ABL Group ASA: Exercise of employee share options and share capital increase

Oslo, Norway, 8 January 2024: Reference is made to the stock exchange notice
issued by ABL Group ASA (“ABL Group” or the “Company”) on 14 December 2023
regarding vesting of employee share options as part of the Company’s long-term
incentive plan (“LTIP”).

Participants in ABL Group’s share option program have on 8 January 2024
exercised a total of 4,127,500 options distributed as follows:

• 180,000 options issued as part of the LTIP 2019 program at an exercise price
  of NOK 3.09; and
• 3,947,500 options issued as part of the LTIP 2020 program at an exercise price
  of NOK 5.26.

Each option gives a right to receive one share in the Company. For more
information on the LTIP and outstanding share options, please see the Company’s
Annual Report as well as the notice to the Annual General Meeting 2023.

Following the exercise, the Board of Directors, pursuant to authorisation
granted at the Company’s Annual General Meeting, has decided to increase the
Company’s share capital by NOK 412,750.00 by issuing 4,127,500 new shares, of
par value NOK 0.1. Subsequent to the transaction and the registration of the new
shares in the Norwegian Register of Business Enterprises, ABL Group’s share
capital will be NOK 12,747,786.70 divided into 127,477,867 shares, each share
having a par value of NOK 0.1 and carrying one vote in the Company’s general
meeting.

The following options are exercised by primary insiders:

• 135,000 options are exercised by David Wells, board member. Following the
  transaction, Wells and his close associates will own 1,208,051 shares in the
  Company.
• 135,000 options are exercised by Svein Staalen, General Counsel. Following the
  transaction, Staalen will own 337,864 shares in the Company.
• 100,000 options are exercised by Will Cleverly, CEO of OWC. Following the
  transaction, Cleverly will own 278,931 shares in the Company.
• 160,000 options are exercised by RV Ahilan, Chief Energy Transition Officer.
  Following the transaction, Ahilan will own 897,705 shares and 100,000 share
  options in the Company.

Ahilan and certain other option holders have transferred their rights to receive
shares resulting from the exercised options to a third party. Following a sale
of shares, these option holders will receive the net proceeds after deduction of
the exercise price and accrued tax. The sales amount will be finally determined
on the basis of the price subsequently obtained by the third party in the
market. The results of the sales process for Ahilan will be announced in a
separate stock exchange notice when known.

Primary insider notifications pursuant to the market abuse regulation article 19
are attached.

A total of 5,047,500 vested options were not exercised and will be extended by 1
year. After the exercise, the following employee share options remain
outstanding:

• 450,000 vested share options expiring 11 March 2025, with exercise price NOK
  3.09;
• 4,597,500 vested share options expiring 14 September 2025, with exercise price
  NOK 5.26; and
• 848,000 share options, vesting 11 July 2025 and expiring 11 April 2026, with
  exercise price NOK 12.03.