Crayon Group Holding — Capital/Financing Update 2017

Nov 8, 2017

EQUITY CLAW-BACK NOTICE

Nordic Trustee P.O. Box 1470 Vika N-0116 Oslo Norway

$+4722879410$ Fax: E-mail: mail@nordictrustee.com

8 November 2017

Dear Sirs.

FRN Crayon Group Holding AS Senior Secured Callable Bond Issue 2017/2020 $-$ ISIN NO 0010789985

We refer to the Bond Agreement for the abovementioned Bond Issue made between Nordic Trustee as Bond Trustee on behalf of the Bondholders, and the undersigned as Issuer.

Capitalised terms used herein shall have the same meaning as in this Bond Agreement.

We hereby give you notice that with reference to Clause 10.7, the Issuer hereby exercises its right to redeem NOK 150 million (one hundred fifty million Norwegian Kroner) of the Bond Issue, at a price equal to 102 % of par value (plus accrued and unpaid interest on the redeemed amount).

The settlement date for the Equity Claw-Back will be 22 November 2017.

We confirm that:

1) a gross amount of NOK 340 million has been raised in an Equity Event on 7 November 2017;

2) the amount to be redeemed is less than or equal to the equity raised in the Equity Event and equal to or less than 35 % of the Initial Issue Amount; and

3) we will be in compliance with the Minimum Outstanding Amount following the Equity claw-Back.

The settlement date for the Equity Claw-Back will be 22 November 2017.

Yours faithfully,

Crayon Group Holding ASA

Jak

Torgrim Takle $CEO$