Reference is made to the Proposal for Reinforcement of Short-Term Liquidity in Norwegian Crystals as dated May 12, 2020. Talks with two key creditors are still ongoing and positive, but as of 21.00 CET today, terms are not entirely concluded. One of these creditors is directly impacted by the outcome of the final agreement with the other creditor and the two negotiations are conducted in parallel.

The Board of Directors assesses that it is unlikely to conclude both agreements before the stipulated deadline of 22.00 CET tonight and resolved a second postponement of the “Proposal Acceptance”. Business in Norway and abroad may be affected by the Holidays this week and weekend, leading the Board of Directors to resolve that the “Proposal Acceptance” will be 18.00 CET on Monday May 25. The indicative timeline contained in the Proposal will be updated and announced when “Proposal Acceptance” is achieved.

Despite the positive development in the negotiations with the two creditors, there is no guarantee that satisfactory final agreements will be reached. Should satisfactory agreements not be concluded in time to announce “Proposal Acceptance” by 18.00 CET May 25, the Company sees no alternative to commence insolvency proceedings, i.e. business reconstruction or bankruptcy – there will be no further postponement of the “Proposal Acceptance” deadline.