NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S
REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY
OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL


Ultimovacs ASA - Contemplated private placement 

With reference to the stock exchange notice dated 27 May 2020 – “Ultimovacs ASA
Announces Collaboration with Big Pharma Company and Leading European Oncology
Clinical Trial Group to Evaluate UV1 in a Third Phase II Clinical Trial”,
Ultimovacs ASA (“Ultimovacs” or the “Company”) contemplates a private placement
of NOK 160 million (the "Private Placement") by issuing new shares (the "Offer
Shares"). The total number of Offer Shares to be issued will depend on the final
offer price and size to be determined following a bookbuilding process, within
the current authorisation granted by the Annual General Meeting on 23 April 2020
(the “Authorisation”).  ABG Sundal Collier and DNB Markets, a part of DNB Bank
ASA are acting as joint bookrunners (the “Joint Bookrunners”) in connection with
the Private Placement.

The net proceeds of the Private Placement will secure Ultimovacs’ funding of its
part of the expected project costs in the new randomized phase II trial and
further strengthen the overall clinical development program of Ultimovacs as
well as general corporate purposes.

Gjelsten Holding AS, Canica AS, Watrium AS, Radiumhospitalets
Forskningsstiftelse, Langøya Invest AS, Helene Sundt AS and CGS Holding AS (the
“Underwriters”) and Prieta AS have pre-committed shares corresponding to a total
subscription amount of at least NOK 43.7 million and the Underwriters have in
addition underwritten NOK 36.3 million (in total at least NOK 80 million).

The Private Placement will be directed towards Norwegian and international
institutional investors, in each case subject to and in compliance with
applicable exemptions from relevant prospectus or registration requirements. The
Private Placement is fully covered on pre-commitments and indications received
during a market sounding process earlier today. As a result, from the time of
this release only existing shareholders in the Company can expect to be
allocated shares in the Private Placement.

The subscription price and allocation of shares in the Private Placement will be
determined through an accelerated bookbuilding process. The bookbuilding period
commences today at 16:30 CET and will close at 08:00 CET on 28 May 2020. The
bookbuilding may, at the discretion of the Company and the Joint Bookrunners,
close earlier or later and may be cancelled at any time and consequently, the
Company may refrain from completing the Private Placement. The Company will
announce the final number of Offer Shares placed and the final subscription
price in the Private Placement in a stock exchange announcement expected to be
published before the opening of trading on the Oslo Stock Exchange tomorrow, 28
May 2020. Completion of the Private Placement is subject to final approval by
the Company's Board of Directors (the “Board”). 

The minimum subscription and allocation amount in the Private Placement will be
the NOK equivalent of EUR 100,000, provided that the Company may, at its sole
discretion, allocate an amount below EUR 100,000 to the extent applicable
exemptions from the prospectus requirement pursuant to applicable regulations,
including the Norwegian Securities Trading Act and ancillary regulations, are
available. 

Notification of allotment and payment instructions is expected to be issued to
the applicants on or about 28 May 2020 through a notification to be issued by
the Joint Bookrunners. The allocation will be determined at the end of the
bookbuilding period and final allocation will be made at the Board of Directors'
sole discretion.

The Offer Shares allocated in the Private Placement are expected to be settled
through a delivery versus payment transaction by delivery of existing and
unencumbered shares in the Company that are already listed on Oslo Børs,
pursuant to a share lending agreement between the Company, Gjelsten Holding AS
and the Joint Bookrunners. The Offer Shares will thus be tradable from
allocation. The Joint Bookrunners will settle the share loan with a
corresponding number of new shares in the Company to be issued by the Board
pursuant to the Authorisation.

The Company has agreed with the Joint Bookrunners to a lock-up on future share
issuances for a period of 180 days from the settlement date for the Private
Placement, subject to customary exceptions. The Company's Board, members of the
executive management and the board represented shareholders have all agreed with
the Managers to a lock-up on existing shareholdings for a period of 180 days
from the settlement date for the Private Placement, subject to customary
exceptions. 

The Board of Directors has considered the Private Placement in light of the
equal treatment obligations under the Norwegian Securities Trading Act and Oslo
Børs' Circular no. 2/2014, and is of the opinion that the proposed Private
Placement is in compliance with these requirements. The Board is of the view
that it will be in the common interest of the Company and its shareholders to
raise equity through a private placement, in view of the current market
conditions and the growth opportunities currently available to the Company. A
private placement enables the Company to raise capital in an efficient manner,
and the Private Placement is structured to ensure that a market based
subscription price is achieved.

For additional information, please contact: 

Øyvind Kongstun Arnesen, CEO, oeyvind.arnesen@ultimovacs.com, +47 469 33810
 
Hans Vassgård Eid, CFO, hans.eid@ultimovacs.com, +47 482 48632


Important Notices 

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions. 

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State. 

This communication is only being distributed to and is only directed at persons
in the United  Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services  and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so. 

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue",  "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these  assumptions are inherently  subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.


Actual events may differ significantly from any anticipated development due to a
number of  factors, including without limitation, changes in investment levels
and need for the Company’s services, changes in the  general economic, political
and market conditions in the markets in which the Company operate, the Company’s
ability to attract, retain and motivate qualified personnel, changes in the
Company’s ability to engage in commercially acceptable acquisitions and
strategic investments, and changes  in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
document.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither of the Joint Bookrunners nor any of their respective affiliates makes
any representation as to the accuracy or completeness of this announcement and
none of them accepts any responsibility for the contents of this announcement or
any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities in the Company. Neither the Joint
Bookrunners nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

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