On 12 January 2012, an Extraordinary General Meeting of Funcom N.V. approved the issuance of a convertible bond loan by Funcom N.V. Ludvig Lorentzen AS and Extellus AS have been allocated an amount of USD 4 million of the loan (equal to 40 bonds). Ludvig Lorentzen AS and Extellus AS have a right to convert the allocated bonds into a total of 2.919.708 shares in the company at a conversion price of USD 1.37 per share (subject to adjustments stipulated in the bond loan agreement). This amounts to 5,34 % of the outstanding shares in Funcom N.V.

The amount of bonds held can be converted partly or in full. The conversion right will be exercisable at any time during the period commencing on the 41st banking day following the issue date (22 December 2011) and ending on the tenth (10) banking day prior to the Maturity Date (22 December 2014) or, if earlier, the tenth (10) banking day prior to the date for redemption of the bonds.

Oslo, 17.01.12
Ludvig Lorentzen AS