Mr. Bård Olsen has been appointed as CFO and will assume the role from September 1st, 2019. Mr. Olsen holds a BS in Finance and MBA from Arizona State University and has over 20 years of experience from controlling, audit, compliance, M&A and due diligence from AutoNation, EY, Aker Solutions, MHWirth and various consulting engagements. He holds a CFE, CRMA and CIA license.

Magnora CEO, Erik Sneve, said “Bård brings with him substantial experience from corporate governance and M&A processes that fits well with our strategy, and we look forward to welcome him onboard next month.”

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For further information, please contact:

Erik Sneve, CEO, Magnora ASA

es@magnoraasa.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.