Oslo, Norway, 4 January 2019

Reference is made to the announcement yesterday regarding the resignation of Torbjørn Kjus, Head of Energy Trading at Vistin Pharma ASA ("Vistin Pharma" or the "Company"). The Company is in the process of evaluating the strategy for the Energy Trading business unit, and how the current trading positions should be managed going forward.

As previously reported, the Energy Trading business unit has entered into financial derivative contracts to take advantage of the global change in sulphur specifications for marine fuel in the global shipping industry in 2020. The International Maritime Organisation (IMO), which governs the international shipping society, has decided that by 1 January 2020 it will be illegal for any ship to burn fuel with more than 0.5% sulphur content unless the ship can desulphurize the emissions from the fuel (through scrubber equipment). Today, the international shipping fleet mainly burns fuel with 3.5% sulphur content. As a consequence of these regulatory changes, the market anticipates that the market price for fuel with a low sulphur content will increase, while the price for high sulphur fuel will decrease. The oil derivative contracts entered into by Vistin Pharma are based on the price difference between these two fuel qualities.

As of 31 December 2018, the market-to-market value of these contracts was negative NOK 85.0 million, which will be recognised as an unrealised financial loss in 2018. No financial losses or gains relating to these contracts have been realised in 2018. The market-to-market value as of 3 January 2018 was negative NOK 101.3 million. The derivative contracts, which are entered into with a commercial bank as a counter party, do not result in physical delivery of the oil products, but the market-to-market value of the derivatives is settled when the contracts are terminated by Vistin Pharma. The contracts expire at the end of 2020, but may be terminated at any time by the Company.

As part of the agreement for the derivative contracts, a margin call of approximately 20% of the total contract exposure is deposited with the counter party as security. The margin call deposited with the counter party as of 31 December 2018 was NOK 163.5 million. The preliminary consolidated cash and cash equivalents for Vistin Pharma ASA as of 31 December 2018 was NOK 320.6 million, which included the amount deposited as margin call.

Further information regarding the management of the Energy Trading business unit will be provided as soon as the Company's ongoing evaluation has been finalised.

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For further information, please contact:

Gunnar Manum
CFO
+47 95 17 91 90
gunnar.manum@vistin.com