SATS 🏃

TekBot · mars 24, 2026, 3:05pm

SATS ASA: The announced share incentive program is postponed

Reference is made to the stock exchange announcement on 23 March 2026, where
SATS ASA (the “Company” and, together with its subsidiaries, the “SATS Group”)
announced that the board of directors had resolved to implement a share
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investment program (the “Share Investment Program”) for all employees of the
SATS Group.

The application period in the Share Investment Program was originally set to
commence today, 24 March 2026, at 09:00 hours (CET) and expire at 11:00 hours
(CET) on 27 March 2026. However, due to the recent cyber incident, as
announced by the Company earlier today, the Company has been required to
allocate significant internal and senior resources to investigate such
incidents. It has therefore been resolved to postpone the implementation of,
and thus the application period in, the Share Investment Program. More
information about the Share Investment Program will be provided when relevant.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

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

Kilde

TekBot · mars 27, 2026, 6:14pm

SATS ASA: Annual Report 2025

The Board of Directors of SATS ASA (the “Company”) has today approved the
annual accounts for 2025.

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The Annual Report for 2026, including the Sustainability report, and the
annual financial statements in the European Single Electronic Format (ESEF)
are attached to this release and available at satsgroup.com.

The audited 2025 annual accounts are in line with the annual financial
information presented in the fourth quarter report on February 10, 2026.

The Board of Directors has also, today, resolved to propose that the general
meeting grants an authorization to the Board of Directors to increase the
share capital of the Company (i) by up to NOK 8,657,020 (2%), in connection
with the Company’s future share incentive programs; and (ii) by up to NOK
43,285,100 (10%), in order to finance further growth. The authorizations are
proposed valid until the earlier of the 2027 Annual General Meeting and June
30, 2027. Additionally, the Board of Directors has resolved to propose that
the general meeting resolves to reduce the share capital by NOK 5,312,500 by
the redemption of 2,500,000 treasury shares. The proposed authorizations and
share capital reduction will be on the agenda for the Company’s annual general
meeting, to be held on May 5, 2025. More information will be provided in the
notice for the Annual General Meeting.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

Press:
Kristin Fjeld, Press Contact, phone: +47 411 92 008

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

Kilde

TekBot · april 1, 2026, 11:10am

SATS ASA: Updated scope of criminal data breach

On March 24, SATS reported identified unauthorized access to a part of its IT
environment. The company now confirms that this incident constitutes a
criminal data breach and provides an update on its scope. The breach has been
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reported to all relevant authorities.

Immediately upon detection, SATS activated its established security protocols
and managed to identify and remove the intruders, contained the breach, and
prevented further unauthorized access. As a precautionary measure, security
controls have been further strengthened. In parallel, a full team of external
cybersecurity specialists has been engaged, and an investigation is underway
to fully assess the scope and impact of the data breach.

“We take this very seriously. We are working diligently to clarify the scope
of the breach, limit its impact, and we have implemented the necessary
measures to further reduce risk. We remain committed to handling the situation
with care and transparency,” says SATS CEO Sondre Gravir.

Importantly, SATS’ member system has not been affected by the breach. This
system stores members’ personal data, including credit card details, passwords
and photos.

There are no indications that the data breach involves any updated financial
information.

However, the investigation to date has identified unauthorized access to a
file server used for shared storage, primarily containing internal
administrative documents related to bookkeeping. Some of these documents
contain member names, and in some cases, also contact information. For a
limited group of members, the documents include some further personal data.
The ongoing investigation also indicates that personal data relating to a
group of employees has been affected. Affected individuals will be informed.

“The fact that some employee and member information has been compromised is
unfortunate. We are sorry for the consequences of this crime,” says Gravir.

Finally, SATS reassures its members that all clubs across all markets remain
open and operate as normal. “We want to reassure our members that the breach
does not affect our services in any way, and everyone is welcome to exercise
as usual,” Gravir concludes.

