Recreate ASA — Capital/Financing Update 2022

Dec 22, 2022

Company update on Recreate ASA

Company update on Recreate ASA

Porsgrunn, 22 December 2022: Reference is made to the stock exchange announcements by Recreate ASA ("Recreate" or the "Company") on 11 November and 21 November 2022, respectively, regarding the Company's stressed liquidity situation and cost reducing measures.

Recreate is pleased to announce that the group's financial creditors with short-term liabilities are supportive of the restructuring efforts undertaken. All but one financial creditor have confirmed their acceptance to suspend payment of amortization and to extend loan maturities to mid October 2023 on certain agreed terms while trade creditors are serviced in ordinary course. Credit committee approval of the Company's proposal still remains in respect of one financial creditor. The project team of said creditor has, however, recommended to its credit committee to be held early January 2023 that the Company's proposal is approved subject to certain terms. An update will be provided once relevant formal approvals have been obtained in early January 2023. The group intends to use this time to further implement cost reducing measures as well as to develop a long-term sustainable platform for the group to refinance the debts and to strengthen its position to face challenges ahead.

As part of the process of restructuring the group, it is also exploring opportunities to sell certain properties, provided that such transactions can be made at favorable terms for the group and its shareholders. Any such sales will be subject to separate disclosure.

The CEO stated that: "The suspension represents a positive starting point in our discussions with our financial creditors towards achieving the common long-term goal of strengthening Recreate to face the challenges ahead for the benefit of Recreate and all stakeholders involved."

ABG Sundal Collier ASA and Advokatfirmaet Thommessen AS are acting as the Company's advisors.

For further information, please contact:

Emil Eriksrød, CEO

emil.eriksrod@recreate.no

+47 415 22 463

Eirik Engaas, CFO

eirik.engaas@recreate.no

+47 934 99 340