The Board of Directors of Hafslund ASA has appointed Christian Berg as new President and Chief Executive Officer (CEO) of Hafslund ASA. Mr. Berg is currently Deputy CEO, CFO and Group Senior Vice President Treasury of Hafslund ASA.

 

Christian Berg is 37 years of age and holds an MBA degree from the Norwegian School of Economics and Business Administration. He has been with Hafslund since 1998, of which the last six years as CFO and Group Senior Vice President Treasury. Mr. Berg has previous experience from Price Waterhouse within corporate finance. He has also been the general manager of the investment company Brothers AS. Mr. Berg is a board member of among others Oslo Pensjonsforsikring AS, Danske Capital Norge AS and AS Hamang Papirfabrik. Christian Berg owns 13,229 Class B Hafslund shares.

 

- The Board of Directors is very pleased that Mr. Berg has accepted this challenge. Mr. Berg is selected by a unanimous board following a thorough process where internal and external candidates are evaluated. Mr. Berg has worked closely with Mr. Rune Bjerke during the development of Hafslund, and has a very good understanding of the Hafslund group and the industry, says Board Chairman Mr. Christian Brinch. Christian Berg has a very good basis for continuing to develop Hafslund.

 

- I am looking forward to take up the position as CEO of Hafslund ASA. Hafslund is a company with many competent employees who over the last years have delivered very good results. Hafslund is very well positioned for the future, and I will continue to build on the platform established, says Christian Berg.

 

Mr. Rune Bjerke will be at the disposal of the Hafslund Group until 31 December 2006. The Board of Directors would like to thank Mr. Bjerke for an outstanding contribution and extensive efforts during the period as CEO. Mr. Bjerke has developed Hafslund to one of the leading power companies in the Nordic region.

 

Mr. Berg will receive an annual salary of NOK 2.5 million. In addition, he will have a bonus agreement with a maximum payment of 30 percent of the annual base salary.

 

Christian Berg will assume the CEO position immediately.

 

Hafslund ASA

 

Oslo, 27 October 2006

 

For further information:

 

Board Chairman, Christian Brinch, tel. +47 90 08 84 78

 

Public relations: Senior VP Information and Public Affairs Frode Geitvik, tel. +47 95 84 39 33

 

Investors: Vice President Investor Relations, Heidi Ulmo, tel. +47 90 91 93 25