CONVERSION OF SHARES

Mon, Jul 18, 2005 12:41 CET

One of our bondholders have today converted NOK 50.000 into
735 new shares at NOK 68,-. The new share capital after
conversion will be NOK 1.218.812.400 divided
into.60.940.620 shares at par value NOK 20,-.
Correspondingly the nominal value of the Convertible bond
will be reduced to NOK 391.437.000.