Mandatory disclosure pursuant to Securities Trading Act section 4-2 by HealthCap
V LP and OFCO Club V.

Reference is made to the stock exchange notice of 4 November 2021 by Targovax
ASA ("Targovax") announcing a fully underwritten rights issue of gross proceeds
NOK 175 million (the "Rights Issue"), where each existing shareholder as of 25
November 2021 (and being registered as such in the Norwegian Central Securities
Depository (the "VPS") as at the expiry of 29 November 2021 (the record date))
were granted 1.175114 subscription rights for each share registered as held by
the shareholder. 

Each subscription right gives the right to subscribe for one new share in
Targovax. The subscription period commenced on 30 November 2021 and expires on
14 December 2021 at 16:30 CET. 

Following to the completion of the Rights Issue, the share capital of Targovax
will be NOK 18,832,659.1 divided into 188,326,591 shares. 

The calculations below are based on the new registered share capital and number
of shares following completion of the fully underwritten Rights Issue.

Rights to shares (subscription rights):
HealthCap V LP and its close associate, OFCO Club V, cf. the Securities Trading
Act section 2-5 (5) (the "Consolidated Parties") has, on 2 December 2021 sold
9,250,000 subscription rights of their total holding of 14,577,926 subscription
rights in Targovax (the "Disposal"). 

The Disposal is bringing the Consolidated Parties' total holding of subscription
rights down from 14,577,926 (14.33%) to 5,327,926 (2.83%) of the total number of
shares and voting rights in Targovax after completion of the Rights Issue. The
Consolidated Parties are thereby crossing the 5% threshold with regards to the
subscription rights. 

Shares:
In addition to the subscription rights the Consolidated Parties, as of 2
December 2021, holds 12,405,584 shares and voting rights in Targovax ASA,
corresponding to 6.59% of the shares and voting rights in Targovax after
completion of the Rights Issue. The Consolidated Parties are thereby crossing
the 10% threshold from 14.33% with regards to the shares.
                                                                                
                                                                                
      
Aggregate holding of shares and rights to shares:
The Consolidated Parties' subsequent aggregate holding of shares and
subscription rights in Targovax after the Disposal is reduced from 26,983,510
(14.33%) to 17,733,510, corresponding to 9.42% of the total number of shares and
voting rights in Targovax after completion of the Rights Issue, and the
Consolidated Parties are thereby crossing the 10% threshold. 

See also attachment. 
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