AF Gruppen — M&A Activity 2010

Nov 5, 2010

Result of the offer and detailed stock exchange announcement related to the sale of shares in Miljøbase Vats AS

We refer to the notice made public on 14 October 2010

regarding the AF Group's sale of shares ("the

Shares") in Miljøbase Vats AS ("the Company"), a

wholly owned company by AF Miljø AS, a subsidiary of

the AF Group (AFG).

The offer period for Shares in Miljøbase Vats AS

expired yesterday, 4. November 2010. The maximum

number of available Shares was 120 000 out of a total

200 000 outstanding shares in the Company. The total

number of ordered shares exceeded available shares

for sale. Letter of allocation and payment

instructions will be sent to subscribers today.

See enclosed document for further information.