Borgestad ASA – Payment received in accordance with the result of the arbitration dispute in Vienna

19 Dec 2023 10:16 CET

Borgestad ASA, 19 December 2023: Reference is made to the stock exchange
announcement published by Borgestad ASA (the "Company") on 7 July 2023 regarding
the result of the arbitration dispute in Vienna, Austria, involving the
Company's partially owned subsidiary Macon AB ("Macon"). As announced in the
stock exchange announcement, the arbitral tribunal ruled in Macon's favor on all
counts, and Macon's counterparty was ordered to pay Macon approximately EUR 2.75
million (excluding VAT), plus interest at a rate of 9.2% p.a. on an amount of
approximately EUR 2.49 million from 22 October 2016 until the payment is made.
The counterparty is also required to cover Macon's legal expenses of
approximately NOK 18 million.

The entire outstanding claim, which in Euro amounts to EUR 5,912,048.46, has
been received by Macon today.

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.

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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.

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