Presentation 3rd quarter 2002

1
Interim Report Q3, 2002 Industrivärden, October
31, 2002
2
Industrivärden investment case

• Good track-record in creating shareholder value
  over time
• Long-term approach and financial resources
• Freedom to act in investment operations
• Competent organization
• Experienced board representatives in the
  holdings
• Strong brand
• Valuable contact network with local ties

3
Mission, goal and vision
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 ? Industrivärdens stock will give
shareholders a high total return
Vision To be perceived as the leading investment
company with a focus on large and medium-sized
listed Nordic companies
4
Two dimensional strategy
Professional invest- ment operation
Active ownership
Generate high growth in net asset value over time
5
Our investment criterias
Conditions
Portfolio
Scope Concentrated portfolio
Sectors Sector generalist Ownership Possibility
to be major or structure largest
owner Investment horizon 3-8 years Geography N
ordic companies Requirement Major potential for
value creation
Individual investments
Market value Large and medium- sized
companies Type Mainly listed Exit Appropriate
exit once target value has been created
Expansion phase
Management phase
Restructuring phase
Startup phase
Private equity investor in mature companies
Venture capitalists
Industrivärden
6
Ownership structure as per June 30, 2002
No. shares
of shares votes
Number of shareholders 33 000
Source VPC An_at_lysis, updated every six months
7
Interim Report, Jan. - Sept. 2002

• Industrivärden's stock
• Total Return as per October 28, 2002 -40,
  Total Return Index -36
• Average total return from year-end
• 1996 October 28, 2002 7/yr., Total Return
  Index 3/yr.
• Price trend as per October 28, 2002 -43,
  General Index -37
• Net asset value
• At October 28, 2002 SEK 125 per share
• Change since start of year -39
• At September 30, 2002 SEK 115 per share
• At December 31, 2001 SEK 204 per share
• Listed portfolio
• Value at October 28, 2002 SEK 24,263 M
• Change in value since start of year -38
• Value at September 30, 2002 SEK 22,499 M
• Value at December 31, 2001 SEK 40,535 M
• Net debt decreased from 5.1 billion at the
  start of the year to 2.0 billion on

8
Transactions in recent time
Average Capital Date Transaction Holding
Sector price Price gain Nov.
01 Sale Pharmacia Pharmaceuticals SEK
471 780 130 Apr. 02 Sale Lundbeck Pharmaceuticals
DKK 231 2,400 1,500 Apr. 02 Sale Besam Door
automation - 3,050 2,300 May 02 Purchase Össur Med
itech SEK 5 260 - June 02 Sale Biodisk Meditech -
130 110 Sep. 02 Purchase Ericsson Telecom SEK
3.8 760 -
9
Ericssons completed rights offering

• General
• Rights offering completed according to plan
• Over-subscription with approx. 37 (total issue
  amount SEK 30 bn)
• Industrivärden
• Long-term confidence on Ericsson and its future
  potential
• Industrivärden has subscribed for its pro rata
  share of SEK 756 M
• In addition subscription for a further SEK 6 M
  without
• subscription rights

10
Development of net asset value
SEK M
Varav ränte- bärande netto- låneskuld
SEK/share 283 214 222 166 204 193
153 115 125
Other assets and liabilities (of which,
interest-bearing net debt)
Listed portfolio
Unlisted holdings
11
Composition of net asset value
SEK per share
SEK billion
Oct. 28 2002 24.2 2.1 26.3 -2.1 24.2
Oct. 28 2002 125 11 136 -11 125
Dec. 31 2001 40.5 4.1 44.6 -5.2 39.4
Dec. 31 2001 210 21 231 -27 204

• Listed portfolio
• Industrial and trading operations
• and other unlisted holdings
• Total equities portfolio
• Other assets and liabilities
• Net asset value

12
Development of net asset value
Share of net asset value,
298 283 204 172 153 115 125
SEK/share
Other
Dec 99 Dec 00 Dec 01 Mar 02 Jun 02 Sep
02 Okt 02
13
Other (x)
Sector breakdown, equities portfolio
Health care (4)
Construction (6)
Engineering (27)
Trading (7)
Össur oth.
Sandvik SSAB Isaberg Rapid others
Skanska
Indutrade
Telecom (7)
Ericsson
Handelsbanken Skandia
Forestry and consumer products (22)
SCA
Banking and insurance (26)
As per September 30, 2002
14
Listed portfolio as per September 30,
2002 Market value
Share of Share of Share of SEK M
SEK/share portfolio, capital, votes,
Handelsbanken 5,620 29 25 7
7 SCA 5,465 28 24 8 28 Sandvik
4,578 24 20 8 8 Ericsson 1,490
8 7 3 28 Skanska 1,476 8 7
8 32 SSAB 1,032 5 5
12 16 Skandia 664 4 3 5
5 Pfizer Inc. 542 3 2
lt1 lt1 Scania 402 2 2 2
2 Össur 283 1 1 15 15 Pharmacia
252 1 1 lt1 lt1 Volvo 233
1 1 lt1 1 Other (ltSEK 200 M) 462
2 2 Total 22,499 100 100
15
Development for listed portfolio
Share of portfolio value as per Sept. 30,
Value change, SEK M
Price change,
Yearly average total return,
Oct. 1, 1997- Sept. 30, 2002
Oct. 1, 1992- Sept. 30, 2002
January 1 Sept. 30, 2002
Handelsbanken 25 -1.896 -25 9 36 SCA 24 131 2 13 1
8 Sandvik 20 -137 -3 0 16 Ericsson 7 -10.518 -91 -
34 5 Skanska 7 -697 -33 -3 21 SSAB 5 -205 -17 -7 1
8 Skandia 3 -2.987 -82 -16 13 General
Index -44 Total Return Index -5 15
16
Industrivärden online
?
? Reuterskod INDUa.ST Bloombergskod INDUA
SS Datastream kod W IU ? www.industrivarden.net
? info_at_industrivarden.se ? 46-8-666 64 00 ?
46-8-661 46 28 ? Box 5403, SE-114 84
Stockholm, Sweden
www.industrivarden.se / IR / Ask /
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