Oslo, 23 September 2020. DNB Markets, a part of DNB Bank ASA ("DNB Markets" or the "Manager") have been engaged by Gudbrandsdal Energi Holding AS ("GEH" or the "Seller") for a contemplated sale of up to 2,013,423 existing shares in Fjordkraft Holding ASA ("Fjordkraft" or the "Company"), representing around 1.8 percent of the issued share capital and voting rights in Fjordkraft (the "Transaction"). The Transaction will be structured as an accelerated book-building process. The book-building process will commence following the publication of this announcement and may be closed at short notice at the sole discretion of the Manager. Further announcements will be made following completion of the book-building. The minimum order and allocation have been set to a NOK equivalent of EUR 100,000. The Seller may, however, allocate amounts below EUR 100,000 to the extent exemptions from the prospectus requirement in accordance with applicable regulations, including the Norwegian Securities Trading Act and ancillary regulations, are available. The Seller reserves the right, at its sole discretion, to increase or reduce the number of offer shares or to sell no shares at all, depending on the price and the demand for shares. GEH currently holds 9,695,584 shares in the Company, representing 8.48% of the share capital in the Company. GEH will enter into a customary 180 days lock-up for its remaining shares in the Company not sold in the Transaction. Important Notice The distribution of this announcement and the offer and sale of the shares in certain jurisdictions may be restricted by law. The shares may not be offered to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the shares in such jurisdiction. No action has been taken by the Manager nor any of its affiliates that would permit an offering of the shares or possession or distribution of this announcement or any other offering or publicity material relating to such securities in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This press release is for information purposes only and does not constitute or form a part of an offer to sell or a solicitation of an offer to purchase any security of the Company in the United States or in any other jurisdiction where such offer or solicitation is unlawful. The securities of the Company described in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any applicable state or foreign securities laws and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offering of securities in the United States.

FJORDKRAFT HOLDING ASA - NEW SHARE CAPITAL REGISTERED Reference is made to the announcement made by Fjordkraft Holding ASA (the "Company" or "Fjordkraft") on 22 September 2020, regarding the Company`s completion of the acquisition of 100% of the shares in Innlandskraft AS, and the issuance of 9,695,584 new shares in the Company as consideration to Gudbrandsdal Energi Holding AS ("GEH") for 50% of the purchase price for Innlandskraft. The share capital increase related to the issuance of shares to GEH has today been registered with the Norwegian Register of Business Enterprises. The Company`s new share capital is NOK 34,284,540 divided into 114,281,800 shares, each with a nominal value of NOK 0.30. This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. For queries, please contact: Morten A. W. Opdal, Head of Controlling and Investor Relations, +47 970 62 526

Reference is made to the stock exchange notice from Fjordkraft Holding ASA ("Fjordkraft") on 22 September 2020 regarding the acquisition of 100% of the shares in Innlandskraft AS ("Innlandskraft") from Gudbrandsdal Energi Holding AS ("GEH") and Eidsiva Energi AS. In connection with the settlement of 50% of the purchase price of Innlandskraft, Fjordkraft will issue 9,695,584 shares in Fjordkraft to GEH. Following receipt of the new shares, GEH will own a total of 9,695,584 shares in the Company, equal to 8.48 % of the outstanding shares and voting rights in Fjordkraft. This information is subject to the disclosure requirements pursuant to Section 4-3 the Norwegian Securities Trading Act