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In accordance with Section 37 of the Danish Securities Trading Act, Bavarian Nordic A/S is required to publish a list of insiders' and closely related parties' trading Bavarian Nordic A/S’s shares on a daily basis, if the net value of such trades exceed DKK 50,000.
Accordingly, in the table below, the company has highlighted this information.
| Securities ID |
DK0015998017 |
| Trading Day |
5 May 2004 |
| Net number of shares traded (pcs) |
105,950 |
| Value of net number of shares traded (DKK) |
39,201,500 |
| Total share holdings as of 5 May 2004 (pcs) |
1,019,652 |
| Market value of total share holdings (DKK) |
377,781,066 |
Copenhagen, 6 May 2004
Asger Aamund, Chairman of the Board
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