Elmera Group ASA — Major Shareholding Notification 2020

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