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CONVERSION OF SHARES

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One of our bondholders in FOE 03 06/09 have today
converted NOK 50.000,- into 753 new shares at NOK
68,-. The new share capital after conversion will
be NOK 1.333.877.240,00 divided into 66.693.862
shares at par value NOK 20,-. Correspondingly the
nominal value of the Convertible bond will be
reduced to NOK 215.000.