HUGIN Online

Reference is made to the press release of June 25, 2009 regarding the successful placement of the USD 8 million New Convertible Bond Issue. The conditions precedent for the New Convertible Bond Issue have been satisfied. The New Convertible Bonds will be registered with VPS as soon as possible, tentatively today or tomorrow.

The new shares to be issued by Artumas Group Inc. in connection with the conversion of the principal amount and accrued interest under the following bonds: ISIN NO 001 032446.0 - 10.5 per cent Artumas Group Inc. Callable Convertible Bond Issue II 2006/2009, $10 million USD principal amount, ISIN NO 001 034615.8 - 10 per cent Artumas Group Inc. Callable Convertible Bond Issue III 2006/2010, $35 million USD principal amount and ISIN NO 001 039816.7 - 6 per cent Artumas Group Inc. Senior Unsecured Convertible Bond Issue 2007/2012, $70 million USD principal amount will be issued and registered with the VPS as soon as possible, probably during tomorrow. There will be a new press release once the final number of new shares to be issued in connection with said conversion has been confirmed.