Important information

You are attempting to enter the part of the website that is designated for the publication of documents and information in connection with the voluntary recommended public takeover offer to acquire all of the issued and outstanding shares (the “Shares”) in Bavarian Nordic A/S (“Bavarian Nordic” and, together with its direct and indirect Subsidiaries, the “Bavarian Nordic Group”), excluding (i) any Shares held by the Bavarian Nordic Group in treasury, or (ii) Shares held by Innosera ApS (“Innosera”), if any, on the terms and conditions set out herein (the “Offer”).

DUE TO LEGAL RESTRICTIONS, THE MATERIALS ON THIS WEBSITE, WWW.INNOSERA-OFFER.COM
(THE “WEBSITE”), ARE NOT DIRECTED TO, OR ACCESSIBLE FOR, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, CERTAIN PERSONS. WE THEREFORE KINDLY ASK YOU TO REVIEW THIS NOTICE CAREFULLY EACH TIME YOU WISH TO BE GRANTED ACCESS TO THIS WEBSITE.

The Offer Document with any related supplements which are or will be made available on this Website together with certain other documents related to the Offer are not directed at shareholders in Bavarian Nordic at any given time (“Shareholders”), whose participation in the Offer would require issuance of an offer document, registration or any activities beyond those required under Danish law unless expressly contemplated by the Offer Document.

The Offer Document and the information on this Website contain important information and should be read carefully before any decision is made with respect to accepting the Offer. Shareholders should consider the information and the Offer with regard to their personal financial situation and needs and their individual tax situation. Shareholders should not construe the content of the Offer Document as legal, tax or accounting advice, or as information necessarily applicable to each Shareholder. Each Shareholder is urged to seek independent advice from its own financial and legal advisors prior to making a decision to accept the Offer.

The Offer is not being made, and the Shares will not be accepted for purchase from or on behalf of persons in or any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction, including sanction laws, or would require any registration, approval or filing with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). In connection with the Offer, the United States and the United Kingdom are not considered Restricted Jurisdictions. Restricted Jurisdictions include, but are not limited to: Australia and Canada.

Persons obtaining the Offer Document and/or into whose possession the Offer Document comes are required to take due note and observe all such restrictions and obtain any necessary authorisations, approvals or consents. Neither Innosera, Bavarian Nordic, any of their advisors nor the settlement bank accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who intends to forward the Offer Document or any related document to any jurisdiction outside Denmark should inform themselves of the laws of the relevant jurisdiction. The distribution of the Offer Document in jurisdictions other than Denmark may be restricted by law, and, therefore, persons who come into possession of the Offer Document should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws and regulations of any such jurisdiction.

The Offer Document does not represent an offer to acquire or obtain securities other than the Shares that are subject to the Offer.

The Offer has been prepared in accordance with Danish law.

Forward-looking statements
This Website (including the Offer Document) contains certain statements about Bavarian Nordic Group and its business as well as the timing and procedures relating to the Offer and potential amendments to the Offer that are or may be forward-looking statements. Forward-looking statements are typically identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “intends”, “estimates”, “plans”, “assumes” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Bavarian Nordic’s and/or Innosera’s control and all of which are based on Bavarian Nordic’s and/or Innosera’s current beliefs and expectations about future events. In addition, from time to time, Bavarian Nordic and/or Innosera or its representatives have made or may make forward-looking statements orally or in writing. Such forward-looking statements may be included in, but are not limited to, press releases or oral statements made by or with the approval of Bavarian Nordic’s and/or Innosera’s authorised executive officers. By their nature, forward-looking statements involve risks and uncertainties beyond Bavarian Nordic’s and/or Innosera’s control because they relate to future events and circumstances, including, but not limited to, financial, economic and business conditions, the outcome of clinical trials plans and regulatory submissions and approvals, research and developments activities in the industry Bavarian Nordic’s operates in, the effects of volatility in credit markets, market-related risks such as changes in interest rates and ex-change rates, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under International Financial Reporting Standards applicable to past, current and future periods, the outcome of pending and future litigations, the loss of key personnel or similar, the success of future acquisitions and other strategic transactions and the impact of competition. As a result, actual future results may differ materially from the plans, goals, and expectations set forth in these forward-looking statements. Any forward-looking statements made on this Website (including in the Offer Document) speak only as of the date they are made. Bavarian Nordic and Innosera disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained on this Website (including in the Offer Document) to reflect any change in Bavarian Nordic’s and/or Innosera’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Unless expressly noted otherwise, all information, statements on intentions (including forward-looking statements as described above) and all other information on this Website (for the avoidance of doubt, including the Offer Document) are based on the knowledge or the intentions of Bavarian Nordic or Innosera, as relevant, on the relevant date.

