Norsk Titanium AS: Change of board composition

Oslo, Norway, 8 December 2022: The board of directors of Norsk Titanium AS ("Norsk Titanium" or the "Company") has received a notification of resignation from the board member Jeremy Barnes with immediate effect.

Jeremy Barnes runs the commercial aircraft company Falko, previously owned by Fortress. Until Falko's exit from Fortress earlier in 2022, Falko had been part of Triangle Holding together with Norsk Titanium and two other companies within the aircraft business. After the exit from Falko, the ownership of Norsk Titanium remains with Fortress. Jeremy Barnes has therefore, after an interim period following Fortress' sale of Falko where he inter alia has continued in the board of directors of the Company in order to provide continuity, resigned from the board of directors of the Company with immediate effect.

The remaining board members of Norsk Titanium will constitute the board of directors after Jeremy Barnes resignation until the annual general meeting of the company in 2023 before which the Company's nomination committee will assess the board composition and make a proposal for the general meeting.

For more information, please contact:

John Andersen, Chairman of Norsk Titanium AS Email: John.Andersen@scatec.no Tel: +47 90 17 40 80

Mike Canario, President and CEO of Norsk Titanium Email: Michael.Canario@norsktitanium.com Tel: +1 518 324 4010

Ashar Ashary, VP Finance Norsk Titanium AS Email: Ashar.Ashary@norsktitanium.com Tel: +1 518 556 8966