Hafslund has been informed of the following from Fortum Forvaltning AS:

 

On 9 May 2004, Fortum Forvaltning AS has agreed to acquire up to 67,524,647 Hafslund A-shares and 37,342,907 Hafslund B-shares at a price of NOK 53 per A-share and NOK 48 per B-share. The acquisition is subject to approval by the City Council in the end of May and to no higher offer being made by a third party prior to 7 July 2004.

Fortum Forvaltning AS will initially acquire 55,862,688 A-shares and 29,287,298 B-shares, while the acquisition of the remaining shares will be subject to obtaining an exemption from regulatory concession requirements governing ownership of hydroelectric assets.

Assuming that all the shares are acquired, Fortum Forvaltning AS will hold 105,377,757 A-shares and 66,049,246 B-shares in Hafslund, representing 91.26 % of the A-shares and 87.81 % of the total share capital, respectively.