Zelluna ASA — Director's Dealing 2021

Oct 27, 2021

Ultimovacs ASA - Transactions by primary insiders and closely associated parties

Ultimovacs ASA - Transactions by primary insiders and closely associated parties

Reference is made to the stock exchange announcement by Ultimovacs ASA (OSE:

ULTI) ("Ultimovacs" or the "Company") on 26 October 2021 regarding the

successful placing of a private placement of new shares (the "Offer Shares")

with gross proceeds of NOK 270 million (the "Private Placement").

The following primary insiders or closely associated parties of such were

allocated Offer Shares in the Private Placement.

Gjelsten Holding AS, a closely associated party of Henrik Schüssler, board

member of the Company, has subscribed for and been allocated 324,000 Offer

Shares.

Canica AS, a closely associated party of Aitana Peire, board member of the

Company, has subscribed for and been allocated 170,794 Offer Shares.

Sundt AS, a closely associated party of Leiv Askvig, board member of the

Company, has subscribed for and been allocated 83,671 Offer Shares.

Helene Sundt AS, a closely associated party of Leiv Askvig, board member of the

Company, has subscribed for and been allocated 83,670 Offer Shares.

Watrium AS, a closely associated party of Haakon Stenrød, board member of the

Company, has subscribed for and been allocated 40,000 Offer Shares.

Langøya Invest AS, a closely associated party of Ketil Fjerdingen, board member

of the Company, has subscribed for and been allocated 40,000 Offer Shares.

Radforsk Investeringstiftelse, a closely associated party of Jónas Einarsson,

chair of the board of the Company, has subscribed for and been allocated 8,000

Offer Shares.

FireH AS, a closely associated party of Henrik Schüssler, board member of the

Company, has subscribed for and been allocated 4,000 Offer Shares.

K og K AS, a closely associated party of Kari Grønås, board member of the

Company, has subscribed for and been allocated 1,600 Offer Shares.

Håkan Englund, deputy board member of the Company, has subscribed for and been

allocated 4,000 Offer Shares.

In addition, Gjelsten Holding AS, a closely associated party of board member

Henrik Schüssler, has entered into an agreement to lend 2,160,000 shares to the

joint bookrunners for the Private Placement in order to facilitate settlement on

a delivery versus payment basis in the Private Placement.

Please see the attached forms for further details.

For additional information, please contact:

Carlos de Sousa, Chief Executive Officer

Email: carlos.desousa@ultimovacs.com (mailto:carlos.desousa@ultimovacs.com)

Phone: +47 908 92 507

Hans Vassgård Eid, Chief Financial Officer

Email: hans.eid@ultimovacs.com (mailto:hans.eid@ultimovacs.com)

Phone: +47 482 48 632

About Ultimovacs

Ultimovacs is developing immune-stimulatory vaccines to treat a broad range of

cancers. Ultimovacs' lead universal cancer vaccine candidate UV1 targets human

telomerase (hTERT), present in 85-90% of cancers in all stages of tumor growth.

By directing the immune system to hTERT antigens, UV1 drives CD4 helper T cells

to the tumor to activate an immune system cascade and increase anti-tumor

responses. With a broad Phase II program, Ultimovacs aims to clinically

demonstrate UV1's impact in multiple cancer types in combination with other

immunotherapies. Ultimovacs' second technology approach, based on the

proprietary Tetanus-Epitope-Targeting (TET) platform, combines tumor-specific

peptides and adjuvant in the same molecule and entered Phase I trials in 2021.