Itera

Related Party Transaction • May 16, 2014

TRADE SUBJECT TO NOTIFICATION

TRADE SUBJECT TO NOTIFICATION

On 16 May 2014, CEO Arne Mjøs has through the company

Arne Mjøs Invest AS, of which he owns 96 %, purchased

the remaining 4 % of the shares in Arne Mjøs Invest

AS from Framar Invest AS which is owned by the

previous CFO Frank Martinsen. In addition, Arne Mjøs

Invest AS has sold 700,000 shares in Itera to Framar

Invest AS at a price of NOK 3.30 per share.

After these transactions, the holdings of CEO

adjusted for change in ownership of Arne Mjøs Invest

AS are unchanged. After these transactions, Arne Mjøs

Invest AS holds 15,018,298 shares in Itera (18,3%).

In addition, the CEO holds 480,000 stock options. CEO

does not hold other shares in Itera, directly or

indirectly.