AN_Pres_KV309 Nr 1

3Q:2009 Interim Report Industrivärden, November 2, 2009

“Long-term industrial developer of listed Nordic companies”

AN_Pres_KV309 Nr 2

Established: 1944 Stock: Listed on NASDAQ OMX Nordic, Stockholm Market cap: Approx. EUR 3 bn (SEK 32 bn) Free float: Approx. 40% of shares No. shareholders: 48,000 Average daily trading vol.: Approx. 250,000 Class A-shares 440,000 Class C-shares

Coverage (selection): Handelsbanken Markets, Hans Mähler +46 8 710 1000 SEB Enskilda Securities, Andreas Joelsson, +46 8 52 2295 00 Goldman Sachs, Markus Iwar +44 20 7552 1264

UBS Nordic, Olof Cederholm +46 8 453 73 00 Credit Suisse, Leo Vicars, +44 20 7888 12 53 Deutsche Bank, Hans Derninger, +46 8 463 55 00

Company in brief

AN_Pres_KV309 Nr 3

– Long-term industrial developer of listed Nordic companies

Ericsson

Volvo

Sandvik

SSAB

Skanska SCA

AN_Pres_KV309 Nr 4

Strong base for value creation

Our competitive advantages Our portfolio

Holding Market value, Portfolio Share of SEK bn share, % votes, %

Handelsbanken 11.8 23 10.3

Sandvik 10.9 21 11.4

SCA 7.0 13 29.9

SSAB 5.7 11 20.4

Ericsson 5.7 11 13.5

Volvo 4.7 9 8.5

Skanska 3.1 6 27.5

Indutrade 2.2 4 36.9

Munters 0.5 1 14.6

Höganäs 0.5 1 8.1 Total AUM 52.1 100

A strong, competitive long-term track record with limited risk

As per October 30, 2009

Blue-chip portfolio

Long-term active ownership

Leveraged influence

Extensive structural capital

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Focused strategy

Conditions Sectors: Sector generalist Business models: Geographically scalable Cash generation: Good ability Ownership Major owner with board representation Evaluation horizon: 5-8 years Requirement: Strong potential for value creation

Individual investments

Portfolio Scope: Concentrated portfolio – focus

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

Strong value potential and long-term perspective

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Stock market performance 2009

Total Return

Industrivärden +60%

Index (SIXRX) +50%

(c) SIX AB 2009

Jan Feb Mar Apr May Jun Jul Aug Sep Oct

100

120

140

160

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Long-term value creation Development of net asset value

SEK/share

107

0

20

40

60

80

100

120

140

160

180

200

1989

-12-

31

1990

-12-

31

1991

-12-

31

1992

-12-

31

1993

-12-

31

1994

-12-

31

1995

-12-

31

1996

-12-

31

1997

-12-

31

1998

-12-

31

1999

-12-

31

2000

-12-

31

2001

-12-

31

2002

-12-

31

2003

-12-

31

2004

-12-

31

2005

-12-

31

2006

-12-

31

2007

-12-

31

2008

-12-

31

+9% annually during the last 20 years period (incl. reinvested dividends)

32

23

58 52

187 181

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First ten months 2009 in brief

Net asset value SEK 41.5 bn or SEK 107/share

an increase of SEK 17.6 bn, or 82% for YTD

Total return of 60% for the Class A shares

10%-pts better than the return index

Net debt was SEK 10.6 bn

a decrease of SEK 0.2 bn for YTD

Financial development

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Sharp increase in net asset value

SEK 24 bn as per December 31, 2008

SEK 41,5 bn as per October 30, 2009

+18 bn

+82%

Sandvik +4 bn

Handelsbanken +4 bn

SSAB +2 bn

SCA +2 bn

Others +6 bn

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Equities portfolio Net debt Net asset value Debt-equity ratio

Sept. 30 2009

49.6

-10.7

38.9

22%

Sept. 30 2009

128 -27

101

SEK billion SEK per share Dec. 31

2008

34.7 -10.8

23.9

31%

Dec. 31 2008

90

-28

62

Net asset value

Oct. 30 2009

52.1

-10.6

41.5

20%

Oct. 30 2009

135 -27

107

AN_Pres_KV209 Nr 11

Why invest in Industrvärden? The average annual excess return for last ten years was 1%-pt/year

