Ericsson announces prices for its Bond Exchange Offer

Telefonaktiebolaget LM Ericsson today set the prices 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.

At 12:00 noon (London time) today, the yield of the DBR 6.25%
maturing April 26, 2006 was 2.853%.  Based on a previously-announced
Exchange Spread of 230 bps, the Exchange Price for the Notes will be
108.488.

At 12:00 noon (London time) today, the yield of the DBR 5.25%
maturing January 4, 2011 was 4.024%.  Based on a previously-announced
New Issue Spread of 285 bps, the New Issue yield would be 6.874% on
an annual basis, which equates to 6.760% on a semi-annual basis.
This implies a coupon of 6�% (paid semi-annually) and a New Issue
Price of 99.946 for the Ericsson Exchange Securities.

Based on the prices above, investors will be able to exchange their
holdings in the Notes for new Ericsson Exchange Securities at an
Exchange Ratio of 1:1.0855, as set out in the Exchange Offer
Memorandum.

Holders of the existing Notes are asked to submit acceptances via
Electronic Acceptance Instruction to the relevant Clearing System no
later than 5:00 pm (London time) on November 25, 2003.  The
settlement date for the Ericsson Exchange Securities is November 28,
2003.  Contact details for the Exchange Agent and Dealer Manager
appear below.

This press release is not for publication or distribution in whole or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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