HNA/HNB Delisting from the Copenhagen Stock Exchange

Hafslund ASA's Board has decided that Hafslund's A- and B-shares shall be delisted from the Copenhagen Stock Exchange. This settlement has been approved by the Copenhagen Stock Exchange. The final date for share trading on the Copenhagen Stock Exchange will be 16 July 2004.
 
Hafslund's request regarding striking off the secondary listing from the Copenhagen Stock Exchange is among other factors based on the low turnover in sales with the company's shares on the Copenhagen Stock Exchange compared to the costs related to keeping a secondary listing in Copenhagen. The settlement is drawn from a joint evaluation of the company's and shareholders interests.
 
 
The average turnover of A- and B-shares in Hafslund on the Copenhagen Stock Exchange constituted in 2003 approx. 16 514 shares per month, divided on a total of 212 trades.
 
The company's shares are not issued and registered through the danish Værdipapircentral (securities central), but solely via the norwegian security central (VPS), therefore the delisting alone does not necessarily lead to any changes with regards to depot for the danish shareholders, who wishes to continue as shareholders in Hafslund. The danish shareholders are expected to be able to keep their existing depot arrangements as registered in the norwegian VPS. The shareholders are however called on to contact their own account operator, with a view to investigate whether the account operator will require any potential changes.
 
Subsequent to the delisting from the Copenhagen Stock Exchange, the shares in Hafslund will be viewed as foreign shares in Denmark in relation with future trade costs. This might lead to higher transaction costs to purchases and sales.
 
As a part of the striking off the secondary listing from the Copenhagen Stock Exchange, Hafslund has however, through the Danske Markets, Danske Bank A/S, in Denmark, established an arrangement where the danish shareholders are provided with the possibility to sell their shares in Hafslund within a period of six weeks, prior to the delisting from the Copenhagen Stock Exchange. This arrangement is organised so that the shareholders who wishes to sell all of their shares prior to the delisting can sell according to the existing market rate and with current transaction costs within a period of transition of six weeks up to the final date for trading on the Copenhagen Stock Exchange. The shareholders who require to sell all their shares in Hafslund, should contact their own account operator, who will then contact the Danske Markets, Danske Bank A/S in Denmark, who in agreement with the company will assist as assembling location  with regards to sales of A-shares or B-shares in Hafslund within the aforesaid period of transition corresponding six weeks prior to the delisting. For shareholders who are liable to pay taxes in Denmark the delisting alone will lead to no tax consequenses. The shareholders will in accordance with current rules be obliged to pay tax when selling shares.
 
 
Oslo, 3 June 2004
 
Please address potential questions to the CFO in Hafslund ASA
Mr. Christian Berg tlf + 47 917 46 910 or per E-mail christian.berg@hafslund.no

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