Bavarian Nordic

Director's Dealing • Mar 7, 2016

Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

KVISTGAARD, Denmark, March 7, 2016 – In accordance with Section 28a of the Danish Securities Trading Act, the Company's board members and executives have given Bavarian Nordic power of attorney on their behalf to publish trading in Bavarian Nordic shares and related securities by the Company's board members, executives and their associated persons as reported by those persons to Bavarian Nordic.

Please find below a statement of such trading in shares and related securities issued by Bavarian Nordic.

Name	Paul Chaplin
Reason for transaction	President & CEO of Bavarian Nordic A/S
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Restricted Stock Units
Transaction	Award
Trading date	March 7, 2016
Market	Nasdaq Copenhagen
Number	6,546
Market value (DKK)	6,546 shares at market value DKK 1,768,729.2

Name	Ole Larsen
Reason for transaction	Executive Vice President & CFO of Bavarian Nordic A/S
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Restricted Stock Units
Transaction	Award
Trading date	March 7, 2016
Market	Nasdaq Copenhagen
Number	4,598
Market value (DKK)	4,598 shares at market value DKK 1,242,379.6