Hafslund has been informed by the city of Oslo that they would, due to the recent speculations, inform the market about the main characteristics of the option that Sydkraft holds to buy A-shares in Hafslund ASA

 

The option 

 

Sydkraft holds an option to buy up to 8.085.938 A-shares in Hafslund ASA from Oslo kommune Holding AS.

 

Maturity

 

Sydkraft must exercise the option within 1 month from receiving notice that the city of Oslo will start a process with a goal to sell their shares in Hafslund. Sydkraft was informed April 7. The option expires if it is not exercised before May 7.

 

Exercise price  

 

The exercise price is the highest of the following

 

a) Average closing price for the A-shares on OSE last 14 days before maturity

 

b) NOK 58,77 per share with an addition of 12,5 % interest rate from 3.11.01 (with adjustments for interest on the interest from 3.11.02), but with a deduction of dividends during the period

 

This means that the current exercise price is about NOK 70 per share, but with a deduction of paid dividend of NOK 1,20 per share

 

Option premium: Ca. NOK 3,25 per share

 

For further information please contact:

 

CFO Christian Berg

+ 47 22 43 57 01/+ 47 917 46 910

 

or

 

André Støylen, Oslo city counselor of finance

+47 23 4616 70 / +47 950 69 536

 

Oslo, April 11, 2003