Vistin Pharma — AGM Information 2025

Apr 29, 2025

INNKALLING TIL ORDINÆR GENERAL FORSAMLING I VISTIN PHARMA ASA	CALLING NOTICE FOR ANNUAL GENERAL MEETING IN VISTIN PHARMA ASA
Ettersom det er utenlandske aksjonærer i selskapet, er denne innkalling utarbeidet både på norsk og engelsk. Dersom det skulle vise seg å være uoverensstemmelser mellom de to versjonene, skal den norske versjonen ha forrang.	In consideration for the number of foreign shareholders of the company, this calling notice has been prepared in both Norwegian and English. In case of variation of content of the two versions, the Norwegian version shall prevail.
Styret ("Styret") innkaller med dette til ordinær generalforsamling i Vistin Pharma ASA ("Selskapet"), som vil bli avholdt, den 22. mai 2025, 13:00 CET, i Østensjøveien 27, Oslo. Det vil ikke være mulig med et fysisk oppmøte på den ordinære generalforsmalingen. Aksjonærene oppfordres til å gi styreformann fullmakt. Det er mulig å gi fullmakt både med og uten stemmeinstruks. Ved å gi en fullmakt med stemmeinstruks, kan aksjonærene stemme på de spesifikke sakene uten personlig oppmøte. For ytterligere informasjon om bruk av fullmakt og stemmegivning, se generell informasjon nederst i denne innkallingen, samt fullmaktsskjema.	The Board of Directors (the "Board") hereby calls for an annual general meeting in Vistin Pharma ASA (the "Company"), to be held, on 22 May 2025 at 13:00 CET at Østensjøveien 27, Oslo. It will not be possible with physical attendance for the Annual General Meeting. Instead, shareholders should authorize the Chairman of the Board. It is possible to give proxy with and without voting instructions. By using a proxy with voting instructions, the shareholders will vote on the specific issues without personal attendance. For further information on the use of proxy, see general information at the bottom of the notice and enclosed proxy forms.
Følgende dagsorden er satt for den ordinære generalforsamlingen:	The following agenda has been set for the annual general meeting:
1. Åpning av møtet og registrering av fremmøtte aksjonærer	1. Opening of the meeting and registration of attending shareholders
Styreleder vil åpne generalforsamlingen. En registrering over møtende aksjonærer og fullmakter vil bli gjennomført.	The Chairman of the Board will open the general meeting. A list of attending shareholders and proxy's will be prepared.
2. Valg av møteleder og person til å medundertegne protokollen	2. Election of the meeting chairman and a person to co-sign the minutes
Styret foreslår at Styrets leder blir valgt til å lede generalforsamlingen.	The Board proposes the Chairman of the Board is elected to chair the shareholders meeting.
Én person til stede på generalforsamlingen vil bli foreslått å medundertegne protokollen sammen med styreleder.	One person attending the general meeting will be proposed to co-sign the minutes together with the Chairman of the Board.
3. Godkjennelse av innkalling og saker til behandling	3. Approval of the notice of the meeting and the agenda
Styrets forslag til vedtak:	The Board's proposal for resolution:
"Innkalling og dagsorden godkjennes".	"The notice of and agenda for the meeting are approved".
4. Godkjennelse av årsregnskap og årsberetning for 2024	4. Approval of the annual financial statement and the Director's report for 2024
Årsregnskap og årsberetning er inntatt i årsrapporten som finnes på Selskapets webside www.vistin.com. Det vil bli redegjort av selskapets redegjørelse for eierstyring og selskapsledelse.	The Annual Financial Statement and the Directors' Report are included in the Annual Report which is available on the Company's website www.vistin.com. An account of the Company's corporate governance report will be given.

Styrets forslag til vedtak:

"Generalforsamlingen godkjenner årsregnskapet samt styrets beretning for 2024. Styret foreslår å utbetale et ordinært utbytte til aksjeeierne på totalt NOK 1,25 pr aksje, med utbetaling i juni. Utbytte planlegges å utdeles som en tilbakebetaling av innbetalt kapital (overkurs).''

5. Honorar til styrets, valgkomiteens og kompensasjonskomiteens medlemmer

Valgkomiteens forslag til årlig honorar for styre, valgkomite og kompensasjonskomite for perioden mellom ordinær generalforsamling i mai 2025 og til ordinær generalforsamling i 2026:

Styrets leder		NOK 490 000
Andre aksjonærvalgte
styremedlemmer		NOK 264 000
Ansatte valgte
styremedlemmer		NOK 264 000
Observatør til styret		NOK 264 000
Leder i valgkomiteen	NOK	30 000
Medlem i valgkomiteen	NOK	30 000
Medlemmer i
kompensasjonskomiteen NOK 25 000

Valgkomiteens innstilling er tilgjengelig på selskapets hjemmeside www.vistin.com.

6. Honorar til revisor

Styrets forslag til vedtak:

"Generalforsamlingen godkjenner revisors honorar for revisjonen av årsregnskapet til Vistin Pharma ASA for 2024 etter regning."

7. Styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte

Styret fremlegger sin erklæring i henhold til allmennaksjeloven § 6-16a. Erklæringen finnes på Selskapets webside www.vistin.com.

