Elmera Group ASA - Major shareholdings notification

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND,
SOUTH AFRICA AND SOUTH KOREA, OR ANY JURISDICTION IN WHICH THE RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Reference is made to the recommended voluntary cash offer by Fortum Consumer
Solutions AS (the "Offeror"), a company wholly owned by Fortum Oyj, to acquire
all issued and outstanding shares (the "Shares") in Elmera Group ASA ("Elmera"),
except for shares owned by Elmera, at a price of NOK 47 per share on the terms
and conditions set out in the offer document dated 20 August 2026 (the "Offer
Document") (the "Offer"). 

At the time of this announcement, and subject to customary verification of
acceptances received, the Offeror has received acceptances under the Offer for
11,526,467 Shares, which represent approximately 10.08% of the issued and
outstanding share capital and voting rights of Elmera. Accordingly, the Offeror
will become the owner of these Shares at the time of, and subject to, completion
of the Offer and the Offeror has crossed the 10% notification threshold pursuant
to Section 4-2 of the Norwegian Securities Trading Act.

As announced on 3 September 2026, the Closing Condition relating to "Regulatory
Approvals" as set out in Section 3.4 (c) "Conditions for completion of the
Offer" of the Offer Document (as defined and described in the Offer Document)
has been satisfied. 

The Offer remains subject to the other Closing Conditions set out in Section 3.4
"Conditions for completion of the Offer" of the Offer Document, including the
Closing Condition in Section 3.4 (a) "Minimum Acceptance" relating to
shareholders of Elmera representing more than 90% of the issued and outstanding
share capital and voting rights of Elmera on a fully diluted basis having
validly accepted the Offer (as defined and described in the Offer Document).

The full terms and conditions of the Offer, including procedures for how to
accept the Offer, are set out in the Offer Document. The Offer may only be
accepted on the basis of the Offer Document. Subject to regulatory restrictions
in certain jurisdictions, the Offer Document is available at the following
webpage: www.paretosec.com/transactions. 

Advisors

Advokatfirmaet BAHR AS is acting as legal advisor to the Offeror, while Pareto
Securities AS is acting as financial advisor to the Offeror. Advokatfirmaet
Haavind AS is acting as legal advisor to Elmera, while ABG Sundal Collier ASA is
acting as its financial advisor.

Contacts

Fortum
Investors: Ingela Ulfves, tel. +358 40 515 1531 Rauno Tiihonen, tel. +358 50 453
6150 investors@fortum.com 

Media: Fortum News Desk, tel. +358 40 198 2843

This information is subject to the disclosure requirements according to section
4-2 of the Norwegian Securities Trading Act. 

* * *

IMPORTANT INFORMATION

The terms and conditions of the Offer are governed by Norwegian law and carried
out in conformity with the requirements of Norwegian law. The Offer and the
distribution of this announcement and other information in connection with the
Offer may be restricted by law in certain jurisdictions. The Offer Document and
related acceptance forms will not and may not be distributed, forwarded or
transmitted into or within any jurisdiction where it is prohibited by applicable
law, including, without limitation Australia, Canada, Japan, New Zealand, South
Africa, South Korea and Hong Kong, or any other jurisdiction in which it would
be unlawful. The Offeror does not assume any responsibility in the event there
is a violation by any person of such restrictions. Persons in the United States
should review "Notice to U.S. Holders" below. Persons into whose possession this
announcement or such other information should come are required to inform
themselves about and to observe any such restrictions.

This announcement is for information purposes only and is not an offer or a
tender offer document and, as such, is not intended to constitute or form any
part of an offer or the solicitation of an offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of any securities, or the solicitation
of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise.
Investors may accept the Offer only on the basis of the information provided in
the Offer Document. The Offer is not made directly or indirectly in any
jurisdiction where either an offer or participation therein is prohibited by
applicable law or where any tender offer document or registration or other
requirements would apply in addition to those undertaken in Norway.

Notice to U.S. Holders 

Holders of Shares in the United States ("U.S. Holders") are advised that the
Shares are not listed on a U.S. securities exchange and that Elmera is not
subject to the periodic reporting requirements of the U.S. Securities Exchange
Act of 1934, as amended (the "U.S. Exchange Act"), and is not required to, and
does not, file any reports with the U.S. Securities and Exchange Commission
thereunder. 

