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21 April 2009

The SKF Group

First-quarter results 2009

Tom Johnstone, President and CEO

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21 April 2009

Highlights in the first quarter 2009

SKF

• gained an order from CSR Zhuzhou ElectricLocomotive Co., Ltd. ZELC. 500 electriclocomotives, for Chinese railways, will beequipped with SKF axleboxes and drivesystem bearings. Order value: EUR 14 m.

• won a new contract for the supply oftapered roller bearings to GuangdongFuwa Engineering Manufacturing Co Ltd.Order value: USD 14 m.

Photo: CSR Zhuzhou Electric Locomotive

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21 April 2009

SEKm 2009 2008

Net sales 14,849 15,596

Operating profit 768 2,040

Operating margin 5.2 13.1

Profit before taxes 531 1,924

Net profit 394 1,296

Basic earnings per share, SEK 0.86 2.77

Cash flow after investments before financial items 523 -131

First quarter 2009

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21 April 2009

-20

-15

-10

-5

0

5

10

15

2007 2008 YTD March2009

Growth in local currency

% y-o-y

Acquisitions/DivestmentsOrganic growth

13.2

Long-term target level: 6-8% per annum

7.1

- 18.4

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Sales in local currencies (excl. structural changes)

-20

-16

-12

-8

-4

0

4

8

12% change y-o-y

2007 2008 2009

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Sales volume

-30

-25

-20

-15

-10

-5

0

5

10% change y-o-y

2007 2008 2009

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Components in net sales

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

7.9 6.9 9.0 6.3 4.9 6.2 2.7 -13.0 -26.9

4.0 4.6 3.7 1.0 1.0 1.3 0.5 2.4 1.4

1.8 2.7 2.0 3.2 3.8 4.0 6.4 8.5 7.1

13.7 14.2 14.7 10.5 9.7 11.5 9.6 -2.1 -18.4

-5.6 -2.3 -1.9 -2.0 -1.2 -4.1 -0.9 10.3 13.6

8.1 11.9 12.8 8.5 8.5 7.4 8.7 8.2 -4.8

Percent y-o-y

Volume

Structure

Price / Mix

Sales in local currencyCurrency

Net sales

2007 2008 2009

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Operating margin

0

2

4

6

8

10

12

14

2007 2008 YTD March2009

%

12.9 12.2

Long-term target level: 12%

5.2

13.3* 12.7*

6.4*

Restructuring and one-time items* Excluding restructuring and one-time

items

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Operating margin

%

0123456789

1011121314

2007

Long-term target level: 12%

2008 2009

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-15

-10

-5

0

5

10

15

20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Operating margin per division

Industrial

Service

Automotive

%

2007 2008

Excluding one-off items (eg. restructuring, impairments, capital gains)

2009

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Activities to adapt to lower demand

• Restructuring/impairment programmesPeople Costs charged to operating profit

- announced Q4 2008, around2,500 SEK 340 m - announced Q1 2009, around 500 SEK 175 m

3,000 SEK 515 m

At the end of March 2009, around 1,300 people had left under the programmes.

• In total, around 2,600 people left the Group during H2 2008 and Q1 2009.

• Around 6,000 people in short-time working (Q1 2009).

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18

19

20

21

22

23

24

25

Inventories as % of annual sales

%

2007

Long-term target level: 18%

2008

xexcl. currency effects

2009

Inventories versus Q4 2008, in local currencies, were reduced by around SEK 500 million.

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21 April 2009

Return on capital employed

0

5

10

15

20

25

30

2007 2008 YTD March 2009

ROCE: Operating profit plus interest income, as a percentage of twelve months average of total assets less the average of non-interest bearing liabilities.

%

Long-term target level: 24%

24.9 24.0

18.7

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Net debt (Short-term financial assets minus loans and post-employment benefits)

-18 000

-16 000

-14 000

-12 000

-10 000

-8 000

-6 000

-4 000

-2 000

0

SEKm

AB SKF, dividend paid (SEKm):2006 Q2 1,8212007 Q2 2,0492008 Q2 2,277

Redemption (SEKm):

2007 Q2 4,5542008 Q2 2,277

2007 2008 2009

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AB SKF, long-term debt structure

Amount in million Maturity

Euro Bond EUR 250 2010-06

SEK Bond SEK 1,500 2011-06

Term loan in euro EUR 150 2013-06

Euro Bond EUR 500 2013-12

Euro loan EUR 100 2016-06

Euro loan EUR 100 2014-03

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Cash flow, after investments before financial items

-800

-600

-400

-200

0

200

400

600

800

1 000

1 200

1 400

2007

SEKm

Cash out fromacquisitions (SEKm): 2007 1,2092008 1,284

2008 2009

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21 April 2009

April 2009: Outlook for the second quarter 2009

The demand for SKF products and services is expected to be significantly lower in the second quarter compared to the second quarter last year for the Group in total, for all the Divisions and for all regions.

Compared to the first quarter, demand is expected to be slightly lower for the SKF Group in total and lower in Europe, slightly lower in North America and relatively unchanged in Asia and Latin America. Demand is expected to be relatively unchanged for the Automotive Division and slightly lower for both the Industrial and Service Division.

The manufacturing level will be significantly lower year on year and relatively unchanged compared to the first quarter.

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Volume trends(based on current assumptions)

Daily volume trends for: Q1 2009 Q2 2009

Net sales2008

Europe

56%

North America

17%

Asia Pacific

19%

Latin America

5%

Total

Outlook Q22009 vs

2008

---

---

---

---

---

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5% Trucks

20% Industrial OEM,

General+Special

23% Industrial distribution

12% Industrial OEM, Heavy+Off-

highway

13% Cars

3% Electrical and two-wheeler

9% VSM

5% Aerospace

3% Railway

6% Energy

Volume trend for main segment Q2 2009(based on current assumptions)

Net sales 2008

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Guidance for the second quarter 2009

• Tax level: around 30%

• Financial net for the second quarter:SEK -220 million

• Exchange rates on operating profit versus 2008Q2: SEK 300 million

Full year: SEK 1 billion

• Additions to PPE: Around SEK 2 billion for 2009

Guidance is approximate and based on current assumptions and exchange rates

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21 April 2009

Key focus areas ahead 2009

• Profit and cash flow- maintain positive price/mix- drive operational efficiency and cost reduction- reduce working capital and investments

• Adjustment of manufacturing output to new demand levels- restructuring- short-time working

• Growing segments and geographies

• Strengthening the platform/segment approach

• Competence development

SKF Care and Six Sigma as guiding lights

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SKF Care

Employee Care

Community CareEnvironmental Care

Business Care

BeyondZeroT

M

0

2

4

6

8

10

12

14

2003 2004 2005 2006 2007 2008

SKF Care

Operating margin

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SKF Group Vision

To equip the worldwith SKF

knowledge

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Cautionary statement

This presentation 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 annual report (available on www.skf.com) under the Administration Report; "Most important factors influencing the financial results", "Financial risks" and "Sensitivity analysis”.

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