Bavarian Nordic A/S – Major Shareholder Announcement

Kvistgård, Denmark, May 27, 2011 - Bavarian Nordic A/S (OMX: BAVA) announces in pursuance of the Danish Securities Trading Act's section 29, that the company has received information that Asger Aamund and A.J. Aamund A/S due to dilution after completion of the rights issue has decreased its holding of shares in Bavarian Nordic A/S.

Asger Aamund and A.J. Aamund A/S have subscribed for 348,389 new shares in the rights issue and subsequently holds a total of 1,804,537 shares, corresponding to 6.97 % of the total share capital of Bavarian Nordic A/S.