Industrivarden : Industrivärden announces the final terms of the offering of SEK 4.40 billion senior, unsecured exchangeable bonds due 2019 exchangeable into ordinary shares of ICA Gruppen.

The information provided herein is such that AB Industrivärden (publ) is
obligated to disclose pursuant to the Securities Markets Act (SFS 2007:528).
Submitted for publication at 3:15 p.m. on May 8, 2014.

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT
FOR RELEASE, 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 VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES 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 OR IN ANY OTHER JURISDICTION.

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

AB Industrivärden ("Industrivärden" or the "Company") announces today the final
terms of the placement of SEK 4.40 billion senior, unsecured bonds (the
"Bonds") due 2019 (the "Offering") exchangeable into existing ordinary shares
(the "Shares") of ICA Gruppen AB ("ICA").

The Offering allows Industrivärden to take advantage of attractive financing
conditions currently offered by the equity-linked market. The proceeds will be
used for refinancing of Industrivärden's debt portfolio and to strengthen its
liquidity profile. Industrivärden would like to highlight that, in case of
exchange by the bondholders, it has the option to deliver an equivalent amount
in cash rather than the Shares themselves, and therefore retains full
flexibility with respect to its ownership in ICA.

The Bonds will carry a 5 year maturity and will not bear interest. The Bonds
will be exchangeable into the Shares at an initial exchange price of SEK
300.00, representing a premium of approximately 38% above the volume weighted
average price of the Shares on NASDAQ OMX Stockholm between launch and pricing.

The Bonds will be issued at 100% of the principal amount in cash and, unless
previously exchanged, redeemed or purchased and cancelled, will be redeemed at
par on 15 May 2019. The Company will have the option to redeem all but not some
of the Bonds in certain circumstances, including from approximately four years
after the issue date at their principal amount if the aggregate value of the
Shares deliverable upon exchange of the Bonds exceeds 130% of the principal
amount of the Bonds over a specified period. Bondholders will have the right to
require redemption of the Bonds in certain circumstances, including on 15 May
2018, at their principal amount.

Bondholders may elect to exchange their Bonds for Shares subject to the
Company's right to elect to deliver an equivalent amount in cash for all or
part of the Shares (in accordance with the Terms and Conditions of the Bonds).
The number of Shares initially underlying the Bonds represents approximately 7%
of ICA's total share capital. Settlement of the Bonds is expected to occur on
or around 15 May 2014.

The Bonds will be rated A- by Standard & Poor's (Industrivärden is currently
rated A- by Standard & Poor's).

Application will be made to admit the Bonds to trading on an internationally
recognised, regularly operating, regulated or non-regulated, stock exchange as
determined by the Company within 90 days following settlement of the Bonds. The
Bonds were offered only to institutional investors outside the US, Canada,
Australia, Japan and any other jurisdiction in which offers or sales of the
securities would be prohibited by applicable law.

Deutsche Bank AG, London Branch and Morgan Stanley & Co. International plc (the
"Banks") are acting as Joint Bookrunners in respect of the Offering.

Deutsche Bank AG is authorised under German Banking Law (competent authority:
BaFin - Federal Financial Supervising Authority) and authorised and subject to
limited regulation by the Financial Conduct Authority. Details about the
extent of Deutsche Bank AG's authorisation and regulation by the FCA are
available on request.

Morgan Stanley & Co. International plc is authorised and regulated in the
United Kingdom by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority.

The Banks are only acting for Industrivärden and no one else in connection with
the Offering and will not be responsible to anyone other than Industrivärden
for providing the protections afforded to clients of the Banks nor for
providing advice in connection with the Offering.

Stockholm, Sweden, May 8, 2014

AB INDUSTRIVÄRDEN (publ)

For further information, please contact:

Anders Gustafsson, IRO

Sverker Sivall, Head of Corporate Communication

Martin Hamner, CFO

Telephone, +46-8-666 64 00

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
otherwise, shall be conducted subject to contract. Any investment decision to
buy Bonds must be made solely on the basis of publicly available information
regarding Industrivärden and ICA. 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 Deutsche Bank AG, London Branch or Morgan
Stanley & Co. International plc or by any of their respective officers,
employees or agents as to or in relation to the accuracy or completeness of
this document, any offering document, publicly available information relating
to Industrivärden, ICA or the Shares or any other written or oral information
made available to any interested party or its advisers and any liability
therefore is hereby expressly disclaimed.

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
Industrivärden or by any of its directors, officers, employees, agents or
affiliates as to or in relation to the accuracy or completeness of any publicly
available information relating to ICA or the Shares (except for any such
information published by Industrivärden) and any liability therefore is hereby
expressly disclaimed.

The offering of the Bonds remains subject to the condition that any offering of
the Bonds completes and that the Bonds 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 termination events have not taken place
or the failure to fulfil 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 fulfilment 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 ICA's website nor any
website accessible by hyperlinks on Industrivärden's website or ICA's website
is incorporated in, or forms part of, this announcement.

In connection with the offering of the Bonds, the Banks and any of their
respective affiliates acting as an investor for their own account may take up
Bonds or the Shares and in that capacity may retain, purchase or sell for its
own account such securities and any securities of the Company or ICA or any
related investments and may offer or sell such securities or other investments
otherwise than in connection with the offering of the Bonds. The Banks do not
intend to disclose the extent of any such investment or transactions otherwise
than in accordance with any legal or regulatory obligation to do so.

This document is not for distribution, directly or indirectly in or into the
United States (as defined in Regulation 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 has not been and will not be any 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 Financial
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 (as defined below).

In member states of the EEA this announcement and any offer made is directed
only at persons who are "Qualified Investors" within the meaning of Article
2(1)(e) of the Directive 2003/71/EC, as amended (the "Prospectus 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 has been or 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 represented 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 legislation 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 Prospectus Directive.
The Company, the Banks and any of their respective affiliates, and others, have
relied and will rely upon the truth and accuracy of the foregoing
representations and agreements.