Interim Management Statement January-September 2015

Net asset value amounted to SEK 257,520 m. (SEK 338 per share) on September 30, 2015, a decrease of SEK 22,054 m. (SEK 29 per share) during the quarter, corresponding to a change of -8 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 12 percent. Shares were acquired in Wärtsilä for a total of SEK 170 m. Investor’s ownership reached 17.2 percent of the capital and votes in the company. Patricia Industries’ acquisition of BraunAbility was announced. In 2014, BraunAbility’s sales amounted to USD 415 m. BraunAbility will be a new wholly-owned subsidiary and the acquisition is expected to be completed during the fourth quarter 2015.

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