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 exceeds DKK 50,000.

Accordingly, in the table below, the company has highlighted this information.

Securities ID	DK0015998017	DK0015998017
Trading Day	22 November 2004	23 November 2004
Net number of shares traded (pcs)	-525	-400
Value of net number of shares traded (DKK)	-274,050	-212,000
Total share holdings as of 23 November 2004 (pcs)		1,014,710
Market value of total share holdings (DKK)		547,943,400

Copenhagen, 24 November 2004

Asger Aamund, Chairman of the Board

Contacts:

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



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