Copenhagen Stock Exchange: Notice onvening Annual General Meeting

Notice is hereby given to the shareholders that the Annual General Meeting of the Copenhagen Stock Exchange A/S will be held on Monday 28 April 2003 at 14:00 at Nikolaj Plads 6, DK-1067 Copenhagen K with the following agenda:

1. The Supervisory Board's report on the Company's activities in the past financial year
2. Presentation of the annual accounts and consolidated accounts, including the auditors' report and management's review as well as a proposal to adopt the annual report
3. Proposal that the Supervisory Board and Executive Board will be granted discharge
4. Resolution concerning application of profits or covering of losses according to the adopted annual report
5. Election of members to the Supervisory Board, including election of Chairman and alternate members
6. Election of auditors
7. Any other business
   • Proposal concerning authorisation to the Supervisory Board to acquire own shares in the Copenhagen Stock Exchange A/S: "Authorisation to the Supervisory Board, until the next Annual General Meeting, to let the Company acquire own shares for a consideration so that the nominal value of the Company's shares do not exceed, or as a result of the acquisition will exceed, 10 per cent of the share capital. The price payable for the shares shall correspond to the market value. The maximum and minimum amounts which may be paid per share of DKK 100, is DKK 1,500 and DKK 2,000, respectively. Acquisition of own shares shall only be made to the extent that the company's share capital exceeds the amount which cannot be allocated as dividend, cf. section 48 (4) of the Danish Public Companies Act."

The Agenda, the proposals in extenso and the audited Annual Report will be available for inspection at the offices of the Company, Nikolaj Plads 6, DK-1067 Copenhagen K not later than eight days prior to the Annual General Meeting.

Any shareholder is entitled to attend the Annual General Meeting if the shareholder not later than five days prior to the holding of the Annual General Meeting, i.e. not later than 23 April 2003, has requested an admission card. Voting papers will be forwarded together with the admission card.

Clause 2.1. of the "Shareholders' Agreement between certain III shareholders of the Copenhagen Stock Exchange A/S" provides that the Supervisory Board shall convene a preliminary meeting to be held not later than eight days prior to the Annual General Meeting. Consequently, the shareholders covered by this shareholders' agreement have been called to a preliminary meeting on Friday 11 April 2003 at the Company's address. Notice convening this meeting and the agenda has been forwarded separately to the shareholders in question.

On behalf of the Supervisory Board
Hans Ejvind Hansen
Chariman