Bavarian Nordic Publishes its Annual Re...(ions in Actavis A/S. Bavarian Nor...)

Bavarian Nordic awards warrants

The Board of Directors in Bavarian Nordic A/S has today decided to award warrants to a member of executive management and 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 5f 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 25,000 warrants are awarded for subscription of up to 25,000 shares of a nominal value of DKK 10 at an exercise price of DKK 124 per share. The exercise price has been established on the basis of 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 124 the exercise price shall be increased accordingly. If this becomes relevant the Company will make a separate announcement to NASDAQ OMX.

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 2011, from the day of publication of the Company's Half Yearly Interim Results for 2012, from the day of publication of the Company's Annual Report for 2012 and in a period of 14 days commencing from the day of publication of the Company's Half Yearly Interim Results for 2013.

Referring to the Danish Securities Act, Section 28a it is announced that Steen Vangsgaard, who is a member of executive manageme
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