Valoe Oyj — Capital/Financing Update 2018

May 9, 2018

Disclosure 361721

Valoe Oyj - Changes in company's own shares

Conversion of Convertible Notes pursuant to Financing Arrangement between Valoe Corporation and Bracknor Investment

Valoe Corporation Stock Exchange Release 9 May 2018 at 11.00 (Finnish time)

CONVERSION OF CONVERTIBLE NOTES PURSUANT TO FINANCING ARRANGEMENT BETWEEN VALOE CORPORATION AND BRACKNOR INVESTMENT

The Board of Directors of Valoe Corporation (the "Company") has, pursuant to the terms and conditions of the financing arrangement between Valoe Corporation and Bracknor Investment announced on 19 April 2017, resolved to approve the request of Bracknor Investment to convert a proportion of EUR 60,000 of the convertible notes to the shares in the Company at conversion price of EUR 0,45 per share. The conversion shall be executed by transferring a total of 133.333 treasury shares to Bracknor Investment. After the transfer the Company will have in total 1.197.929 treasury shares.

In Mikkeli on 9 May 2018

Valoe Corporation

BOARD OF DIRECTORS

For more information:

CEO Iikka Savisalo, Valoe Corporation

p. 0405216082

email: iikka.savisalo@valoe.com

Distribution:

Nasdaq Helsinki Oy

Main media

www.valoe.com

Valoe Corporation specializes in the clean energy, especially in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; production lines for modules; solar modules and special components for solar modules. Valoe's head office is located in Mikkeli, Finland.