Conversion of Convertible Notes and Payment of Commitment Fee Pursuant to Financing Arrangement Between Valoe Corporation and Winance

Valoe Corporation         Stock Exchange Release         16 February 2023 at 16.00 Finnish time

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 10 February 2023, resolved to approve the request of Winance to convert a proportion of EUR 150,000 of the convertible notes to the shares in the Company at conversion price of EUR 0.03 per share. The conversion shall be executed by transferring a total of 4,999,999 treasury shares to Winance. After the transfer, the Company will have in total 36,049,528 treasury shares. In addition, Valoe has, pursuant to the financing arrangement, paid a commitment fee equaling EUR 400,000 in Convertible Notes and issued to Winance 400 convertible notes.

In Mikkeli 16 February 2023

Valoe Corporation

Board of Directors

For more information:

Iikka Savisalo, President and CEO, Valoe Corporation Tel. +358 40 521 6082email: 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.

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