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	Eigil B. Nielsen
Reason for transaction	Member of the Board
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Sale of Shares
Trading date	6 June 2007
Market	Copenhagen Stock Exchange
Number	25,000
Total value (DKK)	15,370,000

Name	Erling Johansen
Reason for transaction	Member of the Board
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Sale of Shares
Trading date	6 June 2007
Market	Copenhagen Stock Exchange
Number	5,699
Total value (DKK)	3,503,745

Name	Peter Wulff
Reason for transaction	CEO & President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Sale of Shares
Trading date	6 June 2007
Market	Copenhagen Stock Exchange
Number	25,000
Total value (DKK)	15,370,000

Name	René Djurup
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Sale of Shares
Trading date	6 June 2007
Market	Copenhagen Stock Exchange
Number	17,100
Total value (DKK)	10,513,080

Name	Paul Chaplin
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Sale of Shares
Trading date	6 June 2007
Market	Copenhagen Stock Exchange
Number	17,100
Total value (DKK)	10,513,080

Name	Morten Max Rasmussen
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Sale of Shares
Trading date	6 June 2007
Market	Copenhagen Stock Exchange
Number	8,549
Total value (DKK)	5,255,925

Name	Hans Christian Teisen
Reason for transaction	Exe. Vice President
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Sale of Shares
Trading date	6 June 2007
Market	Copenhagen Stock Exchange
Number	8,549
Total value (DKK)	5,255,925

Kvistgård, 7 June 2007

Asger Aamund

Chairman

Contacts:

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



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