Bavarian Nordic A/S : Bavarian Nordic A/S - Notice Convening Ordinary General Meeting

Bavarian Nordic A/S : Bavarian Nordic A/S - Notice Convening Ordinary General
                                   Meeting

Pursuant to Article 10 of the Articles of Association, the shareholders of
Bavarian Nordic A/S are hereby convened to the ordinary General Meeting to be
held on

Wednesday, 17 April 2013 at 4.00 PM CET

at Comwell Borupgaard, Nørrevej 80, 3070 Snekkersten, Denmark with the
following agenda:

1.The Board of Directors' report on the Company's activities in the past
    year.
2.Presentation of the Annual Report for adoption.
3.A proposal from the Board of Directors regarding the application of profit
    or covering of loss pursuant to the Annual Report as adopted.
4.A resolution to discharge the Board of Directors and the Board of
    Management from their obligations.
5.Election of Members to the Board of Directors.
6.Election of Auditors.
7.Any proposal from the Board of Directors or shareholders.

    The Board of Directors has proposed the following resolutions:

    a. Proposal to extend the authorisations of the Board of Directors in
    Article 5a of the Articles of Association, so that the Board of Directors
    is authorized to increase the share capital of the Company with a total of
    nominally DKK 26,000,000 until 30 June 2014.

    b. Proposal to increase the authorisation of the Board of Directors in
    Article 5b of the Articles of Association, so that until 31 December 2014
    the Board of Directors is authorised to issue warrants which entitle the
    holders to subscribe for shares in the Company at a nominal value of up to
    DKK 6,000,000.

    c. Proposal to approve remuneration of the Board of Directors for the
    current financial year.

    d. Proposal to authorise the Board of Directors to purchase own
    shares.

8.Any other business.

* * * * * * * *

Elaboration on selected items of the agenda:

Re 5) Election of Members of the Board of Directors

The Board of Directors proposes that Asger Aamund, Claus Bræstrup, Gerard van
Odijk, Anders Gersel Pedersen, Erik G. Hansen and Peter Kürstein are
re-elected.

The members of the Board of Directors are as follows:

Asger Aamund, Chairman
Mr Aamund is CEO of A.J. Aamund A/S, Chairman of the Board of Directors of
Rehfeld Partners A/S and a member of the Board of Directors of A.J. Aamund
A/S. Furthermore, Mr Aamund is Chairman of the Board of Directors of the
Alzheimersforskningsfonden. Mr Aamund's special competencies are: his
long-standing executive experience from the Danish as well as the
international pharmaceutical industry.

Claus Bræstrup
Dr Bræstrup is former President and CEO of H. Lundbeck A/S, Chairman of the
Board of Directors of Probiodrug AG and Aniona ApS and a member of the Board
of Directors of Santaris Pharma A/S, Evolva Holding SA and Gyros AB. Dr
Bræstrup's special competencies are: his scientific qualifications and his
extensive executive background from international listed companies within the
pharmaceutical industry.

Gerard van Odijk
Dr van Odijk is former CEO of Teva Pharmaceuticals Europe B.V. and is
currently independent adviser for pharmaceutical companies. Dr van Odijk is
Chairman of the Board of Directors of Merus Biopharmaceuticals B.V. Dr van
Odijk's special competencies are: his medical qualifications and his extensive
executive background from international listed companies within the
pharmaceutical industry.

Anders Gersel Pedersen
Dr Pedersen is Executive Vice President of Research & Development of H.
Lundbeck A/S and Chairman of the Board of Directors of Lundbeck International
Neuroscience Foundation and Genmab A/S. Furthermore, he is a member of the
Board of Directors of Lundbeck Cognitive Therapeutics A/S and ALK-Abelló A/S.
Dr Pedersen is also a member of the European Society of Medical Oncology, the
International Association for the Study of Lung Cancer, the American Society
of Clinical Oncology, the Danish Society of Medical Oncology and the Danish
Society of Internal Medicine. Dr Pedersen's special competencies are: his
scientific qualifications and his extensive executive and board member
background from international listed companies within the pharmaceutical- and
biotech industries.

