Annual General Meeting 2002 of Electrolux

The Annual General Meeting of AB Electrolux was held on Thursday, April 18, in Stockholm.

Rune Andersson, Peggy Bruzelius, Thomas Halvorsen, Louis R. Hughes, Michael Treschow, Karel Vuursteen and Jacob Wallenberg was re-elected to the board. Hans Stråberg was new-elected to the board.

PricewaterhouseCoopers AB was elected as accounting firm for the period until the end of the AGM which is to be held in the financial year 2006.

The proposed dividend of SEK 4.50 per share was adopted. The record date was set for April 23, 2002, and dividends are estimated to be paid by VPC (Securities Register Center) on April 26, 2002.

The parent company’s and Group’s Income Statements and Balance Sheets were adopted. The Board of Directors and President were discharged from liability for the fiscal year 2001.

At the statutory board meeting, Rune Andersson was re-elected chairman. Jacob Wallenberg was re-elected deputy chairman. Hans Stråberg was appointed President and Chief Executive Officer of the Electrolux Group.

In accordance with a proposal from the Board of Directors, the Meeting decided to reduce the Company’s share capital by SEK 137,285,000 by way of withdrawal, without repayment, of 27,457,000 shares of series B which the Company previously has acquired. In order to reduce the time required for reducing the share capital, the Meeting decided to issue 27,457,000 series C shares with a par value of SEK 5 each to Svenska Handelsbanken, to redeem the shares to the same amount enumerated with an interest rate factor, and to transfer SEK 137,285,000 from the Company’s unrestricted reserves to the Company’s legal reserves.

In accordance with a proposal from the Board of Directors, the Meeting also authorized the Board, for the period until the next AGM, to acquire and transfer the Company’s own shares. The total amount of shares of series A and/or series B to be acquired may amount to, at the most, so many shares that, thereafter, the Company holds at a maximum 10 per cent of all shares issued by the Company. Such transfer may be made by deviation from the shareholders’ preferential rights in connection with company acquisitions.

In order to cost effectively meet the Company’s obligations under the 2000 and 2002 personnel stock-option programs, the Meeting has also decided to transfer, a maximum of 3,595,800 shares of series B in the Company for the period until the next AGM. Personnel included in the programs has preference to acquire the shares. For the period until the next AGM, the Meeting has decided that the Company shall have the right to transfer not more than 1,112,000 shares of series B, in order to cover costs, mainly social security charges, which may occur as a consequence of the 1998-2002 programs.

Electrolux is the world’s largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chain saws, lawn mowers, and garden tractors. In 2001, Group sales were SEK 135.8 billion and the Group had 87,000 employees. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use. The Electrolux Group includes famous appliance brands such as AEG, Electrolux, Zanussi, Frigidaire, Flymo, Eureka, and Husqvarna.

For more information, Electrolux Press Hotline is available at +46 8 657 65 07.