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 2004, number	Market value as of 31 December 2004, DKK
Board of Directors and corporate management	1,013,087	546,053,893
Others	1,623	874,797
Total	1,014,710	546,928,690

Copenhagen, 3 January 2005

Asger Aamund, Chairman of the Board

Contacts:

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



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