Targovax ASA: Resolutions to increase the share capital in Targovax ASA in relation to exercise of employee options and settlement of restricted stock units

The board of directors of Targovax ASA (the "Company") has on 27 October 2017, in accordance with the authorisations granted by the general meeting on 5 April 2017, resolved:

- to increase the share capital of up to NOK 119,090.10 by issuance of up to 1,190,901 new shares, each with a nominal value of NOK 0.10, in order to facilitate the exercise of vested employee options; and

- to increase the share capital of up to NOK 6,819.60 by issuance of up to 68,196 new shares, each with a nominal value of NOK 0.10 in order to facilitate the settlement of vested restricted stock units ("RSUs") granted to the board of directors in the Company.

Depending on the number of vested options exercised and vested RSUs settled, the share capital may be increased from NOK 5,260,986.70 to up to NOK 5,386,896.40 in total. The share capital increases will be registered in the Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible after the exact amount of the capital increases has been determined and the share capital has been fully paid up.

For further information, please contact:

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