Zelluna ASA: Disclosure of large shareholding

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 and a second tranche of 1,770,226 new shares ("Tranche 2"), and the allocation of 315,639 new shares in a retail offering via the PrimaryBid Platform. 

Radforsk Investeringsstiftelse ("Radforsk") holds 2,469,693 shares in the Company, currently representing 10.08% of the total number of shares and votes in the Company.

The issuance of the 1,770,226 new shares in Tranche 2 of the Private Placement was approved by the extraordinary general meeting of the Company held on 25 November 2025. Following registration of the share capital increase pertaining to the issuance of the new shares in Tranche 2 with the Norwegian Register of Business Enterprises, the shareholding of Radforsk will, as a result of the dilutive effect of such share capital increase, cross below the 10% threshold pursuant to section 4-2 of the Norwegian Securities Trading Act. The shareholding of Radforsk will at such time continue to be 2,469,693 shares, which after registration of the share capital increase will be equal to 9.40% of the shares and votes in the Company.

This disclosure is made pursuant to Section 4-2 of the Norwegian Securities Trading Act.