Investor Relations Contacts:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

Press Contact:
Kristin Fjeld, Press Contact, phone: +47 411 92 008

Kilde

TekBot · april 8, 2026, 8:00am

SATS ASA: Employee representatives to the Board of Directors

TekBot · april 10, 2026, 5:45am

SATS ASA: Invitation to presentation of Q1 2026 results

TekBot · april 13, 2026, 12:11pm

SATS ASA: Notice of Annual General Meeting 2026

The annual general meeting of SATS ASA (the “Company”) will be held on
Tuesday, May 5, 2026, at 10:00 hours (CEST) as a digital meeting.

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Please find attached the following documents:

Notice and agenda for the annual general meeting

Guidelines for determination of salary and other remuneration to leading
personnel

The nomination committee’s recommendation regarding remuneration for members
of the board of directors, sub-committee members and members of the nomination
committee

Report on salaries and other remuneration to senior executives

The board of directors’ report and statement on financial assistance in
connection with acquisition of shares

Statement on coverage for restricted equity in connection with a capital
reduction

The notice for the 2026 annual general meeting is sent to all shareholders
with known addresses. The above mentioned documents are available on the
Company’s website www.satsgroup.com, under the heading “General Meetings”. The
annual report for 2025 is available at the website under the heading “Reports
and Presentations”.

Reference is made to the notice for information about how to register
attendance, submit a proxy and register advance voting.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

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

Kilde

TekBot · april 30, 2026, 5:00am

Pressemelding Q1 2026: SATS tar veksten videre i første kvartal - flere gjør trening til vane

SATS leverer et solid første kvartal med både inntekter og lønnsomhet klart
opp fra samme periode i fjor. Inntektene økte 6 prosent til 1 483 millioner
kroner, mens EBITDA steg hele 17 prosent til 217 millioner kroner.
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Utviklingen drives av høyere aktivitet blant medlemmene og god skalerbarhet i
forretningsmodellen. Inntekt per medlem steg med 4 prosent, mens medlemsbasen
vokste med 2 prosent.

Flere medlemmer er aktive, samtidig som andelen passive er redusert.
Aktivitetsnivået holder seg stabilt gjennom året, uten tegn til det bransjen
ofte omtaler som «Quitters Day». I mars var antall unike medlemmer kun 1
prosent lavere enn i januar - et tydelig tegn på at stadig flere gjør trening
til en varig vane.

Vi ser en klar utvikling i hvordan medlemmene bruker tilbudet vårt gjennom
året. Andelen passive medlemmer minsker, og det er nå nesten like mange som
trener hos oss i mars som i januar. Når trening blir en naturlig del av
hverdagen, gir det både bedre folkehelse og tydelige utslag i resultatene
våre, sier konsernsjef Sondre Gravir.

SATS jobber målrettet med å styrke motivasjonen gjennom hele året, med fokus
på en trygg start, tett oppfølging og et tilbud som utvikles i takt med
medlemmenes behov. Digitale flater gir inspirasjon og påminnelser, mens
sentrene legger til rette for gode treningsopplevelser.

Dette gjenspeiles i videreutviklingen av produkttilbudet. Over tid er tilbudet
av gruppetimer styrket, og i første kvartal i år har SATS blant annet lansert
Performance Load & HIIT og løpetimen Run to Race. Interessen for disse
treningsformene fortsetter å øke, med en vekst på 10 prosent for HIIT- og
Performance og 22,5 prosent for løpetimer sammenlignet med fjoråret.

Vi utvikler tilbudet i takt med hvordan medlemmene våre faktisk trener. Når
treningen oppleves relevant og motiverende, får de også mer igjen for å
investere i egen helse - både fysisk, mentalt og sosialt, sier Sondre Gravir.

Pressekontakt: Kristin Fjeld, telefon: +47 411 92 008

Kilde

TekBot · april 30, 2026, 5:02am

SATS ASA Q1 2026: Steady execution on strategic priorities

SATS ASA (“the Company”) delivered yet another quarter demonstrating the
operational leverage of the model, driving substantial earnings expansion.
Total revenues increased by 6% year-on-year to NOK 1 483 million in the first
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quarter of 2026, while EBITDA before IFRS 16 increased by 17% to NOK 217
million.

