Hafslund - Conditional resolution of demerger

Reference is made to the stock exchange notices of 26 April 2017, where it was announced that the City of Oslo, through a new wholly-owned company, will make a voluntary offer for the purchase of all shares in Hafslund ASA. In connection with the voluntary offer and the compulsory acquisition, the City of Oslo and Fortum have asked Hafslund ASA to facilitate a future demerger of Hafslund ASA. The completion of the demerger is conditional upon all Hafslund ASA shares being acquired by a new wholly-owned company established by the City of Oslo, which is expected to take place around 1 August 2017.The demerger will not affect today's shareholders.

Against this background, the Board of Directors of Hafslund ASA has today adopted a demerger plan for Hafslund ASA and decided to convene an Extraordinary General Meeting to approve the demerger plan.

The Extraordinary General Meeting will be held at Hafslund's headquarters in Drammensveien 144, 0277 Oslo, Tuesday 20 June 2017 at. 17:00.

The notice of the Extraordinary General Meeting and the demerger plan will be sent to the company's shareholders on 18 May 2017. The documents will be available at the same time from www.hafslund.no.

Hafslund ASA
Oslo, 15 May 2017

For further information, please contact: Martin Lundby, Head of Finance and IR,

tel: +47 416 14 448, email: Martin.Lundby@hafslund.no