NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES, OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

Reference is made to the announcement published by Aprila Bank ASA ("Aprila" or the "Company”) on 13 February 2024 regarding a contemplated guaranteed fully subscribed private placement (the "Private Placement").

The Company is pleased to announce that the Private Placement has been successfully placed raising gross proceeds of approx. NOK 43 million through the allocation of 6,581,865 new ordinary shares (the "Offer Shares") in the Company at a subscription price of NOK 6.50 per share. The Private Placement was oversubscribed. The Private Placement took place through an application period from 13 February 2024 to 16:00 on 15 February 2024.

The Private Placement was guaranteed fully subscribed by SES AS and Kvantia AS. Both SES AS and Kvantia AS are larger shareholders and represented on the board of directors of the Company by Bertel Steen and Hans Marius Falkanger, respectively. The guarantors will not receive any fee for the guarantee.

The net proceeds from the Private Placement will be used to strengthen the Company's equity inter alia in order to ensure continued compliance with the Company's capital requirements going forward, as well as for general corporate purposes.

The following primary insiders have been allocated shares in the Private Placement:

SES AS, represented in the board by Bertel Steen, was allocated 3,660,000 shares. Following registration of the new share capital, SES AS will hold 16,750,000 shares in the Company, equal to 23.06% of the share capital.

Kvantia AS, represented in the board by Hans Marius Falkanger, was allocated 1,917,838 shares. Following registration of the new share capital, Kvantia AS will hold 4,335,036 shares in the Company, equal to 5.97% of the share capital.

Hafa Invest AS, an investment company wholly owned by board member Hans Marius Falkanger, was allocated 76,923 shares. Following the registration of the new share capital, Hafa Invest AS holds a total of 346,394 shares in the Company, equal to 0.48% of the share capital.

Halvor Lande, CEO, was allocated 15,000 shares. Following the registration of the new share capital, Halvor Lande will hold 277,902 shares in the Company, equal to 0.38% of the share capital.

ØSD Invest AS, an investment company wholly owned by Øystein Dannevig, Chief Decision Scientist, was allocated 140,000 shares. Following the registration of the new share capital, Øystein Dannevig holds, directly and through his wholly owned investment company, a total of 1,392,781 shares in the Company, equal to 1.92% of the share capital.

Pippen Holding AS, an investment company wholly owned by Christian Lunde, Chief Credit Officer, was allocated 26,323 shares. Following the registration of the new share capital, Christian Lunde holds, directly and through his wholly owned investment company, a total of 91,523 shares in the Company, equal to 0.13% of the share capital.

Fjeld-Olsen AS, an investment company wholly owned by Aksel Fjeld-Olsen, Head of Legal, was allocated 4,000 shares. Following the registration of the new share capital, Aksel Fjeld-Olsen holds, directly and through his wholly owned investment company, a total 20,000 shares in the Company, equal to 0.03% of the share capital.

Completion of the Private Placement by the delivery of the Offer Shares will be subject to (i) payment being received for the Offer Shares, and (ii) registration of the share capital increase pertaining to the Private Placement with the Norwegian Register of Business Enterprises and issuance of the Offer Shares by the VPS; and (iii) to the extent completion of the Private Placement is dependent on subscription of shares from SES AS, that the Private Placement is completed before SES AS' authorisation from the Financial Supervisory Authority of Norway to acquire shares in the Company expires or that an extension of the authorisation or a new authorisation for such acquisition has been granted by the Financial Supervisory Authority of Norway.

Following registration of the new share capital pertaining to the Private Placement with the Norwegian Register of Business Enterprises, the Company will have an issued share capital of NOK 72,650,539, divided into 72,650,539 shares, each with a par value of NOK 1.

For further information, please contact:

Kjetil Barli, CFO
+47 908 42 016
kjetil@aprila.no

About Aprila Bank ASA
Aprila is an innovative product- and technology company offering enhanced access to financing for businesses. Aprila’s API-based technology platform supports both direct customer relationships as well as customer relationships established through partners. The bank commenced operations in April 2018.

IMPORTANT INFORMATION
This document is not an offer to sell or a solicitation of offers to purchase or subscribe for shares. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.

This communication may not be published, distributed or transmitted in or into the United States, Canada, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, South Africa or Japan and it does not constitute an offer or invitation to subscribe for or purchase any securities in such countries or in any other jurisdiction. In particular, the document and the information contained herein should not be distributed or otherwise transmitted into the United States of America or to U.S. persons (as defined in the U.S. Securities Act of 1933, as amended (the "Securities Act")) or to publications with a general circulation in the United States of America. This document is not an offer for sale of securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act, or the laws of any state, and may not be offered or sold in the United States of America absent registration under or an exemption from registration under Securities Act. Aprila Bank ASA does not intend to register any part of the offering in the United States. There will be no public offering of the securities in the United States of America.

The information contained herein does not constitute an offer of securities to the public in the United Kingdom. No prospectus offering securities to the public will be published in the United Kingdom. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any member state of the European Economic Area (each an "EEA Member State") that has implemented the EU Prospectus Regulation (Regulation (EU) 2017/1129 with amendments thereto), including any applicable implementing measures in any Member State, the "Prospectus Regulation") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement is not a prospectus within the meaning of the Prospectus Regulation, as implemented in each member State of the European Economic Area. With respect to the EEA Member States, no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring a publication of a prospectus in any Member State. As a result, the securities of the Company may not and will not be offered in any Member State except in accordance with the exemptions set forth in Article 1 of the Prospectus Regulation.