Avance Gas Holding Ltd – Contemplated private placement - Seite 2

Hemen Holding Limited ("Hemen"), a company indirectly controlled by trusts established by Mr. John Fredriksen for the benefit of his immediate family and the largest shareholder in the Company, holding approximately 25% of the outstanding shares, has pre-subscribed for 50% of the Private Placement and will as a minimum be allocated their pro-rata share of the Private Placement.

Allocation of the shares in the Private Placement will be determined at the end of the application period, and final allocation will be made by the Board at its sole discretion, following advice from the Managers. Allocation will be based on criteria such as (but not limited to), existing ownership, timeliness of the application, price leadership, relative order size, sector knowledge, perceived investor quality and investment horizon. There is no guarantee that any potential investor will be allocated shares

Completion of the Private Placement is subject to the Board resolving to allocate Offer Shares and consummate the Private Placement.

The Company will announce the final offer price and the number of Offer Shares allocated in the Private Placement through a stock exchange notice expected to be published before opening of trading on Oslo Stock Exchange 9 April 2021.

Settlement of the Private Placement will be on a delivery versus payment basis, which will be facilitated by existing and unencumbered common shares in the Company being borrowed by the Company's largest shareholder, Hemen Holding Limited, pursuant to a share lending agreement entered into between Hemen, the Company and DNB Markets (on behalf of the Managers). The Offer Shares will thus be tradable from allocation. The Managers will settle the share loan with new common shares of the Company to be issued by a board resolution to be held on or about 8 April 2021.

The Board has considered the offering of new common shares in the Private Placement in light of the rules on equal treatment under Oslo Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock Exchange's Guidelines on the rule of equal treatment, and the Board is of the opinion that the contemplated transaction is in compliance with these requirements and guidelines. The share issuance will be carried out as a private placement to complete a transaction in an efficient manner. On this basis, and based on an assessment of the current equity markets, the Company's Board has considered the Private Placement to be in the common interest of the Company and its shareholders.