Noreco Conducts Subsequent Offering

The Board of Directors in Noreco has resolved to conduct a subsequent offering towards the shareholders in Noreco as per April 25, 2008 that were not invited to participate in the private placement of shares conducted in April 2008.

The Subsequent Offering will consist of up to 2,500,000 additional Offer Shares with preferred allocation to Eligible Shareholders at a subscription price of NOK 23.50 per Offer Share, raising up to NOK 58,750,000 in gross proceeds.

The Subscription Period will be from and including May 29, 2008 to 16:30 CET on June 13, 2008.

In connection with the Subsequent Offering, the Company has prepared a prospectus dated May 27, 2008 that has been approved by Oslo Bors.

The prospectus is available and free of charge at Noreco's and the Managers' website and offices.

In addition, the 19,149,000 new shares issued in connection with the private placement conducted in April 2008, will begin trading on Oslo Bors ASA.