Communiqué from Industrivärden's Annual General Meeting on April 20, 2005

Industrivärden’s Annual General Meeting was held on April 20, 2005, at the Grand Hotel in Stock-holm, at which the following decisions, among others, were made: • The Annual General Meeting approved the dividend of SEK 6.00 per share. The record date for payment of the dividend was set at April 25, and dividend payments are expected to be made by VPC on April 28. • Boel Flodgren, Tom Hedelius, Finn Johnsson, Fredrik Lundberg, Sverker Martin-Löf, Arne Mårtensson, Lennart Nilsson and Anders Nyrén were reelected as directors on Indus-trivärden's board. Tom Hedelius was elected as Chairman of the Board. • The Annual General Meeting resolved to authorize the Chairman of the Board to appoint at least four members from among the major shareholders’ representatives, who are not direc-tors on the Company’s board, to form with the Chairman a nominating committee for the next election of directors. The composition of the nominating committee shall be announced at least six months before the 2006 Annual General Meeting. CEO Anders Nyrén informed the meeting that Industrivärden's board today decided to introduce the wholly owned company Indutrade on the stock market during the second half of 2005. Decision at the statutory board meeting: • At the statutory board meeting, Sverker Martin-Löf was named Vice Chairman of the Board. CEO Anders Nyrén's address to the Annual General meeting is available upon request from the Com-pany and on Industrivärden's website: www.industrivarden.net/Investor Relations/Annual General Meeting.