Deutsche Bank Appointed as Depositary Bank for the Sponsored Level I American Depositary Receipt Program of Bavarian Nordic A/S

Deutsche Bank today announced its appointment as depositary bank for the non-capital raising sponsored Level I American Depositary Receipt (ADR) program of Bavarian Nordic A/S (Bavarian Nordic).

Bavarian Nordic is a vaccine-focused biotechnology company in clinical Phase 3 development, developing and producing novel vaccines and immunotherapies for cancer and infectious diseases. The company is headquartered in Denmark with operations in Germany and the USA.*

Edwin Reyes, Global Head of Depositary Receipts at Deutsche Bank, said, “We are delighted to be appointed as the depositary bank for Bavarian Nordic's ADR program. We look forward to providing this client with the highest level of service for their newly-launched program.”

*Source: Bavarian Nordic A/S (May 2013)

About Deutsche Bank Trust & Securities Services

Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of financial structures and transactions. It is a leading depositary for American and Global Depositary Receipts, providing value-added services to companies raising capital in international markets or listing on the New York, NASDAQ, London, Luxembourg, Singapore or NASDAQ Dubai stock exchanges by means of depositary receipts. It also offers both mutual and alternative fund administration and provides securities custody, clearing and agency lending services from a global network spanning more than 30 markets. Additional details are available on www.adr.db.com or www.tss.db.com.

This announcement appears as a matter of record only. This announcement has been approved and/or communicated by Deutsche Bank AG New York.

American Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the "Act"). The investment or investment service which is the subject of this notice is not available to retail clients as defined by the UK Financial Services Authority. This notice has been approved and/or communicated by Deutsche Bank AG New York. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. Copyright© May2013 Deutsche Bank AG. All rights reserved.