Zurich, February 12, 2009 ABB Q4 and full-year 2008 results ......Power Products Q4 and full-year...

© ABB Group February 12, 2009 | Slide 1

ABB Q4 and full-year 2008 resultsJoe Hogan, CEOMichel Demaré, CFO

Zurich, February 12, 2009

© ABB Group February 12, 2009 Chart 2

Agenda

Summary of full-year and Q4 2008 results Joe Hogan

Financial review Michel Demaré

Adjusting cost base and seizing opportunities Joe Hogan

Summary and outlook

Q&A


2008 was the strongest year ever for ABBRecord orders, revenue and EBIT

Double-digit organic revenue growth in every division

EBIT at a record $4.6 billion ($5.4 billion when adjusted for ca. $870 million in Q4 provisions*)

Cash flow from operations at a record high of $4 billion

ROCE reached 31% (36% when adjusted for provisions*)

Steps taken to address outstanding compliance matters

Several bolt-on acquisitions in line with our focused M&A strategy

Solid opening backlog of $24 billion to start 2009

Dividend unchanged at CHF 0.48 a share – share buyback program inactive

* Comprises compliance, restructuring, VAT charge, write-offs and other operational provisions


The fourth quarter shows “underlying operational strength”Revenue growth continues, solid cash flow despite global slowdown

Steady double-digit revenue growth on successful execution of order backlog

Cash flow from operations healthy despite pressure on working capital needs

Earnings reduced by provision for compliance costs, tax-related charges and restructuring

Orders down 11% (local currency) on lower large orders, base orders 2% lower

Orders up 9% in the Americas, 12% higher in the U.S.

Power Products and Automation Products divisions with stable orders

Power grid upgrades continue in U.S. and Europe

Orders for energy-efficient technologies also higher

Power Systems and Process Automation down on weak large order intake

No significant order cancellations

Cost take-out program announced to meet challenging market environment


Q4 and full-year 2008 key figures

Q4 2008 Q4 2007 US$ Local FY 2008 FY 2007 US$ LocalOrders received 7,183 8,868 -19% -11% 38,282 34,348 11% 7%Revenues 9,140 8,713 5% 15% 34,912 29,183 20% 16%Order backlog 23,837 22,715 5% 14%EBIT 459 1,145 -60% 4,552 4,023 13% as % of revenues 5.0% 13.1% 13.0% 13.8%Net income 213 1,753 -88% 3,118 3,757 -17%

Basic earnings per share (US$) 0.09 0.76 1.36 1.66Dividend per share (CHF) 0.48 0.48

Cash from operations 1,395 1,469 3,958 3,054 Free cash flow 2,888 2,429 as % of net income 93% 65%Return on capital employed 31% 35%

Change

US$ millions unless otherwise stated

ChangeKey figures Q4 and full year 2008 vs 2007

1 1

1 After provisions of ca. $870 million for compliance, restructuring, VAT charges, write-offs and other operational provisions

1 1

Record earnings and cash flow


Large orders decreased in H2 2008 in worsening lending environmentBut the tender backlog in Power Systems continues to grow

ABB base vs large orders 2006 to Q4 2008 Power Systems tender backlog Q4 2006 to Q4 2008rebased to 100

Significant new projects being tendered

Further delays in converting them to orders

Base ordersLarge orders

Large order volumes declined

Base orders held up better

2006 2007 2008 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08

15%

17%16%

22%

11%

11%19%

16%

50

100

150

200

250

Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08Full year Quarterly


Order backlog down $3.4 billion from Q3 08One-third from currency translation, two-thirds from book-to-bill

0

5'000

10'000

15'000

20'000

25'000

30'000

Q106

Q206

Q306

Q406

Q107

Q207

Q307

Q407

Q108

Q208

Q308

Q408

Order backlog at end of period, Q1 2006 to Q4 2008

US

$ m

illio

ns

Local currenciesU.S. dollars

-12%As reported

In local currencies-8%

Down $2 billionon book-to-bill,$1 billion on currency


0

5'000

10'000

15'000

20'000

25'000

2008 2009 2010 2011

Order backlog contribution to 2009 revenues

Expected conversion of year-end 2008 order backlog to revenues 2009-2011

Ord

er b

ackl

og a

t end

of p

erio

d, U

S$

mill

ions

65%

25%

10%


Service revenues outpaced total growth rates in 2008Strategy in place to drive growth further

