Scatec ASA — Major Shareholding Notification 2015

Nov 18, 2015

Disclosure of large shareholding and mandatory notification of trade

Disclosure of large shareholding and mandatory notification of trade

18 November, 2015

Reference is made to the stock exchange release dated

17 November 2015 regarding a contemplated sale of

shares in Scatec Solar ASA ("Scatec Solar" or

the "Company") from Scatec AS ("Scatec") and Itochu

Corporation ("Itochu") (the "Placing").

The Placing, which was completed after close of

markets yesterday through an accelerated bookbuilding

process managed by ABG Sundal Collier, Carnegie and

Swedbank, comprised a total of 16,000,000 shares in

Scatec Solar and was priced at NOK 42.00 per share.

Scatec sold 8,000,000 shares in the Placing, and as a

result Scatec now holds 19,482,339 shares in Scatec

Solar, representing approximately 20.8 percent of the

outstanding shares in the Company. As a consequence of

the transaction, Scatec's holding of Scatec Solar

shares has fallen below the threshold of 25 percent of

the outstanding share capital, cf. the Securities

Trading Act section 4-3.

Itochu sold 8,000,000 shares in the Placing, and as a

result Itochu now holds 9,768,657 shares in Scatec

Solar, representing approximately 10.4 percent of the

outstanding shares in the Company. As a consequence of

the transaction, Itochu's holding of Scatec Solar

shares has fallen below the threshold of 15 percent of

the outstanding share capital, cf. the Securities

Trading Act section 4-3.

The percentages have been calculated based on

93,816,230 issued shares in Scatec Solar.

Scatec is represented on the Board of Directors in the

Company (the "Board") by John Andersen (Chairman) and

Alf Bjørseth, while Itochu is represented on the Board

by Yuji Tachikawa.

This notification is subject to disclosure pursuant to

the Norwegian Securities Trading Act section 4-2 and

4-3.