Hafslund ASA held the annual general meeting on Thursday 3 May 2007 at Hotel Continental, Stortingsgaten 24/26, Oslo.

 

111,113,044 A shares were represented (96.23%) carrying voting rights and 66,801,291 were B shares (83.75%), corresponding to 91.13% of the total share capital.

 

Hafslund ASA's annual accounts were presented and unanimously approved by the general meeting. The general meeting resolved that the ordinary dividend for 2006 and the extraordinary dividend due to the REC sell down corresponding to the Boards proposal of NOK 2.75 and NOK 15.- respectively per share would be paid.

 

The general meeting resolved to cancel the company's own A shares acquired in the offer given to those of the company's shareholders who owned a number of A or B shares which constituted less than a round lot. The company's share capital is hence reduced by NOK 37,184 from NOK 195,223,448 to NOK 195,186,264. The capital reduction is carried out by cancellation of 37,184 A shares owned by the company.

 

Upon proposition by the board of directors, the general meeting resolved to provide the board of directors with the authority to acquire own B shares primarily for the use in programs directed towards employees. The maximum nominal value of shares, which may be acquired in accordance with such authority, is NOK 3,904,469, corresponding to 2% of the company's share capital.

 

The Advisory vote on the Board of Directors' statement on the stipulation of salary and other remuneration to senior executives for the coming financial year (2007) and the guidelines for share-related incentive arrangements were approved by the general meeting.

 

The general meeting re-elected Mikael Lilius as board member, and Ole Ertvaag and Hanne Harlem were elected as new Board Members, for the period until the ordinary General Meeting 2009.

 

The Board's remuneration was unanimously approved as proposed. Similarly the Nomination Committee's instructions were approved amended according to the recommendation by the Norwegian Code of Practice for Corporate Governance of 28 November 2006.

 

Kjell O. Viland was re-elected as a member of the Nomination Committee for the period until the ordinary General Meeting in 2009. Christian Lund continues as Chairman of the Nomination Committee. The Nomination Committee's remuneration is NOK 4,500 per member per meeting.

 

The general meeting rejected the motion from shareholder Håkon Wium Lie.

 

Hafslund ASA

 

Oslo, 4 May 2007