Reference is made to the stock exchange announcement by Borgestad ASA (the
"Company") on 28 November 2023 regarding the general meeting's approval of inter
alia the share capital increases pertaining to the Company's private placement
(the "Private Placement") and subsequent offering (the "Subsequent Offering").  

Approval and publication of prospectus:
The Financial Supervisory Authority of Norway has today approved the Company's
prospectus (the "Prospectus") prepared in connection with the Subsequent
Offering and the listing on the Oslo Stock Exchange of 1,000,000,000 new shares
in the Company in connection with the Private Placement (the "Private Placement
Shares"). 

The Prospectus, including the subscription form for the Subsequent Offering,
will be published and be available at the Company's website
www.borgestad.no/investor (https://borgestad.no/investor/), as well as at
www.arctic.com/offerings (https://www.arctic.com/offerings) and 
www.sb1markets.no/transaksjoner (http://www.sb1markets.no/transaksjoner/) 
before the start of the subscription period in the Subsequent Offering.  

Issuance and listing of the Private Placement Shares:
The Private Placement Shares are expected to be issued on or about 13 December
2023, provided that the Municipal Council of Bjuv prior to this gives its
initial (non-binding) approval of the sale-leaseback transaction announced
through the Company's stock exchange announcement on 27 October 2023. The
Private Placement Shares are expected to be listed on the Oslo Stock Exchange
and become tradable on or about 13 December 2023, but not before the Company has
published a stock exchange announcement announcing the registration of the share
capital increase pertaining to the Private Placement Shares in the Norwegian
Register of Business Enterprises. 

The Subsequent Offering: 
The Subsequent Offering is an offer by the Company to issue up to 250,000,000
new shares, each with a nominal value of NOK 0.25, (the "Offer Shares") at a
subscription price of NOK 0.25 per Offer Share (the "Offer Price"), equal to the
subscription price in the Private Placement, resulting in gross proceeds of NOK
62,500,000 if all the Offer Shares are allocated and issued. 

The subscription period in the Subsequent Offering will start tomorrow, 5
December 2023, at 09:00 hours CET and end on 19 December 2023 at 16:30 CET (the
"Subscription Period"). The Subscription Period cannot be shortened, but the
board of directors may extend the Subscription Period if this is required by law
as a result of the publication of a supplemental prospectus. If the Subscription
Period is extended any other dates referred to herein may be amended
accordingly. 

The shareholders of the Company as of 6 November 2023 (being registered as such
in Euronext Securities Oslo (the "VPS") on 8 November 2023), who (i) were not
contacted in the wallcrossing phase of the Private Placement, (ii) were not
allocated shares in the Private Placement and (iii) are not resident in a
jurisdiction where such offering would be unlawful, or (for jurisdictions other
than Norway) would require any filing, registration or similar action (the
"Eligible Shareholders"), will be granted subscription rights that will give a
preferential right to be allocated Offer Shares.

Each Eligible Shareholder will receive 7.4134 non-transferable subscription
rights for every share registered as held by such Eligible Shareholder in the
Company's shareholders register in the VPS as of 8 November 2023. The number of
Subscription Rights allocated to each Eligible Shareholder will be rounded down
to the nearest whole subscription right. Each Subscription Right will, subject
to applicable law, give the right to subscribe for, and be allocated, one Offer
Share at the Offer Price. Oversubscription is permitted. Subscription without
subscription rights is not permitted. 

The subscription rights must be used to subscribe for Offer Shares before the
expiry of the Subscription Period on 19 December 2023 at 16:30 CET. Subscription
Rights that are not used to subscribe for Offer Shares before the expiry of the
Subscription Period will have no value and will lapse without compensation to
the holder. 

Notifications of allocated Offer Shares and the subscription amount to be paid
by each subscriber are expected to be distributed to the subscribers on or about
20 December 2023. The due date for payment of the allocated Offer Shares will be
22 December 2023. 

Assuming timely payment for the Offer Shares allocated in the Subsequent
Offering, the Offer Shares are expected to be issued and delivered to the VPS
account of the subscribers having been allocated Offer Shares on or about 29
December 2023. The Offer Shares allocated in the Subsequent Offering are
expected to become tradable on the Oslo Stock Exchange on or about 29 December
2023, but not before the Company has published a stock exchange announcement
announcing the registration of the share capital increase pertaining to the
Subsequent Offering in the Norwegian Register of Business Enterprises. 

Completion of the Subsequent Offering is conditional upon completion of the
Private Placement. If the conditions for completion of the Private Placement
have not been satisfied within 15 December 2023, the Private Placement will not
be completed, and the Subsequent Offering will be cancelled. The subscription
rights in the Subsequent Offering will then lapse without compensation to the
holder, and any subscriptions in the Subsequent Offering will be cancelled. 

