Notification concerning transactions by persons performing managerial
responsibilities pursuant to section 15a of the WpHG

Directors' Dealings notification transmitted by DGAP - a company of EQS Group
AG. 
The person with duty of notification is solely responsible for the content
of this announcement.
---------------------------------------------------------------------------

Details of the person subject to the disclosure requirement
Last name: Goodman
First name: Alan Gilbert

Position: Member of an administrative or supervisory body

Information about the transaction with duty of notification

Description of the financial instrument: PAION AG Stammaktien
ISIN/WKN of the financial instrument: DE000A0B65S3
Type of transaction: Sale
Date: 26.11.2013
Price: 2.57639
Currency: EUR
No. of items: 80000
Total amount traded: 206111.20
Place: London

Information about the company with duty of publication

Issuer: PAION AG
Martinstr. 10-12
52062 Aachen
Deutschland
ISIN: DE000A0B65S3
WKN: A0B65S


End of Directors' Dealings Notification 
(c) DGAP 27.11.2013

DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

ID 17949