Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

Name

Eigil Bjerl Nielsen

Reason for transaction

Member of the Board

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0060074300

Description

Shares (new)

Transaction

Purchase/Exercise of pre-emption rights

Trading date

21 March 2007

Market

Copenhagen Stock Exchange

Number

9,003

Market value (DKK)

3,286,095.00