AN_Pres_KV408 Nr 1

Year-End Report 2008Industrivärden, February 12, 2009

”A long-term industrial developer of listed companies”

AN_Pres_KV408 Nr 2

Company in brief Established: 1944

Stock: 386 million shares, listed on SSEX

Market cap: Approx. USD 2.4 bn (SEK 20 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 00Enskilda Securities, Andreas Joelsson, +46 8 52 22 95 00UBS 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. 24%

AN_Pres_KV408 Nr 3

Industrivärden at a glance

Our strengths Our portfolio

Holding Market Share of Share of value, SEK bn votes, % portfolio, %

Handelsbanken 8.2 23 10,6

Sandvik 6.7 19 11.5

SCA 4.7 14 29.8

Ericsson 4.4 13 13.3

SSAB 3.6 10 21.2

Volvo 3.1 9 8.5

Skanska 2.3 7 26.7

Indutrade 1.0 3 36.9

Munters 0.4 1 14.6

Höganäs 0.2 1 8.1

Other 0.1 <1

Total 34.7

Favorable and competitive long-term return with limited risk

As per December 31, 2008

Blue chip portfolio

Long-term active ownership

Good exchange of influence

Extensive structural capital

AN_Pres_KV408 Nr 4

Development 2008 in brief

Net asset value SEK 23.9 bn or SEK 62/share

a decrease of SEK 30.9 bn, or 56% for the year

Total return of -47% for the Class A shares

8 percentage points lower than the return index

Net debt was SEK 10.8 bn

a decrease of SEK 0.2 bn during the year

A tough year, but with continued favourable long-term return

AN_Pres_KV408 Nr 5

* Change in NAV per Industrivärden share, dividends reinvested.

The reporting period in summary

2009 2008 2007 Equities Portfolio Feb. 9 Dec. 31 Dec. 31

– market value, SEK M 37,370 34,744 65,844

Transactions– acquisitions, SEK M 12 4,644 8,834 – sales, SEK M - 4,314 2,124 – net, SEK M 12 330 6,710

Debt– net debt, SEK M 10,878 10,813 10,951– change in net debt 65 -138 6,408– net debt equity ratio 29.1% 31.1% 16.6%

Net asset value– net asset value, SEK M 25,482 23,931 54,837 – change in NAV* 8% -55% –3% – total return index 4% -39% –3%

The stocks total return

– Class A-share -5% -47% –14% – total return index -4% -39% –3%

Equities portfolio

Net debt

Net asset value

Discount A-share

Discount C-shareDiscount A/C

Dec. 312007

170-28

142

20%26%22%

SEK per share

Feb. 92009

97-28

69

21%30%24%

Dec. 312008

90-28

62

7%19%11%

AN_Pres_KV408 Nr 6

Development of net asset value

-20

-10

0

10

20

30

40

50

60

70Mdkr

Aktieportföljen Nettoskuld Substansvärde

142151

125

95

125

108

87

62

697863

102

142149

0

20

40

60

80

100

120

140

160

Kr/aktieSEK M

Net debt Net asset valuePortfolio

SEK/share

AN_Pres_KV408 Nr 7

Reallocations in portfolio 2008

Purchases: SEK 4.6 bn

Of which Volvo A: SEK 1.8 bn

Sales: SEK 4.3 bn

Of which Ericsson B Handelsbanken A SEK 1.5 bn Skanska B SSAB A Volvo B

2008

Purchases: SEK 8.8 bn

Of which Volvo A: SEK 4.2 bn SSAB A: SEK 2.5 bn

Sales: SEK 2.1 bn

Of which Tandberg Television: SEK 0.7 bn

2007

Purchases: SEK 3.2 bn

Of which Volvo A: SEK 1.8 bn Tandberg Television: SEK 0.7 bn

Sales: SEK 2.1 bn

2006

AN_Pres_KV408 Nr 8

Buildup of ownership position in Volvo

Strong position with good global presence

Innovative, customer-adapted product development

Major potential through greater need for transports and infrastructure brought about by globalization

Unique expertise in diesel engines enables synergies and development

Industrivärden’s holding

Shares: 70 million Class AMarket value: SEK 3.1 bnShare of votes: 8.5%Share of capital: 3.3%

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Volvo – well-suited for our portfolio profile

Business models that can be applied in several markets

Orientation toward niches with good profitability

Good ability to generate cash flows

Major potential for increased value through active ownership

AN_Pres_KV408 Nr 10

A portfolio of industry-leading companiesA portfolio of industry-leading companies

Portfolio share and value as per December 31, 2008 (Holding since).Portfolio share and value as per December 31, 2008 (Holding since).

