Zelluna ASA: Disclosure of large shareholding

25 Nov 2025 16:05 CET

Oslo, 25 November 2025

Reference is made to the stock exchange announcement made by Zelluna ASA (the
"Company") on 3 November 2025 regarding the allocation of 5,500,000 new shares
in the Company in a private placement (the "Private Placement"), divided on a
first tranche of 3,729,774 new shares ("Tranche 1") and a second tranche of
1,770,226 new shares ("Tranche 2"). Reference is further made to the stock
exchange announcement made by the Company on 25 November 2025 announcing that an
extraordinary general meeting of the Company resolved to issue the new shares in
Tranche 2 of the Private Placement.

Geveran Trading Co. Ltd ("Geveran") owns 2,507,832 shares in the Company.
Following the issuance of the Tranche 2 shares and completion of the Private
Placement, Geveran's ownership interest in the Company will cross below 10 per
cent threshold, to 9,55%. The reduction in ownership is due to dilution
following the Private Placement.

This disclosure is made pursuant to section 4-2 of the Norwegian Securities
Trading Act and is subject to the disclosure requirement pursuant to section
5-12 of the Norwegian Securities Trading Act.

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