Nordic Aqua Partners A/S : Merger Statement

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REDEGØRELSE FRA BESTYREL-

SEN I NORDIC AQUA PARTNERS

A/S OM FUSION MELLEM NORDIC

AQUA PARTNERS A/S OG NORDIC

AQUA PARTNERS AS

1. BAGGRUND
   Bestyrelserne i Nordic Aqua Partners A/S, CVR-nr. 38183001 ("Selskabet") og Nor- dic Aqua Partners AS, registration nr. 928
   958 280 ("NOAP AS") har udarbejdet en fælles fusionsplan for fusion af selska- berne med NOAP AS som det fortsæt- tende selskab.
   Denne redegørelse er udarbejdet i over- ensstemmelse med den danske selskabs- lovs § 273.
2. FORMÅL MED FUSION
   Da kapitalandelene i Selskabet er noteret på Euronext Growth Oslo, ønsker besty- relsen at Selskabet skal "omdannes" til et norsk aktieselskab. Dette kan gøre kapi- talandelene mere attraktive for investo- rer, og dermed bidrage til at forberede Sel- skabets adgang til kapital.
   Omdannelsen af Selskabet til et norsk ak- tieselskab gennemføres ved en grænse- overskridende fusion med et norsk skuffe- selskab, NOAP AS. Ejerskabet i NOAP AS vil efter gennemførelsen af fusionen være

REPORT FROM THE BOARD OF DIRECTORS OF NORDIC AQUA PARTNERS A/S ON MERGER BETWEEN NORDIC AQUA PARTNERS A/S AND NORDIC AQUA PARTNERS AS

BACKGROUND

The board of directors of Nordic Aqua Partners A/S, registration no. 38183001 (the "Company") and Nordic Aqua Partners AS, registration no. 928 958 280 ("NOAP AS") have prepared a joint merger plan for the merger of the companies with NOAP AS as the acquiring company.

This report has been prepared in accordance with section 273 of the Danish Companies Act.

PURPOSE OF THE MERGER

As the shares of the Company are listed on Euronext Growth Oslo, the board wishes for the Company to be "transformed" into a Norwegian limited liability company. This can make the shares more attractive to in- vestors, and thus contribute to improving the Company's access to capital.

Transformation of the Company into a Nor- wegian limited liability company is carried out through a cross-border merger with a Norwegian shelf company, NOAP AS. The ownership in NOAP AS after completion of

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det samme som i Selskabet umiddelbart før gennemførelsen af fusionen.

Selskabsretligt gennemføres fusionen i overensstemmelse med reglerne i den nor- ske aktieselskabslovs kapitel 13 samt ka- pitel 16 i den danske selskabslov. Dette indebærer at samtlige af Selskabets akti- ver, passiver, rettigheder og forpligtelser overføres til NOAP AS ved fusionens gen- nemførelse. Selskabet opløses ved fusio- nens gennemførelse (som det ophørende selskab i fusionen).

Fusionen gennemføres som en skattefri fusion i overensstemmelse med den nor- ske skattelovs kapitel 11 samt den danske fusionsskattelov. Fusionen gennemføres med skattemæssig kontinuitet med den følge, at NOAP AS overtager de skatte- mæssige positioner relateret til de akti- ver, forpligtelser, rettigheder og forpligtel- ser der overføres fra Selskabet ved fusio- nen. Fusionen antages derfor ikke at ud- løse umiddelbare skattemæssige konse- kvenser for de deltagende selskaber.

Fusionen gennemføres med regnskabs- mæssige kontinuitet, således at NOAP AS overtager de regnskabsførte værdier af de aktiver, passiver, rettigheder og forplig- telser der overføres fra Selskabet ved fusi- onen.

Eftersom ejerskabet i NOAP AS efter gen- nemførelsen af fusionen vil være det

the merger will be the same as in the Company immediately prior to the completion of the merger.

The merger is carried out in accordance with the provisions of the Norwegian Private Limited Liabilities Companies Act chapter 13 and the Danish Companies Act chapter 16. This entails that all assets, lia- bilities, rights and obligations of the Company are transferred to NOAP AS when the merger takes effect. The Company is dissolved (as the ceasing company in the mer- ger) when the merger takes effect.

