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Company Announcement no. 09-07
23 March 2007
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Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

Pursuant to Section § 28a of the Danish Act on Securities Trading, Bavarian Nordic A/S shall make public transactions of shares and related securities of Bavarian Nordic A/S by persons holding managerial responsibilities and/or persons/companies closely associated with such.

Name

A.J. Aamund A/S

Reason for transaction

Closely related to the chairman of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0060074300

Description

Shares (new)

Transaction

Purchase/exercise of pre-emption rights

Trading date

23 March 2007

Market

Copenhagen Stock Exchange

Number

221,400

Market value (DKK)

80,811,000.00



Name

Erling Johansen

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

23 March 2007

Market

Copenhagen Stock Exchange

Number

399

Market value (DKK)

145,635.00





Kvistgård, 23 March 2007

Asger Aamund
Chairman
Contacts:
Anders Hedegaard, President & CEO, Tel.: +45 3326 8383
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