This press release must not be published, distributed or transmitted, directly or indirectly, in the United States of
America, Australia, Canada, South Africa or Japan.

Press release



Extension of the convertible bonds
financing granted by Camlin Fine Sciences
Limited to Vinpai
✓ Camlin subscribed to new bonds convertible into Vinpai Shares
for €3.3 million
✓ This subscription was completed exclusively through the set-off
of receivables against the nominal amount of the convertible
bonds issued on February 24, 2025


Saint-Dolay – France, October 20, 2025 – 7.00 pm CEST – Vinpai (ISIN:
FR001400AXT1; ticker: ALVIN), a specialist in the design, manufacture and marketing of
algae- and plant-based functional ingredients for the food and cosmetics industries
(“Vinpai” or the “Company”), today announces that Camlin Fine Sciences Limited
(“Camlin”), has subscribed to 3,300 convertible bonds issued by the Company today
(the “OC10-2025”) exclusively by way of set-off against the nominal amount of the bonds
convertible into Vinpai shares issued to the benefit of Camlin on February 24, 20251 (the
“OC02-2025”), for a total amount of €3.3 million.

This purpose of this issue is to extend the maturity of the convertible bonds financing
granted by Camlin to December 31, 2025, which was initially set on October 25, 2025, i.e.
beyond the completion of Camlin’s acquisition of a majority stake in the Company (the
“Block Acquisition”), which is anticipated to be completed on November 12, 2025.

In this context, the Company’s Chief Executive Officer has today decided, pursuant to
the sub-delegation granted by the Company’s Board of Directors on October 1, 2025, in
accordance with the terms of the 22nd resolution of the Company’s combined general
meeting dated June 26, 2025, to issue 3,300 OC10-2025 to Camlin for an amount of €3.3
million. Camlin subscribed today to the 3,300 OC10-2025 by way of set-off against the
nominal amount of the 3,300 OC02-2025.

The main features of the OC10-2025 are the same as those of the OC02-2025 issued by the
Company on February 24, 20252, except for their maturity date, which has been set by
the Company’s Chief Executive Officer as December 31, 2025.


1
See Vinpai’s press releases dated February 24, 2025 and September 29, 2025.
2
For details on the main features of the OC02-2025, please refer to the appendix to Vinpai’s press release dated
February 24, 2025.



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This press release must not be published, distributed or transmitted, directly or indirectly, in the United States of
America, Australia, Canada, South Africa or Japan.


The OC10-2025 bonds will be admitted to trading on Euronext Growth Paris on October
27, 2025. Camlin has granted to the Company has granted to the Company a lock-up
undertaking until the full conversion or reimbursement of the OC10-2025, subject to
customary exceptions.

This issue does not require the publication of a prospectus requiring the approval of the
French Financial Markets Authority (Autorité des marchés financiers) or an information
document containing the information set out in Annex IX of Regulation (EU) no.
2017/1129 of the European Parliament and of the Council of June 14, 2017.



About Vinpai
Vinpai is an ingredien'tech company specializing in the design, manufacture and
marketing of algae, plants, mineral and fiber-based functional ingredients offering
manufacturers natural alternatives to chemical additives. Positioned in the most promising
market segments, Vinpai now supports manufacturers in the food industry, its historical
market, cosmetics and nutraceuticals, thanks to cross-technology know-how, enabling
them to increase the nutritional qualities of their finished products. The combination and
association of ingredients and food additives allows manufacturers to accelerate their
development, optimize their production costs and generate profitability. Operating from
two sites, in Saint-Dolay (Morbihan) and near the port of Saint-Nazaire, Vinpai has developed
more than 3,500 formulas and now has 43 employees. In 2024, the Company generated
revenues of €9.2 million, including more than 70% of which from exports, and generates
sales in more than 36 countries.

