AB SKF : Presentation of the Board of Directors and the Nomination Committee’s reasoned statements and rules statement 2023

Presentation of the Members of the Board of Directors, the Nomination Committee's reasoned statement and rules statement.

Information regarding Board members nominated for election as members of the Board of Directors at the Annual General Meeting on 23 March 2023 and the Nomination Committee's statement regarding the composition of the proposed Board of Directors and proposed remuneration. There is also, at the end, a short description of how the Nomination Committee has conducted its work.

Members of the Board of Directors proposed to be re-elected by the Annual General Meeting 2023

Hans Stråberg

Chairman of the Board since 2018 Born 1957

Education and job experience: Master of Science in Engineering from Chalmers University of Technology, Gothenburg. President and CEO of Electrolux AB 2002- 2010. Several leading positions within the Electrolux Group in Sweden and USA since

1983. Former EU Co-Chair TABD, Trans-Atlantic Business Dialogue.

Other assignments: Chair of Atlas Copco AB, Roxtec AB, CTEK AB and Anocca AB. Board member of Investor AB and Mellby Gård AB. Member of the Royal Swedish Academy of Engineering Sciences.

Shareholding (own and/or held by related parties): 37,000 SKF B

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: Yes

Hock Goh

Board member since 2014 Born 1955

Education and job experience: Bachelor's degree (honours) in Mechanical Engineering from Monash University, Australia, completed the Advanced Management Program at INSEAD. Operating Partner of Baird Capital Partners Asia, 2005-2012. Several senior management positions in Schlumberger Limited, 1995- 2005, President of Network and Infrastructure Solutions division in London, President Asia and Vice President and General Manager China.

Other assignments: Member of the Board of Stora Enso Oyj.

Shareholding (own and/or held by related parties): 0

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: Yes

Geert Follens

Board member since 2019 Born 1959

Education and job experience: Master of Science in Electromechanical Engineering and a post-graduate degree in Business Economics from the University of Leuven, Belgium. He is Senior Executive Vice President and Business Area President Vacuum Technique at Atlas Copco AB. He has held several leading positions within the Atlas Copco Group in Sweden, Belgium and the UK since 1995, including General Manager of Atlas Copco Compressor Technique customer center, President of the Portable Energy division and President of the Industrial Air division.

Shareholding (own and/or held by related parties): 1,500 SKF B

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Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: Yes

Håkan Buskhe

Board member since 2020 Born 1963

Education and job experience: Master of Science, Licentiate of Engineering, Chalmers University of Technology. He is the CEO of FAM AB, owned by Wallenberg Investments AB. His previous senior positions include CEO of Saab AB, 2010-2019, and CEO of E.ON Nordic AB, 2008-2010.

Other assignments: Chair of IPCO AB, vice chair of Stora Enso Oyj, board member of FAM AB, Munters Group AB, Kopparfors skogar AB, The Grand Group and Navigare Ventures.

Shareholding (own and/or held by related parties): 5,000 SKF B

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: No

Susanna Schneeberger Board member since 2020 Born 1973

Education and job experience: Master of European Affairs (MBA) and Master of Science in International Business, Lund University. Senior advisor and several leading positions including Chief Digital Officer and executive board member of the KION Group, 2018-2020, CEO of Demag Cranes & Components, 2015-2018, and various positions in the Trelleborg Group 2007-2014.

Other assignments: Chair of Yunex GmbH. Board member of Concentric AB and Hempel A/S.

Shareholding (own and/or held by related parties): 1,000 SKF B

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: Yes

Rickard Gustafson

President and CEO of AB SKF and Board member since 2021 Born 1964

Education and job experience: Master of science from the Institute of Technology at Linköping University. His previous positions include President and CEO of the SAS Group 2011-2021, CEO of the insurance company Codan/Trygg Hansa and several positions within General Electric.

Other assignments: Board member of Telia Company and Confederation of Swedish Enterprise

Shareholding: 9,600 SKF B

Independence in relation to the company/senior management*: No

Independence in relation to major shareholders of the Company*: Yes

• The information regarding independency relates to the independence of the proposed Board member according to the Swedish Code of Corporate Governance (the "Code") in relation to (i) the company/senior management and (ii) major shareholders. Major shareholders mean owners who directly or indirectly control ten percent or more of the shares or votes in the Company. The Code is available at the website of the Swedish Corporate Governance Board,www.corporategovernanceboard.se.

