Minutes of Annual General Meeting for Luxo ASA

In the presence of:

8 shareholders, who represented a total of
7.800.625 shares, whereof  3.545.656 shares by
proxy.

62.1% of the total 12,566,450 shares in the company
were thereby represented.

In addition, Ms. Nina Gravråk, CFO, and Board
Members Ms. Bente Luthman, Ms. Line Uppard, Ms
Kristine Landmark and Mr. Håvard Norstrøm, State
Authorized Accountant, were present.


1.   Opening of meeting and registration
The annual general meeting was called to order by
the Chairman of the Board, Mr. Olav Kjell Holtan,
when present shareholders and proxies had been
registered.

2.    Election of the chairman of the meeting
Mr. Olav Kjell Holtan was elected chairman of the
meeting.

3. Election of a shareholder to sign the
minutes together with the chairman
Mr. Nils Krogsrud was elected to sign the minutes
together with the chairman.

4. Approval of summons and agenda
The summons and agenda were approved, and the
annual general meeting was declared legally opened.

5. Determination of Income Statement and
Balance Sheet 2007 for the parent company
The chairman explained that the income statement,
balance sheet and annual report for 2007 had been
sent to the shareholders in advance. The statement
about remuneration to Directors and leading
managers was taken as a piece of information.

The exhibited income statement, balance sheet and
annual report for 2007 were adopted as the
company`s accounts.

6. Application of the result for the year
The Board of Directors` recommended application of
the parent company`s result of NOK 20.177` was
approved as follows:

       Transfer to other equity NOK 20.177`.

7. Dividend
The Board of Directors did not recommend payment of
dividend for 2007. It was resolved not to pay
dividend.

8. Determination of Income Statement and
Balance Sheet 2007 for the consolidated Group
The Group`s income statement and balance sheet for
2007 were approved.

9. Application of the share premium reserve
 The Board`s proposal to accomplish a
reduction of Luxo ASA`s share premium reserve by
NOK 28,963,000 for application as allocation to
other equity was approved.

10.    Determination of remuneration to the
Directors, Election Committee and Auditor for 2007
As proposed by the Election Committee the
remuneration to the Directors, Election Committee
and Auditor was adopted as follows:

To the Chairman NOK 50,000 per year + NOK 1,400 per
hour
To the Directors elected by shareholders NOK 40,000
per year + 5,000 per meeting
To the Directors elected by employees NOK 40,000
per year
To the Election Committee NOK 10,000 per member
Audit fee NOK 297,000.

11. Election of members to the Board of
Directors
Among the five Directors elected by shareholders,
Mr. Arve J. Andresen and Mr. Gudmund Stokke, stood
for election.

The Election Committee proposed re-election of Mr.
Andresen and Mr. Stokke. The Election Committee
also proposed that Carl Christian Krefting be
elected as deputy member to the Luxo Board.

Mr. Arve J. Andresen and Mr. Gudmund Stokke were re-
elected board members, and Mr. Carl Christian
Krefting was elected deputy member.

All resolutions were carried unanimously.

There were no further items on the agenda, the
minutes were read aloud and the general meeting
adjourned.

Oslo, May 14, 2008

Olav Kjell Holtan (sign.) Nils Krogsrud (sign.)