X0306 4 2019-11-25 1 0001408443 Milestone Pharmaceuticals Inc. MIST 0001388325 Novo Holdings A/S TUBORG HAVNEVEJ 19 HELLERUP G7 2900 DENMARK 0 0 1 1 SEE REMARKS COMMON SHARES 2019-11-25 4 S 0 240000 16.00 D 2434470 D The securities were sold as a block sale broker transaction. Novo Holdings A/S is a Danish limited liability company. The board of directors of Novo Holdings A/S (the "Novo Board") has shared investment and voting control over the securities of the Issuer held by Novo Holdings A/S (the "Shares") and may exercise such control only with the support of a majority of the Novo Board. As such, no individual member of the Novo Board is deemed to hold any beneficial ownership or reportable pecuniary interest in the Shares. /s/ Peter Haahr, Chief Financial Officer of Novo Holdings A/S 2019-11-27