Since May ICEX Board of Directors has been evaluating and discussing the matter thoroughly. After a careful assessment of the advantages and disadvantages of a merger, the Board reached an unanimous conclusion. The Board believes that for the time being there are on balance stronger arguments for proceeding with current policy and operations.

The CEO and President of ICEX Mr Thordur Fridjonsson, stated that ICEX had been both careful and focused in the evaluation process and had amongst other sought the professional analysis of an outside and independent party, Boston Consulting Group.

Mr Fridjonsson emphasised, however, that ICEX will remain committed to the Nordic co-operation (NOREX Alliance). He added that there are favourable conditions for ICEX to grow, but if circumstances change, ICEX's position will be re-evaluated.