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Company Announcement no. 17-05
6 June 2005
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Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such

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

A.J. Aamund A/S

Reason for transaction

Related to the chairman of the Board of Bavarian Nordic A/S

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Pre-emption rights

Transction

Sales of pre-emption rights

Trading date

3 June 2005

Market

Copenhagen Stock Exchange

Number

13,478

Market value (DKK)

588,449.48



A.J. Aamund A/S informs that the sale of pre-emption rights does not change A.J. Aamund A/S’s commit­ment to subscribe to new shares corresponding to gross proceeds of approximately DKK 60.0 million. A.J. Aamund A/S expect to subscribe to new shares corresponding to gross proceeds of approximately DKK 70.0 million, i.e. an additional DKK 10.0 million compared to the commitment. The sale of pre-emption rights, as announced herein above, is part of the exceeding amount of A.J. Aamund A/S’s pre-emption rights after subscription of new shares for approximately DKK 70.0 million.

Name

Peter Wulff

Reason for transaction

President & CEO

Issuer

Bavarian Nordic A/S

ID code/ISIN

DK0015998017

Description

Pre-emption rights

Transction

Sales of pre-emption rights

Trading date

3 June 2005

Market

Copenhagen Stock Exchange

Number

3,400

Market value (DKK)

147,769.44



Name

Ulrik Bülow

Reason for transaction

President & CEO

Issuer

Member of the Board of Directes

ID code/ISIN

DK0015998017

Description

Buy/ exercise of pre-emption rights

Transction

Shares (new)

Trading date

6 June 2005

Market

Copenhagen Stock Exchange

Number

193

Market value (DKK)

69,480.00



Kvistgård, 6 June 2005



Asger Aamund
Chairman of the Board
Contacts:
Anders Hedegaard, President & CEO, Tel.: +45 3326 8383
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