Statement From Avance Gas Holding Ltd in Connection With the Mandatory Offer From Hemen Holding Limited

Bermuda, 4 October 2021 – The enclosed statement is made by members of the board of directors (the "Board") of Avance Gas Holding Ltd ("Avance Gas" or the "Company") in connection with the mandatory offer (the "Offer") from Hemen Holding Limited ("Hemen" or the "Offeror") to acquire all issued shares in the Company (the "Shares") not already owned by the Offeror against a cash consideration of NOK 43.00 per Share (the "Offer Price"), per the terms and conditions set out in the offer document dated 13 September 2021 (the "Offer Document"). 

We have received a fairness opinion from Pareto Securities AS ("Pareto") dated 30 September 2021, as of the date thereof and based upon and subject to the assumptions, considerations, qualifications, factors, and limitations set forth therein. Pareto's fairness opinion is attached to this statement.

This statement is made pursuant to Section 6-16 of the Norwegian Securities Trading Act.

Attachments

• Board Statement as of 4 October 2021
• Avance Gas Holding Ltd - Fairness letter