Report from extraordinary general meeting

REPORT FROM EXTRAORDINARY GENERAL MEETING At today's extraordinary general meeting of Svenska Orient Linien AB, the Meeting decided in favour of the proposals presented by the Board concerning a reduction in share capital and changes in the articles of association, a reduction in the legal reserve and a new share issue. In his speech, Kent Flodberg, CEO, commented on the company's business and result up to 31 October. He noted that liner services posted a solid profit during the third quarter and in October, while the reefer segment continued to generate a loss as a result of the very weak reefer market. Liner services' profit up until 31 October was MSEK 8 (7) while the reefer segment posted a loss of MSEK 46 (-22), which means that the consolidated loss was MSEK 44 (-20). The forecasted profit of MSEK 5-10 for liner services and a loss of MSEK 55-60 for the reefer segment remains unchanged. Accordingly, the full-year result for the SOL Group is estimated to amount to MSEK 55-65. This does not include the estimated capital loss of about MSEK 140 on the sale of the reefers. The Chairman of the Board, Lennart Bylock, commented on the background of and reasons for the sale of the reefers as well as the proposal concerning a reduction in share capital and a new share issue. The reduction in share capital means that the par value of the Company's share will fall from SEK 5 to SEK 2. The decision to float a new issue of shares will, if it is fully subscribed to, provide the Company with a capital infusion of about MSEK 50. SOL's shareholders will have right of priority to subscribe to 1 new share for each old share at a price of SEK 2. Agreements in principle have been reached with three of the Company's major shareholders which guarantee subscription to at least 70% of the new share issue. The day of record for shareholders who wish to subscribe to the new issue of shares with preferential right is 25 January, 2000. The issue prospectus will be published on 26 January, 2000. The subscription period is from 31 January to 11 February, 2000. Folke Patriksson had previously announced that he would resign from the board. The board of directors now consists of Lennart Bylock, Kent Flodberg and Peter Weitmeyer. Other board members are John Andersson and Gunilla Lundström (deputy board member), who were appointed by the employee organization. Göteborg, 28 December, 1999 SVENSKA ORIENT LINIEN AB (publ) For further information, please contact Kent Flodberg, CEO, 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/1999/12/29/19991229BIT00070/bit0001.doc http://www.bit.se/bitonline/1999/12/29/19991229BIT00070/bit0002.pdf