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Company Announcement no. 21-03
1 October 2003
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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 September 2003, number Market value as of 30 September 2003, DKK
Board of Directors and corporate management 1,017,515 216,730,695
Others 342 72,846
Total 1,017,857 216,803,541




Copenhagen, 1 October 2003

Asger Aamund, Chairman of the Board

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