Report from AGM

REPORT FROM THE ANNUAL GENERAL MEETING CEO's speech at the General Meeting In his speech at the General Meeting, Kent Flodberg, CEO, commented on developments in the freight market and the result for the first quarter of 1999. The consolidated loss before tax was MSEK -8 (+27). Both reefer shipping and liner services began the year very poorly. In January and February, reefer freight rates fell sharply at the same time as liner services were hit by strikes in their market area. In March, however, both business areas posted a profit. Continued General Meeting B&N, SOL's principal owner, has offered a 3-year loan of MSEK 75 million on commercial terms. At the same time, the Company is negotiating with the banks to refinance and re-schedule amortisation payments over a 24-month period which would secure the Company's financial position. The Board of Directors announced its intention to stand for re-election on condition that the on-going discussions result in a final, satisfactory solution. To give the parties time, it was decided, following a proposal by Chairman of the Board Lennart Bylock, to continue the General Meeting on 16 May, at 4.00 p.m. at Swedish Orient Line's head office in Gothenburg, Sweden, at which time only the points Election of the Board of Directors and Directors' fees will be discussed. Dividend The Annual General Meeting decided that no dividend be paid for the fiscal year 1998. Gothenburg, 26 April, 1999 SVENSKA ORIENT LINIEN AB (publ) Board of Directors For further information, please contact Peter Hermansson, Vice President Finance, phone +46 31 64 54 00 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/04/27/19990427BIT00520/bit0001.pdf http://www.bit.se/bitonline/1999/04/27/19990427BIT00520/bit0002.doc