AMSC ASA - Major Shareholding Notification 2022

AMSC ASA: Mandatory notification of trade

Reference is made to the stock exchange notice by AMSC ASA (the "Company") on 15

September 2022 regarding the private placement of 11,247,333 new shares in the

Company (the "Private Placement") at a subscription price of NOK 36 per share,

and the mandatory notification announcements from Aker Capital AS dated 15 and

21 September 2022.

In accordance with the above notifications, Aker Capital AS, a wholly-owned

subsidiary of Aker ASA, has today entered into two additional total return swap

("TRS") agreements with DNB Bank ASA ("DNB") and Skandinaviska Enskilda Banken

AB ("SEB"), with financial exposure to 1,284,482 and 1,703,807 underlying shares

in the Company, respectively. The swap prices for the TRS agreements are NOK

36.2447 and NOK 36.2400 per share, respectively. The expiry date for the TRS

agreements is 6 December 2022. Please see attached primary insider notification

forms pursuant to the requirements of the Market Abuse Regulation.

In addition, Aker Capital AS holds 13,701,416 shares in the Company and is party

to the following existing TRS agreements:

· TRS agreement with DNB entered into on 19 November 2021 with financial

exposure to 9,505,100 underlying shares in the Company, with a swap price of NOK

33.5773 and expiry date 6 December 2022

· TRS agreement with SEB entered into on 19 November 2021 with financial

exposure to 9,182,520 underlying shares in the Company, with a swap price of NOK

33.6059 and expiry date 6 December 2022

· TRS agreement entered into with DNB on 21 September 2022 with financial

exposure to 479,179 underlying shares in the Company, with a swap price of NOK

36.3001 and expiry date 6 December 2022

Aker Capital AS accordingly has a shareholding equal to 19.07% of the Company's

shares and has through TRS agreements financial exposure to 30.83% of the

Company's shares, which represents a total financial exposure of 49.90%, being

the same level of financial exposure as Aker Capital AS had in the Company prior

to the Private Placement.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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