Annual General Meetings

The Annual General Meeting is normally held by the end of May in Oslo. The announcement for the meeting including the full agenda is posted on the Oslo Stock Exchange website (www.ose.no) and published in the major newspapers at least 14 days before the event. Moreover, written invitations to the meeting are sent to each shareholder. Shareholders or their proxies who wish to attend the meeting are advised to notify the company in writing before the stipulated deadline. Currently, it is not possible for shareholders to attend the meeting or vote via the Internet.

An extraordinary general meeting is held when the board of directors warrants it or when shareholders representing at least 5% of the share capital request one.

As of May 3, 2007, the board of directors has the following motions granted at the annual general meeting:

Type of motion	Granted on	Valid until	No. of shares	Price (NOK)
Share Issue	May 3, 2007	AGM in 2008	1 000 000	0.50
Share Buyback	May 3, 2007	June 30, 2008	2 000 000	Min 0.50 Max 200.0

The motion for share issue was granted in connection with the incentive plan for employees in VMETRO asa and subsidiaries. Said motion was granted to the Board of Directors to expand share capital through one or several share subscriptions by a total value of up to NOK 500 000 made up of a maximum of 1 000 000 shares, each at a par value of NOK 0.50. In the event of such a share issue, current shareholders' rights of pre-emption can be waived.

Motion was granted to buy back up to 2 000 000 of VMETRO's own shares at a minimum par value of NOK 0.50 per share and a maximum of NOK 200 per share. As of May 3, 2007, the company has a total of 195 801 of its own shares.