BADGER METER INC — Director's Dealing 2004

Nov 24, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2004-11-23

Reporting Person: POLICANO ANDREW J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-23	Common Stock	M	3000	$19.875	Acquired	5450	Direct
2004-11-23	Common Stock	S	600	$57.75	Disposed	4850	Direct
2004-11-23	Common Stock	S	200	$57.00	Disposed	4650	Direct
2004-11-23	Common Stock	S	200	$56.00	Disposed	4450	Direct
2004-11-23	Common Stock	S	2000	$55.50	Disposed	2450	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-23	Stock Options (right to buy)	$19.875	M	3000	Disposed	2007-02-14	Common Stock (3000)	Direct

Footnotes

F1: Stock Options are granted on a one-for-one basis.

F2: In addition to the 3,000 stock options remaining in the February 14, 1997 grant, the reporting person has options to acquire 3,100 additional shares of Common Stock at varying grant prices and vesting schedules over a ten-year period.