Erik G. Hansen
Mr Hansen is Director of Rigas Invest ApS. Mr Hansen is Chairman of the Board
of Directors of A/S af 26. marts 2003, DTU Symbion Innovation A/S, NPT A/S,
Polaris Management A/S, Polaris Invest II ApS and TTiT A/S. He is also a
member of the Board of Directors of Bagger-Sørensen & Co. A/S (Deputy
Chairman), Bagger-Sørensen Fonden, Lesanco ApS, OKONO A/S, PFA Holding A/S,
Wide Invest ApS and Aser Ltd. In addition, Mr Hansen is a member of the
Executive Boards of Rigas Invest ApS, Tresor Asset Advisers ApS, Berco ApS and
Hansen Advisers ApS. Mr Hansen's special competencies are: his thorough
understanding of managing finance operations and his experience with listed
companies.

Peter Kürstein
Mr Kürstein is President and CEO of Radiometer Medical ApS. In addition, he is
Chairman of the Board of Directors of Radiometer Medical ApS and Deputy
Chairman of the Board of Directors of FOSS A/S. Furthermore, he is Chairman of
the Danish-American Business Forum and the Committee of Healthcare Politics
under the Confederation of Danish Industry. Mr Kürstein's special competencies
are: his extensive executive and board member experience with listed companies
within the international healthcare sector and his wide experience with regard
to American relations.

Re 6) Election of Auditors

The Board of Directors proposes that Deloitte is re-elected as the Company's
auditor.

Re 7a) Proposal to extend the authorisations of the Board of Directors in
Article 5a to increase the share capital

The Board of Directors proposes to extend the authorisations of the Board of
Directors in Article 5a of the Articles of Association, so that the Board of
Directors is authorised to increase the share capital of the Company in one or
more issues with a total of nominally DKK 26,000,000 until 30 June 2014. The
proposal entails amending Article 5a of the Articles of Association to the
following:

"Subsection 1
For the period ending on 30 June 2014, the Board of Directors shall be
authorised to increase the Company's share capital in one or more issues with
a total of nominally DKK 26,000,000 (26,000,000 shares of DKK 1 and multiples
hereof) by the subscription of new shares. The existing shareholders shall
have pre-emption right to subscribe for the amount by which the share capital
is increased, proportional to their shareholdings. The share capital shall be
increased by cash payment at a subscription price which may be lower than the
value of the shares.



The terms and conditions of the subscription for shares shall be determined by
the Board of Directors.



The new shares shall be negotiable instruments and shall be issued to bearer,
but they may be registered in the bearer's name in the Company's register of
shareholders. No restrictions shall apply to the transferability of the new
shares, and no shareholder shall be obliged to have his shares redeemed - in
whole or in part. The shares shall carry the right to dividend as from the
date fixed by the Board of Directors, but not later than the first financial
year following the capital increase.



Subsection 2
For the period ending on 30 June 2014, the Board of Directors shall be
authorised to increase the Company's share capital in one or more issues with
a total of nominally DKK 26,000,000 (26,000,000 shares of DKK 1 and multiples
hereof) by the subscription of new shares. The existing shareholders shall not
have pre-emption right to subscribe for the amount by which the share capital
is increased.



The share capital may be increased by cash payment or in other ways, such as
by conversion of debts or in payment of a contribution in kind. The share
capital shall in any event be increased at a subscription price, which is not
lower than market value.



The terms and conditions of the subscription for shares shall be determined by
the Board of Directors.



The new shares shall be negotiable instruments and shall be issued to bearer,
but they may be registered in the bearer's name in the Company's register of
shareholders. No restrictions shall apply to the transferability of the new
shares, and no shareholder shall be obliged to have his shares redeemed - in
whole or in part. The shares shall carry the right to dividend as from the
date fixed by the Board of Directors, but not later than the first financial
year following the capital increase.



Subsection 3
When exercising the authorisations given in Articles 5a(1) and 5a(2) the Board
of Directors is overall authorised to increase the share capital of the
Company with a total of nominally DKK 26,000,000 (26,000,000 shares of DKK 1
and multiples hereof)."

