Interim Report, January - March Industrivärden, May 5, 2008

1. ”A long-term industrial developer of listed companies” Interim Report, January - March Industrivärden, May 5, 2008

2. Company in brief • Established: 1944 • Stock: 386 million shares, listed on SSEX • Market cap: Approx. USD 6.5 bn (SEK 39 bn) • Free float: Approx. 40% of shares • No. shareholders: 42,000 • Average daily trading vol.: Approx. 280,000 shares • Coverage: Carnegie, Frida Willmansson, +46 8 676 88 00 Enskilda Securities, Andreas Joelsson, +46 8 52 2295 00 UBS Nordic, Olof Cederholm +46 8 453 73 00 Handelsbanken Markets, Magnus Dalhammar +46 8 710 1000 • Low administrative expenses, USD 10 M or less than 0.2% of AUM • “Holding company” tax status: no tax on capital gains, dividends received/rendered are taxable/deductible • Discount to NAV approx. 21%

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: 3-8 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. First-rate methods and models Professional organization Portfolio of quality companies • Proven value creation over many years • Depth of knowledgeabout portfolio companies and their business environments • Major experiencein strategic company development • Lean, effective organizationprovides speed and flexibility • Extensive networka strength • Returns from short-term transactionscover Industrivärden’s costs • Own-developed work methods, models and systems vouch for high quality • Structured processesfor evaluating existing and new investments • Proven model for profitable value creation • Concentrated portfolioprovides focus • Industry-leading companies provide favorable future opportunities • Substantial ownership positions provide influence • Long-term focusenables influence through active ownership

5. First quarter 2008 in summary  The stocks total return well abovethe return index SSAB is divesting IPSCOs tubesdivision – improved debt situation  Active ownership: Continued highactivity in the portfolio holdings

6. The reporting period in summary 200820082007 Equities Portfolio April 30March 31 Dec. 31 – market value, SEK M 59,296 59,270 65,844 Transactions – acquisitions, SEK M 913 601 8,834 – sales, SEK M 869 558 2,124 – net, SEK M 44 43 6,710 Debt – net debt, SEK M 10,173 10,843 10,951 – change in net debt -778 -108 6,408 – net debt equity ratio 17,2% 18.3% 16.6% Net asset value – net asset value, SEK M 49,068 48,370 54,837 – change in NAV* -7% -12% –3% – total return index -6% -11% –3% The stocks total return – Class A-share -4% -8% –14% – total return index -6% -11% –3% SEK per share April xx 2008 154 -27 127 19% 25% 21% March 31 2008 154 -29 125 17% 22% 18% • Dec. 31 • 2007 • 170 • -28 • 142 • 20% • 26% • 22% 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. Financial position 17.2% Net debt (SEK bn) Net debt equity ratio SEK 10.2 bn

8. Industrivärden’s dividend 4.4% Bonus dividend Ordinary dividend SSEX dividend yield Dividend yield 4.0% Dividend: 2.25 3.10 4.20 4.18 2.90 2.75 3.00 3.50 4.50 5.00 SEK/share Of which ordinary 2.25 2.50 2.50 2.50 2.50 2.75 3.00 3.50 4.50 5.00

9. Development of portfolio companies • 1Q:2008 Op. income Δ, % Earn./shareΔ, % PE-ratio Operating margin, % Δ, %pts • Mkr Kr (12 mths)12 mths 98-08/yr • Sandvik 08’ 3,190 -10 1.59 -18 12 14.5 -2.8 -13 13 • 07’ 3,538 1.95 17.3 • SHB 08’ 2,919 -21 3.61 -16 10 48.2 -8.7 -13 7 • 07’ 3,714 4.26 56.9 • SSAB 08’ 2,748 +29 5.17 -3 10 21.3 -3.0 -11 20 • 07’ 2,136 5.35 24.3 • SCA 08’ 2,471 +8 2.18 +7 11 9.0 +0.1 -15 8 • 07’ 2,282 2.04 8.9 • Ericsson 08’ 3,497 -57 0.17 -54 17 7.9 -11.4 -53 -9 • 07’ 8,151 0.37 19.3 • Volvo 08’ 6,487 +22 2.07 +12 10 8.5 -0.2 -20 10 • 07’ 5,328 1.85 8.7 • Skanska (prel) 08’ 1,080 +39 10 3.3 +0.6 -19 10 • 07’ 778 2.7 • Indutrade 08’ 162 +24 2.73 +22 12 10.6 +0.4 -7 - • 07’ 131 2.23 10.2 • Munters 08´ 108 -15 0.78 -25 15 7.0 -2.0 -26 13 • 07’ 127 1.04 9.0 • Höganäs 08’ 196 +4 4.15 +15 10 12.4 -0.9 -18 0 • 07’ 188 3.62 13.3 Totalavk., % Index -18 7

10. Active ownership – strategic activities 07/08 Handelsbanken SSAB • SPP sold for capital gain of approx. SEK 4 bn • Greater focus on organic growth outside Sweden • Acquisition of IPSCO forSEK 50 bn increases capacity for niche products • SEK 10 bn rights issue Sandvik Ericsson • Several strategic acquisitions • SEK 3.6 bn share redemption • Several acquisitions in Multimedia unit SCA • Jan Johansson new CEO • Concentration of packaging operations in Europe and Asia • Strengthening of brand portfolio through acquisition of P&G’s European tissue business Skanska • New business plan with focus on improved operating margins and significant increase in investments in development activities • New financial targets set • Johan Karlström new CEO in 2008 Munters • Addition of new product areas through company acquisitions • SEK 494 M share redemption and 3:1 split Indutrade • Continuous acquisitions • Foothold gained in the UK through two acquisitions

11. A portfolio of industry-leading companies Leading metal powder producer 1% or SEK 0.5 bn (2004) Leading player in complex construction projects 6% or SEK 3 bn (1987) Leading high-tech company in materials technology 21% or SEK 13 bn (1997) World leader in moisture control 1% or SEK 0.7 bn (2002) Leading producer of heavy vehicles 7% or SEK 4 bn (1987) Technology trading company active in northern Europe 4% or SEK 2 bn (1989) World’s largest supplier of systems for mobile telecom 10% or SEK 6 bn (1944) Successful universal bank with international growth based on a Nordic base 19% or SEK 11 bn (1963) Global consumer products and packaging company 12% or SEK 7 bn (1950) World leading producer of specialty steel 19% or SEK 11 bn (1994) Portfolio share and value as per April 30, 2008 (Holding since).

12. Equities portfolio as per April 30, 2008

13. Good long-term growth in value The average annual excess return for last ten years was 2 %-points/year Total return index (Index) (c) SIX AB 2008 415 Industrivärden share 350 300 250 200 150 Total Return Index (SIXRX) 100 97 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 08 As per April 30, 2008

14. Investment case – comparable advantages • Proven track record –excess returns over a long period of time • Cost-efficient organization – less than 0.2% in management costs • High quality portfolio of blue-chip companies • Good financial resources and long-term perspective • First-rate model for exercising value enhancement by active ownership • Professional management team and organization • Experienced directors nominated in our active holdings • Valuable contact network with Nordic ties

15.  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.waymaker.se / Latest News / Subscribe Press release direct: