Terms and conditions for securities trades Effective from October 12, 2004

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1 Effective from October 12, 2004 Danske Bank A/S. CVR-nr København 1. Introduction We want you to get the best possible deal when you trade in securities. Therefore we offer you various trading options. These conditions explain the trading options in order that you may decide which type suits you best. You should be aware that investment in securities is subject to price risk and that you bear the risk. The Banks will give you an overview of the terms which apply when you trade securities with Danske Bank. The basis for these terms and conditions is the Danish Securities Councils executive order on good securities trading practices, the Copenhagen Stock Exchange rules of ethics and the Norex Member Rules. Unless you make an agreement on other terms with us, these conditions will apply together with Danske Banks General Conditions. At any time the Bank may change its terms and conditions with effect for future transactions. You will be advised of changes by letter. If you use Danske (our Danish-language Internet bank), we can advise you by . Our branches can also give you updated terms and conditions. These conditions are also available (in Danish) through Danske and on our Danish Web site 2. The Banks execution of orders When we execute an order for you, we will act only in your best interests. We will ensure that you get the best possible price given the time when the deal takes place and the size of your order. Danske Bank will ensure that you get the best possible conditions. We will execute your order as quickly as possible. You can read more in the sections below about the individual trading options which we offer. 3. Placing of orders You can place orders through Danske by contacting us in person by telephone by letter by by fax. We recommend that you trade through Danske, since our Internet bank ensures that you are quickly identified and that your order is executed correctly. If you submit orders by letter, or by fax, you must allow for longer execution, since we must first check the order documentation manually and then process the order. We reserve the right to record telephone conversations about securities trades. These tape recordings may serve as evidence of agreements. When we have received your order, it is binding for you. 4. Trading options We offer to execute market orders, immediate transactions and average price transactions, and trade in foreign securities through a foreign broker. Each type of trade has a number of characteristic features and you should therefore look carefully at advantages and disadvantages before you choose how to trade. We will be pleased to advise you on the various trading types. If you have not stated a trading option, you will trade on commission and we will choose the type of trade that is most advantageous for you. 4.1 Market orders A market order is an order executed in the trading systems of a stock exchange or an authorised marketplace. Page 1 / 7

2 Danske Bank offers to execute market orders for securities listed on the Copenhagen Stock Exchange, Stockholm Stock Exchange, Oslo Stock Exchange and the Danish Authorised Trading Market. In Danske you can ask the Bank to place an order in the trading systems of the Copenhagen Stock Exchange and the Stockholm Stock Exchange. You can also place orders yourself. This is called automatic order routing. We also execute market orders for unit certificates that are not listed on a stock exchange but on the Copenhagen Stock Exchange XtraMarked. A market order is executed in Danske Banks name but on your account Presumption rule for execution of market orders If you have not decided on a trading option, the Bank will attempt to complete a trade in securities listed on a Danish stock exchange or authorised marketplace on that exchange or marketplace, unless you can trade the same volume at the same or a better price by using a different trading option The Bank may become a party to a transaction based on a market order Danske Bank may decide to enter into a transaction based on a market order you want to execute as a buyer or seller. Under the Danish Trading on Commission Act, this is a case of self-dealing. The Bank becomes a party to a trade only if the Banks price at the time of trading was the best, or if there were no better prices than that of the Bank taking into account time, volume and trading conditions. You will see from the trade confirmation whether the transaction was entered into on the stock exchange with the Bank as the buyer or the seller Execution of your market order Since we execute your order as quickly as possible, you may expect us to execute your order on the same day, provided we receive it before 4.00 pm. If you decide to place the order yourself through Danske, you may do so as long as the stock exchange is open for ordinary trade. When the Bank executes your order on a stock exchange or an authorised marketplace, the trading rules of the stock exchange or the authorised marketplace apply. According to these rules we will choose the trading terms that are in your best interests. If you place an order yourself through Danske, Danske will give you detailed information about your options. If you choose a market order, the following points should be considered: Orders are executed only to the extent they can be matched in full or in part with bids or offers. An order can be split up or merged and traded at various prices over the business day. The order lapses if it is not executed the day it is entered in the trading system. If we can execute only part of an order, the un-executed part of the order lapses. However, by placing a limit on the price you can maintain the order for a period agreed in advance. 4.2 Immediate transactions Danske Bank offers to make immediate transactions in a range of both Danish and foreign securities up to a limit. The range of securities and the limits are determined by the Bank. In an immediate transaction you trade with the Bank as the buyer or the seller at the price offered by the Bank. If you accept the price quoted by the Bank, the deal is concluded. Immediate transactions eliminate the risk of the price changing between the time you place your order and the time of its execution and ensure that the order is executed in full Determination of immediate transaction prices for securities traded on the Copenhagen Stock Exchange For securities traded on the Copenhagen Stock Exchange, we fix a price equal to or better than the best bid or offer price on the Copenhagen Stock Exchange when you trade Page 2 / 7

