Strike price for options programme

Oslo, 22 January 2016: Reference is made to the proposal from the nomination committee regarding the options programme. Further reference is made to the extraordinary general meeting ("EGM") of 21 January 2016, which resolved to approve the options programme and that the strike price for these options should be at least 40 NOK/share.

The volume weighted average share price from the date of announcement up until the EGM was 42.61 NOK/share, the arithmetic average for the same period was 40.33 NOK/share. It has therefore been decided to set the strike price for the options programme at 42 NOK/Share.

Contact:

Silje Augustson, CEO

Email: investorrelations@noreco.com