Beerenberg

Capital/Financing Update • Nov 2, 2020

WRITTEN NOTICE OF EXERCISE OF CALL OPTION

Nordic Trustee AS P.O Box 1470 Vika N-0116 Oslo Norway

Sent by email to:

mail@nordictrustee.com slagsvold@nordictrustee.com

Oslo, 2 November 2020

ISIN NO 001 0786296 - FRN Beerenberg AS Senior Secured Callable Bond Issue 2017/2021

We refer to the bond terms dated 22 February 2017 entered into between Nordic Trustee AS (formerly Nordic Trustee ASA) as Bond Trustee on behalf of the Bondholders and Beerenberg AS (formerly Beerenberg Holdco II AS) as Issuer (the "Bond Terms").

Capitalised terms used herein shall have the same meaning as in the Bond Terms.

We hereby give you notice that we exercise the Call Option to redeem all the Outstanding Bonds pursuant to paragraph (c) of Clause 10.2.1 of the Bond Terms on 14 December 2020 (the "Settlement Date").

The Bonds will be redeemed at a price equal to the Face Value for each redeemed Bond (plus accrued and unpaid interest on the redeemed Bonds up to (but not including) the Settlement Date).

This notice of Call Option is given to you as Bond Trustee on behalf of yourself and the Bondholders.

For and on behalf of

Beerenberg AS (formerly Beerenberg Holdco II AS)

$\overline{\mathcal{A}}$ $By:$

Name: Arild Apelthun Title: CEO / Power of procuration