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Danske Bank buys back own shares

May 7, 2002

Stock Exchange announcement No 12/2002

In its report for the first quarter of 2002, published on May 7, 2002, Danske Bank announces that it intends to buy back own shares at a total market value of DKr3.0bn during the period May 13-17, 2002.

Buybacks will proceed according to the following guidelines:

- Danske Bank intends to buy back its own shares during the period May 13-17, 2002 for up to a market value of about DKr600m each day.

- Shareholders’ offers to sell shares will be accepted on a daily pro rata basis.

- Buybacks will be settled on the basis of the daily average price of all trades published by the Copenhagen Stock Exchange just after 5.00pm (Danish time).

- Shareholders who wish to sell shares must place their order before 5.30pm (Danish time) on the day in question during the period specified above.

- Shareholders will receive notification of execution on the following trading day.

Danske Securities AB, Copenhagen will manage the buybacks.

If market trends prove unfavourable in the opinion of the Bank, the Bank reserves the right to refrain, partially or in full, from buying back shares. The Bank will then notify the Copenhagen Stock Exchange.