Prospect, pdf - the SKF site for the capital market

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Risks related to the market generally Set out below is a brief description of the principal market risks, including liquidity risk, exchange rate risk, interest rate risk and credit risk. An active secondary market in respect of the Notes may never be established or may be illiquid and this would adversely affect the value at which an Investor could sell his Notes The Notes may have no established trading market when issued, and one may never develop. If a market does develop, it may not be very liquid. Therefore, investors may not be able to sell their Notes easily or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. If an investor holds Notes which are not denominated in the investor's home currency, such investor will be exposed to movements in exchange rates adversely affecting the value of such investor's holding. In addition, the imposition of exchange controls in relation to any Notes could result in an investor not receiving payments on those Notes The Issuer will pay principal and interest on the Notes in euro. This presents certain risks relating to currency conversions if an investor's financial activities are denominated principally in a currency or currency unit (the Investor's Currency) other than euro. These include the risk that exchange rates may significantly change (including changes due to devaluation of the euro or revaluation of the Investor's Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or modify exchange controls. An appreciation in the value of the Investor's Currency relative to the euro would decrease (1) the Investor's Currency-equivalent yield on the Notes, (2) the Investor's Currency-equivalent value of the principal payable on the Notes and (3) the Investor's Currency-equivalent market value of the Notes. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate or the ability of the Issuer to make payments in respect of the Notes. As a result, investors may receive less interest or principal than expected, or no interest or principal. The value of the Notes may be adversely affected by movements in market interest rates Investment in the Notes involves the risk that if market interest rates subsequently increase above the rate paid on the Notes, this will adversely affect the value of them. Credit ratings assigned to the Notes may not reflect all the risks associated with an investment in the Notes S&P and Moody's have assigned credit ratings to the Notes. The ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed above, and other factors that may affect the value of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised, suspended or withdrawn by the rating agency at any time. In general, European regulated investors are restricted under the CRA Regulation from using credit ratings for regulatory purposes, unless such ratings are issued by a credit rating agency established in the EU and registered under the CRA Regulation (and such registration has not been withdrawn or suspended). This is subject to transitional provisions that apply in certain circumstances whilst the registration application is pending. Such general restriction will also apply in the case of credit ratings issued by non-EU credit rating agencies, unless the relevant credit ratings are endorsed by an EU-registered credit rating agency or the relevant non-EU rating agency is certified in accordance with the CRA Regulation (and such endorsement action or certification, as the case may be, has not been withdrawn or suspended). S&P and Moody's are registered credit rating agencies under the CRA Regulation. 12
Legal investment considerations may restrict certain investments The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether and to what extent (1) the Notes are legal investments for it, (2) the Notes can be used as collateral for various types of borrowing and (3) other restrictions apply to its purchase or pledge of the Notes. Financial institutions should consult their legal advisers or the appropriate regulators to determine the appropriate treatment of the Notes under any applicable risk-based capital or similar rules. 13
Page 1 and 2: PROSPECTUS AKTIEBOLAGET SKF (a publ
Page 3 and 4: IMPORTANT INFORMATION RELATING TO T
Page 5 and 6: ___________________________________
Page 7 and 8: Political and regulatory risks Ther
Page 9 and 10: Difficulties integrating acquired b
Page 11: The Conditions also provide that th
Page 15 and 16: CONDITIONS OF THE NOTES The followi
Page 17 and 18: 4.2 Interest Accrual Each Note will
Page 19 and 20: (b) is a Business Day in the place
Page 21 and 22: unless the withholding or deduction
Page 23 and 24: assets of the Issuer, and (ii) in a
Page 25 and 26: 14.3 Appointment of Process Agent T
Page 27 and 28: Global Note will, subject as set ou
Page 29 and 30: USE OF PROCEEDS The net proceeds of
Page 31 and 32: usiness areas to replace the former
Page 33 and 34: earings. Therefore, understanding t
Page 35 and 36: groove ball bearings, seals, and me
Page 37 and 38: Asia currently accounts for almost
Page 39 and 40: Lubrication systems market SKF esti
Page 41 and 42: products and services which have a
Page 43 and 44: Sustainability SKF is committed to
Page 45 and 46: Joe Loughrey Board member since 200
Page 47 and 48: Carina Bergfelt General Counsel and
Page 49 and 50: 2011 2010 2009 Total 42,886 40,206
Page 51 and 52: TAXATION Persons considering the pu
Page 53 and 54: (ii) Resident holders of Notes Unde
Page 55 and 56: General No action has been taken by
Page 57 and 58: Documents Available 8. For the peri

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