AF Gruppen

Share Issue/Capital Change • Nov 29, 2019

Result of the subsequent offering

Result of the subsequent offering

Reference is made to the stock exchange announcement by AF Gruppen ASA ("AF Gruppen") on 21 November 2019 regarding a subsequent offering of up to 1,925,044 shares at a subscription price of NOK 175.10 per share (the "Subsequent Offering").

The subscription period in the Subsequent Offering expired on 28 November 2019 at 16:30 CET.

By the end of the subscription period, AF Gruppen has received valid subscriptions for 490,170 shares (the "New Shares").

Notifications of allocated New Shares in the Subsequent Offering and the corresponding amount to be paid by each subscriber will be set out in a separate letter to each subscriber to whom New Shares have been allotted. The allocation letters are expected to be sent on 29 November 2019.

Subject to full payment being received, the New Shares are expected to be issued and delivered to the subscribers' VPS accounts on or about 5 December 2019.

Following registration of the New Shares in the Subsequent Offering, the total number of issued shares in AF Gruppen will increase to 103 065 277 shares. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 5 December 2019.

For further information, please contact:

Executive Vice President / CFO, Sverre Hærem, tel: +47 952 45 167

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.