Ole Lund To Resign As Chairman Of The Oslo Stock Exchange Board

Mr Ole Lund has decided to resign his position as the Chairman of the Oslo Stock Exchange Board with immediate effect. The criticism made of Mr Lund in recent days by individuals with a central role in respect of Norwegian Cruise Line (NCL) has led Mr Lund to conclude that it is in the best interests of the Oslo Stock Exchange for him to resign as chairman of the Stock Exchange Board. Mr Lund believes that the criticisms are without foundation and that there is no factual basis for the accusation that he has acted in contravention of the Stock Exchange rules on neutrality. "We have specific procedures in place to ensure the neutrality of members of the Stock Exchange Board, and as chairman of the Board I have taken particular care to exercise the principle of neutrality in a manner which is beyond reproach", comments Mr Lund. "In response to a request from Star Cruises I have agreed to accept the position of chairman of the board of that company if it succeeds in its take-over of NCL. I have not been involved in the process relating to the acquisition of NCL. If Star Cruises is successful in this take-over, NCL will in due course cease to be listed on the Stock Exchange and my possible future role as chairman of the company should accordingly not be problematic. In the interim period until any acquisition of the majority of the shares of NCL is concluded and until the company is removed from Stock Exchange listing the question of neutrality would, of course, be dealt with in a satisfactory manner. The reason that I have nonetheless chosen to resign from my position of Chairman of the Board is to avoid both the Oslo Stock Exchange and me personally being subject to less than well informed comments in respect of such important issues as business ethics and neutrality. Whilst I am currently a board member of only one listed company, I can foresee a situation in which general interest in my personal situation could become much greater in the future - not only in relation to board appointments but also in relation to my work as a lawyer. I intend to remain in active in business for many years to come, and I do not wish to see the kind of attention which is currently focused on me becoming a burden for me, the legal practice of which I am a partner, or those of our clients which might in future be involved in matters directly or indirectly involving listed companies", states Mr Lund. The chairman of the Stock Exchange Council, Mr Borger A. Lenth, has expressed his understanding of Mr Lund's reasons and has accepted his decision. "I cannot see that the way in which Mr Lund has handled the matter in question conflicts in any way with the rules on neutrality for the Stock Exchange Board", comments Mr Lenth. Mr Lund was first elected chairman of the Stock Exchange Board 4 ½ years ago. His first term of office expired a year ago and he accordingly offered himself for re-election and was re-elected for a further four-year period. He has already let it be known that he would not wish to sit for the entire period of his second term, but would seek to retire once the Stock Exchange's international strategic alliance was in place and the new Stock Exchange Act had been passed. The agreement for an international strategic alliance will be completed during March of this year, and it is expected that the proposal for a new Stock Exchange Act will be put forward for consideration by Parliament during the course of this spring's session. The Deputy Chairman of the Stock Exchange Board, Mr Tom Knoff, will assume the role of Chairman of the Stock Exchange Board until the Stock Exchange Council has elected a successor to Mr Lund.