Oslo, 29 December 2025


Reference is made to the stock exchange announcement made by Fjord Defence Group
ASA (the "Company") on 29 December 2025 regarding the registration of the share
capital increase pertaining to the issuance of 13,333,333 new shares in the
Company in the private placement announced on 27 November 2025 (the "Private
Placement").


Settlement of the offer shares allocated to investors in the Private Placement
on a delivery-versus-payment (DVP) basis was facilitated by a share lending
agreement between the Company, the managers in the Private Placement and
existing shareholders in the Company, AS Saturn, Cubic Invest AS, Trigger AS,
GKI AS and Hugin Management AS, by delivery of already existing shares in the
Company admitted to trading on Euronext Oslo Børs.


Following the registration of the share capital increase pertaining to the
Private Placement, Pareto Securities AS, acting as settlement agent on behalf of
the managers in the Private Placement, has today redelivered 13,333,333 new
shares in the Company to each of the Share Lenders as settlement of the shares
borrowed to facilitate settlement of the Private Placement. The new shares
issued by the Company were used for the redelivery, including the redelivery of
2,894,823 shares to AS Saturn, a close associate of CEO and primary insider
Asbjørn Bø. Please see the enclosed form for further details.


Upon redelivery of the borrowed shares, the following share lenders have
exceeded the 5% threshold pursuant to section 4-2 of the Norwegian Securities
Trading Act:


* AS Saturn holds 3,300,231 shares in the Company, representing ~6.02% of the
issued shares and votes. AS Saturn is ultimately controlled by Jon Asbjørn Bø
and 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% of
the issued shares and votes. Cubic Invest AS is ultimately controlled by Lars
Harald 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 the
issued shares and votes. Trigger AS is ultimately controlled by Jan Marius
Hektoen 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 the
issued shares and votes. GKI AS is ultimately controlled by Gudmund Kjærheim and
has no rights to further shares or votes in the Company.


For further details about the Private Placement, please refer to the Company's
stock exchange announcement of 27 November 2025.


For more information please contact:


Jon Asbjørn Bø

jab@fjorddefence.com

+47 930 86 932


* * *

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation (EU) 596/2014 (MAR) article 19 number 3 and section 4-2
of the Norwegian Securities Trading Act.