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Trade Press Release

New President and CEO for the MacGREGOR Group

8/26/2002

MacGREGOR Group AB becomes majority owner in MacGREGOR-Kayaba Ltd

MacGREGOR Group AB and Kayaba Industry Co Ltd have agreed that MacGREGOR will buy another 25 per cent of the shares in MacGREGOR-Kayaba Ltd from Kayaba Industry. After the transaction is completed MacGREGOR will hold 75 per cent and Kayaba Industry 25 per cent of the shares in MacGREGOR-Kayaba.

With the new ownership structure MacGREGOR and MacGREGOR-Kayaba will together exploit synergies to create benefits for both companies, their customers, suppliers and employees. In particular, as the great majority of shipbuilding is concentrated in Asia this new set-up will assist co-ordination of the MacGREGOR Group's business activities in the region. MacGREGOR already has a strong presence in Korea and China, and as market leader MacGREGOR-Kayaba will spearhead the MacGREGOR Group's activities in Japan.