Generalforsamlingen skal avholde en rådgivende avstemning over den delen av lederlønnserklæringen som gjelder lønn og godtgjørelse til ledende ansatte og skal stemme over godkjennelse av den del av erklæringen som gjelder aksjekursbasert

The Board's proposal for resolution:

"The General Meeting approves the Annual Financial Statements and the Directors' Report for 2024. The Board of Directors will propose for the AGM an ordinary dividend of total NOK 1.25 per share, to be paid in June. Dividend is planned to be distributed as a repayment of paid-in capital (share premium). ''

5. Remuneration for the board of directors, the election committee and the remuneration committee

The proposed annual remuneration to the board of directors, the election committee and the remuneration committee from the ordinary general meeting in May 2025 and to the annual general meeting in 2026:

Chairman of the Board	NOK 490 000
Other shareholder-elected
Board members	NOK 264 000
Employee- elected
Board members	NOK 264 000
Observer of the Board	NOK 264 000
Chairman of the
Election Committee	NOK 30 000
Members of the
Election Committee	NOK 25 000
Members of the
Remuneration Committee	NOK 25 000

The recommendation from the Election committee is available on the company's website www.vistin.com.

6. Auditor's remuneration

The Board's proposal for resolution:

"The general meeting approves the auditor's remuneration for audit of the Annual Financial Statements of Vistin Pharma ASA for the financial year of 2024 in accordance with invoice."

7. The Board's statement regarding determination of salary and other compensation to leading employees

The Board submits its statement in accordance with the Norwegian Public Limited Liability Companies Act (the "Act") § 6-16a. The statement is available on the Company's website www.vistin.com.

The General Meeting shall give an advisory vote on the part of the statement which concerns compensation to leading employees and shall vote on the approval of the part of the statement which

avlønning, jf. allmennaksjeloven § 5-6 (3). Erklæringen inneholder også redegjørelse for hvorvidt fjorårets lederlønnserklæring er blitt gjennomført.	concerns share based remuneration, cf. the Act § 5- 6 (3). The statement also contains an account with respect to compliance with the last report.
Styrets forslag til vedtak:	The Board's proposal for resolution:
1: "Generalforsamlingen gir sin tilslutning til styrets erklæring om lønn og annen godtgjørelse til ledende ansatte."	1: "The General Meeting supports the statement of the Board regarding compensation to leading employees."
2: "Generalforsamlingen godkjenner styrets erklæring om aksjebaserte insentiv ordninger (LTIP)."	2: "The General Meeting adopts the statement of the Board regarding share-based incentive plans (LTIP)."
8. Godkjennelse av finansieringsbistand til ledende ansatte ifm. kjøp av aksjer i selskapet under langsiktig insentivavtale.	8. Approval of financial assistance to purchase shares in relation to the company's long-term incentive plan.
Styret foreslår at generalforsamlingen godkjenner at selskapet stiller en låneramme på NOK 5 000 000,- tilgjengelig for selskapets ledergruppe. Lånene har en tidsbegrensning på tre år, og kan kun benyttes til finansiering av aksjekjøp i selskapet iht. vedlagt redegjørelse og erklæring utarbeidet av styret.	The Board propose to the General meeting that the company approves a loan facility of NOK 5 000 000,- to the executive management. The loans are limited to a duration of three years and can only be used as financing for purchasing of shares in the company according to the attached statement and declaration prepared by the Board.
9. Valg av medlemmer til styret	9. Election of members to the board of directors
Følgende ble på ordinær generalforsamling i 2023 valgt som aksjonærvalgte medlemmer av styret for en periode på 2 (to) år, frem til den ordinære generalforsamling i 2025, og er således på valg:	The following were at the 2023 annual general meeting elected as shareholder-elected members of the board of directors for a period of 2 (two) years, until the annual general meeting in 2025, and are thus up for election:
• Øystein Stray Spetalen	• Øystein Stray Spetalen
Valgkomiteens foreslår at Øystein Stray Spetalen blir gjenvalgt som styremedlem for de neste to årene.	The Election Committee proposes that Øystein Stray Spetalen is re-elected for a new two-year period.
Valgkomiteens innstilling er tilgjengelig på selskapets hjemmeside www.vistin.com.	The recommendation from the Election committee
10. Valg av medlemmer til valgkomiteen	is available on the company's website www.vistin.com.
	10. Election of members to the nomination
Følgende ble på ordinær generalforsamling i 2023 valgt som medlemmer av valgkomiteen for en periode på 2 (to) år, frem til den ordinære generalforsamling i 2025, og er således på valg:	committee The following were at the 2023 annual general meeting elected as members of the Election Committee for a period of 2 (two) years, until the annual general meeting in 2025, and are thus up for election:
• Eivind Devold (leder) • Nils Erling Ødegaard	• Eivind Devold (chairman) • Nils Erling Ødegaard
Det foreslås at Eivind Devold og Nils Erling Ødegaard blir gjenvalgt som medlemmer for de to neste årene.	It is proposed that Eivind Devold and Nils Erling Ødegaard is re-elected for a new two-year period as member.

