Exhibit 99.1

European Investment Bank (EIB) supports Late-Stage Development and Production of BiondVax’s Universal Flu Vaccine Candidate

under Horizon 2020 Initiative

Luxembourg, and Ness Ziona, Israel – June 19, 2017 –

The European Investment Bank (EIB) and BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV, TASE: BVXV), developer of the Universal Flu Vaccine candidate M-001, announced that they have entered into a €20 million (approximately $22 million) loan agreement. The event organized to mark the collaboration and the granting of the loan occurs today at the EIB Headquarters in Luxembourg, in presence of Mr. Ambroise Fayolle, EIB Vice-President responsible for innovation, and Dr. Ron Babecoff, CEO of BiondVax.

Flu viruses frequently and unpredictably mutate. Since it is impossible to predict future mutations, current flu vaccines may target strains that are not represented in the current wave of influenza. Mainly due to vaccine-virus mismatch, current flu vaccine effectiveness is on average only about 40% ¹ in the general population, and in elderly people as low as 9%. ² In addition, current vaccines take about 4 to 6 months to produce, and a new one must be produced each year. So when a mismatch is identified at the beginning of the flu season, there is insufficient time to make a new vaccine for that specific season.

The World Health Organization (WHO) reports up to 500,000 annual seasonal flu related deaths, mostly affecting people above 65 years old. ³ Seasonal flu is the 8 ^th leading cause of death in the USA ⁴ , and it causes high social and economic burdens to patients, their families, and health care providers.

BiondVax’s M-001 vaccine candidate, consisting of nine widely conserved flu epitopes, is designed to protect against current and future, seasonal and pandemic flu strains. Clinical and pre-clinical trials have shown that M-001 is safe and immunogenic and that it has the capacity to enhance and broaden coverage of current flu vaccines. M-001 has also shown potential to improve upon current seasonal flu vaccines, and potential to serve as an immediate effective response to new flu pandemic strains. ⁵ The vaccine candidate has been tested in a Phase IIb clinical trial in collaboration with UNISEC, ⁶ which is funded by the EU under the 7th Framework Programme for Research and Technological Development.

¹ Center for Disease Control (CDC): http://www.cdc.gov/flu/professionals/vaccination/effectiveness-studies.htm

² World Health Organization (WHO): http://www.who.int/immunization/research/meetings_workshops/2a_Graham_pdvac_sept14.pdf

³ WHO: http://www.who.int/mediacentre/factsheets/fs211/en/

⁴ CDC: http://www.cdc.gov/nchs/fastats/deaths.htm

⁵ Back to the Future: Study Published in Vaccine Journal Indicates BiondVax’s Universal Flu Vaccine Candidate May Cover Strains Which Don’t Yet Exist: http://www.biondvax.com/2017/01/back-to-the-future-study-published-in-vaccine-journal-indicates-biondvaxs-universal-flu-vaccine-candidate-may-cover-strains-which-dont-yet-exist/

⁶ http://cordis.europa.eu/project/rcn/110139_en.html

EIB support for the development of BiondVax’s Universal Flu Vaccine Candidate should be seen in the context of the Horizon 2020, the EU’s Research Programme, in particular the EU Finance for Innovators finance facility “InnovFin Infectious Diseases”, which offers bespoke products for financing high-risk projects in the field of infectious diseases.

Carlos Moedas , European Commissioner for Research, Science and Innovation said, “A healthier population is a major priority for the EU, and preventing and treating the flu is becoming more and more important with the ageing of the European population. As the virus rapidly changes, we need to develop new ways to combat the disease. This €20 million loan agreement will help develop a more universal vaccine, effective in preventing a range of different types of flu.”

Mr. Othmar Karas , Member of the European Parliament and EPP-Shadow Rapporteur for the extension of the European Fund for Strategic Investments in the Parliament’s Committee on Economic and Monetary Affairs, commented, “ Joint investments in the future build strong bridges between nations. It is a strength of Europe’s innovation system to cooperate with the best innovators in our neighbourhood. We are glad to see today’s announcement as an important initiative for fostering innovation between the European Union and our Mediterranean neighbours. ”

“Supporting innovation is a key priority for the European Union’s Bank” , said EIB Vice-President Mr. Ambroise Fayolle . “ This new financing shows our strong willingness to create optimal conditions for this clinical research and bring it to a successful conclusion. The EIB is proud to be supporting BiondVax with regard to its high expertise and pioneering research on such a universal flu vaccine. We hope that this innovative financing will contribute to improve the prevention of disease.”

