share. The record date is proposed to be Friday 15 May 2009.

GUIDELINES ON REMUNERATION FOR SENIOR EXECUTIVES (Item 15)
The Board proposes the following guidelines for determining
remuneration for senior executives in the Group, to be approved by
the Annual General Meeting 2009. Senior executives covered include
the CEO and President in the parent company, other senior executives
in the parent company and the chief executives of the different
business areas within the group. At present the number of senior
executives amounts to 7 individuals.
The remuneration to the senior executives shall consist of fixed
salary, variable salary, as well as the possibility to participate in
a long-term incentive programme and pension and other customary
benefits. These components shall create a well balanced remuneration
which reflects individual performance and which offers a competitive
remuneration package adjusted to conditions on the market.
* The fixed salary is revised yearly and based on the executive's
  competence and area of responsibility.
* The variable salary may not exceed 50% of the fixed salary and is
  calculated according to a combination of results achieved and
  individual performances.
* Other benefits shall only constitute of a limited amount in
  relation to the total remuneration and shall correspond to local
  practice.
* Pension premiums are paid to insurance companies within the
  framework of defined contribution plans, with a maximum of 20% of
  the fixed salary and a right to collect pension from the age of 65.
* In the event of notice of termination of employment being served by
  the Company, there is entitlement to salary during a notice period
  of a minimum of 6 and a maximum of 18 months. Salary during the
  notice period is calculated against salary received from a
  potential new employment.

In special circumstances, the Board may deviate from the above
guidelines. In such case, the Board is obligated to give account for
the reason for the deviation on the following Annual General Meeting.

PROPOSAL TO IMPLEMENT AN INCENTIVE PROGRAMME (Item 16)
The Board of Directors proposes that the Annual General Meeting
resolves to adopt a performance based incentive programme for senior
executives and other key employees within the Kinnevik Group in
accordance with Items 16(a) - 16(d) below. All resolutions are
proposed to be conditional upon each other and are therefore proposed
to be adopted in connection with each other.

Adoption of an incentive programme (Item 16(a))
The Board of Directors proposes that the Annual General Meeting
resolves to adopt a performance based incentive programme (the"Plan"). The Plan is proposed to include in total approximately 22
senior executives and other key employees within the Kinnevik Group.
The participants in the Plan are required to own shares in Kinnevik.
These shares can either be shares already held or shares purchased on
the market in connection with the notification to participate in the
Plan. Thereafter the participants will be granted, by the Company
free of charge, rights to retention shares and performance shares on
the terms stipulated below. The proposed Plan has the same structure
as the plan that was adopted at the 2008 Annual General Meeting.

For each share held under the Plan, the participants will be granted
retention rights and performance rights by the Company. Subject to
fulfilment of certain retention and performance based conditions
during the period 1 April 2009 - 31 March 2012 (the "Measure
Period"), the participant maintaining the employment within the
Kinnevik Group of companies at the date of the release of the interim
report for the period January - March 2012 and subject to the
participant maintaining the invested shares, each retention right and
performance right entitle the participant to receive one Class B
share in the Company. Dividends paid on the underlying share will
increase the number of retention and performance shares being
allotted in order to treat the shareholders and the participants
equally.

The retention rights and performance rights are divided into Series
A; retention rights and Series B-F; performance rights.

For employees in Kinnevik, the number of shares the employee will
receive depends on the fulfilment of defined retention and
performance based conditions during the Measure Period based on:
Series A          Kinnevik's total shareholder return on the Class B
share (TSR) exceeding 0%.
Series B          Kinnevik's average yearly development of the net
asset value including dividends in relation to a 10 year government
bond with a minimum hurdle of plus 4 percentage points and a stretch
target of plus 10 percentage points.
Series C          Kinnevik's average yearly total shareholder return
on the Class B share (TSR) with a minimum hurdle of a TSR of at least
SIX RX Total Return index based on companies listed on the NASDAQ OMX
Stockholm and a stretch target of plus 6 percentage points.
Series D          Average yearly internal rate of return (IRR) on
investments in the business area New Ventures with a minimum hurdle
of at least 15% and a stretch target of 30%.
For employees in Korsnäs, the number of shares the employee will
receive depends on the fulfilment of defined retention and
performance based conditions during the Measure Period based on:
Series A-C      Same as for employees in Kinnevik.
Series E          Korsnäs' average return on operational capital
employed with a minimum hurdle of at least 10% and a stretch target
of 13%.
Series F          Korsnäs' average EBITDA margin in relation to peer
group's EBITDA margin during the calendar years 2009-2011 with a
minimum hurdle of peer group's EBITDA margin plus 2 percentage points
and a stretch target of plus 5 percentage points. The peer group
includes producers of fibre-based packaging materials with similar
products and geographic scope as defined by the Board of Directors.

