Atlantic Sapphire

Major Shareholding Notification • Sep 22, 2020

Disclosure of Acquisition of Large Shareholding -- Atlantic Sapphire ASA

Disclosure of Acquisition of Large Shareholding -- Atlantic Sapphire ASA

Evermore Global Advisors, LLC (“EGA”), a U.S. SEC-registered investment adviser, is investment adviser to the Evermore Global Value Fund (the “Fund”), an investment company registered under the Investment Company Act of 1940, as well as several institutional separate accounts (the “Fund” and EGA’s institutional separate accounts are collectively referred to as “EGA’s Managed Accounts”). Pursuant to investment management agreements with EGA’s Managed Accounts, EGA has the power to make investment decisions and vote shares on behalf of EGA’s Managed Accounts.

On September 16, 2020, Atlantic Sapphire ASA (“Atlantic Sapphire”) announced that regarding its private placement of 8,877,451 new shares on September 10, 2020, it had registered such new shares with the Norwegian Register of Business Enterprises and that the new shares would be admitted to listing on the Oslo Stock Exchange immediately after the new shares have been issued in the VPS, which was to be completed as soon as possible. On September 10, 2020, one of EGA’s Managed Accounts acquired 88,775 new shares of Atlantic Sapphire. Prior to this transaction, EGA’s Managed Accounts held 7,263,554 shares or 10.19% of Atlantic Sapphire’s total shares outstanding. After this transaction and as a consequence of the dilution effect of the new shares registered and the fact that not all EGA's Managed Accounts participated in the private placement, EGA’s Managed Accounts currently hold in total 7,352,329 shares of Atlantic Sapphire corresponding to 9.17% of Atlantic Sapphire’s total shares outstanding and EGA has voting rights equivalent to 9.17% of the total votes.