Targovax ASA: Mandatory notification of trade by primary insider in relation to exercise of employee options

1. Exercise of employee share options

Berit Iversen, VP CMC of Targovax (the "Primary Insider"), has on 22 June 2017 subscribed for 25,000 shares in Targovax ASA at a price of NOK 7.5 per share in connection with her exercise of vested employee options.

2. Transfer of rights and sale of shares

Following the subscription, the Primary Insider transferred 25,000 rights to receive shares from the exercise of options to a third party. The Primary Insider cannot be held liable for losses incurred by the third party if the shares are later sold below the strike price.

Due to the cash impact for the Primary Insider of the exercise price and tax, the Primary Insider is consequently selling shares in order to finance said cash impact.

The third party sold 12,500 shares on behalf of the Primary Insider to cover exercise price and taxes for the subscription of shares.

On behalf of the Primary Insider, the third party sold 12,500 shares for an amount of NOK 262,393.75 which constitutes the Primary Insider's proceeds following the exercise of 25,000 options deducted for exercise price and taxes. The third party completed its sale in the market with an average sale price of NOK 20,9915 per share.

3. New holding

Berit Iversen and her close associates will hold 20,087 shares and 135,000 employee options in Targovax ASA after the exercise of options.

For further information, please contact:

Erik Digman Wiklund, CFO
Phone: +47 413 33 536
Email: erik.wiklund@targovax.com

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