Bavarian Nordic

Director's Dealing • Jan 14, 2010

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

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

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. Anders Hedegaard, President & CEO of Bavarian Nordic A/S, has notified the company that he, under the ongoing rights issue, has purchased 4,000 preemptive rights for the subscription of 2,000 new shares. The total transaction value after subscription of the new shares will amount to DKK 239,672.00 Name Anders Hedegaard Reason for transaction President & CEO of Bavarian Nordic A/S Issuer Bavarian Nordic A/S ID code/ISIN DK0060205268 Description Preemptive rights Transaction Purchase Trading date 13 January 2010 Market NASDAQ OMX Copenhagen Number 4,000 Market value (DKK) 79,672.00 Name Anders Hedegaard Reason for transaction President & CEO 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 26 January 2010 Market NASDAQ OMX Copenhagen Number 2,000 Market value (DKK) 160,000.00 Contact Anders Hedegaard, President & CEO. Phone +45 23 20 30 64 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. [HUG#1373365]

Attachments:

• 2010-03-uk

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