Vidar Meum has decided to leave his position as president of Braathens ASA. Braathens’ Board of Directors has appointed Knut A. Solberg as new president of the company.

“It is regrettable that Vidar Meum has decided to leave Braathens, and I would have preferred to see him continue with the company. However, I respect his decision to part company with Braathens after more than 25 years of employment within Braathens and SAS. Meum has contributed a great deal to Braathens’ development during what has been a difficult period for the company,” says Gunnar Reitan, Chairman of Braathens’ Board.

“The slightly more than five years I have worked at Braathens have been an exciting and challenging period,” says Meum. “The favorable results we can witness today are largely the result of the considerable changes made to operations during the past year. I am pleased that Braathens gained a solid owner at the end of 2001, who aims to develop the company into an independent and competitive airline. I would like to take this opportunity to direct a special word of thanks to all of Braathens’ employees who, during a difficult period, continued to provide our customers with a product that we can all be proud of,” Meum continues.

According to Meum’s employment contract, he is entitled to receive severance pay in the event that he leaves the company as a result of significant changes in its operations. The Board is of the opinion that Braathens has undergone such extensive changes that Meum’s contractual rights will be honored.

Accordingly, Vidar Meum will receive 24 months of severance pay, corresponding to a total of NOK 4.2 million. In addition, Meum is entitled to customary pension irights. Meum will make his services available to the SAS Group during his period of notice, which is six months. His last day as president of Braathens will be August 31, 2002.

Braathens’ Board has appointed Knut A. Solberg as new president of the company. Solberg, who will join Braathens from a position as president of SAS Commuter, based in Copenhagen, has long-standing experience of the operation and management of airline operations gained from a number of functions within the SAS Group, in Norway and at the Head Office in Stockholm. Solberg will assume his new position on September 1, 2002.

“I am extremely satisfied with the appointment of Knut A. Solberg as new president of the company. As a result of his extensive experience and expertise in the airline industry, the Board believes he has the best possible prospects of leading Braathens in future efforts to sustain the company’s favorable business trend,” says Chairman of the Board Gunnar Reitan.

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