HNA/HNB - Potential sale of up to 26 million shares in Renewable Energy Corporation ASA

Oslo, 10 May 2010: Hafslund ASA, through its wholly owned subsidiary Hafslund Venture AS, ("Hafslund") has retained DnB NOR Markets and SEB Enskilda AS ("the Managers") to explore the opportunity to sell up to 26 million shares in Renewable Energy Corporation ASA ("REC"), representing approx 3.9 percent of the outstanding REC shares. The potential sale is to be conducted through a bookbuilding process. Hafslund currently holds approx 11.5 percent of the shares in REC and will thus hold a minimum of approx 7.6 percent after the transaction.

The proceeds from the placing will be used to exercise Hafslund's subscription rights and subscribe for new shares in the rights issue in REC. Following the rights issue, Hafslund will own approx 8.9 percent of the shares in REC.

The bookbuilding process will commence today at 17.30 CET and will be closed at short notice at the full discretion of the Managers.

Hafslund reserves the right, at its own discretion, to sell fewer shares or no shares at all, depending on the price and the demand for shares in the bookbuilding.

Contact person Hafslund ASA:

Christian Berg, CEO, mobile +47 917 46 910

Senior Vice President Venture in Hafslund, Tore Schiøtz, is a board member in REC.

This information is subject of the disclosure requirements acc. to §5-12 of the Norwegian Securities Trading Act.