Orphazyme Announced Notice Received from the Depositary to Holders of ADSs Regarding Termination of Deposit Agreement

Orphazyme A/S in restructuring (ORPHA.CO) ("Orphazyme" or the "Company"), a late-stage biopharmaceutical company, has today received a notice from The Bank of New York Mellon, as depositary (the "Depositary"), that a notification has been sent to holders of American Depositary Shares ("ADSs") evidenced by American Depositary Receipts ("ADRs") representing deposited common shares of the Company, regarding termination of the Deposit Agreement dated September 28, 2020 among the Company, the Depositary, and Owners and ADR Holders (the "Deposit Agreement"). Owners and beneficial owners of the above ADRs ("ADR Holders") have on April 5, 2022 been notified by the Depositary that the Depositary will terminate the Deposit Agreement. As a result, the existing ADR facility will be terminated effective at 5:00 PM (Eastern Time) on July 6, 2022. Under the terms of the Deposit Agreement, ADR Holders have until at least July 11, 2022 to surrender their Orphazyme ADRs for delivery of the underlying shares. If ADR Holders surrender ADRs for delivery of the underlying shares, ADR Holders must pay a cable fee of $17.50, a cancellation fee of up to $0.05 per ADRs surrendered and any applicable U.S. or local taxes or governmental charges. Payment should be made payable to the Depositary. Subsequent to July 11, 2022 under the terms of the Deposit Agreement, the Depositary may attempt to sell the underlying shares. If the Depositary has sold such shares, ADR Holders must surrender their ADRs to obtain payment of the sale proceeds, net of the expenses of sale, any applicable U.S. or local taxes or government charges and a cancellation fee of up to $0.05 per ADRs.