Zelluna ASA - Share Issue/Capital Change 2021

Ultimovacs ASA: Share capital increase related to exercise of options

Oslo, 12 October 2021, the Board of Directors of Ultimovacs ASA (the "Company")

has resolved to increase the Company's share capital by NOK 5,850 through the

issuance of 58,500 new shares, each with a par value of NOK 0.10. The resolution

is based on an authorisation to increase the share capital granted by the

Company's general meeting on 15 April 2021.

The new shares are issued to employees of the Company in connection with the

Company's employee incentive program. 45,000 of the new shares are issued at a

subscription price of NOK 31.25, and 13,500 shares at a subscription price of

NOK 39.15.

Following registration of the share capital increase with the Norwegian Register

of Business Enterprises, the Company will have a share capital of NOK

3,206,176.10, divided into 32,061,761 shares, each with a par value of NOK

0.10.

For further information, please contact:

Jónas Einarsson, Chairman of the Board of Directors of Ultimovacs ASA

Phone: +47 480 96 355

Carlos de Sousa, CEO

Phone: +47 908 92507

Hans Vassgård Eid, CFO

Phone: +47 482 48632

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