Borgestad ASA — Capital/Financing Update 2020

Nov 26, 2020

BORGESTAD ASA

NOTICE OF EXERCISE OF CALL OPTION

Nordic Trustee AS P.O. Box 1470 Vika N-0116 Oslo Norway Attn.: Olav Slagsvold E-mail: slagsvold@nordictrustee.com

26 November 2020

BORGESTAD ASA - SENIOR SECURED CALLABLE BONDS 2014/2017 (ISIN NO 0010720766)

We refer to the bond terms (the "Bond Terms") for the above mentioned Bond Issue made between Nordic Trustee AS as Bond Trustee on behalf of the Bondholders, and the undersigned as Issuer.

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

We hereby give you notice (the "Repayment Notice") that we wish to exercise the Call Option and redeem all Outstanding Bonds at a price equal to 102 per cent. of the Nominal Amount for each redeemed Bond, plus accrued interests on the redeemed amount, pursuant to Clause 10.2 (Voluntary early redemption - Call Option) of the Bond Terms, with Call Option Repayment Date on 11 December 2020.

This Repayment Notice is given to you as bond trustee on behalf of yourself and the Bondholders.

Yours faithfully,

Borgestad ASA

Name: P�I Feen Larsen Title: CEO

Phone +47 35 54 24 00 Organization no. 920 639 674 www.borgestad.no