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 in the United States, Canada, Australia or Japan 

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities of Bavarian Nordic A/S (the "Securities") in 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 other jurisdiction outside Denmark and the United Kingdom. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.

This announcement is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors, as that term is defined in the Prospectus Directive, that are also (i) "investment professionals" falling within Article 19(5) of the Financial Service and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) "high net worth entities"  and other persons to whom it may lawfully be communicated, falling within the meaning of Article 49(2)(a) to (d) of the Order (all such persons being "relevant persons"). The securities of Bavarian Nordic A/S (the "Securities") are only available to relevant persons and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Securities will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its content. 

Kvistgaard, Denmark, May 13, 2011 - Pursuant to Section § 28a of the Danish Act on Securities Trading, Bavarian Nordic A/S reports the following 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 has sold 1,107,759 subscription rights. Subsequently, A.J. Aamund A/S holds 348,389 subscription rights, which allow for the subscription of 348,389 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 348,389 new shares of DKK 54, totalling a market value of DKK 18,813,006.00. 

Contact:

Anders Hedegaard, President & CEO.
Phone: +45 23 20 30 64