Growth in service revenues vs total revenues 2006-2008

2006 2007 2008

Rev

enue

gro

wth

rate

s, %

Total revenues

Service revenues 17%

16%


Power Products Q4 and full-year 2008 summaryStrong revenue growth, Q4 EBIT impacted by one-offs

Q4 orders stable – up in the Americas and Middle East, lower in Asia and EuropeLarge new projects were delayed but grid upgrades continuedRevenues continue double-digit growth on strength of backlogEBIT incl. $35 million restructuring costs and more than $100 million in one-off itemsExcluding one-offs and restructuring, Q4 EBIT up 34%, EBIT margin exceeded 19%

Q4 2008 Q4 2007 US$ Local FY 2008 FY 2007 US$ Local

Orders received 2,615 2,751 -5% 2% 13,627 11,320 20% 15%Order backlog (end Dec.) 7,977 6,932 15% 24%Revenues 3,208 2,910 10% 19% 11,890 9,777 22% 18%EBIT 444 466 -5% 2'100 1'596 32% as % of revenues 13.8% 16.0% 17.7% 16.3%Cash from operations 578 635 1'575 1'279

ChangeUS$ millionsunless otherwise stated

ChangeKey data Q4 and full year 2008


Power Systems Q4 and full-year 2008 summaryTender backlog conversion critical over next 24 months

Base orders steady, decreased large orders, mainly in grid systems and substations Tender backlog at high levels with new projects still coming inGrid upgrades in U.S. and Europe, less new infrastructure in Asia and Middle EastRevenues increased on the strength of the order backlogRecord full-year EBIT margin benefited from improved project execution Cash flow reflects lower customer advances on fewer large orders


Orders received 1,456 1,902 -23% -14% 7,408 7,744 -4% -8%Order backlog (end Dec.) 7,704 8,209 -6% 4%Revenues 1,902 1,977 -4% 7% 6,912 5,832 19% 16%EBIT 181 179 1% 592 489 21% as % of revenues 9.5% 9.1% 8.6% 8.4%Cash from operations 98 245 424 409




Automation Products Q4 and full-year 2008 summarySteady revenue and EBIT growth

Orders for energy efficiency and renewable energy technologies increased

Standard product orders for industry and construction were down

Revenues were higher – service grew significantly faster than divisional average

Cash flow impacted by increased working capital, mainly higher inventories


Orders received 2,094 2,360 -11% -3% 10,872 9,314 17% 11%Order backlog (end Dec.) 3,863 3,490 11% 18%Revenues 2,484 2,396 4% 13% 10,250 8,644 19% 13%EBIT 422 410 3% 1'908 1'477 29% as % of revenues 17.0% 17.1% 18.6% 17.1%Cash from operations 299 452 1'343 1'257




Process Automation Q4 and full-year 2008 summaryRevenues up, EBIT margin continues to improve, fewer large orders

Q4 orders decreased across most segments and regions on reduction in large orders

Service and product orders remained steady

Strong revenues reflect order backlog and current-quarter service and product sales

Higher revenue and improved project execution lifted the EBIT margin

Cash flow mainly reflects timing of project payments


Orders received 1,452 2,343 -38% -30% 8,657 7,935 9% 4%Order backlog (end Dec.) 6,111 5,951 3% 12%Revenues 2,088 1,939 8% 20% 7,815 6,420 22% 18%EBIT 240 220 9% 926 683 36% as % of revenues 11.5% 11.3% 11.8% 10.6%Cash from operations 282 456 1'034 766




Robotics Q4 and full-year 2008 summaryAggressive restructuring in a weakening demand environment

Further weakening in automotive, also in general industry - orders lower in all regions

Revenues steady on execution of the order backlog

EBIT reduced by restructuring charges ($70 million)

Aggressive drive to shift capacity to low-cost emerging countries


Orders received 299 348 -14% -10% 1,658 1,488 11% 5%Order backlog (end Dec.) 545 529 3% 6%Revenues 407 419 -3% 3% 1,642 1,407 17% 11%EBIT -73 25 9 79 -89% as % of revenues -17.9% 6.0% 0.5% 5.6%Cash from operations 18 27 49 120