The merger is carried out as a tax-free merger in accordance with the Norwegian Taxation Act chapter 11 and the Danish Merger Tax Act. The merger is carried out with tax continuity, which entails that NOAP AS assumes the tax positions related to the as- sets, liabilities, rights, and obligations transferred from the Company by way of the merger. The merger is thus not assumed to trigger any immediate tax consequences for the merging companies.

The merger is carried out with accounting continuity, which entails that NOAP AS assumes the accounting values of the assets, liabilities, rights, and obligations transferred from the Company by way of the mer- ger.

As the ownership in NOAP AS after completion of the merger will be the same as in the

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samme som i Selskabet før fusionen, vil fusionen have begrænsede eller ingen øko- nomiske konsekvenser for kapitalejerne.

3. VEDERLAGET TIL KAPITAL- EJERNE I SELSKABET

Fastsættelse af bytteforholdet i fusionen mellem Selskabet og NOAP AS er baseret på fair market value af de to fusionerende selskaber. Det er i denne sammenhæng lagt til grund, at Selskabet har en værdi på NOK 992.000.000 (DKK 653.926.400) (100% af Selskabet), mens NOAP AS har en værdi på NOK 0 (DKK 0) forud for gen- nemførelsen af fusionen og dermed forin- den udstedelsen af vederlagskapitalande- lene. Værdiansættelsen af Selskabet er udarbejdet af KWC AS, der er udpeget af Selskabet som uafhængig vurderings- mand. Værdiansættelsen er baseret på markedskapitaliseringen med tillæg af en kontrolpræmie på 5%, og er fastsat på baggrund af balancen per 31. december 2022. Værdierne er fastsat i overensstem- melse med den norske aktieselskabslovs § 13-26(2) nr. 11 og § 272 første led, nr. 13 samt den danske selskabslovs § 275. Va- lutakursen er baseret på Nationalban- kens valutakurs pr. 29. marts 2023.

Kapitalejerne i Selskabet vil som vederlag ved fusionen modtage kapitalandele i NOAP AS som modsvarer forholdet mel- lem værdien af Selskabet og værdien af

NOAP AS.

Company prior to the merger, the merger will have limited or no financial consequences for the shareholders.

MERGER CONSIDERATION

The exchange ratio in the merger between the Company and NOAP AS is based on the fair market value of the two merging com- panies. In this context, it has been determined that the Company has a value of NOK 992,000,000 (DKK 653,926,400) (100% of the Company), while NOAP AS has a value of NOK 0 (DKK 0) prior to completion of the merger and thus prior to the issuance of the consideration shares. The valuation of the Company has been performed by KWC AS appointed as independent valuer. The valuation is based on the market capitalization including a 5% control premium and on the basis of the Com- pany's balance sheet as of 31 December 2022. The valuations have been completed in accordance with the Norwegian Public Limited Liability Companies Act section 13-26 (2) No. 11 and section 272 (1) no. 13 and section 275 of the Danish Companies Act. The exchange rate is based on the Danish Central Bank's exchange rate as of 29 March 2023.

The shareholders of the Company will as consideration in the merger receive shares in NOAP AS which correspond to the ratio between the value of the Company and the value of NOAP AS.

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Fusionsvederlaget udstedes ved gennem- førelse af kapitalforhøjelse i NOAP AS som led i gennemførelse af fusionen. Sel- skabskapitalen i NOAP AS vil først ned- sættes fra NOK 30.000 til NOK 0 ved ind- løsning af 30.000 kapitalandele. Umiddel- bart efter kapitalnedsættelsen vil sel- skabskapitalen i NOAP AS forhøjes fra NOK 0 med NOK 14.899.368 til NOK 14.899.368 ved udstedelse af samlet 14.899.368 nye kapitalandele pålydende NOK 1 pr. kapitalandel. Det samlede ka- pitalforhøjelsesbeløb i NOAP AS udgør derfor NOK 14.899.368.