3 bonds and negotiable securities comparable to bonds with a market value not exceeding DKK 3,000,000 per trade shares and other negotiable securities comparable to shares up to 250 items per transaction. At present, this means up to DKK5 million for shares that are part of the Copenhagen Stock Exchange Share Index (KFX shares) and DKK2.5 million for other exchange-listed shares and other listed securities comparable to shares derivatives (for instance futures and options) where the value of the underlying asset (for instance bonds and shares) equals up to DKK3 million per trade. For trades in securities that are not being traded at the time of the order, Danske Bank will determine a price for immediate transactions. This also applies if, on the trading day, no bids or offers for the security in question were recorded in the Copenhagen Stock Exchange trading systems at the time of trading. We determine the price for shares taking into account national and international events affecting prices information available about the issuer and the issuers line of business. We determine the price for bonds taking into account national and international events, including interest rates, affecting prices the prices of similar securities information available about the issuer and comparable issuers. The trade confirmation will show whether there were no bids or offers on the Copenhagen Stock Exchange at the time of trading. If you place a trade when the stock exchange is closed, the Banks price for immediate transactions will correspond to the closing price on the stock exchange, unless market conditions have changed Immediate transactions in unlisted Danish securities You may trade in unlisted Danish securities, including mortgage deeds, with the Bank as buyer or seller at the Banks current market prices. Our market prices correspond to those prices which the Bank itself can obtain, taking into accounttime, volume and trading conditions Determination of immediate transaction prices for foreign securities Immediate transactions in foreign securities will be settled on the basis of the prices which the Bank can obtain on the foreign market at the time of trading. For shares on the Stockholm Stock Exchange, the Bank will determine a price equal to or better than the best bid or offer price at the time of trading when you trade up to 250 items. 4.3 Average price transactions You may make average price transactions in securities quoted on the Copenhagen Stock Exchange or unit certificates listed on the Copenhagen Stock Exchange Xtra- Marked. Average price transactions take place with the Bank as buyer or seller, and we execute your order after the closing of stock exchange trading on the first stock exchange day after we have received your order Determination of the price for average price transactions The Bank settles an average price transaction at the average price, all trades at the closing of a stock exchange day with the Banks usual added to or deducted from the price. This price is a weighted average price calculated by the Copenhagen Stock Exchange. For trade in securities that are not being traded at the time of the order, Danske Bank will determine a price. This also applies if, on the trading day, no bids or offers had been made in the Copenhagen Stock Exchange trading systems at the time of trading. We determine the price for shares taking into account national and international events affecting prices information available about the issuer and the issuers line of business. Page 3 / 7

4 We determine the price for bonds taking into account national and international events, including interest rates, affecting prices the prices of similar securities information available about the issuer and comparable issuers. The trade confirmation will show whether, at the time of trading, no average price, all trades was recorded by the Copenhagen Stock Exchange. If turnover in the trading system of the Copenhagen Stock Exchange is smaller than the volume of your order, the Bank is not obliged to settle the order. Nor is the Bank obliged to settle your order if it can obtain the securities only at a price exceeding the average price, all trades. 5. Trading in foreign securities If you do not want to trade a foreign security as an immediate transaction or if the Bank does not offer immediate transactions in a foreign security, the Bank will trade through a foreign business connection. The business connection will choose whether to execute the order on a stock exchange. The Bank trades in its own name but on your account. Trading is therefore on commission, and the trading type is indicated as foreign broker on the trade confirmation. The Bank will choose the marketplace, the business connection and the currency in which the transaction will be settled, unless you instruct us otherwise. Your order will be executed only to the extent that it can be traded on the stock exchange in question or at the business connection in question. However, the Bank may choose to execute such orders through its own holdings. Your order may be split up or merged and may therefore be traded at different prices. Your order will be executed during the official opening hours of the foreign market. If the market is closed when we receive the order, we will not execute it until the market re-opens. Your order will lapse if it cannot be executed on the day the Banks foreign business connection receives it. However, a limit order may be maintained until an agreed period has expired. Payment and delivery take place through foreign clearing centres and business connections. The Banks settlement corresponds to the market prices we can obtain from our foreign business connections or to the prices obtained on the stock exchange in question. 6. Limit orders If you want to buy or sell at a specific price, you may limit the order for a predetermined period. The order will then be executed when the price reaches the price determined by you. You can place limits on market orders, average price transactions and commission transactions in foreign securities. Market orders with limits If you place a market order through Danske, you must limit your order. If you place a market order in another manner through the Bank, you can choose whether you want to limit your order. If you do not limit your order, the Bank will estimate at which price it will attempt to execute your order. Limits for average price transactions If you have agreed that your order for an average price transaction is to be limited, we will execute the transaction only if it is possible at the limit price after calculation of the Banks added to or deducted from the average price, all trades. Limit order for foreign securities If you have agreed that your order for foreign securities is to be a limit order, we will execute the transaction only if we can trade at the limit price with our foreign business connection. However, we may execute part of the order. Page 4 / 7