Re 7b) Proposal to increase the authorisation of the Board of Directors in
Article 5b to issue warrants

The Board of Directors proposes to increase the authorisation of the Board of
Directors in Article 5b of the Articles of Association so that until 31
December 2014 the Board of Directors is authorised to issue warrants which
entitle the holders to subscribe for shares in the Company at a nominal value
of up to DKK 6,000,000. The Board of Directors also proposes authorising the
Board of Directors to reuse or reissue any lapsed and unexercised warrants
under the terms and within the time limitations set out in this authorisation.
The proposal entails authorising the Board of Directors to increase the share
capital of the Company as a consequence of the issuance of warrants until 1
April 2018 as well as amending Article 5b of the Articles of Association to
the following:

"During the period ending 31 December 2014, the Company may issue warrants, in
one or more portions by resolution of the Board of Directors. The warrants may
be issued to the management and employees of the Company or its subsidiaries,
including to consultants and the Company's Board of Directors, for the
subscription of shares of a nominal value of up to DKK 6,000,000 by cash
contribution at a subscription price and on such other terms as the Board of
Directors may determine. Notwithstanding the foregoing, the issuances of
warrants to members of the Board of Directors may not exceed a nominal value
of DKK 300.000. Any issuance of warrants to the Board of Directors and/or
management shall be made in accordance with the Company's policy for incentive
remuneration of the Board of Directors and the Management, prepared in
accordance with section 139 of the Danish Companies Act and approved by the
general meeting, cf. Article 17a of the Articles of Association.



Holders of warrants shall have pre-emption right to subscribe for the shares,
issued based on the warrants, meaning that the pre-emption rights to subscribe
to warrants and new shares for existing shareholders are deviated from.



As a consequence of the exercise of awarded warrants, the Board of Directors
is authorised during the period until 1 April 2018 to increase the share
capital by a nominal value of up to DKK 6,000,000 in one or more portions by
resolution of the Board of Directors by cash contribution at a subscription
price and on such other terms as the Board of Directors may determine without
pre-emption right for the existing shareholders.



The new shares issued based on warrants shall have the same rights as existing
shares according to the Articles of Association. The new shares shall be
negotiable instruments and shall be issued to the bearer, but they may be
registered in the bearer's name in the Company's register of shareholders. No
restrictions shall apply to the transferability of the new shares and no
shareholder shall be obliged to have his shares to be redeemed - in whole or
in part. The new shares shall carry the right to dividend from the time of
subscription.



Subject to the rules in force at any time, the Board of Directors may reuse or
reissue lapsed and unexercised warrants if any, provided that the reuse or
reissue occurs under the terms and within the time limitations set out in this
authorisation. Reuse is to be construed as the Board of Directors' entitlement
to let another party enter into an existing agreement on warrants. Reissue is
to be construed as the Board of Directors' option to reissue new warrants,
under the same authorisation, if previously issued warrants have lapsed."

Re 7c) Proposal to approve remuneration of the Board of Directors for the
current financial year

The Board of Directors proposes that the Board of Directors receives
remuneration for the financial year 2013 in the amount of DKK 1,750,000
distributed with DKK 500,000 to the Chairman and DKK 250,000 to each of the
other members of the Board of Directors. The Board of Directors also proposes
that each board member is awarded 5,000 warrants which entitle the holders to
subscribe for shares in the Company. The granting of warrants takes place in
accordance with the authorisation of the Board of Directors in Clause 5b of
the Articles of Association to issue warrants.

Re 7d) Proposal to authorise the Board of Directors to purchase own shares

The Board of Directors proposes that the Board of Directors is authorised on
behalf of the Company to acquire own shares in the Company.

It is therefore proposed that the following authorisation is granted to the
Company's Board of Directors pursuant to Article 198 of the Danish Companies
Act:

The General Meeting hereby authorises the Board of Directors to acquire own
shares on behalf of the Company in accordance with Article 198 of the Danish
Companies Act. The Company may only acquire own shares for a total nominal
value of up to 10 % of the Company's share capital for the time being. The
remuneration paid for the Company's shares may not deviate by more than 10 %
from the bid rate established by NASDAQ OMX Copenhagen A/S at the time of
acquisition. The bid rate shall be the closing rate at NASDAQ OMX Copenhagen
A/S - all trades at 5.00 PM CET.

This authorisation is granted to the Company's Board of Directors for the
period until the next ordinary General Meeting.

* * * * * * * *

Adoption of the proposals referred to in items 1, 2, 3, 4, 5, 6, 7c, and 7d
requires a simple majority of votes.

