Ericsson announces spreads for its Bond Exchange Offer

Telefonaktiebolaget LM Ericsson today set the spreads for its
recently announced Bond Exchange Offer.

Under the terms of the Exchange Offer, as defined in the Exchange
Offer Memorandum dated November 4, 2003, holders of the 6.375% Euro
Medium Term Notes maturing May 31, 2006 (the "Notes") will be offered
the opportunity to exchange up to EUR 0.5 billion of existing Notes
for new Ericsson Exchange Securities.

Investors will be able to exchange their holdings in the Notes at a
spread of 230 bps over the DBR 6.25% maturing April 26th, 2006.

The new Ericsson Exchange Securities will be priced to yield 285 bps
over the DBR 5.25% maturing January 4, 2011.

The Exchange Price of the existing Notes and the coupon and price of
the new Ericsson Exchange Securities will be fixed using the
respective government benchmarks at 12:00 noon (London time) on
November 21, 2003. In the meantime, 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.

This press release is not for publication or distribution in whole or
in part, directly or indirectly, in or into the United States. This
notice is intended to be communicated only to creditors of Ericsson
and relates only to the Ericsson Securities and the Ericsson Exchange
Securities.

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 FURTHER INFORMATION, PLEASE CONTACT

Ericsson Investor Relations
Lotta Lundin
Phone: +46 8 719 6553, +46 730 371 100
E-mail: lotta.lundin@ericsson.com

Ericsson Media Relations
Peter Olofsson,
Phone: +46 8 719 1880, +46 8 719 69 92
E-mail: press.relations@ericsson.com

Dealer Manager: J.P. Morgan Securities Ltd.
Paul Hawker - Liability Management Desk
Phone: +4420 7777 4185
E-mail: paul.hawker@jpmorgan.com

Jonathan Brown - Syndicate Desk
Phone: +4420 7777 1986
E-mail: jonathan.j.brown@jpmorgan.com

Exchange Agent: JPMorgan Chase Bank
Philip Runciman
Phone: +4420 7777 2742
E-mail: phillip.runciman@chase.com

The communication of this document is not being made and the document
has not been approved by an authorised 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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