Ossur Hf : Össur hf. continues with a "Safe Harbor" share buyback program on Nasdaq Copenhagen

Announcement from Össur hf. No. 96/2016
Reykjavík, 30 November 2016

Össur hf. has decided to initiate a new share buyback program (the "Program") on Nasdaq Copenhagen tomorrow, 1 December 2016, which will replace the share buyback program initiated 3 December 2015. The Program will be carried out in accordance with Regulation No. 596/2014 of the European Parliament and of the Council on market abuse ("MAR"), and the Commission's delegated regulation 2016/1052. The purpose of the Program is to reduce the Company's share capital and adjust the capital structure by distributing capital to shareholders in line with the Company's Capital Structure and Dividend Policy. The Company may purchase up to 5,000,000 shares under the Program, corresponding to 1.2% of the current share capital. The total consideration for shares purchased under the Program shall not exceed USD 10 million (approx. DKK 70 million). The daily purchase shall not exceed 25% of the average volume in the 20 trading days before the purchase. The purchase price shall not be higher than the price of the last independent trade or the highest current independent bid, whichever is higher. The Program will be managed by Nordea, which shall make its trading decisions independently and without influence by the Company with regard to the timing of the purchases. The Company's purchases under the Program shall be disclosed in accordance with law and regulations. The Program will end no later than 30 November 2017, but the Company is entitled to discontinue the Program at any time.

The Company also reserves the right to buy back shares in block trades outside the Program with the aim to maintain net interest bearing debt at 0.5x - 1.5x to EBITDA. Such transactions will only be made in "open windows", i.e. within six weeks from the publication of the Company's financial results, and when no insider information is available. Such transactions will be announced immediately after they have been carried out.

According to an authorization granted by the Annual General Meeting in March 2015, the Company is allowed to purchase own shares of up to 10% of the Company's share capital as it stands each time. The authorization states that the purchase price shall not be higher than the price of the last independent trade or the highest current independent bid, whichever is higher, on the regulated market where the transaction is carried out. The authorization is valid until 12 March 2020.

Contact persons:

Jón Sigurðsson, President & CEO                                   Tel: +354 515 1300