1. AN_Pres_KV408 Nr 1 Year-End Report 2008 Industrivärden, February 12, 2009 ”A long-term industrial developer of listed companies”

2. 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 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. 24%

3. AN_Pres_KV408 Nr 3 Industrivärden at a glance Our strengths Our portfolio HoldingMarketShare ofShare of value, SEK bn votes, %portfolio, % Handelsbanken8.22310,6 Sandvik6.71911.5 SCA4.71429.8 Ericsson4.41313.3 SSAB3.61021.2 Volvo3.198.5 Skanska2.3726.7 Indutrade1.0336.9 Munters0.4114.6 Höganäs0.218.1 Other0.1<1 Total34.7  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

4. 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

5. AN_Pres_KV408 Nr 5 * Change in NAV per Industrivärden share, dividends reinvested. The reporting period in summary 200920082007 Equities Portfolio Feb. 9 Dec. 31Dec. 31 – market value, SEK M 37,370 34,744 65,844 Transactions – acquisitions, SEK M12 4,6448,834 – sales, SEK M- 4,3142,124 – net, SEK M12 3306,710 Debt – net debt, SEK M 10,87810,81310,951 – change in net debt 65-1386,408 – net debt equity ratio 29.1%31.1%16.6% Net asset value – net asset value, SEK M 25,48223,93154,837 – change in NAV*8%-55% –3% – total return index4%-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-share Discount A/C Dec. 31 2007 170 -28 142 20% 26% 22% SEK per share Feb. 9 2009 97 -28 69 21% 30% 24% Dec. 31 2008 90 -28 62 7% 19% 11%

6. AN_Pres_KV408 Nr 6 Development of net asset value SEK M Net debt Net asset value Portfolio SEK/share

7. 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

8. 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 A Market value: SEK 3.1 bn Share of votes: 8.5% Share of capital: 3.3%

9. AN_Pres_KV408 Nr 9 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

10. AN_Pres_KV408 Nr 10 A portfolio of industry-leading companies Portfolio share and value as per December 31, 2008 (Holding since). Leading player in complex construction projects 7% or SEK 2 bn (1987) Global consumer products and packaging company 14% or SEK 5 bn (1950) World leading producer of specialty steel 10% or SEK 4 bn (1994) 13% or SEK 4 bn (1944) World’s largest supplier of systems for mobile telecom 13% or SEK 4 bn (1944) Successful universal bank with international growth based on a Nordic base 23% or SEK 8 bn (1963) Leading high-tech company in materials technology 19% or SEK 7 bn (1997) Leading producer of heavy vehicles 9% or SEK 3 bn (1987) Technology trading company active in northern Europe 3% or SEK 1 bn (1989) World leader in moisture control 1% or SEK 0.4 bn (2002) Leading metal powder producer 1% or SEK 0.42 bn (2004)

11. AN_Pres_KV408 Nr 11 Equities portfolio as per February 9, 2009 Value distribution% of portfolio% of capital% of votes Stock No. sharesSEK MSEK/sharevaluein company Sandvik136,431,2007,776202111.5 Handelsbanken A Handelsbanken B 64,995,564 118,900 7,60220 10.410.6 Ericsson A74,400,0005,39414 2.313.3 SCA A SCA B 48,600,000 22,200,000 4,82013 10.029.8 SSAB A SSAB B 52,789,646 121,794 4,16611 16.321.2 Volvo A70,218,2843,195893.38.5 Skanska A Skanska B 15,010,700 15,314,800 2,350667.226.7 Indutrade14,757,8001,2993436.9 Munters10,950,0004161114.6146 Höganäs B3,550,0002791110118.1 Hemtex3,700,0007300 12.6 Totalt37,3709710

12. AN_Pres_KV408 Nr 12 Higher debt-equity ratio due to falling stock market values SEK bnQ1:07Q2:07Q3:07Q4:07Q1:08Q2:08Q3:08Q4:08Feb:09 Portfolio value 70.676.777.965.859.352.244.437.7xx.x Debt 4.86.610.811.110.810.410.610.8xx.x Debt-equity ratio, %6.88.613.916.818.319.823.831.1xx.x

13. 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.

14. AN_Pres_KV408 Nr 14 Financial position Net debt (SEK bn)Net debt equity ratio SEK 10.9 bn 29.1%

15. 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 199920002001200220032004200520062007200809 100 150 200 250 300 391 350

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