Nordic Financials ASA — Capital/Financing Update 2017

Nov 24, 2017

Key information relating to the contemplated rights issue to be carried out by AEGA ASA

Key information relating to the contemplated rights issue to be carried out by AEGA ASA

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT.

Key information relating to the contemplated rights issue to be carried out by AEGA ASA

(Oslo, Norway, 24 November 2017) Reference is made to the announcement of AEGA ASA ("Aega" or the "Company") published earlier today regarding the proposed private placement, issuance of warrants and a contemplated rights issue. The private placement, the issuance of warrants and the rights issue are conditional upon approval by the Company's shareholders in an extraordinary general meeting (the "EGM") to be held on or about 18 December 2017.

The Board of Directors of the Company has proposed to conduct a rights issue to existing shareholders as per the end of 18 December 2017 (the date of the EGM) who shall be given preferential rights to subscribe for new shares in the rights issue, provided such shareholders are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus filing, registration or similar action. Subscription rights will not be granted for the shares subscribed for in the private placement. The subscription period in the rights issue will be two weeks and will commence as soon as practically possible after the EGM and the approval of a prospectus.

Key information in relation to the contemplated rights issue:

Date on which the terms and conditions of the rights issue were announced: 24 November 2017

Date of approval: 18 December 2017

Last day including subscription rights: 18 December 2017

Ex-date: 19 December 2017

Record date: 20 December 2017

Maximum number of new shares in rights issue: 14,285,714

Subscription price: NOK 0.70 per share

Listing of subscription rights: Yes

This information is published in accordance with the requirements in the Continuing Obligations of the Oslo Stock Exchange.

FOR MORE INFORMATION, PLEASE CONTACT:

Markus H. Enge | +4740064820 | mhe@aega.no

Rolf M. Normann | +4791344134 | rmn@aega.no

ABOUT AEGA

AEGA is a solar utility company listed on Oslo Axess (ticker: AEGA) that acquires and operates solar power plants. The Company currently owns and operates a portfolio of seven individual solar parks in the Umbria, Lazio, Abruzzo, Emilia-Romagna and Lombardia regions in Italy with a combined production capacity of 7MWp, corresponding to an annual electricity production of approximately 9,5GWh. The Company focuses on acquisitions of smaller existing solar parks (between 1-5MWp capacity), following strict investment criteria and targets to reach a total production capacity of 20MWp in the foreseeable future by taking advantage of the current attractive market for secondary solar parks in Italy. The predecessor to the Company was established in November 2013 and has since its inception acquired seven solar parks. The Company has its operating offices in Oslo, Norway and Trento, Italy, and is structured as a holding company of unique Special Purpose Vehicles (SPVs) being the beneficial owners of the solar parks. AEGA has a highly experienced management team with credentials from leading companies in the renewables sector. The Company has a strong on-ground operational focus and seeks to create value enhancement of its investments through delivering best in class asset performance and efficiency for the solar parks. AEGA's goal is to ensure steady, competitive yields to its investors through investments in solar power plants.

IMPORTANT INFORMATION

This communication may not be published, distributed or transmitted in or into the United States, Canada, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, South Africa or Japan. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities of the Company (the "Shares") in the United States, Norway or any other jurisdiction. The securities mentioned herein, including the subscription rights to subscribe for Shares (the "Subscription Rights"), have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act"). Neither the Shares nor the Subscription Rights may be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Any sale in the United States of the Shares or the Subscription Rights mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act pursuant to transactions exempt from, or not subject to, the registration requirements of the Securities Act.

Any offering of securities in the Rights Issue will be made by means of a prospectus to be published that may be obtained from the Company once published, and that will contain detailed information about the Company and its management, as well as financial statements. These materials are an advertisement and not a prospectus for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Investors in the Rights Issue should not subscribe for any Shares or acquire any Subscription Rights referred to in these materials except on the basis of information contained in the prospectus.

In any EEA Member State other than Norway that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive ("Qualified Investors"), i.e., only to investors to whom an offer of securities may be made without the requirement for the Company to publish a prospectus pursuant to Article 3 of the Prospectus Directive in such EEA Member State.

In the United Kingdom, these materials are only being distributed to and are only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

Sparebank 1 Markets AS and Pioner Kapital AS are acting for AEGA and no one else in connection with the Rights Issue and will not be responsible to anyone other than AEGA for providing the protections afforded to their respective clients or for providing advice in relation to the Rights Issue and/or any other matter referred to in this communication.

This communication and any materials distributed in connection with this communication may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect AEGA's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties to be set out in the prospectus.