Fjord Defence Group ASA

Major Shareholding Notification • Jun 9, 2021

Disclosure of shareholdings

Disclosure of shareholdings

Reference is made to previous stock exchange releases by Axxis Geo Solutions ASA (the "Company") in connection with a private placement and the conversion of debt as part of the reconstruction of the Company. Following registration of the share capital increase pertaining to the private placement and debt conversion with the Norwegian Register of Business Enterprises, the ownership of certain shareholders will be as set out below:

- Alden AS will receive 100,000,000 shares in the Company in connection with the private placement and will hold 100,000,000 shares in the Company, equal to approx. 5.19% of the total number of shares in the Company.

- Apollo Asset Limited will receive 150,000,000 shares in the Company in connection with the private placement and will hold 150,000,000 shares in the Company, equal to approx. 7.78% of the total number of shares in the Company.

- Middelborg AS will receive 170,000,000 shares in the Company in connection with the private placement and will hold 170,000,000 shares in the Company, equal to approx. 8.82% of the total number of shares in the Company.

- Tigerstaden AS will receive 125,000,000 shares in the Company in connection with the private placement and will hold 125,000,000 shares in the Company, equal to approx. 6.48% of the total number of shares in the Company.

- Investeringsfondet Viking AS will receive 211,500,000 shares in the Company in connection with the private placement in addition to 68,500,000 shares to be purchased, and will hold 280,000,000 shares in the Company, equal to approx. 14.52% of the total number of shares in the Company.

- Urtiven AS will receive 20,000,000 shares in the Company in connection with the private placement in addition to 100,000,000 shares to be purchased, and will hold 120,000,000 shares in the Company, equal to approx. 6.22% of the total number of shares in the Company.

This information is subject to the disclosure requirements set out in section 4-2 of the Norwegian Securities Trading Act.