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The Financial Supervisory Authority of Norway (Nw.: Finanstilsynet) has today
approved a supplemental prospectus dated 23 May 2019 (the Supplemental
Prospectus) to the Companys prospectus dated 27 March 2019, as amended by a
supplemental prospectus dated 12 April 2019 (the Prospectus). The information
contained in the Supplemental Prospectus shall be considered an integral part
of, and is to be read together with, the Prospectus.

Subscribers that have subscribed for offer shares before the publication of the
Supplemental Prospectus have the right to withdraw their subscription within two
days after the publication of the Supplemental Prospectus, cf. Section 7-21(2)
of the Norwegian Securities Trading Act (i.e. prior to 16:30 hours (CEST) on 27
May 2019) (including for subscriptions made through the VPS online subscription
system). Such withdrawal is made by contacting the Manager.

The Prospectus and the Supplemental Prospectus are available on the following
websites: www.targovax.com and www.dnb.no/emisjoner. Hard copies of the
Prospectus and the Supplemental Prospectus may also be obtained at the offices
of Targovax ASA, Lilleakerveien 2 C, 0283 Oslo, Norway or by contacting DNB
Markets at +47 23 26 81 01.