11. Valg av revisor	11. Election of Auditor
Styrets innstilling av 24. april 2025 var vedlagt innkallingen og er tilgjengelig på www.vistin.com.	The Board of Directors' recommendation of 24 April 2025 was attached to the notice and is available at www.vistin.com.
12. Fullmakt til å utstede aksjer	12. Authorization to issue shares
Styret har tidligere hatt fullmakter til å øke aksjekapitalen. Eksisterende fullmakt utløper ved avholdelse av denne generalforsamlingen. Styret finner det hensiktsmessig at slike fullmakter fortsatt eksisterer.	The Board has previously been authorized to increase the share capital. The existing authorisation expires at this general meeting. The Board deems it purposeful that such authorisation remains in place.
Styrets forslag til vedtak:
Styret gis fullmakt til å øke aksjekapitalen med inntil NOK 8 868 918 gjennom én eller flere aksjekapitalutvidelser.	The Board's proposal for resolution: "The Board is granted authorization to increase the share capital with up to NOK 8 868 918, through one or several share capital increases.
Fullmakten skal kunne anvendes for følgende formål:	The authorization may be used for one or more of the following purposes:
(i) for å gi Selskapet finansiell fleksibilitet, herunder ved investeringer, oppkjøp og fusjoner.	(i) to provide the Company with financial flexibility, including in connection with investments, mergers and acquisitions.
Pris og tegningsvilkår fastsettes av styret ved hver utstedelse under hensyn til Selskapets behov og aksjenes markedsverdi på det aktuelle tidspunkt. Aksjer vil kunne utstedes mot kontantvederlag eller vederlag i form av andre aktiva (tings innskudd).	Price and conditions for subscription will be determined by the Board on issuance, according to the Company's needs and the shares' market value at the time. Shares may be issued in exchange for cash settlement or contribution in kind.
Eksisterende aksjonærers fortrinnsrett til å tegne aksjer vil kunne bli fraveket av styret i forbindelse med utøvelse av fullmakten.	The existing shareholders pre-emptive rights to subscribe shares can be deviated from in connection with the effectuation of this authorization.
Denne fullmakt utløper på datoen for den ordinære generalforsamlingen i 2026, men skal i alle tilfelle utløpe senest 15 måneder fra datoen for denne generalforsamlingen.	The Board's authorization is valid until the Annual General Meeting in 2026 but shall in any event expire at the latest 15 months from the date of this annual general meeting.
Styret gis samtidig fullmakt til å foreta nødvendige vedtektsendringer ved utøvelse av fullmakten."	The Board is at the same time given authorization to make the necessary amendments to the articles of association on execution of the authorization."
13. Fullmakt til å erverve egne aksjer	13. Authorization to acquire treasury shares
Styrets forslag til vedtak:	The Board's proposal for resolution:
"Styret gis fullmakt til på Selskapets vegne å erverve aksjer i Vistin Pharma ASA til ett eller flere av følgende formål:	"The Board is granted authorization to acquire shares in Vistin Pharma ASA on behalf of the Company for one or more of the following purposes:
(i) for å øke aksjonærenes avkastning.	(i) to increase return on investment for the Company's shareholders.
Fullmakten gjelder for kjøp av inntil 10 % av pålydende av Selskapets aksjekapital, jf. allmennaksjeloven §§ 9-2 og 9-3. Aksjer kan	The authorization covers purchase(s) of up to 10% of the face value of the share capital of the Company,

erverves til minst NOK 1,00 per aksje og maksimalt NOK 100 per aksje. Disse begrensninger skal justeres tilsvarende i tilfelle av aksjespleis, aksjesplitt og lignende transaksjoner. Aksjene skal erverves ved ordinær omsetning over børs.

Styrets fullmakt gjelder frem til den ordinære generalforsamlingen i 2026, men skal i alle tilfelle utløpe senest 15 måneder fra datoen for denne generalforsamlingen. Beslutningen skal meldes til og registreres av Foretaksregisteret innen aksjer erverves i henhold til fullmakten."

* * *

Oslo, 24. april 2025

Øyvin A. Brøymer (sign.)

* * *

Pr dato for innkallingen er det 44 344 592 aksjer i Selskapet, hver med en pålydende verdi på NOK 1,00 og hvor hver representerer én stemme på selskapets generalforsamling. Selskapet eier ingen egne aksjer.

Vedlagt denne innkallingen følger det et fullmaktsskjema. Det vil ikke være mulig med et fysisk oppmøte på den ordinære generalforsmalingen. Aksjonærene oppfordres til å gi styreformann fullmakt og bes om å returnere en signert versjon av vedlagte fullmaktsskjema innen 20. mai 2025, 16:00 CET til Nordea Bank Norge ASA, Verdipapirservice, Postboks 1166 Sentrum, 0107 Oslo, Norge, telefaks 47 22 36 97 03, eller nis@nordea.com. En aksjeeier som ikke registrert fullmakt innen fristens utløp, kan nektes adgang til å stemme, jf. vedtektene § 10. Melding kan også gis via www.vistin.com.

Aksjonærer som eier aksjer i Selskapet gjennom en forvalter, jf. allmennaksjeloven § 4-10, må kontakte forvalteren og be om å bli direkte registrert i den norske Verdipapirsentralen ("VPS") dersom de ønsker å bruke stemmeretten sin. Slik registrering må fremgå av utskrift fra VPS på dagen for generalforsamlingen.

For at en aksjonær skal kunne utøve sin rett til å stemme på generalforsamlingen, må aksjonærens aksjeerverv være innført i selskapets aksjeeierregister den femte virkedagen før generalforsamlingen avholdes, 15. mai 2025 (registreringsdatoen), jfr. selskapets vedtekter § 10 siste ledd.

cf. the public limited liability companies act §§ 9-2 and 9-3. Shares may be acquired at minimum NOK 1 per share and maximum NOK 100 per share. These limitations shall be adjusted in the event of share consolidation, share splits, and similar transactions. The shares shall be acquired through ordinary purchase on the stock exchange.

The Board's authorization is valid until the annual general meeting in 2026 but shall in any event expire at the latest 15 months from the date of this General Meeting. The decision shall be notified to and registered by the Norwegian Register of Business Enterprises prior to acquiring any shares pursuant to this authorization."

* * *

Oslo, 24 April 2025

Øyvin A. Brøymer (sign)

* * *

As of the date of this notice, there are 44,344,592 shares of the Company, each with a nominal value of NOK 1.00 and each representing one vote at the Company's general meeting. The Company does not hold any treasury shares.

