Atlantic Sapphire

Major Shareholding Notification • Apr 11, 2023

Atlantic Sapphire ASA: Disclosure of Large Shareholding – Alsco AS

Atlantic Sapphire ASA: Disclosure of Large Shareholding – Alsco AS

Miami, FL, 11 April 2023

Reference is made to the stock exchange notice from Atlantic Sapphire ASA ("Atlantic Sapphire" or the "Company") published on 16 March 2023 regarding the conditional completion of a private placement raising gross proceeds of NOK 595 million (the "Private Placement") through issuance of new shares (the "Offer Shares") in the Company with a subscription price of NOK 5.00 per Offer Share. Reference is furthermore made to the decision by the Company's extraordinary general meeting held on 11 April 2023 to approve the share capital increases in connection with the Private Placement.

As a result of the Private Placement, and the approval by the Company's extraordinary general meeting of the share capital increases in connection with the Private Placement, the shareholding of Alsco AS and associated companies has been reduced to less than 5% of the Company's outstanding shares and votes. Alsco AS and associated companies continues to hold 11,501,114 shares in the Company, corresponding to 4.22% of the shares and votes outstanding, after completion of the Private Placement.

This information is subject to the disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.