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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.

Name

A. J. Aamund A/S

Reason for transaction

Closely related to Asger Aamund, Chairman of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0060205185

Description

New shares

Transaction

Exercise of preemptive rights for the subscription of new shares

Trading date

29 January 2010

Market

NASDAQ OMX Copenhagen

Number

222,049

Market value (DKK)

17,763,920.00