Elmera Group ASA

Major Shareholding Notification • Mar 28, 2019

FKRAFT - Contemplated sale of up to approximately 15.5 million existing shares

FKRAFT - Contemplated sale of up to approximately 15.5 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 15.5 million existing shares

ABG Sundal Collier ASA (the "Manager") has been retained by Skagerak Energi AS (“Skagerak Energi”) to explore the sale of up to approximately 15.5 million existing shares in Fjordkraft Holding ASA (the “Company” or "Fjordkraft"), representing approximately 14.9% 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. Skagerak Energi reserves the right, at its own discretion, to sell fewer shares or no shares at all.

Skagerak Energi currently holds 31,056,456 shares in the Company, representing 29.7% of the share capital in the Company. Skagerak Energi is represented on the Board of Directors in Fjordkraft. Skagerak Energi will enter into a customary 90 days lock-up for its remaining shares in the Company not sold in the Placing.

Contact:

Skagerak Energi AS

Øystein Disch Olsrød, CFO

+47 91 60 22 26

Oystein.Olsrod@skagerakenergi.no