Elmera Group ASA

Major Shareholding Notification • May 20, 2020

Disclosure of large shareholding

Disclosure of large shareholding

JPMorgan Asset Management Holdings Inc. ("JPMAMHI") no longer has a notifiable interest in the share capital of Fjordkraft Holding ASA as a result of trades by its subsidiaries. The total number of shares held by JPMAMHI on 19 May 2020 was 5,061,142 being 4.840% of the issued share capital and voting rights of the company. The equity holding in JPMAMHI crossed the notification threshold of 5% on 19 May 2020.

Breakdown by number of shares held:

JPMorgan Asset Management (UK) Limited 4,759,139 (4.551%)

J.P. Morgan Investment Management Inc. 149,210 (0.143%)

JPMorgan Chase Bank, National Association 152,793 (0.146%)

Sold shares:

JPMorgan Asset Management (UK) Limited 283,057

J.P. Morgan Investment Management Inc. 48,728

JPMorgan Chase Bank, National Association 73,347

CHAIN OF CONTROLLED UNDERTAKINGS

Relationship of JPMorgan Asset Management Holdings Inc. to subsidiaries involved in the disclosure

1. The following hierarchy shows the relationship between JPMorgan Asset Management Holdings Inc. and its subsidiary JPMorgan Asset Management (UK) Limited

JPMorgan Asset Management Holdings Inc.

JPMorgan Asset Management International Limited (100%)

JPMorgan Asset Management Holdings (UK) Limited (100%)

JPMorgan Asset Management (UK) Limited (100%)

2. The following hierarchy shows the relationship between JPMorgan Asset Management Holdings Inc. and its subsidiary J.P. Morgan Investment Management Inc.

JPMorgan Asset Management Holdings Inc.

J.P. Morgan Investment Management Inc. (100%)

3. The following hierarchy shows the place of JPMorgan Chase Bank, National Association within the JPMorgan group.

JPMorgan Chase & Co.

JPMorgan Chase Bank, National Association (100%)