GRIPEN OFFSET AGREEMENT SIGNED WITH HUNGARY

György Matolcsy, Hungarian Minister of Economy and Ian McNamee, managing
director Gripen International, have today signed an offset agreement
linked to the Hungarian government's lease of 14 Gripen multi-role
fighters to meet its national, NATO and European defense needs.

The value of this agreement, signed in Budapest, will exceed Hungarian
commitments connected to the aircraft lease agreement. Offset activities
will be carried out within nine years from the effective contract date.

We have already delivered pre-offset worth US $661 million to Hungary
and are in discussions with over 40 companies to build on this existing
commitment," states Ian McNamee

"The lease of Gripen will act as a catalyst for further economic growth
in Hungary and create substantial employment opportunities through
industrial partnerships, export promotion and work placement, among
others."

Offset programs will be targeted to meet the business sector priorities
identified by the Hungarian government. Gripen International has
utilized the strengths of an international industrial network, which
includes its shareholder companies BAE SYSTEMS and Saab plus others such
as Volvo, Ericsson and Investor, one of the world's biggest industrial
conglomerates, to develop and deliver long-term economic benefits for
Hungary in support of the Gripen contract.

Gripen partners Saab and BAE SYSTEMS are world leaders in the delivery
of offset to provide industrial co-operation to support defense sales.
So far, programs in more than 30 countries have been implemented with a
total value in excess of USD 22 billion.

For further information please contact:
Marie Aktö, Manager Communications, Phone: +46 13 184216
Gripen International +46 70 989 7110
mar...@saab.se
John Neilson, Vice President Communications, Phone: +44 1252
384795
Gripen International +44 7802 337704
john...@baesystems.com

www.gripen.com

Notes to editors:
Gripen has been designed to meet the demands of all current and future
threats, while at the same time meeting strict peace-time requirements
for flight safety, reliability, training efficiency and low operating
costs.

Gripen International is a company in which Saab AB of Sweden and the
United Kingdom's BAE SYSTEMS have equal shares.

Already in service with the Swedish Air Force, which has ordered 204
aircraft (including 28 two-seaters), Gripen has also been ordered by the
South African Air Force which has a requirement for 28 and selected to
provide the national, NATO and European defense needs of the Czech Air
Force for the next 30-40 years.

Gripen International has begun negotiations with the Polish government,
which is looking to procure up to 60 new fighters and has submitted an
offer to the Brazilian government for the supply of 24 new Gripen
fighters. A response to the Austrian governments RFP (Request for
Proposals) will be submitted in January next year, based on the supply
of up to 30 Gripen.

Pictures of Gripen in Hungarian colors are available on www.gripen.com


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