Berg to Step Down as AGR's Finance Chief

Haakon Berg, AGR Group's Chief Financial Officer has decided to step down and is to leave the Group during fall 2007. His successor will be announced in due course.

Sverre Skogen, AGR Group's Chief Executive Officer, said:

"Haakon has played an very important role within AGR Group over the last two and a half years and has been instrumental in delivering our IPO process as well as numerous acquisition and financing transactions. He has also played an important role in company's many integration efforts.

"I can understand his desire to pursue new challenges and although he will be missed, I wish him well in the future."

Berg, commenting on his departure, said:

"AGR Group is an incredibly dynamic, fast growing and forward looking organization and it has been a privilege to be part of its growth story to date. I feel that now is the right time for me to take up other challenges and opportunities. I believe that AGR Group will continue to be successful and I wish the colleagues I will leave behind well in the future."

Berg will remain as Chief Financial Officer until his replacement is in position and following a suitable handover period to his successor.