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Norwegian SHAREHOLDING DISCLOSURE OBLIGATIONS

Trading in the shares in the Company is subject to the shareholding disclosure regulations of Norway. This is a brief introduction to the obligations imposed on shareholders under these rules.

Trading in the shares in the Company is subject to the shareholding disclosure regulations of Norway. Below is a brief introduction to the obligations imposed on shareholders under these rules.

Shareholding disclosure obligations applicable to shares in the Company are regulated by sections 4-2 and 4-3 of the Norwegian Securities Trading Act and chapter 4 of the Norwegian Securities Regulations. Translation into English of the full text of this legislation is available at the web sites listed below:

The Thresholds for Disclosure
If a person’s, entity’s or consolidated group’s proportion of shares and/or rights to shares in the Company reaches, exceeds or falls below the respective thresholds of 5, 10, 15, 20, 25%, 1/3, 50%, 2/3 or 90% of the share capital or the voting rights of the company, the person, entity or group in question has an obligation to notify Oslo Børs immediately, who will publish the notice. The same applies if the disclosure thresholds are passed due to other circumstances, such as a change in the company’s share capital.

Notification
Notifications shall be made immediately following agreement on the transaction and can be sent to Oslo Børs by e-mail: ma@oslobors.no, who will publish the notice.

Notifications that have been published are available at www.newsweb.no.

Additional Requirements for Primary Insiders
There are additional disclosure obligations for so-called primary insiders in the Company (i.a. management, directors and shareholders represented on the board), regardless of the number of shares held.

FSAN Circular 28/2011 - Securities Trading Act – comments to Chapter 3 and Chapter 4
These shareholding disclosure obligations are supervised by the Financial Supervisory Authority of Norway (FSAN). FSAN has published a detailed circular that addresses a number of different issues of the shareholding disclosure obligations (Circular 28/2011 Securities Trading Act – comments to Chapter 3 and Chapter 4.) The circular is not yet available in English translation. For the corresponding Norwegian version, this is available here.