ABB launches share buy-back

Six million shares correspond to about two percent of total share capital

Zurich, Switzerland, March 29, 2001 – ABB announced today that it has started the share buy-back program approved at its annual general meeting on March 20, 2001 to repurchase six million ABB Ltd shares for cancellation.

The shares correspond to about two percent of the company’s total share capital. The buy-back program is part of ABB’s commitment to create more value for shareholders.

The share buy-back will take place exclusively on the SWX Swiss Exchange. It uses a second line of trading established specifically for this purpose, in which ABB will be the only purchaser. Shareholders wishing to sell their shares can therefore make them available to the company for the purpose of the subsequent capital reduction, or sell them on the first line in the main sector of the SWX Swiss Exchange.

Shareholders are advised that on all sales using the second line, Swiss Federal withholding tax amounting to 35 percent of the difference between the respective price paid for the shares and their nominal value will be deducted.

Shareholders living in Switzerland are entitled to a reimbursement of the Swiss Federal withholding tax if they are beneficial owners of the shares at the time they are tendered. Shareholders living outside Switzerland may claim back the tax in accordance with any applicable double taxation treaty.

ABB has employed Credit Suisse First Boston for the share-buy-back.

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