AF Gruppen

Share Issue/Capital Change • Mar 16, 2017

Exercise of employee share options in AF Gruppen ASA

Exercise of employee share options in AF Gruppen ASA

With reference to announcement regarding share issue in

connection with redemption of employee share options

according to the Power of Attorney given by the General

Meeting 12.05.2016.

A total of 3,253,346 share options have been exercised by

1,133 AF Gruppen employees. Average strike price for the

options was NOK 71.37. The number of outstanding unexercised

options in AF Gruppen ASA after today's transactions is 0.

Primary insiders in AF Gruppen have in connection with

exercising share options bought 267,046 shares in AF Gruppen

ASA.

Please see enclosure for detailed summary of primary

insiders' transactions and holdings.

For further information:

Executive Vice President / CFO, Sverre Hærem, tel. +47 952

45 167