Reference is made to the mandatory offer by Tycoon Industrier AS ("Tycoon" or the "Offeror") to acquire all outstanding shares ("Shares") in Saga Pure ASA ("Saga Pure" or the "Company") not already owned by the Offeror at an offer price of NOK 1.33 per share pursuant to the offer document (the "Offer Document") dated 10 April 2025 (the "Offer"). This action was taken in accordance with the Norwegian Securities Trading Act chapter 6, following an acquisition on 6 March 2025 by Tycoon of 5,000,000 shares in the Company, which implied that Tycoon, together with its consolidated party Øystein Stray Spetalen, exceeded a holding of more than 50% of the shares and voting rights in Saga Pure. Tycoon was therefore obliged to make the Offer.

The offer period in the Offer (the "Offer Period") expired at 16:30 (CEST) on 9 May 2025.

At the expiry of the Offer Period, the Offeror had received acceptances of the Offer amounting to 46,566,106 Shares, which taken together with the 72,965,154 Shares held by the Offeror at commencement of the Offer Period equals 119,531,260 Shares, representing approximately 24.65% of the issued share capital and voting rights in the Company. The Offeror together with Øystein Stray Spetalen, which held 172,841,799 Shares at commencement of the Offer Period, is expected to hold a joint total of 292,373,059 Shares, representing approximately 60.3% of the issued share capital and voting rights in the Company, upon completion of the Offer. For information on acceptances received on 9 May 2025, please see information below.

Please note that the calculation of the number of Shares tendered in the Offer is preliminary and is subject to change until the VPS accounts of the Saga Pure shareholders having accepted the Offer, are debited and such Shares having been transferred to a settlement account of DNB Markets, a part of DNB Bank ASA (the "Receiving Agent"). Furthermore, the final result of the Offer is subject to customary verification by the Receiving Agent. The final result of the Offer will be announced once confirmed by the Receiving Agent.

Settlement of the Offer will be made pursuant to the terms of the Offer Document and will take place no later than 23 May 2025, being fourteen (14) calendar days after the date of expiry of the Offer Period. For further information on the Offer, refer to the Offer Document which, subject to regulatory restrictions in certain jurisdictions, is available at the website of Tycoon: https://ferncliff.no.

Subject to regulatory restrictions in certain jurisdictions, the Offer Document may also be obtained free of charge during ordinary business hours at the offices of the receiving agent, DNB Bank ASA, Dronning Eufemias gate 30, 0191 Oslo, Norway.

MANDATORY NOTIFICATIONS OF TRADE

The Offeror is a close associate of the Company's Board Member Øystein Stray Spetalen and is therefore required to disclose acceptances received under the Offer on an ongoing basis.

Please see the attached notification of trading for information on acceptances received by the Offeror on 9 May 2025.

DISCLOSURE OF LARGE SHAREHOLDINGS

Due to the acceptances received on 9 May 2025, the Offeror's holding of shares in Saga Pure will exceed the notifiable 20% threshold upon completion of the Mandatory Offer. Following completion of the Mandatory Offer and based on acceptances received as of the date hereof, the Offeror is currently anticipated to hold a total of 119,531,260 shares in the Company, corresponding to approximately 24.65 % of the outstanding shares and votes in Saga Pure.

The Offeror and its consolidated party Øystein Stray Spetalen is currently anticipated to hold a total of 292,373,059 shares in the Company, corresponding to approximately 60.3% of the outstanding shares and votes in Saga Pure, following completion of the Offer and based on acceptances received as of the date hereof. The consolidated holding has not surpassed a notifiable threshold.

ADVISORS

DNB Markets, a part of DNB Bank ASA, is acting as receiving agent for the Offer. Advokatfirmaet CLP DA is acting as Norwegian legal counsel for the Offeror.

For technical questions regarding the registration through the distributed Acceptance Form, the shareholder can contact the receiving agent at +47 915 04800, or at retail@dnb.no

For further information, please contact:

Espen Lundaas, CEO, +47 924 31 417

Tore Jakob Berg, CFO, +47 934 80 202

IMPORTANT NOTICE

The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. The Offer Document and related acceptance forms are not and may not be distributed, forwarded or transmitted into or within any jurisdiction where prohibited by applicable law, including, without limitation, Canada, Australia and Japan. The Offeror does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons in the United States should review "Notice to U.S. Holders" below. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This announcement is for information purposes only and is not a tender offer document and, as such, is not intended to and does not constitute or form any part of an offer or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise. Investors may accept the Offer only on the basis of the information provided in the Offer Document. Offers will not be made directly or indirectly in any jurisdiction where either an offer or participation therein is prohibited by applicable law or where any tender offer document or registration or other requirements would apply in addition to those undertaken in Norway and Cyprus.

Shareholders of Saga Pure must rely upon their own examination of the Offer Document. Each shareholder should study the Offer Document carefully in order to be able to make an informed and balanced assessment of the Offer and the information that is discussed and described therein. Shareholders should not construe the contents of this announcement as legal, tax or accounting advice, or as information necessarily applicable to each shareholder. Each shareholder should seek independent advice from its own financial and legal advisors prior to making a decision to accept the Offer.

NOTICE TO U.S. HOLDERS

U.S. Holders (as defined below) are advised that the Shares are not listed on a U.S. securities exchange and that the Company is not subject to the periodic reporting requirements of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"), and is not required to, and does not, file any reports with the U.S. Securities and Exchange Commission (the "SEC") thereunder. The Offer will be made to holders of Shares resident in the United States ("U.S. Holders") on the same terms and conditions as those made to all other holders of Shares of the Company to whom an offer is made. Any information documents, including the Offer Document, will be disseminated to U.S. Holders on a basis comparable to the method that such documents are provided to the Company's other Shareholders to whom an offer is made. The Offer will be made by the Offeror and no one else.

Pursuant to an exemption from Rule 14e-5 under the U.S. Exchange Act, the Offeror and its affiliates or brokers (acting as agents for the Offeror or its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase or arrange to purchase, Shares or any securities that are convertible into, exchangeable for or exercisable for such shares outside the United States during the period in which the Offer remains open for acceptance, so long as those acquisitions or arrangements comply with applicable Norwegian law and practice and the provisions of such exemption. To the extent information about such purchases or arrangements to purchase is made public in Norway, such information will be disclosed by means of an English language press release via an electronically operated information distribution system in the United States or other means reasonably calculated to inform U.S. Holders of such information. In addition, the Receiving Agent may also engage in ordinary course trading activities in securities of the Company, which may include purchases or arrangements to purchase such securities.

Neither the SEC nor any securities supervisory authority of any state or other jurisdiction in the United States has approved or disapproved the Offer or reviewed it for its fairness, nor have the contents of the Offer Document or any other documentation relating to the Offer been reviewed for accuracy, completeness or fairness by the SEC or any securities supervisory authority in the United States. Any representation to the contrary is a criminal offence in the United States.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.