HNA/HNB - Results fourth-quarter 2009

Fourth-quarter 2009 highlights (exclusive of REC profit effect)

• Operating profit: NOK 348 million (4Q 2008: NOK -34 million). The 4Q 2008 figure had major value declines on shares and derivatives.
• Favorable Network business development.
• District Heating production: up 15%.
• Profit affected by lower power prices in 4Q 2009 than in 4Q 2008.
• Capital freed up from partial divestment of REC shareholding: NOK 631 million.
• Investments of NOK 1.6 billion in 2009.
• Board of Directors proposes dividend for 2009: NOK 2.25 (2008: NOK 2.25) per share.

For further comments, please see the enclosed shareholders report, or contact:

CFO, Gunnar Gjørtz

Mob: +47 92 21 72 00

E-mail: gunnar.gjortz@hafslund.no

SVP Communications and Corporate Responsibility, Karen Onsager

Mob: +47 92 08 70 07

E-mail: karen.onsager@hafslund.no

Financial Director and Investor Relation Contact, Morten J. Hansen

Mob: +47 90 82 85 77

E-mail: mjh@hafslund.no

Hafslund ASA

Oslo, 3th February 2010