Targovax ASA: Notification of trade by primary ins

Reference is made to the stock exchange announcement dated 3 July 2017 in which Targovax ASA (the "Company") announced the commencement of the subscription period of the rights issue by the Company of 2,000,000 new shares at a subscription price of NOK 0.10 per share and the trading of the subscription rights on the Oslo Stock Exchange.

Øystein Soug, CEO of Targovax and primary insider, has today exercised a total of 9,598 subscription rights and subscribed for 9,598 new shares at a price of NOK 20 per share. Following the exercise, Øystein Soug and his close associate (Abakus Invest AS) holds 109,598 shares and no subscription rights, representing approximately 0.2% of the votes and shares in the Company following the completion of the subsequent offering (provided that 2,000,000 new shares are issued in the subsequent offering).

Jon Amund Eriksen, CTIO of Targovax and primary insider, yesterday sold a total of 379 subscription rights at a price of NOK 0.33 per subscription right. Following the sale, Jon Amund Eriksen and his close associate (Timmuno AS) holds 728,601 shares and 69,551 subscription rights, representing approximately 1.3% of the votes and shares in the Company following the completion of the rights issue, should Jon Amund Eriksen/Timmuno AS decide to subscribe for all remaining subscription rights held as of today (and provided that 2,000,000 new shares are issued in the subsequent offering).

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