Danske Bank redeems
currency-linked notes

March 22, 2005

Stock Exchange Announcement No 7/2005

On April 1, 2005, Danske Bank will, according to plan, redeem currency-linked notes
(security code NO0010200025) at a price of 102.06.

The redemption price has been calculated on the basis of the trend in the two underlying
currency baskets below.

 Long basket:

Initial value

Closing value

 

(ECB fixing October 14, 2003)

(ECB fixing March 21, 2005)

 HUF/EUR:

255.48

247.15

 PLN/EUR:

4.5289

4.1267

 NOK/EUR:

8.2375

8.1400

 SEK/EUR:

8.9590

 9.1371

 Short basket:

 

 

 CZK/EUR:

32.105

30.144

 JPY/EUR:

127.79

139.09

 CHF/EUR:

1.5467

1.5516


Reference is also made to the prospectus dated September 25, 2003, for details on the calculation of the redemption price.

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