Key highlights from the first quarter of 2026:
· Total revenues increased by 6% to NOK 1 483 million in Q1 2026, with ARPM up
4% and a 2% growth in the member base
· EBITDA before IFRS 16 reached NOK 217 million, up 17% from last year
· EBIT before IFRS 16 increased by 22% to NOK 162 million
· Earnings per share were up 16% to NOK 0.53 in the quarter
· Yet another quarter demonstrating the operational leverage, with 2% member
growth, 4% ARPM growth, translating into 6% revenue growth, 17% EBITDA growth
and 22% EBIT growth
· Price adjustments materialized as expected, driven by sustained product
improvements over time
· Total shareholder distributions of NOK 257 million during the quarter,
through share buybacks and semi-annual dividend payment

“High member engagement and strong satisfaction levels have been key drivers
behind SATS’ solid financial performance in Q1. Together, these factors have
laid a strong foundation for continued positive development at SATS,” says
Sondre Gravir, CEO of SATS.

SATS’ CEO Sondre Gravir and CFO Cecilie Elde will hold a webcast presentation
at 08:30 CET today, April 30, 2026. The presentation will be available at
Reports & Presentations - SATS Group

There will be a Q&A for investors and analysts from 10:00 to 10:30 (CET) over
Microsoft Teams:
https://teams.microsoft.com/meet/38545669380585?p=4ZUPPTOeUXS5ZwxYw1

Please find enclosed the Q1 2026 presentation and report.

Investor Relations Contacts:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

Press Contact:
Kristin Fjeld, Press Contact, phone: +47 411 92 008

Please see the attached quarterly report for definitions and reconciliations
of the Alternative Performance Measures (APMs). This information is subject to
the disclosure requirements pursuant to Section 5-12 of the Norwegian
Securities Trading Act.

Kilde

TekBot · mai 4, 2026, 2:50pm

SATS ASA: SATS share buyback program has been completed

Reference is made to the stock exchange announcement made by SATS ASA (“SATS”
or the “Company”) on 18 February 2026 of the launch of SATS’ program to
repurchase up to 7,000,000 of the Company’s shares in open market transactions
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for a total amount of up to NOK 200 million during the period from 18 February
2026, until no later than the Company’s Annual General Meeting of 2026,
pursuant to an agreement with DNB Carnegie (the “Buyback Program”).

SATS has now completed the share buyback program, as the current authorization
from the AGM to acquire treasury shares expires tomorrow, on 5 May 2026. A
total of 2,316,848 shares, which equals 1.14% of the shares in the company,
were purchased on Oslo Stock Exchange, for a total consideration of NOK
99,999,995. The average price paid per share was NOK 43.1621. Following this,
SATS owns a total of 7,632,506 own shares.

For further information, please contact:
Stine Klund, Investor Relations, phone: +47 986 99 259

This announcement contains information that is subject to disclosure
requirements pursuant to the Market Abuse Regulation and section 5-12 of the
Norwegian Securities Trading Act.

Kilde

TekBot · mai 5, 2026, 8:37am

SATS ASA: Minutes from the Annual General Meeting 2026

On May 5, 2026, at 10:00 hours (CEST), the annual general meeting of SATS ASA
(the “Company”) was held as a digital meeting.

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Other than the proposed resolution concerning board members’ participation in
the Company’s 2026 share investment program, which did not receive the
required majority, all resolutions were made in accordance with the proposals
from the board of directors and the nomination committee, including, but not
limited to, approval of the 2025 annual accounts, resolutions related to the
cash remuneration matters, financial assistance offered in connection with the
Company’s 2026 share investment program, certain authorisations to the board
of directors (including authorisations to increase the share capital and to
distribute dividends), and a resolution regarding the share capital reduction
by redemption of shares held in treasury.

