Zelluna ASA - Share Issue/Capital Change 2021

Ultimovacs ASA: Share capital increase related to exercise of options

Oslo, 8 March 2021, the Board of Directors of Ultimovacs ASA (the "Company") has resolved to increase the Company's share capital by NOK 2,975 through the issuance of 29,750 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 23 April 2020.

The new shares are issued to employees of the Company in connection with the Company's employee incentive program. The new shares are issued at a subscription price of NOK 31.25.

Following registration of the share capital increase with the Norwegian Register of Business Enterprises, the Company will have a share capital of NOK 3,200,326.1, divided into 32,003,261 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

Email: [email protected]

Phone: +47 480 96 355

Carlos de Sousa, CEO

Email: [email protected]

Phone: +47 908 92507

Hans Vassgård Eid, CFO

Email: [email protected]

Phone: +47 482 48632