Hofseth Biocare ASA: THE BOARD OF DIRECTORS PROPOSES TO ELECT AMY NOVOGRATZ AS NEW DIRECTOR

Reference is made to the stock exchange notice dated 4 November 2021 on global investment fund Aqua Spark's off-market acquisition of a 3.38 % stake in Hofseth Biocare ASA ("HBC").

In a board meeting held on 4 October 2021, the board of directors of HBC noted that Aqua Spark has shown interest in HBC over time and has carried out a thorough due diligence process of HBC prior to the investment, including on-site visits. The Board also notes that Aqua Spark is expressing intentions to be a long-term, significant shareholder in HBC and offered to nominate Amy Novogratz to the board of directors of HBC.

On basis of this, the Board has decided to call for an extraordinary general meeting with a proposal that Amy Novogratz is elected to the board of directors of HBC. The notice of the extraordinary general meeting will be issued within the next week.

Roger Hofseth, CEO of HBC and chairman of RH Industri AS (shareholder in HBC), says: "Aqua Spark is a professional and knowledgeable organization with a lot of experience in the aquaculture sector. We are positive to Aqua Spark's nomination of Amy Novogratz to the board of directors of HBC."

Bonafide says: "We welcome Aqua Spark's nomination of Amy Novogratz to the board of directors. She is an outstanding ambassador for sustainable aquaculture and an experienced professional that we expect will contribute positively to the management of HBC."

For further information, please contact:

James Berger, Chief Commercial Officer of Hofseth BioCare ASA

Phone: 4

E-mail:

Ola Holen, Chairman of the Board in Hofseth BioCare ASA

Phone: +47 913 69 253

E-mail:

About Aqua Spark

Launched in 2014, Aqua-Spark is an investment fund with a mission to transform the global aquaculture industry into one that is healthier, more sustainable, and more accessible. They invest in aquaculture companies across the value chain—spanning farming operations, alternative feed ingredients, disease-battling technology, and consumer-facing aquaculture products. These companies are solving some of the industry's big challenges while bringing returns that are comparable to today's traditional industry. The portfolio works as an ecosystem, with the companies agreeing to collaborate on optimal solutions, and working together toward this shared vision of a more efficient global aquaculture industry.

Since 2015, the fund has invested in 22 complementary SMEs. Thus far, Aqua-Spark has EUR 212 million in assets under management, dedicated to investments in elements of the aquaculture industry that will make fish farming sustainable. The goal of the fund is to ultimately make sustainability widespread and profitable enough that it becomes the only way to farm fish.

About Hofseth BioCare ASA

HBC is a Norwegian biotech company that develops high-value ingredients and finished products currently targeting the consumer health market. Research is ongoing to identify the individual elements within the products that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are in development for the protection of the Gastro-Intestinal (GI) system against inflammation, including ulcerative colitis and the orphan condition necrotising enterocolitis, as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia, all using peptide fractions of Salmon Protein Hydrolysate. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD ("smokers lung") as well as clinical work in COVID.

The company is founded on the core values of sustainability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and calcium from fresh salmon off-cuts.

Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Palo Alto and Tokyo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act