In total, the Plan is estimated to comprise up to 30,700 shares held
by the employees entitling up to 155,800 rights whereof 30,700
retention rights and 125,100 performance rights. The participants are
divided into different groups, and in accordance with the above
principles and assumptions, the Plan will comprise up to 5,500
invested shares and 7 rights per invested share for the CEO of the
parent company, up to 3,000 invested shares and 5.5 rights per
invested share for the CEO of Korsnäs, up to 2,000 invested shares
and 5.5 rights per invested share for senior executives in Kinnevik
(category 1), up to 1,000 invested shares and 4 rights per invested
share for senior executives in Kinnevik (category 2) and for other
members of Korsnäs management group, and up to 550 invested shares
and 4 rights per invested share for the remaining participants.

The participant's maximum profit per right in the Plan is limited to
SEK 320. The maximum dilution is 0.07% in terms of shares
outstanding, 0.03% in terms of votes and 0.02% in terms of costs for
the programme as defined in IFRS 2 divided by Kinnevik's market
capitalisation. The Plan may give rise to costs for the Kinnevik
Group in form of social security costs at exercise and personnel
expense in the income statement during the vesting period.

The Board of Directors, or a committee established by the Board for
these purposes, shall be responsible for preparing the detailed terms
and conditions of the Plan, in accordance with the terms and
guidelines resolved by the Annual General Meeting. To this end, the
Board of Directors shall be entitled to make adjustments to meet
foreign regulations or market conditions.

The objective of the Plan is to create conditions for retaining
competent employees in the Group. The Plan has been designed based on
the view that it is desirable that senior executives and other key
employees within the Group become shareholders in the Company to a
larger extent than today. Participation in the Plan requires a
personal investment in Kinnevik shares, be it shares already held or
shares purchased on the market in connection with the Plan. Tying the
employee's remuneration to the Company's result and value creation
will promote continued loyalty to the Company and thereby long-term
value creation. Against this background, the Board of Directors is of
the opinion that the adoption of an incentive programme as set out
above will have a positive effect on the Kinnevik Group's future
development and thus be beneficial for both the Company and its
shareholders.

To ensure the delivery of Class B shares under the Plan and in
accordance with the plan that was adopted at the 2008 Annual General
Meeting, the Board of Directors proposes that the General Meeting
authorises the Board to resolve on a directed issue of Class C shares
to Nordea Bank AB (publ) in accordance with Item 16(b), and an
authorisation for the Board of Directors to subsequently resolve to
repurchase the Class C shares from Nordea Bank AB (publ) in
accordance with Item 16(c). The Class C shares will then be held by
the Company as treasury shares during the vesting period, whereafter
the appropriate number of Class C shares will be reclassified into
Class B shares and subsequently be delivered to the participants
under the Plan and the plan of 2008.

The above proposal is supported by major shareholders of the Company.

Authorisation to resolve to issue Class C shares (Item 16(b))
The Board of Directors proposes that the Annual General Meeting
resolves to authorise the Board, during the period until the next
Annual General Meeting, to increase the Company's share capital by
not more than SEK 29,000 by the issue of not more than 290,000 Class
C shares, each with a ratio value of SEK 0.10. With disapplication of
the shareholders' preferential rights, Nordea Bank AB (publ) shall be
entitled to subscribe for the new Class C shares at a subscription
price corresponding to the ratio value of the shares. The purpose of
the authorisation and the reason for the disapplication of the
shareholders' preferential rights in connection with the issue of
shares is to ensure delivery of Class B shares to participants under
the Plan and in accordance with the plan that was adopted at the 2008
Annual General Meeting.

Authorisation to resolve to repurchase Class C shares (Item 16(c))
The Board of Directors proposes that the Annual General Meeting
resolves to authorise the Board, during the period until the next
Annual General Meeting, to repurchase its own Class C shares. The
repurchase may only be effected through a public offer directed to
all holders of Class C shares and shall comprise all outstanding
Class C shares. The purchase may be effected at a purchase price
corresponding to not less than SEK 0.10 and not more than SEK 0.11.
Payment for the Class C shares shall be made in cash. The purpose of
the repurchase is to ensure the delivery of Class B shares under the
Plan and in accordance with the plan that was adopted at the 2008
Annual General Meeting.

