companies closely associated with such

COPENHAGEN, Denmark, December 8, 2022 – Bavarian Nordic A/S (OMX: BAVA) has today received information about the following transactions of the company’s shares/related securities by persons holding managerial responsibilities and/or persons/companies closely associated with such.

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Chaplin
2.	Reason for the notification
a)	Position/status	President and Chief Executive Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Warrants DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	88,325
d)	Aggregated information Aggregated volume Price	88,325 DKK 0.00
e)	Date of the transaction	2022-12-08
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Henrik Juuel
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Financial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Warrants DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	38,162
d)	Aggregated information Aggregated volume Price	38,162 DKK 0.00
e)	Date of the transaction	2022-12-08
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jean-Christophe May
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Commercial Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Warrants DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	34,263
d)	Aggregated information Aggregated volume Price	34,263 DKK 0.00
e)	Date of the transaction	2022-12-08
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Laurence De Moerlooze
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Medical Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Warrants DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	32,934
d)	Aggregated information Aggregated volume Price	32,934 DKK 0.00
e)	Date of the transaction	2022-12-08
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Anu Helena Kerns
2.	Reason for the notification
a)	Position/status	Executive Vice President People & Organization of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Warrants DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	22,902
d)	Aggregated information Aggregated volume Price	22,902 DKK 0.00
e)	Date of the transaction	2022-12-08
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Russell Thirsk
2.	Reason for the notification
a)	Position/status	Executive Vice President and Chief Operating Officer of Bavarian Nordic A/S
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Bavarian Nordic A/S
b)	LEI	2138006JCDVYIN6INP51
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Warrants DK0015998017
b)	Nature of the transaction	Grant
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		DKK 0.00	32,201
d)	Aggregated information Aggregated volume Price	32,201 DKK 0.00
e)	Date of the transaction	2022-12-08
f)	Place of the transaction	Outside a trading venue

About Bavarian Nordic
Bavarian Nordic is a fully integrated vaccines company focused on the development, manufacturing and commercialization of life-saving vaccines. We are a global leader in smallpox vaccines and have been a long-term supplier to the U.S. Government of a non-replicating smallpox vaccine, which has been approved by the FDA, also for the protection against mpox (monkeypox). The vaccine is also approved in Canada and Europe. Our commercial product portfolio furthermore contains market-leading vaccines against rabies and tick-borne encephalitis. Using our live virus vaccine platform technology, MVA-BN, we have created a diverse portfolio of proprietary and partnered product candidates designed to save and improve lives by unlocking the power of the immune system, including an Ebola vaccine, which is licensed to the Janssen Pharmaceutical Companies of Johnson & Johnson. We are also committed to the development of a next generation COVID-19 vaccine. For more information visit www.bavarian-nordic.com.