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New members of the Board of Directors proposed to be elected by the Annual General Meeting 2023

Beth Ferreira

Born 1973

Education and job experience: Bachelor of Science in International Studies, Emory University, Atlanta. She is Divisional Managing Director, Precision Engineering at IMI plc. She has held several leading positions within Illinois Tool Works (ITW) 2014- 2020 such as Group President Packaging Equipment and Consumables division, and within Belden Inc. 2008-2014 including President of the Industrial Cables division. Various marketing and commercial roles in Ingersoll Rand 1997-2008. Shareholding (own and/or held by related parties): 0 SKF B

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: Yes

Therese Friberg

Born 1975

Education and job experience: Bachelor's Degree in Business Administration, Stockholm University. She is the Group CFO and Executive Vice President of Electrolux. She has held several leading positions within the Electrolux Group since 1999, including CFO, Major Appliances EMEA, Head of Group Business Control and Sector Controller Home Care & SDA

Shareholding (own and/or held by related parties): 0 SKF B

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: Yes

Richard Nilsson

Born 1970

Education and job experience: Bachelor of Science in Business Administration and Economics, Lund University. Investment Director at FAM AB. Employed by FAM since 2008. His previous positions include equity research analyst at SEB Enskilda, 2000- 2008, Alfred Berg 1995-2000 and Handelsbanken 1994-1995.

Other assignments: Board member of Stora Enso Oy, IPCO AB, GROPYUS AG AND Cinder Invest AB.

Shareholding (own and/or held by related parties): 2,300 SKF B

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: No

Niko Pakalén

Born 1986

Education and job experience: Master of science in Economy and Business Administration, Helsinki School of Economics (today Aalto University). He is partner at Cevian Capital since 2017. He has held several management positions within Cevian Capital 2011-2016 and was before that associate at Danske Bank Corporate Finance 2009-2011.

Other assignments: Board member of TietoEvry Oyj

Shareholding (own and/or held by related parties): 0 SKF B

Independence in relation to the company/senior management*: Yes

Independence in relation to major shareholders of the Company*: Yes

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The Nomination Committee's statement regarding the composition of the proposed Board of Directors and the proposed remuneration.

The Nomination Committee's view is that the proposed composition of the Board of Directors provides the Board with a wide knowledge, required diversity and sound experience both from the segments and markets where the Company is conducting its business and in sustainability matters. Further, the proposed composition strengthens the Board's industrial and financial competence and experience of transformational work.

The Nomination Committee has, as regards the diversity policy for the Board, applied the rule 4.1 of the Swedish Corporate Governance Code and has therefore based its work on that the Board is to have a composition appropriate to the company's operations, phase of development and other relevant circumstances. The Board members elected by the shareholders' meeting are collectively to exhibit diversity and breadth of qualifications, experience and background. The Company is to strive for gender balance on the Board.

The Nomination Committee has conducted an evaluation of the fees payable to the Board members. The basic underlying principle of the directors' fees is that the remuneration shall be reasonable and competitive enough in order for SKF to attract members with high skills and experience in a global market. The compensation shall also reflect the responsibilities and the time which the directorship entails.

The Nomination Committee has after careful consideration reached the conclusion that the proposed increase of the fees is reasonable and well-motivated, corresponding to an increase of the fees of around 3% compared to the fees adopted at the annual general meeting 2022 and that the proposed fee for potential vice- chair corresponds to about half of the fee for the chair.

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How the Nomination Committee has conducted its work, Rules Statement

The Annual General Meeting of AB SKF has previously resolved that the Company shall have a Nomination Committee formed by one representative of each of the four major shareholders with regard to the number of votes held as well as the Chairman of the Board. In a press release dated 12 September 2022 it was announced that a Nomination Committee had been appointed consisting of Marcus Wallenberg from FAM, Christer Gardell from Cevian Capital, Anders Algotsson from AFA Försäkring Anders Jonsson from Skandia, and the Chair of the Board, Hans Stråberg.

Marcus Wallenberg was elected as chairman for the Nomination Committee. The Nomination Committee has held four minuted meetings.

The task of the Nomination Committee has been to furnish the Annual General Meeting 2023 with proposals regarding Board of Directors, Chair of the Board of Directors, fee for the Board of Directors, Chair of the Annual General Meeting, and to the extent deemed necessary, proposal for revisions to the current instruction for the Nomination Committee.

As regards the election of the Board of Directors, the Nomination Committee has, based on the evaluation of the of the work of the Board made by AB SKF's Board of Directors, assessed how the current Board meets the requirements that will face the Board of Directors and what further competencies that need to be added to the Board. The Nomination Committee has, as in previous years, interviewed/contacted proposed members of the Board of Directors.

The Nomination Committee's proposals for Board of Directors and Chair of the Board of Directors were published in a press release dated 10 February 2023 and proposals for fees for the Board of Directors, and Chair of the Annual General Meeting, were published through the notice of the Annual General Meeting 2023.

The Nomination Committee has concluded that it does not consider it necessary to propose any revisions to the current instruction for the Nomination Committee.

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