Reference is made to Circio Holding ASA's (the "Company") outstanding convertible bonds as issued to Atlas Special Opportunities, LLC ("Atlas") under the Investment Agreement entered into between Atlas and the Company in March 2023.

Atlas has, by a notice of conversion, requested conversion of convertible bonds with a nominal value of NOK 1,500,000. Pursuant to the bond terms, the conversion price is NOK 0.52. As the conversion price cannot be set lower than the nominal value of the share, the conversion price for the conversion is set to NOK 0.6 and the NOK 1,500,000 convertible bonds are convertible into 2,500,000 new shares in the Company.

The Company's share capital will accordingly be increased by NOK 1,500,000.00 by the issuance of 2,500,000 new shares in the Company at a conversion price of NOK 0.6, upon completion of the conversion by registration of the share capital increase in the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret). Following the conversion, the Company's total share capital will be NOK 50,486,542.8 divided into 84,144,238 shares, each with a nominal value of NOK 0.60.

The difference between NOK 0.6 and NOK 0.52, a value of approximately NOK 190,000, will at a later occasion be settled with Atlas. The settlement will be performed either through the issuing of additional bonds or shares, or paid in cash, at an amount corresponding to the value to be settled.