Borgestad ASA — Director's Dealing 2023

Dec 11, 2023

Borgestad ASA: Notifiable Transactions in connection with Private Placement

Borgestad ASA: Notifiable Transactions in connection with Private Placement

Borgestad, 11 December 2023: Reference is made to the stock exchange announcement published by Borgestad ASA (the "Company") on 28 November 2023 regarding the approval by the extraordinary general meeting of the private placement of 1,000,000,000 new shares (the "Offer Shares") in the Company with a subscription price of NOK 0.25 (the "Offer Price") per Offer Share (the "Private Placement"), as well as two share capital reductions to be completed through the deletion of 8,010 treasury shares and a reduction of the nominal value of the remaining shares from NOK 1.00 to NOK 0.25 (the "Share Capital Reductions").

The Municipal Council of Bjuv today gave its initial (non-binding) approval of the sale-leaseback transaction announced through the Company's stock exchange announcement on 27 October 2023, which was a condition for completion of the Private Placement.

The following persons discharging managerial responsibilities and their close associates have been allocated Offer Shares in the Private Placement at the Offer Price:

• Kontrari AS (represented on the board by Jan Erik Sivertsen): 300,000,000 shares

• SES AS (represented on the board by Helene Steen): 188,295,725 shares

• Dione AS and Ploot Invest AS (represented on the board by Jacob Møller): 38,078,783 shares (Dione AS) and 4,194,600 shares (Ploot Invest AS), in total 42,273,383 shares

• CEO Pål Feen Larsen: 4,800,000 shares

• Jawendel AS (represented on the board by Wenche Kjølås): 4,000,000 shares

Please see the attached notification forms for further information.

Subject to registration of both the Share Capital Reductions and the share capital increase pertaining to the Private Placement in the Norwegian Register of Business Enterprises, all as approved by the extraordinary general meeting on 28 November 2023 and as further described in the announcement made in connection therewith, the following shareholders allocated New Shares in the Private Placement will cross thresholds required to be disclosed:

• Kontrari AS was allocated 300,000,000 shares in the Private Placement and will increase its shareholding from 25,000,000 shares to 325,000,000 shares in the Company, equal to an increase from approx. 16.39% to approx. 28.20% of the votes and share capital in the Company following registration of the Share Capital Reductions and the share capital increase pertaining to the Private Placement. Kontrari AS has no other rights to shares in the Company.

• SES AS was allocated 188,295,725 shares in the Private Placement and will increase its shareholding from 21,112,776 shares to 209,408,501 shares in the Company, equal to an increase from approx. 13.85% to approx. 18.17% of the votes and share capital in the Company following registration of the Share Capital Reductions and the share capital increase pertaining to the Private Placement. Bertel O. Steen controls SES AS and holds 3,133 shares in the Company, resulting in Bertel O. Steen and SES AS having a consolidated holding of 209,411,634 shares in the Company, equal to approx. 18.17% of the votes and share capital in the Company following registration of the Share Capital Reductions and the share capital increase pertaining to the Private Placement

This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 19 and the Norwegian Securities Trading Act sections 4-2 and 5-12.

For more information, please contact:

Pål Feen Larsen, CEO, Borgestad ASA, +47 488 45 333

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About Borgestad | www.borgestad.no

Borgestad ASA (OSE:BOR) is an investment company focused on real estate and industry. The key investments include Agora Bytom shopping center and the leading refractory manufacturer Höganäs Borgestad.

About Höganäs Borgestad | www.hoganasborgestad.com

Höganäs Borgestad develops, manufactures and delivers refractory products, installations and turnkey solutions that enhance the productivity and competitiveness of industrial customers. The aim is to contribute to the customers' profitability by providing high-value refractory solutions to their challenges. Today, the company is a leading supplier in the refractory market of the Nordic countries and has a global presence in a number of selected application areas.