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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

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. On the basis hereof, the following is reported:

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

Trading date

18 December 2009

Market

NASDAQ OMX Copenhagen

Number

136,000

Market value (DKK)

25,976,000.00