United States
The Offer and the Offer Document are subject to the Laws of Denmark. The Offer and the Offer Document relates to the securities of a Danish company and is subject to the disclosure requirements applicable under Danish Law, which may be different in material respects from those applicable in the U.S.

The Offer is being made in the U.S. in compliance with Section 14(e) of, and applicable provsions of Regulation 14E promulgated under, the Exchange Act, and otherwise in accordance with the requirements of Danish Law. The Offer is not subject to Section 14(d)(1) of, or Regulation 14D promulgated under, the Exchange Act. The Offer is subject to disclosure and procedural requirements that may be different than those applicable in relation to U.S. domestic tender offers, including with respect to withdrawal rights, the Offer timetable, notices of extensions, announcements of results, settlement procedures (including as regards to the time when payment of the consideration is rendered) and waivers of conditions. In addition, the financial information contained in this Offer Document has not been prepared in accordance with generally accepted accounting principles in the U.S. and thus may not be comparable to financial information 7 relating to U.S. companies. Shareholders whose place of residence, seat or habitual residence is in the U.S. (the "U.S. Shareholders") are encouraged to consult with their own advisors regarding the Offer.It may be difficult for U.S. Shareholders to enforce certain rights and claims that may have arisen in connection with the Offer under U.S. securities Laws, since Innosera and Bavarian Nordic are located in non-U.S. jurisdictions, and some of their respective officers and directors are residents of non-U.S. jurisdictions. U.S. Shareholders may not be able to sue Innosera or Bavarian Nordic and/or their respective officers or directors in a non-U.S. court for violations of U.S. securities Laws. Further, it may not be possible to compel Innosera or their respective Affiliates, as applicable, to subject themselves to the judgment of a U.S. court.

In accordance with customary Danish practice and to the extent permitted by applicable Law, including Rule 14e-5(b) of the Exchange Act, Innosera or any Innosera Affiliate or nominees or brokers of the foregoing (acting as agents or in a similar capacity), may from time to time make certain purchases of, or arrangements to purchase, Shares (or any securities that are convertible into, exchangeable for or exercisable for such Shares) outside of the U.S., other than pursuant to the Offer, before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. If, prior to Completion, Innosera or any Innosera Affiliate or any nominee or broker of the foregoing acquires Shares at a higher price than the Offer Price, Innosera will increase the Offer Price correspondingly as required by applicable Law. In addition, Affiliates of the financial advisors to Innosera may also engage in ordinary course trading activities in securities of Bavarian Nordic, which may include purchases or arrangements to purchase such securities as long as such purchases or arrangements are in compliance with applicable Law and regulation. Any information about such purchases or arrangements to purchase, will be announced through Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable Law, rules or regulation.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS OFFER DOCUMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS OFFER DOCUMENT OR ANY OTHER DOCUMENTS REGARDING THE OFFER. ANY DECLARATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENCE IN THE U.S.]

United Kingdom
The Offer, the information and documents contained in the offer document are not being made and have not been approved by an authorised person for the purposes of section 21 of the UK Financial Services and Markets Act 2000 (the “FSMA”). Accordingly, the information and documents contained in the offer document are not being distributed to, and must not be passed on to, the general public in the United Kingdom, unless an exemption applies. The communication of the information and documents contained in the offer document is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is a communication by or on behalf of a body corporate which relates to a transaction to acquire day to day control of the affairs of a body corporate; or to acquire 50% or more of the voting shares in a body corporate, within article 62 of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.

Sanctioned Territories
Neither the Offer Document nor any copy of it may be taken or transmitted into any country or other territory subject to comprehensive, country-wide sanctions under any Sanctions Laws, which, as of the date of the Offer Document, include, but is not limited to, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea, Sevastopol, Kherson, and Zaporizhzhia regions of Ukraine, Cuba, Iran, North Korea, Syria, Russia and Belarus (“Sanctioned Territory”) or distributed or redistributed in any Sanctioned Territory or to any national or resident thereof or person domiciled therein for the purpose of solicitation of offer to acquire any securities or in the context where its distribution may be construed as a violation of applicable Sanctions Laws.

This Website, the Offer Document, including the Offer and the acceptance of the Offer, shall be governed by and construed in accordance with Danish law, excluding its conflict of laws principles providing for the application of any laws other than Danish law. The courts of Denmark shall have exclusive jurisdiction over any dispute arising out of or in connection with the Offer Document, the Offer and any acceptance of the Offer. The Maritime and Commercial High Court in Copenhagen (or in the event such court does not have jurisdiction, the relevant Danish court of competence) shall be the court of first instance.