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Major holders of Series A shares do not support a proposal regarding change to one series of shares only alternatively right to convert Series B shares to Series A shares.

March 26, 2004

Stockholm, Sweden, March 26, 2004—As stated in the notice of the Annual General Meeting (AGM) of Atlas Copco AB published today, the Board has received proposals that the AGM shall decide to change the Articles of Association to the effect that only one series of shares can be issued and that Series B shares are converted into Series A shares alternatively that the Articles of Association are changed to the effect that Series B shares can be converted into Series A shares upon request of their owners.

Shareholders in Atlas Copco representing more than 20% of the votes and 15% of the capital have informed the company that they will not support these proposals. According to Atlas Copco's understanding the proposals require, in addition to the usual majority of two thirds for a change of the Articles of Association, also that owners of half of all issued Series A shares and nine tenth of the Series A shares represented at the AGM support the changes in the Articles of Association. The shareholders referred to above represent more than 22% of the total number of issued Series A shares why the required majority for changing the Articles of Association in the manner proposed is not expected to be reached.

Hans Sandberg, SVP General Counsel, Atlas Copco AB,
+46 8 743 9041

Mattias Olsson, Investor Relations Manager, Atlas Copco AB,
+46 8 743 8291

Atlas Copco is an international industrial Group with its head office in Stockholm, Sweden. In 2003, the Group had revenues of approximately BSEK 45 (BEUR 4.9), with 98% of revenues outside Sweden, and about 26 000 employees. The Group produces and markets compressed air equipment and generators, construction and mining equipment, electric and pneumatic tools, and assembly systems and offers related service and equipment rental. The Atlas Copco Group includes famous brands such as Atlas Copco, RSC, Milwaukee Electric Tool, Chicago Pneumatic, and AEG Power Tools. More information can be found on www.atlascopco-group.com.