Interim Report, Jan. 1 - Sept. 30, 2002

Interim Report January 1 - September 30, 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 As per October 28, 2002: SEK 125 per share Change since start of year: -39% As per September 30, 2002: SEK 115 per share As per 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 Low debt Net debt decreased from SEK 5.1 billion at the start of the year to SEK 2.0 billion on October 28, 2002, corresponding to a net debt-equity ratio of 8%. CEO'S COMMENTS The negative trend for the world's stock markets intensified during the third quarter of the year. The combined effect of a lack of confidence in equities as an investment form, uncertainty about the economic development in the world, and mounting concerns over an armed conflict in the Middle East, brought about a sharp decline in all the world's stock exchanges and the sectors within these. The 44% decline for the Stockholm Stock Exchange since the start of the year was one of the largest among the Western world's bourses. In this time of uncertainty about the economy and value development in the stock markets, Industrivärden has chosen a cautious path. Aside from our participation in Ericsson's rights issue corresponding to slightly more than SEK 750 M, we have only made a limited number of deals. We have given priority to a low debt-equity ratio and a sound financial position. We continue to work unrelentingly in our role as long-term active owners to support our major holding companies in their ongoing work on profitable growth. At the same time, we are conducting a systematic evaluation of interesting listed Nordic companies. Thanks to our strong financial position we currently have the capacity to invest in companies that meet our investment criteria. This we will do when we feel certain about the specific investment opportunities, their potential for value growth, and when the time is right. Anders Nyrén ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/10/31/20021031BIT00040/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2002/10/31/20021031BIT00040/wkr0002.pdf The Full Report