Total number of voting rights and share capital in Bavarian Nordic A/S

Following a private placement, an increase of the share capital by Bavarian Nordic A/S was effected on 6 December 2010 by subscription of 1,050,000 shares, with a nominal value of DKK 10 each.

Pursuant to section 6 of Executive Order no. 220 of 10 March 2010 on Issuers' Disclosure Obligations, it is hereby announced that the total nominal value of Bavarian Nordic A/S' share capital is DKK 129,620,520 at the end of December 2010, which is made up of 12,962,052 shares of a nominal value of DKK 10 each corresponding to 12,962,052 votes.