For further information: www.vinpai.com

Contacts
Vinpai NewCap NewCap
Philippe Le Ray Théo Martin Nicolas Mérigeau
Chief Executive Officer Aurélie Manavarere Media Relations
investors@vinpai.com Investor Relations vinpai@newcap.eu
vinpai@newcap.eu T.: 01 44 71 94 98
T.: 01 44 71 94 94



Disclaimer
This press release does not constitute an offer to sell nor a solicitation of an offer to buy Vinpai shares in any country,
nor shall there be any sale of shares in any state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The distribution of this document may, in certain jurisdictions, be restricted by local legislations. Persons into
whose possession this document comes are required to inform themselves about and to observe any such
potential local restrictions.

This press release constitutes an advertisement and not a prospectus within the meaning of Regulation (EU) no.
2017/1129 of the European Parliament and of the Council of June 14, 2017 (the “Prospectus Regulation”). Any
decision to purchase shares must be made solely on the basis of publicly available information on the Company.

In France, the issue of bonds convertible into Vinpai shares described above was reserved to an investor falling into
the category of beneficiaries defined in the twenty-second resolution of the Company’s combined general
meeting dated June 26, 2025, pursuant to article L. 228-91 of the French commercial code and applicable
regulatory provisions. Pursuant to article 211-3 of the French financial markets authority (Autorité des marchés




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This press release must not be published, distributed or transmitted, directly or indirectly, in the United States of
America, Australia, Canada, South Africa or Japan.


financiers) (the “AMF”) general regulations and articles 1(4) and 3 of the Prospectus Regulation, the said issue of
convertible bonds will not require the publication of a prospectus approved by the AMF. This issue does not require
the publication of an information document containing the information set out in Annex IX of the Prospectus
Regulation.

With respect to Member States of the European Economic Area, no action has been taken or will be taken to
permit a public offering of the securities referred to in this press release requiring the publication of a prospectus
or an information document containing the information set out in Annex IX of Prospectus Regulation in any
Member State. Therefore, such securities may not be and shall not be offered in any Member State other than in
accordance with the exemptions of article 1(4) of the Prospectus Regulation or, otherwise, in cases not requiring
the publication by the Company of a prospectus under article 3 of the Prospectus Regulation or an information
document containing the information set out in Annex IX of the Prospectus Regulation and/or any other similar
document under the applicable regulations in such Member State.

This press release and the information it contains are being distributed to and are only intended for persons who
are (x) outside the United Kingdom or (y) in the United Kingdom, who constitute “qualified investors” (as this term
is defined in the Prospectus Regulation which forms part of domestic law pursuant to European (Withdrawal) Act
2018) and are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the “Order”), (ii) high net worth entities and other such persons
falling within Article 49(2)(a) to (d) of the Order (“high net worth companies”, “unincorporated associations”, etc.)
or (iii) other persons to whom an invitation or inducement to participate in investment activity (within the meaning
of Section 21 of the Financial Services and Market Act 2000) may otherwise lawfully be communicated or caused
to be communicated (all such persons in (y)(i), (y)(ii) and (y)(iii) together being referred to as “Relevant Persons”).
Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities to which this press release
relates will only be available to and engaged with Relevant Persons. This press release is solely intended for
Relevant Persons and any person who is not a Relevant Person should not act or rely on this press release or any
of its contents.

This press release and the information contained therein does not, and will not, constitute an offer of securities for
sale, nor the solicitation of an offer to purchase, Vinpai securities in the United States of America or any other
jurisdiction where restrictions may apply. Securities may not be offered or sold in the United States of America
absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the
“Securities Act”). The securities of Vinpai have not been and will not be registered under the Securities Act, and
the Company does not intend to conduct a public offering of Vinpai securities in the United States of America.

The distribution of this press release may be subject to legal or regulatory restrictions in certain jurisdictions. Any
person who comes into possession of this press release must inform him or herself of and comply with any such
restrictions.

The information contained in this press release does not constitute an offer of securities in the United States of
America, in Australia, in Canada, in South Africa, in Japan nor in any other country. This press release shall not be
published, transmitted or distributed, directly or indirectly, into the territory of the United States of America,
Australia, Canada, South Africa or Japan.




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