Adoption of the remaining proposals referred to in items 7a and 7b requires a
special majority, cf. Section 106 of the Danish Companies Act and Article 16
of the Articles of Association. According to this, the adoption of such
proposals requires the affirmative votes of at least two-thirds of the votes
cast as well as at least two-thirds of the votes represented at the General
Meeting.

Shareholders who wish to attend the General Meeting must order admission cards
no later than on 15 April 2013 at 4.00 PM CET in accordance with Article 11 of
the Articles of Association. Please be informed that attendance of the General
Meeting requires ordering an admission card prior to the General Meeting.

Admission cards will be provided to shareholders who are entitled to attend
and vote at the General Meeting. Anyone who is registered as a shareholder in
the register of shareholders on the date of registration, 10 April 2013, or
who has made a request to such effect by that date is entitled to attend and
vote at the General Meeting.

The ordered admission cards will to the extent possible be forwarded to the
shareholders prior to the General Meeting. Admission cards, which have been
ordered in due time, but which have not been received by the shareholder prior
to the General Meeting, will be handed out at the entrance to the General
Meeting upon the shareholder showing identification (for example a passport or
driver's license).

A voting ballot will be handed out with the admission card specifying the
number of votes of each shareholder.

Shareholders may vote by proxy. The proxy holder must provide a written and
dated instrument of proxy. An instrument of proxy issued to the Board of
Directors of the Company may only concern a specific General Meeting with an
agenda that is known in advance. The Company will provide the shareholders
with both written and electronic proxy forms. Shareholders may also notify the
Company electronically of the appointment of a proxy at
www.bavarian-nordic.com.

It is also possible for shareholders to vote by post. The Company will from 19
March 2013 make a postal voting form available for the shareholders on the
Company's website www.bavarian-nordic.com. Postal votes must be sent to the
Company at the address of Bavarian Nordic A/S, Hejreskovvej 10A, 3490
Kvistgård, Denmark, and must be received by the Company no later than 15 April
2013. Once the postal vote has been received by the Company, the vote cannot
be revoked by the shareholder.

Admission cards, written proxy forms and postal voting forms may be ordered
from Bavarian Nordic A/S at www.bavarian-nordic.com, by telephone: +45 3326
8383, or by fax: +45 3326 8380 and are enclosed the convening notice sent to
the registered shareholders who have requested to receive the convening notice
etc. by post.

Shareholders may submit questions in writing to the Company regarding the
agenda, the documents to be presented at the General Meeting or the general
position of the Company. Questions may be submitted by post or e-mail to
info@bavarian-nordic.com. Questions will be answered in writing or orally at
the General Meeting.

The following documents and information will be available on the Company's
website at www.bavarian-nordic.com from 19 March 2013 to 17 April 2013 (both
days included): 1) The notice convening the General Meeting; 2) The total
number of shares and voting rights as at the date of the convening notice; 3)
All documents to be submitted to the General Meeting, including the annual
report for 2012 containing the audited annual and consolidated accounts etc.;
4) The agenda and the full text of all proposals to be submitted to the
General Meeting; and 5) Postal and proxy voting forms.

The Company's share capital amounts to DKK 260,943,610 divided into shares in
the denomination of DKK 1 and multiples thereof. Each share of a nominal value
of DKK 10 gives one vote.

Asger Aamund
Chairman of the Board

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

About Bavarian Nordic
Bavarian Nordic is a vaccine-focused 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 targets
cancer and infectious diseases, and includes ten development programs. In
oncology, the company's lead program is PROSTVAC®, a therapeutic vaccine
candidate for advanced prostate cancer that is the subject of an ongoing
pivotal Phase 3 trial and is being developed under a collaboration agreement
with the National Cancer Institute. In clinical Phase 1 and Phase 2 trials,
PROSTVAC® has been tested in nearly 600 patients. In infectious diseases, the
company's lead program is IMVAMUNE®, a non-replicating smallpox vaccine
candidate that is being developed and supplied for emergency use to the U.S.
Strategic National Stockpile under a contract with the U.S. Government. For
more information, visit www.bavarian-nordic.com

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.

201307uk

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Source: Bavarian Nordic A/S via Thomson Reuters ONE
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