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DISCLOSURE OF LARGE SHAREHOLDINGS

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Modulus Europe (Master) Ltd`s holding in Kongsberg Automotive ASA has dropped below the 5% disclosure threshold. The threshold was crossed on 17/1/2008, when Modulus sold 495,000 shares in Kongsberg Automotive ASA . Modulus now holds 3.956% (1,754,423 shares) as at the close of business 17/1/2008.

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