Translation of Stock Exchange Announcement no. 2000-20

At the Company's Annual General Meeting held on 15 May 2000, it was resolved to acquire B-shares of company stock worth nominally DKK 39,894,800, subject to a corresponding capital reduction. Thus, the shareholders at the Annual General Meeting also resolved to reduce the share capital by these B-shares, plus the Company's holding of own B-shares at 15 May 2000, worth nominally DKK 4,045,300, in total nominally DKK 43,940,100. However, due to an administrative error, notification of this capital reduction was not made in due time, for which reason the resolution was made inoperative. The error was discovered following settlement of the amount of capital relating to the B-shares acquired from Den Danske Bank. Consequently, an agreement has been made to repay the capital to the Company.

At the Extraordinary General Meeting to be held on Friday, September 22, 2000, the Board of Directors will re-submit the proposal to reduce the share capital by B-shares worth nominally DKK 39,894,800 plus the Company's holding of own B-shares at 15 May 2000, worth nominally DKK 4,045,300, in total nominally DKK 43,940,100.

Copenhagen, 11 September 2000



C.W. Obel A/S



Mogens Hugo Jørgensen
Managing Director




For further information, please contact Mogens Hugo Jørgensen, Managing Director, on tel. +45 3333 9797