Secondary placing of 112,107 shares in Bavarian Nordic (DK) — DKK 69 million

Carnegie acted as sole book-runner in the secondary placing of 112,107 shares in Bavarian Nordic, at a price of DKK 614.8 per share. The placing was made on behalf of a group of Bavarian Nordic employees. Buyers were solely Danish institutions. Bavarian Nordic is a leading international biopharmaceutical company developing and producing innovative vaccines to prevent and treat infectious diseases and cancer.June, 2007.