Oslo, 2 March 2022: The board of directors of Targovax ASA (OSE:TRVX)
("Targovax" or the "Company") has resolved to increase the share capital of the
Company following the completion of an exercise period for vested share options
under the Company's long-term incentive program for employees and the completion
of a settlement period for vested restricted stock units ("RSUs"). The exercise
period for the LTI program and the settlement period for the RSUs lasted from 28
February 2022 at 10:00 hours (CET) to 2 March 2022 at 10:00 hours (CET).

 1. Exercise of options

In total, 7,479 options, each with a subscription price of NOK 0.51 per share
were exercised, giving the option holder the right to subscribe for 7,479
shares, each with a par value of NOK 0.10.

 2. Settlement of RSUs

In total, 88,351 RSUs were settled by Robert Burns, giving the RSU holder the
right to subscribe for 88,351 shares in total, each with a par value of NOK
0.10, at a subscription price of NOK 0.10 per share.

The RSU holder received the RSUs as part of its remuneration for its
directorship. The number of RSUs granted was calculated as the NOK amount of the
RSU selected portion of the total remuneration to the respective board member,
divided by the market price for the shares, calculated as the volume weighted
average share price for the 10 trading days prior to the relevant AGM, being NOK
6.34 per share in 2019 and NOK 6.81 per share in 2020.

 3. Resolutions to increase the share capital in Targovax ASA

The Company's board of directors has on 2 March 2021, in accordance with the
authorisation granted by the general meeting on 17 March 2021, resolved:

  · to increase the share capital with NOK 747.90 by the issuance of 7,479 new
shares, each with a par value of NOK 0.10 in order to facilitate the exercise of
options