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Danske Bank sells shares in PBS to Danmarks Nationalbank

December 12, 2002

Stock Exchange announcement No. 34/2002

When Realdanmark A/S and Danske Bank A/S merged in November 2000 the Bank gave an undertaking to the Danish Competition Authority to reduce its holding of shares in the PBS Group (Danish Payment Systems) to 25.9% of the share capital and the voting rights. The Bank was to reduce its holdings in companies whose business activities are important to Danish payment infrastructure.

In that connection, Danske Bank has entered into an interim agreement with Danmarks Nationalbank to sell 17.7% of its shareholding in the companies of the PBS Group which – after restructuring – will carry on the data-processing and payment services, including BetalingsService.

The parties will enter into a final agreement when they have obtained approval by the competition authorities. Agreement will be conditional on the planned restructuring of the PBS Group, which is scheduled for the first half of 2003.

Danske Bank is currently working on a solution for the other PBS functions in which the Bank has to reduce its ownership share, including its international card activities in PBS International A/S.

Danske Bank Group subsequently owns 25.9% of the capital and the voting rights in the affected companies of the PBS Group and 43.6% of the capital and the voting rights in the remaining PBS Group. The Bank will continue using the joint infrastructure at PBS after the sale.