4. FUSIONENS BETYDNING FOR SELSKABET

Ved fusionen vil samtlige aktiver, passi- ver, rettigheder og forpligtelser tilhørende Selskabet bliver overdraget til NOAP AS mod at kapitalejerne i Selskabet modta- ger et vederlag i form af kapitalandele i NOAP AS. Dette indebærer at hele Sel- skabets nuværende virksomhed overføres til og videreføres af NOAP AS.

Generalforsamlingens beslutning om at gennemføre fusionen med NOAP AS inde- bærer, at Selskabet vil blive opløst ved fu- sionen. Følgelig vil Selskabet ophøre med at eksistere og blive slettet som juridisk enhed i det danske centrale virksomheds- register ved gennemførelse af fusionen.

The merger consideration is issued through a capital increase in NOAP AS as part of completion of the merger. The share capital in NOAP AS will first be reduced from NOK 30,000 to NOK 0 by redemption of 30,000 shares. Immediately after the capital re- duction, the share capital in NOAP AS will be increased from NOK 0 to NOK 14,899,368 by issuing a total of 14,899,368 new shares with a nominal value of NOK 1 per share. The total capital increase in NOAP AS is therefore NOK 14,899,368.

CONSEQUENCES OF THE MERGER FOR THE COMPANY

As a result of the merger, all assets, liabili- ties, rights and obligations of the Company will be transferred to NOAP AS in return for the shareholders in the Company receiving as consideration shares in NOAP AS. This entails that the entire ongoing business of the Company is transferred to and continued by NOAP AS.

The general meeting's decision to complete the merger with NOAP AS will entail that the Company will be dissolved by way of the merger. Accordingly, once the merger takes effect, the Company will cease to exist and be deleted as a legal entity in the register of the Danish Business Authority.

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5. FUSIONENS BETYDNING FOR DE ANSATTE

Alle ansatte i Selskabet overføres til NOAP AS på uændrede vilkår og med samme rettigheder. NOAP AS overtager fuldt ud Selskabets forpligtelser overfor de overførte ansatte.

Fusionen medfører ikke ændringer i ar- bejdets tilrettelæggelse for de overførte ansatte, ligesom fusionen ikke vil medføre ændringer i gager og lønninger for de overførte ansatte.

Fusionen vil ej heller medføre ændringer i arbejdets tilrettelæggelse, gager og løn- ninger for medarbejdere ansat i Selska- bets datterselskab Nordic Aqua (Ningbo) Co. Ltd.,

Overførslen af medarbejderne fra Selska- bet til NOAP AS vil ikke medføre væsent- lige ændringer i de arbejdsvilkår, der er fastsat ved lov. De overførte ansatte vil ef- ter fusionens gennemførelse stadig have samme arbejdssted. NOAP AS vil have sit registrerede hjemsted på Bekkegate 1, 4370 Egersund, Norge og Selskabets dat- terselskab Nordic Aqua (Ningbo) Co. Ltd., vil stadig have registeret hjemsted på Kengtou Hill, Zhumen Village, Gaotang Island, Xiangshan, Ningbo, Kina og for- retningsadresse på A3-301, 89 Jinchuan Road, Nordic Industrial Park, Zhenhai, Ningbo, Kina.

CONSEQUENCES OF THE MERGER FOR THE EMPLOYEES

All employees in the Company are transferred to NOAP AS with unchanged terms and with the same rights. NOAP AS fully assumes the Company's obligations towards the transferred employees.

The merger will not cause any changes with respect to the organization of the work of the transferred employees, and the merger will not cause any changes to the transferred employee's wages and salaries.

Furthermore, the merger will not cause any changes to the organization of the work, wages and salaries for the employees employed in the Company's subsidiary, Nordic Aqua (Ningbo) Co. Ltd.,

The transfer of the employees from the Company to NOAP AS will not cause material changes to employment terms which are provided for by law. The place of business for the transferred employees will after completion of the merger remain the same. NOAP AS will have its registered place of business at Nedre Bekkegate 1, 4370 Egersund, Norway and the subsidiary of the Company, Nordic Aqua (Ningbo) Co. Ltd., will continue to have its registered office at Kengtou Hill, Zhumen Village, Gaotang Island, Xiangshan, Ningbo, China and place of business at A3-301, 89