The technology behind BiondVax’s universal flu vaccine candidate was conceptualized in the lab of Professor Ruth Arnon at the Weizmann Institute of Science. Weizmann Institute Vice-President for technology transfer Prof. Mordechai Sheves noted, “ Yeda, the tech transfer arm of the Weizmann Institute of Science, was delighted to learn that the European Union has found merit in BiondVax, a company based on the pioneering work of Prof. Ruth Arnon. The generous investment by the European Union paves the way to tackling one of today’s most lethal infectious diseases, and is yet another example of the outstanding basic research that typifies the Weizmann Institute of Science. ”

Dr. Ron Babecoff , CEO of BiondVax, commented, “ We now have the resources to launch Phase 3 trials and set-up a mid-sized commercial manufacturing plant. The EIB’s funding is a monumental step forward for BiondVax towards bringing M-001 to the market. We are proud and honored that the EIB and the European Commission chose to collaborate with BiondVax in the development of our universal flu vaccine. Together with the support of Israel’s Ministry of Economy, we are closer than ever to accomplishing our mission of marketing the first universal flu vaccine for the benefit of people worldwide.”

“It has been a pleasure working with the EIB team towards this collaboration, and I wish to thank them for their support and interest. We also greatly appreciate the assistance of Mr. Holm Keller and his team at kENUP for facilitating this financing,” continued Babecoff .

The finance contract between BiondVax and the EIB has been facilitated by kENUP, a civic society organization promoting innovative industries in Europe. kENUP Chairman Mr. Holm Keller noted that, “ The State of Israel’s substantive and smart investments in fundamental research are an important catalyst for establishing globally leading industries in Europe. We are proud to be a liaison between the relevant European institutions and Israel’s leading research institutions .”

Innovation and skills are key ingredients for ensuring sustainable growth and creating high-value jobs. They play an important part in driving long-term competitiveness. For this reason, innovation and skills are a top priority for the EIB Group with a total financing of €18.7 billion in 2016.

The EIB-BiondVax non-dilutive financing agreement will be structured as a zero-percent fixed interest loan, available for up to 36 months with a variable remuneration based on royalties of net sales of M-001 following commercialization. Funds will be advanced in three tranches. The tranches are available up to 12, 24, and 36 months following the date of the agreement, and are dependent on achievement of certain specified milestones, with the ultimate milestone including authorization to launch a Phase 3 trial. The tranches are repayable five years after each drawdown. BiondVax retains the option to repay the loan and repurchase the royalties at any time.

General information on InnovFin – EU Finance for Innovators

Under Horizon 2020, the EU Research and Innovation Framework Programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) launched a new generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Up until 2020, “InnovFin – EU Finance for Innovators” will offer a range of bespoke products which will make available more than €24 billion worth of finance in support of research and innovation (R&I) products undertaken by small, medium-sized and large companies and promoters of research infrastructure.

Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products are used to support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries are eligible as final beneficiaries These debt instruments are complemented by a series of equity instruments managed by the EIF.

The facility for financing research into infectious diseases enables a wide range of financial products to be offered, ranging from standard debt instruments to risk sharing instruments, amounting to between €7.5 million and €75 million, for researchers working to develop innovative vaccines, medicines, or medical and diagnostic equipment or new research infrastructure specialising in infectious diseases. The final beneficiaries are project promoters who have successfully negotiated the preclinical stage.

About the European Investment Bank (EIB)

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Further details are available at: www.eib.org

Follow the EIB on Twitter @eib

About BiondVax Pharmaceuticals Ltd

BiondVax is a clinical phase biopharmaceutical company developing a universal flu vaccine. The vaccine is designed to provide multi-season protection against most seasonal and pandemic human influenza virus strains. BiondVax’s proprietary technology utilizes a unique combination of conserved and common peptides from influenza virus proteins, activating both arms of the immune system for a cross-protecting and long-lasting effect. BiondVax is traded on NASDAQ: BVXV and TASE: BVXV. Please visit www.biondvax.com.

About kENUP

kENUP promotes research based innovation for the public and societal benefit. It facilitates the development of projects to pursue market-leading positions for European innovation businesses. kENUP is registered in the EU as a lawful purpose foundation.

