Volue ASA

Share Issue/Capital Change • Nov 23, 2020

Share capital increase resolved in connection with share incentive program

Share capital increase resolved in connection with share incentive program

(Oslo, 23 November 2020) Volue AS (Volue, OSE: VOLUE-ME) Share capital increase resolved in connection with share incentive program

On 13 October 2020, the Board of Directors of Volue AS (the "Company") resolved to establish a share incentive program for key employees of the Company. Pursuant to the share incentive program, the key employees may purchase shares in the Company at a discount of 30% of the trading price of the shares, subject to a lock-up undertaking of 36 months following the date of the purchase of the shares. The share incentive program is further described in the Admission Document which was published by the Company on 16 October 2020 in connection with the admission to trading of its shares on Merkur Market.

On 13 October 2020, an extraordinary general meeting of the Company resolved to issue 1,821,429 new shares in the Company under the share incentive program at a subscription price of NOK 22.40 per share. The share capital increase pertaining to the issuance of the new shares under the share incentive program has today been registered with the Norwegian Register of Business Enterprises. Following the registration of the share capital increase, the Company has a share capital of NOK 56,978,571.60 divided on 142,446,429 shares, each with a nominal value of NOK 0.40.

In total, 12 key employees in the Company purchased new shares under the share incentive program, including the following primary insiders of the Company:

- Trond Straume, Chief Executive Officer, purchased 535,715 shares through his company Electron Invest AS. After this, Trond Straume owns 535,715 shares in the Company.

- Arnstein Kjesbu, Chief Financial Officer, purchased 321,429 shares through his company Skarvatnet Holding AS. After this, Arnstein Kjesbu owns 321,429 shares in the Company. As stated in the Company's stock exchange announcement on 28 October 2020, Arnstein Kjesbu will in addition acquire 5,275 new shares in the Company following the issuance of the shares to the minority shareholders in the Company's subsidiaries.

- Ingeborg Gjærum, Chief Strategy Officer & Director of Organisational Development, purchased 85,714 shares through her company Ingeborg Gjærum AS. After this, Ingeborg Gjærum owns 85,714 shares in the Company.

- Vigleik Takle, Chief Commercial Officer, purchased 128,571 shares through his company HAAV Invest AS. After this, Vigleik Takle owns 128,571 shares in the Company.

- Kevin Gjerstad, Chief Technical Officer, purchased 53,571 shares through his company Tuvamarka Holding AS. After this, Kevin Gjerstad owns 53,571 shares in the Company.

- Henning Hansen, member of the Board of Directors, purchased 42,857 shares through his company HEPE Consulting AS. After this, Henning Hansen owns 42,857 in the Company.

- Tom Darell, Executive Vice President Energy, purchased 171,429 shares through his company Ventaja AS. After this, Tom Darell owns 171,429 shares in the Company.

- Lars Ove Johansen, Executive Vice President Power Grid, purchased 128,571 shares through his company Jentoft Invest AS. After this, Lars Ove Johansen owns 128,571 shares in the Company.

- Kim Steinsland, Executive Vice President Industrial IoT, purchased 171,429 shares through his company SESISO AS. After this, Kim Steinsland owns 171,429 shares in the Company.

- Frode Solem, , Executive Vice President Infrastructure, purchased 128,571 shares. After this, Frode Solem owns 128,571 shares in the Company.

For further information, please contact:

Trond Straume, Chief Executive Officer, Volue +47 907 99 625

Arnstein Kjesbu, Chief Financial Officer, Volue +47 970 47 699

This information is subject of the disclosure requirements pursuant to section 3.1 of Continuing obligations of companies admitted to trading on Merkur Market.