Reference is made to the long-term incentive program for key employees that was established by the Board of Directors on 10 December 2018. In connection with the appointment of Per Heiberg-Andersen as EVP Nordic, the Board of Directors approved the grant of 40,000 additional options on 9 November 2020. The program is subject to approval at the Annual General Meeting. If the Annual General Meeting does not approve the program, a cash settlement of the options contracts will be provided to the employees. The following primary insider has been granted options: Per Heiberg-Andersen: 40,000 options, now holding a total of 40,000 options Half of the options granted vest on 15 February 2022. The options have a strike price of NOK 79.7 and expire on 14 February 2023 The other half of the options vest on 15 February 2023. The options have a strike price of NOK 79.7 and expire on 14 February 2027. The total number of options outstanding is now 1,190,000. The following primary insiders are now holding options: Rolf Barmen: holding a total of 44,052 shares and 160,000 options Birte Strander: holding a total of 28,516 shares and 80,000 options Arnstein Flaskerud: holding a total of 26,760 shares and 80,000 options Jeanne Tjomsland: holding a total of 19,078 shares and 80,000 options Alf Kåre Hjartnes: holding a total of 8,833 shares and 70,000 options Roger Finnanger: holding a total of 884 shares and 80,000 options Solfrid Aase: holding a total of 7,856 shares and 80,000 options Christian Kalvenes: holding a total of 931 shares and 80,000 options Solfrid Fluge Andersen: holding a total of 80,000 options Per Heiberg-Andersen: holding a total of 40,000 options Ole Johan Langenes: holding a total of 7,000 shares and 40,000 options Morten A. W. Opdal: holding a total of 3,481 shares and 40,000 options For queries, please contact: Rolf Barmen, CEO, +47 900 80 950

Bergen 21 January 2021. BKK AS ("BKK") has today sold 7,933,066 shares in Fjordkraft Holding ASA (the "Company" or "Fjordkraft"), representing 6.94 per cent of the share capital in the Company, at a price of NOK 78.00 per share. The shares were sold through an accelerated bookbuilding process managed by ABG Sundal Collier ASA. After the transaction, BKK holds no shares in the Company. Birthe Iren Grotle, an employee of BKK, is a member of the board of directors in Fjordkraft. Contact: BKK AS Anne Marit Steen, CFO +47 90 91 95 79 anne.marit.steen@bkk.no

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL ABG Sundal Collier ASA (the "Manager") has been retained by BKK AS ("BKK") to explore the sale of up to 7,933,066 existing shares in Fjordkraft Holding ASA (the "Company" or "Fjordkraft"), representing 6.94% of the share capital in the Company (the "Placing"). The Placing is to be conducted as an accelerated bookbuilding process. The bookbuilding process will commence immediately following the publication of this announcement and may be closed at short notice at the full discretion of the Manager. A further announcement will be made following pricing of the shares in the Placing. BKK reserves the right, at its own discretion, to sell fewer shares or no shares at all. BKK currently holds 7,933,066 shares in the Company, representing 6.94% of the share capital in the Company, and assuming all shares offered in the Placing are sold, BKK will no longer hold any shares in Fjordkraft. Birthe Iren Grotle, an employee of BKK, is a member of the board of directors in Fjordkraft. For further information, please contact: ABG Sundal Collier: +47 22 01 60 11