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
Phone: +47 908 92 507

Hans Vassgård Eid, Chief Financial Officer
Email: 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.

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• ULTI - PDMR attachment