For further information, please contact:

EIB

Anne-Cécile Auguin

+352 43 79 83330 / mobile: +352 621 36 19 48

a.auguin@eib.org

Press Desk: +352 4379 21000 – press@eib.org

BiondVax

Joshua Phillipson

Business Development Manager

+972-8-930-2529 ext.5105

j.phillipson@biondvax.com

BiondVax Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve certain risks and uncertainties reflect the management’s current views with respect to certain current and future events and are subject to various risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of BiondVax Pharmaceuticals Ltd. risks and uncertainties include, but are not limited to, the receipt and timing of approved grant funds, the risk that drug development involves a lengthy and expensive process with uncertain outcome, the results of the Phase 2 & 3 trials, delays or obstacles in launching and/or successfully completing our clinical trials, our ability to procure the funds and permits and other governmental authorization for a commercial size manufacturing plant, our ability to satisfy rigorous regulatory requirements, the impact of the global economic environment on the Company customer target base, the adequacy of available cash resource and the ability to raise capital when needed. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website, www.sec.gov, and in the Company’s periodic filings with the SEC and the Tel-Aviv Stock Exchange.

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Exhibit 99.2

Clifford Chance LLP

 Dated [●] 2017

CONTENTS

THIS CONTRACT IS MADE ON [●] JUNE 2017 BETWEEN:

WHEREAS:

It is hereby agreed as follows:

In this Contract:

In this Contract:

“ Accepted Tranche ” means a Tranche in respect of a Disbursement Offer which has been duly accepted by the Borrower in accordance with its terms on or before the Disbursement Acceptance Deadline.

“ acting in concert ” means acting together pursuant to an agreement or understanding (whether formal or informal).

“ Annual Financial Statements ” means the audited financial statements of the Borrower, prepared in accordance with IFRS.

“ Annual Vaccine Revenues ” means, in respect of any Financial Year, the Net Sales revenues of the Borrower or, if the Borrower has entered into a Pharma Partnership Agreement, the Net Sales of the Partner.

“ Authorisation ” means an authorisation, permit, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

“ Authorised Signatory ” means a person authorised to sign individually or jointly Disbursement Acceptances on behalf of the Borrower and named in the most recent List of Authorised Signatories and Accounts received by the Bank.

“ Business Day ” means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business in Luxembourg.

“ Cash-on-Cash Multiple ” means an amount defined as (x) divided by (y), where:

(x) is equal to all amounts received at that date by the Bank from the Borrower in respect of the repayment of the Tranches, and all amounts received as Variable Remuneration; and

(y) is equal to the total Loan disbursed.

” Change-of-Control Event ” means any person or group of persons acting in concert gains control of the Borrower or of any entity directly or ultimately controlling the Borrower.

“ Change-of-Law Event ” means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation) that occurs after the date of this Contract and which, in the opinion of the Bank, would materially impair the Borrower’s ability to perform its obligations under the Finance Documents.

“ Compliance Certificate ” means a certificate substantially in the form set out in Schedule E.

“ Contract Number ” shall mean the Bank generated number identifying this Contract and indicated on the cover page of this Contract after the letters “FI N°”.

“ Control ” means the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise.

“ Credit ” has the meaning given to it in Article 2.1 ( Amount of Credit ).

“ Criminal Offence ” means any of the following criminal offences as applicable: fraud, corruption, coercion, collusion, obstruction, money laundering, financing of terrorism.

“ Delisting Event ” means any action or step is taken in relation to the delisting of the Borrower from the NASDAQ Stock Market.

“ Disbursement Acceptance ” means a copy of the Disbursement Offer duly countersigned by the Borrower.

“ Disbursement Acceptance Deadline ” means the date and time of expiry of a Disbursement Offer as specified therein.

“ Disbursement Account ” means, in respect of each Tranche, the account (specified by IBAN code, if the country is included in IBAN Registry published by SWIFT, or in the appropriate account format in line with the local banking practice, and BIC/SWIFT code of the bank) set out in the most recent List of Authorised Signatories and Accounts into which the Borrower has requested in the Disbursement Acceptance that disbursement of such Tranche be made.

“ Disbursement Date ” means the date on which actual disbursement of a Tranche is made by the Bank.

“ Disbursement Offer ” means a letter substantially in the form set out in Schedule C.

“ Dispute ” has the meaning given to it in Article 10.2.

“ Disruption Event ” means either or both of:

and which disruption (in either such case as per (a) or (b) above) is not caused by, and is beyond the control of, the party whose operations are disrupted.

