Executive Board remuneration

As stipulated in the Danish Act on financial stability, the Danske Bank Group will not use share options as part of compensation until at least September 2010.

The Executive Board members' remuneration is determined by the Board of Directors.

2009 (DKr m)	Contractual remuneration	Cash bonus	Share- based	Pension	Total
Peter Straarup	7.1	0.0	-	1.5	8.6
Tonny Thierry Andersen	4.7	-	-	0.7	5.4
Thomas F. Borgen*	1.6	-	-	0.2	1.8
Sven Lystbæk	5.1	-	-	2.5	7.6
Per Skovhus	4.6	-	-	0.7	5.3
Total	23.1	-	-	5.6	28.7

* Thomas F. Borgen joined the Executive Board on September 1, 2009. Mr. Borgen's contractual remuneration and pension relate to the period from September 1, 2009 to December 31, 2009.

In 2008, Danske Bank decided to suspend its bonus programme for the Executive Board. Consequently, the contractual remuneration for 2009 was increased.

Under the Danish Act on State-Funded Capital Injections into Credit Institutions, only 50% of management's salaries is tax deductible until the capital raised has been repaid. In 2009 this deduction amounted to DKr 14m.

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The remuneration reflects the responsibilities of the Executive Board and are set at a level that makes it possible to attract and retain persons with the desired qualifications.

Remuneration of the Executive Board (DKr m)	Contractual remuneration 2009	Cash bonus 2009	Total 2009	Total 2008
Peter Straarup*	7.1	0.0	7.1	7.1
Tonny Thierry Andersen	4.7	-	4.7	3.3
Thomas F. Borgen**	1.6	-	1.6	-
Sven Lystbæk*	5.1	-	5.1	3.9
Per Skovhus	4.6	-	4.6	3.2
Total	23.1	-	23.1	17.5

* In accordance with the Group's general staff policies, Peter Straarup received a 40-year anniversary benefit, equal to two months' salary, and Sven Lystbæk received a 25-year anniversary benefit equal to one month's salary in 2008

** Thomas F. Borgen joined the Executive Board on September 1, 2009. Mr. Borgen's contractual remuneration and pension relate to the period from September 1, 2009 to December 31, 2009.

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