NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Kalera AS: Stabilisation and over-allotment notice

Oslo, 28 October 2020. Reference is made to the press release from Kalera AS
(“Kalera” or the “Company”, OSE ticker "KAL-ME") published on 26 October 2020
regarding the successful completion of a private placement (the "Private
Placement").

Arctic Securities AS (the "Stabilisation Manager") may, on behalf of ABG Sundal
Collier ASA and Arctic Securities AS (the "Managers"), engage in stabilisation
activities of the shares of the Company (the “Shares”) from today to and
including 27 November 2020 (the "Stabilisation Period"). 

As part of the Private Placement, the Managers have over-allotted 3,100,000
Shares to the applicants in the Private Placement, which equals approximately
10% of the total number of Shares allocated in the Private Placement. In order
to permit delivery in respect of over-allotments made, the Stabilisation
Manager, on behalf of the Managers, has borrowed a number of Shares equal to the
number of over-allotted Shares from Convexa AS, a company owned by the Chairman
of the Board of Directors of the Company.

Further, the Company has granted the Stabilisation Manager an option (the
"Greenshoe Option"), which may be exercised on behalf of the Managers, to
purchase a number of Shares up to the number of over-allotted Shares, at a price
per Share equal to the offer price in the Private Placement of NOK 30 per share
(the "Offer Price"). The Greenshoe Option may be exercised at any time and from
time to time, in whole or in part, during the Stabilisation Period. The
Stabilisation Manager can use the Greenshoe Option to close out short positions
resulting from over-allotments made as part of the Private Placement. 

The Stabilisation Manager may effect transactions with a view to support the
market price of the Shares at a level higher than what might otherwise prevail,
by buying Shares in the open market at prices equal to or lower than (but not
above) the Offer Price. There is no obligation on the Stabilisation Manager to
conduct stabilisation activities and there is no assurance that stabilisation
activities will be undertaken. Such stabilising activities, if commenced, may be
discontinued at any time, and will be brought to an end upon or before the
expiry of the Stabilisation Period

Within one week after the expiry of the Stabilisation Period, the Stabilisation
Manager will publish information as to whether or not price stabilisation
activities were undertaken. If stabilisation activities were undertaken, the
statement will also include information about: (i) the total amount of Shares
sold and purchased; (ii) the dates on which the stabilisation period began and
ended; (iii) the price range between which stabilisation was carried out, as
well as the highest, lowest and average price paid during the stabilisation
period; and (iv) the date at which stabilisation activities last occurred.

The Company and the Managers have agreed that any net profit resulting from
stabilisation activities conducted by the Stabilisation Manger, on behalf of the
Managers, will be for the account of the Company.

Any stabilisation activities will be conducted based on the principles set out
in Section 3-12 of the Norwegian Securities Trading Act and the EC Commission
Regulation 2273/2003 regarding buy-back programs and stabilisation of financial
instruments.

Advisors:

ABG Sundal Collier ASA and Arctic Securities AS are acting as Joint Global
Coordinators and Joint Bookrunners in connection with the Private Placement.
Bank of America Merrill Lynch International is acting as financial advisor to
the Company. Advokatfirmaet Thommessen AS is acting as legal advisor to the
Company, while Advokatfirmaet Schjødt AS is acting as legal advisor to the
Managers.


Important notice:

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. Copies of
this announcement are not being made and may not be distributed or sent into any
jurisdiction in which such distribution would be unlawful or would require
registration or other measures.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned in this announcement will
be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation (EU) 2017/1129 as amended (together with any
applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom 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 for
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.

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", "expect", "anticipate",
"strategy", "intends", "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 believe 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 their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
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. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement. 

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither the Manager nor any of their affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of its affiliates accepts any liability arising from the use of
this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.