Jordanes intends to apply for a listing on the Oslo Stock Exchange

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SWITZERLAND, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

Oslo,29 April 2024: Jordanes Investments AS has been informed that its parent company Jordanes AS ("Jordanes", the "Company" and together with its consolidated subsidiaries, the "Group") announces today its intention to launch an initial public offering of its shares (the"IPO" or the "Offering") and to apply for a listing of its shares on the main list of the Oslo Stock Exchange ("Oslo Børs") (the"Listing").

Company overview

Jordanes is a well-established Scandinavian brand house that focuses on everyday brands.The Group develops and owns brands that engage consumers across multiple channels and occasions throughout the day. Since its inception, Jordanes has continuously expanded its portfolio of brands through consumer-driven innovations and strategic acquisitions across multiple categories, including food and snacks, personal care, beauty, sports nutrition, and restaurants.

Jordanes is deeply ingrained in the communities it serves, with over 2,700 employees andnine production facilities across Scandinavia. The majority of the Group's revenue, approximately 80%, originates from Norway, with the rest primarilycoming from other Nordic countries.

The Group operates across four operating segments;

(i)           Branded Foods, constituting the largest part of the Group's revenues, comprises a portfolio of iconic Scandinavian brands like Synnøve, Sørlandschips, and Peppes Pizza;  

(ii)          Casual Dining, operating in the fast casual restaurant and delivery space, with key restaurant concepts such as Peppes Pizza, Starbucks and Backstube;

(iii)         Fitness & Beauty, focusing onbrands like Bodylab and Camilla Pihl Cosmetics, with a strong emphasis one-commerce sales, digital branding, and influencer marketing; and

(iv)         International Brands, handling sales,marketing, and distribution for renowned international brand owners like Reckitt, Semper, Johnson & Johnson, and Vitamin Well.

Key shareholders (either directly or through respective holding companies) of the Company include Jan Bodd (co-founder), Stig Sunde (co-founder), Karl Kristian Sunde, Cubera and Umoe. In connection with the Company's acquisition of Backstube in 2023 it was agreed that the majority of the purchase price shall be settled with shares in the Company upon completion of the IPO and prior to the first day of Listing. The founders of Backstube are therefore also expected to be large shareholders in the Company following the IPO.

The IPO in brief

The IPO is expected to include an offering of new shares in the Company to raise gross proceeds of approximately NOK 1,500 million, along with a potential limited secondary offering by certain existing shareholders to repay certain personal loans and taxes. The offering is anticipated to consist of a private placement to institutional and professional investors in Norway and internationally, (subject to applicable exemptions from prospectus and registration requirements being available), as well as a public offering to investors in Norway, Sweden, Denmark, and Finland.

The net proceeds from the sale of new shares will be used to strengthen the Group's balance sheet for increased flexibility and to accelerate strategic growth opportunities. As a result of the contemplated offering and expected EBITDA growth, the Company expects its leverage ratio to be below 3.0x by year end2024, progressing on its deleveraging path towards its medium-term target of 2.0-3.0x leverage.

Jan Bodd, CEO & Co-founder, commented:

"This is an exciting milestone for our Company. We established Jordanes in 2007 with the ambition to create a Scandinavian consumer champion. The development over the past 17 years has been one of growth and expansion into categories where we meet the consumer every day with low-ticket items  . Following the IPO, the Company will be well positioned for future growth, that we believe will benefit our shareholders, employees and customers."

The IPO is inter alia subject to required corporate approvals by Jordanes, receiptof relevant approvals from the Oslo Stock Exchange and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital markets conditions.

Further announcements relating to the IPO will be made in due course.

Please see attachment at www.newsweb.no for full 'intention to float' release.

For further information, please contact:

Nikolai Steinfjell, CFO

+47 97 54 47 12

nikolai.steinfjell@jordanes.no

Sofie Oraug-Rygh, Director Communication, public affairs and ESG

+4797 77 24 83

sofie.rygh@jordanes.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Jørgen Gran, General Counsel, on29 April 2024 at 07:00 CET.

‍