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.

2010 (DKK millions)	Contractual remuneration	Cash bonus	Share- based	Pension	Total
Peter Straarup	7.1	-	-	2.1	9.2
Tonny Thierry Andersen	4.9	-	-	0.7	5.6
Thomas F. Borgen	4.9	-	-	0.7	5.6
Sven Lystbæk*	5.2	-	-	3.2	8.4
George Schubiger**	1.2	-	-	0.2	1.4
Per Skovhus	4.7	-	-	0.7	5.4
Total	28.0	-	-	7.6	35.6

* Sven Lystbæk retired from the Executive Board on 31 December 2010.
** Georg Schubiger joined the Executive Board on 1 October 2010. The contractual remuneration and pension relate to the period from the date when Mr Schubiger joined the Executive Board.

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 2010 this deduction amounted to DKK 18 million.

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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 (DKK millions)	Contractual remuneration 2010	Cash bonus 2010	Total 2010	Total 2009
Peter Straarup	7.1	-	7.1	7.1
Tonny Thierry Andersen	4.9	-	4.9	4.7
Thomas F. Borgen*	4.9	-	4.9	1.6
Sven Lystbæk	5.2	-	5.2	5.1
Georg Schubiger*	1.2	-	1.2	-
Per Skovhus	4.7	-	4.7	4.6
Total	28.0	-	28.0	23.1

* Thomas F. Borgen joined the Executive Board on 1 September 2009, and Georg Schubiger joined the Executive Board on 1 October 2010. The contractual remunerations relate to the period from the dates when Mr Borgen and Mr Schubiger joined the Executive Board.

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