Industrivärden launches an offering of approximately €450 million convertible bonds due 2015

The information provided herein is such that AB Industrivärden (publ) is
obligated to disclose pursuant to the Securities Markets Act (SFS 2007:528)
and/or the Financial Instruments Trading Act (SFS 1991:980). Submitted for
publication at 08:00 a.m. on January 12, 2010.


THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT
FOR RE-LEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR
IN PART IN, INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A VIOLA-TION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS
ANNOUNCEMENT IS NOT AN OFFER OF SECURI-TIES FOR SALE NOR A SOLICITATION TO
PURCHASE OR SUBSCRIBE FOR SECURITIES, IN OR INTO THE UNITED STATES OR ANY OTHER
JURISDICTION.

THE BONDS (AND UNDERLYING SHARES) MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED. INDUSTRIVÄRDEN DOES NOT INTEND TO REGISTER
ANY PORTION OF THE PLANNED OFFER IN THE UNITED STATES OR TO CONDUCT A PUBLIC
OFFERING OF SECURITIES IN THE UNITED STATES.

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.


Industrivärden launches an offering of approximately €450 million convertible
bonds due 2015

AB Industrivärden (“Industrivärden” or the “Company”) announces today that it
intends to make an offering of senior unsecured convertible bonds (the “Bonds”)
due 2015 (the “Offering”). Industrivärden will use the proceeds of the Offering
to strengthen its liquidity and provide it with greater financial flexibility to
capture attractive investment opportunities. The Offering size will be an
initial principal amount of up to €450 million, with an option granted by the
Company to the Sole Bookrunner in respect of up to an additional €50 million
principal amount of Bonds.


The Offering strengthens Industrivärden's ability to maintain and create
shareholder value, whilst at the same time taking advantage of an opportunity to
access capital from primary markets exhibiting strong demand for new issues; the
convertible instrument provides the opportunity to issue equity at a premium to
today's share price. In line with market practice for convertible bond
transactions in Europe, the Bonds will be marketed principally to European
institutional investors who have special-ised knowledge of such instruments.

“Today's convertible bond financing allows Industrivärden to take advantage of
strong market conditions and will enhance financial flexibility for the group",
commented Anders Nyrén, Presi-dent and CEO.

An Industrivärden board meeting is scheduled for later today to approve formally
the issue of the Bonds and the final terms of the Bonds will be announced
through a separate press release thereafter.

The Bonds will (subject as described below) be convertible at any time from
March 10, 2010 up to and including January 30, 2015 into new C shares of the
Company (the “C Shares”), which will be listed on NASDAQ OMX Stockholm. The
Bonds are expected to carry a semi-annual coupon of be-tween 2.50 - 3.00% per
annum and will be convertible into C Shares at an expected premium of 35.0 -
37.5% above Industrivärden's reference share price, which is the volume weighted
average price of the C Shares on NASDAQ OMX Stockholm from launch to pricing.

The right to convert the Bonds into C Shares is subject to the passing of
certain resolutions at an ex-traordinary general shareholders' meeting of the
Company. If such resolutions are not passed, the Bonds will, upon conversion, be
cash-settled until such time as the necessary resolutions are passed. In
addition, if the resolutions are not passed at any general meeting held on or
prior to November 30, 2010 the Company may elect to redeem all but not some of
the Bonds at a premium to their principal amount. Handelsbanken Pension
Foundation, Handelsbanken Pension Fund, and other related enti-ties; SCA Pension
Foundation, SCA Group Holding, and other related entities; and L E
Lundbergföretagen and related entities, in aggregate representing approximately
50% of the Com-pany's share capital and 68% of the voting powers, have expressed
their support for the resolutions.

The Bonds will be issued and redeemed in cash at 100% of their principal amount
(other than where the Company redeems the Bonds early as described above), and
unless previously redeemed, con-verted or purchased and cancelled, are expected
to mature on February 27, 2015. The Company will have the option to redeem all
but not some of the Bonds from approximately three years after the issue date at
their principal amount, together with accrued interest, if the aggregate value
of the C Shares deliverable on conversion of a principal amount of EUR 50,000,
translated into EUR at pre-vailing rates, exceeds EUR 65,000 over a specified
period.

The expected date of issue of and settlement and delivery for the Bonds is
January 28, 2010.

Application will be made for the Bonds to be listed and traded on the EuroMTF
Market of the Lux-embourg Stock Exchange.

Net asset value (“NAV”) as of Monday, January 11, 2010 was SEK116 per share.

The Company defines NAV as the market value of its equities portfolio less
interest-bearing net debt and updates its NAV on a monthly basis. The Company's
NAV is based on the performance of the equity securities of the companies it
holds; its NAV may therefore fluctuate materially from month to month. The
Company anticipates it will next report its updated NAV in the beginning of
February.

Handelsbanken Capital Markets and Morgan Stanley & Co. International plc are
acting as Joint Lead Managers for the Offering. Morgan Stanley & Co.
International plc is acting as Sole Bookrunner for the Offering.

