Reference is made to the stock exchange announcement published by HydrogenPro ASA ("HydrogenPro" or the "Company") on 23 December 2024 (the “HYPRO stock exchange announcement”) regarding, amongst other things, a private placement of new shares in the Company.
 
All capitalised terms used but not defined herein shall have the meaning ascribed to such terms in the HYPRO Stock Exchange Announcement. 

Mitsubishi Heavy Industries, Ltd. ("MHI") has undertaken to subscribe for, and will be allocated, 6,350,000 New Shares in the Private Placement.

Prior to completion of the Private Placement, MHI holds 5,381,165 shares in the Company. Following completion of the Private Placement, MHI will consequently hold a total of 11,731,165 shares in the Company. 

Taking into consideration the increase to the total number of shares issued by the Company following completion of the Private Placement (and excluding any shares issued as part of the conditional LONGi Investment), MHI will hold a number of shares equal to 14.16 per cent of the total number of shares of the Company.