Enclosed to this notice are the proxy form. It will not be possible to physically attend the annual general meeting. Instead, shareholders should authorize the Chairman of the Board and are asked to return a signed version of the enclosed proxy form within 20 May 2025, 16:00 CET to Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway, fax +47 22 36 97 03, or nis@nordea.com. Notice may also be given via www.vistin.com. A shareholder who has not registered proxy within this time limit may be denied access to vote, cf. § 10 of the Company's Articles of Association.

Shareholders who own shares in the Company through a nominee/share manager, cf. the Norwegian Public Limited Liability Companies Act section 4-10, must contact the nominee/share manager and request to be directly registered in the Norwegian Central Securities Depository ("VPS") if they want to use their voting rights at the annual general meeting. Such registration must appear from a VPS transcript at the date of the general meeting. In order for a shareholder to be entitled to exercise its rights to vote on the general meeting, the shareholder's holdings of shares must be registered with the Company's share register the fifth (5th) business day prior to the day the general meeting is held, 15 May 2025 (the record date), cf. the Company's Articles of Association section 10 last paragraph.

INNKALLING TIL ORDINÆR GENERALFORSAMLING 22. mai 2025

Ordinær Generalforsamling i Vistin Pharma ASA avholdes 22. mai 2025, kl. 13:00,
i Østensjøveien 27, Oslo.
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FULLMAKTSBLANKETT

Fullmakts blankett sendes innen 20. mai 2025, kl. 16:00 til: Pr telefaks: +47 22 36 97 03 Pr post: Nordea Bank Norge ASA, Issuer Services, Postboks 1166 Sentrum, 0107 Oslo. Pr e-post: nis@nordea.com

FULLMAKT
		Undertegnede er innehaver av ______ aksjer i Vistin Pharma ASA.
	ved ordinær generalforsamling i Vistin Pharma ASA den 22. mai 2025, kl. 13:00.	Jeg/vi gir herved _______ fullmakt til å møte og å stemme for mine/våre aksjer
		Hvis ingen annen blir gitt fullmakt, kan navnet til styreleder Øyvin A. Brøymer innskrives. Dersom ikke annet fremgår av skjemaet over vil fullmakten anses å være gitt til styreleder Øyvin A. Brøymer.
Der styreleder Øyvin A. Brøymer er gitt fullmakt, vil stemmegivning skje i henhold til nedenstående instruks for stemmegivning som bes utfylt og sendes kontofører. Stemmene vil da avgis av fullmakts haveren i overensstemmelse med instruksen. Dersom det ikke er gitt instruksjoner ved avkrysning på det vedlagte instruksjonsskjema, vil fullmakter gitt til Brøymer ansees for å være gitt med instruksjon om å stemme FOR forslag i innkallingen, samt FOR forslag som fremlegges av valgkomiteen.
__ Dato, Sted	______ Signatur	_______ Navn / selskap med blokkbokstaver

Vennligst send denne fullmakten, og eventuelt instruks for stemmegivningen, slik at den er fremme innen 20. mai 2025, kl. 16:00.

INSTRUKS FOR STEMMEGIVNING

Dersom styreleder Øyvin A. Brøymer blir gitt fullmakt vil stemmene avgis slik som fullmaktsgiver har angitt i denne instruksen under:

Punkt på agendaen	Stemme for	Stemme imot	Avstå
2. Valg av møteleder og person til å medundertegne protokollen sammen med møteleder			
3. Godkjennelse av innkalling og dagsorden			
4. Godkjennelse av årsregnskap og årsberetning for 2024			
5. Fastsettelse av honorar til styrets, valgkomiteens og kompensasjonskomiteens medlemmer			
6. Godkjennelse av revisors godtgjørelse			
7. Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte:
7.1 Generalforsamlingen gir sin tilslutning til styrets erklæring om lønn og annen godtgjørelse til ledende ansatte			
7.2 Generalforsamlingen godkjenner styrets erklæring om langsiktige insentivplaner og tiltak for å beholde nøkkelpersonell			
8. Godkjennelse av finansieringsbistand til ledende ansatte ifm. kjøp av aksjer i selskapet under langsiktig insentivavtale			
9. Valg av medlemmer til styret			
10. Valg av medlemmer til valgkomiteen			
11. Valg av revisor			
12. Fullmakt til å utstede aksjer			
13. Fullmakt til å erverve egne aksjer			

Vennligst vær oppmerksom på at dersom alternativene over ikke krysses av vil det bli ansett som en instruks om å avgi "stemme for" forslag i innkallingen, samt forslag som fremlegges av valgkomiteen.

Shareholder's full name and address

NOTICE OF ANNUAL GENERAL MEETING 22 May 2025

Annual General Meeting in Vistin Pharma ASA to be held on 22 May 2025 at 13:00 hours CET, Østensjøveien 27, Oslo, Norway.

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PROXY FORM

The proxy form is to be returned not later than 16:00 CET on 20 May 2025 to: By fax: +47 22 36 97 03 By mail: Nordea Bank Norge ASA, Issuer Services, P.O. Box 1166 Sentrum, 0107 Oslo, Norway. By e-mail: nis@nordea.com.

PROXY FORM

The undersigned is the owner of ________________________ shares in Vistin Pharma ASA.

I/we hereby appoint _______________________________ as my/our proxy to attend and vote for my/our shareholding at the annual general meeting of Vistin Pharma ASA to be held on 22 May 2025 at 13:00 CET.

If no other person is chosen as proxy, the name of the Chairman Øyvin A. Brøymer, may be entered. Should no other indication be given above, the proxy will be deemed to have been given to the Chairman, Øyvin A. Brøymer.

Where the Chairman, Øyvin A. Brøymer, is appointed as proxy, the voting instructions below will be followed if completed and sent to the registrar. The votes will be cast by the appointed proxy as specified in the voting instructions. If instructions on voting are not submitted by checking the boxes in the attached form, any proxies given to Mr. Brøymer will be deemed to have been given with instructions to vote in favour of the proposals on the agenda and in favour of the proposal presented by the election committee.

