Sandvik Annual General Meeting 2004

The record date to receive the dividend was set at Tuesday, 11 May 2004. Payment is expected through VPC (Swedish Securities Register Center) on Friday, 14 May 2004.

Attorney Sven Unger was elected Chairman of the Meeting. Clas Åke Hedström, Board Chairman, reported in his address on the role of the Board and its work as well as the work and function of the remuneration, audit and nominating committees.

In his address, President and CEO Lars Pettersson commented on the 2003 fiscal year and developments during the first quarter this year. He also presented the Group's business concept, which is to increase the customers' productivity and profitability. According to the CEO, one of the most important driving forces for Sandvik's growth and profitability are extensive efforts in research and development. He also noted that the Group's financial objectives are ambitious and during the spring a review of the goal for the Group's capital structure was carried out. The goal has been revised and the net debt/equity ratio shall amount to 0.6, with the interval 0.5-0.7. The previous goal was 0.6-0.8.

Elections

Board members Georg Ehrnrooth, Clas Åke Hedström, Sigrun Hjelmquist, Egil Myklebust, Arne Mårtensson, Lars Nyberg, Anders Nyrén and Lars Pettersson were re-elected.

The Annual General Meeting in 2000 elected Authorized Public Accountants Bernhard Öhrn and Lars Svantemark as the company's auditors for a period of four years, with Authorized Public Accountants George Pettersson and Jan Berntsson as deputy auditors. At the close of the mandate period, the auditors relinquished their positions and were thanked by shareholders at the Meeting. The registered public accounting firm KPMG Bohlins AB, with Authorized Public Accountant Caj Nackstad as senior auditor, was appointed as the company's new auditor for a period of four years.

The employee representatives appointed to the Board are Bo Boström and Göran Lindstedt as Board members and Birgitta Karlsson and Bo Westin as deputy members.

Repurchase of shares

In accordance with the proposal by the Board, the Meeting resolved to authorize the Board to decide, prior to the next Annual General Meeting, to make additional purchases of the company's own shares. The Board was authorized to buy-back a maximum number of shares that ensures the company's holding at any given time does not exceed 10 percent of all shares in the company. The buy-back shall be effected on Stockholmsbörsen (Stockholm Exchange) and is part of efforts to adjust the company's capital structure in accordance with established financial objectives. At the statutory Board meeting held today, the Board decided to exercise the authority granted by the Annual General Meeting to acquire shares in the company.

Medallists Lars-Erik Enquist (left) and Peder Arvidsson.

Haglund medallists

Peder Arvidsson and Lars-Erik Enquist at Sandvik Coromant within the Sandvik Tooling business area received the Wilhelm Haglund Medal as the year's product developers with the Group. They were recognized for development of CoroMill® Century, a new series of cutters for high-speed machining of aluminum. The new tools increase productivity and improve component quality for customers in primarily the automotive and aerospace industries.

Sandviken, 6 May 2004

Sandvik AB (publ)