CONVERSION OF SHARES

Fri, Jul 29, 2005 10:22 CET

One of the bondholders have today converted NOK 30.000 into
441 new shares at NOK 68,-. The new share capital after
conversion will be NOK 1.219.018.560 divided into
60.918.270 shares at par value NOK 20. Correspondingly the
nominal value of the Convertible bond will be reduced to
NOK 390.736.000.