16 April 2008

1

The SKF Group

First-quarter results 2008

Tom Johnstone, President and CEO

16 April 2008

3Highlights during the first quarter 2008

• Acquisition of QPM Aerospace’s metallic rod business.

• Opened the first machine tool competence centre in Stuttgart, Germany.

• New contract with: - Siemens Transportation Systems to deliver axleboxes and tapered roller bearing units for new long distance Railjet trains.

- British Petroleum to provide proactive reliability maintenance services in the North Sea over a five year period.

- Goldwin Science and Technologies Co. Ltd. in China to supply the main shaft seals for their new 1.5 MW wind turbine.

16 April 2008

4

SEKm 2008 2007

Net sales 15,596 14,371

Operating profit 2,040 1,886

Operating margin 13.1% 13.1%

Profit before taxes 1,924 1,825

Net profit 1,296 1,214

Basic earnings per share, SEK 2.77 2.57

Cash flow after operating investments before financial items -131 -653

Cash flow after operating investments before financial items, excluding acquisitions

-77 -439

First quarter 2008

16 April 2008

5Operating margin

%

0123456789

1011121314

2006 2007

Long-term target level: 12%

2008

16 April 2008

6Operating margin

0

2

4

6

8

10

12

14

2006 2007 2008 Q1

%

* excluding income from the jointly controlled company Oy Ovako Ab

12.6 12.9

11.3*

13.1

Long-term target level: 12%

16 April 2008

7

0

2

4

6

8

10

12

14

16

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Operating margin per division

IndustrialService

Automotive

%

2006 2007 2008

Excluding one-time items (eg. restructuring, impairments, capital gains)

16 April 2008

8Sales in local currencies (excl. structural changes)

0

2

4

6

8

10

12

14

16% change y-o-y

2006 2007 2008

16 April 2008

9

02468101214

2006 2007 2008 Q1

Growth development in local currency

% Y-o-Y

Acquisitions/DivestmentsOrganic growth

7.5*

13.2

* Excluding effect from Ovako:2006 10.1%

Long-term target level: 6-8% per annum

9.7

16 April 2008

10Net sales development per quarter

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

6.0 2.5 3.3 8.8 7.9 6.9 9.0 6.3 4.9

-4.9 -0.5 1.1 4.6 4.0 4.6 3.7 1.0 1.0

2.9 2.0 2.0 2.3 1.8 2.7 2.0 3.2 3.8

4.0 4.0 6.4 15.7 13.7 14.2 14.7 10.5 9.7

8.0 1.0 -2.1 -5.8 -5.6 -2.3 -1.9 -2.0 -1.2

12.0 5.0 4.3 9.9 8.1 11.9 12.8 8.5 8.5

Percent y-o-y

Volume

Structure

Price / Mix

Sales in local currency Currency

Net sales

2006 2007 2008

16 April 2008

11Cash flow, after operating investments before financial items

-700

-500-300

-100

100

300500

700

9001 100

1 300

1 500

1 700

2006 2007

SEKm

Cash out fromacquisitions (SEKm): 2006 2,1292007 1,2092008 Q1 54

Cash in from Ovako (SEKm):2006 Q4 1,2172007 Q2 46

2008

16 April 2008

12Net debt (Short-term financial assets minus loans and post-employment benefits)

-12 000

-10 000

-8 000

-6 000

-4 000

-2 000

0

SEKm

AB SKF, dividend paid (SEKm):2006 Q2 1,8212007 Q2 2,049

2007 Q2,redemption 4,554

2006 2007 2008

16 April 2008

13

18

19

20

21

22

23

Inventories as % of annual sales

%

2006 2007

Long-term target level: 18%

2008

16 April 2008

14Return on capital employed

23

24

25

26

27

2006 2007 2008 Q1

ROCE: Operating profit plus interest income, as a percentage of twelve months average of total assets less the average of non interest bearing liabilities.

%Long-term target level: 24%

16 April 2008

15April 2008: Outlook for the second quarter 2008(compared to the first quarter 2008)

The market demand for SKF’s products and services in the second quarter of 2008 is expected to be higher for the Group. The demand is expected to be higher in Europe, relatively unchanged in North America and significantly higher in both Asia and Latin America. The demand is expected to be higher in the Industrial Division and the Service Division and slightly higher for the Automotive Division.

The manufacturing level for the second quarter 2008 will be slightly higher compared to the first quarter 2008, and higher than the second quarter 2007.

16 April 2008

16Volume development

Daily volume trend for: Q1 2008 Q2 2008

Net sales2007

Europe 56%

North America

18%

Asia Pacific 18%

Latin America

5%

Total

Outlook Q22008 vs

2007

++

=

+++

+++

++

16 April 2008

18Key focus areas ahead

• Strengthen the platform/segment approach

• Maintain a positive price/mix

• Focus on fast growing segments and geographies

• Drive operational efficiency and Six Sigma

• Manage material costs and supply

• Attract and retain the best people

Use sustainability as a guiding light

16 April 2008

19

Employee CareEmployee Care

Community CareCommunity Care

Business CareBusiness Care

SKF Corporate Sustainability

Environment CareEnvironment Care

BeyondZeroTM SKF CareSKF Care

Operating margin

0

2

4

6

8

10

12

14

2003 2004 2005 2006 2007 YTDQ3

16 April 2008

20

To equip the worldwith SKF

knowledge

SKF Group Vision

16 April 2008

21