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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.

Asger Aamund, Chairman of the Board of Bavarian Nordic, has notified Bavarian Nordic, that his company, A.J. Aamund A/S today has sold 890,000 preemptive rights. Subsequently, A.J. Aamund A/S holds 444,099 preemptive rights, which allow for the subscription of 222,049 new shares under the ongoing rights issue. As previously announced, A.J. Aamund A/S will participate in the rights issue on a cash-neutral basis (after transaction costs), and thus will subscribe for 222.049 new shares of DKK 80, totalling a market value of DKK 17,763,920.00.

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

DK0060205268

Description

Preemptive rights

Transaction

Sale

Trading date

14 January 2010

Market

NASDAQ OMX Copenhagen

Number

890,000

Market value (DKK)

17,800,000.00