Zalaris

Major Shareholding Notification • Oct 22, 2018

Morgan Stanley & Co. International plc

122 Waterloo Street Glasgow G2 7DP Scotland tel +44 (0)141 245 8000 $\text{fax } +44(0)1412457493$

Morgan Stanley

Oslo Børs Pb 460 Sentrum $0105$ Oslo Norway E-mail: ma@oslobors.no Fax: (+47) 22 41 65 90

Zalaris ASA PO Box 1053 Hoff NO-0218 Oslo Norway E-mail: ir@zalaris.com

19^th October 2018

PRIVATE AND CONFIDENTIAL BY FAX AND E MAIL

Dear Sirs

DISCLOSURE OF LARGE SHAREHOLDING IN ZALARIS ASA ("the Company") UNDER SECTION 4 OF THE SECURITIES TRADING ACT

This notification relates to the ordinary shares and voting rights (the "shares") of the Company.

We hereby notify you that on 19^th October 2018, Morgan Stanley & Co. International plc ("MSIP") acquired a total of 1,330,540 shares and voting rights of the Company. Following the acquisition, MSIP has a notifiable interest in 1,330,540 shares and voting rights of the Company or 6.612% of the total number of shares and voting rights issued by the Company.

MSIP is a direct holder and is a subsidiary of Morgan Stanley Investments (UK). Morgan Stanley Investments (UK) is an indirect holder and is a subsidiary of Morgan Stanley International Limited. Morgan Stanley International Limited is an indirect holder and is a subsidiary of Morgan Stanley International Holdings Inc. Morgan Stanley International Holdings Inc. is an indirect holder and is a subsidiary of the beneficial owner Morgan Stanley (parent company).

Yours faithfully

CracyMersley

Craig Horsley Vice President, Regulatory Operations

Registered in England and Wales, No. 2068222. Registered Office: 25 Cabot Square, Canary Wharf, London E14 4QA Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority

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