Ericsson sells St. James´s to BP

12/28/2001 7:44 AM EST

Ericsson sells St. James's to BP

Ericsson has sold its property at 1 St. James's Square in London to BP
for GBP 117 million. BP intends to move its global corporate headquarter
to 1 St. James's Square.

The transaction will be effective by year-end.

As earlier announced Ericsson will move its London-based operations from
St. James's Square to 105 Wigmore Street, an equally central location
offering the accommodation it needs.

The transaction is part of a long-term strategy to divest non-core
assets and reallocate these funds to business activities.

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 about Ericsson at http://www.ericsson.com/press

FOR FURTHER INFORMATION, PLEASE CONTACT

Media:
Åse Lindskog, Director, Media Relations
Ericsson Corporate Communications
Phone: +46 730 24 48 72; E-mail:  

Investors:
Maria Bernström, Director, Investor Relations
Ericsson Corporate Communications
Phone: +46 705 33 47 50; E-mail: