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Kjell Frønsdal has retired from his position as President of the Oslo Stock Exchange

Date 07/08/1999

Oslo Stock Exchange faces considerable challenges in the ongoing structural changes among stock exchanges and in financial markets. This applies to the national and international development. In light of the solutions currently under consideration of the Oslo Stock Exchange, it is the opinion of the stock exchange Board that there will be put forward new requirements to the Oslo Stock Exchange's organisation, management and competence. On this background, the stock exchange Board and president Kjell Frønsdal have agreed that Kjell Frønsdal will retire from his position with immediate effect. The Stock Exchange Board will thereby stand more freely in assessing the management need of the Oslo Stock Exchange as an integrated part of the structural process. Oslo Stock Exchange takes the opportunity of expressing gratitude to Kjell Frønsdal for his significant contribution in the Exchange´s management for more than 13 years, whereof the last four as president of the Exchange. Tor G. Birkeland is appointed acting president. Tor G. Birkeland is 46 years old, lawyer, and has been with the Exchange for the last four years.