Activating the immune system to fight cancer. ABG Sundal Collier Oslo 12 June 2018

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1 Activating the immune system t fight cancer ABG Sundal Cllier Osl 12 June 2018

2 Imprtant NOTICE AND DISCLAIMER This reprt cntains certain frward-lking statements based n uncertainty, since they relate t events and depend n circumstances that will ccur in future and which, by their nature, will have an impact n the results f peratins and the financial cnditin f Targvax. Such frward-lking statements reflect the current views f Targvax and are based n the infrmatin currently available t the cmpany. Targvax cannt give any assurance as t the crrectness f such statements. There are a number f factrs that culd cause actual results and develpments t differ materially frm thse expressed r implied in these frward-lking statements. These factrs include, amng ther things, risks r uncertainties assciated with the success f future clinical trials; risks relating t persnal injury r death in cnnectin with clinical trials r fllwing cmmercializatin f the cmpany s prducts, and liability in cnnectin therewith; risks relating t the cmpany s freedm t perate (cmpetitrs patents) in respect f the prducts it develps; risks f nn-apprval f patents nt yet granted and the cmpany s ability t adequately prtect its intellectual prperty and knw-hw; risks relating t btaining regulatry apprval and ther regulatry risks relating t the develpment and future cmmercializatin f the cmpany s prducts; risks that research and develpment will nt yield new prducts that achieve cmmercial success; risks relating t the cmpany s ability t successfully cmmercialize and gain market acceptance fr Targvax s prducts; risks relating t the future develpment f the pricing envirnment and/r regulatins fr pharmaceutical prducts; risks relating t the cmpany s ability t secure additinal financing in the future, which may nt be available n favrable terms r at all; risks relating t currency fluctuatins; risks assciated with technlgical develpment, grwth management, general ecnmic and business cnditins; risks relating t the cmpany s ability t retain key persnnel; and risks relating t the impact f cmpetitin.

3 Intrductin 2. ONCOS nclytic virus prgram 3. TG mutras neantigen vaccine 4. Targvax pipeline 5. Crprate verview

4 Frm a sequential treatment strategy directly targeting the cancer 1 Surgery When pssible, surgical resectin t remve the tumr 2 Raditherapy Tumr irradiatin t shrink tumr vlume 3 Chemtherapy Crnerstne treatment in mst cancer frms 4

5 t an integrated cmbinatin apprach HARNESSING THE POWER OF THE PATIENT S OWN IMMUNE SYSTEM Targvax fcus Immune activatrs Onclytic viruses, vaccines Immune mdulatrs Checkpint inhibitrs Surgery - Radi - Chem Immune bsters CAR-Ts, TCRs Targeted therapy PARPs, gene therapy, etc. 5

6 Mde f actin IMMUNE ACTIVATORS TURN COLD TUMORS HOT Example frm Targvax Phase I trial Ovarian cancer patient CD8+ T-cell Recgnizes and destrys cancer cells Befre injectin f nclytic virus Cld tumr N T-cell infiltratin After injectin f nclytic virus Ht tumr Full T-cell infiltratin 6

Targvax has tw prgrams in clinical develpment, with an ONCOLYTIC VIRUS LEAD PRODUCT CANDIDATE ONCOS Onclytic virus TG Neantigen vaccine Lead prduct candidate Genetically armed adenvirus Alerts the

7 Targvax has tw prgrams in clinical develpment, with an ONCOLYTIC VIRUS LEAD PRODUCT CANDIDATE ONCOS Onclytic virus TG Neantigen vaccine Lead prduct candidate Genetically armed adenvirus Alerts the immune system t the presence f cancer antigens Induces T-cells specific t the patients tumr 4 nging trials Pipeline prduct Shared neantigen, therapeutic cancer vaccine Triggers the immune system t recgnize mutant RAS cancers Activates the immune system Triggers patientspecific respnses N need fr individualizatin 7

