Notice of exercise of call option

18 Mar 2025 18:34 CET

ISIN NO0010911845 – Kistefos AS FRN senior unsecured NOK 1,000,000,000 bonds
2020/2025

We refer to the bond terms originally dated 15 December 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 101.00% 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 28 March 2025. The
settlement date will be on the date falling ten (10) Business Days after the
date of this notice, being 1 April 2025 (the "Settlement Date").

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