New members proposed for SKF Board

New members proposed for SKF Board Clas Åke Hedström, President and Chief Executive Officer of the Sandvik Group, and Philip N Green, Chief Executive, Reuters Trading Solutions Division, will be proposed as new members of the Board of Directors of Aktiebolaget SKF at the Company's Annual General Meeting on April 25, 2000. Shareholders, who together represent slightly more than 40 percent of the votes of the total number of Company shares, have informed SKF that it is their intention to propose the above new members. Giovanni Mario Rossignolo and Per-Olof Eriksson will leave the Board. Clas Åke Hedström, born in Sweden in 1939, joined Sandvik in 1965 as Assistant Production Manager for Sandviks's Coromant factory in Stockholm. Subsequently, Clas Åke Hedström has held various executive positions within Sandvik until 1994 when he was named President and Chief Executive Officer of the Sandvik Group. Clas Åke Hedström is Board member of Sandvik AB, Scania AB, the Association of Swedish Engineering Industries and the Federation of Swedish Industries. Philip N Green, born in UK in 1953, joined Reuters plc in 1999 as Chief Executive, Trading Solutions Division. Philip N Green had previously held positions as corporate executive at Crayonne (USA) Inc, Coloroll Group plc and, most recently, as Chief Operating Officer, Europe and Africa, for DHL Worldwide Network NV/SA. Philip N Green is also on the main Board of Reuters Group plc. AB SKF is taking this opportunity to announce the contents of the Notice convening the Company's Annual General Meeting on April 25, 2000. Göteborg, March 24, 2000 Aktiebolaget SKF (publ.) Photographs are available on SKF's home page. Encl: Notice of Annual General Meeting For further information, please contact: Lars G Malmer, SKF Group Communication, tel: +46-31-3371541, e-mail: lars.g.malmer@skf.com Aktiebolaget SKF, SE-415 50 Göteborg, Sverige, tel: +46-31-3371000, fax: +46-31-3372832, www.skf.com Notice of Annual General Meeting Notice is hereby given that the Annual General Meeting of Aktiebolaget SKF will be held at SKF Kristinedal, Byfogdegatan 4, Göteborg, Sweden, at 3.30 p.m. on Tuesday April 25, 2000. Annual General Meeting For the right to participate at the meeting, shareholders must be recorded in the shareholders' register kept by the Securities Register Centre (VPC AB) by Friday April 14, 2000, and must notify the company before 12 noon on Monday April 17, 2000, preferably in writing, otherwise by telephone (AB SKF, Group Legal, SE-415 50 Göteborg, Sweden, tel. +46 31 337 24 36, fax +46 31 337 16 91) of their intention to attend, giving details of name, address, telephone number, registered shareholding and possible advisors. Where representation is being made by proxy, the original of the proxy form shall be sent to the company before the date of the meeting. Shareholders whose shares are registered in the name of a trustee through the trustee department of a bank must have the shares registered temporarily in their own name in order to take part in the meeting. Any such re-registration for the purpose of establishing voting rights shall take place by Friday April 14, 2000. This means that the shareholder should give notice of his/her wish to be included in the shareholders' register to the trustee in plenty of time before that date. A re- registration fee will normally be payable to the trustee. Agenda 1.Opening of the Annual General Meeting. 2.Election of a chairman for the meeting. 3.Drawing up and approval of the voting list. 4.Approval of agenda. 5.Election of persons to verify the minutes. 6.Consideration of whether the meeting has been duly convened. 7.Presentation of annual report and audit report as well as consolidated accounts and audit report for the Group. 8.Address by the President. 9. The matter of adoption of the income statement and balance sheet and consolidated income statement and consolidated balance sheet. 10.Resolution regarding distribution of profits. 11.The matter of discharge of the members of the Board and the President from liability. 12.Determination of number of Board members and deputy members. 13.Determination of fee for the Board of Directors. 14.Determination of fee for the auditors. 15.Election of Board members and deputy Board members. 16.Issue raised by Sveriges Aktiesparares Riksförbund (the Swedish Shareholders' Association) regarding appointment of a Nomination Committee. Proposal under item 10 The Board of Directors proposes a dividend for the financial year 1999 of 4 kronor per share. It is proposed that shareholders with holdings recorded on April 28, 2000 be entitled to receive the said dividend. Subject to acceptance by the Annual General Meeting, it is expected that the Securities Register Centre will send out notices of payment to recorded shareholders and listed depositaries on May 4, 2000. Proposal under items 12, 13, 14 and 15 Regarding number of Board members, fees for the Board of Directors and the auditors and election of Board members, shareholders, who together represent slightly more than 40 percent of the votes of the total number of company shares, have informed the company that they propose - that the Board shall consist of eight ordinary members and no deputy members; - that the Board of Directors for the period up to end of the next general meeting receive a fee of 2 350 000 kronor, which, according to the decision of the Board, be distributed between the Board members elected at the meeting with the exception of members employed by the company; - that the auditor is paid for work performed as invoiced. (At the general meeting 1999 the auditing company Arthur Andersen was re-elected as auditor until the end of the general meeting year 2001.); and - for re-election ordinary Board members Anders Scharp, Sune Carlsson, Sören Gyll, Helmut Werner, Vito H Baumgartner and Ulla Litzén and as new members Philip N Green and Clas Åke Hedström. Giovanni Mario Rossignolo and Per-Olof Eriksson will leave the Board of Directors. Proposal under item 16 Sveriges Aktiesparares Riksförbund has announced a proposal regarding appointment of a Nomination Committee consisting of three to five members of which the majority shall represent the main owners and at least one member the smaller owners. Göteborg, March 2000 Aktiebolaget SKF (publ) The Board of Directors ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/03/24/20000324BIT00360/bit0001.doc http://www.bit.se/bitonline/2000/03/24/20000324BIT00360/bit0002.pdf