5 7. Settlement of bond transactions in connection with raising, remortgaging or redemption of loans secured by real property If you have entered into an agreement of hedging proceeds or interest rates, we will settle the bond transaction at the agreed price. The price is calculated with a added to or deducted from the current price depending on movements in the money market rate. When you enter into the hedging agreement, you will be advised of the added or deducted. 8. The Banks right to postpone executing your order We can execute your order to buy securities only if we are able to supply the securities in question. Consequently, the transaction will lapse if we do not hold the securities or are able to obtain them on ordinary terms within two stock exchange days of the agreed value date. 9. The Banks right not to execute your order We reserve the right not to execute an order in case of a special market situation. 10. Copenhagen Stock Exchange watch list If a security is transferred to the Copenhagen Stock Exchange watch list, unexecuted orders for the security will be cancelled. 11. Delivery and payment (settlement) By settlement is meant delivery and payment in connection with a securities trade. For Danish securities the settlement date is the third bank business/stock exchange day after the trade date. We retain the ownership of any securities you have bought until final payment takes place. A customer who buys therefore assumes unconditional ownership of the securities only if the Bank receives final payment on the settlement date. For a customer who sells, the payment of the settlement amount is conditional upon the Banks obtaining unconditional ownership of the securities on the settlement date. Different time limits and rules apply to settlement of foreign securities. Information on these limits and rules is available on request. Special conditions apply to foreign securities subject to trading restrictions. As a general rule, it is a condition for settlement that delivery take place against payment. We will determine the foreign exchange rate applicable to trades in foreign securities on the basis of the rate quoted by the Danish central bank two bank business days before the value date of the securities trade, unless you agree on the exchange rate with the Bank when you submit your order. We cannot sell foreign securities until they have been checked and registered by our foreign business connection. Information on the commission charged for the registration and safekeeping of foreign securities is available from all the Banks branches. 12. Trading charges We charge for all types of trades. The Bank will not impose trading charges in the form of a added or deducted on immediate transactions in shares. In some cases the immediate price for bonds and the price on the Copenhagen Stock Exchange may differ. This is because the Bank reserves the right to determine a price that reflects the trading time, the order size and the turnover of the actual security. This deviation will not exceed 0.2% points. For both shares and bonds traded as average price transactions, the Bank will impose trading charges as a added to or deducted from the price. Brokerage appears from our list of charges. Trading charges are generally lower for trades through Danske than for trades through the Banks branch network. The prices are shown in Danske and in the list of trading charges on page 8. The Bank may reduce fees without giving advance notice. The Bank may also introduce and raise fees for one-off services without giving advance notice. The same applies to new contractual services. Page 5 / 7

