Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

1.

Details of the person discharging managerial responsibilities/person   closely associated  

a)

Name

Henrik Juuel

2.

Reason for the notification

a)

Position/status

Executive Vice   President and Chief Financial Officer of Bavarian Nordic A/S

b)

Initial notification/Amendment

Initial   notification

3.

Details of the issuer, emission allowance market participant, auction   platform, auctioneer or auction monitor

a)

Name

Bavarian Nordic A/S

b)

LEI

2138006JCDVYIN6INP51

4.

Details of the transaction(s): section to be repeated for (i) each type   of instrument; (ii) each type of transaction; (iii) each date; and (iv) each   place where transactions have been conducted

a)

Description of the financial instrument, type of instrument
 
 

Identification code

New shares

 
  DK0061268711

b)

Nature of the transaction

Purchase   (exercise of subscription rights)

c)

Price(s) and volume(s)

Price(s)

Volume(s)

DKK 109

2,500

d)

Aggregated information

-           Aggregated   volume

-           Price

2,500

DKK 272,500.00

e)

Date of the transaction

2020-03-16

f)

Place of the transaction

Nasdaq   Copenhagen A/S, XCSE

1.

Details of the person discharging managerial responsibilities/person   closely associated  

a)

Name

Henrik Juuel

2.

Reason for the notification

a)

Position/status

Executive Vice   President and Chief Financial Officer of Bavarian Nordic A/S

b)

Initial notification/Amendment

Initial   notification

3.

Details of the issuer, emission allowance market participant, auction   platform, auctioneer or auction monitor

a)

Name

Bavarian Nordic A/S

b)

LEI

2138006JCDVYIN6INP51

4.

Details of the transaction(s): section to be repeated for (i) each type   of instrument; (ii) each type of transaction; (iii) each date; and (iv) each   place where transactions have been conducted

a)

Description of the financial instrument, type of instrument
 
 

Identification code

Subscription   rights

 
  DK0061268638

b)

Nature of the transaction

Purchase of   subscription rights

c)

Price(s) and volume(s)

Price(s)

Volume(s)

DKK 1.68

2,500

d)

Aggregated   information

-           Aggregated   volume

-           Price

2,500

DKK 4,200.00

e)

Date of the transaction

2020-03-16

f)

Place of the transaction

Nasdaq Copenhagen   A/S, XCSE

1.

Details of the person discharging managerial responsibilities/person   closely associated  

a)

Name

Paul Chaplin

2.

Reason for the notification

a)

Position/status

President and   Chief Executive Officer of Bavarian Nordic A/S

b)

Initial notification/Amendment

Initial   notification

3.

Details of the issuer, emission allowance market participant, auction   platform, auctioneer or auction monitor

a)

Name

Bavarian Nordic A/S

b)

LEI

2138006JCDVYIN6INP51

4.

Details of the transaction(s): section to be repeated for (i) each type   of instrument; (ii) each type of transaction; (iii) each date; and (iv) each   place where transactions have been conducted

a)

Description of the financial instrument, type of instrument
 
 

Identification code

New shares

 
  DK0061268711

b)

Nature of the transaction

Purchase   (exercise of subscription rights)

c)

Price(s) and volume(s)

Price(s)

Volume(s)

DKK 109

25,534

d)

Aggregated information

-           Aggregated   volume

-           Price

25,534

DKK   2,783,206.00

e)

Date of the transaction

2020-03-11

f)

Place of the transaction

Nasdaq   Copenhagen A/S, XCSE

1.

Details of the person discharging managerial responsibilities/person   closely associated  

a)

Name

Paul Chaplin

2.

Reason for the notification

a)

Position/status

President and   Chief Executive Officer of Bavarian Nordic A/S

b)

Initial notification/Amendment

Initial   notification

3.

Details of the issuer, emission allowance market participant, auction   platform, auctioneer or auction monitor

a)

Name

Bavarian Nordic A/S

b)

LEI

2138006JCDVYIN6INP51

4.

Details of the transaction(s): section to be repeated for (i) each type   of instrument; (ii) each type of transaction; (iii) each date; and (iv) each   place where transactions have been conducted

a)

Description of the financial instrument, type of instrument
 
 

Identification code

Subscription   rights

 
  DK0061268638

b)

Nature of the transaction

Sale of   subscription rights

c)

Price(s) and volume(s)

Price(s)

Volume(s)

DKK 9.85

130,514

d)

Aggregated   information

-           Aggregated   volume

-           Price

130,514

DKK   1,285,199.17

e)

Date of the transaction

2020-03-11

f)

Place of the transaction

Nasdaq   Copenhagen A/S, XCSE

1.

Details of the   person discharging managerial responsibilities/person closely associated  

a)

Name

Paul Chaplin

2.

Reason for the   notification

a)

Position/status

President and Chief Executive Officer of Bavarian   Nordic A/S

b)

Initial   notification/Amendment

Initial notification

3.

Details of the   issuer, emission allowance market participant, auction platform, auctioneer   or auction monitor

a)

Name

Bavarian Nordic A/S

b)

LEI

2138006JCDVYIN6INP51

4.

Details of the   transaction(s): section to be repeated for (i) each type of instrument; (ii)   each type of transaction; (iii) each date; and (iv) each place where   transactions have been conducted

a)

Description of   the financial instrument, type of instrument
 
 

Identification   code

Shares

 
  DK0015998017

b)

Nature of the   transaction

Acquisition of shares (vesting of restricted stock   units)

c)

Price(s) and   volume(s)

Price(s)

Volume(s)

DKK 194.90

4,971

d)

Aggregated information

-           Aggregated volume

-           Price

4,971

DKK 968,870.00

e)

Date of the   transaction

2020-03-16

f)

Place of the   transaction

Outside a trading venue