On 30 January 2004 the Annual General Meeting of Per Aarsleff A/S adopted the Annual Report for 2002/2003, including a proposed dividend at 12% of the share capital.

It was decided to authorise the Board of Directors, until the next annual general meeting, to allow the company to purchase own shares within a total nominal value at 10% of the company share capital, cf. the Danish Financial Statements Act, Section 48. Payment shall not be allowed to deviate by more than 10% from the closing price registered by the Copenhagen Stock Exchange at the time of purchase.

Per Aarsleff and Lise Aarsleff informed the Annual General Meeting of their wish to retire from the Board of Directors.

The remaining members of the Board were re-elected, and the composition of the Board of Directors hereinafter looks as follows:

Palle Svejstrup – Chairman
Jens Bigum
Carsten Fode
Niels S. Møller
Boris Andersen (elected by the employees)
Leif Endersen (elected by the employees)
Jens M. Jørgensen (elected by the employees)

The auditors were re-elected.

No other material information, which has not already been disclosed, was presented at the Annual General Meeting.