Shareholder disclosure by Radforsk Investeringsstiftelse

Reference is made to the stock exchange notice of 4 November 2021 by Targovax ASA ("Targovax") announcing a fully underwritten rights issue of gross proceeds NOK 175 million (the "Rights Issue"), where each existing shareholder as of 25 November 2021 (and being registered as such in the Norwegian Central Securities Depository as at the expiry of 29 November 2021 (the record date)) were granted 1.175114 subscription rights for each share registered as held by the shareholder.

Each subscription right gives the right to subscribe for one new share in Targovax. The subscription period commenced on 30 November 2021 and expires on 14 December 2021 at 16:30 CET.

Following to the completion of the Rights Issue, the share capital of Targovax will be NOK 18,832,659.10 divided into 188,326,591 shares.

The calculations below are based on the new registered share capital and number of shares following completion of the fully underwritten Rights Issue.

Radforsk Investeringsstiftelse ("Radforsk") holds 4,427,255 shares in Targovax and has received 5,202,529 subscription rights in the Rights Issue, in aggregate 9,630,784 shares and subscription rights in Targovax, together equal to approximately 5.11% of the total number of shares and voting rights in Targovax after completion of the Rights Issue.

Radforsk has on on 3 December 2021 sold 2,378,408 subscription rights of its total holding of 5,202,529 subscription rights in Targovax.

Following the sale of subscription rights, Radforsk's number of shares and subscription rights in Targovax is 4,427,255 shares and 2,824,121 subscription rights, in aggregate 7,251,376 shares and subscription rights, equal to approximately 3.85 of the total number of shares and voting rights in Targovax after completion of the Rights Issue. Radforsk has consequently crossed the 5% disclosure threshold of Section 4-2 of the Norwegian Securities Trading Act with respect to its combined holding of shares and subscription rights.

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