Further information about the Subsequent Offering and instructions regarding the
subscription procedure are included in the Prospectus. 

Arctic Securities AS and SpareBank 1 Markets AS act as managers for the Private
Placement and the Subsequent Offering. Advokatfirmaet Thommessen AS acts as
legal counsel to the Company. 

For further information, please contact:
Pål Feen Larsen, CEO of Borgestad ASA
Tel.: +47 48 84 53 33

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

-- 

About Borgestad|www.borgestad.no

Borgestad ASA (OSE:BOR) is an investment company focused on real estate and
industry. The key investments include Agora Bytom shopping center and the
leading refractory manufacturer Höganäs Borgestad.  

About Höganäs Borgestad | www.hoganasborgestad.com 

Höganäs Borgestad develops, manufactures and delivers refractory products,
installations and turnkey solutions that enhance the productivity and
competitiveness of industrial customers. The aim is to contribute to the
customers' profitability by providing high-value refractory solutions to their
challenges. Today, the company is a leading supplier in the refractory market of
the Nordic countries and has a global presence in a number of selected
application areas.

IMPORTANT NOTICE:

The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness. Neither Arctic Securities AS and SpareBank 1 Markets
AS (the "Managers") or any of their affiliates or any of their respective
directors, officers, employees, advisors or agents accepts any responsibility or
liability whatsoever for, or makes any representation or warranty, express or
implied, as to the truth, accuracy or completeness of the information in this
announcement (or whether any information has been omitted from the announcement)
or any other information relating to the Company, its subsidiaries or associated
companies, whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available, or for any loss howsoever arising from
any use of this announcement or its contents or otherwise arising in connection
therewith. This announcement has been prepared by and is the sole responsibility
of the Borgestad ASA (the "Company").

Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from Australia, Canada, Japan, Hong Kong, South Africa
or the United States (including its territories and possessions, any State of
the United States and the District of Columbia) or any other jurisdiction where
to do so would constitute a violation of the relevant laws of such jurisdiction.
The publication, distribution or release of this announcement may be restricted
by law in certain jurisdictions and persons into whose possession any document
or other information referred to herein should inform themselves about and
observe any such restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of securities in the United States.
The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act, and may not be offered or sold in the
United States absent registration with the U.S. Securities and Exchange
Commission or an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in accordance with
applicable U.S. state securities laws. The Company does not intend to register
any securities referred to herein in the United States or to conduct a public
offering of securities in the United States.

This announcement is an advertisement and is not a prospectus for the purposes
of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
June 2017 (the "EU Prospectus Regulation") (together with any applicable
implementing measures in any Member State). All of the securities referred to in
this announcement will be made by means of a set of subscription materials
provided to potential investors, except for the subsequent repair offering which
will be made on the basis of a listing and offering prospectus. Investors should
not subscribe for any securities referred to in this announcement except on the
basis of information contained in the aforementioned subscription materials or
for the subsequent repair offering, the prospectus. 

In any EEA Member State other than Norway, this communication is only addressed
to and is only directed at qualified investors in that Member State within the
meaning of the EU Prospectus Regulation, i.e. only to investors who can receive
the offer without an approved prospectus in such EEA Member State. 

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are "qualified investors" within the meaning of the
EU Prospectus Regulation as it forms part of English law by virtue of the
European Union (Withdrawal) Act 2018 and that are (i) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net
worth entities, and other persons to whom this announcement 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"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The
Managers and their affiliates are acting exclusively for the Company and no-one
else in connection with the transactions described in this announcement. They
will not regard any other person as their respective clients in relation to the
transactions described in this announcement and will not be responsible to
anyone other than the Company, for providing the protections afforded to their
respective clients, nor for providing advice in relation to the transactions
described in this announcement, the contents of this announcement or any
transaction, arrangement or other matter referred to herein.

In connection with the transaction described in this announcement, the Managers
and any of their affiliates, acting as investors for their own accounts, may
subscribe for or purchase securities and in that capacity may retain, purchase,
sell, offer to sell or otherwise deal for their own accounts in such securities
of the Company or related investments in connection with the transactions
described in this announcement or otherwise. Accordingly, references in any
subscription materials to the securities being issued, offered, subscribed,
acquired, placed or otherwise dealt in should be read as including any issue or
offer to, or subscription, acquisition, placing or dealing by, the Managers and
any of their affiliates acting as investors for their own accounts. The Managers
does not intend to disclose the extent of any such investment or transactions
otherwise than in accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aim", "expect",
"anticipate", "intend", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies, and other important factors could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. Forward-looking
statements speak only as of the date they are made and cannot be relied upon as
a guide to future performance. The Company, the Managers and their respective
affiliates expressly disclaims any obligation or undertaking to update, review
or revise any forward-looking statement contained in this announcement whether
as a result of new information, future developments or otherwise. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.