“ Environment ” means the following, in so far as they affect human health and social well-being:

and includes, without limitation, occupational and community health and safety.

“ Environmental Approval ” means any Authorisation required by Environmental Law.

“ Environmental Claim ” means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law.

“ Environmental Law ” means European Union law, including principles and standards, and national laws and regulations, of which a principal objective is the preservation, protection or improvement of the Environment.

“ EURIBOR ” has the meaning given to it in Schedule B ( Definition of EURIBOR ).

“ EUR ” or “ euro ” means the lawful currency of the Member States of the European Union which adopt or have adopted it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties.

“ Event of Default ” means any of the circumstances, events or occurrences specified in Article 9 ( Events of Default ).

“ Final Availability Date ” means the date falling 36 months after the date of this Contract.

“ Finance Documents ” means this Contract and the Security Agreement.

“ Finance Lease ” means any lease or hire purchase contract which would, in accordance with IFRS, be treated as a finance or capital lease.

“ Financial Year ” means the annual accounting period of the Borrower or the Partner, as relevant, ending on its accounting reference date.

“ First Tranche ” has the meaning given to it in Article 2.2.1(a).

“ Horizon 2020 Framework EU Programme ” has the meaning given in Recital (C).

“ Horizon 2020 Legal Basis ” means the Regulation 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 and Council Decision of 3 December 2013 establishing the specific programme implementing Horizon 2020.

“ IFRS ” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

“ Indebtedness ” means any:

“ InnovFin Infectious Diseases Finance Facility ” means a thematic pilot product under InnovFin (EU Horizon 2020 resources) for the financing of R&D activities targeting the development of vaccines, treatments and medical devices for infectious diseases.

“ Intellectual Property Rights ” means:

“ Investment ” has the meaning given to that term in Recital (A).

“ Israeli Companies Law ” means the Israeli Companies Law, 1999.

“ Joint Venture ” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.

“ Lead Organisation ” means the European Union, the United Nations, the International Monetary Fund, the Financial Stability Board, the Financial Action Task Force and the Organisation for Economic Cooperation and Development.

“ List of Authorised Signatories and Accounts ” means a list, in form and substance satisfactory to the Bank, setting out: (i) the Authorised Signatories, accompanied by evidence of signing authority of the persons named on the list and specifying if they have individual or joint signing authority, (ii) the specimen signatures of such persons, and (iii) the name of the account beneficiary, IBAN code (or appropriate format in line with local banking practice) and SWIFT BIC of the bank account(s) to which disbursements may be made under this Contract.

“ Loan ” means the aggregate amount of Tranches disbursed from time to time by the Bank under this Contract.

“ Material Adverse Change ” means, any event or change of condition, which, in the opinion of the Bank has a material adverse effect on:

“ Maturity Date ” means, in respect of each Tranche, the sole repayment date falling on the fifth anniversary of the relevant Scheduled Disbursement Date.

“ Merger Event ” means any amalgamation, demerger, merger or corporate reconstruction in relation to the Borrower.

“ Net Sales ” means the total amount invoiced by the Borrower or Partner in connection with the sale of, or otherwise relating directly or indirectly to, the Vaccine or products or services derived from the Vaccine, across all indications and in all countries, provided that, with respect to sales which are not at arms-length and either are not in the ordinary course of business or according to then current market conditions for such a sale, this definition shall mean the total amount that would have been due in an arms-length sale made in the ordinary course of business and according to the then current market conditions for such sale or, in the absence of such current market conditions, according to the market conditions for the sale of products similar to the Vaccine, in all cases after deduction of:

“ Non-EIB Financing ” includes any loan (save for the Loan and any other direct loans from the Bank to the Borrower), credit bond or other form of financial indebtedness or any obligation for the payment or repayment of money originally granted to the Borrower) for a term of more than 3 (three) years.

“ Partner ” means the counterparty to the Borrower in a Pharma Partnership Agreement.

“ Party ” means a party to this Agreement.

“ Payment Date ” means the annual dates specified in the Disbursement Offer falling in each year, including the Maturity Date, save that, in case any such date is not a Relevant Business Day, it means the following Relevant Business Day without adjustment to the Variable Remuneration due under Article 4.1, except for those cases where repayment is made in a single instalment, when the preceding Relevant Business Day shall apply instead to this single instalment and to the final Variable Remuneration payment and only in this case, with adjustment to the Variable Remuneration due under Article 4.1.

