TARGOVAX ASA – NOTIFICATION OF SHAREHOLDING

Reference is made to the announcement by Targovax ASA ("Targovax" or the "Company") on 14 October 2020 regarding the completion of a private placement of 10,344,828 new shares in the Company (the "Private Placement").

Following completion of the Private Placement, HealthCap V L.P. and OFCO Club V, jointly, continue to own a total of 12,405,584 shares in the Company.

Following the registration of the share capital increase pertaining to the Private Placement with the Norwegian Register of Business Enterprises, the total shareholding of HealthCap V L.P. and OFCO Club V will constitute approximately 14.34% of the issued and outstanding shares and votes in the Company.

This information is subject to the disclosure requirements pursuant to section 4-3 of the Norwegian Securities Trading Act.

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