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Regulatory press release

Targovax ASA: Mandatory notification of trade by primary insider in connection with settlement of RSUs

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Eva-Lotta Allan, member of the board of directors (the "Primary Insider") of Targovax ASA (the "Company"), has on 6 June 2019 settled 51,368 restrictive stock units ("RSUs"), which were granted at the AGM in 2016, 2017 and 2018, giving the Primary Insider the right to subscribe for an equal number of shares in the Company at a price of NOK 0.10 per share. Following the Primary Insider's subscription of shares and registration of the Company's new share capital, the Primary Insider and her close associates will hold 51,368 shares and 15,249 RSUs in the Company.

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