(Oslo, 11 November 2004) In connection with the announced repurchase offer to the bondholders in STAKR01 (ISIN NO 001 016710.9) and STAKR03 (ISIN 001 016705.9), Statkraft AS has given DnB NOR Markets and Nordea Markets a joint mandate to arrange two new bond issues with 10 year maturities, one with a floating coupon rate and the other at a fixed coupon rate.

(Oslo, 11 November 2004) Statkraft SF is making a repurchase offer to the holders of the two bond issues STAKR01 (ISIN NO 001 016710.9) and STAKR03 (ISIN 001 016705.9). The enterprise intends to repurchase up to NOK 4,000,000,000 in aggregate in the two bond issues, but reserves the right to accept any volume exceeding this limit. If the offer is over-subscribed compared to the volume Stakraft is willing to accept, purchases will be made on a pro-rata basis.

- Pre-tax income in the third quarter of NOK 403 million and net income of NOK 436 million.
- Net income for the first three quarters of NOK 2 358 million, an improvement of NOK 345 million.
- Agreement to buy hydroelectric power stations equal to an annual production volume of 1.6 TWh in Sweden and Finland.
- Statkraft reorganised into a limited company as at 1 October.

(Oslo, 10 November 2004) The Statkraft Group achieved a pre-tax income of NOK 403 million and a net income of NOK 436 million for the third quarter. The pre-tax income is NOK 42 million less than that for the third quarter last year, while the net income is NOK 231 million higher than that for the same period last year. This improvement is mainly linked to the reversal of amounts previously set aside for taxes. In total for the first three quarters, the Group achieved pre-tax income of NOK 3 342 million and net income of NOK 2 358 million. The pre-tax income is NOK 47 million less than that for the first three quarters of last year, while the net income shows an increase of NOK 345 million.

Statkraft considers to set forth a repurchase offer on parts of the company's outstanding bonds in the domestic market. If a repurchase offer is made, the company might also issue new bonds with longer maturities.

Statkraft will give the market further information in due course.

The Corporate meeting of Statkraft SF and the general meetings of Statkraft Energi AS and Statkraft AS have today approved the reorganisation of Statkraft SF as described in notice and attachments published at the Oslo Stock Exchange 28 September 2004.

15 July 2004 Statkraft made public agreements with a Finnish consortium consisting of EPV, KV and Outokumpu. Under the agreements Statkraft is divesting its 20% shareholding in E-CO Vannkraft AS, and the consortium acquires 65% of the electricity production at the Rana power station for a period of 15 years. The board of directors of EPV, KV and Outokumpu have now approved the agreements. The agreements are described in notice to the stock exchange dated 15 July 2004.