For further information, please contact

Journalists / media:
President and CEO Anders Nyrén, tel. +46-8-666 64 00.
Equity investors / analysts:
Head of Investor Relations, Sverker Sivall, tel. +46-8-666 64 19.
Convertible bond investors:
CFO Martin Hamner, tel. +46-8-666 64 37.

About Industrivärden - Long-term industrial developer of listed Nordic companies

Industrivärden is one of the Nordic region's leading holding companies, with
ownership in a concen-trated selection of listed Nordic companies with good
development potential. The goal is to generate high growth in net asset value
over time.

More information is available at www.industrivarden.net

Important Notice

This is not an offer to sell, nor a solicitation of an offer to buy any
securities and any discussions, negotiations or other communications that may be
entered into, whether in connection with the terms set out herein or other-wise,
shall be conducted subject to contract. No representation or warranty, express
or implied, is or will be made as to, or in relation to, and no responsibility
or liability is or will be accepted by Morgan Stanley & Co. International plc or
Handelsbanken Capital Markets (the "Banks") or by any of their respective
officers, em-ployees or agents as to or in relation to the accuracy or
completeness of this document, any offering document, publicly available
information on Industrivärden or any other written or oral information made
available to any interested party or its advisers and any liability therefore is
hereby expressly disclaimed.

The offering of the Bonds will be subject to the condition that any offering of
the securities completes and that the securities are issued. In particular, it
should be noted that any such offering and formal documentation relating thereto
will be subject to conditions and termination events, including those which are
customary for such offerings. Any such offering will not complete unless such
conditions are fulfilled and any such termina-tion events have not taken place
or the failure to fulfill such a condition or the occurrence of a termination
event has been waived, if applicable. The Banks reserve the right to exercise or
refrain from exercising their rights in relation to the fulfillment or otherwise
of any such condition or the occurrence of any termination event in such manner
as they may determine in their absolute discretion.

Neither the content of Industrivärden's website nor any website accessible by
hyperlinks on Industrivärden's website is incorporated in, or forms part of,
this announcement.

This document is not for distribution, directly or indirectly in or into the
United States (as defined in Regula-tion S under the US Securities Act of 1933,
as amended (the "US Securities Act")). This document is not an offer to sell
securities, or the solicitation of any offer to buy securities, nor shall there
be any offer of securities in any jurisdiction in which such offer or sale would
be unlawful. The securities mentioned in this document have not been and will
not be registered under the US Securities Act, and may not be offered or sold in
the United States absent registration or exemption from registration under the
US Securities Act. There will be no public offer of the securities in the United
States or in any other jurisdiction.

In the United Kingdom, this document is being distributed only to, and is
directed only at, Qualified Investors (i) who have professional experience in
matters relating to investments falling within Article 19(5) of the Finan-cial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
“Order”) or (ii) who fall within Article 49(2)(a) to (d) of the Order, and (iii)
to whom it may otherwise lawfully be communicated (all such persons together
being referred to as “relevant persons”). This document must not be acted on or
relied on (i) in the United Kingdom, by persons who are not relevant persons,
and (ii) in any member state of the European Economic Area (“EEA”) other than
the United Kingdom, by persons who are not Qualified Investors.




In member states of the EEA this announcement and any offer if made subsequently
is directed only at persons who are “Qualified Investors” within the meaning of
Article 2(1)(e) of the Directive 2003/71/EC (the “Prospec-tus Directive”)
(“Qualified Investors”) and pursuant to the relevant implementing rules and
regulations adopted by each relevant member state. Any person in the EEA other
than the United Kingdom who acquires the Bonds in any offer (an “Investor”) or
to whom any offer of Bonds is made will be deemed to have represented and agreed
that it is a Qualified Investor (as defined above). Any investor will also be
deemed to have repre-sented and agreed that (i) any Bonds acquired by it in the
offer have not been acquired on behalf of persons in the EEA other than
Qualified Investors, or persons in the UK and other member states (where
equivalent legis-lation exists) for whom the investor has authority to make
decisions on a wholly discretionary basis and (ii) the Bonds have not been
acquired with a view to their offer or resale in the EEA to persons where this
would result in a requirement for publication by the Company or the Banks of a
prospectus pursuant to Article 3 of the Pro-spectus Directive. The Company, the
Banks and any of their respective affiliates, and others, will rely upon the
truth and accuracy of the foregoing representations and agreements.

Stabilisation/FSA. In connection with the issue of the Bonds, Morgan Stanley &
Co. International plc (the “Sta-bilising Manager”) (or persons acting on behalf
of the Stabilising Manager) may over-allot Bonds or effect transactions with a
view to supporting the market price of the Bonds at a level higher than that
which might otherwise prevail. However, there is no assurance that the
Stabilising Manager (or persons acting on behalf of the Stabilising Manager)
will undertake stabilisation action. Any stabilisation action may begin on or
after the date on which adequate public disclosure of the final terms of the
Bonds is made and, if begun, may be ended at any time, but it must end no later
than 30 days after the issue date of the Bonds.