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 B. Nielsen | |------------------------+---------------------------| | Reason for transaction | Member of the Board | |------------------------+---------------------------| | Issuer | Bavarian Nordic A/S | |------------------------+---------------------------| | ID code/ISIN | DK0015998017 | |------------------------+---------------------------| | Description | Shares | |------------------------+---------------------------| | Transaction | Sale of Shares | |------------------------+---------------------------| | Trading date | 6 June 2007 | |------------------------+---------------------------| | Market | Copenhagen Stock Exchange | |------------------------+---------------------------| | Number | 25,000 | |------------------------+---------------------------| | Total value (DKK) | 15,370,000 | +----------------------------------------------------+ +----------------------------------------------------+ | Name | Erling Johansen | |------------------------+---------------------------| | Reason for transaction | Member of the Board | |------------------------+---------------------------| | Issuer | Bavarian Nordic A/S | |------------------------+---------------------------| | ID code/ISIN | DK0015998017 | |------------------------+---------------------------| | Description | Shares | |------------------------+---------------------------| | Transaction | Sale of Shares | |------------------------+---------------------------| | Trading date | 6 June 2007 | |------------------------+---------------------------| | Market | Copenhagen Stock Exchange | |------------------------+---------------------------| | Number | 5,699 | |------------------------+---------------------------| | Total value (DKK) | 3,503,745 | +----------------------------------------------------+ +----------------------------------------------------+ | Name | Peter Wulff | |------------------------+---------------------------| | Reason for transaction | CEO & President | |------------------------+---------------------------| | Issuer | Bavarian Nordic A/S | |------------------------+---------------------------| | ID code/ISIN | DK0015998017 | |------------------------+---------------------------| | Description | Shares | |------------------------+---------------------------| | Transaction | Sale of Shares | |------------------------+---------------------------| | Trading date | 6 June 2007 | |------------------------+---------------------------| | Market | Copenhagen Stock Exchange | |------------------------+---------------------------| | Number | 25,000 | |------------------------+---------------------------| | Total value (DKK) | 15,370,000 | +----------------------------------------------------+ +----------------------------------------------------+ | Name | René Djurup | |------------------------+---------------------------| | Reason for transaction | Exe. Vice President | |------------------------+---------------------------| | Issuer | Bavarian Nordic A/S | |------------------------+---------------------------| | ID code/ISIN | DK0015998017 | |------------------------+---------------------------| | Description | Shares | |------------------------+---------------------------| | Transaction | Sale of Shares | |------------------------+---------------------------| | Trading date | 6 June 2007 | |------------------------+---------------------------| | Market | Copenhagen Stock Exchange | |------------------------+---------------------------| | Number | 17,100 | |------------------------+---------------------------| | Total value (DKK) | 10,513,080 | +----------------------------------------------------+ +----------------------------------------------------+ | Name | Paul Chaplin | |------------------------+---------------------------| | Reason for transaction | Exe. Vice President | |------------------------+---------------------------| | Issuer | Bavarian Nordic A/S | |------------------------+---------------------------| | ID code/ISIN | DK0015998017 | |------------------------+---------------------------| | Description | Shares | |------------------------+---------------------------| | Transaction | Sale of Shares | |------------------------+---------------------------| | Trading date | 6 June 2007 | |------------------------+---------------------------| | Market | Copenhagen Stock Exchange | |------------------------+---------------------------| | Number | 17,100 | |------------------------+---------------------------| | Total value (DKK) | 10,513,080 | +----------------------------------------------------+ +----------------------------------------------------+ | Name | Morten Max Rasmussen | |------------------------+---------------------------| | Reason for transaction | Exe. Vice President | |------------------------+---------------------------| | Issuer | Bavarian Nordic A/S | |------------------------+---------------------------| | ID code/ISIN | DK0015998017 | |------------------------+---------------------------| | Description | Shares | |------------------------+---------------------------| | Transaction | Sale of Shares | |------------------------+---------------------------| | Trading date | 6 June 2007 | |------------------------+---------------------------| | Market | Copenhagen Stock Exchange | |------------------------+---------------------------| | Number | 8,549 | |------------------------+---------------------------| | Total value (DKK) | 5,255,925 | +----------------------------------------------------+ +----------------------------------------------------+ | Name | Hans Christian Teisen | |------------------------+---------------------------| | Reason for transaction | Exe. Vice President | |------------------------+---------------------------| | Issuer | Bavarian Nordic A/S ||------------------------+---------------------------| | ID code/ISIN | DK0015998017 | |------------------------+---------------------------| | Description | Shares | |------------------------+---------------------------| | Transaction | Sale of Shares | |------------------------+---------------------------| | Trading date | 6 June 2007 | |------------------------+---------------------------| | Market | Copenhagen Stock Exchange | |------------------------+---------------------------| | Number | 8,549 | |------------------------+---------------------------| | Total value (DKK) | 5,255,925 | +----------------------------------------------------+ Kvistgård, 7 June 2007 Asger Aamund Chairman
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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