The general meeting resolved to reduce the share capital by NOK 5,312,500 by
redemption of 2,500,000 shares. No distribution will be made from the Company
in this respect. Following registration of the share capital reduction with
the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret), the
new share capital will be NOK 419,038,499.50, divided into 197,194,588 shares,
each with a nominal value of NOK 2.125, provided that the ongoing capital
reduction resolved by the general meeting on 3 March 2026 is completed and
registered with the Norwegian Register of Business Enterprises.
The minutes of the 2026 Annual General Meeting are attached to this
announcement and will be made available on the Company’s website
www.satsgroup.com (http://www.satsgroup.com/) under “General Meetings”.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

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

Kilde

TekBot · mai 11, 2026, 10:51am

SATS ASA: Completed share capital reduction in connection with share buyback

On March 3, 2026, an extraordinary general meeting of SATS ASA (“the Company”)
resolved to reduce the share capital by NOK 8,500,000 from NOK 432,850,999.50
to NOK 424,350,999.50 by redemption of 4,000,000 shares.
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The creditor deadline for the capital reduction has expired and the capital
reduction was registered effective with the Norwegian Register of Business
Enterprises (Nw. Foretaksregisteret) today, 11 May 2026.

Following completion of the capital reduction the share capital of the company
is NOK 424.350.999,50, divided into 199,694,588 shares, each with a nominal
value of NOK 2.125.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

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

Kilde

TekBot · mai 18, 2026, 4:38pm

SATS ASA: Results of the 2026 share investment program for employees and award of matching shares under the 2023 share investment program

References are made to the stock exchange announcement published by SATS ASA
(the “Company”, OSE ticker “SATS”) on 12 May 2026, regarding the resolution by
the board of directors of the Company to implement a new share investment
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program (the “2026 Share Investment Program”) for all employees of the SATS
Group (the “Eligible Employees”) and the stock exchange announcement on 29
March 2023, published in connection with the share investment program
implemented in 2023 (the “2023 Share Investment Program”).

The 2026 Share Investment Program

The application period for the 2026 Share Investment Program expired today, on
18 May 2026 at 12:00 hours (noon) (CET).

264 participants in the 2026 Share Investment Program have applied for, and
been allocated, in total 950,548 shares (the “Shares”) in the Company. The
Shares will be settled in the form of existing shares in the Company listed on
the Oslo Stock Exchange, held in treasury.

The offer price for the Shares has been set to NOK 31.48, which equals the
volume-weighted average trading price for the Company’s shares on the Oslo
Stock Exchange during the 10 trading days’ period up to, and including, 15 May
2026 (NOK 40.89), with a reduction of 23%, which reflects the value-reducing
effect of the three-year lock-up period applicable to the Shares (calculated
using the Black & Scholes model).

To facilitate certain of the Eligible Employees’ participation in the 2026
Share Investment Program, the general meeting has, in accordance with Section
8-10 (4) of the Norwegian Public Limited Liability Companies Act, resolved
that the Company will grant such participants loans with an aggregate
principal amount of up to NOK 10,000,000, plus interest, to finance parts of
their investment under the 2026 Share Investment Program. In aggregate,
282,435 shares will be settled through such loans. The loans will be on market
terms, interest bearing and with security in the Shares acquired by the
relevant Eligible Employees under the 2026 Share Investment Program. The loans
will be provided to the Eligible Employees’ wholly owned holding companies
which will acquire the Shares. A report and statement regarding the loans is
registered in the Norwegian Register of Business Enterprises (Nw.
Foretaksregisteret).

As part of the 2023 Share Investment Program, certain Eligible Employees may,
after a three-year vesting period, be awarded additional shares in the Company
without consideration (“Matching Shares”). The Matching Shares will, subject
to certain conditions being fulfilled, be awarded based on the number of
Shares acquired under the 2026 Share Investment Program. The Matching Shares
will be subject to a one-year lock-up period.

