Exercise of employee share options

1. Participants in the Company’s share option program have on September 1st 2014 exercised a total number of 586 875 options, of which 12 500 options were settled in cash.

Following the share option exercise, the Board of Directors, pursuant to authorization granted by the company`s Annual General Meeting, has resolved to increase the Company`s share capital by NOK 11 487.50 by issuing 574 375 new shares, of par value NOK 0.02. Following the increase the Company`s share capital is NOK 2 864 032.26 divided into 143 201 613 shares.

2. Options exercised by primary insiders September 1st 2014:

Andreas Thome has exercised 232 500 options in the Company, corresponding to 232 500 shares at the strike price of NOK 24.16.

Baard Farmen Andresen has exercised 12 500 options in the Company, corresponding to 12 500 shares at the strike price of NOK 20.96. 

Jason Hoida has exercised 17 500 options in the Company, corresponding to 17 500 shares at the strike price of NOK 20.96.

Krystian Kolondra has exercised 10 000 options in the Company, corresponding to 10 000 shares at the strike price of NOK 20.96. 

Petter Lade has exercised 7 500 options in the Company, corresponding to 7 500 shares at the strike price of NOK 20.96.

Roar Olbergsveen has exercised 7 500 options in the Company, corresponding to 7 500 shares at the strike price of NOK 20.96. 

Tami Weiss has exercised 7 500 options in the Company, corresponding to 7 500 shares at the strike price of NOK 20.96. 

3. Transfer of rights

On September 1st 2014, the primary insiders mentioned below transferred their rights to receive shares resulting from the exercise of options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. Still, primary insiders cannot be held liable for losses incurred by the third party if the shares are later sold below the strike price. Final compensation for the transferred rights will be reported to Oslo Børs when known.

Andreas Thome transferred 232 500 rights

Baard Farmen Andresen transferred 12 500 rights

Jason Hoida transferred 17 500 rights

Krystian Kolondra transferred 10 000 rights

Petter Lade transferred 7 500 rights

Roar Olbergsveen transferred 7 500 rights

Tami Weiss transferred 7 500 rights

4. New holding

After exercising options, Andreas Thome holds 120 000 unexercised options in the Company, corresponding to 120 000 shares at the strike price of NOK 27.16 and 400 000 unexercised options in the Company, corresponding to 400 000 shares at the strike price of NOK 37.34. Andreas Thome holds 20 000 RSUs in the Company. As of today the primary insider holds 10 000 shares in the Company.

After exercising options, Baard Farmen Andresen holds 40 000 unexercised options in the Company, corresponding to 40 000 shares at the strike price of NOK 26.84, 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 34.54 and 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 76.01. As of today the primary insider holds 2 233 shares in the Company.

After exercising options, Jason Hoida holds 60 000 unexercised options in the Company, corresponding to 60 000 shares at the strike price of NOK 26.84, 25 000 unexercised options in the Company, corresponding to 25 000 shares at the strike price of NOK 27.16, 50 000 unexercised options in the Company, corresponding to 50 000 shares at the strike price of NOK 37.34, and 50 000 unexercised options in the Company, corresponding to 50 000 shares at the strike price of NOK 76.01. As of today the primary insider holds 248 shares in the Company.

After exercising options, Krystian Kolondra holds 60 000 unexercised options in the Company, corresponding to 60 000 shares at the strike price of NOK 26.84, 60 000 unexercised options in the Company, corresponding to 60 000 shares at the strike price of NOK 34.54 and 50 000 unexercised options in the Company, corresponding to 50 000 shares at the strike price of NOK 76.01.

After exercising options, Petter Lade holds 10 000 unexercised options in the Company, corresponding to 10 000 shares at the strike price of NOK 26.84 and 35 000 unexercised options in the Company, corresponding to 35 000 shares at the strike price of NOK 34.54.

After exercising options, Roar Olbergsveen holds 40 000 unexercised options in the Company, corresponding to 40 000 shares at the strike price of NOK 26.84, 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 34,54 and 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 76.01. As of today the primary insider holds 248 shares in the Company.

After exercising options, Tami Weiss holds 40 000 unexercised options in the Company, corresponding to 40 000 shares at the strike price of NOK 26.84. 

Petter Lade, Investor Relations

Tel: +47 2369 2400

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