Hakon Invest has applied for and received approval to be listed on the O-list of the Stockholm Stock Exchange (Stockholmsbörsen) The main owner, ICA-handlarnas Förbund, is offering the general public in Sweden and institutional investors in Sweden and abroad (subject to certain exemptions and restrictions) the opportunity to acquire up to a total of 13,000,000 shares[1], given that the over-allotment option is exercised in full, corresponding to approximately 8 percent of capital and voting rights in Hakon Invest.

• Share price range: 68-77 SEK per share
• Book-building from 23 November and ending at the latest 5 December 2005
• Expected first day of trading: 8 December 2005

Not for release, publication or distribution in, or into, the United States, Canada, Australia or Japan
The information contained herein is not for release, publication or distribution in or into the United States of America, Canada, Australia or Japan. This press release does not constitute an offer of securities for sale in the United States of America, Canada, Australia or Japan.
The securities have not been registered under the U.S. Securities Act of 1933(the "Securities Act"). The securities may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act.

Press conference
In respect of the offering and the coming listing at the Stockholm Stock Exchange (Stockholmsbörsen) O-list Hakon Invest will today, Monday 21 November 2005, at 11.00 AM hold a press conference in Spårvagnshallarna, Birger Jarlsgatan 57A, Stockholm, in room "Perrongen".

In order to facilitate Hakon Invests' future development the main shareholder, ICA-handlarnas Förbund, has decided to implement a diversification of ownership, in addition to the approximately 25 percent of shares already held by approximately 3 400 private shareholders, by a divestment of existing shares. In addition, in order to achieve a more efficient trading in the share, increase liquidity in the share, get a visible market-pricing of the share and to get the company access to the capital markets, the board of Hakon Invest has applied, and received approval, for a listing of the company's ordinary shares at the Stockholm Stock Exchange O-list.

ICA-handlarnas Förbund will remain the main owner of Hakon Invest after the initial public offering with a share of the company of approximately 67 percent of capital and votes. Of these 67 percent, 51 percentage units will be non-listed C-shares which not are entitled to cash dividends. The C-shares can be converted to dividend entitled ordinary shares at the earliest effective from 2016.

The offer price per share will be determined by a book-building process and is expected to be in the range of SEK 68-77 per share. The final offer price per Hakon Invest ordinary share will be announced on or about 6 December 2005.

Hakon Invest in brief
Hakon Invest conducts active and long-term investment operations in retail-oriented companies in the Nordic region.

Hakon Invest owns 40% of ICA AB, the leading retail company with focus on food. The remaining 60% is owned by the Dutch company Royal Ahold ("Ahold"). Through the shareholders' agreement between Hakon Invest and Ahold, and which is valid through and including 2040, the two owners have equal influence in ICA AB.

ICA AB is a central holding for Hakon Invest. Through being an active owner with significant influence, Hakon Invest shall contribute to the development and strengthening of the ICA concept and create value growth for ICA AB.

In addition to the holding in ICA AB, Hakon Invest owns 100% of the shares in Forma Publishing Group, which is one of Sweden's largest publishers. Forma also conducts operations in Finland and the Baltic States.

Operations
Hakon Invest is debt-free and has about SEK 2.8 billion in financial assets as of September 30, 2005. These financial assets are for use for investments, mainly in unlisted companies in the Nordic retail sector. Hakon Invest has substantial expertise, experience as well as access to a comprehensive network within retail and retail-related businesses. The company has established an investment organization that works actively with existing holdings as well as evaluation of new, attractive investment objects. Based on a substantial and active ownership, Hakon Invest shall contribute to the company having the conditions and resources to develop and grow profitably. Hakon Invest's investment strategy builds on a tradition of entrepreneurship and a long-term focus. Investment shall be made mainly in companies that have an existing market position, with a distinct concept, stable, favourable cash flow and a strong and motivated management. In addition, the company shall have favourable growth and return potential that can be realized by an active, committed and long-term owner.

In total, this means that Hakon Invest offers the parties in the equity market a unique possibility to invest in unlisted retail-oriented companies in the Nordic region, with ownership in ICA AB as a strong foundation.

Owners, share structure and dividends
Prior to the Offering, Hakon Invest is 75% owned by ICA-handlarnas Förbund , a non-profit association that is the member organization of the ICA retailers in Sweden, and about 25% owned by about 3,400 private shareholders, of which most are ICA retailers or former ICA retailers.

In conjunction with the listing, Hakon Invest's share structure will change to comprise 49% common shares and 51% Series-C shares. All C shares will be owned by ICA-handlarnas Förbund and will not be listed. Prior to the listing of the company's common shares, ICA-handlarnas Förbund intends to offer investors the opportunity to acquire about 8 percentage points of Hakon Invest's existing common shares. After the sale, ICA-handlarnas Förbund will own at least a total of 67% of the shares in Hakon Invest, distributed among 16 percentage points of common shares and 51 percentage points of C shares, of which the latter are not entitled to cash dividends. The C-shares can be converted to dividend entitled ordinary shares at the earliest effective from 2016. This means that the total cash dividend each year, at least until this year, will be distributed among only 49% of the shares.

Details of the offering
The offering comprises a total of 11,700,000 ordinary shares and consists of a sale of existing shares from the main owner of Hakon Invest, ICA-handlarnas Förbund. ICA-handlarnas Förbund has also made a commitment to sell up to 1,300,000 additional shares at the request of Handelsbanken Capital Markets to cover any over-allotment of shares.

The offer price per share will be determined by a book-building process and is expected to be in the range of SEK 68-77 per share.

The final offer price per Hakon Invest ordinary share will be announced on or about 6 December 2005. Assuming full exercise of the over-allotment option, the value of the offering will be between SEK 884 million and SEK 1,001 million.

The general public in Sweden and institutional investors in Sweden and abroad (subject to certain exemptions and restrictions listed in the prospectus) are offered the opportunity to acquire shares in the offering. The book-building process will take place from 23 November and ending at the latest 5 December 2005. The first day of trading is expected on or about 8 December 2005.

Handelsbanken Capital Markets is lead manager and sole book-runner for the offer.
[1] The offering comprises a total of 11,700,000 shares. ICA-handlarnas Förbund has also made a commitment to sell up to 1,300,000 additional shares at the request of Handelsbanken Capital Markets to cover any over-allotment of shares.

For information, please contact:

Claes-Göran Sylvén, President and CEO, tel. +46-8-55 33 99 64

Anders Hallgren, Vice President Corporate Communications, tel.+46-8-55 33 99 66,

Further information about Hakon Invest is available at www.hakoninvest.com.