Transfer of Class B shares (Item 16(d))
The Board of Directors proposes that the Annual General Meeting
resolves that Class C shares that the Company purchases by virtue of
the authorisation to repurchase its own shares in accordance with
Item 16(c) above may, following reclassification into Class B shares,
be transferred to participants in accordance with the terms of the
Plan and the plan of 2008.

AMENDMENT OF THE ARTICLES OF ASSOCIATION (item 17)
The Board of Directors proposes that Section 7, first paragraph, of
the Articles of Association is amended in accordance with the
following:
§ 7, first paragraph: "Notice of a General Meeting of shareholders as
well as other messages to the shareholders shall be published in the
Official Swedish Gazette (Post- och Inrikes Tidningar) as well as on
the company's website. At the time of the notice, an announcement
with information that the notice has been issued shall be published
in Svenska Dagbladet."

The Board of Director's proposal for the amendment of Section 7,
first paragraph, of the Articles of Association is conditional upon
that an amendment of the Companies Act (SFS 2005:551) has come into
force, entailing that the proposed wording above is in accordance
with the Companies Act.

AUTHORISATION FOR THE BOARD OF DIRECTORS TO REPURCHASE THE COMPANY'S
OWN SHARES (Item 18)
The Board of Directors proposes that the Annual General Meeting
authorises the Board of Directors to pass a resolution on one or more
occasions for the period up until the next Annual General Meeting on
repurchasing so many Class A and/or Class B shares that the Company's
holding does not at any time exceed 10% of the total number of shares
in the Company. The repurchase of shares shall take place on the
NASDAQ OMX Stockholm and may only occur at a price within the share
price interval registered at that time, where share price interval
means the difference between the highest buying price and lowest
selling price.

The purpose of the authorisation is to give the Board of Directors
increased flexibility to continuously decide on changes to the
capital structure during the year and thereby contribute to increased
shareholder value.

RESOLUTION TO REDUCE THE SHARE CAPITAL BY WAY OF REDEMPTION OF
REPURCHASED SHARES (item 19)
The Board of Directors proposes that the Annual General Meeting
resolves to reduce the Company's share capital by a maximum of SEK
350,000 by redemption, without repayment, of 3,500,000 Class B
shares, which the Company has repurchased. Furthermore, the Board of
Directors proposes that the redemption amount should be reserved to
non-restricted equity.
According to the Companies Act, a resolution to reduce the share
capital may only be executed after the Swedish Companies Registration
Office has registered the resolution and after permission from the
Swedish Companies Registration Office or, if disputed, Court.

SHARES AND VOTES
There are a total number of 263,981,930 shares in the Company,
whereof 48,665,324 Class A shares and 215,316,606 Class B shares,
corresponding to a total of 701,969,846 votes. The Company currently
holds 3,500,000 of its own Class B shares corresponding to 3,500,000
votes which cannot be represented at the Annual General Meeting.

OTHER INFORMATION
Valid resolutions under items 16(b), 16(c), 17, 18 and 19 above
require approval of shareholders representing at least two-thirds of
the shares and number of votes represented at the Annual General
Meeting. Valid resolutions under items 16(a) and 16(d) above require
approval of shareholders representing at least nine-tenth of the
shares and the numbers of votes represented at the Annual General
Meeting. From Monday 27 April 2009 at the latest, the complete text
of the proposals of the Board of Directors will be made available at
the Company's website www.kinnevik.se and at the Company's premises
at Skeppsbron 18 in Stockholm. Shareholders who wish to receive these
documents may notify the Company, whereupon the documents will be
sent by post or by e-mail.
The Annual General Meeting will mainly be held in Swedish. As a
service to the shareholders, simultaneous interpretation from Swedish
to English as well as from English to Swedish will be provided.


                        Stockholm April, 2009
                       THE BOARD OF DIRECTORS


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

Torun Litzén, Director Investor                Phone +46 (0)8 562 000
Relations                                      83
                                               Mobile +46 (0)70 762
                                               00 83


Investment AB Kinnevik's objective is to increase shareholder value,
primarily through net asset value growth. Kinnevik manages a
portfolio of investments focused around three comprehensive business
areas; Major Unlisted Holdings which includes the cartonboard and
paper company Korsnäs including shares in Bergvik Skog, Major Listed
Holdings which includes Millicom International Cellular, Tele2,
Modern Times Group MTG, Metro International and Transcom WorldWide,
and New Ventures which is active in finding new investments in small
and mid sized companies which has a significant growth potential.
Kinnevik plays an active role on the Boards of its holdings.
The Kinnevik's class A and class B shares are listed on the NASDAQ
OMX Stockholm's list for large cap companies, within the financial
and real estate sector. The ticker codes are KINV A and KINV B.