Matching shares under the 2023 Share Investment Program

As part of the 2023 Share Investment Program, certain senior executives and
other key employees (the “Participants”), could be rewarded additional shares
in the Company without consideration (the “Matching Shares”) based on the
number of shares originally acquired under the program, subject to certain
conditions being fulfilled. The final allocation is determined by the Board.
The conditions for awarding Matching Shares have been fulfilled. The board of
directors has therefore today resolved to award a total of 857,284 shares to
19 Participants in the 2023 Share Investment Program.

The value of the Matching Shares is NOK 36.07 each, representing the trading
price of the Company’s shares at the close of trading on 15 May 2026, with a
16.2% discount to reflect the one-year lock-up obligation.

Prior to the 2026 share investment program and the award of Matching Shares
under the 2023 investment program, the Company owned 3,820,841 shares.
Following the transfers, the Company will have 2,013,009 shares in treasury,
representing approximately 1.01% of the issued share capital.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Nordic Investor Relations & Business Development Manager, phone:
+47 986 99 259

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

Kilde

TekBot · mai 18, 2026, 4:45pm

SATS ASA: Mandatory notifications of trades in connection with the 2026 share investment program and the matching share award under the 2023 share investment program

Reference is made to the stock exchange announcement published by SATS ASA
(the “Company”, OSE ticker “SATS”) earlier today, on 18 May 2026, regarding
the result of the share investment program for employees of the Company and
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its subsidiaries (the “2026 Share Investment Program”) and the matching shares
related to the share investment program implemented in 2023 (the “2023 Share
Investment Program”).

Certain primary insiders and close associates of primary insiders of the
Company have applied for, and been allocated, shares in the 2026 Share
Investment Program. Parts of the investment made by five of the primary
insiders in the 2026 Share Investment Program will be debt financed through a
loan to be issued by the Company.

Certain primary insiders and close associates of primary insiders have chosen
to divest shares in the Company to finance parts of the investment in the
share investment program, and thus accepted a new lock-up period.

Further, certain primary insiders and close associates of primary insiders of
the Company have been awarded matching shares under the 2023 Share Investment
Program.

See details below and in the attached forms.

· Mira Investments AS, a close associate of Sondre Gravir (CEO), has divested
19,800 shares at an average price of NOK 42.80. Further, Mira Investments AS
has been allocated 85,596 shares in the Company in the 2026 Share Investment
Program. Mira Investments AS has been awarded 350,547 matching shares in the
Company in the 2023 Share Investment Program, of which 240,884 shares are
transferred now, while the remaining shares will be transferred in February
2028. Following these transactions, Gravir holds 1,753,467 shares in SATS ASA.
· Evert Holding AS, a close associate of Wenche Evertsen (Country Manager
Norway), has divested 19,500 shares at an average price of NOK 43.43. Further,
Evert Holding AS has been allocated 85,596 shares in the Company in the 2026
Share Investment Program. Evert Holding AS has been awarded 13,122 matching
shares in the Company in the 2023 Share Investment Program. Following these
transactions, Evertsen holds 356,587 shares in SATS ASA.
· Moneypenny Invest AS, a close associate of Cecilie Elde (CFO), has divested
19,800 shares at an average price of NOK 42.79. Further, Moneypenny Invest AS
has been allocated 85,596 shares in the Company in the 2026 Share Investment
Program. Moneypenny Invest AS has been awarded 131,220 matching shares in the
Company in the 2023 Share Investment Program, of which 98,415 shares are
transferred now, while the remaining shares will be transferred in February
2028. Following these transactions, Elde holds 959,655 shares in SATS ASA.
· Gasellen Invest AS, a close associate of Ellen Marie Vanberg (Chief Product
Officer), has been allocated 73,368 shares in the Company in the 2026 Share
Investment Program. Further, Gasellen Invest AS has been awarded 2,624
matching shares in the Company in the 2023 Share Investment Program. Following
these transactions, Vanberg holds 255,218 shares in SATS ASA.
· Skogstua Invest AS, a close associate of Gaute Sandal (Chief Digital
Officer), has divested 11,000 shares at an average price of NOK 43.35.
Further, Skogstua Invest AS has been allocated 63,522 shares in the Company in
the 2026 Share Investment Program. Skogstua Invest AS has been awarded 98,415
matching shares in the Company in the 2023 Share Investment Program. Following
these transactions, Sandal holds 763,586 shares in SATS ASA.
· Thorbjørn Milling (Country Manager Denmark) has been allocated 6,114 shares
in the Company in the 2026 Share Investment Program. Following this
transaction, Milling holds 9,543 shares in SATS ASA.
· Mia Lund Hanusek (Chief Marketing & Communication Officer) has been
allocated 3,668 shares in the Company in the 2026 Share Investment Program.
Following this transaction, Hanusek holds 20,803 shares in SATS ASA.
· Canela II AS, a close associate of Torodd Gøystdal (Chief People & Operation
Officer), has been awarded 246,037 matching shares in the Company in the 2023
Share Investment Program. Following these transactions, Gøystdal holds
1,069,826 shares in SATS ASA.

