Spectrum ASA : Conversion of bonds

| Source: Spectrum ASA Spectrum ASA

Reference  is made to Spectrum's stock  exchange notification and the
prospectus, both dated 14 September 2011, related  to the offering of a NOK
77,000,000 subordinated  convertible  loan  in  the  form  of  77,000,000
convertible  bonds.
28,000 bonds, each at a nominal value of NOK 1, has been converted into 2,000 shares in Spectrum ASA.
The New Shares have been registered with the Norwegian Register of Business Enterprises.

The  Company's share  capital after  the registration  of the  New Shares is NOK 39,122,653.

For further information, please contact:

Henning Olset
CFO of Spectrum ASA
Phone: +47 23 01 49 65
www.spectrumasa.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.