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Grace Reksten Skaugen was elected to the board of directors in June 2002. Ms. Skaugen is an independent consultant. She was a Director within Corporate Finance at Enskilda Securities, Oslo, from 1994 until she joined the board of Statoil in 2002. Previously she has worked in venture capital and shipping at Aircontactgruppen in Oslo and Fearnley Finance Ltd. in London. She did postdoctoral research in the field of microelectronics at Columbia University in New York. Ms. Skaugen has been a board member of Storebrand ASA, Hilmar Rekstens Almennyttige Fond (Art Foundation), Geelmuyden-Kiese and a member of the Norwegian WWF Council and Fundraising Committee. Currently, Ms. Skaugen is chairman of the board of Entra Eiendom, a company directly owned by the Norwegian state and deputy chairman of Opera Software ASA a company listed on the Oslo Stock Exchange. She is also a board member of Investor AB and Atlas Copco AB, both listed Swedish companies. Ms. Skaugen has a PhD in laser physics from Imperial College of Science and Technology, London University, and an MBA from BI Norwegian School of Management. | 