Fjord Defence Group ASA - Disclosure of major shareholding and mandatory notifications of trade: Redelivery of borrowed shares

Oslo, 29 December 2025Reference is made to the stock exchange announcement made by Fjord DefenceGroupASA (the "Company") on 29 December 2025 regarding the registration of thesharecapital increase pertaining to the issuance of 13,333,333 new shares in theCompany in the private placement announced on 27 November 2025 (the "PrivatePlacement").Settlement of the offer shares allocated to investors in the Private Placementon a delivery-versus-payment (DVP) basis was facilitated by a share lendingagreement between the Company, the managers in the Private Placement andexisting shareholders in the Company, AS Saturn, Cubic Invest AS, Trigger AS,GKI AS and Hugin Management AS, by delivery of already existing shares in theCompany admitted to trading on Euronext Oslo Børs.Following the registration of the share capital increase pertaining to thePrivate Placement, Pareto Securities AS, acting as settlement agent on behalfofthe managers in the Private Placement, has today redelivered 13,333,333 newshares in the Company to each of the Share Lenders as settlement of the sharesborrowed to facilitate settlement of the Private Placement. The new sharesissued by the Company were used for the redelivery, including the redeliveryof2,894,823 shares to AS Saturn, a close associate of CEO and primary insiderAsbjørn Bø. Please see the enclosed form for further details.Upon redelivery of the borrowed shares, the following share lenders haveexceeded the 5% threshold pursuant to section 4-2 of the Norwegian SecuritiesTrading Act:* AS Saturn holds 3,300,231 shares in the Company, representing ~6.02% of theissued shares and votes. AS Saturn is ultimately controlled by Jon Asbjørn Bøand has no rights to further shares or votes in the Company.* Cubic Invest AS holds 3,211,173 shares in the Company, representing ~5.86%ofthe issued shares and votes. Cubic Invest AS is ultimately controlled by LarsHarald Henriksen and has no rights to further shares or votes in the Company.* Trigger AS holds 3,211,173 shares in the Company, representing ~5.86% of theissued shares and votes. Trigger AS is ultimately controlled by Jan MariusHektoen and has no rights to further shares or votes in the Company.* GKI AS holds 2,969,654 shares in the Company, representing ~5.42% of theissued shares and votes. GKI AS is ultimately controlled by Gudmund Kjærheimandhas no rights to further shares or votes in the Company.For further details about the Private Placement, please refer to the Company'sstock exchange announcement of 27 November 2025.For more information please contact:Jon Asbjørn Bøjab@fjorddefence.com+47 930 86 932* * *This information is subject to the disclosure requirements pursuant to theMarket Abuse Regulation (EU) 596/2014 (MAR) article 19 number 3 and section4-2of the Norwegian Securities Trading Act.https://newsweb.oslobors.no/message/662898