Bavarian Nordic A/S – Major Shareholder Announcement

Kvistgård, Denmark, February 2, 2010 - 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 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.

A.J. Aamund A/S has subscribed for 219.200 new shares in the rights issue and subsequently holds a total of 1,556,148 shares, corresponding to approximately 13.1 % of the total share capital of Bavarian Nordic A/S.