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Bavarian Nordic awards warrants to certain employees

Kvistgård, Denmark, December 16, 2010 - The Board of Directors in Bavarian Nordic A/S has today decided to award warrants to certain, especially newly employed, employees in the Company and its subsidiaries. The Board decision is made in accordance with the shareholder authorisation for the Board of Directors adopted as Article 5b of the Articles of Association and the Company's guidelines regarding incentive programs. The award is made by the Board of Directors and exercise is limited by and governed by the Danish Act on Options for Employees (the Stock Option Act/aktieoptionsloven) regarding termination of employment prior to exercise of warrants.

A total of 45,000 warrants are awarded for subscription of up to 45,000 shares of a nominal value of DKK 10 at an exercise price of DKK 261 per share. The exercise price is established as the average share price ("closing price") for the Company's share in a period of 15 business days prior to this day added a 15 % premium. However, the exercise price must at least be equal to the Company's average exchange-listed price today. In the event that the average exchange-listed price on the Company's shares today exceeds DKK 261 the exercise price shall be increased accordingly and the Company will make a separate announcement hereof.

The warrants can be exercised wholly or partly in a period of 14 days commencing from the day of publication of the Company's Annual Report for 2013, from the day of publication of the Company's Half Year Report for 2014, from the day of publication of the Company's Annual Report for 2014 and/or in a period of 14 days commencing from the day of publication of the Company's Half Year Report for 2015.

The value of each warrant equals DKK 78 and is calculated on the Black-Scholes model with a risk-free interest rate of 1.63 per cent and on the historical volatility of the shares. The calculation is based on a market value of the share of DKK 238 per share.

The award of warrants will incur consequential amendments to the Articles of Association.