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Poul J. Svanholm resigns from the Board of Directors  

Original announcement entitled "Poul J. Svanholm resigns from the Board of Directors of
Danske Bank".

May 22, 2003

Press release
Poul J. Svanholm, Chairman of the Board of Directors, has announced that he will resign from his responsibilities at Danske Bank after his 70th birthday. Poul J. Svanholm attains the age of 70 on June 7, 2003, and resigns on July 1.

At its meeting today, the Board of Directors decided on the composition of its chairmanship after Poul J. Svanholm’s resignation.

The new Chairman of the Board will be Alf Duch-Pedersen, Chief Executive of Danisco A/S. Jørgen Nue Møller, General Manager, will continue as Vice Chairman and Eivind Kolding, Chief Financial Officer of A.P. Møller, will be the second Vice Chairman.

Poul J. Svanholm joined the Bank’s Board of Directors in 1980 and was elected Vice Chairman in 1982. Since 1983, Mr. Svanholm has held the office of Chairman of the Board.

The Danske Bank Group has grown vastly during Mr. Svanholm’s chairmanship both in terms of size and in terms of the scope of its business. Among the most important events contributing to the expansion in this period are the large bank merger in 1990 and the amalgamation with RealDanmark in 2000.

The Board of Directors very much appreciates and deeply respects the work Poul J. Svanholm has done for the Bank during his term in office of more than twenty years.