ABB continued smaller acquisitions to fill technology and geographic gapsFuelling profitable growth while maintaining our financial strength

Acquisition Country Division Strategic rationaleVektec Electronics N.Z. Automation Products Power electronics technology

Kuhlman Electric U.S. Power Products Transformer technology, regional scope

Ber-Mac Electrical Canada Process Automation Service, engineering and regional scope

In line with strategy to focus on smaller bolt-ons

Mainly in product businesses where we can integrate quickly

Total of approx. $650 million spent on acquisitions in 2008


Summary of 2008 full-year and Q4 operational performance

ABB benefited from lead position in power infrastructure and energy efficiency

Strong revenue growth, both on product sales and successful order execution

Record EBIT, even after provisions

Record cash flow from operations

Q4 orders down mainly due to absence of large orders

Tender backlog conversion critical for business over next several quarters

Order backlog will provide significant support into 2009


Agenda

Summary of full-year and Q4 2008 results

Financial review

Adjusting cost base and seizing opportunities

Summary and outlook

Q&A


68.7%74.9%

16.7%19.3%

2004 2005 2006 2007 2008

15.5%

5.4%

Record full-year EBIT and EBIT marginStrong demand, high capacity, improved cost base

SG&A as % of revenuesLower G&A on simplified processesHigher sales expenses to drive growth

EBIT margin

Cost of sales as % of revenuesLow-cost sourcingFootprint measuresStrong markets

*

* Adjusted for provisions in Q4 2008

Cos

t bas

e


17%

82%

2001 2002 2003 2004 2005 2006 2007 2008

ABB has built a solid balance sheet foundationA definite competitive advantage in an uncertain market

Gearing*

* Total debt divided by the sum of total debt plus equity, incl. minority interest * Cash & equivalents plus marketable securities & short-term investments, less total debt

Net cash (debt)*US$ billions, end of period

-$6 bn

$5.4 bn

Strong balance sheet with substantial net cash provides strong base in a downturn

Among the lowest credit default spreads in the industry

Financial flexibility to act quickly – both restructuring and growth opportunities

years


ABB’s balance sheet is among the strongest in the industrySignificant improvement over the past five years

7,806

4,613

2,36311,158

7,9521,013

Cash & marketablesecurities

Total debt

Stockholders’ equity

Credit ratings*S&P: BB+(negative watch) Moodys: Ba3(negative outlook)

* on long-term unsecured debt

Credit ratings*S&P: A-Moodys: A3

(both outlook stable)

2002 2008


36%

30%

21%

14%

8%

3%

0

4

8

12

16

2003 2004 2005 2006 2007 2008

ROCE after tax (%)1 and capital employed (US$ bn)

EBIT up 67% CAGR since 2003

Capital employed CAGR 7%

1

Return on capital employed growing steadilyHigh capital efficiency

1 Adjusted for one-time items (deferred tax assets and gain from the sale of ABB Lummus Global);2 Adjusted for $870-million in provisions; on reported EBIT, 2008 ROCE = 31%

2

Cap

ital e

mpl

oyed

, US

$ bi

llion

Revenue CAGR 14%


Balance sheet protected by ABB’s conservative cash management

Cash & marketable securities$7.8 billion conservatively investedMore than 50 well-rated institutions, treasuries, corporates and government securities

Near-term debt maturity$354 million due in the next 12 months – next major maturities in 2011 and 2013

Bank support$2-billion revolving credit facility due in 2010 – no draw-down

Commercial paper 3 programs (USD, EUR, SEK) but unused in last 6 years

Strong bank relationship management – credit facility and multi-billion-dollar bonding lines in place to support

the business


Dec 31 2007 add cash less capex less acqui less div less shares Dec 31 2008

Sufficient cash generation to fuel growth, benefit shareholders and maintain a strong balance sheet

Cash from operations

DividendCapex

Sharebuyback

M&A

$5.4 bn$5.4 bn$4 bn

$1 bn

$1.2 bn

$620 mill

$650 mill

Net cash Net cash


Cash is king

Managed centrally – cautious investment policy driven by capital preservation

Capital efficiency program in place

Focus on collecting from customers – active credit risk management

Strict monitoring of inventories

Capital spending reduced by ca. 20%

Dividend maintained, but share buyback inactive

No large M&A activity until financial markets have stabilized – cash bolt-ons are a major opportunity

