Industrivärden

Net Asset Value • Jan 3, 2011

Submitted for publication at 11:45 a.m. on January 3, 2011.

CORRECTED VERSION OF THE PRESS RELEASE SENT AT 11:10 a.m.

Interest-bearing net debt should be SEK -13,4 bn, net asset value SEK 57,7 bn and the loan component of the convertible loan SEK 4,153 M.

Net asset value and total return as per December 31, 2010

• Net asset value on December 31, 2010, was SEK 149 (111) per share, an increase of 37%. since the start of the year including reinvestment of the dividend in 2010. The closing price was SEK 119.90 for Industrivärden Class A shares and SEK 118.00 for the Class C shares.
• The total return was 40% for the Class A shares and 48% for the Class C shares during 2010, compared with 27% for the return index.
• The value of the equities portfolio increased by SEK 15.0 billion to SEK 71.1 billion, or by 28%, during 2010. The Stockholm Stock Exchange gained 23%.

December 31, 2010	Market value				Share of port- Share of capital	Share of votes
	No. of shares	SEK bn SEK/share			folio value, % in company, % in company, %
Sandvik	138 443 752	18,2	47	25	11,7	11,7
Handelsbanken A	65 217 930	14,0	36	20	10,5	10,6
Volvo A Volvo B	87 646 151 5 345 661	10,7	28	15	4,4	10,7
SCA A SCA B	45 100 000 25 700 000	7,5	19	11	10,0	29,5
SSAB A SSAB B	56 105 972 73 498	6,3	17	9	17,3	22,5
Ericsson A	77 680 600	5,8	15	8	2,4	13,8
Skanska A Skanska B	15 091 940 17 019 386	4,3	11	6	7,6	27,8
Indutrade	14 727 800	3,4	9	5	36,8	36,8
Höganäs B	3 550 000	0,9	2	1	10,1	8,1
Equities portfolio		71,1	184	100
Interest-bearing net debt		-13,4	-35
Net asset value		57,7	149 *

* The calculation above is based on a total number of 386,271,224 outstanding shares as per December 31, 2010. The interest-bearing net debt above include the loan component of the convertible loan which amounted to SEK 4,153 M as per December 31, 2010 and would increase the total number of outstanding shares to 430.539.224 shares upon full conversion.

Stockholm, January 3, 2011 AB INDUSTRIVÄRDEN (publ)

For further information, please contact: Carl-Olof By, Executive Vice President, tel. +46-8-666 64 00

Long-term industrial developer of listed Nordic companies

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. The goal is to generate high growth in net asset value over time.

AB Industrivärden (publ) Box 5403, SE-114 84 Stockholm, Sweden Phone +46-8-666 64 00, Fax +46-8-661 46 28 Internet: www.industrivarden.net E-mail: info@industrivarden.se