Bavarian Nordic A/S announces insiders trading in company shares

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	DK0015998017
Trading Day	2 September 2004	3 September 2004
Net number of shares traded (pcs)	572	239
Value of net number of shares traded (DKK)	360,360	149,575
Total share holdings as of 3 September 2004 (pcs)		1,016,253
Market value of total share holdings (DKK)		631,093,113

Copenhagen, 7 September 2004

Asger Aamund, Chairman of the Board

Contacts:

Anders Hedegaard, President & CEO, Tel.: +45 3326 8383



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