2005 Directors' dealings notifications pursuant section 15a WpHG

On 10 February 2005, Dr. Franz Wirtz GmbH, a related party regarding Dr. Franz Wirtz, member of the Supervisory Board of PAION AG, Martinstr. 10-12, 52062 Aachen, Germany, has notified us pursuant section 15a WpHG that as of 10 February 2005 12,000 PAION AG shares (ISIN DE000A0B65S3, ordinary non-par bearer shares) have been allocated off-exchange to Dr Franz Wirtz GmbH at a price of EUR 8.00 following subscription of shares in the course of the IPO. The total volume of the transaction thus amounts to EUR 96,000.

Aachen, 10 February 2005.