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Hafslund (HNA)

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Friday 27 December, 2002



Passing of sentence in dispute

Borgarting Appellate Court has on 19 December 2002 passed sentence in
an appeal case between Hafslund's subsidiary Kykkelsrud AS  and Oslo

Borgarting Appellate Court has maintained Oslo City Courts sentence
from 19 November 2001. The case is regarding stipulation of price in
a non time-limited energy supply contract regarding yearly supply of
175,2 GWh to Oslo Lysverker (100% owned by E-CO Energi AS).

In 1991 the parties entered into an agreement regarding new price for
the perpetual supply. From 1997 the parties have not been able to
reach any agreement on how the price should be regulated.

The sentence implies that the price for the supply of energy from 1
Januar 2001 should be 12,55 �re/kWh, and thereafter be regulated
yearly in accordance with the consumer price index. From 1 January
2003 the price will be 13,04 �re/kWh.

The sentence from Borgarting Appellate Court gives judgement in
favour of Hafslund ASA. The contractual price and the future
regulations were laid down in accordance with the claim from
Hafslund. The Appellate Court also maintained Oslo Lysverkers
repayment commitment to Hafslund on approx. NOK 55 million. Finally
Hafslund is warded costs for both Oslo City Court and Borgarting
Appellate Court.

The sentence gives Hafslund a positive effect on the accounts on
approximately NOK 50 million before taxes.

Time of appeal is one month from the judgement is served on.

Oslo, 27 December 2002

For further information, please contact
Chief Accountant Kent Moberg, (+47 905 83 017) or
CFO Christian Berg, (+47 917 46 910)