Summons to bondholders meeting - Approval of term sheet and conditions for restructuring

Arendal, 21. February 2011

Norsk Tillitsmann ASA on behalf of Cecon ASA has summoned for a bondholders meeting to approve the term sheet negotiated between a bondholder group representing the largest bondholders and certain shareholders to refinance and restructure the company's outstanding indebtedness, and provide new funds as announced 1 February 2011.

For a further description of the term sheet and the conditions for the restructuring, please see the attached summons to the bondholders meeting.

The bondholders meeting will be held on 2 March at 13:00 (Oslo time).

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For further information, contact:
CFO Ivar H. Halvorsen   +47 48 13 22 45