Exercise Of Employee Share Options And Settlement Of Restricted Stock Units In Targovax

Reference is made to the stock exchange notice of 14 June 2017 regarding increase of the share capital in Targovax ASA (the "Company") relating to exercise of employee options and settlement of restricted stock units. As per 22 June 2017;

- 25,000 shares each with a par value of NOK 0.10 were subscribed for by employees holding vested options; and

- 16,394 shares each with a par value of NOK 0.10 were subscribed for by board members holding vested restricted stock units.

The new share capital in the Company will accordingly be NOK 4,224,111.30. The share capital increase will be registered in the Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.