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Approval of the merger by the board of directors of Bank Norwegian ASA

Approval of the merger by the board of directors of Bank Norwegian ASA

Reference is made to the stock exchange notice of 4 July 2022 where Bank Norwegian ASA ("Bank Norwegian") announced that the Boards of Directors of Bank Norwegian and its Swedish parent, Nordax Bank AB (publ) ("Nordax"), had signed a joint merger plan for a cross-border parent-subsidiary merger.

The merger plan was registered with the Norwegian Register of Business Enterprises (Foretaksregisteret) on 5 July 2022. In order to formally resolve on the merger, it is a requirement that the Board of Directors of Bank Norwegian approves the merger after the merger plan has been publicly available for at least one month. Thus, the Board of Directors of Bank Norwegian has today, on 8 August 2022, approved the merger.

The implementation of the merger is still conditional upon (i) that the deadline for objections pursuant to the Public Limited Liability Companies Act § 13-15, cf. 13-16 has expired, (ii) that the Norwegian Financial Supervisory Authority ("Finanstilsynet") and the Swedish Financial Supervisory Authority ("Finansinspektionen") have approved the implementation of the merger, (iii) that Finansinspektionen has approved Nordax' establishment of a branch in Norway and that Finanstilsynet has confirmed that the branch can commence operations (or that the waiting period of two months has expired), (iv) that relevant consents and approvals from third parties have been obtained and (v) that no objections have been made by creditors or that any such objections have been clarified.

As announced on 4 July 2022, the merger is expected to be completed during Q1 2023 at the latest. Bank Norwegian’s operations and organization, as well as customer terms and conditions are not expected to be materially amended following the merger. The Bank Norwegian brand will continue to be used.

For any questions, please contact:

CEO, Klara-Lise Aasen; phone: +47 47635583; e-mail: kaa@banknorwegian.no

CFO, Mats Benserud; phone: +47 95891539; e-mail: mbe@banknorwegian.no

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act, Oslo Børs Rule Book II and the Nordic ABM Rules.