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Sandvik comments on tax ruling

The Administrative Court of Appeal in Sundsvall has ruled to revise the taxes upward for Sandvik AB for the 1992 and 1993 fiscal years.

The case involves internal pricing matters in which Sandvik and the Swedish Tax Board differ regarding interpretation of the application of the regulatory system.

In a reversal of an earlier ruling in the County Administrative Court in Gävleborg, the Court of Appeal chose to fully support the Tax Board's position. Sandvik will therefore be forced to pay about SEK 185 M in taxes, supplemental tax fees and interest.

Sandvik has funds allocated for this tax case that cover this amount. As a result, the ruling will not affect Sandvik's earnings.

Sandvik will now review the ruling and reasoning in support of the judgment in greater detail to determine whether it will seek leave to appeal in the Supreme Administrative Court.

Sandviken, 2 September 2004

Sandvik AB; (publ)