Investment-grade rating remains a key priority

Bank relationship management is essential


Agenda


Financial review


Summary and outlook

Q&A


Orders softening, revenues still rising on strong backlogWe are moving now with $1.3-billion cost take-out to stay ahead

Orders, revenues and book-to-bill development, Q1 2005 to Q4 2008

0

3'000

6'000

9'000

12'000

Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08

0.5

1.0

1.5

Ord

ers

and

reve

nues

, US

$ m

illion

s

Book-to-bill ratio

RevenuesOrders Book-to-bill


While demand environment is changing fast and is difficult to forecast …… there are cost and growth opportunities to keep us on target

2003 2004 2005 2006 2007 2008 2009 2010 20110%

2%

4%

6%

8%

10%

12%

14%

16%

* 2008 EBIT margin adjusted for provisions

* EBIT margin target corridor

11-16%

Rev

enue

s

EBIT as % of revenues


Cost take-out: Program overview

Goal: To reduce costs from 2008 levels by a total of $1.3 billion by 2010

Total program cost >$600 million 2008: >$100 million2009: >$300 million2010: >$200 million

Over half of savings to be realized in 2009

Four main cost levers: Global sourcingOperational excellenceFootprintG&A


Four main levers: Sourcing, footprint, operational excellence, and G&AABB is accelerating these programs across the board

Expand both manufacturing and engineering capacity in EMs

All capex for new capacity will be in EMs

Drive exports from EMs

>30 new plants and expansions in EMs in past 12 months

>45% of manufacturing employees already in EMs

> 40 cross-business commodity and supply teams in place

Focus on high labor-cost components

Optimize logistics globally

>40% of total sourcing from emerging markets (EM) by 2010

EM sourcing up more than $5 bn since 2005

Additional productivity measures

Improve process quality and efficiency

Collaborative planning with key suppliers

Improved engineering & product development to drive cost lower

Even tighter focus on project and risk management

FootprintSourcing Operationalexcellence G&A

Take full benefits from One Simple ABB

More shared services, also in emerging markets

Leaner head office operations

10% G&A reduction by 2010

EM =

Emerging markets


> 200% > 100% > 50% > 20% < 20%

Low order backlog businesses feel the downturn first

Power SystemsProcess AutomationAutomation ProductsPower ProductsRobotics

Order backlog as a share of 2008 revenues

Close to short-cycle markets, e.g., automotive, commercial and residential

construction

GridSystems

SubstationsNetwork

MgmtPower Gen

MachinesPower

Electronics

MarineMetals

Minerals

Oil & GasPulp & Paper

Construction and discrete

marketsPower

Products

Robotics


Electricity Consumption Set To Double By 2030Growing twice as fast as energy consumption

Source: IEA, World Energy Outlook 2008

Terra

wat

thou

rs (T

Wh)

12,0

00 17,5

0010,000

20,000

30,000

40,000

1990 2004 2015 2030

25,0

00 34,0

00


Massive investments in power infrastructure

$ 11 trillion investments projected between 2004-2030

50% required just to maintain current level of power supplyTransmission taking more than 50% share of investments in electricity infrastructure

Aging grids in mature economies require upgradesInterconnectivity, especiallyin EuropeCoping with new forms of electricity generation (e.g. further away from consumption, renewables)

Source: IEA, World Energy Outlook 2008


Fiscal stimulus measures directed towards power infrastructureSome €155 bn aimed at improving T&D

U.S. $19 bn direct spending and loan guarantees for power transmission, distribution and generation, of which

$8 bn loan guarantees for renewable energy, power transmission$6.5 bn loan guarantees to specified utilities for new power lines and transmission upgrades$4.5 bn for smart grid systems

China $132 bn to expand power grids by 26,000 km, incl. new equipment by 2009-10

€5 bn in 2009-10 to support trans-European infrastructure, including energy interconnections with a focus on energy trading

Europe €5 bn in 2009-10 to support trans-European infrastructure, including energy interconnections with a focus on energy trading

India €1.3 bn additional funding for the 2007-12 power development program to reduce T&D losses below 15%


