Statement of the Board of Directors of Esselte AB

5/24/2002 8:05 AM EST

The Board of Directors of Esselte AB ("Esselte") has evaluated the
public offer made to the shareholders of Esselte of SEK 90 per share in
cash announced by J.W. Childs Equity Partners III, L.P. ("J.W. Childs")
today.

The Board of Directors of Esselte has been involved in discussions for
some time with J.W. Childs regarding today's announced public offer to
the shareholders of Esselte. The Board of Directors of Esselte has
evaluated the terms and conditions for the offer. The evaluation brings
the Board of Directors of Esselte to make the following statement.

Esselte has lately gone through an extensive rationalisation programme,
which has led to improved profitability and cash flow. The Esselte share
has been revalued since the autumn 2001. During the last month and the
last six months, respectively, the Esselte share of series B has
increased by 36 percent and 75 percent, respectively. At the same time
the Stockholm Exchange All-Share PI has decreased by 4 percent and 13
percent, respectively.

The offer from J.W. Childs implies a premium of 30 per cent compared to
the average closing price of the Esselte share of series B during the
latest 30 trading days prior to the announcement of the public offer.

Enskilda Securities has been retained by the Board to evaluate the
public offer made to Esselte's shareholders and states in its fairness
opinion that the offer is fair from a financial point of view.

From an overall point of view, the Board is of the opinion that the
offer of SEK 90 per share is fair and has therefore unanimously decided
to recommend the shareholders to accept the offer.

A press conference will be held at Operaterassen in Stockholm at 13:30
(CET) on Friday May 24, 2002.

Stockholm, May 24, 2002
Esselte AB (publ)
The Board of Directors

Esselte is the leading global office supplies manufacturer with annual
sales of approx. SEK 11 billion, subsidiaries in 26 countries, selling
office products in over 120 countries and employing approx. 6,500
people.
Esselte makes it easier for people to organize the modern workplace. Our
principal brands are: DYMO, Pendaflex, Leitz and Esselte.

Esselte AB is listed on the Stockholm and London stock exchanges. To
learn more about Esselte, visit our website at www.esselte.com.

For further information, please contact:
Kurt Jofs
Chairman, Esselte AB
+46 706 38 83 61

Bo Jungner
Board Member, Esselte AB
+46 705 22 55 22