Majr deals ver the past 6 mnths are driving

VIRUSES Acquirer Target Type f deal Deal

up-frnt cash M&A Pre-clinical nclytic virus

value BD partnership IV delivered nclytic

8 Majr deals ver the past 6 mnths are driving increasing INDUSTRY INTEREST IN ONCOLYTIC VIRUSES Acquirer Target Type f deal Deal value M&A Phase I/II nclytic virus USD 400m up-frnt cash M&A Pre-clinical nclytic virus USD 140m up-frnt cash Up t USD 1b ttal value BD partnership IV delivered nclytic virus USD 15m milestne payment Up t USD 1b ttal value 8

9 ONCOS nclytic virus prgram 3. TG mutras neantigen vaccine 4. Targvax pipeline 5. Crprate verview

10 ONCOS-102 Phase I single agent prf f cncept IMMUNE ACTIVATION DEMONSTRATED Cld tumr turned ht CD8+ T-cell staining ONCOS-102 Phase I trial design: 12 patients, 7 different slid tumrs N ther treatment ptins left Mntherapy 9 injectins Tp-line results: 100% innate immune activatin 11/12 patients increase in TILs Abscpal effect Tumr specific T-cells in bld Crrelatin with survival Pre-treatment Pst-treatment 10

11 CD8+ fld-change frm baseline ONCOS-102 Phase I single agent prf f cncept CD8+ T-CELL INFILTRATION CORRELATES WITH SURVIVAL Fld-change CD8+ T-cell cunt vs. survival r = 0.75 p = ,000 1, Case example Ovarian cancer Failed n 5 chemtherapies Tumr specific T-cells after 2 years Stable disease fr 3 years Survived 3.5 years Overall survival (mnths) 11

ONCOS CLINICAL DEVELOPMENT STRATEGY 1 2 3 4 Mesthelima

Intra-peritneal Next generatin ONCOS viruses Target launch

malignancies Duble transgene adenviruses Orphan drug Melanma

Ph I/II In viv testing Cntrlled trial >100,000 incidents Cmb

12 ONCOS CLINICAL DEVELOPMENT STRATEGY Mesthelima Orphan disease CPI synergy Intra-tumral CPI synergy Intra-peritneal Next generatin ONCOS viruses Target launch indicatin Indicatins with limited CPI effect Peritneal malignancies Duble transgene adenviruses Orphan drug Melanma Ph I Ovarian/clrectal Nvel targets Additin t SC Cmb w/pd-1 Ph I/II In viv testing Cntrlled trial >100,000 incidents Cmb w/pd-l1 15,000 incidents >100,000 incidents 12 SOURCE: Glbal Data, EU big 5 + US

13 ONCOS CLINICAL PROGRAM OVERVIEW Melanma Phase I 12 patients Cmbinatin with pembrlizumab PC in CPI refractry patients Cmpassinate use prgram 115 patients Phase I trial 12 patients 7 indicatins Peritneal cancer Phase I/II up t 78 patients Ovarian and clrectal cancers Cmbinatin with durvalumab Intraperitneal administratin Cllabratin with AZ, CRI, Ludwig Cmpleted trials Onging trials Trials spnsred by partner Mesthelima Phase I/II - randmized 30 patients Orphan indicatin Cmbinatin with SC chem Randmized vs. SC 13

ONCOS-102 has the ptential t becme a breakthrugh IN THE TREATMENT OF MESOTHELIOMA Ratinale fr ONCOS-102 pprtunity in mesthelima Becme frntline therapy Orphan Drug Designatin Limited cmpetitin

14 ONCOS-102 has the ptential t becme a breakthrugh IN THE TREATMENT OF MESOTHELIOMA Ratinale fr ONCOS-102 pprtunity in mesthelima Becme frntline therapy Orphan Drug Designatin Limited cmpetitin Currently testing efficacy in cmbinatin with SC chemtherapy in bth 1 st and 2 nd line in 30 patients randmized Phase I/II trial Gd safety prfile High unmet medical need, ONCOS-102 has ODD Opprtunity fr pririty regulatry review 7 year market exclusivity in the US and 10 years in the EU CPIs shw sme early signs f efficacy, but are ptential ONCOS-102 cmbinatins, rather than cmpetitrs N/few cmpeting viruses and vaccines in clinical develpment 14

