ABB set for U.S. listing early April, cancels share placement

Company to speed up buy-back of six million shares

Zurich, Switzerland, March 21, 2001 – ABB, the global technology group, said today that due to continuing volatility in financial markets it has dropped its plan to offer six million treasury shares to U.S. investors in connection with its listing on the New York Stock Exchange, scheduled for early April.

“Looking at the prevailing investor sentiment in the world stock markets, we have decided not to undertake a share placement at this time. We are acting in the best interest of all our shareholders,” said ABB President and CEO Jörgen Centerman.

Centerman said that ABB’s listing on the New York Stock Exchange formed part of the company’s strategy to enhance its presence in the U.S. – both in its customer markets and by widening its international investor base.

He added that ABB will speed up its announced buy-back of six million shares for cancellation, following a clear endorsement of the plan by the Annual General Meeting of shareholders, held on March 20.

Under the buy-back plan, shares corresponding to about two percent of the company’s total share capital will be bought for cancellation. A secondary trading line will be set up at the Zurich Stock Exchange next week to accommodate the program.

At the shareholder meeting, Centerman also reconfirmed ABB’s sales and earnings targets for the full year.

ABB (www.abb.com) serves manufacturing, process and consumer industries, utilities, and the oil and gas markets, with 160,000 employees in more than 100 countries.

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