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Repurchase of shares

Olav Thon Eiendomsselskap ASA ("The Company") hereby launches an offer to all shareholders in the Company to buy back up to 3,000,000 shares in Olav Thon Eiendomsselskap ASA. The Company currently owns 700,000 own shares. The Company and is at the release of the offer not in possession of material non-public information regarding the Company.

The repurchase of shares will be carried out in accordance with the authorization for the company to acquire up to 10% of outstanding shares given by the annual general meeting ("AGM") of Olav Thon Eiendomsselskap ASA ("the Company") on 23 May 2018, which is valid until the AGM in 2019. The Company has mandated SEB as advisor and sole bookrunner for the the repurchase of shares. The offer will be carried out by means of a book building process with an offer price of up to NOK 160 per share, which is a premium of 5 per cent compared to the close price of 4 April 2019. The Company is of the opinion that the premium is warranted by the relative large size of the shares in the offering compared to average traded daily volume, current market conditions, the overall low liquidity in the shares and the current discount to the underlying value of the Company's assets.

The book building starts on 8 April 2019 08:00 and ends on 10 April 2019 at 16:30. Shareholders wanting to sell shares can contact SEB at +47 22 82 72 69. The Company will - in the event of receiving acceptances above 3,000,000 shares - allocate shares with the equal treatment of the shareholders as the primary objective.

Pricing and allocation will follow before 11 April 2019 at 18:00, the trade date will be 11 April 2019 with settlement date 15 April 2019.

For further information, please contact: Olav Thon Eiendomsselskap ASA Arne B. Sperre E.V.P Finance Tel: +47 926 97 622

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

The Offer and the distribution of this announcement and other information in connection with the offer may be restricted by law in certain jurisdictions. The Company does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or relevant information should come are required to inform themselves about and to observe any such restrictions. The offer is not being made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America, its territories and possessions, any State of the United States and the District of Columbia