Valoe Oyj — Share Issue/Capital Change 2019

May 22, 2019

Disclosure 372267

Valoe Oyj - Changes in company's own shares

Issue of Convertible Notes and Warrants; Conversion of Convertible Notes Pursuant to Financing Arrangement between Valoe Corporation and Winance

Valoe Corporation Stock Exchange Release 22 May 2019 at 14.00 Finnish time

ISSUE OF CONVERTIBLE NOTES AND WARRANTS; CONVERSION OF CONVERTIBLE NOTES PURSUANT TO FINANCING ARRANGEMENT BETWEEN VALOE CORPORATION AND WINANCE

The Board of Directors of Valoe Corporation (the "Company") has, pursuant to the terms and conditions of the financing arrangement between Valoe Corporation and Winance announced on 20 December 2018, confirmed the withdrawal of the first convertible notes tranche of EUR 500,000 withdrawn previously; and resolved to issue to Winance in total 500 convertible notes and in total 285,714 warrants related thereto, and pay the commitment fee equal to EUR 30,000 agreed on in the terms and conditions of the financing arrangement in convertible notes. Additionally, the Board of Directors has resolved to approve the request of Winance to convert a proportion of EUR 10,000 of the convertible notes to the shares in the Company at conversion price of EUR 0.27 per share. The conversion shall be executed by transferring a total of 37,037 treasury shares to Winance. After the transfer, the Company will have in total 1,680,963 treasury shares.

In Mikkeli 22 May 2019

Valoe Corporation

Board of Directors

For more information:

Iikka Savisalo, President and CEO, Valoe Corporation

Tel. +358 40 521 6082

email: iikka.savisalo@valoe.com

Distribution:

NASDAQ OMX, Helsinki

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.