Sandvik AB's Annual General Meeting 2006

Attorney Sven Unger was elected Chairman of the Meeting. AndersNyren reported on the role and work of the Board and the AuditCommittee as well as the work of the Remuneration Committee andCarl-Olof By on the Nomination Committee's work.

In his address, Lars Pettersson, President and CEO, commented onfiscal year 2005 and the first quarter of the current year. He alsoexplained the Group's business concept and future development. With astrong product portfolio, focused R&D activities, Sandvik is wellpositioned to offer high customer value to a global customer base andhas favorable conditions for continued profitable growth. The Group'sfinancial strength also makes it possible to conduct a generousdividend policy and an aggressive investment strategy.

(The address is available in its entirety on Sandvik's website,www.sandvik.com/IR)

Georg Ehrnrooth, Clas Ake Hedstrom, Sigrun Hjelmquist, EgilMyklebust, Anders Nyren and Lars Pettersson were re-elected members ofthe Board. Fredrik Lundberg and Hanne de Mora were newly electedmembers. Clas Ake Hedstrom was elected Chairman of the Board.

The employee organizations appointed Tomas Karnstrom and GoranLindstedt as members of the Board and Mette Ramberg and Bo Westin asdeputy members.

Decision on changes to the Articles of Association

The Meeting resolved to adapt the Articles of Association to thenew Swedish Companies Act that became effective on 1 January 2006. Itwas also decided to implement a 5:1 share split, with a preliminaryrecord date of 12 June 2006.

Decision on principles for remuneration and other employment termsfor the Group Executive Management

The Meeting resolved that the Board's proposal regardingprinciples for remuneration, etc. for the Group Executive Managementshall apply.

Decision on deletion of the limiting transfer conditions

The Meeting decided to permit certain companies within the Groupto adapt their Articles of Association regarding conditions fortransfer to correspond with those in Sandvik AB's Articles ofAssociation.

Decision on Nomination Committee

The Meeting decided that the four largest shareholders as known bythe Company shall each appoint a representative and these persons, aswell as the Chairman of the Board, who is also the convener, shallcomprise the Nomination Committee.

Statutory Board meeting

A statutory Board meeting was held after the Annual GeneralMeeting. Anders Nyren, Fredrik Lundberg and Sigrun Hjelmkvist wereappointed members of the Audit Committee. Clas Ake Hedstrom, GeorgEhrnrooth and Egil Myklebust were appointed members of theRemuneration Committee.

Haglund Medal

Helga Holzschuh and Jorg Drobniewski from Walter within SandvikTooling were named the Group's product developers of the year. Theywere rewarded for the development of a new cemented-carbide grade for,among other applications, machining of cast-iron, with considerablyhigher performance that facilitates improved customer productivity.

Sandviken, 2 May 2006

Sandvik AB; (publ)

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