Elmera Group ASA

Major Shareholding Notification • May 19, 2020

The Market Administration Department The Oslo Stock Exchange Tollbugt 2 PO Box 460 Sentrum 0105 OSLO Norway E-mail: ma@oslobors.no

Investor Relations Fjordkraft Holding ASA

Folke Bernadottesvei 38 Fyllingsdallen 5147 Norway E:mail: morten.opdal@fjordkraft.no

Fjordkraft Holding ASA

Securities Trading Act

On behalf of JPMorgan Asset Management Holdings Inc. ("JPMAMHI") and its subsidiaries, JPMAMHI hereby notifies you that it has a notifiable interest in Fjordkraft Holding ASA ("the Company"), as detailed in the attached Schedule.

If you require any further information, please do not hesitate to contact me.

Yours faithfully

Alwyn Basch EMEA Compliance Department

JPMorgan Chase Bank, National Association 20 Finsbury Street, London EC2Y 9AQ

Tel: +44 (0)20 7742 7407 • Fax: +44 (0) 20 3493 0684 •EMEA_DOI_Compliance@jpmorgan.com

Organised under the laws of U.S.A. with limited liability. Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 Registered as a branch in England & Wales branch No. BR000746. Registered Branch Office 25 Bank Street, Canary Wharf, London, E14 5JP

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the U.S.A. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

18 May 2020

SCHEDULE

Fjordkraft Holding ASA

JPMorgan Asset Management Holdings Inc. ("JPMAMHI") has a notifiable interest in the share capital of Fjordkraft Holding ASA as a result of trades by its subsidiaries. The total number of shares held by JPMAMHI on 18 May 2020 was 5,475,963 being 5.237% of the issued share capital and voting rights of the company. The equity holding in JPMorgan Asset Management (UK) Limited crossed the notification threshold of 5% on 18 May 2020.

Breakdown by number of shares held:

JPMorgan Asset Management (UK) Limited	5,051,885 (4.831%)
J.P. Morgan Investment Management Inc.	197,938 (0.189%)
JPMorgan Chase Bank, National Association	226,140 (0.216%)
Sold shares:
JPMorgan Asset Management (UK) Limited	205,041
J.P. Morgan Investment Management Inc.	29,752
JPMorgan Chase Bank, National Association	44,783

CHAIN OF CONTROLLED UNDERTAKINGS

Relationship of JPMorgan Asset Management Holdings Inc. to subsidiaries involved in the disclosure

1. The following hierarchy shows the relationship between JPMorgan Asset Management Holdings Inc. and its subsidiary JPMorgan Asset Management (UK) Limited

JPMorgan Asset Management Holdings Inc. JPMorgan Asset Management International Limited (100%) JPMorgan Asset Management Holdings (UK) Limited (100%) JPMorgan Asset Management (UK) Limited (100%)

1. The following hierarchy shows the relationship between JPMorgan Asset Management Holdings Inc. and its subsidiary J.P. Morgan Investment Management Inc.

JPMorgan Asset Management Holdings Inc. J.P. Morgan Investment Management Inc. (100%)

1. The following hierarchy shows the place of JPMorgan Chase Bank, National Association within the JPMorgan group.

JPMorgan Chase & Co. JPMorgan Chase Bank, National Association (100%)