In Alpha’s fairness opinion dated 17 July 2009, we indicate that the fair value of Norman is NOK 36. To reflect the underlying uncertainty in the valuation’s key parameters, we applied a relatively broad value range. We concluded that the Offer price was at the very low end of our value range, yet, due to the underlying uncertainty in the valuation and the current market conditions, nevertheless had to be considered fair to the shareholders of Norman, from a financial perspective. Link to the fairness opinion as well as the statement of the Board by clicking here.