Reference is made to the notice to the Oslo Stock Exchange on 5th November 2008 regarding realised convertible bonds in REC. Hafslund has now received the decision by the Tax Office for Large Enterprises (SfS), in line with the draft, whereby SfS maintains full taxation and assesses the value of each REC share at the date of conversion in early March 2006 at NOK 81.50.

 

Hafslund disagrees both with the cited basis for tax liability and the assessed value, and will follow it up with an appeal or legal action.

 

Hafslund ASA

Oslo, 22 December 2008

 

For further information please contact

CFO, Gunnar Gjørtz, Tel: + 47 92 21 72 00

IRO, Lars Ove Johansen, +47 99 29 14 60

Financial Director, Morten J. Hansen, +47 90 82 85 77