As a consequence of exercise of 828,665 warrants in Vaccibody AS, the share
capital of Vaccibody AS has been increased by NOK 8,286,65 from NOK 2,847,851.80
to NOK 2,856,138.45. The number of outstanding shares in the company is
increased by 828,665 from 284,785,180 to 285,613,845, each with a par value of
NOK 0.01. 

Primary insider CTO Mette Husbyn has exercised a total of 400,000 warrants as
announced on March 8,2021. 

Primary insider Dir. Business Development Caspar Foghsgaard has exercised a
total of 258,665 warrants with expiry date of December 31, 2022. The 258,665
shares have been subscribed for at a strike price of NOK 7.00 per share.

An employee has exercised a total of 170,000 warrants with expiry date of
December 31, 2022. The 170,000 shares have been subscribed for at a strike price
of NOK 4.00 per share.

After the exercise of these warrants, the total number of outstanding warrants
in the company is 13,552,765.