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