APPRECIATION IS DESERVED

The Board of Directors is delighted by the efforts made by everybody working at the company during 2006 and, as such, would like to express its sincere appreciation. The challenges of operating in such a demanding industry can be profound but, once again, these have been met with enthusiasm and vitality.

Not surprisingly, we ask that employees make similar efforts during 2007, focusing on the needs of our customers and the aspirations of colleagues, helping to keep I.M. Skaugen at the forefront of one of the most dynamic industries in the world.

Oslo, 7th February, 2007

Board of Directors, I.M. Skaugen ASA