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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

Not for release, publication or distribution, directly or indirectly in or into Australia, Canada, Japan or the United States

This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to buy the securities of Bavarian Nordic A/S (the "Securities") in Australia, Canada, Japan or the United States or in any other jurisdiction. The Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The issuer of the Securities has not registered, and does not intend to register, any portion of the Offering in the United States or in any jurisdiction outside Denmark and the United Kingdom, and does not intend to conduct a public offering of the Securities in the United States or in any jurisdiction outside Denmark and the United Kingdom. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States.

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.

Steen Vangsgaard, member of the Group Management of Bavarian Nordic A/S, has notified the company that his company, SV1 Holding ApS, under the ongoing rights issue, has purchased 4,400 preemptive rights for the subscription of 2,200 new shares. The total transaction value after subscription of the new shares will amount to DKK 299,027.96

Name

SV1 Holding ApS

Reason for transaction

Closely related to Steen Vangsgaard, member of the Group Management of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0060205268

Description

Preemptive rights

Transaction

Purchase

Trading date

20 January 2010

Market

NASDAQ OMX Copenhagen

Number

4,400

Market value (DKK)

123,027.96

 

 

Name

SV1 Holding ApS

Reason for transaction

Closely related to Steen Vangsgaard, member of the Group Management of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0060205185

Description

New shares

Transaction

Exercise of preemptive right for the subscription of new shares

Trading date

29 January 2010

Market

NASDAQ OMX Copenhagen

Number

2,200

Market value (DKK)

176,000.00