Report from the Annual General Meeting of Broström AB on 27 April 2004

Report from the Annual General Meeting of Broström AB on 27 April 2004 Broström held its Annual General Meeting that was well attended at Stenhammarsalen, Konserthuset (the Concert Hall) in Göteborg on Tuesday 27 April 2004. MD's speech - Broström offers stability in a volatile market At the Annual General Meeting the Managing Director Lennart Simonsson said that Broström´s strategy well meets the present changes among the company's customers in the oil and chemical industry and in the transport market. The consolidation within the oil and chemical industry has among others lead to increased return requirements and less capital employed in terms of oil stocks, concentration of refinery production location and a reduced number of depots. Altogether this leads to a further "just-in-time" attitude with increased demands for higher delivery frequency and thereby also increased demands on the reliability in the logistics chain. At the same time the increased requirements for quality and safety from both authorities and customers have contributed to a further demand for quality tonnage. "Significant for this new situation is that isolated events and disturbances have a quick and abrupt impact on the freight rates", said Lennart Simonsson and referred to how changes in the weather or closed nuclear power plants in recent years have resulted in temporarily increased demand for transport of oil products. "In Broström we meet this changed market situation with a customer-oriented strategy. Through long-term Contracts of Affreightments, critical mass, global presence and a clear focus on quality, our aim is to make our customers feel sure that transport capacity of highest quality at a predictable cost always is available", stated Lennart Simonsson. Dividend The Annual General Meeting approved and adopted a dividend of SEK 4.50 per share in accordance with the Board's proposal. Record date will be Friday 30 April 2004 and payment is expected to be distributed by VPC on Wednesday 5 May 2004. Election of the Board of Directors Stig-Arne Blom, Peter Cowling, Lars-Olof Gustavsson, Claes Lundblad and Leif Rogersson were all re-elected. Carel van den Driest and Wilhelm Wilhelmsen were elected new Board Members. At the Board meeting following the AGM, Lars-Olof Gustavsson was re-elected as Chairman of the Board. Change of the articles of association The Annual General Meeting approved a proposal regarding a change of the articles of association which makes it possible for shareholders of A-shares to request a conversion to B-shares. The interim report for January - June 2004 will be published on 25 August 2004. Broström is one of the leading logistics companies for the oil and chemical industry, focusing on industrial product and chemical tanker shipping and marine services. Broström is based all over the world and operates within two areas: Shipping and Marine & Logistics Services. Broström's head office is located in Göteborg, Sweden. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/04/28/20040427BIT20800/wkr0009.pdf Press release in PDF