The Board of Directors of Aktiv Kapital ASA has today appointed Geir Langfeldt Olsen (38) as new CEO of the company effective 19 September 2011.

Mr. Olsen comes from Cisco Systems Inc were he was responsible for worldwide sales of Video and Telepresence. He came to Cisco through the acquisition of Tandberg, where he held a variety of leadership roles in Sales, Marketing and Strategy. Prior to Tandberg he was in McKinsey and Company where he was a part of the Scandinavian Leadership Group for Financial Services.  

"We are very pleased that Geir Langfeldt Olsen has accepted to join Aktiv Kapital. Mr. Olsen is a strong leader with a proven track-record. Having gone through a period of operational improvement and cost cutting Aktiv Kapital is set to expand. Mr Olsen's commercial mindset and international sales experience is an excellent match with the company's ambitious growth plans", states Mr. John Fredriksen on behalf of Geveran Trading, Aktiv Kapital's major shareholder.

"I look forward to lead this company through this next phase of growth. The number of Non Performing Loans in Europe has more than tripled from 2007. Aktiv Kapital has a very strong foundation through a hard-working organization and good market reputation to capture this opportunity", states Geir Langfeldt Olsen.

Oslo, 8 September 2011

Contacts:

Chairman of the Board, Fredrik Halvorsen phone + 44 7584 680436

CEO, Geir Langfeldt Olsen phone + 34 637 496 224

This information is subject of the disclosure requirements acc.