Grant of warrants

Today, the Board of Directors of Valuer has exercised part of its current authorization to issue a total of 200,000 new warrants to 3 key employees of Valuer. After this issue, 3,259,110 warrants corresponding to 67.6% of the original authorization to issue warrants remain.

The exercise price is fixed at DKK 2.2 per share corresponding to five-day average share price from 29 December 2021 to 6 January 2021. The warrants will vest over 36 months starting from today and are subject to the existing lock-up agreements as described in the growth prospectus. Warrants that have not been exercised before 31 December 2028 will lapse automatically. Warrants can be exercised for a period of four weeks after the Company’s announcements of the annual report and half-year report.

The theoretical market value of one warrant granted is DKK 0.49 (calculated using the Black
Scholes model). The key assumptions for the calculation are a share price of DKK 2.13, an
exercise price of DKK 2.2, volatility of 25%, and a risk-free interest rate of 0,00%.
The warrants include conditions on accelerated vesting in case of change of control, e.g. a
takeover bid, merger or delisting. The warrants are issued in accordance with article 3 of the
Articles of Association.

The warrants include conditions on accelerated vesting in case of change of control, e.g. a takeover bid, merger or delisting. The warrants are issued in accordance with section 3 of the Articles of Association.

The specific terms of warrants issued by the Company can be found in the growth prospectus and in the Articles of Association on www.investors.valuer.ai.

For further information:

Dennis Poulsen, CEO and Co-founder
Tel: +45 51 15 95 12
email: dp@valuer.ai

CFO/Investor Relations contact
Morten Halager
Tel: (+45) 24 66 3307
email: moha@valuer.ai

Jesper Skaarup Vestergaard
Certified Advisor
Grant Thornton
Tel: (+45) 31 79 90 00
jesper.vestergaard@dk.gt.com