ABS – Board approval of share capital increase related to share option exercises

Reference is made to the stock exchange release published by Arctic Bioscience 22 February 2022 regarding exercise of share options and corresponding issuance of new shares in Arctic Bioscience.

On 23 February 2022, the board of Arctic Bioscience, on the basis of a board authorization granted by the general meeting, resolved to increase the share capital from NOK 2,429,953.90, a share capital increase of by NOK 7,618 to NOK 2,437,571.90 by subscription of 76,180 new shares with a nominal value of NOK 0,10 per share, at a subscription price of NOK 9.845 per share, including a share premium of NOK 9.745.

The total amount paid as share premium is NOK 742,374.10. The total subscription amount is
NOK 749,992.10. Following the registration of this share capital increase in the

Norwegian Register of Business Enterprises, the Company's share capital will be

NOK 2,437,571.90 divided into 24,375,719 shares, each having a nominal value of NOK 0.10.

“Minutes form Board Meeting” and “Notification of transactions by persons discharging managerial responsibilities” are attached hereto.