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Danske Bank buys back own shares

September 11, 2003

Stock Exchange Announcement No 19/2003

In its report for the first half of 2003 on 21 August, Danske Bank announced that it intended to buy back own shares at a total market value of up to DKr3.0bn during the second half of 2003.

The buy-back programme will be effected through Danske Markets, Equities, between September 15 and 19.

- The Bank will buy back its own shares using the book-building method for an amount of up to DKr400m each day. It reserves the right to increase the amount by up to DKr200m on any given day to a total of DKr600m.

- If the Bank receives selling orders on any given day in excess of the amount fixed by the Bank, a reduction in orders placed will be made on a pro rata basis.

- Selling orders must be received before 5p.m. (Danish time) each day during the buy-back period.

- Buy-backs will be settled on the basis of the daily average price of all trades published by the Copenhagen Stock Exchange immediately after 5p.m. (Danish time).

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

Immediately after September 19, 2003, an announcement will be released regarding the results of the buy-back. Any further buy-backs will be effected directly in the market during the remainder of 2003.

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 notify the Copenhagen Stock Exchange if this is the case.