Bavarian Nordic

Director's Dealing • Sep 17, 2012

Company Announcement

17 September 2012

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, September 17, 2012 – Bavarian Nordic A/S has today received information about the following transactions of the company's shares by persons holding managerial responsibilities and/or persons/companies closely associated with such. The information is hereby disclosed pursuant to Section § 28a of the Danish Act on Securities Trading.

Name	ApS Mijamax
Reason for transaction	Closely related to Peter Kürstein, member of the Board of Bavarian Nordic A/S
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Purchase
Trading date	7 September 2012
Market	NASDAQ OMX Copenhagen
Number	6,250
Market value (DKK)	301,250.00
Name	Frants Christian Kürstein-Jensen
Reason for transaction	Closely related to Peter Kürstein, member of the Board of Bavarian Nordic A/S
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Purchase
Trading date	7 September 2012
Market	NASDAQ OMX Copenhagen
Number	415
Market value (DKK)	20,003.00
Name	Paul Alexander Kürstein-Jensen
Reason for transaction	Closely related to Peter Kürstein, member of the Board of Bavarian Nordic A/S
Issuer	Bavarian Nordic A/S
ID code/ISIN	DK0015998017
Description	Shares
Transaction	Purchase
Trading date	7 September 2012
Market	NASDAQ OMX Copenhagen
Number	415
Market value (DKK)	20,003.00

Asger Aamund Chairman of the Board

Contact

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

Denmark

Bavarian Nordic A/S Hejreskovvej 10A Phone: +45 33 26 83 83 www.bavarian-nordic.com CVR-nr: 16 27 11 87 DK-3490 Kvistgård Fax: +45 33 26 83 80

About Bavarian Nordic

Bavarian Nordic is a vaccine-focused biotechnology company developing and producing novel vaccines for the treatment and prevention of life-threatening diseases with a large unmet medical need. The company's pipeline targets cancer and infectious diseases, and includes ten development programs. In oncology, the company's lead program is PROSTVAC® , a therapeutic vaccine candidate for advanced prostate cancer that is the subject of an ongoing pivotal Phase 3 trial and is being developed under a collaboration agreement with the National Cancer Institute. In clinical Phase 1 and Phase 2 trials, PROSTVAC® has been tested in nearly 600 patients. In infectious diseases, the company's lead program is IMVAMUNE® , a third-generation smallpox vaccine candidate that is being developed and supplied for emergency use to the U.S. Strategic National Stockpile under a contract with the U.S. Government. For more information, visit www.bavarian-nordic.com

Forward-looking statements

This announcement includes "forward-looking statements" that involve risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning our plans, objectives, goals, future events, performance and/or other information that is not historical information. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.