ABB shareholders approve share capital increase to raise about US$ 2.5 billion

Zurich, Switzerland, November 20, 2003 – ABB shareholders today approved a share capital increase expected to raise about US$ 2.5 billion, at an extraordinary general meeting held in Zurich.

ABB now plans to issue and list 840 million new shares, at an offer price of CHF 4 per share on the SWX, Stockholm, London and Frankfurt stock exchanges.

A total of 1,241 shareholders attended the extraordinary general meeting, representing 48.7 percent of the total share capital entitled to vote. Holders of about 99 percent of the shares represented at the meeting voted in favor of the plan.

The share capital increase is the key part of a three-component capital-strengthening program announced by ABB on October 28, 2003. Under the program, ABB has already signed a three-year US$ 1 billion credit facility agreement with a group of banks, and yesterday successfully sold EUR 650 million bonds.

ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 120,000 people.

Some of the information contained in this press release contains forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. ABB undertakes no obligation to publicly update or revise any forward-looking statements.

The information contained herein is not for publication or distribution into the United States. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale in the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. There is no intention to register any portion of the offering described herein in the United States or to conduct a public offering of securities in the United States.

The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.

This press release does not constitute an offer of rights or shares for sale or a solicitation of an offer to purchase rights or shares in Germany and is for information purposes only. Readers of this press release are requested to inform themselves about and to observe any such restrictions. No public offering of rights or shares is being conducted in Germany. Any offer or sale of rights or shares in Germany may only be made in compliance with the German Securities Prospectus Act (Wertpapier-Verkaufsprospektgesetz). No sales prospectus (Verkaufsprospekt) under the German Securities Sales Prospectus Act has been, or will be, published with respect to the rights or shares.

"The information contained herein is not for publication or distribution into Italy. The public will not be solicited in Italy in connection with the securities referred to herein and no securities will be offered, sold or delivered in Italy and no copies of any offering document relating to the securities will be delivered in Italy, unless such activities (i) are carried out by or through intermediaries authorized to perform investment services in Italy, (ii) either do not qualify as solicitation of investment or qualify as a solicitation exempted from the requirement of a prospectus, and (iii) are carried out in compliance with applicable securities and banking laws and regulations."

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