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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 ATP and ATP Invest after completion of the rights issue have increased their holding of shares in Bavarian Nordic A/S.

ATP and ATP Invest subsequently hold a total of 1,503,047 shares, corresponding to 12.62 % of the total share capital of Bavarian Nordic A/S.