Copenhagen Stock Exchange Future KAX And KBXcap Portfolios Have Been Selected

As announced in our press release of 22 December 2004, the Copenhagen Stock Exchange today publishes the future KAXcap and KBXcap portfolios, including number of shares per share class.

The capped indices are primarily used for benchmarking by investment funds, which are subject to the so-called UCITS rules or the 40-10-5 rule. According to the UCITS rules a single company may not weight more than 10 per cent of the portfolio. In addition, the group of companies that weight more than 5 per cent may not exceed 40 per cent in the aggregate. The following companies have been capped in the portfolios:

KAXcap

Company	Cap factor	Weight	No. of shares
Danske Bank	2.01	9.00	335,260,041
H. Lundbeck	1.01	4.50	230,491,278
A.P. Møller – Mærsk A	3.52	9.00	624,193
A.P. Møller – Mærsk B	3.52	9.00	624,193
Novo Nordisk B	1.6	9.00	188,093,217

KBXcap

Company	Cap factor	Weight	No. of shares
Danske Bank	2.92	9.00	184,335,940
Danisco	1.07	4.50	46,290,949
A.P. Møller – Mærsk A	2.56	9.00	343,200
A.P. Møller – Mærsk B	2.56	9.00	343,200
Nordea Bank	1.10	4.50	278,579,765
Novo Nordisk B	2.33	9.00	103,419,244
TDC	1.54	9.00	133,429,790

A further description of the capped indices (Copenhagen Stock Exchange A/S’ Guidelines for the adjustment of capped indices) is available at www.cse.dk , click Products/Publications.