Pres_KV310 Nr 1

First nine months 2010Industrivärden, October 5, 2010

“Long-term industrial developer of listed Nordic companies”

Pres_KV310 Nr 2

– Long-term industrial developer of listed Nordic companies

Ericsson

Volvo

Sandvik

SSAB

Skanska SCA

Pres_KV310 Nr 3

Strong base for value creation

Our competitive advantages Our portfolio

Holding Market value, Portfolio Share ofSEK bn share, % votes, %

Sandvik 14.5 23 11.8

Handelsbanken 14.0 22 10.3

Volvo 8.0 13 10.4

SCA 7.3 11 29.5

SSAB 6.1 10 22.6

Ericsson 5.5 9 13.6

Skanska 3.8 6 27.6

Indutrade 2.7 4 36.8

Munters 0.8 1 14.6

Höganäs 0.8 1 8.1

Total AUM 63.5 100

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

As per September 30, 2010

Blue-chip portfolio

Long-term active ownership

Leveraged influence

Extensive structural capital

Our rating

Standard & Poors: A/stable/A–1

Pres_KV310 Nr 4

Focused strategy

Conditions

Sectors: Sector generalist

Business models: Geographically scalable

Cash generation: Good ability

Ownership Major owner with boardrepresentation

Evaluationhorizon: 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 targetvalue has been achieved

Strong value potential and long-term perspective

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Long-term value creationDevelopment of net asset value

SEK/share

132

0

20

40

60

80

100

120

140

160

180

200

1989-1

2-3

1

1990-1

2-3

1

1991-1

2-3

1

1992-1

2-3

1

1993-1

2-3

1

1994-1

2-3

1

1995-1

2-3

1

1996-1

2-3

1

1997-1

2-3

1

1998-1

2-3

1

1999-1

2-3

1

2000-1

2-3

1

2001-1

2-3

1

2002-1

2-3

1

2003-1

2-3

1

2004-1

2-3

1

2005-1

2-3

1

2006-1

2-3

1

2007-1

2-3

1

2008-1

2-3

1

2009-1

2-3

1

+11% annually during the last 20 years period (incl. reinvested dividends)

32

23

58 52

187 181

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9M:2010 in brief

Net asset value SEK 50.9 bn, or SEK 132/share increase of SEK 8.1 bn, or 22% for the year to date*

Total return of 15% for the A-shares and 19% for the C-shares the return index was 18%

Net share purchases in foremost Volvo, SSAB and Sandvik totaled SEK 2.0 bn

In January a convertible loan worth SEK 5 bn was issued

In September Alfa Laval launched a cash bid on the shareholding in Munters

*Including reinvested dividends.

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Sharp increase in net asset value

SEK 43 bn as per December 31, 2009

SEK 51 bn as per September 30, 2010

+8.1 bn

+22%*

Volvo + SEK 2.8 bn

SSAB + SEK 2.5 bn

Sandvik + SEK 1.6 bn

Other - SEK 1.2 bn

*Incl. reinvested dividends.

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Equities portfolioNet debt

Net asset value

Debt-equity ratio

Debt-equity ratioafter full conversion

Dec. 312009

53.5-10.8

42.8

20%

-

Dec. 312009

139-28

111

SEK billion SEK per share

Dec. 312008

34.7-10.8

23.9

31%

-

Dec. 312008

90-28

62

Net asset value

Sept. 302010

63.5-12.6

50.9

19.9%

13.1%

Sept. 302010

164-32

132

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

As per September 30, 2010

Total Return (Index)

ReturnIndex

Industrivärden

(c) SIX AB 2010

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

60

100

140

180

234

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

Value creationOwnership

agenda incl. action plan

Nominating committee

participation

AGM participation

Boardparticipation

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

Consolidation of completed acquisitions. Restructuring program designed to adapt

costs and production capacity to market situation.

Consistently applied business model. Organic growth in home markets in the Nordic countries

and the UK. Strong financial and market position in a turbulent

environment.

New market-oriented organization. Cost-cutting program has had faster impact than

planned. Acquisition of IPSCO’s North American steel mills

and coming capacity investments in North America strengthen position as leading player and enable continued global expansion.

Focus on profitable growth with strong brands in hygiene segment.

Efficiency improvement measures in packaging operations.

Extensive restructuring in product portfolio.

Strong position ahead of operators’ investments in next generation of telecom systems (LTE)

Favourable growth in Services segment. Acquisition of Nortel’s U.S. mobile systems business,

together with central customer contracts, makes Ericsson a leader also in North America.

Efficient construction operation generates good cash flows.

Proven model for value-creating project development.

Strategic focus on environmentally adapted, energy-efficient solutions.

Continued company acquisitions. Decentralized business model. Establishment in new geographic

markets. Strong position in energy segment.

Strong global position in selected niches. Stronger focus through the divesture of

the MCS operation. Organic and acquisition-driven growth via gradual

broadening of product portfolio.

Strong focus on collaboration withcustomers in new product development.

Acquisition of U.S. powders business. Strong measures reduce working capital.

Handelsbanken SSAB

Ericsson

Skanska

Höganäs

Indutrade

Munters

SCA

Sandvik

Pres_KV310 Nr 12

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

14.5 14.0

6.1

7.3

5.5

8.0

3.8 2.7

23% 22%

10%

11%

9%

13%

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 and application areas

0.8 0.8

1% 1% As per September 30, 2010

Portfolio value: SEK 63.5 bn

Marketvalue SEK bn

Portfolio share, %

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Strong financial position

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

20%

SEK 12.6 bn

Sept. 30 Dec 31 Dec. 31SEK bn 2010 2009 2008

Listed stocks 63 54 35Net debt -12 -11 -11Net debt eq. ratio 20% 20% 31%Net debt eq. ratioa. full conversion 13% - -

S&P rating: A/stable/A–1 -1,0

1,0

3,0

5,0

7,0

9,0

11,0

13,0

15,0

0%

5%

10%

15%

20%

25%

30%

35%

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High dividend yield

Dividend: 4.20 4.18 2.90 2.75 3.00 3.50 4.50 5.00 4.50 3.00 SEK/share

Of whichordinary 2.50 2.50 2.50 2.75 3.00 3.50 4.50 5.00 4.50 3.00

0

1

2

3

4

5

6

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Bonusutdelning

Ordinarie utdelning

Direktavkastning börsen

Direktavkastning

Bonus dividend

Ordinary dividend

SSEX dividend yield

Dividend yield3.4%

2.8%

Pres_KV310 Nr 15

Industrivärden online

Reuters code INDUa.STBloomberg 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