Examples of near-term growth opportunitiesPower transmission, oil & gas expected to show greater resilience

EU incentives to promote greater interconnectivity, energy tradingHVDC will play a major roleIntegrating wind and hydro into existing grids will drive further investments

Oil capex is lower but still at high historical levelsState oil companies expected to continue investing– ABB well positionedNew market opportunities opening from technology advances:

ABB remote sensor and service capability for offshore platformsPolymer pumps to optimize end-of-life well output


Climate protection is here to stayCO2 emissions up 52% from 2004-2030

EU targets to improve energy efficiency by 20 % from 2007 - 2020Germany targets to double share of alternative energy power sources by 2020China targets to improve energy efficiency by 20% from 2006 – 2010New US government identifies climate protection as a top priority

Sources: IEA, World Energy Outlook 2008, EU commission report 2007, P.R. China 5-year plan 2006


• Payback time for energy efficient motors can be as low as one year. Initial investment may account for only 1% of total life cycle costs

• For EU industrial electricity costs can be cut by up to 202 billion kWh = ca. €10 billion a year lower for EU-25

• Additional reduction in operating cost of €5-10 billion a year through reduced maintenance and improved operations

• CO2 emissions cut by 79 million tons = 25% of EU’s Kyoto target

• In 2008, ABB drives saved more than 150,000 MW/h and more than 140,000 tons of CO2 emissions

The impacts of switching to high-efficiency motor systems, including variable-speed drives:

Source: European Copper Institute, “Energy Efficient Motor Driven Systems”

Energy savings means savings in CO2 and costsABB is world leader in motors and drives

Electric motors account for ca. 65% of electricity consumed by industry


Renewables: Wind energy growth to continue

Source: GWEC – Global Wind Energy Council, Global Wind 2006 Report

Global Cumulative Capacity 1995-2006 & Forecast 2007-2010

1724

3139

4859

74

94

117

143

172

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

20

40

60

80

100

120

140

160GW

Growth rate: 25% 20%27% 22%


World leader in power and automation technology for windpower

Static varcompensation

Permanent magnet generators(maintenance free)

Switches &breakers

Controlproducts

Transformers

HVDC Light(underground or subseaconnections to the grid)

Power electronics(control “unstable”power flows)

Converters(handling intermittent power supply for storage, changing power frequency for conventional grids)

Transformers

Compact substations(can also be used offshore)


Technology milestones in 2008

Successfully tested 800-kilovolt transformer for the ultrahigh-voltage direct current transmission corridor from the Xiangjiaba hydropower plant to Shanghai, 2,000 km away

World’s highest-voltage power link with record capacity of 6,400 megawatts, capable of supplying 30 million people


Technology milestones in 2008

Completed the world’s longest (580 km) and most powerful (700 MW) power link between Norway and the NetherlandsCO2 emissions reduced by 1.7 million tons/year by transmitting electricity from hydropower


Regional and country opportunitiesStrong local presence in all geographies

Large installed base in power and automationPower: Aging infrastructure and renewables, “smart grids”Automation: Energy efficiency in industry – product opportunitiesServices and service outsourcing in both power and automation

China

Strong local presence, seen as a reliable local partnerGrowth opportunities across all businessesChina grid investments continue to expand

Diversification into downstream oil & gas, chemicals and petrochemicals – electrification neededWater infrastructure becoming increasingly importantLarge number of opportunities – also in Africa

North America – World’s largest market for ABB scope

China – Will remain a key global growth driver

Middle East – Untapped opportunities across most ABB businesses

Lead technology with excellent track record and market strengthGovernment funding and export support for infrastructure expected to support growth“Smart grids” will also play an important role in future market deregulation

Europe – Power transmission and renewables are key


We will aggressively pursue further growth opportunities

$14 bn global market, growing ca. 3% a year

ABB orders in 2008: > $800 million

40% CAGR since 2004

Power electronicsTransformersMotorsElectrification

Sector Performance ABB scope$3-3.5 bn global market, growing ca. 16% a year

ABB orders in 2008: $900 million

50% CAGR since 2004

TransformersGeneratorsConvertersControl productsHVDC LightSubstations

InstrumentationMotors & drivesElectrical & control systemsPumping stationsSCADA systems

