Contents ABOUT AUTOLIV Vision, Mission, Strategy and Values Summary 2004 Autoliv's Systems Value Drivers - Maximizing Long-term Cash Flow Value Drivers - The Market Research & Development Research & Development Projects Autoliv's Product Development System Human Resources Environment Quality Management Autoliv Around the World CEO LETTER M, D & A Important Trends 2002-2004 Items Affecting Comparability 2004 Versus 2003 2003 Versus 2002 Liquidity, Resources and Financial Position Personnel and Significant Litigation Contractual Obligations and Commitments Treasury Activities Outlook for 2005 Accounting Policies Risks and Risk Management Management's Reports "Safe Harbor Statement" and Non-GAAP Measures FINANCIALS Statements of Income Balance Sheets Statements of Cash Flows Statements of Shareholders' Equity Notes Auditors' Reports The Autoliv Share Definitions Selected Financial Data Selected Data in SEK and Exchange Rates for Key Currencies GOVERNANCE Corporate Governance Board of Directors Senior Management