Elmera Group ASA

Major Shareholding Notification • May 19, 2020

Fjordkraft Holding ASA

Fjordkraft Holding ASA

On behalf of JPMorgan Asset Management Holdings Inc. ("JPMAMHI") and its subsidiaries, JPMAMHI hereby notifies you that it has a notifiable interest in Fjordkraft Holding ASA ("the Company"), as detailed in the attached Schedule.

JPMorgan Asset Management Holdings Inc. ("JPMAMHI") 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 18 May 2020 was 5,475,963 being 5.237% of the issued share capital and voting rights of the company. The equity holding in JPMorgan Asset Management (UK) Limited crossed the notification threshold of 5% on 18 May 2020.

Breakdown by number of shares held:

JPMorgan Asset Management (UK) Limited 5,051,885 (4.831%)

J.P. Morgan Investment Management Inc. 197,938 (0.189%)

JPMorgan Chase Bank, National Association 226,140 (0.216%)

Sold shares:

JPMorgan Asset Management (UK) Limited 205,041

J.P. Morgan Investment Management Inc. 29,752

JPMorgan Chase Bank, National Association 44,783