Hofseth Biocare ASA: PROXY RIGHTS AT GENERAL MEETING

Ola Holen, chairman of the Board of Hofseth BioCare ASA (the "Company" or "HBC"), has in connection to the upcoming extraordinary general meeting on 4 December 2020, received proxy rights with voting instructions in favour of the suggested resolutions from shareholders representing 256,942,508 shares in the Company, equal to approx. 72.4 % of the voting rights.

Mr. Holen owns as of the date hereof a total of 1,465,253 shares, equal to 0.41 per cent of the outstanding shares in HBC. 935,388 shares are owned via his fully owned company, Paso AS, and 529,865 shares are held privately.

After the receipt of the above-mentioned proxies, Mr. Holen represents a total of 258,407,761 shares and votes, equal to 72.81 % of the voting rights at the upcoming extraordinary general meeting in HBC on 4 December 2020.

For further information, please contact:Jon Olav Ødegård, CFO of Hofseth BioCare ASAMob: +47 93632966E-mail: joo@hofsethbiocare.no

About Hofseth BioCare ASA:HBC is a Norwegian biotech company that develops high-value ingredients and finished products currently targeting the consumer health market. Research is ongoing to identify the individual elements within the products that modulate inflammation and the immune response with pre-clinical studies in multiple clinics and university research labs in several countries. Lead clinical and pre-clinical candidates are in development for the protection of the Gastro-Intestinal (GI) system against inflammation, including ulcerative colitis and the orphan condition necrotising enterocolitis, as a Medical Food to help treat age-related Sarcopenia, and as a treatment for Iron Deficiency Anemia, all using peptide fractions of Salmon Protein Hydrolysate. Preclinical trial work with the oil is ongoing to ameliorate lung inflammation in eosinophilic asthma and COPD (“smokers lung”) as well as clinical work in COVID.The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC can preserve the quality of lipids, proteins and collagen-calcium from fresh salmon off-cuts. Hofseth BioCare's headquarters are in Ålesund, Norway with branches in Oslo, London, Zürich, Chicago, Menlo Park and Tokyo.HBC is listed on Euronext Expand Oslo with ticker "HBC". More information about Hofseth BioCare at hofsethbiocare.com and facebook.com/hofsethbiocare

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act