2. The SKF Group Half-year result 2004 Tom Johnstone, President & CEO

3. 3 Areas in focus 2004 Performance Q2 Operating margin level Maintain a positive price/mix Implement restructuring plan Continued sales growth Maintain organic growth pace Acquisitions Cash flow in line with net profit Launch Six Sigma throughout the SKF Group - As planned - 10.7 % organic growth - Willy Vogel, yearly sales MSEK 1 000 - Price/mix 1.8 % - Running according to plan - Strong cash flow

4. 4 Second quarter 2004 MSEK20042003 Net sales11 41710 532 Operating profit1 162945 Operating margin10.2%9.0% Profit before taxes1 052815 Net profit738569 Earnings per share, SEK6.484.99 Cash flow*538510 * after investments before financing

5. 5 Half-year result 2004 MSEK20042003 Net sales22 10621 073 Operating profit2 0691 889 Operating margin9.4%9.0% Profit before taxes1 8711 617 Net profit1 3861 131 Earnings per share, SEK12.179.93 Cash flow*1 039557 * after investments before financing

6. 6 Sales in local currency % change y-o-y 20022003 2004

7. 7 Structure Volume Price / Mix Sales in local currency Currency Net sales Net sales development per quarter Q1Q2 Q3 Q4Q1Q2Q3Q4Q1Q2 1.41.92.01.40.70.10.20.30.10.0 - 7.3-0.53.33.96.23.24.23.14.88.9 1.51.41.21.71.20.61.20.11.11.8 - 4.42.86.57.08.13.95.6 3.56.010.7 2.2-3.7-8.3-10.8-9.3-8.6-5.5-7.4- 4.6-2.3 - 2.2-0.9-1.8-3.8-1.2-4.70.1-3.91.48.4 2002 Percent y-o-y 2003 2004

8. 8 Growth development / local currency 10 BSEK additional sales = 6 % annual growth rate % Y-o-Y Growth by acquisitions Organic growth Jan-June 6% total growth 4% organic growth

9. 9 Willy Vogel AG - Key Facts A world leader in the lubrication systems market Present in most industrial segments and markets Annual turnover of MSEK 1 000 940 employees - Highly skilled workforce Modern manufacturing plants SKF pays MSEK 650 and takes over net debts to an amount of approximately MSEK 60. Sales price over book value : approximately 1/3. Vogel will be reported as part of SKF (Industrial Division), as from the third quarter this year.

10. 10 Printing Machinery Machine Tools On-Road Vehicles Off-Road Vehicles Automotive Presses Paper Machines Applications and System solutions

11. V 3 * Pitch bearings Yaw bearing Main rotor bearing Housing & Seals Gearbox bearings Generator bearings Shaft couplings Lubrication systems + Engineering consultancy + Condition monitoring SKF Business in wind-turbines 11

12. 12 SKF Engineering Platforms Services Bearings / Units Mechatronics Seals Lubrication systems

13. 13 Operating margin* % 20022003 * excluding restructuring and impairment in Q4 2003 2004

14. 14 Operating margin per division* Industrial Service Aero and Steel Electrical Automotive % 2002 2003 * excluding restructuring and impairment in Q4 2003 2004

15. 15 Inventories as % of annual sales - Target 20% % 2002 2003 2004

16. 16 Volume trend Europe 57% 22% 14% 4% North America Asia Pacific Latin America Net sales 2003 July 2004 Total April 2004

17. 17 Automotive 32% 4% 32% Electrical Service 23% Industrial Aerospace 5% April 2004 July 2004 Net sales 2003 Volume trend

18. 18 Outlook July, 2004 The market demand for SKF's products and services, seasonally lower in the third quarter compared to the second quarter, is expected to be higher in Europe and North America and significantly higher in Asia and Latin America. The manufacturing level during the third quarter will be unchanged compared to the second quarter, while lower in absolute terms due to normal seasonality.

19. 19 Cautionary statement This report contains forward-looking statements that are based on the current expectations of the management of SKF. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors mentioned in SKF's latest 20-F report on file with the SEC (United States Securities and Exchange Commission) under "Forward-Looking Statements" and "Risk Factors".

20. Welcome to our financial website at http://www.skf.com/portal/skf/home/investors Welcome to our financial website at www.skf.com > Investors Assistant: Anna Alte Tel. + 46 31 3371988 E-mail: anna.alte@skf.com Fax: +46 31 3371722 Investor Relations function: Head: Marita Björk Tel: +46 31 3371994 Mobile:+46 705 181994 E-mail: marita.bjork@skf.com