AGM of Scandic Hotels

AGM of Scandic Hotels AB, held yesterday, April 5 2000 Board of Directors At yesterdays Annual General Meeting with the shareholders of Scandic Hotels, it was decided to re-elect the following board members: Ulf Bergenudd, Monica Caneman, Svend-Holst Nielsen, Arne Karlsson and Ilkka Suominen and to elect Mats Lönnqvist, currently CFO of Esselte AB (publ.) and, as of the end of April, Senior Investment Manager of Förvaltnings AB Ratos (publ.), as a new Member. Urban Jansson and Göran Carstedt had declined re-election. The Board of Directors also includes Roland Nilsson, President & CEO of Scandic Hotels AB, and Mildred Forsberg, employee representative. Auditors Hans Karlsson and Stefan Älgne, together with Deputy Auditors Roland Nilsson and Owe Eurenius, were elected at the 1999 General Meeting for the period until the close of the 2003 Annual General Meeting. Buy-back of the company's own shares The Annual General Meeting of Scandic Hotels decided, in accordance with the proposal by the Board of Directors, to authorise the Board to acquire and sell shares in the company on one or more occasions during the period until the next Annual General Meeting. Shares shall be acquired on the OM Stockholm Stock Exchange or through offers addressed to all shareholders. Shares acquired on the OM Stockholm Stock Exchange may be bought at the market price applicable at the time of acquisition. Shares acquired through offers to the shareholders shall be bought at market price as a minimum and as a maximum at 1,25 times the market price at the time of the offer being announced. The acquisition of the company's own shares is limited firstly, by the fact that the company's holding of its own shares may, at no point, exceed 10% of all shares in the company, and secondly, by the company's non- restricted equity that enables shares to be bought back for a total of aprox. SEK 560 million, corresponding, at current price levels, to aprox 8,5 per cent of the company's shares. The purpose of the buy-back procedure is to allow the Board to adjust the company's capital structure and to use repurchased shares to finance future acquisitions during the period up until next year's General Meeting. The company's own shares may be sold with or without pre-emptive rights for the shareholders, but may not be sold over the OM Stockholm Stock Exchange. Shares may be sold to finance acquisitions of companies or operations. Scandic Hotels AB is the largest hotel operator in the Nordic region, with 133 hotels in 10 countries. Scandic's strategy is to be a dedicated hotel operator. Its business mission is "to offer many people the highest value for money when staying in its hotels, during work and leisure". For further information, please contact: Roland Nilsson, President & CEO, @ +46 8 517 352 00 Fredrik Sandelin, Executive Vice President and CFO, @ +46 8 517 351 21 Gunnar Brandberg, Vice President, Marketing & Investor Relations, +46 8 517 352 12, +46-709 73 5212 Scandic Hotels AB (publ) Box 6197, SE-102 33 Stockholm, Sweden. Tel: +46 8 517 350 00, Fax: +46 8 517 352 80 E-mail:info@scandic-hotels.com, Homepage: www.scandic-hotels.com Company no.: 556299-1009 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/06/20000405BIT01100/bit0001.doc http://www.bit.se/bitonline/2000/04/06/20000405BIT01100/bit0002.pdf