Agreement on early conversion from Spring Capital Resources Inc.

The Board of Directors in Bergen Group has resolved to allow the request from

Spring Capital Resources Inc for an early conversion of the convertible bond

loan in the amount of NOK 120 million, and concluded positive for a conversion.

The conversion will result in the issuance of 10 million new shares at a

conversion price per share of NOK 12, cf. stock exchange announcements on 11

August and 27 October 2010.

After the conversion, the new total number of shares in the company will be

60,622,009 shares, each with a par value of NOK 1. Spring Capital Resources Inc

will then own 20,068.500 shares, constituting 33,1 % of the share capital in

Bergen Group ASA. Reference is in this respect made to the stock exchange

announcement from Spring Capital Resources Inc on Monday 8 November.

Since August there have been constructive discussions with Spring Capital

Resources Inc concerning a strategic co-operation. The parties agree that the

conversion will strengthen the platform for further discussions.

Contact persons:

CEO Bergen Group Pål Engebretsen, phone: +47 911 17 369

CFO Bergen Group Terje Iversen, phone +47 932 40 359

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1462055]

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