With reference to media's coverage of the remuneration of the Chairman of the Board based on FLS Industries' Interim report 1 January - 30 June, published 29 August 2003, the following comments:
February 2002 Jørgen Worning was asked by FLS Industries' main shareholder POTAGUA to candidate for election to the FLS Industries' Board of Directors - in order to be appointed Chairman of the Board. On the extraordinary General Meeting 7 March 2002 Jørgen Worning was unanimously elected to the Board and at the subsequent Board Meeting Jørgen Worning was elected Chairman of the Board.
When asked to candidate at the General Meeting for the Board, POTAGUA confirmed to Jørgen Worning that they were looking for a Chairman who could take on the workload during the 3 to 5 year term they have stipulated as the timeframe for sale of their holdings in FLS Industries (Stock Exchange Message no. 23 - 2001, 20 December 2001). In relation to this POTAGUA expressed that they at the FLS Industries' General Meetings during the mentioned period would support Jørgen Worning's candidature to the Board and further support the FLS Industries' Board's agreement with Jørgen Worning concerning remuneration of the workload in excess of his normal duties as Chairman of the Board - to be confirmed at the annual General Meeting.
Based on this the FLS Industries' Board has - at the Board Meeting held in connection with the review and adoption of the Interim report - approved an agreement with Jørgen Worning covering the period until 2007 - which year by year will be presented for approval at the company's ordinary General Meeting. This is the agreement referred to in the FLS Industries' Interim report 1 January - 30 June 2003.
Jens Stephensen
Vice Chairman