Hafslund’s aquisition of Fortum’s power distribution grid operations in Norway has been completed

The Hafslund Group has today completed the acquisition of Fortum’s power distribution grid operations in Norway; see the stock exchange notification of 9 April 2014. The transaction was approved by the Norwegian competition authorities on 2 May 2014.

The transaction includes 100% of the shares in the grid company Fortum Distribution AS, which also owns 49% of the shares in Trøgstad Elverk AS, and 100% of the shares in the holding company Fortum Power and Heat AS which owns 49% of the shares in Fredrikstad Energi AS (FEAS) and 35% of the shares in Fredrikstad EnergiNett AS (FEN). The total consideration for the shares (equity value) is NOK 1,365 million, of which NOK 1.0 billion represents the purchase price for Fortum Distribution. On closing, in addition to making payment for the shares, the Hafslund Group also made payment of NOK 180 million to settle accrued interest on the purchase price, a bank deposit in one of the target companies, and certain financial loans from the Fortum Group to Fortum Distribution AS.

Hafslund ASA

Oslo, 30 May 2014

Further information:

Heidi Ulmo, CFO

Phone: +47 909 19 325, e-mail: heidi.ulmo@hafslund.no

Johan Chr. Hovland, Senior VP Corporate communications and public affairs

Phone: +47 917 63 491, e-mail: johan.hovland@hafslund.no