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Company Announcement no. 23-04
23 September 2004
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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
Trading Day 22 September 2004
Net number of shares traded (pcs) -125
Value of net number of shares traded (DKK) -71,500
Total share holdings as of 22 September 2004 (pcs) 984,902
Market value of total share holdings (DKK) 571,243,160




Copenhagen, 23 September 2004

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