Director Subscription, Grant of Options and TVR

Corero Network Security plc (AIM: CNS), is pleased to announce that, further to the announcement on 13 November 2023, Carl Herberger, CEO Designate of the Company has entered into a subscription agreement to acquire 1,344,497 new Corero shares at a price of 9.0 pence per share.

In addition to this, Carl has been granted a matching share option award of 4,033,492 options over new ordinary shares with an exercise price of 9.0 pence, and as a part of Carl's overall CEO compensation, he has also been granted 7,500,000 options with an exercise price of 9.0 pence (together, the "Options"). The Options have a three-year vesting period, vesting one third on the first anniversary of grant, one third on the second anniversary of grant and one third on the third anniversary of grant. Shares acquired on the exercise of an option may not be sold until the expiry of the second anniversary following the date of option grant.

Following the subscription, Carl Herberger's holding in the Company will be 1,344,497 shares, representing 0.27% of the Company's enlarged issued share capital.

Application has been made for the 1,344,497 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective on 20 November 2023.

Following Admission, the total issued share capital of the Company with voting rights will be 501,528,468 Ordinary Shares. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

• Name Carl Herberger
• Reason for the notification
• Position / status Chief Executive Officer Designate
• Initial notification / amendment Initial notification
• Name Corero Network Security plc
• Legal Entity Identifier 2138001EVYT2OI1C4Y98
• Description of the financial instrument Ordinary Shares GB00B1GVQH21
• Nature of the transaction Purchase of shares and grant of options
• Price(s) and volume(s) Purchase of shares Price(s) Volume(s) 9.0 pence 1,344,497 Grant of options Exercise Price(s) Volume(s) 9.0 pence 11,533,492
• Aggregated information - Aggregated volume - Aggregated price - Aggregated total Not applicable
• Date of the transaction 13 November 2023
• Place of the transaction London Stock Exchange