Year-End Report 2003

Industrivärden Year-End Report 2003 * Industrivärden's net asset value was SEK 32,913 M on February 16, 2004, an increase of SEK 2,843 M since year-end 2003. Net asset value on December 31, 2003, was SEK 30,070 M (24,415), an increase of SEK 5,655 M for the year. * Net asset value per share was SEK 170 on February 16, 2004 (an increase of SEK 14 per share since year-end 2003). On December 31, 2003, net asset value per share was SEK 156 (126). Including reinvested dividends the increase was SEK 37 per share in 2003. Average annual growth in net asset value over the last ten-year period, including reinvested dividends, was 14%. Earnings per share in 2003 were SEK -4.49 (20.20). * During the year, stock was purchased in SCA, Handelsbanken, Munters and SSAB for a total of SEK 1,756 M. In November and December the entire shareholding in Skandia was sold for SEK 1,253 M. Stocks were purchased for a total of SEK 2,012 M and sold for SEK 1,933 M. * The total return for Industrivärden's stock in 2003 was 28%, compared with 34% for the return index. During the last ten-year period Industrivärden's average annual total return was two percentage points higher than the return index. * The Board of Directors proposes a dividend of SEK 5.50 (5.80) per share. Full report as PDF-file below. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/18/20040218BIT00340/wkr0001.pdf The full report

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