-- The total return for the first quarter was 3% for the Class A shares and 3%
for the Class C shares, compared with 5% for the SIXRX total return index.
For longer periods of time, the shares have generated a higher total return
than the total return index.

-- Net asset value on March 31, 2014, was SEK 169/share, an increase of SEK
14/share, or 9% during the first quarter. Earnings per share for the first
quarter were SEK 14.36 (21.00).

-- During the first quarter, conversion notice of 4.0 million new Class C
shares for the 2015 convertible loan has been given, after which a total of
21% of the loan has been converted to 9.5 million new Class C shares, and
approximately SEK 1.1 billion has been added to shareholder's equity.

CEO's message

Slow but steady improvement in the real economy

The world economy is now moving in a more positive direction, albeit unevenly
between various geographic regions. As always, there are areas of concern which
could affect this trend to varying degrees.

A few obvious examples are the situation in Ukraine and its surrounding area,
the hard winter in the U.S., which has put a short-term damper on growth in the
economy, and imbalances in emerging markets' economies along with capital
flight, which is hurting their currencies.

The financial markets are now positioned for a tapering of the U.S. Federal
Reserve's QE stimulus program. They have also factored in a more positive trend
in Europe, despite the major challenges that several countries are still
facing.

From a slightly broader perspective, however, it can be noted that real growth
is improving in several large and important economies, including the U.S.,
Japan and Europe. We are thus seeing positive signs even though long-term rates
are still at low levels as a result of continued stimulus measures from central
banks.

Positive signs reflected also in our portfolio companies

We are now seeing positive signs of the improvement that has taken place in the
real economy in our portfolio companies. Order bookings have strengthened in
general, even though the increase has been moderate. It is gratifying that we
are now seeing tendencies toward lower costs for input goods and raw materials,
which is strengthening profitability.

Industrivärden's performance in 2014

During the first quarter of 2014 Industrivärden's net asset value rose 9% to
SEK 169 per share. The total return for the Class A and C shares was 3% and 3%
respectively, compared with 5% for the return index. Our short-term trading
performed well and generated a profit of SEK 82 M (24).

Strengthened investment in Volvo

In early March we took advantage of an opportunity to acquire an additional 10
million Class A shares in Volvo at attractive prices. During the five years
that we have been a long-term active owner in the company, Volvo has undergone
several important changes. The company is now in the midst of a structural and
efficiency improvement program at the same time that it has entered 2014 with a
new product lineup that will further strengthen the company's competitiveness.
The fact that we, as engaged owners, have increased our position in Volvo is an
expression that we believe in the company's future potential.

Conversion of convertible loan

During the first quarter, additional conversions were initiated of the loan
that matures in 2015. Together with previous conversions of the same loan,
these new conversions represent 9.5 million new Class C shares, corresponding
to 21% of the entire loan. A total of 67 million additional shares will
thereafter be issued upon full conversion of the outstanding loans. Through
conversion, our debt is converted to equity at the same time that the number of
Class C shares in issue increases, which improves the stock's liquidity.

Important to stand up for a successful corporate governance model

For several years we have strongly advocated for the need to make necessary
adaptations to Swedish corporate governance practice in the implementation of
new EU directives in the Swedish regulatory environment. Such adaptation is an
important part of every member state's implementation of EU directives, and
other EU countries normally adapt their application of directives to their own
special conditions and needs. The Swedish corporate governance model is and has
long served as a pillar for the emergence and development of the country's
export companies, which play such an important role in Sweden's economy. If
consideration is not given to the special conditions that have made this
possible, companies' scope to maneuver will be restricted in what has otherwise
been a successful and highly effective corporate governance model. This will
hurt not only individual companies, but the export sector in general. I hope
and believe that greater insight will be gained into the importance of national
adaptation in the implementation of new EU directives in the Swedish regulatory
environment.

70 year anniversary in 2014

This year marks 70 years since Industrivärden was established, and since then
the company has demonstrated its astute ability to generate competitive
shareholder value over time. The anniversary will be highlighted at
Industrivärden's AGM on May 6, where the operations of some of our portfolio
companies will be on exhibit. Hope to see you there!

Anders Nyrén

The information provided in this interim report is such that AB Industrivärden
(publ) is obligated to publish pursuant to the Securities Market Act. Submitted
for publication at 10:00 a.m. on April 7, 2014.


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