$4.5-7.5 bn global market, growing ca. 5% a year

ABB orders in 2008: > $600m

50% CAGR since 2004

Railway

Wind Power

Water


Service business will add stability in a slowdown

Service revenues 2005-2011 (est.)% change in local currencies

13%8%

17%

2005

3.3

2006

3.8

2007

4.4

2008

5.3

Power Products

Power Systems

Automation Products

Process Automation

Robotics

Rev

enue

s (U

S$

billio

ns)

8.5

2011 est

17% CAGR


Agenda


Financial review


Summary and outlook

Q&A


GDP projections for 2009 have decreased dramatically since September 2008

World GDP growth (real, yearly % change); Source: Global Insight, Jan 09

Source: Global Insight

-1

0

1

2

3

4Forecast Sept 08

2007 2008 2009 2010

%Forecast July 08

Forecast Nov 08

Forecast Jan 09%


0

10'000

20'000

30'000

40'000

2003 2004 2005 2006 2007 2008

ABB has reached record levels of revenues and profitabilityAll organic value creation through a focus on our core businesses

* 2008 EBIT margin adjusted for provisionss

Power Products

Power Systems

Automation Products

Process Automation

Robotics

2%

15.5%* EBIT margin


29'8

20

52'5

692004 2005 2006 2007 2008

We will continue to expand our presence in emerging economiesLeveraging both growth and cost opportunities

Employees in emerging markets 2002-08 Share of employees, 200810

0

2004 2005 2006 2007 2008 2009

Capital expenditure in low-cost countries2004-08

8,500 employees added in emerging economies in 2007 and 2008 44%

56%

Emerging markets

Mature markets

MexicoBulgariaEstoniaPolandBrazilEgyptVietnam

Key new capacity in


A commitment to R&D is vital to our future competitiveness

Successful test of 800-kV transformer for ultrahigh-voltage direct current transmission corridor (Xiangjiaba hydro plant to Shanghai = 2,000 km)

World’s highest-voltage power link with record capacity of 6,400 megawatts, capable of supplying 30 million people

Distributed and renewable power

Smart power grids

Advanced materials (e.g., insulation, superconductors)

Power electronics

Wireless communication

Energy efficiency

Focus on breakthrough technology

ABB’s record of steadily increasing R&D over the cycle has paid off in market-leading technologies in every business

Example: Power transmission in China


Key integrity focus for ABB going forward

Zero tolerance is here to stay

Moving to the next step of maturity

Driving from mere compliance to an integrity culture

Rolling out an Ombuds program as an enabler

Integrity, as a fully integrated business process

Clear Accountability Profile


Preparing for 2009: Maximum flexibility

Timing and effectiveness of government stimulus programs

Availability of funding for large projects

Commodity prices

Housing and consumer demand

Business confidence

Cost competitiveness

Operational excellence

Financial strength

Staying alert to growth opportunities

Energy efficiency focus

Leverage global/local opportunities

Leading market share and technology

External factors: “Beyond our control”Internal factors: “In our own hands”


Summary

Market outlook for 2009 and 2010 is very uncertain

$24-billion backlog gives us some buffer heading into 2009

Short-term planning – $1.3 bn cost-cutting program in place, full savings by 2010

Ready to move fast to take growth opportunities as they arise

ABB aims to emerge from the downturn in a stronger position:

Flexible and competitive cost base, with significant opportunities for more cost take-out

Solid balance sheet to support the business in a downturn

Leading position in the right markets with the right products

Long-term market outlook remains positive – power infrastructure and energy efficiency are the right markets for future profitable growth

We confirm our 2011 targets

2009 will be a challenge but ABB well positioned to come out ahead


Safe-harbor statement

This presentation includes forward-looking information and statements including statements concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, the economic conditions of the regions and industries that are major markets for ABB Ltd. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects,” “believes,” “estimates,” “targets,” “plans” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others, business risks related to the financial crisis, costs associated with compliance activities, the amount of revenues we are able to generate from backlog and orders received, raw materials prices, market acceptance of new products and services, changes in governmental regulations and currency exchange rates and such other factors as may be discussed from time to time in ABB Ltd’s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 20-F. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.

Zurich, February 12, 2009 ABB Q4 and full-year 2008 results ......Power Products Q4 and full-year...

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