Magnora ASA

Major Shareholding Notification • May 16, 2018

Disclosure of large shareholdings - proxies received in connection with AGM

Disclosure of large shareholdings - proxies received in connection with AGM

Mr. Karl Heine Ulvebne has of today received proxies without voting instructions for 2.230.900 shares at the annual general meeting of Sevan Marine ASA on 24 May 2018 (the "AGM"), representing approx. 4,2% of the total number of shares and votes in the company.

In addition, Mr. Karl Heine Ulvebne controls through Predator Capital Management, 908.072 shares in Sevan Marine ASA, representing approx. 1,7% of the total number of shares and votes in the company. Accordingly, Mr. Karl Heine Ulvebne controls or through proxies has discretion to vote for 3.138.972 shares at the AGM, representing approx. 6% of the total number of shares and votes in Sevan Marine ASA. The proxies are only valid for the AGM and will lapse immediately thereafter.

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