______________ ________________________ _______________________________

Date, Place Signature Name / company in capital letters

Please send this proxy form, and, if applicable, the voting instructions, to arrive no later than 16:00 CET on 20 May 2025.

VOTING INSTRUCTIONS

If Chairman, Øyvin A. Brøymer is given a power of attorney, the votes will be cast as specified in the voting instructions below by the person that has given the Chairman the power of attorney:

Item on the agenda	Vote for	Vote against	Abstain
2. Election of the chairman of the meeting and a person to co-sign the minutes			
3. Approval of the notice of the meeting and the agenda			
4. Approval of the annual financial statements and the Directors' report for 2024			
5. Approval of remuneration for the Board of Directors, the Election Committee and the Remuneration Committee			
6. Approval of auditor's remuneration			
7. The Board's statement regarding determination of salary and other compensation to leading employees:
7.1 The General Meeting supports the statement of the Board regarding compensation to leading employees			
7.2 The General Meeting adopts the statement of the Board regarding long term incentive plans and measures for keeping key personnel			
8. Approval of financial assistance to purchase shares in relation to the company's long-term incentive plan.			
9. Election of members to the Board of Directors			
10. Election of members to the Election Committee			
11. Election of Auditor			
12. Authorisation to issue shares			
13. Authorisation to acquire treasury shares			

Please note that if the alternatives above are not checked off, this will be deemed as an instruction to "vote for" the proposals on the agenda, and the proposal presented by the Election Committee.

Statement from the board on financial assistance to purchase shares

This report has been issued by the board of Vistin Pharma ASA in accordance with Section 8-10 (5) of the Public Limited Liability Companies Act.

The background for the proposal for financial assistance

The board has proposed that the company provide financial assistance to Vistin Pharma's Executive Management Group, in the form of a loan limit of up to NOK 5 000 000,- in connection with the acquisition of shares in the company under the company's long-term incentive agreement for Executive management.

The board's proposal must be approved by the company's annual general meeting in accordance with Section 8-10 (4) of the Public Limited Liability Companies Act. In this connection, the board must prepare an account of the financial assistance according to the Public Limited Liability Companies Act § 8-10 (5), which is this document.

The following conditions apply to the company's financial assistance:

• Lender: Vistin Pharma ASA
• Borrower: Vistin Pharma's Executive Management Group
• Loan limit: NOK 5 000 000
• Security: Pledge of the borrowers' holdings of shares in the company
• Interest rate: The standard interest rate for employee loans determined by the Norwegian Tax Administration, assuming employment in the company
• Duration: Three years from the time of purchase

Price to be paid for the shares

According to the long-term incentive agreement, shares can be acquired at a 25% discount. For shares that are acquired with a 25% discount, a three-year lock-in period is mandatory. For shares that are acquired at market price, no lock-in period is required.

The company's interest in providing financial assistance

In the opinion of the board, it is desirable that the company's Executive management own shares in the company, as this gives the employees financial incentives to (i) maximize the shareholders' values and (ii) to remain in their positions for a sufficient time to create a good result for the shareholders. In order to further facilitate such share purchases, the board considers it to be in the company's interest to offer the Executive Management Group in the company, financing assistance for the acquisition of shares under the company's long-term incentive program.

The aid's consequences for the company's equity and liquidity

In the opinion of the board, the financing assistance will not have any significant impact on the company's liquidity and solvency.

Oslo, 24 April 2025

Board of Directors in Vistin Pharma ASA

______________________ __________________ ____________________

Øyvin A. Brøymer Bettina Banoun Kari Krogstad

Chairman Board member Board member

_______________________

Espen Marcussen Øystein Stray Spetalen Espen Lia Gregoriussen

______________________ __________________ __________________

Board member Board member Board member

Åse Musum

Board member

Declaration from the board about financial assistance to purchase shares

This report has been issued by the board of Vistin Pharma ASA in accordance with Section 8-10 (5) of the Public Limited Liability Companies Act.

The board has proposed that the company provide financial assistance to Vistin Pharma's Executive Management Group, in the form of a loan limit of up to NOK 5 000 000 in connection with the acquisition of shares in the company under the company's long-term incentive agreement for senior employees. The board has issued a separate report on the financial assistance in accordance with Section 8-10 (5) of the Public Limited Liability Companies Act.

The board declares that it is in the company's interest to provide the financial assistance, and that the requirement for proper equity and liquidity in Section 3-4 of the Public Limited Liability Companies Act will be met.

Oslo, 24 April 2025 Board of Directors in Vistin Pharma ASA

______________________ __________________ ____________________

Øyvin A. Brøymer Bettina Banoun Kari Krogstad

Chairman Board member Board member

_______________________

Board member Board member Board member

Espen Marcussen Øystein Stray Spetalen Espen Lia Gregoriussen

______________________ __________________ __________________

Åse Musum

Board member

Recommendation on selection of external auditor

Vistin Pharma ASA has conducted a competitive tender for audit services in 2025, as EY has served as auditor for ten years. Pursuant to Article 16, paragraph 2 of EU Regulation no. 537/2014, the Audit Committee (Board of Directors) shall make a recommendation to the General Meeting regarding the selection of an auditor. The recommendation shall identify at least two alternatives from which to select an auditor and shall make a justified recommendation for one of the auditors.

The election of the new auditor will be effective for the audit from the fiscal year that started 1 January 2025. After an internally review process two well know audit firms were contacted and was invited to a tender process. Both audit firms sent inn tender bids, and a thorough review process was conducted including individual meetings and presentations of the potential audit teams.

