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 March, 2005, number	Market value as of 31 March 2005, DKK
Board of Directors and corporate management	1,013,087	538,962,284
Others	1,638	871,416
Total	1,014,725	539,833,700

Copenhagen, 1 April 2005

Asger Aamund, Chairman of the Board

Contacts:

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



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