TGS ASA — Share Issue/Capital Change 2020

May 26, 2020

NTS ASA – Ice Fish Farm AS: Status of bookbuilding

NTS ASA – Ice Fish Farm AS: Status of bookbuilding

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATED OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Rørvik, 26 May 2020. Further to the announcement published earlier this morning regarding the contemplated private placement in Ice Fish Farm AS (“Ice Fish Farm” or the “Company”, and together with Fiskeldi Austfjarda hf. (“Fiskeldi”) and its subsidiaries, the "Group"), NTS ASA (“NTS”) has been informed that the Joint Bookrunners in the Private Placement have received orders such that the Offering is oversubscribed.

ABG Sundal Collier ASA and DNB Markets, part of DNB Bank ASA, are engaged as financial advisors to the Company and as Joint Global Coordinators and Joint Bookrunners in connection with the Private Placement and Listing. Advokatfirmaet Thommessen AS is acting as legal advisor to the Joint Global Coordinators.

Danske Bank, Norwegian branch acts as financial advisor to NTS and Arntzen de Besche Advokatfirma AS acts as legal advisor to Ice Fish Farm and NTS.

About Ice Fish Farm and the Group:

Fiskeldi was founded in 2012 by the Group’s existing management team and is today one of the leading salmon farmers in Iceland, situated in the East fjords. The Group has a well-developed and integrated value-chain controlling all steps from hatchery to branded sales. The Group harvested 4,007 tonnes HOG Atlantic salmon in 2019, and achieved an EBIT/Kg HOG of NOK 16.9 (by using market standard generational accounting principles). Furthermore, the Group foresees significant growth in harvest volumes going forward, as it currently holds licenses for production of 20,800 tonnes of salmon in two fjords and five sites, of which 12,000 tonnes is fertile and 8,800 tonnes is sterile, with validly submitted applications for an additional 16,800 tonnes (6,500 tonnes fertile and 10,300 tonnes sterile) in two additional fjords.

Fiskeldi is currently majority owned by Midt-Norsk Havbruk, a high performing Norwegian salmon farmer, and is thus able to leverage best practices from the Norwegian salmon farming industry in its day-to-day operations and growth preparations. Furthermore, the Group is the only salmon farmer in the world with the highly sought after AquaGAP certification which reflects and validates its environmentally-friendly production. Building on the AquaGAP certification and other attractions related to the Group’s location and way of business, the Group has pursued a premium positioning for its salmon and have historically been able to achieve a high price relative to relevant industry benchmarks. The majority of the Group’s production is currently sold into the Unites States. The Group expects to harvest c. 6,150 tonnes in 2020, c. 6,800 tonnes in 2021 and c. 15,850 tonnes in 2022 (approximate figures in HOG).

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Important notice:

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company or NTS ASA.

Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under

the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation 2017/1129 as amended (together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although NTS ASA and the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict, and are beyond their control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in public sector investment levels, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Neither NTS ASA nor the Company makes any guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update or revise the statements in this presentation to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. Neither NTS ASA nor the Company undertakes any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Joint Global Coordinators nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Joint Bookrunners nor any of their respective affiliates accepts any liability arising from the use of this announcement.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.