NOTICE OF EXERCISE OF CALL OPTION

21 May 2024 15:38 CEST

ISIN NO0010892136 – Kistefos AS FRN senior unsecured NOK 1,750,000,000 bonds
2020/2024

We refer to the bond terms originally dated 9 September 2020, entered into
between Nordic Trustee AS as Bond Trustee on behalf of the Bondholders and
Kistefos AS as Issuer (as amended, supplemented or otherwise modified from time
to time, the "Bond Terms").

Capitalised terms used herein shall have the same meaning as in the Bond Terms.

The Company has today notified the Trustee the wish to exercise the Call Option
to redeem all of the Outstanding Bonds at a price equal to one hundred per cent.
(100%) of the Nominal Amount plus any accrued and unpaid interests on the
redeemed amount pursuant to paragraph (a) (ii) of Clause 10.2 (Voluntary early
redemption – Call Option) of the Bond Terms. Record date for the Call Option is
31 May 2024. The settlement date will be on the date falling ten (10) Business
Days after the date of this notice, being 4 June 2024 (the "Settlement Date").

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619258_NO0010892136 (KIST07)_Kistefos AS_call notice for Stamdata_20240521.pdf