October 9, 2003

Stock Exchange Announcement No. 24/2003
With effect from January 1, 2004, Danske Bank is implementing a number of adjustments to its organisation.

The aim is to sharpen the individual brand profiles of Danske Bank and BG Bank. This entails that, in future, each division will have separate management, credit departments, and issue separate financial accounts. Banking Activities, Denmark, will thus be divided into two, and selected credit activities will be reorganised.

The organisational adjustments also include the gathering of capital market activities and the establishment of a “Shared Services Centre”, comprising the activities of Development & Organisation and a number of administrative support functions.

The organisational adjustments will include the following:

• Banking Activities, Denmark, will be split into a Danske Bank division and a BG Bank division. The Danske Bank division and Danske Markets will continue to serve the Bank’s largest corporate customers.
• Credit & Market Risk will adopt a new structure, since Danske Bank and BG Bank will each have their own credit departments. The centralised credit department will retain responsibility for overall risk and credit management and large credit facilities.
• Danske Markets will take over the responsibility for banking relations. Danske Capital will become a division of Danske Markets.
• The new Shared Services Centre will be in charge of the Group’s IT functions, resource areas and support functions.

Management
In future, Jakob Brogaard’s sole responsibility will be that of Deputy Chairman of the Executive Board.

Sven E. Lystbæk, Member of the Executive Committee, has been appointed head of the Shared Services Centre. Jørgen Klejnstrup, Member of the Executive Committee, will be deputy head.

Jesper Ovesen, Chief Financial Officer, has decided to leave the Bank. The new Chief Financial Officer and head of Group Finance will be Tonny Thierry Andersen, who will also become a Member of the Executive Committee.

Per Skovhus, Senior Executive Vice President, has been appointed head of Credit & Market Risk. He will also become a Member of the Executive Committee.

Hans Erik Mørk, Associate Member of the Executive Committee, has been appointed head of the Danske Bank division.

Søren Kaare-Andersen, Senior Executive Vice President, will continue as head of the BG Bank division and has been appointed Associate Member of the Executive Committee.

Thomas Borgen, Managing Director of Fokus Bank; Hans Møller-Christensen, Senior Executive Vice President of Danske Bank, New York Branch; and Bengt Svelander, Senior Executive Vice President of Danske Bank, Sweden, have been appointed Associate Members of the Executive Committee.

Mads Jacobsen, Senior Executive Vice President, will assume responsibility for the Group’s international banking relations.

The department serving large corporate customers will become a department of the Greater Copenhagen Finance Centre. Jørgen Toftegaard, Executive Vice President, will continue as head of the centre.

Lars Andreasen, Senior Vice President, has been appointed Executive Vice President and will continue as head of Group Accounting, External Reporting & Tax.

Beginning January 1, 2004, the day-to-day management of the Group will consist of the following:

Executive Board
Peter Straarup, Chairman of the Executive Board
Jakob Brogaard, Deputy Chairman of the Executive Board

Executive Committee
Peter Straarup, Chairman of the Executive Board
Jakob Brogaard, Deputy Chairman of the Executive Board
Sven E. Lystbæk
Jørgen Klejnstrup
Henrik Normann
Tonny Thierry Andersen
Per Skovhus

Associate Members of the Executive Committee
Jeppe Christiansen
Angus MacLennan
Hans Erik Mørk
Thomas Borgen
Søren Kaare-Andersen
Hans Møller-Christensen
Bengt Svelander

See the new organisation chart (13 kb), effective January 1, 2004.