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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, November 16, 2011 - Pursuant to Section § 28a of the Danish Act on Securities Trading, Bavarian Nordic A/S reports the following 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

Reiner Laus

Reason for transaction

Member of the Executive Management in Bavarian Nordic

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Shares

Transaction

Subscription of new shares

(Milestone payment related to the initiation of Phase 3 trial of PROSTVAC®)

Trading date

16 November 2011

Market

NASDAQ OMX Copenhagen

Number

213,439

Market value (DKK)

8,249,417.35