All proposals were evaluated against predefined criteria such as:

• Audit team competence, quality, experience and industry knowledge
• Scope planning and delivery of the audit
• Experience and competence of the specialists
• Audit fee

After the internal review EY and BDO were considered the preferred candidates. Both EY and BDO were assessed capable to provide effective and high-quality audit services and meet Vistin Pharma's needs. Overall, the tender from EY achieved the highest score based on the predefined criteria, where they demonstrated high competence, industry knowledge and a competitive audit fee. The Audit Committee therefore recommends continuing with EY as auditor for Vistin Pharma ASA effective from the fiscal year 2025 (i.e., according to § 7-2, one chooses to extend the assignment period to 20 years in accordance with § 7-2 a).

In accordance with Article 16, paragraph 2 of the EU regulation referred to above, the Board/Audit Committee confirms that the recommendation is not influenced by a third party and that no clause or contract are entered into between Vistin Pharma and a third party restricting the choice by the General Meeting of shareholders or members of Vistin Pharma, as referred to in Article 37 of Directive 2006/43/EC.

Øyvin A. Brøymer

Chair of the Board/Audit Committee

Vistin Pharma ASA

Remuneration report for salary and other remuneration for leading persons 2024

1. Key developments in remuneration – 2024

1.1. The financial year 2024

2024 has been another strong year for Vistin Pharma. The year started with an unplanned stop on Line 2, which affected the sales volume for the year. However, the sales volume ended record high at 5200 MT which is a 4% increase compared to 2023. Driven by Excellent commercial execution and good cost control EBITDA ended at record high MNOK 104 compared to MNOK 86 last year, a 21% increase. Revenue of MNOK 430 compared to MNOK 438 in 2023, is reflecting lower realized sales prices in 2024, however at higher margins.

Diabetes is one of the most serious diseases of this century. The number of diabetes 2 patients are by the World Health Organization (WHO) expected to grow from approximately 500 million today to > 750 million in 20 years. About 10% of the world's population in the age group between 25 – 70 years are suffering from diabetes. Vistin Pharma contributes to deliver Metformin diabetes type 2 medication to millions of patients around the world every day and is proud to play a key role in treating this disease. Many European clients prefer high quality supplies, near-shore production and a leading ESG profile, and Vistin is strategically well positioned to take advantage of this.

1.2. Shareholder feedback

The statement regarding remuneration for executive management was approved by the annual general meeting in 2024. The general meeting also approved a long-term incentive plan (LTIP). The executive management, in total, can purchase shares for up to MNOK 5, at a 25% discount, with three years of binding time. The long-term incentive plan also includes a loan facility of MNOK 5 for purchase of shares. The loan facility has a duration of three years and can only be used as financing for the purchasing of shares in the company.

1.3. Key developments in Board remuneration and composition in 2024

The annual general meeting in May 2024 re-elected Øyvin A. Brøymer (Chair), Bettina Banoun, Kari Krogstad and Espen Marcussen as board members. In addition, former CEO, Kjell-Erik Nordby was elected as an Observer to the Board. At year end 2024 the board consisted of Øyvin A. Brøymer (chairman), Bettina Banoun, Kari Krogstad, Espen Marcussen, Øystein Stray Spetalen, Espen Lia Gregoriussen (employee representative), Åse Musum (employee representative) and Kjell-Erik Nordby (observer)

The annual general meeting in 2024 approved the remuneration for the board members for the period between the annual general meeting in 2024 and the annual general meeting in 2025. Remuneration for the Chairman is NOK 460 000 and NOK 240 000 for all the other board members. The 2024 remunerations are adjusted in accordance with the general inflation in the society.

1.4. Key developments in Executive remuneration and composition in 2024

There has been one change in the executive management team in 2024. Kjell-Erik Nordby had his last day as CEO on 31.12.2023. The new CEO from 01.01.2024 is Magnus Tolleshaug, who until this appointment was the Chief Commercial Officer in the company. In accordance with the decision at the annual general meeting in May 2024

the remuneration of executives during the period has been governed by the guidelines for determination of salary and other remuneration to leading persons. All remuneration in 2024 to the executive management has been in line with the approved remuneration policy. Base salaries to executives in 2024 amounted to MNOK 8.2 compared to MNOK 9.8 in 2023, equal to a 16 % decrease. The executive Group consisted of four individuals in 2024 compared to five in 2023.

The company has a system of annual performance-based bonuses (STIP) for the executive management. The maximum bonus payable to the CEO is 40% of the annual salary. The maximum bonus payable to other members of the executive Management team is 30% of the annual salary. The CEO and CFO bonus is 100% linked to a financial target, while in the rest of the Executive Team, the bonus is 70% linked to a financial target and 30% linked to individual KPI's. The thresholds to earn bonus for 2024 was partly met, 90% of the financial target, and the bonuses will be paid out in 2025.

1.5. Derogations and deviations from the remuneration policy

The management remuneration policy in the preceding fiscal year has been conducted in accordance with the prevailing principles for 2024.

2. Remuneration of the Board of Directors

2.1. The Company's salary policy for the Board of Directors – main principles

Remuneration of Board members shall be reasonable and based on the Board's responsibilities, work, time invested and the complexity of the business. The remuneration needs to be sufficient to attract both Norwegian and foreign Board members with the right expertise and competence. The compensation shall be a fixed annual amount and shall be determined by the Annual General Meeting based on a proposal from the Election Committee. All remuneration in 2024 to the board has been in line with the resolution from the general meeting.

