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EXEMPTED DOCUMENT Prepared for Listing of Consideration Shares

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EXEMPTED DOCUMENT Prepared for Listing of Consideration Shares EXEMPTED DOCUMENT Prepared for listing of consideration shares issued in connection with the triangular merger between Frøy Gruppen AS and NTS ASA (A public limited liability company incorporated under the laws of Norway) __________ The information contained in this exempted document (the “Exempted Document”) relates to the merger with Frøy Gruppen AS (the “Merger”) by a wholly owned subsidiary of NTS ASA, a public limited liability company existing under the laws of Norway with business registration number 814520242 and listed on Oslo Børs with ticker “NTS” (the “Company”, and taken together with its subsidiaries, the “Group”). __________ On 9 December 2019, the Company entered into an agreement with Gåsø Næringsutvikling AS, (“Gåsø Næringsutvikling” or the “Seller”) to merge with Frøy Gruppen AS (“Frøy Gruppen”). The Merger was completed on 3. April.2020. Pursuant to the terms and conditions of the merger plan, Frøygruppen AS has merged with Frøy Gruppen, against a consideration in the form of 46,516,416 new shares in the Company (the “Consideration Shares”) issued to the Seller. __________ This Exempted Document serves as a prospectus equivalent document for the purpose of listing the new shares to be issued in connection with the Merger, cf. section 7-1 of the Norwegian Securities Act cf. the Prospectus Regulation Article 1 (5) point (f). This Exempted Document is not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Counsel of 14 June 2017, and therefore it has not been subject to scrutiny and approval by the relevant competent authority as set out in Article 20 of Regulation 2017/1129. __________ This Exempted Document does not constitute an offer or solicitation to buy, subscribe or sell the securities described herein, and no securities are being offered or sold pursuant to this Exempted Document. __________ In reviewing this Exempted Document, you should carefully consider amongst other the matters described in Section 1 “Risk Factors” beginning on page 3. __________ The date of this Exempted Document is 3 April 2020 IMPORTANT INFORMATION This Exempted Document has been prepared by the Company for the purpose of listing the Consideration Shares which have been issued in connection with the Merger on Oslo Børs. For the definition of certain capitalised terms used throughout this Exempted Document, please see section 14, “Definitions and Glossary”, which also applies to the front page. No shares or other securities are being offered or sold in any jurisdiction pursuant to this Exempted Document. All inquiries relating to this Exempted Document must be directed to the Company. No other person is authorized to give any information about, or to make any representations on behalf of, the Company in connection with the Merger. If any such information is given or representation made, it must not be relied upon as having been authorized by the Company. The information contained herein is as of the date hereof and is subject to change, completion and amendment without further notice. The publication of this Exempted Document shall not under any circumstances create any implication that there has been no change in the Group's affairs or that the information set forth herein is correct as of any date subsequent to the date hereof. No person is authorised to give information or to make any representation in connection with the Merger other than as contained in this Exempted Document. The contents of this Exempted Document are not to be construed as legal, business or tax advice. Each reader of this Exempted Document should consult with his or her own legal, business or tax advisor as to legal, business or tax advice. If you are in any doubt about the contents of this Exempted Document, you should consult your stockbroker, bank manager, lawyer, accountant or other professional advisor. Readers are expressly advised that the Shares are exposed to financial and legal risk and they should therefore read this Exempted Document in its entirety, in particular section 1, “Risk Factors”. This Exempted Document serves as a prospectus equivalent document for the purpose of listing of the Consideration Shares to be issued in connection with the Merger, cf. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, Article 1 (5) point (f), as implemented by the Norwegian Securities Trading act section 7-1. This Exempted Document is not a prospectus and has neither been inspected nor approved by the Norwegian Financial Supervisory Authority (Nw. Finanstilsynet) in accordance with the rules that apply to prospectuses. This Exempted Document does not constitute an offer or solicitation to buy, subscribe or sell the securities described herein, and no securities are being offered or sold pursuant to this Exempted Document. The content of this Exempted Document has been prepared on the basis of the Final Report: Technical advice on Minimum Information Content for Prospectus Exemption (ESMA31-62-1207). The distribution of this Exempted Document may in certain jurisdictions be restricted by law. Persons in possession of this Exempted Document are required to inform themselves about and to observe any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Exempted Document, in any country or jurisdiction where specific action for that purpose is required. This Exempted Document is not for publication or distribution, directly or indirectly, in the United States. The Company has not registered any of the shares issued by the Company, including the Consideration Shares, (jointly, the "Shares") under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and the Shares may not be offered or sold, directly or indirectly, in the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Company does not intend to register any of the Shares pursuant to the U.S. Securities Act. This Exempted Document shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo District Court as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Exempted Document. 1 Table of Content 1 RISK FACTORS ............................................................................................................................. 3 2 RESPONSIBILITY STATEMENT ................................................................................................... 10 3 GENERAL INFORMATION ......................................................................................................... 11 4 THE MERGER ............................................................................................................................. 12 5 PRESENTATION OF NTS ASA ..................................................................................................... 16 6 PRESENTATION OF FRØY GRUPPEN AS ................................................................................... 32 7 PRESENTATION OF NORWAY ROYAL SALMON ASA ................................................................ 43 8 SELECTED FINANCIAL INFORMATION FOR NTS ASA ............................................................... 47 9 SELECTED FINANCIAL INFORMATION FOR FRØY GRUPPEN AS .............................................. 55 10 CAPITALISATION AND INDEBTEDNESS .................................................................................... 60 11 UNAUDITED PRO FORMA FINANCIAL INFORMATION ............................................................ 67 12 INDUSTRY OVERVIEW .............................................................................................................. 80 13 ADDITONAL INFORMATION AND DOCUMENTS ...................................................................... 86 14 DEFINITIONS AND GLOSSARY OF TERMS ................................................................................. 88 APPENDIX APPENDIX A - Auditor’s independent assurance report on pro forma financial information APPENDIX B – Opening balance Frøy Gruppen APPENDIX C - Historical audited financials for Frøy Gruppen’s subsidiaries 2 1 RISK FACTORS The following risk factors and all other information contained in this Exempted Document, including the financial statements and related notes, should be carefully considered when analysing the Company, the Group, Frøy Gruppen AS and/or the Merger. For the purpose of these risk factors, the term "Group" includes Frøy Gruppen AS and its business, results of operations, cash flows, financial condition and/or prospects. The risks and uncertainties described in this Section 1 are the principal known risks and uncertainties faced by the Group as of the date hereof that the Company believes are the material risks relevant to the Group. If any of the following risks were to materialise, individually or together with other circumstances, they could have a material and adverse effect on the Group and/or its business, results of operations, cash flows, financial condition and/or prospects, which may cause a decline in the value and trading price of the Shares in the Company. 1.1. Issuer Risk Factors 1.1.1. Risk related to the business and industry in which the
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