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Flagging and notification of trade in NRC Group ASA

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Kristian G. Lundkvist, who is member of the of the board of directors of NRC Group ASA ("NRC"), is (indirectly) the majority shareholder of Urbex Invest AS ("Urbex"), through the companies Middelborg AS and Merckx AS.

Urbex owns 4,407,033 shares in NRC representing approximately 12.5% of the total shares and votes in the Company, and 15.2% including an outstanding forward contract on 975,000 shares in NRC.

On 17 November 2016, Urbex has purchased 975,000 shares in NRC at a price of NOK 44.438 per share in accordance with the terms of the forward contract entered into on 25 May 2016. Furthermore, Urbex has entered into a new forward contract to purchase 975,000 shares at a price of NOK 66.01 per share. The term of the forward contract is six months, with expiry on 19 May 2017. At the same time, Urbex has sold 975,000 shares to the counterparty in the forward contract, at a price of NOK 64.95 per share.

Furthermore, Urbex has on 17 November 2016 entered into another forward contract to purchase 700,000 shares at a price of NOK 71.21 per share. The term of the forward contract is six months, with expiry on 18 May 2017. At the same time, Urbex has sold 700,000 shares to the counterparty in the forward contract, at a price of NOK 70.50 per share.

After completion of the transaction, Urbex will own 3,707,033 shares in NRC (excluding the 1,675,000 shares covered by the aforementioned forward contracts), representing approximately 10.5% of the total shares and votes (and 15.2% of the total shares and votes including the forward contract).

Including the forward contracts, the number of shares and votes are unchanged.

Following registration of the share capital issued in the private placement completed by NRC on 17 November 2016, the shares owned by Urbex will represent 9.7% of the shares and votes of NRC excluding the forward contract, and 14.0% including the forward contracts.

This notification is made with reference to Sections 4-2, 4-3 and 4-4 of the Norwegian Securities Trading Act.

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