WindowMaster International A/S issues warrant program

Company Announcement No. 038-2023

Copenhagen, June 12^th, 2023

The Board of Directors of WindowMaster International A/S had 8^th of June decided to exercise part of its authorization to issue and grant warrants (share subscription rights), and has thus issued a total of 100,000 warrants, each of which can be exercised to subscribe for one share of nominally DKK 1 in the company.  The Board of Directors is authorized to issue a total of DKK 1,439,923 warrants.

Issuance of warrants has taken place in order to retain and motivate key employees, to honor already performed tasks and work as well as and in order to increase focus on the long-term value added of the company for the benefit of all stakeholders.

The distribution of warrants is as follows:

A warrant holder may exercise warrants during a period of 14 days following publication of the company’s annual reports and semi-annual reports in the years 2024, 2025 and 2026.

The warrants can only be exercised once within the exercise period. Warrants can be exercised partially, after which all unexercised warrants will lapse immediately without further notice or compensation.

It is a prerequisite for the exercise of warrants that the warrant holder is employed by the company or a group company on the exercise date.

At the same time, the Board of Directors has adopted the terms of the capital increases of up to nominally DKK 100,000 arising from the exercise of the warrants.

The complete terms and conditions applicable to the warrants are included as an appendix to the company's articles of association.

The theoretical market value of the warrants is estimated based on the Black Scholes model and the following:

Spot price: DKK 5.15

Exercise price:  DKK 5.15

Risk-free interest rate: 4%

Volatility: 4%

Time to expiration: 1-3 years

Dividend: 0 kr.

Value per. warrant: DKK 0.21