Clive Watson, Borealis’ CFO returns to the UK

Borealis today announced that Clive Watson has decided to leave the Group to take on the role of Group Finance Director with Spectris plc, a leading supplier of precision instrumentation and controls, based in Surrey, England. Clive has been with Borealis for almost 5 years and during that time was responsible for Finance, Legal, IT&S and numerous change projects. He will leave on September 30th, 2006. Clive Watson will be succeeded, on an interim basis, by Markku Korvenranta currently Vice President of Business Planning & Analysis, while an external search for his successor takes place.

Commenting on Clive Watson's decision, John Taylor, Borealis' Chief Executive Officer, said: "Clive has made a significant contribution to the success of Borealis, both as an effective leader of the Business Support Group and in his active participation in many of Borealis' transformational projects. He has also been a dedicated and committed member of the Executive Board. We are sorry to see Clive go, but fully understand and respect his decision to return to the UK to seek new challenges and spend more time with his family."

Clive Watson said: "Looking back, the last five years with Borealis have been among the most enjoyable and most rewarding in my professional career. The 11% trend ROCE target set in 2001, was a real stretch, but to see actual ROCE consistently exceeding that level is immensely satisfying. Achieving this result, whilst making significant structural change to improve cost competitiveness and upgrade the asset footprint is even more noteworthy. This is a great testimony to the organisation's willingness to embrace change, deliver on its commitments and drive for success. I will be leaving Borealis with many great memories and good friends and will be following its endeavours in Shaping the Future with Plastics with great interest."

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