Leading player in complexconstruction projects7%7% or SEK 2 bn (1987) or SEK 2 bn (1987)

Global consumer productsand packaging company14%14% or SEK 5 bn (1950) or SEK 5 bn (1950)

World leading producerof specialty steel10%10% or SEK 4 bn (1994) or SEK 4 bn (1994)

World’s largest supplier of systems for mobile telecom 13%13% or SEK 4 bn (1944) or SEK 4 bn (1944)

Successful universal bankwith international growthbased on a Nordic base23%23% or SEK 8 bn (1963) or SEK 8 bn (1963)

Leading high-tech company in materials technology19%19% or SEK 7 bn (1997) or SEK 7 bn (1997)

Leading producer ofheavy vehicles9%9% or SEK 3 bn (1987) or SEK 3 bn (1987)

Technology trading companyactive in northern Europe3%3% or SEK 1 bn (1989) or SEK 1 bn (1989)

World leader in moisture control1%1% or SEK 0.4 bn (2002) or SEK 0.4 bn (2002)

Leading metal powder producer1%1% or SEK 0.42 bn (2004) or SEK 0.42 bn (2004)

AN_Pres_KV408 Nr 11

Equities portfolio as per February 9, 2009 Value distribution

% of portfolio

% of capital

% of votes

Stock No. shares SEK M SEK/share valuein

companyin

company

Sandvik 136,431,200 7,776 20 21 11.5 11.5

Handelsbanken AHandelsbanken B

64,995,564118,900

7,602 20 20 10.4 10.6

Ericsson A 74,400,000 5,394 14 14 2.3 13.3

SCA ASCA B

48,600,00022,200,000

4,820 13 13 10.0 29.8

SSAB ASSAB B

52,789,646121,794

4,166 11 11 16.3 21.2

Volvo A 70,218,284 3,195 8 9 3.3 8.5

Skanska ASkanska B

15,010,70015,314,800

2,350 6 6 7.2 26.7

Indutrade 14,757,800 1,299 3 4 36.9 36.9

Munters 10,950,000 416 1 1 14.6 146

Höganäs B 3,550,000 279 1 1 1011 8.1

Hemtex 3,700,000 73 0 0 12.6 12.6

Totalt 37,370 97 10

AN_Pres_KV408 Nr 12

Higher debt-equity ratio due to falling stock market values

SEK bn Q1:07 Q2:07 Q3:07 Q4:07 Q1:08 Q2:08 Q3:08 Q4:08 Feb:09

Portfolio value 70.6 76.7 77.9 65.8 59.3 52.2 44.4 37.7 xx.x

Debt 4.8 6.6 10.8 11.1 10.8 10.4 10.6 10.8 xx.x

Debt-equity ratio, % 6.8 8.6 13.9 16.8 18.3 19.8 23.8 31.1 xx.x

AN_Pres_KV408 Nr 13

Loans at fixed interest with favorable terms provide good predictability

Bank loans totalling SEK 10.8 bn with fixed interest

Average term of fixed interest 4.6 years

Average interest rate of 4.7%

No terms dependent on external ratings

Dividends received and redemption programs in 2008 generated a liquidity surplus of approximately SEK 0.5 bn after deducting the dividend payout and interest/management expense.

AN_Pres_KV408 Nr 14

Financial position

-1,0

1,0

3,0

5,0

7,0

9,0

11,0

13,0

15,0

30-ju

n-01

30-s

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1

31-d

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31-m

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2

30-ju

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n-04

30-s

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30-m

ar-0

5

30-ju

n-05

30-s

ep-0

5

31-d

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31-m

ar-0

6

30-ju

n-06

30-s

ep-0

6

31-d

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6

30-s

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7

31-d

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30-ju

n-08

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8

09-fe

b-09 0%

5%

10%

15%

20%

25%

30%

35%

Net debt (SEK bn) Net debt equity ratio

SEK 10.9 bn

29.1%

AN_Pres_KV408 Nr 15

Good long-term growth in value

Total return index (Index)

The average annual excess return for last ten years was 2%-points/year

As per Febr. xx, 2009

Industrivärden share

Total Return Index (SIXRX)

(c) SIX AB 2009

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 09

100

150

200

250

300

391 350

AN_Pres_KV408 Nr 16

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