1Q:2009 Interim Report Industrivärden, May 4, 2009

1. ”A long-term industrial developer of listed companies” 1Q:2009 Interim Report Industrivärden, May 4, 2009

2. Company in brief • Established: 1944 • Stock: 386 million shares, listed on SSEX • Market cap: Approx. USD 3.5 bn (SEK 28 bn) • Free float: Approx. 40% of shares • No. shareholders: 48,000 • Average daily trading vol.: Approx. 650,000 shares • Coverage: Handelsbanken Markets, Magnus Dalhammar +46 8 701 10 00 Enskilda Securities, Andreas Joelsson, +46 8 52 22 95 00 UBS Nordic, Olof Cederholm +46 8 453 73 00 • Low administrative expenses, USD 10 M or 0.2% of AUM • “Holding company” tax status: no tax on capital gains, dividends received/rendered are taxable/deductible • Discount to NAV approx. 10%

3. Mission, goal and strategy Business mission Create shareholder value based on a professional investment operation and active ownership Our goal Generate high growth in net asset value over time  Industrivärden’s stock will deliver a high total return to shareholders Conditions Portfolio Scope: Concentrated portfolio Sectors: Sector generalist Business models: Geographically scalable Ownership Possibility to be major or structure: largest owner Investment horizon: 5-8 years Geography: Nordic companies Requirement: Major potential for value creation Individual investments Market value: Large and midcap companies Type: Mainly listed Exit: Appropriate exit once target value has been created

4. Industrivärden at a glance Our strengths Our portfolio Holding Market Share of Share of value, SEK bn votes, % portfolio, % Long-term active ownership Handelsbanken 9.0 23 10.3 Sandvik 7.3 18 11.5 SCA 5.6 14 29.8 Ericsson 5.2 13 13.3 SSAB 4.1 10 21.2 Volvo 3.8 9 8.5 Skanska 2.6 7 27.6 Indutrade 1.6 4 36.9 Munters 0.4 1 14.6 Höganäs 0.3 1 8.1 Total 39.9 Blue chip portfolio Good exchange of influence Extensive structural capital As per April 30, 2009  Favorable and competitive long-term return with limited risk

5. Development during January – April 2009 • Net asset value SEK 31.0 bn or SEK 80/share  a increase of SEK 7.1 bn, or 30% for the year • Total return of 29% for the Class A shares  9 %-points better than the return index • Net debt was SEK 8.9 bn  a decrease of SEK 1.9 bn during the year  proformathe debt amounted to SEK 10.5 bn including dividends not yet received and proposed dividend payout

6. 1Q:2009 in summary 200920092008 Equities Portfolio April 30March 31Dec. 31 – market value, SEK M 39,885 34,097 34,744 Transactions – acquisitions, SEK M 24 24 4,644 – sales, SEK M 310 10 4,314 – net, SEK M -286 14 330 Debt – net debt, SEK M 8,896 10,954 10,813 – change in net debt -1,917 141 -138 – net debt equity ratio 22.3% 32.1% 31.1% Net asset value – net asset value, SEK M 31,084 23,143 23,931 – change in NAV* 30% -3% -55% – total return index 20% -2% -39% The stocks total return – Class A-share 29% 3% -47% – total return index 20% -2% -39% SEK per share Apr. 30 2009 103 -23 80 8% 15% 10% March 31 2009 88 -28 60 2% 13% 6% • Dec. 31 • 2008 • 90 • -28 • 62 • 7% • 19% • 11% Equities portfolio Net debt Net asset value Discount A-share Discount C-share Discount A/C * Change in NAV per Industrivärden share, dividends reinvested.

7. Development of net asset value SEK/share SEK M Portfolio Net debt Net asset value

8. A portfolio of industry-leading companies Leading metal powder producer 1% or SEK 0.3 bn (2004) Leading player in complex construction projects 7% or SEK 2.5 bn (1987) World leader in moisture control 1% or SEK 0.4 bn (2002) Successful universal bank with international growth based on a Nordic base 23% or SEK 9 bn (1963) Leading producer of heavy vehicles 9% or SEK 4 bn (1987) Technology trading company active in northern Europe 4% or SEK 1.5 bn (1989) World leading producer of specialty steel 10% or SEK 4 bn (1994) Leading high-tech company in materials technology 18% or SEK 7 bn (1997) World’s largest supplier of systems for mobile telecom 13% or SEK 45bn (1944) Global consumer products and packaging company 14% or SEK 6 bn (1950) Portfolio share and value as per April 30, 2009 (Holding since).

9. Equities portfolio as per April 30, 2009

10. Active ownership – strategic activities 07-09 SSAB Handelsbanken • Acquisition of IPSCO for SEK 50 bn increases capacity for niche products • Divesture of IPSCOs tube business • Cost-cutting program; SEK 1 bn annually • Greater focus on organic growth outside Sweden • Acquisition of a Danish bank with 14 offices • New Chairman of the board appointed Sandvik Ericsson • Cooperation with ST Microelectronics • Several acquisitions in Multimedia unit • Structural program aims at cutting overhead by SEK 10 bn • Several strategic acquisitions • SEK 3.6 bn share redemption • Structural actions taken in Materials Technology SCA Skanska • Strengthening of brand portfolio through acquisition of P&G’s European tissue business • Divesture of British corrugated board business • New organization with focus on growth in hygiene business • Increased investment in infrastructure development • Actions taken to strengthen competitiveness • Adaptation of workforce Munters Indutrade • Addition of new product areas through company acquisitions • Efficiency improvement program • Continuous acquisitions • Foothold gained in the UK through two acquisitions • Measurement technology company the biggest acquisition since IPO in 2005

11. Financial position Net debt (SEK bn) Net debt equity ratio 22.3% SEK 8.9 bn

12. Industrivärden’s dividend 7.9% Bonus dividend Ordinary dividend SSEX dividend yield Dividend yield 5.0% Dividend: 3.10 4.20 4.18 2.90 2.75 3.00 3.50 4.50 5.00 4.50 SEK/share Of which ordinary 2.50 2.50 2.50 2.50 2.75 3.00 3.50 4.50 5.00 4.50

13. (c) SIX AB 2009 391 350 300 250 200 150 100 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 09 Good long-term growth in value The average annual excess return for last ten years was 2%-points/year Total return index (Index) Industrivärden share Total Return Index (SIXRX) As per April 30, 2009

14.  Industrivärden online Reuters code INDUa.ST Bloomberg code INDUA SS Datastream code W :IU  www.industrivarden.net  info@industrivarden.se  +46-8-666 64 00  +46-8-661 46 28  Box 5403, SE-114 84 Stockholm, Sweden www.industrivarden.net / IR / Ask… / Info... www.cision.se / Latest News / Subscribe Press release direct: