Jordanes ASA – Cancellation of the Offering and Listing

24 May 2024 17:32 CEST

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APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

Jordanes ASA – Cancellation of the Offering and Listing

Reference is made to previous announcements by Jordanes ASA ("Jordanes" or the
"Company") on 15 May 2024 regarding the Company's initial public offering of
shares in the Company (the "Offering") and the listing of its shares on the Oslo
Stock Exchange (the "Listing", and together with the Offering, the "IPO").

Jordanes' management has carried out an extensive roadshow and met with numerous
high-quality institutional investors. While the Company's equity story and
strategy has received strong support among investors and substantial orders,
such that the Offering (including the over-allotment option) was oversubscribed,
as announced on 22 May 2024, the Company’s Board of Directors, (in consultation
with the Managers, as defined below), believes it is in the best interests of
its stakeholders to cancel the Offering and Listing.

“While it is unfortunate, that the market conditions were not as expected, our
meetings with investors during this IPO process has further strengthened our
confidence in our long-term strategy” said Jan Bodd, co-founder and CEO. “With a
strong brand portfolio, improving margins, and meaningful growth, an IPO at this
point in time was an accelerator, not an absolute necessity, for our business
strategy,” continued Bodd. “Our team remains committed to building a leading
Scandinavian brand house to the benefit of all stakeholders. We will continue to
monitor the capital markets going forward and make the appropriate
reconsiderations as to an IPO in the future.”

Advisors

Carnegie AS, DNB Markets, a part of DNB Bank ASA, Joh. Berenberg, Gossler & Co.
KG and Sparebank 1 Markets AS are acting as Joint Global Coordinators and Joint
Bookrunners in the IPO (jointly, the "Managers").

Houlihan Lokey EMEA, LLP is acting as independent IPO advisor to the Company in
connection with the IPO.

Advokatfirmaet CLP DA is acting as legal advisor to the Company, and
Advokatfirmaet Thommessen AS is acting as legal advisor to the Managers.

For further information, please contact:

Nikolai Steinfjell, CFO
+47 97 54 47 12
nikolai.steinfjell@jordanes.no

Sofie Oraug-Rygh, Director Communication, public affairs and ESG
+47 97 77 24 83
sofie.rygh@jordanes.no

About Jordanes
Jordanes is an established Scandinavian brand house focusing on everyday
products and services. The Group owns and operate brands that reach the consumer
across multiple channels and occasions throughout the day. The Group operates
across four business segments: Branded Foods, Casual Dining, Fitness & Beauty,
and International Brands. In 2023, the Group had Revenue of NOK 6,466 million,
approximately 2,700 employees, and 9 factories across Scandinavia.

IMPORTANT INFORMATION

United States
These materials may not be published, distributed or transmitted in the United
States, Canada, Australia, the Hong Kong Special Administrative Region of the
People’s Republic of China, Switzerland, South Africa or Japan. These materials
do not constitute an offer of securities for sale or a solicitation of an offer
to purchase securities (the "Shares") of Jordanes ASA (the "Company") in the
United States, Norway or any other jurisdiction. The Shares of the Company may
not be offered or sold in the United States absent registration or an exemption
from registration under the U.S. Securities Act of 1933, as amended (the
"Securities Act"). The Shares of the Company have not been, and will not be,
registered under the Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the Securities Act.

European Economic Area
Any offering of securities will be made by means of a prospectus to be published
that may be obtained from the Company or selling security holder, once
published, and that will contain detailed information about the Company and its
management, as well as financial statements.

These materials are an advertisement and not a prospectus for the purposes of
Regulation (EU) 2017/1129, as amended (together with any applicable implementing
measures in any Member State, the "Prospectus Regulation"). Investors should not
subscribe for any securities referred to in these materials except on the basis
of information contained in the prospectus.

In any EEA Member State other than Norway (from the time the prospectus has been
approved by the Financial Supervisory Authority of Norway, in its capacity as
the competent authority in Norway, and published in accordance with the
Prospectus Regulation as implemented in Norway) that has implemented the
Prospectus Regulation, this communication is only addressed to and is only
directed at "qualified investors" in that Member State within the meaning of
Article (e) of the Prospectus Regulation ("Qualified Investors"), i.e., only to
investors to whom an offer of securities may be made without the requirement for
the Company to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation in such EEA Member State.

United Kingdom
In the United Kingdom, these materials are only being distributed to and are
only directed at Qualified Investors who (i) are 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) are persons
falling within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this document relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons.

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 "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" 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. 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 IPO may be influenced by a range of circumstances, such as market
conditions, and there is no guarantee that the IPO will proceed and that the
listing will occur.

This announcement is made by, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective 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 their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

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.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading
Act. This stock exchange release was published by Nina Midtlie, Head of group
financial reporting, on the time and date provided.

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