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Danske Bank sells shares in PBS 

June 30, 2003

Stock Exchange Announcement No. 16/2003
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.

This involved a restructuring of the PBS Group. This restructuring was completed today by the division of the Group into three groups, PBS Holding A/S, Multidata Holding A/S, and PBS International Holding A/S.

PBS Holding A/S
In December 2002, Danske Bank entered into an interim agreement with Danmarks Nationalbank to sell 17.7% of its shareholding in the companies belonging to the PBS Group, which - after the restructuring - will continue the data-processing and payment services of the PBS Group. These activities will be handled by the new PBS Holding Group.

Following the fulfilment of the conditions of sale, the approval of the Danish competition authorities, and the restructuring of the PBS Group, Danske Bank today concluded its share sale to Danmarks Nationalbank.

PBS International Holding A/S
Today, Danske Bank sold 17.7% of the shares in PBS International Holding A/S to Sydbank A/S. Following the restructuring of the PBS Group, PBS International Holding A/S will be the parent company of PBS International A/S, which will carry on international card activities.

The shares were traded at book value. At the same time, an agreement has been made about adjustments to the purchase price, which will depend on the shares or part of the activities of PBS International A/S being sold.

The sale has been approved by the Danish competition authorities.

Holdings after the sale
After the sale, Danske Bank will hold 25.9% of the share capital and the voting rights in PBS Holding A/S and in PBS International Holding A/S.

According to the approval of the Danish Competition Authority, the Bank need not reduce its share in Multidata Holding A/S. Consequently, Danske Bank will continue to hold 43.6% of the share capital and voting rights in this company.

The Bank has now fulfilled all the undertakings given to the Danish Competition Authority at the merger with Real Danmark A/S in November 2000.