The Chairman said that as NKT Flexibles is owned in a joint venture with Stolf Offshore this is a cooperation that requires duly consideration from both parties, but NKT has clearly stated that in the long term NKT Flexibles does not belong in NKT's company portfolio. Together NKT and Stolt Offshore should be engaged in improving NKT Flexibles' earnings in order to wholly or partly reduce our involvement in the company, and to increase the value compared to the situation today. The Chairman emphasized that second-half 2004 had generated a significant order inflow and that today the company has a considerable order volume. This indicates a positive development.

As regards the statement made by Potagua the Chairman replied that matters concerning Potagua's ownership of NKT shares should be brought up with Potagua, but that the Board of Directors would be positive towards a potential active role by NKT as regards Potagua Kapital reducing their ownership in NKT.

The Chairman advised that the authorisation to increase the share capital had been reduced from 300 mDKK to 200 mDKK, and confirmed that up to the next Annual General Meeting the Board of Directors will evaluate the authorisation.

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