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Company Announcement no. 35-05
6 December 2005
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Bavarian Nordic A/S included in Morgan Stanley Capital International’s Small Cap Index and Announces 2006 Finance Calendar

Inclusion in Morgan Stanley Capital International’s Small Cap index
Bavarian Nordic has been included in Morgan Stanley Capital International’s Small Cap Index as of the end of November 2005. Many investors follow the index where a portion of the latest week’s stock purchases can be seen as primarily executed by international investors, who want a share of Bavarian Nordic’s stock that corresponds to the weight in the Morgan Stanley Index.

Bavarian Nordic has also applied in the beginning of December for inclusion in the Copenhagen Stock Exchange’s MidCap+ segment. Bavarian Nordic will in January 2006 hold a webcast presentation which will include company information and relevant news.

Finance Calendar
Bavarian Nordic’s finance calendar for 2006 has been set as follows:

22 March 2005 Annual Results
26 April Annual General Meeting
16 May First-quarter 2006 results
31 August Half-year 2006 results
7 November Third-quarter 2006 results

Update on clinical development programmes
Before year-end 2005, Bavarian Nordic will issue an update on the company’s smallpox vaccine and MVA nef (HIV vaccine) clinical development programmes.



Kvistgård, 6 December 2005

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