15 October 2024: Hermana Holding ASA, a Norwegian investment company, releases
its financial report for the third quarter 2024.

HIGHLIGHTS:

o The Group had its first day trading on the main list of Oslo Stock Exchange
under the ticker HERMA on 18 June 2024. Shareholders of Magnora ASA received one
share in Hermana Holding ASA for each of their Magnora ASA shares on 18 June
2024.

o The demerger from Magnora ASA was part of a restructuring process in Magnora,
finalised during the second quarter, with transfer of the legacy agreement with
Dana Petroleum Ltd. for the Western Isles FPSO as part of the demerger. As the
licensing business including the Western Isles agreement is a carve-out of
Magnora ASA, the expected value of the agreement is not reflected in the balance
sheet of the Group.

o The Group also holds a receivable from Magnora ASA for the cash to be received
from the Shell Penguins license agreement, totaling USD 8.6 million. The latest
news coverage about the vessel states that it was installed at the field
location in July 2024. Based on this information, the first oil milestone could
be achieved before the end of
2024.

o According to Dana Petroleum, the Western Isle FPSO ceased production on the
Harris and Barra oil fields on 6 May 2024. The latest news coverage about the
vessel confirms that it arrived in Scapa Flow, Orkney Islands at the end of July
2024. The vessel will undergo necessary preparations there before redeployment
to the Greater Buchan Area.

o The Group inherited a share of Magnora's deferred tax losses and carries
forward NOK 417.4 million of deferred tax and paid-in capital of more than NOK
1.7 billion.

o There was no revenue, and no cash generated from operating activities during
the third quarter. The Group plans to make additional investments with available
funds from its cash assets and revenues from the licensing business. The
operating expense has been forecasted to stay in the NOK 7.5-10 million range
per year, but the Group has flexibility to bring this down considerably if
revenues are delayed and activity levels low.

o At the end of September 2024, cash and cash equivalents were NOK 18.8 million.

OUTLOOK:

o The group has an asset light business model with low operating costs and are
expecting additional funds from the demerger receivable in late 2024 or early
2025. These funds allow for patient target search in 2024 and 2025.

o During Q3 additional resources have been hired to secure sufficient capacity
to implement the Group's business plan and build the foundations for client
dialogues and assessing opportunities and new investments. The Group also have
discussions with a few interesting transformational targets for Hermana. With
additional management capacity we can increase our efforts in order to secure
further value creation for Hermana shareholders.