Oslo,  9 January 2025: Reference is made to the stock exchange notices published
by  Ultimovacs  ASA  (the  "Company")  on  (i)  17 December  2024 regarding  the
contemplated  business combination between the Company and Zelluna Immunotherapy
AS  (the "Business Combination") and the  fully committed private placement with
gross  proceeds of approx.  NOK 51.7 million (the  "Private Placement") and (ii)
today  on  9 January  2025 regarding  the  approval  by an extraordinary general
meeting  of  the  Company  (the  "EGM")  of  relevant resolutions related to the
Business Combination and the Private Placement. The Business Combination and the
Private Placement are hereinafter referred to as the "Transactions".

Following the EGM's resolutions to approve the issuance of 167,864,598 shares in
aggregate   through   the   Transactions,  and  subject  to  completion  of  the
Transactions,  certain  of  the  Company's  and  Zelluna Immunotherapy AS' major
shareholders  will cross threshold  for disclosure of  shareholdings pursuant to
Chapter 4 of the Norwegian Securities Trading Act as follows:

  * Geveran Trading Company Ltd. has been allocated 4,230,769 offer shares in
    the Company in the Private Placement and will receive 20,847,543
    consideration shares in the Business Combination, increasing its
    shareholding from 0 shares and votes to 25,078,312 shares and votes (approx.
    12.4%) in the Company after completion of the Transactions.

  * Radforsk has been allocated 1,038,461 offer shares in the Company in the
    Private Placement and will receive 22,156,490 consideration shares in the
    Business Combination, increasing its shareholdings from 1,519,263 shares and
    votes (approx. 4.4% as of the date hereof) to 24,714,214 shares and votes
    (approx. 12.2%) in the Company after completion of the Transactions.

  * Inven2 AS has been allocated 384,615 offer shares in the Company in the
    Private Placement and will receive 19,357,583 consideration shares in the
    Business Combination, increasing its shareholdings from 1,265,139 shares and
    votes (approx. 3.7% as of the date hereof) to 21,007,337 shares and votes
    (approx. 10.4%) in the Company after completion of the Transactions.

  * Gjelsten Holding AS has been allocated 3,653,846 offer shares in the Company
    in the Private Placement and will not receive any consideration shares in
    the Business Combination, thus decreasing its total percentage of shares as
    a result of the Transactions from 6,495,866 shares and votes (approx.
    18.88% as of the date hereof) to 10,149,712 shares and votes (approx. 5.0%)
    in the Company after completion of the Transactions.

  * Takeda Ventures, Inc. will receive 12,389,348 consideration shares in the
    Business Combination, increasing its shareholdings from 0 shares and votes
    to 12,389,348 shares and votes (approx. 6.1%) in the Company after
    completion of the Transactions.

  * Birk Venture AS has been allocated 538,461 offer shares in the Company in
    the Private Placement and will receive 14,196,604 consideration shares in
    the Business Combination, increasing its shareholdings from 0 shares and
    votes to 14,735,065 shares and votes (approx. 7.3%) in the Company after
    completion of the Transactions.

This  information is subject to the  disclosure requirements pursuant to Section
4-2 the Norwegian Securities Trading Act.