Bavarian Nordic A/S – Quarterly Statement of Share Ownership

In accordance with Section 37, (8) of the Danish Securities Trading Act, we hereby state that persons subject to Section 34 (4) (insiders) and Section 37 (3) (closely-related parties) of the Act under ID code DK0015998017 owned the following shares:

	Holdings as of 31 December 2003, number	Market value as of 31 December 2003, DKK
Board of Directors and corporate management	1,017,515	254,887,508
Others	217	54,359
Total	1,017,732	254,941,867

Copenhagen, 5 January 2004

Asger Aamund, Chairman of the Board

Contacts:

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



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