The Board makes the following recommendation:

# While the Offer could have been more compelling from a financial point of view, for shareholders where liquidity in the share and/or visibility as to the future ownership and governance (including dividend distribution) of Entra is important, the Board will recommend acceptance of the Offer, or selling the shares in the market if the price is higher.

# For shareholders who focus on long term value potential with less sensitivity to future liquidity, ownership and governance, the Board sees the Offer as not sufficiently attractive to warrant a recommendation.

The conclusion is unanimous.

In its work the Board has consulted with ABG Sundal Collier ASA as financial advisor and Wikborg Rein Advokatfirma AS as legal advisor.

ABGSC has provided a fairness opinion dated 29 November 2021, in line with the recommendation set out in the Norwegian Code of Practice for Corporate Governance.

The complete recommendation as required by the Norwegian Securities Trading Act section 6-16 from the Board is attached to this announcement.

The Board's assessment of the Offer does not entail any certainty as for future market prices of the Entra shares. Shareholders should carefully study the offer document and consider their alternatives in light of the information included the statement form the Board as well as other available information, and ultimately draw their independent conclusions as to accept or reject the Offer.