Borregaard

Share Issue/Capital Change • Dec 22, 2023

Borregaard ASA: Borregaard to invest in Kaffe Bueno

Borregaard ASA: Borregaard to invest in Kaffe Bueno

Borregaard will co-invest with the European Innovation Council Fund and several

other public and private investors in a direct offering of new shares in the

Danish bioscience company Kaffe Bueno ApS. In total, Kaffe Bueno will raise EUR

6.2 million in new capital from the direct offering. After the transaction,

Borregaard will hold 12% of the shares in Kaffe Bueno, with an investment of EUR

3 million.

Borregaard has been granted warrants to subscribe for additional shares in Kaffe

Bueno on or before 31 January 2026. If exercised in full, these warrants will

bring Borregaard's ownership share up to 34% and contribute another EUR 9.25

million in equity to Kaffe Bueno.

From coffee by-products, Kaffe Bueno derives active and functional ingredients

which can be applied in a wide range of consumer and industrial products,

including personal care, human nutrition, and agriculture. Through the described

equity transactions, Kaffe Bueno has secured the necessary funding to complete

the construction of their 500 tonnes per year biorefinery in the Copenhagen

area. Furthermore, the funding will allow Kaffe Bueno's first commercial volumes

to the market and continued development of their product portfolio.

Sarpsborg, 22 December 2023

Contacts:

Director Investor Relations, Knut-Harald Bakke, +47 905 79 164

Director Communications, Tone Horvei Bredal, +47 924 67 711

This information is subject to the disclosure requirements pursuant to Section

5 -12 of the Norwegian Securities Trading Act.