Targovax: Issuance Of Restricted Stock Unites (Rsus) To The Board Members

Reference is made to annual general meeting of Targovax ASA's (the "Company") on 5 April 2017 (the "AGM") where all the board members were re-elected. At the annual general meeting of the Company the board of directors was authorized to issue restricted stock units ("RSUs") to the board members. The RSUs are non-transferable and each RSU gives the right and obligation to acquire one share in the Company at a price of NOK 0.10 per share (corresponding to the nominal value of the shares) subject to satisfaction of the applicable vesting conditions.

Robert Burns has resolved to receive his full board remuneration, as determined by the Company's annual general meeting in 2017, in the form of RSU's and the board of directors has resolved to issue 10,051 RSU's to Robert Burns.
Robert Burns holds 51,035 RSU's, 21,235 options and 34,063 shares in the Company.

Lars Lund-Roland has resolved to receive his full board remuneration, as determined by the Company's annual general meeting in 2017, in the form of RSU's and the board of directors has resolved to issue 10,051 RSU's to Lars Lund-Roland.
Lars Lund-Roland holds 26,445 RSU's, no options and 4,417 shares in the Company.

Eva-Lotta Allan has resolved to receive her full board remuneration, as determined by the Company's annual general meeting in 2017, in the form of RSU's and the board of directors has resolved to issue 10,051 RSU's to Eva-Lotta Allan.
Eva-Lotta Allan holds 33,220 RSU's, no options and no shares in the Company.

Diane Mellett has resolved to receive her full board remuneration, as determined by the Company's annual general meeting in 2017, in the form of RSU's and the board of directors has resolved to issue 10,051 RSU's to Diane Mellett.
Diane Mellett holds 44,149 RSU's, no options and no shares in the Company.

Bente-Lill Romøren has resolved to receive 1/3 of the board remuneration, as determined by the Company's annual general meeting in 2017, in the form of RSU's and the board of directors has resolved to issue 3,350 RSU's to Bente-Lill Romøren.
Bente-Lill Romøren holds 14,279 RSU's, no options and no shares in the Company.

The number of RSU's is calculated on the basis of a board remuneration of NOK 240,000 divided by the market price of the Company's shares calculated as the average share price for the 10 trading days prior to the AGM being NOK 23.88 per share.

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For further information please contact:
Øystein Soug, CEO
Phone: +47 906 56 525
Email: oystein.soug@targovax.com

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