Elmera Group ASA

Share Issue/Capital Change • Jun 3, 2019

FKRAFT - Contemplated sale of up to approximately 15.67 million existing shares

FKRAFT - Contemplated sale of up to approximately 15.67 million existing shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

FKRAFT - Contemplated sale of up to approximately 15.67 million existing shares

ABG Sundal Collier ASA (the "Manager") has been retained by BKK AS (“BKK”) to explore the sale of up to approximately 15.67 million existing shares in Fjordkraft Holding ASA (the “Company” or "Fjordkraft"), representing 15% of the share capital in the Company (the "Placing"). The Placing is to be conducted as an accelerated bookbuilding process.

The bookbuilding process will commence immediately following the publication of this announcement and may be closed at short notice at the full discretion of the Manager. A further announcement will be made following pricing of the shares in the Placing. BKK reserves the right, at its own discretion, to sell fewer shares or no shares at all.

BKK currently holds 31,607,498 shares in the Company, representing 30.2% of the share capital in the Company. BKK is represented on the Board of Directors in Fjordkraft. BKK will enter into a customary 90 days lock-up for its remaining shares in the Company not sold in the Placing.

Contact:

BKK AS

Anne Marit Steen, CFO

+47 90 91 95 79

anne.marit.steen@bkk.no