Fjord Defence Group ASA

Transaction in Own Shares • Mar 8, 2023

Carbon Transition ASA: repurchase of own shares

Carbon Transition ASA: repurchase of own shares

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS COMMUNICATION.

Reference is made to the stock exchange announcement published by Carbon Transition ASA (the "Company") on 8 March 2023 regarding an offer to all shareholders in the Company to buy back up to 10,000,000 shares in the Company.

The Company purchased a total of 10,000,000 of its own common shares on Euronext Expand Oslo at a price of NOK 1.15 per share.

The shares were purchased in accordance with the approval granted at the Company's annual general meeting held on 25 May 2022. After the share repurchase transaction yesterday, the Company holds 15,263,117 of its common shares, representing 6.4% of the number of issued shares.

For further information, please contact:

Nils Haugestad, Interim CEO and CFO

nils.haugestad@carbn.no

+47 977 04 439

The offer and the distribution of this announcement and other information in connection with the offer may be restricted by law in certain jurisdictions. The Company does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The offer is not being made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America, its territories and possessions, any State of the United States and the District of Columbia (the "United States"). This includes, but is not limited to, facsimile transmission, internet delivery, e-mail, telex and telephones. Accordingly, copies of this release and any related documents are not being, and must not be, mailed, e-mailed or otherwise distributed or sent in or into the United States and so doing may invalidate any purported acceptance.

The Company considers that the information included in this announcement constitutes inside information pursuant to article 7 of Regulation (EU) no. 596/2014 (the "Market Abuse Regulation") and this information is publicly disclosed in accordance with article 17 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act. The announcement was published by the contact person indicated above at 16:30 CET on 8 March 2023.

About Carbon Transition

Carbon Transition ASA ("CARBN") is an investment company listed on Euronext Expand. CARBN comprises an OBN multi-client company and an investment arm. The company may invest broadly in listed companies as well as companies expected to be listed in the near term.

More information on www.carbn.no