2.2. Board of Directors remuneration

Board and committee fee level 2024-2025

Chairman of the Board		NOK 460 000
Other shareholder-elected Board members		NOK 240 000
Employee- elected Board members		NOK 240 000
Chairman of the Election Committee	NOK	25 000
Members of the Election Committee	NOK	20 000
Members of the Remuneration Committee	NOK	25 000

Board of Directors compensation paid in 2024 and 2023

	2024		2023
(NOK 000's)	Board fees	Other*	Board fees	Other*
Øyvin A. Brøymer Chairman	460	25	420	21
Bettina Banoun	240	25	210	21
Øystein Stray Spetalen	240	-	210	-
Espen Marcussen	240	-	210	-
Kari Krogstad	240	-	210	-
Espen Lia Gregoriussen	240	-	210	-
Åse Musum	240	-	210	-
Kjell-Erik Nordby	240	-	-	-
Total	2 140	50	1 680	42

*Both Bettina Banoun and Øyvin Brøymer receive NOK 25 000 for 2024 and 21 000 in 2023 as members of the Remuneration Committee.

3. Remuneration of Executive Management

3.1 The Company's salary policy for the executive management – main principles

The purpose of the Company's remuneration policy is to attract and retain personnel with the competence and experience that the Group requires to achieve Vistin Pharma's goal of becoming a leading and a profitable producer of selected APIs for the international pharmaceutical market. The general policy is to pay fixed salaries and pensions, while at the same time offering bonuses, or other types of incentives, which aligns the interest of senior management and the shareholders of the Company.

3.2 Executive remuneration benchmark

Salary statistics and comparisons with other companies in the industry and other relevant companies are used to determine compensation to the executive management.

3.3 Salaries and other remuneration

Fixed salary

It is the Company's policy that salaries to the CEO and senior management primarily shall take the form of a fixed monthly salary, reflecting the level of the position, responsibility and experience of the person concerned and the results achieved.

Short term incentive Plan (STIP / Bonuses)

The Group has a system of annual performance-based bonuses for all employees. The maximum bonus payable to the CEO is 40% the annual salary. The maximum bonus payable to other members of the Executive Management team is 30% of the annual salary, depending on individual employment contracts. The Board of Directors evaluates and determines annually the bonus system for Vistin Pharma, based on recommendations from the remuneration committee. The bonuses are linked to the achievement of certain targets for financial results, and for some, other personal performance targets (KPI's) which are defined at the beginning of the fiscal year. The bonus targets shall reflect both short-term financial parameters, and operational and strategic performance targets that are expected to give a positive long-term financial effect.

Pension plan

Principally, pension plan shall be the same for executive management as what is generally agreed for other employees. The Group has a defined contribution plan for all employees. Under this plan the Group contributes 5.5% of the salary between 1G and 7.1G, and 15%, for the salary between 7.1G and 12G.

Notice period

The CEO in 2024 had a 24-month termination benefit in the case of involuntary termination of his employment. The remaining executive management group has a three-month termination period.

Long Term Incentive Plan (LTIP)

Vistin has established, and the Annual General Meeting approved in 2024 a long-term incentive plan (LTIP). The executive management, in total, can purchase shares for up to MNOK 5, at a 25% discount, with three years of binding time. The General meeting also approved a loan facility of up to MNOK 5 for purchase of shares. The loan facility has a duration of three years and can only be used as financing for the purchasing of shares in the company. If the finance option is used to purchase shares, the standard interest rate for employee loans determined by the Norwegian Tax Administration, will be used.

No shares were purchased in 2024.

3.4 Executive Management compensation overview (paid in 2024 and 2023)

2024

						Proportion
						of fixed
	Base	Bonus				and
(NOK 000's)	salary	paid*	Pension	Other**	Total	variable
Magnus Tolleshaug, CEO	2 590	553	171	249	3 562	84% / 16%
Alexander Karlsen, CFO	2 034	576	173	207	2 989	81% / 19%
Hilde Merethe Hagen, VP Quality	1 616	470	175	169	2 430	81% / 19%
Vegard Heggem, COO	1 980	546	178	169	2 872	81% / 19%
Total Executive Management	8 220	2 144	697	793	11 854	-

*Bonus paid is related to bonus earned for 2023 and paid out in 2024

**Mainly fixed monthly car allowance

Magnus Tolleshaug succeeded Kjell-Erik Nordby as CEO from 01.01.2024, who retired as of 31.12.2023.

						Proportion of fixed
	Base	Bonus				and
(NOK 000's)	salary	paid*	Pension	Other*()	Total	variable
Kjell Erik Nordby, CEO	2 790	-	509	266	3 565	100% / 0%
Alexander Karlsen, CFO	1 877	60	164	240	2 341	97% / 3%
Hilde Merethe Hagen, VP Quality	1 538	49	165	169	1 921	97% / 3%
Magnus Tolleshaug, CCO	1 812	58	162	206	2 238	97% / 3%
Vegard Heggem, COO	1 789	58	168	162	2 176	97% / 3%
Total Executive Management	9 805	225	1 168	1 043	12 241	-

*Bonus paid is related to bonus earned for 2022 and paid out in 202

**Mainly fixed monthly car allowance

3.5 Short term incentive Plan (STIP / Bonuses)

The purpose of the performance-based bonus scheme is to stimulate the executives to work actively to achieve strategic goals. Furthermore, it is a tool for addressing which goals the company's board prioritizes. The shortterm incentive plan consists of an EBIT target for the CEO and CFO equal to the budgeted figure. For the rest of the Executive Group, they have the same EBIT target (weights 70%), and personal KPI's (weights 30%). The EBIT target is adjusted for FX. The purpose of the EBIT target is to reflect the focus on healthy annual profitability as the most important financial goal.

