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HNA/HNB Hafslund (OSL:HNA) Has Received A Decision In The Tax Case Regarding Realised Convertible Bonds In REC

Hafslund (OSL:HNA) 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

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Hafslund

http://www.hafslund.no

ISIN: NO0004306408

Stock Identifier: XOSL.HNA

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