Full Year 2011 Industrivärden, February 8, 2012

1. “Long-term industrial developer of listed Nordic companies” Full Year 2011 Industrivärden, February 8, 2012

2. – Long-term industrial developer of listed Nordic companies Ericsson Volvo SSAB Sandvik SCA Skanska

3. Strong base for value creation Our competitive advantages Our portfolio HoldingMarket value,PortfolioShare of SEK bnshare, % votes, % Long-term active ownership Handelsbanken 12,32111,1 Sandvik12,22112,2 Volvo9,31615,0 SCA 7,21329,1 Ericsson 5,61014,3 SSAB3,4622,6 Skanska 3,2623,7 Indutrade 2,75 36,8 Höganäs 0,9210,0 Total56,9 100 Blue-chip portfolio Leveraged influence Extensive structural capital As per December 30 , 2011  A strong, competitive long-term track record with limited risk

4. Focused strategy Strong value potential and long-term perspective Portfolio Conditions Scope: Concentrated portfolio – focus Sectors: Sector generalist Business models: Geographically scalable Cash generation: Good ability Ownership: Major owner with board representation Evaluation horizon: 5-8 years Requirements: Strong potential for value creation Individual investments Market value:Large and midcap companies Type:Listed stocks Geography:Nordic companies Business cycle:Expansion or management phase Exit: Appropriate exit once target value has been achieved

5. 12M: 2011 in brief • Net asset value of SEK 40,1 bn or SEK 104 per share • Total return for the equities portfolio was -23% compared to -14% for the index • Share purchases for a total of SEK 4,5 bn net, where purchases in Volvo equals SEK 2,9 bn and where voting rights now amounts 15,0 per cent • In early 2011 a six-year convertible loan of EUR 550 M was issued, where the conversion price was set at a premium to net asset value

6. Equities portfolio Net debt Interest-bearing debt Convertible loan Net asset value Debt-equity ratio Net asset value after full conv. Debt-equity ratio after full conv. Net asset value SEK per share SEK billion Feb 6 2012 66,2 -16,9 -8,5 -8,4 49,3 • Feb 6 • 2012 • 171 • -43 • -22 • -21 • 128 • 26% • 125 • 13% Dec 31 2011 56,9 -16,8 -8,2 -8,6 40,1 Dec 31 2010 71,1 -13,4 -9,2 -4,2 57,7 • Dec 31 • 2011 • 147 • -43 • -21 • -22 • 104 • 30% • 106 • 14% • Dec 31 • 2010 • 184 • -35 • -24 • -11 • 149 • 19% • 144 • 13%

7. Industrivärden’s stock - good performance Average annual excess return of 3% - points/year vs. MSCI World Average annual excess return of 6% - points/year vs. MSCI Europe Average annual excess return of 1% - points/year vs. Nasdaq OMX Nordic, Stockholm 10 yrs Total return Index

8. Active ownership in brief Focus on value enhancement drivers; strategy, development and positioning Board participation/owner cooperation Company, competitors and industry Board- presentations Nominating committee participation Megatrends In-depth analysis Company visits Value creation Fundamental analysis incl. action plan Databases Direct dialog with company management AGM participation

9. Active ownership in practise • Consistently applied business model. • Organic growth in home markets in the Nordic countries and the UK. • Favorable financial and market position in a turbulent environment. • Strong capitalization with a significant liquidity reserve. • Martin Lindqvist new CEO • Stronger focus on highly profitable specialty products. • Strategic investment program to increase capacity in quenched steel and to strengthen presence in China • Olof Faxander new CEO • Increased strategic focus and new organization. • New executive management. • Acquisition of Seco Tools • Consolidation of completed acquisitions. • Strong positions in emerging regions. • Strong position ahead of operators’ investments in next generation of telecom systems (4G). • North America’s leading supplier of network systems through selective acquisitions. • Acquisition of U.S.-based Telcordia for SEK 7 billion strengthens Ericsson’s multimedia operations. • The share in Sony Ericsson sold to Sony for approx. SEK 9.5 bn. • Acquisition of Georgia-Pacific’s European tissue operation for SEK 13 bn on a debt free basis. • Strengthened presence in hygiene segment in Brazil, Russia and Turkey. • Operations in Australasia sold to co-ownedJV, which releasedSEK 3 bn. • The packaging operations are divested for approximately SEK 15 bn on a debt free basis. • Efficient construction operation generates good cash flows. • Successful model for value-creating project development. • Acquisition of construction company in Indiana, US, for approx. SEK 0.9 bn. • Construction and Operating Consortium New Karolinska in Stockholm worth SEK 14.5 bn. • Continued growth through acquisitions. • Flexibility through decentralized business model. • Olof Persson new CEO • Increased strategic focus and new organization. • New financial targets. • Strong position in Asia, among other markets. • Increased activity in emerging markets such as Asia and Brazil. • Focus on collaboration with customers on development of new products.

10. Portfolio of industry leading companies Portfolio value: 56,9 Billion Portfolio share % Market value Billion 56,9 100% Through innovative, customer-adapted product development and high quality, Volvo has attained a world-leading position in commercial transport solutions. Through a niche focus and strong position in R&D, the company has built up a world-leading position in materials technology with products primarily in manufacturing, mining and construction industries. . A well developed universal banking business and decentralized branch network with local customer responsablity contribute to high customer satisfaction and good profitability. 21% 12,3 9,3 16% 21% 12,2 The market’s largest and most profitable supplier of mobile telephony infrastructure , with a leading position in telecom development. World-leading position in quenched steels and advanced high-strength sheet niche segments creates solid foundation for growth and sustainedhigh profitability. Europe’s leading producer of hygiene products, with fast –growing range of personal care products, and of packaging. Europe’s largest private forest owner. 7,2 13% 3,4 6% 5,6 10% The combination ofsales of industrial, high-tech consumables, good organic growth and a highly refined model for aquisition-based growth has resulted in impressive profitability growth. Comprehensive know-how in construction combined with a process focus has created a leading construction services company with world-class value-creating project development. Market leader in growing niche of metal powder, used primarily for component manufacturing in the automotive industry. 6% 2% 3,2 5% 0,9 (As Per 30 dec 2011) 2,7

11. High dividend yield Dividend Dividend yield Indu-A Dividend yield Indu-C Dividend yield OMXSPI 3,50 SEK/share 2,90 2,75 3,00 4,50 5,00 Dividend: 4,50 3,00 4,00 4,50* * Board’s proposal for decision at the AGM 2012

12.  Industrivärden online Reuters code INDUa.ST Bloomberg code INDUA SS  www.industrivarden.net  info@industrivarden.se  +46-8-666 64 00  +46-8-661 46 28  Box 5403, SE-114 84 Stockholm, Sweden