NATTO : INITIAL RESPONSE TO OFFERS BY KAPPA BIOSCIENCE

Oslo, Norway (29 May 2020) — Reference is made to the stock exchange notice issued on 28 May 2020 regarding an announcement of offers by Kappa Bioscience AS ("Kappa") to acquire shares in Nattopharma ASA ("NattoPharma" or the "Company") at an offer price per share of NOK 12.75 (the "Offer Price") through; (i) a contemplated voluntary offer for all shares of the Company (the "Voluntary Offer"), and (ii) an unconditional offer to acquire up 2,127,573 shares in the Company (the "Offer").

The Board of Directors of NattoPharma (the "Board") is in the process of engaging a financial advisor to assist with an evaluation of the Offer Price and of all strategic options available to the Company and its shareholders. The Board has received strong feedback from shareholders representing more than 50% of the currently outstanding shares in the Company, who considers that the Offer Price is significantly lower than what is acceptable. The initial assessment by the Board is also that the Offer Price substantially undervalues the Company and its underlying values.

The Board is therefore currently of the view that it is not in the best interest of the Company or its shareholders to allow a competitor the possibility to carry out a due diligence review.

In light of the above, the Board advises the shareholders of NattoPharma to not accept the Offer until the Board, in cooperation with its financial and legal advisers, has made a further assessment of the Offer and the Offer Price. The Board will announce an updated statement on the Offer and the Offer Price in due course.

Advokatfirmaet CLP DA acts as Norwegian legal adviser to the Company in relation to the Voluntary Offer and the Offer.

For more information, please contact:

Kjetil Ramsøy

CEO, NattoPharma

E-mail: kjetil.ramsoy@nattopharma.com

This information is subject to the disclosure requirements of section 5-12 of the Securities Trading Act.