Bavarian Nordic

Major Shareholding Notification • Apr 2, 2020

Company Announcement

Bavarian Nordic Announces Major Shareholder Notification from Nordea Bank Abp

Copenhagen, Denmark, April 2, 2020 – Bavarian Nordic A/S (OMX: BAVA, OTC: BVNRY) has today received the following major shareholder notification:

"With reference to section 38 of the Danish Capital Markets Act and section 55, cf. 56 of the Danish Companies Act, please be advised that as of today (2 April 2020), Nordea Bank Abp, both directly or indirectly, holds less than 5% of the shares or voting rights in Bavarian Nordic A/S."

About Bavarian Nordic

Bavarian Nordic is a fully integrated biotechnology company focused on the development, manufacture and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have been a longterm supplier to the U.S. Strategic National Stockpile of a non-replicating smallpox vaccine, which has been approved by the FDA, also for the protection against monkeypox. Our commercial product portfolio furthermore contains market-leading vaccines against rabies and tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN®, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an investigational Ebola vaccine, licensed to Janssen. For more information visit www.bavarian-nordic.com.

Contacts

Rolf Sass Sørensen Vice President Investor Relations (EU) Tel: +45 61 77 47 43

Graham Morrell, Paddock Circle Advisors (US) graham@paddockcircle.com Tel: +1 781 686 9600

Company Announcement no. 22 / 2020

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