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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

KVISTGAARD, Denmark, September 17, 2012 - Bavarian Nordic A/S has today received information about the following transactions of the company's shares by persons holding managerial responsibilities and/or persons/companies closely associated with such. The information is hereby disclosed pursuant to Section § 28a of the Danish Act on Securities Trading.

Name

ApS Mijamax

Reason for transaction

Closely related to Peter Kürstein, member of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Shares

Transaction

Purchase

Trading date

7 September 2012

Market

NASDAQ OMX Copenhagen

Number

6,250

Market value (DKK)

301,250.00

 

Name

Frants Christian Kürstein-Jensen

Reason for transaction

Closely related to Peter Kürstein, member of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Shares

Transaction

Purchase

Trading date

7 September 2012

Market

NASDAQ OMX Copenhagen

Number

415

Market value (DKK)

20,003.00

 

Name

Paul Alexander Kürstein-Jensen

Reason for transaction

Closely related to Peter Kürstein, member of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Shares

Transaction

Purchase

Trading date

7 September 2012

Market

NASDAQ OMX Copenhagen

Number

415

Market value (DKK)

20,003.00