The Offer is made for the issued and outstanding Shares of Elmera (other than
Shares owned by Elmera), a company incorporated under Norwegian law, and is
subject to Norwegian disclosure and procedural requirements, which are different
from those of the United States. The Offer is made to U.S. Holders as a "Tier I"
tender offer as provided in Rule 14d-1(c) of Regulation 14D under the U.S.
Exchange Act, to the extent applicable and subject to any available exemptions,
and otherwise in compliance with the disclosure and procedural requirements of
Norwegian law, including with respect to the Offer timetable, settlement
procedures and timing of payments, which may be different from requirements or
customary practices in relation to tender offers for U.S. domestic issuers that
are subject to the more fulsome requirements of Regulation 14D and 14E under the
U.S Exchange Act. 

The Offer is made to U.S. Holders on the same terms and conditions as those made
to all other holders of Shares to whom the Offer is made. Any information
document, including the Offer Document, is and will be disseminated to U.S.
Holders in English on a basis comparable to the method that such documents are
provided to Elmera's other shareholders to whom the Offer is made. The Offer is
made by the Offeror and no one else. U.S. Holders are encouraged to consult with
their own advisors regarding the Offer. 

To the extent permissible under applicable law or regulations, the Offeror and
its affiliates or brokers (acting as agents for the Offeror or its affiliates,
as applicable) may from time to time and during the pendency of the Offer, and
other than pursuant to the Offer, directly or indirectly, purchase or arrange to
purchase, Shares or any securities that are convertible into, exchangeable for
or exercisable for such Shares outside the United States, so long as those
acquisitions or arrangements comply with applicable Norwegian law and practice
and the provisions of such exemption. These purchases may occur either in the
open market at prevailing prices or in private transactions at negotiated
prices. 

To the extent permissible under applicable law or regulations, the Offeror and
its affiliates or brokers (acting as agents for the Offeror or its affiliates,
as applicable) may from time to time and during the pendency of the Offer, and
other than pursuant to the Offer, directly or indirectly, purchase or arrange to
purchase, Shares or any securities that are convertible into, exchangeable for
or exercisable for such Shares outside the United States, so long as those
acquisitions or arrangements comply with applicable Norwegian law and practice
and the provisions of such exemption. These purchases may occur either in the
open market at prevailing prices or in private transactions at negotiated
prices. To the extent information about such purchases or arrangements to
purchase is made public in Norway, such information is and will be disclosed by
means of an English language press release via an electronically operated
information distribution system in the United States or other means reasonably
calculated to inform U.S. Holders of such information. In addition, the
financial advisor to the Offeror may also engage in ordinary course trading
activities in securities of Elmera, which may include purchases or arrangements
to purchase such securities as long as such purchases or arrangements are in
compliance with applicable law. To the extent required in Norway, any
information about such purchases will be made public in Norway in the manner
required by Norwegian law. Neither the U.S. Securities and Exchange Commission
nor any U.S. state securities commission has approved or disapproved the Offer,
passed upon the merits or fairness of the Offer, or passed any comment upon the
adequacy, accuracy or completeness of the disclosure in this announcement. Any
representation to the contrary is a criminal offense in the United States. It
may be difficult for Elmera's shareholders to enforce their rights and any
claims they may have arising under the U.S. federal securities laws in
connection with the Offer, since the Offeror and Elmera are located in non-U.S.
jurisdictions, and some or all of their respective officers and directors may be
residents of non-U.S. jurisdictions. The shareholders of Elmera may not be able
to sue the Offeror or Elmera or their respective officers or directors in a
non-U.S. court for violations of the U.S. federal securities laws. It may be
difficult to compel the Offeror and Elmera and their respective affiliates to
subject themselves to a U.S. court's judgment.
heir respective officers or directors in a\
non-U.S. court for violations of the U.S. federal securities laws. It may be\
difficult to compel the Offeror and Elmera and their respective affiliates to\
subject themselves to a U.S. court's judgment.\