“ Permitted Disposal ” means any disposal of assets which is permitted in accordance with Paragraph 7 of Schedule H.

“ Permitted Guarantees ” means each and every guarantee permitted in accordance with Paragraph 14 of Schedule H.

“ Permitted Hedging ” has the meaning given to such term in Paragraph 15 of Schedule H.

“ Permitted Indebtedness ” means Indebtedness of the Borrower which is permitted in accordance with Paragraph 13 of Schedule H.

“ Permitted Security ” means Security of the Borrower which is permitted in accordance with Paragraph 20(c) of Schedule H.

“ Pharma Partnership Agreement ” is an agreement through which the Borrower enters into an arrangement with other parties with the common aim of developing further and/or commercialising (monetising) the Vaccine.

“ Prepayment Amount ” means the amount of a Tranche to be prepaid by the Borrower in accordance with Articles 5.2, 5.3 or 9.1.

“ Prepayment Date ” means the date, which shall be a Payment Date, on which the Borrower proposes to effect prepayment of a Prepayment Amount.

“ Prepayment Event ” means any of the events described in Article 5.3 ( Compulsory Prepayment ).

“ Prepayment Indemnity ” means in respect of any Prepayment Amount, an amount to be paid in addition to such Prepayment Amount and equal to the greater of:

“ Prepayment Notice ” means a written notice from the Bank to the Borrower in accordance with Article 5.2.3.

“ Prepayment Request ” means a written request from the Borrower to the Bank to prepay all or part of the Loan, in accordance with Article 5.2.1.

“ Reduced Prepayment Indemnity ” means in respect of any Prepayment Amount, an amount to be paid in addition to such Prepayment Amount and equal to the product of 0.2 and the Prepayment Amount.

“ Relevant Business Day ” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007 (TARGET2) is open for the settlement of payments in EUR.

“ Repeating Representations ” means each of the representations set out in Schedule G ( Representations and Warranties ) other than those Paragraphs thereof which are indentified with the words ”(Non-repeating) ” at the end of the Paragraphs.

“ Scheduled Disbursement Date ” means the date on which a Tranche is scheduled to be disbursed in accordance with Article 2.2.2.

” Second Tranche ” has the meaning given to it in 2.2.1(b).

“ Security ” means any mortgage, pledge, lien, charge, assignment, hypothecation, or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

“ Security Agreement ” means the Israeli law document creating a floating charge over all assets of the Borrower, excluding the assets subject to the YEDA Licence Agreement, and a fixed charge over all of the Borrower’s unissued share capital and goodwill in favour of the Bank.

“ Senior Management Change ” means that Dr. Ron Babecoff or Dr. Tamar Ben-Yedidia has ceased to be actively involved in the management of the Borrower without the Bank having given its prior written consent to such a change.

“ Tax ” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

“ Tax Deduction ” has the meaning given to it in ‎8.1.

“ Technical Description ” has the meaning given to it in Recital (A).

“ Third Tranche ” has the meaning given to it in 2.2.1(c).

“ Tranche ” means each disbursement made or to be made under this Contract. In the event that no Disbursement Acceptance has been received, Tranche shall mean a Tranche as offered under Article 2.2.2.

“ Tradeable Securities ” means 6,302,000 Biondvax Option No. 5 traded on the Tel-Aviv Stock Exchange (security number 1130400).

“ Vaccine ” means the M-001 universal flu vaccine, as more particularly described in the Technical Description.

“ VAT ” means the Israeli value added tax imposed pursuant to the Israel Value Added Tax Law of 1975 (including any successor law).

“ Voluntary Non-EIB Prepayment ” means a voluntary prepayment by the Borrower (for the avoidance of doubt, prepayment shall include a repurchase, redemption or cancellation where applicable) of a part or the whole of any Non-EIB Financing where:

“ YEDA ” means the YEDA Research and Development Company Limited, which is the Technology Transfer Company of the Weizmann Institute of Science.

“ YEDA Licence Agreement ” means the agreement between the Borrower and YEDA dated 31 July 2003.

By this Contract, the Bank establishes in favour of the Borrower, and the Borrower accepts, a credit in an amount of EUR 20,000,000 for the financing of the Investment (the “ Credit ”).

