2006 Directors' dealings notifications according to § 15a WpHG

18 May 2006
Reporting Director
Name: Dr. Wolfgang Söhngen
Function: Member of Management Board

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

Information on Transaction
Financial Instrument: PAION AG Stammaktien o.N.
ISIN: DE000A0B65S3
Type: Sale
Date: 17 May 2006
Price per Share: EUR 10.41
Number of Shares: 23,000
Volume: EUR 239,430
Stock Exchange: off-exchange

Additional information
The shares were sold to settle personal financial obligations dating back to the founding of the company. These include the repayment of loans granted for founding as well as the settlement of tax obligations which are due in short-term and also relate to the founding process.

18 May 2006
Reporting Director
Name: Dr. Mariola Söhngen
Function: Member of Management Board

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

Information on Transaction
Financial Instrument: PAION AG Stammaktien o.N.
ISIN: DE000A0B65S3
Type: Sale
Date: 17 May 2006
Price per Share: EUR 10.41
Number of Shares: 27,000
Volume: EUR 281,070
Stock Exchange: off-exchange

Additional Information
The shares were sold to settle personal financial obligations dating back to the founding of the company. These include the repayment of loans granted for founding as well as the settlement of tax obligations which are due in short-term and also relate to the founding process.

Additional Information by the Issuer
The shares sold represent 0.3% of total outstanding PAION shares and thus less than 4% of the shares originally held. After the transaction the Söhngen family still holds 7.7% of PAION shares.