Bavarian Nordic

AGM Information • Dec 18, 2009

Company Announcement

18 December 2009

Bavarian Nordic A/S – Report on the Results of the Extraordinary General Meeting, held 18 December 2009

An Extraordinary General Meeting of Bavarian Nordic A/S was held today 18 December 2009 with the following results:

The General Assembly adopted the Board of Directors' proposal to amend:

• Article 5a of the Articles of Association (Authorization for Increase of the Company's Share Capital); and
• Article 8 (Change of name of Stock Register).

The adoption however, could not be approved since less than half of the total share capital was represented at the Extraordinary General Meeting. The proposals will be re-submitted for adoption at an Extraordinary General Meeting, to be convened no later than 14 days after the Extraordinary General Meeting, in accordance with § 16 of the Articles of Association.

Asger Aamund Chairman of the Board

Contact Anders Hedegaard, President & CEO. Phone +45 23 20 30 64

Forward-looking statements

This announcement includes "forward-looking statements" that involve risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.

About Bavarian Nordic

Bavarian Nordic A/S is a leading industrial biotechnology company developing and producing novel vaccines for the treatment and prevention of life-threatening diseases with a large unmet medical need. The company's pipeline is focused in the three areas; biodefence, cancer and infectious diseases, and includes seven development programmes. Two programmes are ready for Phase III: IMVAMUNE®, a third-generation smallpox vaccine is being developed under a contract with the US authorities, and PROSTVAC™, a therapeutic vaccine for advanced prostate cancer is being developed under a collaboration agreement with the National Cancer Institute.

Bavarian Nordic is listed on NASDAQ OMX Copenhagen under the symbol BAVA.

For more information please visit www.bavarian-nordic.com

Page 1 of 1 Company Announcement no. 34 / 2009

DK-3490 Kvistgaard Fax: +45 33 26 83 80 Denmark

Bavarian Nordic A/S Hejreskovvej 10A Tel: +45 33 26 83 83 www.bavarian-nordic.com CVR-no: 16 27 11 87