As per October 30, 2009

Total Return (Index)

Industrivärden

Return Index (SIXRX)

(c) SIX AB 2009

99 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

100

150

200

287

250

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Active ownership in brief Focus on value enhancement drivers: strategy, development and positioning

Value creation Ownership

agenda incl. action plan

Nominating committee

participation

AGM participation

Board participation

Direct dialog with company management

In-depth analysis

Company, competitors and industry

Megatrends

Analyst presentations

Company visits

Database monitoring

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Active ownership in practice

Sandvik

Several strategic acquisitions Structural actions taken in Materials Technology

Handelsbanken Well proven work model – stronger position in a tough market Greater focus on organic growth outside Sweden New Chairman of the Board installed

SSAB Acquisition of IPSCO for SEK 50 bn increases capacity for niche products Divesture of IPSCO’s tubular business Cost-cutting program: SEK 1 bn annually

SCA

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

Ericsson

Cooperation with ST Microelectronics Acquisition of Nortel’s mobile business Structural program aims at cutting overhead by SEK 10 bn New CEO appointed from 2010

Increased investment in infrastructure development Actions taken to strengthen competitiveness Adaptation of workforce

Skanska

Indutrade Continuous acquisitions Foothold gained in the UK through two acquisitions Measurement technology company the biggest acquisition since IPO in 2005

Munters Addition of new product areas through company acquisitions Efficiency improvement program

AN_Pres_KV309 Nr 14

Our portfolio of blue-chip companies

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 the manufacturing and mining industries

A decentralized branch operation with local customer responsibility has resulted in high level of customer satisfaction and enables good profitability

World-leading position in the niche segment of quenched steels and advanced, high-strength sheet creates solid base for growth and high profitability

The leading European manufacturer of personal care products, with rapidly growing niche products, as well as packaging solutions

The market’s largest and most profitable supplier of mobile telecom systems, with a leading position in telecom development

Through innovative, custom-tailored product development and high quality, the company has a world-leading position in commercial transport solutions

Uniqe, comprehensive know-how in construction combined with process focus has resulted in a leading construction company with value-creating project development

By combining sales of industrial consumables with strong organic growth and a well-developed model for acquisition-based growth, the company has been able to show impressive profitability

10.9 11.8 5.7 7.0

5.7 4.7 3.1 2.2

21% 23% 11% 13%

11% 9% 6% 4%

Market leader in the growing niche of metal powders, used primarily for component manufacture in the auto industry

Strong global position in a business area with major growth potential organically as well as through further development of products, services and application areas

0.5 0.5

1% 1% As per October 30, 2009

Portfolio value: SEK 52.1 bn

Market value SEK bn

Portfolio share, %

AN_Pres_KV309 Nr 15

Strong 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-se

p-01

31-de

c-01

31-m

ar-02

30-ju

n-02

30-se

p-02

31-de

c-02

31-m

ar-03

30-ju

n-03

30-se

p-03

31-de

c-03

31-m

ar-04

30-ju

n-04

30-se

p-04

31-de

c-04

30-m

ar-05

30-ju

n-05

30-se

p-05

31-de

c-05

31-m

ar-06

30-ju

n-06

30-se

p-06

31-de

c-06

30-se

p-07

31-de

c-07

31-m

ar-08

30-ju

n-08

30-se

p-08

31-de

c-08

31-m

ar-09

30-ju

n-09

31-ju

l-09

30-se

p-09

30-ok

t-09 0%

5%

10%

15%

20%

25%

30%

35%

Interest bearing net debt (SEK bn) Net debt-equity ratio

20%

SEK 10.6 bn

Oct. 30 Sept. 30 Dec. 31 SEK bn 2009 2009 2008 Listed stocks 52 50 35 Net debt -11 -11 -11 Net debt eq. ratio 20% 22% 31%

S&P rating: A/stable/A–1

AN_Pres_KV209 Nr 16

High dividend yield

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

0

1

2

3

4

5

6

2000 2001 2002 2003 2004 2005 2006 2007 2008 20090%

1%

2%

3%

4%

5%

6%

7%

8%

9%

BonusutdelningOrdinarie utdelningDirektavkastning börsenDirektavkastning

7.9%

4.5% Bonus dividend Ordinary dividend SSEX dividend yield Dividend yield

AN_Pres_KV309 Nr 17

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