The annual bonus targets are approved by the board of directors. The target for the Executive team in 2024 was; if 90% of budgeted EBIT was met, 75% is paid out. To achieve 100% payout, EBIT needed to be 110% of the budgeted figure. The payout percentage is calculated pro rata between the lower and upper target. Target achievements are reviewed by the board before pay-out. The thresholds to earn bonus for 2024 were partly met (90%) and there will be a bonus payment in March 2025.

4. Remuneration and Company Performance 2020-2024

4.1. Board remuneration 2020-2024

A summary of the development of the Board remuneration in the five-year period 2020–2024 is provided in the table below.

Numbers in TNOK
Board of Directors	Election year	2020	2021	2022	2023	2024
Ole Enger, Chairman	2015	425	-	-	-	-
% change annualised		-79 %	-	-	-	-
Mimi K. Berdal, Board Member	2017	200	-	-	-	-
% change annualised		-90 %
Øystein Stray Spetalen, Board Member	2015	200	200	200	210	240
% change annualised		-90 %	0 %	0 %	5 %	14 %
Espen Lia Gregoriussen, Employee-elected Board Member	2017	125	200	200	210	240
% change annualised		-94 %	60 %	0 %	5 %	14 %
Åse Musum, Employee-elected Board Member	2015	125	200	200	210	240
% change annualised		-94 %	60 %	0 %	5 %	14 %
Bettina Banoun, Board Member	2018	200	220	220	231	240
% change annualised		-90 %	10 %	0 %	5 %	4 %
Finn Bjørn Ruyter, Board Member	2018	200	-	-	-	-
% change annualised		-90 %
Øyvin A. Brøymer; Chairman	2020	-	420	420	441	485
% change annualised		-	-	-	0	10 %
Espen Marcussen, Board Member	2020	-	200	200	210	240
% change annualised		-	-	-	0	14 %
Kari Krogstad, Board Member	2020	-	200	200	210	240
% change annualised		-	-	-	0	14 %

4.2. Executive remuneration and company performance 2020-2024

The table below includes the average annual change in remuneration of the company's executive management, and the annual financial performance from 2020 to 2024.

Numbers in TNOK

Person and position	Appointement year	2020	2021	2022	2023	2024
Kjell-Erik Nordby, CEO*	2009	3 635	4 189	4 138	3 565	-
% change annualised		81 %	15 %	-1 %	-14 %	-
Alexander Karlsen, CFO	2020	2 047	2 321	2 513	2 341	2 989
% change annualised		-	13 %	8 %	-7 %	28 %
Hilde Merethe Hagen, VP Quality	2017	1 666	1 987	1 996	1 921	2 430
% change annualised		-17 %	19 %	0 %	-4 %	26 %
Magnus Tolleshaug, CEO*/CCO	2020	1 618	1 903	2 503	2 238	3 562
% change annualised		-	18 %	32 %	-11 %	59 %
Vegard Heggem, VP Operations	2017	1 891	2 273	2 284	2 176	2 872
% change annualised		-6 %	20 %	0 %	-5 %	32 %

Numbers in MNOK

Vistin Pharma performance	2020	2021	2022	2023	2024
Revenue	253	279	305	438	430
EBITDA	58.2	48.6	6,2	86,0	104
Avg. number of employees	67	68	75	75	75
Average compensation employees	2,1 %	2,6 %	2,9 %	3,9 %	5,3 %

* Magnus Tolleshaug succeeded Kjell-Erik Nordby as CEO from 01.01.2024, who retired as of 31.12.2023.

To get comparable annual base salary change the figures in the table above are annualized to reflect twelve months if the executive only has received compensation part of the year.

Oslo, 24 April 2025

Øyvin A. Brøymer Chairman

__________________

Espen Marcussen Board member

__________________

__________________

__________________

Åse Musum Board member

Bettina Banoun

______________

Board member

Øystein Stray Spetalen Board member

__________________

Kari Krogstad Board member

Espen Lia Gregoriussen Board member

__________________

Statsautoriserte revisorer Ernst & Young AS

Stortorvet 7, 0155 Oslo Postboks 1156 Sentrum, 0107 Oslo Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00

www.ey.no Medlemmer av Den norske Revisorforening

To the General Meeting in Vistin Pharma ASA

INDEPENDENT AUDITOR'S ASSURANCE REPORT ON REMUNERATION REPORT

Opinion

We have performed an assurance engagement to obtain reasonable assurance that Vistin Pharma ASA's report on salary and other remuneration to directors (the remuneration report) for the financial year ended 31 December 2024 has been prepared in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.

In our opinion, the remuneration report has been prepared, in all material respects, in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.

Board of directors' responsibilities

The board of directors is responsible for the preparation of the remuneration report and that it contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and for such internal control as the board of directors determines is necessary for the preparation of a remuneration report that is free from material misstatements, whether due to fraud or error.

Our independence and quality control

We are independent of the company in accordance with the requirements of the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. The firm applies International Standard on Quality Management, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Auditor's responsibilities

Our responsibility is to express an opinion on whether the remuneration report contains the information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and that the information in the remuneration report is free from material misstatements. We conducted our work in accordance with the International Standard for Assurance Engagements (ISAE) 3000 – "Assurance engagements other than audits or reviews of historical financial information".

We obtained an understanding of the remuneration policy approved by the general meeting. Our procedures included obtaining an understanding of the internal control relevant to the preparation of the remuneration report in order to design procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the company's internal control. Further we performed procedures to ensure completeness and accuracy of the information provided in the remuneration report, including whether it contains the information required by the law and accompanying regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Oslo, 28 April 2025 ERNST & YOUNG AS

The auditor's assurance report is signed electronically

Kristian Dalby State Authorised Public Accountant (Norway)