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Disclosure of shares and rights to shares in Element ASA ("Element") (flagging)

Reference is further made to the announcement disclosed on 10 June 2018 and the further details provided therein.

European High Growth Opportunities Securitization Fund represented by European High Growth Opportunities Securitization Fund Manco SA ("EHGO") has on 17 August 2018 sold 547,676 shares in Element.

After the transaction EHGO holds (i) 4,437,607 shares in Element, equal to 4.72% of the registered share capital, (ii) 4,000,000 outstanding convertible bonds convertible into 2,222,222 new shares in Element (adjustable if the conversion price is adjusted at the time of conversion), equal to 2.36 % of the registered share capital and (iii) 13,333,333 warrants giving the right 13,333,333 new shares in Element, equal to 14.18 % of the registered share capital.

Following issuance of the new shares, EHGO's total holding of shares and rights to shares (through convertible bonds and warrants to shares) make up 21.27 % of the registered share capital.

EHGO is a fund managed by Alpha Blue Ocean Inc. ("ABO"). ABO owns 6,187,350 warrants in Element giving the right to 6,187,350 new shares in Element, equal to 6.58 % of the registered share capital. Furthermore, EHGO has an obligation to redeliver 5.750.000 borrowed shares in Element pursuant to a loan agreement with Paschi International Limited and the White November Fund.

ABO's total holding of shares and rights to shares on a consolidated basis, based on convertible bonds and warrants make up 26,180,512 shares and votes, equal to 27,84 % of the registered share capital.

The disclosure regulation (flaggereglene) requires the disclosure thresholds regarding rights to shares (i.e. notes and warrants) are calculated on the basis of registered share capital of the issuer at the time of disclosure and do not give the correct view taking into account the situation at the time of conversion/exercise of rights to shares. On a fully diluted basis, taking into account all share issuances pursuant to convertible bonds and warrants, ABO's consolidated holding of shares and rights to shares will amount to 25.63 % of the share capital of Element.

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About Alpha Blue Ocean Inc.

Alpha Blue Ocean Inc. is an international business company incorporated under the laws of the Republic of Seychelles, represented by Mr. Pierre Vannineuse. Mr. Pierre Vannineuse is the sole shareholder and sole Director of Alpha Blue Ocean Inc. Alpha Blue Ocean Inc. is a member of the Blue Ocean Investment Group. Alpha Blue Ocean Inc. was created by Pierre Vannineuse and manages an asset portfolio of around 300 million dollars for a group of funds. Blue Ocean specializes in providing flexible, innovating and non-invasive debt and capital financing arrangements to listed companies throughout the world and in various sectors such as healthcare, energy, mining and high tech. Alpha Blue Ocean Inc. has offices in London and Geneva.