NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES, OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE

Oslo, June 22, 2020. Reference is made to the announcement on June 5, 2020 regarding the completion of a USD 22.5 million private placement of 28,125,000 new shares in Kalera AS ("Company"). The share capital increase associated with the private placement will be registered in two tranches. The first tranche, covered by the authorization given by the Annual General Meeting on June 25, 2019, consists of 25,401,600 new shares and is duly registered in the Register of Business Enterprises today. The second tranche of 2,723,400 new shares will be registered following the registration of the authorization to increase the Company’s share capital given by the Annual General Meeting held on June 10, 2020.

After the registration of the first tranche, the total number of shares in the Company is 120,400,840.

Following the registration of both tranches in this share capital increase, the Company's share capital will be NOK 1,231,242.4 divided into 123,124,240 shares with a par value of NOK 0.01.

After the USD 22.5 million private placement above was completed, Kalera in addition completed a USD 10 million private placement of 6,666,666 shares.  Following the registration of the share capital increase related to the USD 10 million private placement the Company will have an issued share capital of NOK 1,297,909.06, divided into 129,790,906 shares each with a par value of NOK 0.01. 

For further information:

Bjørge Gretland, Chairman
Phone: +47 92609810
Email: bgretland@kalera.com

ABOUT KALERA 
Kalera is a technology driven vertical farming company with unique growing methods combining optimized nutrients and light recipes, precise environmental controls, and clean room standards to produce safe, highly nutritious, pesticide-free, non-GMO vegetables with consistent high quality and longer shelf life year-round. The company's high-yield, automated, data-driven hydroponic production facilities have been designed for rapid rollout with industry-leading payback times to grow vegetables faster, cleaner, at a lower cost, and with less environmental impact. 

Further information about the company may be found online at www.kalera.com and www.kalera.com/investor  along with an introductory Kalera film: www.youtube.com/watch?v=2Crpph9w0hE  

IMPORTANT INFORMATION
This document is not an offer to sell or a solicitation of offers to purchase or subscribe for shares. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.

This communication may not be published, distributed or transmitted in or into the United States, Canada, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, South Africa or Japan and it does not constitute an offer or invitation to subscribe for or purchase any securities in such countries or in any other jurisdiction. In particular, the document and the information contained herein should not be distributed or otherwise transmitted into the United States of America or to U.S. persons (as defined in the U.S. Securities Act of 1933, as amended (the "Securities Act")) or to publications with a general circulation in the United States of America. This document is not an offer for sale of securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act, or the laws of any state, and may not be offered or sold in the United States of America absent registration under or an exemption from registration under Securities Act. Kalera AS does not intend to register any part of the offering in the United States. There will be no public offering of the securities in the United States of America.

The information contained herein does not constitute an offer of securities to the public in the United Kingdom. No prospectus offering securities to the public will be published in the United Kingdom. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. 

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any member state of the European Economic Area (each an "EEA Member State") that has implemented the EU Prospectus Regulation (Regulation (EU) 2017/1129 with amendments thereto), including any applicable implementing measures in any Member State, the "Prospectus Regulation") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement is not a prospectus within the meaning of the Prospectus Regulation, as implemented in each member State of the European Economic Area. With respect to the EEA Member States, no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring a publication of a prospectus in any Member State. As a result, the securities of the Company may not and will not be offered in any Member State except in accordance with the exemptions set forth in Article 1 of the Prospectus Regulation.