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, 2004, number	Market value as of 30 September 2004, DKK
Board of Directors and corporate management	1,013,087	545,040,806
Others	3,255	1,751,190
Total	1,016,342	546,791,996

Copenhagen, 1 October 2004

Asger Aamund, Chairman of the Board

Contacts:

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



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