It was announced today that the Shriro Group has acquired a majority shareholding in Hasselblad, the Gothenburg based Swedish camera manufacturer.

Shriro and Hasselblad have a long history of co-operation, with Shriro having been the distributors for Hasselblad in the major Asian markets for over 45 years.

Commenting at the press conference in the Hasselblad offices to announce the purchase, Michael Binns, the Shriro group Managing Director said, "When we heard the company was for sale it was not a difficult decision to go ahead as we know each other so well. We have been the distributors for Hasselblad in Japan, Hong Kong, China, Taiwan, Singapore and Malaysia for many years, and we have a great deal of respect for Hasselblad in both their commercial and engineering capabilities. We are also very excited with the recent launch of the new Hasselblad H1 camera system, and the move in May to new custom built office, manufacturing and warehouse facilities, and this, coupled with the change of ownership, signals a significant step forward for the company."

Shriro is a 90 years old family owned business in sales,marketing, distribution and manufacturing of many well known international brands. The company has its main operations in the Asia Pacific region with its head office in Hong Kong.

The Hasselblad family started its company in 1841, and since the mid 1870's has been located in the centre of Gothenburg. In May this year the company will relocate to a new office and production premises in the recently established high-tech industrial and university area of Norra Alvstranden, across the river from the Opera House in Gothenburg. For over half a century, Hasselblad cameras have been the preferred tools of discerning photographers the world over. Hasselblad cameras were the first cameras on the moon, (and many are still up there!), and are renowned for their outstanding image quality, long life and rugged durability.

Hasselblad produces and markets three distinct camera systems: The legendary Hasselblad 6x6 V system, with its classic compact design and unmatched adaptability, still the most comprehensive medium format system in the world; the unique dual-format Hasselblad XPan, which takes full, unmasked panorama or standard 35mm shots on the same roll of 35mm film; and the new, auto focus 645 Hasselblad H System, which seamlessly combines film, digital, and slide photography and provides a level of user-friendliness previously found only in 35 mm SLR cameras. Over 97% of Hasselblad's products are exported for sale in overseas markets and the company has offices, distributors, service outlets and representatives worldwide.

The company has recently carried through a successful, worldwide launch of a new unique camera system, built for traditional as well as digital photography. The H1 camera, which took nearly 6 years to develop from "idea" to "finished product" takes medium format photographic technology to a new level. Deliveries of the new camera system started in December 2002.

The change of ownership will not mean any major changes in the traditional Hasselblad business philosophy. Production will remain in Sweden, and the current management team will remain in place, headed by Mr. Goran Bernhoff, President and CEO of the company.

"We welcome everyone in Hasselblad into the Shriro group, and look forward to a long and successful co operation and partnership in the future." said Michael Binns at a briefing to all the company employees to announce the change of ownership.

For further information please contact:

Mr. Michael Binns, Telephone +852 2524 5031

Mr. Goran Bernhoff, Telephone +46 31 10 25 10

Mr. Mats Nylen, Chief Financial Officer, Telephone +46 31 10 26 30

Mr. Ulf Landin, Vice President Marketing, Telephone +46 31 10 25 42


www.shriro.com

www.hasselblad.com