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2014-03-19

SKF: SKF reaches settlement with the European Commission

Gothenburg, Sweden, 19 March 2014: The SKF Group has reached a
settlement with the European Commission putting an end to the
investigation regarding supply of bearings to the European automotive
manufacturing industry. The company has agreed to pay EUR 315,109,000
(around SEK 2,8 billion) and the settlement amount is covered by the
earlier announced provision made by SKF already in its fourth quarter
results 2013.

"This is a very sad day indeed for all of us in the SKF Group and I
deeply regret that this has happened" says Tom Johnstone, SKF
President & CEO. "While we strongly believe that no damage has been
caused to our business partners this conduct is in clear violation of
our values and the SKF code of conduct. SKF has cooperated fully with
the authorities during the investigation and at the same time we have
significantly intensified our compliance and training programmes
throughout the SKF Group. What happened was unacceptable and should
never happen again"

Today's decision of the European Commission covers violations of
European competition rules with respect to sales of bearings to the
automotive manufacturing industry in Europe. SKF was one of six
bearing manufacturers involved in the investigation. The settlement
decision makes no finding that SKF's top management had involvement
or knowledge in the conduct at issue.

Aktiebolaget SKF
(publ)

AB SKF is required to disclose the information provided herein
pursuant to the Securities Markets Act and/or the Financial
Instruments Trading Act. The information was submitted for
publication at 12.00 on 19 March 2014.

For further information, please contact:
Group Communications: Ingalill Östman, 46 31-337 3260, mobile: 46
706-973260, ingalill.ostman@skf.com

Investor Relations: Marita Björk, 46 31-337 1994, mobile: 46
705-181994, marita.bjork@skf.com

SKF is a leading global supplier of bearings
(http://www.skf.com/portal/skf/home/products?contentId=876709&lang=en),
seals
(http://www.skf.com/portal/skf/home/products?contentId=238358&lang=en),
mechatronics
(http://www.skf.com/portal/skf/home/products?contentId=447144&lang=en),
lubrication systems (http://www.skf.com/portal/skf_lub?lang=en), and
services
(http://www.skf.com/portal/skf_lub/home/services?contentId=867934&lang=en)
which include technical support, maintenance and reliability
services, engineering consulting and training. SKF is represented in
more than 130 countries and has around 15,000 distributor locations
worldwide. Annual sales in 2013 were SEK 63,597 million and the
number of employees was 48,401. www.skf.com

® SKF is a registered trademark of the SKF Group.
™ BeyondZero is a trademark of the SKF Group.

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http://news.cision.com/skf/r/skf-reaches-settlement-with-the-european-co...
http://mb.cision.com/Main/637/9553903/222265.pdf

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