ASS Assa Abloy

    ASSA ABLOY AB (publ) ("ASSA ABLOY" or the "Company") announced today
that it is offering to repurchase for cash up to EUR 300,000,000 (the
"Maximum Tender Amount") of its EUR 600,000,000 5.125% Notes due 4
December 2006 (the "Notes").  The offer (the "Offer") is made upon
the terms and subject to the conditions contained in the tender offer
memorandum dated 23 November 2004 (the "Tender Offer Memorandum")
prepared in connection with the Offer.

The purpose of the Offer is to reduce repayments in 2006, to lengthen
the Company's debt maturity profile and to reflect the ASSA ABLOY
group's funding needs in other currencies whilst taking advantage of
current favourable market conditions.

The price payable (the "Purchase Price") for the Notes will be fixed
at or around 15.00 CET on Monday, 13 December 2004 in accordance with
market convention and is intended to reflect a yield to maturity of
the Notes based upon the sum of a fixed spread (the "Repurchase
Spread") and the Interpolated Mid-Swap Rate, as more fully described
in the Tender Offer Memorandum.

The Repurchase Spread is expected to be within the range of -3 to +5
bps and the Repurchase Spread will be announced on Wednesday, 1
December 2004.

The aggregate principal amount of Notes to be repurchased will be
subject to the Maximum Tender Amount.  In the event that the Company
receives valid acceptances in excess of the Maximum Tender Amount
then pro-ration will be applied as more fully described in the Tender
Offer Memorandum.

The Offer expires at 17.00 CET on Friday, 10 December 2004, unless
extended or terminated by the Company.  The settlement date is
expected to be Thursday, 16 December 2004.  The Company will also pay
accrued and unpaid interest up to, but excluding, the settlement date
on those Notes accepted for purchase pursuant to the Offer.

Noteholders who wish to accept the Offer should refer to the Tender
Offer Memorandum for the procedures which must be followed.
The Offer is not open to investors domiciled in the Republic of
Italy, the Kingdom of Sweden or the United States of America and is
restricted in other jurisdictions as more fully described below and
in the Tender Offer Memorandum.

Requests for the Tender Offer Memorandum or related documents and
other relevant information should be directed to the Tender Agent:

Tender Agent: Citibank N.A.
Attn: Citibank Tender Agent Team
Tel: +44-20-7508-3867

Requests for the Tender Offer Memorandum can also be directed to the
Dealer Managers, as well as requests for all other information in
relation to the Offer:




ABN AMRO                         Citigroup
Attn: Liability Management Group Attn: Liability Management Group
Tel:   +44-20-7678-7701          Tel:   +44-20-7986-8969
Email:                           Email:
liability.management@abnamro.com liabilitymanagement.europe@citigroup.com


Contact persons at ASSA ABLOY:


Martin Hamner                                    Eddie Fransson
Director of Investor Relations and Group         Corporate Treasurer
Controller                                       Tel: +41-22-318-4500
Tel: +46-8-5064-8500


DISCLAIMER
This Announcement must be read in conjunction with the Tender Offer
Memorandum which has been prepared by the Company in relation to the
Offer. This Announcement and the Tender Offer Memorandum contain
important information which should be read carefully before any
decision is made to accept the Offer. If you are in any doubt as to
the action you should take, you are recommended to seek your own
financial advice immediately from your stockbroker, bank manager,
accountant or other independent financial adviser. Any individual or
company whose Notes are held on its behalf by a broker, dealer, bank,
custodian, trust company or other nominee must contact such entity if
they wish to accept the Offer.

Neither the delivery of this Announcement, the Tender Offer
Memorandum or any other offering material relating to the Offer nor
any purchase of Notes shall, under any circumstances, create any
implication that the information contained herein is current as of
any time subsequent to the date of such information or that there has
been no change in the information set out in it or in the affairs of
the Company since the date of the Tender Offer Memorandum.

This Announcement is only for circulation to persons outside the
United Kingdom, persons within the United Kingdom falling within the
definition of Investment Professionals (as defined in Article 19(5)
of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001 (the Order)) or within Article 43 of the Order, or other
persons to whom it may lawfully be communicated in accordance with
the Order.

OFFER RESTRICTIONS
Neither this Announcement nor the Tender Offer Memorandum constitutes
an invitation to participate in the Offer in any jurisdiction in
which, or to or from any person to or from whom, it is unlawful to
make such invitation under applicable securities laws.  The
distribution of this Announcement or the Tender Offer Memorandum in
certain jurisdictions may be restricted by law. Persons into whose
possession this Announcement or the Tender Offer Memorandum come are
required by each of the Company, the Dealer Managers and the Tender
Agent to inform themselves about, and to observe, any such
restrictions.

United States. The Offer is not being made, directly or indirectly,
in or into, or by use of the mails, or by any means or
instrumentality (including, without limitation, facsimile
transmission, telex, telephone, email and other forms of electronic
transmission) of interstate or foreign commerce, or of any facility
of a national securities exchange of, the United States, and Notes
may not be offered for sale by any such use, means, instrumentality
or facility from or within the United States.

Italy. The Offer is not being made in the Republic of Italy.  The
Offer and the Tender Offer Memorandum have not been submitted to the
clearance procedure of the Commissione Nazionale per le Societ� e la
Borsa (CONSOB) pursuant to Italian laws and regulations.
Accordingly, Noteholders are hereby notified that, to the extent such
Noteholders are Italian residents or persons located in the Republic
of Italy, the Offer is not available to them and they may not offer
to sell Notes pursuant to the Offer and, as such, any Electronic
Order (as defined in the Tender Offer Memorandum) received from such
persons shall be ineffective and void, and neither this Announcement,
the Tender Offer Memorandum nor any other offering material relating
to the Offer or the Notes may be distributed or made available in the
Republic of Italy.


Sweden. The Offer is not being made in the Kingdom of Sweden (Sweden)
and is not available to any resident of, or person located in,
Sweden, and neither this Announcement, the Tender Offer Memorandum
nor any other offering material relating to the Offer or the Notes
may be distributed or made available in Sweden.

/France. (qualified investors only)/Belgium. (qualifying professional
investors only)

                                -----
                        ASSA ABLOY AB (publ)
                 P.O. Box 70340, S-107 23 Stockholm
            Tel: +46 8 506 485 00, Fax: +46 8 506 485 85
              Visiting address: Klarabergsviadukten 90

                          www.assaabloy.com


The ASSA ABLOY Group is the world's leading manufacturer and supplier
                        of locking solutions,
   dedicated to satisfying end-user needs for security, safety and
                  convenience. The Group has about
      30,000 employees and annual sales of about EUR 3 billion.



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Copyright � Hugin ASA 2004. All rights reserved.

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