The above transactions are notifiable pursuant to Article 19 of the Market
Abuse Regulation.

For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Investor Relations, phone: +47 986 99 259

This information is subject to disclosure under the Norwegian Securities
Trading Act, § 5-12.

Kilde

TekBot · mai 26, 2026, 5:29pm

SATS ASA: Status on share buyback

Reference is made to the stock exchange announcement made by SATS ASA (“SATS”
or the “Company”) on 12 May 2026 of the launch of SATS’ program to repurchase
up to 7,000,000 of the Company’s shares in open market transactions for a
…

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total amount of up to NOK 200 million during the period from 13 May 2026,
until no later than the Company’s Annual General Meeting of 2027, pursuant to
an agreement with DNB Carnegie (the “Buyback Program”).

For the period from and including 18 May 2026, through 26 March 2026, the
Company purchased a total of 1,189,857 shares at an average price of NOK
44.0348 per share, all purchased as ordinary market purchases on Euronext Oslo
Børs.

Overview of transactions:

±-------------------±----------------±---------------±-------------------+
| Date | Aggregate daily | Weighted | Total transactions |
| | volume (# of | average price | value |
| | shares) | (NOK) | |
±-------------------±----------------±---------------±-------------------+
| 5/18/2026 | 188,335 | 43.6352 | 8,218,035 |
±-------------------±----------------±---------------±-------------------+
| 5/19/2026 | 193,424 | 44.1751 | 8,544,525 |
±-------------------±----------------±---------------±-------------------+
| 5/20/2026 | 194,973 | 43.8120 | 8,542,157 |
±-------------------±----------------±---------------±-------------------+
| 5/21/2026 | 201,225 | 44.1795 | 8,890,020 |
±-------------------±----------------±---------------±-------------------+
| 5/22/2026 | 201,225 | 44.0919 | 8,872,393 |
±-------------------±----------------±---------------±-------------------+
| 5/26/2026 | 210,675 | 44.2764 | 9,327,931 |
±-------------------±----------------±---------------±-------------------+
| Previously | - | - | - |
| disclosed buybacks | | | |
| under the program | | | |
±-------------------±----------------±---------------±-------------------+
| Accumulated under | 1,189,857 | 44.0348 | 52,395,060 |
| the buyback | | | |
| program | | | |
±-------------------±----------------±---------------±-------------------+

The issuer’s holding of own shares:
Following the completion of the above transactions, SATS owns a total of
4,822,363 of own shares, corresponding to 2.41% of SATS’ share capital.

Appendix:
An overview of all transactions made under the buyback program that have been
carried out during the above-mentioned time period is attached to this report
and available at www.newsweb.no (http://www.newsweb.no/).

For further information, please contact:
Stine Klund, Investor Relations, phone: +47 986 99 259

This is information that SATS is obliged to make public pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
Section 5-12 of the Norwegian Securities Trading Act.

Kilde