Oslo, 12 March 2024 - Ingerø Reiten Investment Company AS ("IRIC") has today
sold all of its shares in the Nordic pharmaceutical company Navamedic ASA. The
shares were sold for 32 kroner per share, for total gross proceeds of
approximately NOK 95 million, or about 2.7 times the amount invested. IRIC has
been Navamedic's principal owner and strategic partner since 2019. IRIC will use
part of the proceeds to strengthen its balance sheet by paying off debt.

"For IRIC this was the right time to sell. Navamedic is a first-class company,
but as a large, strategic investor, it is also important to know when to pass
the baton to others. We are very pleased to hand over our Navamedic shares to
new owners, and with the price we have achieved. The average weighted price
during the past 30 day was NOK 37.5 per share," said Terje Bakken, partner at
IRIC and chairman of Navamedic.

The shares have been acquired by institutional and private investors, of which
several are international investors with a particular interest for pharma.

"Navamedic has had an extraordinary development over the past few years. In
2023, revenues passed the NOK 500 million mark, nearly three times revenues in
2019. It has secured rights to a number of attractive products for sale in the
Nordic region and Europe and is also looking at opportunities elsewhere in the
world," Bakken continued.

IRIC is controlled by Narve Reiten and a close associate to the chairman Terje
Bakken and board member Narve Reiten in Navamedic ASA ("Navamedic"). The number
of shares sold today was 2,965,618 shares, equaling approximately 17.1 percent
of the share capital and votes in Navamedic, reducing IRIC's holding of shares
and votes to zero. IRIC has no other rights to shares in Navamedic.

This disclosure is made pursuant to article 19 of the EU Market Abuse Regulation
and sections 4-2 and  5-12 of the Norwegian Securities Trading Act.

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