15 ONCOS-102 in malignant pleural mesthelima PHASE I/II STUDY DESIGN IN COMBINATION WITH SC Safety lead-in cmpleted Randmized part currently enrlling Experimental grup (n=14) Patient ppulatin Advanced malignant pleural mesthelima 1 st line / 2 nd line Nn-randmized Safety lead-in (n=6) ONCOS-102 plus SC chemtherapy (6 cycles) Randmized ONCOS-102 (6 administratins) SC (6 cycles) Cntrl grup (n=10) SC (6 cycles) 15

ONCOS-102 in malignant pleural mesthelima SIGNAL OF

immune activatin 3 Adaptive immune activatin 4 Clinical

chemtherapy Systemic increase f prinflammatry cytkines

infiltratin f CD4+ and CD8+ T cells in 3/4 patients

16 ONCOS-102 in malignant pleural mesthelima SIGNAL OF EFFICACY IN THE FIRST 6 PATIENTS 1 Safety 2 Innate immune activatin 3 Adaptive immune activatin 4 Clinical activity ONCOS-102 welltlerated in cmbinatin with chemtherapy Systemic increase f prinflammatry cytkines in 6/6 patients (IL-6, TNFα and IFNγ) Increase in tumr infiltratin f CD4+ and CD8+ T cells in 3/4 patients Clinical activity seen in 3/6 patients after 6 mnths 50% disease cntrl rate 16

17 ONCOS-102 in malignant pleural mesthelima DEVELOPMENT STRATEGY AND INDICATIVE TIMELINES Onging Phase I/II, randmized 30 patients Planned Expansin f randmized Phase II ~60 additinal patients (N=90) Future Phase III n=tbd Randmized ORR and OS data 30 patients Decide n pssible CPI cmbinatin arm EMA & FDA advisry meetings Randmized ORR and OS data 90 patients Ptentially use as basis fr a submissin fr cnditinal apprval Ptentially start Phase III OS trial fr full MAA 17

18 TG mutras neantigen vaccine 4. Targvax pipeline 5. Crprate verview

19 The RAS gene is mutated in 90% OF PANCREATIC AND 50% OF COLORECTAL CANCERS Frequency f RAS mutatins Glbal cancer incidents per 10,000 (xx) = n. f cancer patients High Med Gallbladder (180,000) Pancreas (340,000) Melanma f skin (230,000) Prstate (1,130,000) Clrectal (1,360,000) Lung (1,820,000) RAS mutatins are ncgenic and result in uncntrlled cell divisin There are n existing therapies targeting RAS mutatins Targvax TG prgram is a unique vaccine apprach fr mutant RAS cancer Lw Fernandez-Medarde; RAS in Cancer and Develpmental Diseases; Genes & Cancer. 2011;2(3)

20 WHY THE TG APPROACH MAY WORK where ther cancer vaccines have failed Histrical lessns learned The TG apprach Target ften prly defined and nt cancer specific, mainly TAAs Mutated RAS is a well-defined, cancerspecific ne-antigen, driving the cancer N r insufficient immune activatin f the adaptive immune system TG peptides are clinically prven t induce bth CD4+ and CD8+ mutras T-cells Mst clinical trials have been dne in advanced disease Initial fcus n resected patients, with strnger immune system 20

TG CLINICAL DEVELOPMENT STRATEGY 1 2 3 4 Resected

(NSCLC) All mutras cancers TG01 indicatin Ph I/II

lead indicatin Ph I trial nging 50% mutras ~0.

f all cancer patients ~40 000 incidents 21 Surce:

