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Bavarian Nordic A/S – Major Shareholder Announcement

In pursuance of the Danish Securities Trading Act's section 29, please be informed that today, 30 April 2008, Bavarian Nordic A/S has received information that PKA A/S has reduced its holding of shares in Bavarian Nordic A/S.

PKA A/S subsequently holds 354,250 shares, corresponding to 4.53 % of the total shares in Bavarian Nordic A/S.