Bavarian Nordic, rights issue, listing of subscription rights with effect from 7 March 2007

The Copenhagen Stock Exchange has decided to admit the following ISIN code to
listing with effect from 7 March 2007: 

ISIN	Name in Official List
DK0060074227	Bavarian Nordic, T-ret

As at the same date, ISIN code DK0015998017 will be traded exclusive of T-ret
(subscription rights). 

The new shares are expected to be listed with effect from 29 March 2007 in the
temporary ISIN code DK0060074300. 

For further information, please see the prospectus published 21 February 2007
by Bavarian Nordic.