Bavarian Nordic A/S - issue as a consequence of utilization of warrants The Copenhagen Stock Exchange has decided to admit 164,152 new shares of a nominal DKK 10 to listing in the ISIN code below with effect from 8 May 2007. ISIN Name in Official List DK0015998017 Bavarian Nordic The capital increase has been registered with the Danish Commerce and Companies Agency. For further information, please see announcement of 2 May 2007 from Bavarian Nordic.