The Bank shall disburse the Credit in Euros in 3 Tranches. The amount of each Tranche shall be:

Subject to Article 2.5, upon request by the Borrower, the Bank shall send to the Borrower a Disbursement Offer for the disbursement of a Tranche. The latest time for receipt by the Borrower of a Disbursement Offer is 10 (ten) days before the Final Availability Date. The Disbursement Offer shall specify:

The Bank shall disburse each Tranche in EUR.

No Disbursement Offer will be provided by the Bank under this Contract unless the Bank has confirmed that it has received all of the documents and other evidence listed in Schedule F ( Initial Documentary Conditions Precedent ) in form and substance satisfactory to it.

No Disbursement Offer, including the first Disbursement Offer, will be provided by the Bank under this Contract unless the Bank has confirmed that it has received, in form and substance satisfactory to it a certificate from the Borrower in the form of Schedule D, signed by an authorised representative of the Borrower and dated no earlier than the date falling 10 (ten) days before the Scheduled Disbursement Date.

The Bank will only be obliged to make any Accepted Tranche available to the Borrower if on the Scheduled Disbursement Date for the proposed Tranche:

or would, in each case, result from the disbursement of the proposed Tranche.

The disbursement of the First Tranche under 2.2.1 is conditional upon:

The disbursement of the Second Tranche under 2.2.1 is conditional upon receipt by the Bank, in form and substance satisfactory to it, on or before the date falling 10 (ten) Business Days before the Scheduled Disbursement Date, of evidence:

The disbursement of the Third Tranche under 2.2.1 is conditional upon receipt by the Bank, in form and substance satisfactory to it, on or before the date falling 10 (ten) Business Days before the Scheduled Disbursement Date, of evidence:

The Borrower shall pay to the Bank a commitment fee on the daily undrawn uncancelled balance of the Credit from the date falling 24 months after the date of this Contract at a rate of 1% per annum, with the accrued commitment fee being payable on the Final Availability Date or, if the Credit is cancelled in full under Article 2.6 prior to the Final Availability Date, on the date of such cancellation.

On the day following the Final Availability Date, and unless otherwise specifically agreed to in writing by the Bank, the part of the Credit in respect of which no Disbursement Acceptance has been provided in accordance with Article 2.2.3 shall be automatically cancelled, without any notice being served by the Bank to the Borrower and without liability arising on the part of either party.

Sums due under Article 2.6 ( Cancellation ) shall be payable in EUR. They shall be payable within 15 (fifteen) days of the Borrower’s receipt of the Bank’s demand or within any longer period specified in the Bank’s demand.

The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit.

The Bank and the Borrower agree that in consideration of the Bank making the Credit available to the Borrower in accordance with this Contract, the Borrower shall pay to the Bank each year, on the Payment Date falling after the publication of the Annual Financial Statements, an amount equal to 3% of any Annual Vaccine Revenues as reported in the relevant Annual Financial Statements (the “ Variable Remuneration ”), provided that aggregate Variable Remuneration payable hereunder in one or more Financial Years shall not exceed an amount equal to the greater of:

and provided that if the Borrower prepays the Loan in full by payment of the Prepayment Amount together with a Prepayment Indemnity in accordance with Article 5, the obligation on the Borrower to pay Variable Remuneration to the Bank will cease to apply.

For the avoidance of doubt, if after a period of ten Financial Years of the Borrower commencing on the Financial Year in which the Vaccine first becomes commercially sold by the Borrower, the Variable Remuneration received by the Bank has not led to the Bank having reached a Cash-On-Cash Multiple of 2.8, the Variable Remuneration will continue to be due until the Cash-On-Cash Multiple of 2.8 has been reached.

Without prejudice to Article 9, if the Borrower fails to pay any amount payable by it under the Contract on its due date, interest shall accrue on any such overdue amount from the due date to the date of actual payment at an annual rate equal to EURIBOR plus 2% (200 basis points), and shall be payable in accordance with the demand of the Bank. For the purpose of determining EURIBOR in relation to this Article 4.2, the relevant periods within the meaning of Schedule B shall be successive periods of one month commencing on the due date.

If the overdue sum is in a currency other than the currency of the Loan, the relevant interbank rate that is generally retained by the Bank for transactions in that currency plus 2% (200 basis points) shall apply, calculated in accordance with the market practice for such rate.

The Borrower shall repay each Tranche, together with all other amounts outstanding under this Contract in relation to that Tranche (other than Variable Remuneration, which will continue to be payable in accordance with Article 4.1) in a single instalment on the Maturity Date of that Tranche.

