HNA/HNB – Norway’s Supreme Court rejected Hafslund’s appeal

Norway’s Supreme Court has today rejected Hafslund’s appeal that there is no tax liability on a gain of 1624 million NOK related to the subscription rights upon realization of convertible bonds issued by Renewable Energy Corporation ASA (REC) in March 2006. The assessed tax of NOK 455 million is already recognized in the income statement and has been paid. The ruling neither means any further tax payments nor has any accounting consequences for Hafslund.

Hafslund ASA

Oslo 8. December 2011

For further information, please contact:

CFO, Finn Bjørn Ruyter, tel.: + 47 911 38 199