Arendals Fossekompani — Capital/Financing Update 2022

Apr 7, 2022

Declaration pursuant to section 8-10 (5) of the Norwegian Public Limited Liability Act

This declaration has been issued by the Board of Directors of Arendals Fossekompani ASA, organisation no. 910 261 525 (the "Company") pursuant to section 8-10 (5) of the Norwegian Public Limited Liability Act.

The Board of Directors has established an incentive scheme for senior executives under which the Company will offer loans to senior executives, or to investment companies that are wholly owned by senior executives, to finance the purchase of shares in the Company for a total amount of up to NOK 30 million (the "Loans"). Such Loans will constitute financial assistance covered by section 8-10 of the Public Limited Liability Act.

The Board of Directors confirms that:

• (i) It is in the Company's interest to provide financial assistance in form of the Loans;
• (ii) The requirement of adequate equity and liquidly under section 3-4 of the Public Limited Liability Act will be met.

6 April 2022

_________________________ Jon Hindar Chair of the Board

_________________________ Morten Sigval Bergesen Member of the Board

_________________________ Heidi Marie Petersen Member of the Board

_________________________ Didrik Johannes Vigsnæs Member of the Board

_________________________ Stine Rolstad Brenna Member of the Board

_________________________ Kristine Landmark Member of the Board

_________________________ Erik Christian Must Member of the Board