DISCLOSURE OF SHAREHOLDING IN NORWEGIAN ENERGY COMPANY ASA

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We are making this disclosure in accordance with Section 4-2 of the Securities Trading Act.  Eton Park Capital Management, L.P., New York (New York, USA) and Eton Park International LLP, London (UK) act as discretionary investment managers of EP Cayman, Ltd., Eton Park Master Fund, Ltd. and Eton Park Fund, L.P. (`the Funds`).

We, Eton Park Capital Management, L.P., New York (New York, USA) and Eton Park International LLP, London (UK), hereby announce the following on behalf of the Funds:

 

(a) on 28 April 2008 we purchased pursuant to a private placement 893,798 shares of Norwegian Energy Company ASA for EP Cayman, Ltd., and Eton Park Master Fund, Ltd.;

(b) aggregated with the Funds` current holding of shares, the Funds` shareholding amounts to

4,685,798 shares, equaling 4.19 %  of the issued shares and votes in the company;

(c) the Funds also hold NOK 35,000,000 in 6.00 per cent Norwegian Energy Company ASA Senior Unsecured Convertible Bond Issue 2007/2012 convertible into 1,573,032 shares (strike NOK 22.25 per share) at any time up to 10 business days prior to 11 May 2012, equaling 1.41 % of the shares and votes in the company, and accordingly the Funds` aggregate holding of shares and rights to shares amounts to 5.60% of the shares and votes in the company;

(d) the registration of the new share capital in connection with the private placement will result in a total number of 130,887,842 issued shares and votes in Norwegian Energy Company ASA;

(e) following the registration of the new share capital, the Funds` shares and rights to shares will be less than 5% of the issued share capital; and

(f) the Funds` holding is allocated with 1,387,115 shares (equaling 1.24 % of the current issued shares and votes in the company) and NOK 12,000,000 of the convertible loan (convertible into 539,326 shares, equaling 0.48 % of the current issued shares and votes in the company) held by EP Cayman, Ltd.; 3,186,343 shares equaling 2.85 % of the current issued shares and votes in the company) and NOK 23,000,000 of the convertible loan (convertible into 1,033,708 shares, equaling 0.93 % of the current issued shares and votes in the company) held by Eton Park Master Fund, Ltd.; and 112,340 shares (equaling 0.10 % of the current issued shares and votes in the company) held by Eton Park Fund, L.P.

 

 

Should you have any questions, please do not hesitate to contact Helen Watkins on +44 (0) 20 7004 3851.

 

Yours faithfully

 

For Eton Park International LLP and Eton Park Capital Management, L.P.

 

 

Erland Karlsson

Chief Executive Officer - International