6 In respect of ongoing contractual services, the Bank may increase the fees that you pay on an ongoing basis at three months notice under the following conditions: 13. The Banks liability The Bank shall be liable for the tardy or defective performance of its contractual If market conditions, including competition in Denmark or abroad, give grounds for altering one or more fees. obligations resulting from error or negligence. If the Bank decides to alter its general fee structure and pricing policy in the Even in areas of increased liability, the Bank shall not be liable for losses arising ordinary course of its business. Such changes may be made on the basis of from: earnings considerations or in order to use our resources or capacity more breakdown of or lack of access to IT systems or damage to data in these efficiently. systems due to any of the factors listed below and regardless of whether or If the conditions on which your fee terms are based change materially. Such not the Bank or a third-party supplier is responsible for the operation of these alterations may derive from changes in your financial situation, for example systems changes in the amount and extent of your deposits, loans or credits facilities. power failure or a breakdown of the Banks telecommunications, legislative or administrative intervention, acts of God, war, revolution, civil unrest, sabotage, When introducing new fees for ongoing contractural services in the ordinary terrorism or vandalism (including computer virus attacks or hacking) course of its business - that is, fees for services for which we have not previously charged a fee - the Bank will give you six months notice. Such changes may be made on the basis of earnings considerations or in order to use our resources or strikes, lockouts, boycotts or picketing, regardless of whether the Bank or its organisation is itself a party to or has started such conflict and regardless of its cause (this also applies if the conflict affects only part of the Bank) capacity more efficiently. other circumstances beyond the Banks control. Danske Bank A/S. CVR-nr København Changes in the Banks interest rates and fees will be announced in the Danish daily press or by letter. In the announcement or letter, we will state the cause of the change - possibly by referring to one of the points cited above. The Bank will advise you by letter if a change in interest rastes or fees is prompted by a change in the conditions on which your individual interest or fees terms are based. The Bank shall not be exempt from liability if the Bank ought to have foreseen the cause of the loss when the agreement was concluded or ought to have avoided or overcome the cause of the loss. under Danish law, the Bank is liable for the cause of the loss under any circumstances Page 6 / 7

7 LIST OF TRADING CHARGES Danske Bank A/S. CVR-nr København up to DKK 100, ,000 Average price, all trades Shares Denmark % DKK 175 DKK % +/- 0.50% 0.15 % DKK 29 Other Nordics % DKK 175 DKK % 0.15 % DKK 29 Europe and North America % DKK 300 DKK % 0.60 % 4 DKK 149 Australia, Hong Kong, Japan, New Zealand, 1.25% DKK 350 DKK 1, % Singapore Other countries 1.50% DKK 500 DKK 1, % Danske Fund 1.00% DKK 300 DKK % For countries outside Denmark, stock exchange tax and stamp duty are payable on the various markets. up to DKK 100, ,000 Average price, all trades Unit trust units 5 based on shares 0.75% DKK 0 DKK % 0.25% 0.15% % DKK 175 DKK % 0.50% 0.15% DKK 29 Danske Investering Online Shares Brokerage scale Average price, all trades Level 1 Level 2 Level 3 min. added/deduc Denmark % 0.075% 0.05% DKK 29 +/- 0.5% Other Nordics % 0.075% 0.05% DKK 29 Europe and North 4 America 0.50% 0.40% 0.35 % DKK 149 Unit trust units 5 based on shares 0.10% 0.075% 0.05% % 0.075% 0.05% DKK 29 Monthly volume in DKK 1, more than Plus trading charges imposed by Danske AMP and Danske OTC. 2 Sweden, Norway, Finland and Iceland (there is no access to Iceland in ). 3 Currently Belgium, United Kingdom, France, Greece, Holland, Ireland, Italy, Portugal, Switzerland, Spain, Germany, Austria, USA and Canada. 4 In you can currently trade in the United Kingdom, France, the Nederlands, Ireland, Portugal, Switzerland, Spain, Germany, Austria and the US, but not in Belgium, Greece, Austria and Canada. 5 Danske Bank receives a commission when selling unit trust units in the unit we co-operate with. Latest updated Page 7 / 7 up to DKK 3,000,000 3,000,000 min. max. DKK 0 1 m DKK 1 5 m Average price, all trades More than DKK 5 m Bonds Denmark* 0.15% DKK 0 DKK 3, % 0.20 point 0.10 point 0.05 point 0.10% DKK point 0.10 point 0.05 point Other Nordics 2 ** 0.15% DKK 175 DKK 3, % Other countries ** 0.25% DKK 300 DKK 3, % * On immediate trades, the Bank reserves the right to add or deduct up to 0.2 of a point in relation to the price on the Copenhagen Stock Exchange. ** Plus foreign charges. up to DKK 3,000,000 3,000,000 Average price, all trades Unit trust units 5 based on bonds 0.15% DKK 0 DKK 3, % 0.25% 0.10% % DKK 175 DKK 3, % 0.50% 0.10% DKK 29 up to DKK 3,000,000 3,000,000 Average price, all trades Unit trust units 5 based on mixed assets 0.25% DKK 0 DKK 6, % 0.25% 0.15% % DKK 175 DKK 6, % 0.50% 0.15% DKK 29 Premium bonds - Denmark 0.75% min. DKK 175 for each issue (security code) Mortgage deeds Derivatives In general The Bank will not impose any trading charges apart from fees for the deed to be entered in the land registry. Prices for trading in futures and options are available from the Bank. If you have a trading volume of several million Danish kroner, Danske Bank can reduce the charges listed above. Tel , Fax

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