Primary insider notice

Reference is made to the ongoing fully underwritten rights issue (the “Rights issue”) in AqualisBraemar ASA (the “Company”).

David Wells, CEO, has subscribed for 165 222 rights issue shares, of which 165 222 corresponds to the number of subscription rights allocated to him based on his existing shareholding. Following the issuance of the new shares in the Rights Issue, he and his close associates will own at least 951 998 shares in the Company.

Reuben Segal, Group COO, has sold 194 613 subscription rights at a price of NOK 0.0082 per subscription right. Following the sale, he and his close associates holds 100,000 subscription rights.

Stuart Mills, Group Commercial Director, has subscribed for 28 768 rights issue shares, of which 28 768 corresponds to the number of subscription rights allocated to him based on his existing shareholding. Following the issuance of the new shares in the Rights Issue, he and his close associates will own at least 165 766 shares in the Company.

This information is subject to disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act. This announcement may not be distributed or sent into the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. These materials are not an offer for sale of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States.