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	Asger Aamund
Reason for transaction	Chairman of the Board
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Exercise of Warrants
Trading date	2 May 2007
Market	Copenhagen Stock Exchange
Number	5,699
Total value (DKK)	1,612,817

Name	Eigil B. Nielsen
Reason for transaction	Member of the Board
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Exercise of Warrants
Trading date	2 May 2007
Market	Copenhagen Stock Exchange
Number	5,699
Total value (DKK)	1,612,817

Name	Erling Johansen
Reason for transaction	Member of the Board
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Exercise of Warrants
Trading date	2 May 2007
Market	Copenhagen Stock Exchange
Number	5,699
Total value (DKK)	1,612,817

Name	René Djurup
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Exercise of Warrants
Trading date	2 May 2007
Market	Copenhagen Stock Exchange
Number	17,100
Total value (DKK)	4,839,300

Name	Paul Chaplin
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Exercise of Warrants
Trading date	2 May 2007
Market	Copenhagen Stock Exchange
Number	17,100
Total value (DKK)	4,839,300

Name	Morten Max Rasmussen
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Exercise of Warrants
Trading date	2 May 2007
Market	Copenhagen Stock Exchange
Number	8,549
Total value (DKK)	2,419,367

Name	Hans Christian Teisen
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Exercise of Warrants
Trading date	2 May 2007
Market	Copenhagen Stock Exchange
Number	8,549
Total value (DKK)	3,735,913

Kvistgård, 3 May 2007

Asger Aamund
Chairman

Contacts:

Anders Hedegaard, President & CEO, Tel.: +45 3326 8383



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