Bionor Pharma ASA – Issue of Share Options

(Oslo, 12 January 2015) Reference is made to the announcement of the appointment of David Horn Solomon as the new CEO of Bionor Pharma ASA 9 January 2015.

In connection with his employment the Company has granted Dr. Solomon 2,500,000 share options.

The exercise price for the options is set to NOK 2.37 equalling the volume weighted average price on Oslo Børs on the 9 January 2015 (the date of grant). The options will vest as follows: 12/48 will vest 12 months after the date of grant, thereafter 1/48 will vest on the first date of each calendar month thereafter for 36 months.

The options will lapse if not exercised within seven years after the date of grant. In case of termination of employment, trade sale or statutory merger, certain provisions regarding accelerated vesting applies. If the required waiver from the Public Limited Liability Companies Act section 6-11 is not granted, the options will lapse without compensation.