Ruling issued by the Country Administrative Court

PRESS RELEASE In a ruling issued on January 15, 2004, the County Administrative Court confirmed the tax authority's request to apply the Tax Evasion Act with respect to the questioned right to deduction for interest paid during the fiscal years 1995-1998 in holding companies owned by AB Industrivärden. The ruling entails that deduction is not granted for interest expenses that have reduced the tax in the holding companies by a total of SEK 165 M. Information on this matter has been continuously disclosed in Industrivärden's annual reports (see Note 13 in the 2002 Annual Report). The ruling, which was not unanimous, will be appealed by Industrivärden to the Supreme Administrative Court. Stockholm, January 19, 2004 AB INDUSTRIVÄRDEN (publ.) For further information, please contact: Carl-Olof By, Executive Vice President and CFO of Industrivärden, tel. +46-8-666 64 00 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/01/19/20040119BIT00780/wkr0001.doc http://www.waymaker.net/bitonline/2004/01/19/20040119BIT00780/wkr0002.pdf