Audited by PwC

Statement of shareholders' equity

Common stock Revaluation reserve according to the equity method Treasury stock Retained earnings Proposed dividend Total
  DKK million DKK million DKK million DKK million DKK million DKK million  
Shareholders' equity at January 1, 2008 650  794  (1,837) 3,670  309  3,586 
Net profit (334) 1,334  1,000 
Dividend:
      Dividend paid (325) (325)
      Dividend paid relating to treasury stock 16  16 
      Proposed dividend, gross (341) 341    - 
      Proposed dividend relating to treasury stock 16  (16)   - 
Treasury stock:
      Sales of treasury stock 24  24 
Currency translation of investments in subsidiaries, etc. 49  49 
Value adjustment of derivatives (58) (58)
Other adjustments       94    94   
Shareholders' equity, December 31, 2007 650  460  (1,813) 4,764  325  4,386 
Common stock Revaluation reserve according to the equity method Treasury stock Retained earnings Proposed dividend Total
  DKK million DKK million DKK million DKK million DKK million DKK million  
Shareholders' equity at January 1, 2007 650  647  (1,449) 3,200  279  3,327 
Net profit 147  864  1,011 
Dividend:
      Dividend paid (293) (293)
      Dividend paid relating to treasury stock 14  14 
      Proposed dividend, gross (325) 325    - 
      Proposed dividend relating to treasury stock 16  (16)   - 
Treasury shares:
     Treasury stock purchases (500) (500)
      Sales of treasury stock 112  112 
Currency translation of investments in subsidiaries, etc. (134) (134)
Value adjustment of derivatives 67  67 
Other adjustments       (18)   (18)  
Shareholders' equity, December 31, 2007 650  794  (1,837) 3,670  309  3,586 
Reference is made to Note 18 in the consolidated financial statements concerning treasury stock and average number of shares.