2013 Directors' dealings notifications according to § 15a WpHG

27 November 2013

Reporting Director Name: Alan Gilbert Goodman Function: Member of the supervisory board

Information on Issuer
PAION Aktiengesellschaft, Martinstraße 10-12, 52062 Aachen, Germany

Information on Transaction
Financial Instrument: PAION AG Stammaktien
ISIN: DE000A0B65S3
Type: Sale
Date: 26 November 2013
Price per Share: EUR 2,57639
Number of Shares: 80,000
Total amount traded: 206111,20
Place: London

16 September 2013

Reporting Director Name: Alan Gilbert Goodman Function: Member of the supervisory board

Information on Issuer
PAION Aktiengesellschaft, Martinstraße 10-12, 52062 Aachen, Germany

Information on Transaction
Financial Instrument: PAION AG Stammaktien
ISIN: DE000A0B65S3
Type: Sale
Date: 13 September 2013
Price per Share: EUR 1.1565
Number of Shares: 17,157
Total amount traded: 19842.07
Place: London