If the Borrower prepays a Tranche under this Article 5.2, the Borrower shall pay to the Bank on the Prepayment Date the Prepayment Indemnity in respect of the Tranche which is being prepaid.

Upon presentation by the Borrower to the Bank of a Prepayment Request, the Bank shall issue a Prepayment Notice to the Borrower, not later than 15 (fifteen) days prior to the Prepayment Date. The Prepayment Notice shall specify the Prepayment Amount, the Prepayment Indemnity payable and the deadline by which the Borrower may accept the Prepayment Notice. The Borrower must accept the Prepayment Notice no later than such deadline as a condition to prepayment.

The Borrower shall make a prepayment in accordance with the Prepayment Notice and shall accompany the prepayment by the payment of the Prepayment Indemnity, as specified in the Prepayment Notice, and shall identify the Contract Number in the prepayment transfer.

If the total cost of the Investment at completion by the final date specified in the Technical Description falls below the figure stated in Recital (A) so that the amount of the Credit exceeds 50% of such total cost, the Bank may forthwith, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the outstanding Loan up to the amount by which the Credit exceeds 50% of the total cost of the Investment.

The Borrower shall promptly inform the Bank if:

In such case, or if the Bank has reasonable cause to believe that such an event has occurred or is likely to occur, the Borrower shall, on request of the Bank, consult with the Bank as to the impact of such event. If 30 (thirty) days have passed since the date of such request and the Bank is of the opinion that the effects of such event cannot be mitigated to its satisfaction, or in any event if a Change-of-Control Event, Change-of-Law Event, Senior Management Change, Merger Event or Delisting Event has actually occurred, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan, together with accrued interest and all other amounts accrued or outstanding under this Contract.

If it becomes unlawful in any applicable jurisdiction for the Bank to perform any of its obligations as contemplated in this Contract or to fund or maintain the Loan, the Bank shall promptly notify the Borrower and may immediately cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan, together with accrued interest and all other amounts accrued or outstanding under this Contract.

If the Borrower disposes of assets forming part of the Investment, without the approval of the Bank in accordance with Schedule H7(b) ( Disposal of assets ), the Borrower shall apply all proceeds of such disposal to prepay the Loan (in part or in whole) on the Payment Date following receipt of such proceeds. For the avoidance of doubt, entry by the Borrower into Pharma Partnership Agreements shall not constitute a disposal of assets under this Article 5.3.4.

If:

the Bank may, by notice to the Borrower, cancel the undisbursed portion of the Credit and demand prepayment of the outstanding Loan. The proportion of the Loan that the Bank may require to be prepaid shall be the same as the proportion that the prepaid amount of the Non-EIB Financing bears to the aggregate amount of all Non-EIB Financing.

In the case of a Prepayment Event in relation to a Tranche, other than following a Senior Management Change or pursuant to Articles 5.3.3 or 5.3.5, the Borrower shall pay to the Bank the Prepayment Amount together with the relevant Prepayment Indemnity.

In the case of a prepayment following a Senior Management Change or an event pursuant to Article 5.3.5, in relation to a Tranche the Borrower shall pay to the Bank the Prepayment Amount together with the relevant Reduced Prepayment Indemnity.

In the case of a Prepayment Event specified in Article 5.3.3 in relation to a Tranche, prepayment may be effected without indemnity.

Any sum demanded by the Bank pursuant to Article 5.3 shall be paid on the date indicated by the Bank in its notice of demand, such date being a date falling not less than 30 (thirty) days from the date of the demand (or, if earlier, the last day of any applicable grace period permitted by law in respect of the event in Article 5.3.3).

Any amount due under this Contract and calculated in respect of a fraction of a year shall be determined based on a year of 360 (three hundred and sixty) days and the number of days elapsed.

or such other account notified by the Bank to the Borrower.

All payments to be made by the Borrower under this Contract shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

If either the Bank determines (in its discretion) that a Disruption Event has occurred or the Bank is notified by the Borrower that a Disruption Event has occurred:

Sums received from the Borrower shall only discharge its payment obligations if and when received in accordance with the terms of this Contract.

If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment in or towards payment of:

In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its discretion.

The Borrower shall pay all Taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of this Contract or any related document and in the creation, perfection, registration or enforcement of any security for the Loan to the extent applicable.

