Year-End Report 2002

Year-End Report 2002 * Industrivärden's stock Total return 2002: -36%, Total Return Index -36% Average total return during five years: 2%/yr., Total Return Index -1%/yr. ten years: 17%/yr., Total Return Index 13%/yr. * Net asset value As per February 11, 2003: SEK 118 per share As per December 31, 2002: SEK 126 per share Change in 2002: -38% Average change during five years: -3%/year ten years: 10%/year * During the year listed holdings were sold for a total of SEK 3,375 M, with a capital gain of SEK 1,480 M, and unlisted holdings were sold for a total of SEK 3,098 M with a capital gain of SEK 2,270 M. Purchases of listed holdings totaled SEK 2,355 M. * During the year net debt decreased by SEK 3.2 billion to SEK 1.9 billion, corresponding to a net debt-equity ratio of 7%. * The Board of Directors proposes a dividend of SEK 5.00 (5.00), plus a bonus of SEK 0.80 (3.35), for a total of SEK 5.80 (8.35) per share. Industrivärden is one of the Nordic region's leading holding companies, with ownership in a concentrated selection of listed Nordic companies with good development potential. Industrivärden's mission is to create shareholder value based on a professional investment operation and active ownership. The goal is to generate high growth in net asset value over time. High growth in asset values enables Industrivärden to deliver a total return which, over a long period of time, is higher than the average for the Stockholm Stock Exchange. For more information about Industrivärden, visit our website: www.industrivarden.net. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/02/12/20030212BIT00940/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/02/12/20030212BIT00940/wkr0002.pdf The full report