I. M. Skaugen SE

Annual General Meeting

All resolutions were made in accordance with the summons for the Annual General
Meeting of I.M. Skaugen SE held on 26 March 2012.

68,43 per cent of the share capital was represented.

The presentation material used at the AGM is also available at the web site
(www.skaugen.com).

The following resolutions were passed:

Re. Election of the Board of Directors:

Erik Eik, Jon-Aksel Torgersen, Bertel O. Steen and Liselott Kilaas are elected
as board members of the Board of Directors for a two years period.
The board for I. M. Skaugen SE is as below:

 Erik Eik - (for election in 2014).
Jon-Aksel Torgersen - (for election in 2014).
Bertel O. Steen - (for election in 2014).
Liselott Kilaas - (for election in 2014).
Monica Skaugen - (for election in 2013).

Erik Falkenberg, Deputy Member to the Board - (for election in 2013)

Re. Authorization to acquire the Company´s treasury shares
On 18 March 2011, the company´s Ordinary Annual General Meeting granted the
Board the authority to acquire treasury shares. The Board of Directors believes
that the acquisition of the Company´s treasury shares may be right for the
Company with a view, inter alia, to improve the shareholders´ return. The Board
of Directors proposes this authorization to be renewed. This also assures the
company greater financial flexibility.
The acquisition of the Company´s own shares can for example be relevant in a
situation where the Company´s equity and liquidity situation is good, while at
the same time there is a limited supply of attractive investment opportunities.

The Board of Directors therefore proposes that the Annual General Meeting passes
the following resolutions:
a)      The Board of Directors of I.M. Skaugen SE is hereby granted
authorization to acquire on behalf of the Company up to 2,708,852 of the
Company´s treasury shares with a total nominal value of NOK 40,632,789
corresponding to 10 percent of the Company´s current share capital.

b) The highest price that may be paid per share is NOK 200.00 and the lowest
price is NOK 1.00.

c) The acquisition and disposal of the Company´s treasury shares may be carried
out as deemed appropriate by the Board of Directors - not, however, by
subscription for the Company´s treasury shares.

d) The authorization shall remain in force until the next Ordinary Annual
General Meeting.

e) This authorization replaces the prior authorization for acquiring treasury
shares, granted in the Ordinary Annual General Meeting of 18 March 2011.

The authorisation is to be registered in the Register of Business Enterprises.

Re. Authorisation to increase the share capital

On 18 March 2011, the company´s Ordinary Annual General Meeting granted the