Current report No. 45/2021 – Allocation of A series subscription warrants to eligible persons under Incentive Programs for Members of the Management Board and other persons of key importance to the Company

Date prepared: November 2, 2021, time: 2:05 p.m.

Abbreviated name of the issuer: CELON PHARMA S.A.

Subject: Allocation of A series subscription warrants to eligible persons under Incentive Programs for Members of the Management Board and other persons of key importance to the Company

Legal basis: Article 17 section 1 of the Market Abuse Regulation (MAR) – confidential information.

Content of the report:

The Management Board of Celon Pharma S.A. (the “Company”) hereby informs that on November 2, 2021 the Supervisory Board and the Management Board of the Company assigned 30,000 A series subscription warrants (“Warrants”) in total to the eligible persons who had made relevant subscriptions; each Warrant entitles them to subscribe for 1 C series share of the Company at the issue price of PLN 0.10 per share.

The Warrants are issued on the basis of Resolution No. 7/2021 of the Extraordinary General Meeting of the Company of February 16, 2021 on the issue, for the purpose of implementing Incentive Programs for Members of the Management Board and other persons of key importance to the Company, of A series subscription warrants with exclusion of share subscription rights of existing shareholders, entitling them to subscribe for C series shares and a conditional increase of the share capital through the issue of C series shares with exclusion of share subscription rights of existing shareholders and an amendment to the Company's Articles of Association related thereto.

Their allocation was made on the basis of Resolution No. 6 adopted by the Extraordinary General Meeting of the Company of February 16, 2021 on the introduction of Incentive Programs for Members of the Management Board and other persons of key importance to the Company and on the basis of the regulations of these Incentive Programs (see current report No. 44/2021), in connection with the approval (by the Supervisory Board and the Management Board of the Company, respectively) of the fulfilment of part of the objectives set in accordance with the provisions of these regulations.