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 30 June 2003, number	Market value as of 30 June 2003, DKK
Board of Directors and corporate management	1,017,515	215,713,180
Others	342	72,504
Total	1,017,857	215,785,684

Copenhagen, 1 July 2003

Asger Aamund, Chairman of the Board

Contacts:

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



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