The Borrower shall pay all principal, interest, indemnities and other amounts due under this Contract gross without any withholding or deduction of any national or local impositions or Taxes whatsoever (“ Tax Deduction ”), provided that if the Borrower is required by law or an agreement with a governmental authority or otherwise to make any Tax Deduction, it will gross up the payment to the Bank so that after making the Tax Deduction, the net amount received by the Bank is equivalent to the sum due.

Any and all payments made by the Borrower under any Finance Document shall be exclusive of VAT.

The Borrower shall bear all charges and expenses, including professional, banking or exchange charges incurred in connection with the preparation, execution, implementation, enforcement, preservation of rights under and termination of the Finance Documents or any related document, any amendment, supplement or waiver in respect of the Finance Documents or any related document, and in the amendment, creation, management, enforcement and realisation of any security for the Loan.

The Bank may demand (in writing) immediate repayment by the Borrower of all or part of the outstanding Loan (as requested by the Bank), together with accrued interest, any Prepayment Indemnity and all other accrued or outstanding amounts under this Contract, if:

Article 9.1 ( Right to demand repayment ) shall not restrict any other right of the Bank at law to require prepayment of the Loan.

In case of demand under Article 9.1, the Borrower shall pay the Bank the amount demanded together with the relevant Prepayment Indemnity.

No failure or delay or single or partial exercise by either party in exercising any of its rights or remedies under this Contract shall be construed as a waiver of such right or remedy of such party. The rights and remedies provided in this Contract are cumulative and not exclusive of any rights or remedies provided by law.

This Contract and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of England and Wales.

Without prejudice to any other mode of service allowed under any relevant law, the Borrower hereby irrevocably appoints Pearl Cohen Zedek Latzer Baratz as its agent of service for the purposes of accepting service on its behalf of any writ, notice, order, judgement or other legal process. The Borrower agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned.

The Bank hereby appoints The Securities Management Trust Company of 8 Lothbury, London EC2 7HH to be its agent for the purpose of accepting service of legal process.

Unless otherwise specifically agreed by the Bank in writing, the place of performance under this Contract, shall be the seat of the Bank.

In any legal action arising out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract shall, in the absence of manifest error, be prima facie evidence of such amount or rate.

A person who is not a party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Contract.

This Contract constitutes the entire agreement between the Bank and the Borrower in relation to the provision of the Credit hereunder, and supersedes any previous agreement, whether express or implied, on the same matter.

If at any time any term of this Contract is or becomes illegal, invalid or unenforceable in any respect, or this Contract is or becomes ineffective in any respect, under the laws of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect:

Any amendment to this Contract shall be made in writing and shall be signed by the parties hereto.

This Contract may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.

Notices and other communications given under this Contract addressed to either party to this Contract shall be made to the address, facsimile number or e-mail address as set out below:

The Bank and the Borrower shall notify each other in writing upon changing any of their respective communication details.

Any notice or other communication given under this Contract must be in writing.

Notices and other communications, for which fixed periods are laid down in this Contract or which themselves fix periods binding on the addressee, may be made by hand delivery, registered letter, facsimile or e-mail. Such notices and communications shall be deemed to have been received by the other party on the date of delivery in relation to a hand-delivered or registered letter, on receipt of transmission in relation to a facsimile, on the date when the e-mail is sent in relation to an e-mail message sent by the Bank or when confirmed by return e-mail by an authorised officer of the Bank to have been received in readable form, in the case of an email sent to the Bank.

Other notices and communications may be made by hand delivery, registered letter, facsimile or e-mail.

Without affecting the validity of any notice delivered by facsimile or e-mail according to the paragraphs above, a copy of each notice delivered by facsimile or e-mail as applicable shall also be sent by letter to the relevant party on the next following Business Day at the latest.

Notices issued by the Borrower pursuant to any provision of this Contract shall, where required by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or persons authorised to sign such notice on behalf of the Borrower and the authenticated specimen signature of such person or persons.

Any notice provided by the Borrower to the Bank by e-mail shall mention the Contract Number in the subject line and shall be in the form of a non-editable electronic image (pdf, tif or other common non-editable file format agreed between the parties) of the notice signed by one or more Authorised Signatories of the Borrower as appropriate, attached to the e-mail.

The Bank and the Borrower agree that communications sent in accordance with this Article 11.2 shall constitute admissible evidence in Court.

IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in three originals in the English language.

At [●], this [●] 2017