Recreate ASA — Capital/Financing Update 2022

Nov 21, 2022

Recreate ASA introduces cost reducing measures

Recreate ASA introduces cost reducing measures

Porsgrunn, 21 November 2022: As communicated in the third quarter report, Recreate ASA has made an internal review aiming to reduce costs and optimise operations. On this basis, the Group has identified initiatives which will contribute to a reduction in personnel costs in the range of 50 per cent compared with the current level.

The initiatives include salary reductions, temporary layoffs and staff reductions. The planned cost improvements are expected to have full impact as from 1 March 2023.

As communicated in an announcement made 11 November 2022, the Group is currently experiencing uncertainty in the financial markets and corresponding funding possibilities, which has resulted in a challenging liquidity position. Recreate is also considering a potential share issue to be launched within the coming weeks, for the purpose of rising capital towards running operational commitments and to strengthen its liquidity going forward.

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

Recreate ASA is a full-service real estate company focused on the development, ownership and management of centrally located and sustainable commercial properties. Visit the company's website at recreate.no.