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. -------------------------------------------------------------------------------- | Name | Eigil Bjerl Nielsen | -------------------------------------------------------------------------------- | Reason for | Member of the Board | | transaction | | -------------------------------------------------------------------------------- | Issuer | Bavarian Nordic A/S | -------------------------------------------------------------------------------- | ID code/ISIN | DK0060074300 | -------------------------------------------------------------------------------- | Description | Shares (new) | -------------------------------------------------------------------------------- | Transaction | Purchase/Exercise of pre-emption rights | -------------------------------------------------------------------------------- | Trading date | 21 March 2007 | -------------------------------------------------------------------------------- | Market | Copenhagen Stock Exchange | -------------------------------------------------------------------------------- | Number | 9,003 | -------------------------------------------------------------------------------- | Market value | 3,286,095.00 | | (DKK) | | -------------------------------------------------------------------------------- Kvistgård, 22 March 2007 Asger Aamund Chairman Contacts: Peter Wulff, President & CEO Telephone: +45 33 26 83 83
Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such
| Source: Bavarian Nordic A/S
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