21 TG CLINICAL DEVELOPMENT STRATEGY Resected pancreatic cancer Clrectal cancer Lung cancer (NSCLC) All mutras cancers TG01 indicatin Ph I/II cmpleted Next steps currently being reassessed TG02 lead indicatin Ph I trial nging 50% mutras ~0.5m incidents TG02 ptential future indicatin 30% mutras ~0.5m incidents TG02 + TG03 lngterm ptential Up t 30% f all cancer patients ~ incidents 21 Surce: Glbal data, Riva et al. Pls One 2017 Estimated ttal addressable patient number with RAS mutatins in US, EU and China

22 TG CLINICAL PROGRAM OVERVIEW Phase I & II >200 patients Phase I/II Resected pancreatic cancer 32 patients Clrectal - TG02 Phase I TBD Bimarker study Cmbinatin w/keytruda Currently reassessing pprtunities fr new trials t drive value creatin n TG prgram Cmpleted trials Onging trials Planned trial 22

23 Targvax pipeline 5. Crprate verview

24 TG ONCOS-102 Targvax verall CLINICAL PROGRAM TIMELINES Cancer Indicatin H1 H2 H1 H2 H Mesthelima Phase lb/ii Melanma Phase l Peritneal malignancies Cllabratin w/cri, Ludwig & MedImmune Prstate Cllab. w/sti Phase I/II Phase l Resected Pancreas Phase l/ii Clrectal Phase lb Interim data Clinical, immune and safety data Onging clinical trials, Targvax spnsred Onging clinical trials, partner spnsred 24

ACTIVATING THE PATIENT`S IMMUNE SYSTEM t fight cancer Onclytic virus lead prduct Strng single agent data Several upcming data pints Defined path t market Aim t

25 ACTIVATING THE PATIENT`S IMMUNE SYSTEM t fight cancer Onclytic virus lead prduct Strng single agent data Several upcming data pints Defined path t market Aim t becme frntline treatment in mesthelima Orphan drug designatin Innvative pipeline Next gen duble transgene viruses in testing Signal f efficacy fr mutras neantigen vaccine

26 Crprate verview

27 TARGOVAX HAS A SOUND FINANCIAL POSITION with cash t cmplete the planned clinical prgram well int 2019 Operatins The share Cash end f Q1 - Mar 31 st NOK millin -32 NOK millin 29 USD millin Net cash flw - ttal Q1 113 NOK millin -4 USD millin Annual run rate - last fur quarters 15 USD millin Market Cap - at share price NOK ~ NOK millin 3 NOK millin 110 USD millin Daily turnver - rlling 6 mnth avg. Analyst cverage 0.4 USD millin DNB, ABG Sundal Cllier, Arctic, Redeye, Nrske Aksjeanalyser, Edisn

28 THE SHAREHOLDER BASE IS STRONG with a mix f specialist, generalist and retail investrs Estimated wnership Sharehlder N. f shares Ownership HealthCap ,6 % Nrdea ,8 % RadFrsk ,4 % KLP ,0 % Statil ,3 % Threndahl Invest AS ,9 % Danske Bank (nm.) ,6 % Timmun AS ,4 % Prieta AS ,4 % Sundt AS ,0 % Other sharehlders ( ,5 % Ttal ,0 % Key internatinal investrs participating in PP 2017 Nyenburgh (NL) Trium (UK) Millenium Capital Partners (UK) Interg (SWE) AP3 (SWE) Aramea AM (DE) Shares and ptins 57.4m shares fully diluted Average strike price n ptins ~NOK 20 Ttal dilutive effect f ptins is 8.1% 52.6m rdinary shares Management wnership: 0.3% >4,100 sharehlders 28

29 Learn mre at:

Activating the patient s immune system to fight. system to. Company presentation. fight cancer. Company presentation. August November

Activating the patient s immune system to fight. system to. Company presentation. fight cancer. Company presentation. August November Activating the patient s the immune system t fight immune cancer system t Cmpany presentatin fight cancer Cmpany presentatin August Nvember 2018 2018 IMPORTANT NOTICE AND DISCLAIMER This reprt cntains