Ericsson announces bond Exchange Offer to diversify company's debt
maturity profile

Ericsson announced today the launch of a bond Exchange Offer. The
objective of the Exchange Offer is to diversify the Company's debt
maturity profile and take advantage of current favorable market
conditions.

Under the terms of the Exchange Offer, holders of the 6.375% Euro
Medium Term Notes maturing May 31, 2006 (the "Notes") will be offered
the opportunity to exchange existing Notes for new Ericsson Exchange
Securities maturing in November, 2010.

The securities, as defined in the Exchange Offer Memorandum dated
November 4, 2003, will be issued under the Company's existing Euro
Medium Term Note Program.

The Exchange Offer is limited to an exchange of up to EUR 0.5 billion
of the Notes. The Exchange Offer is open only to institutional
investors qualifying as Eligible Participants, as defined in the
Exchange Offer Memorandum.

"We want to capture this good market opportunity for a liability
management transaction, which gives us a more optimal debt structure
and flexibility," says Vidar Mohammar, Ericsson Corporate Treasurer.
"The Exchange Offer is further evidence that Ericsson is prudently
managing its balance sheet."

The exchange price of the existing Notes and the coupon and price of
the new Ericsson Exchange Securities will be fixed at 12:00 noon
(London time) on November 21, 2003. The Holders of the existing Notes
are asked to submit acceptances to the Exchange Agent no later than
5:00 pm (London time) on November 25, 2003.

JPMorgan will act as Dealer Manager of the Exchange Offer, with ABN
Amro, Citigroup and Deutsche Bank as Co-Managers.

For more detailed information:
www.ericsson.com/investors/exchangeoffer

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries, Ericsson
is helping to create the most powerful communication companies in the
world.
Read more at http://www.ericsson.com/press

For more information, please contact:

Investors
Lotta Lundin, Ericsson Investor Relations
Phone: +46 8 719 65 53, +46 730 371 100
E-mail: lotta.lundin@ericsson.com

Media
Peter Olofsson, Ericsson Media Relations
Phone: +46 8 719 18 80, +46 8 719 69 92
E-mail: press.relations@ericsson.com

The communication of this document is not being made and the document
has not been approved by an authorized person for the purposes of S21
of the Financial Services Act 2000.  The Exchange Offer is open only
to those persons falling within the definition of Investment
Professionals (as defined in article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotions) Order 2001 (the "Order"),
and those persons who also fall within Article 43 of the Order.

This press release is not being issued in the United States of
America, Australia, Canada or Japan and should not be distributed to
US persons or publications with a general circulation in the United
States.  This document does not constitute an offer or invitation to
subscribe for or purchase any of the securities referred to herein.
In addition, the securities referred to herein have not been
registered under the United States Securities Act of 1933, as amended
and may not be offered, sold or delivered within the United States or
to or for the account or benefit of US persons absent registration
under, or an applicable exemption from, the registration requirements
of the United States Securities Act.



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