PRESS RELEASE

The Administrative Court of Appeal today ruled partly in favor of Industrivärden's ap-peal of the County Administrative Court's rulings on standard-calculated income for shares in subsidiaries. The rulings entail that a deduction of liabilities in holding com-panies is allowed. The County Administrative Court's rulings reduce the additional tax charge by SEK 24 M, to SEK 42 M.

The principle for taxation of holding companies is that capital gains on sales of stocks are tax-exempt, but in return, tax is payable based on a standard-calculated level of income from the holdings in question, which was previously 2% of the market value of the equities portfo-lio at the start of the respective fiscal years. For shares in subsidiaries, according to a 1991 instruction from the National Tax Board, the standard level of income should be based on the subsidiaries' net asset value. In rulings in 2002, the County Administrative Court raised AB Industrivärden's taxation for the fiscal years 1997-2000 with respect to the standard income reported for shares in subsidiar-ies. In total these rulings entail tax of SEK 66 M. Industrivärden had followed the instructions issued by the National Tax Board for valuation of holding company shares in subsidiaries and therefore appealed the rulings by the County Administrative Court. Information on this matter has been continuously reported in Industrivärden's annual reports (see Note 13 of the 2005 Annual Report), and no tax liability has been booked. The Administrative Court of Appeal's rulings entail that deduction of liabilities in holding com-panies is permissible in accordance with Industrivärden's petition. The additional tax of SEK 66 M according to the County Administrative Court's rulings is thereby reduced by SEK 24 M, to SEK 42 M. In association with the Administrative Court of Appeal's rulings, additional tax of SEK 9 M is furthermore payable for the 2001 fiscal year, in accordance with the tax au-thority's previous decision. According to current legislation, no standard level of income is assigned for business-related shares, which consist of unlisted shares including shares in subsidiaries and listed shares in which the holding corresponds to at least 10% of the number of votes. At year-end 2005 business-related shares accounted for 97% of Industrivärden's equities portfolio, which is why the tax rules with respect to standard income calculations are today of little significance for Industrivärden. Stockholm, March 21, 2006 AB Industrivärden (publ) For further information, please contact: Carl-Olof By, Executive Vice President and CFO, tel. +46-8-666 64 00