Eastern Echo Completes Successful Offering

Eastern Echo has completed a share offering with the issue of 86,000,000 new shares at NOK 7.60 per share in connection with the listing of the company's shares at Oslo Axess. The shares are expected to be listed on or about October 30, 2007. The offering was more than 4 times subscribed at the offer price.

In addition, 12,900,000 shares were allotted under the over-allotment facility granted by Eastern Echo to ABG Sundal Collier Norge ASA as manager. Gross proceeds (before over-allotment) from the sale of new shares amounted to NOK 654 million. Eastern Echo will have the ticker code ECHO and one round lot will constitute 1,000 shares.

Eastern Echo will have a total of 231,000,000 shares (prior to the over-allotment facility) after the completion of the offering. This implies a market capitalization of the Company of approx. NOK 1.8 billion after the offering. A wide range of international and Norwegian investors subscribed for shares in the offering and Eastern Echo will have more than 300 shareholders after the completion of the offering.

In addition, ABG Sundal Collier Norge ASA over-allotted 12,900,000 shares pursuant to an over-allotment facility. ABG Sundal Collier Norge ASA will issue a separate press release regarding this.

Notices regarding allotment will be issued on 29 October, and the transfer of shares is expected to take place on or about 2 November. The transfer of shares is dependent on the payment conditions as described in the prospectus dated 12 October 2007.

Investors, who have questions to the allotment, may contact the manager ABG Sundal Collier Norge ASA.