Danske Bank issues Subordinated
Capital for DKK 5.5 billion

December 8, 2006

Stock Exchange Announcement No 22/2006
With reference to the Stock Exchange Announcement dated 9 November 2006, Danske Bank has decided to issue Hybrid Tier 1 Capital Notes as part of the financing of the acquisition of Sampo Bank.

The Issue is in the amount of GBP 500 million and will be perpetual and subordinated to all ordinary creditors and supplementary capital, senior only to the share capital.

The interest rate on the Notes has been fixed at 5.6838 per cent. p.a. for the period from 15 December 2006 to 15 February 2017. Interest will be payable annually on 15 February. However, there will be a short first coupon for the period from 15 December 2006 to 15 February 2007. The issue price is fixed at 100 per cent.

From 15 February 2017, the coupon will be set at three-month GBP-LIBOR plus a margin of 1.70 per cent. The Bank will have the option to call the Capital Notes at their outstanding principal amount on the said date or any subsequent interest payment date.

The issue is documented under the Bank’s Euro Medium Term Note Programme and will be listed on the Luxembourg Stock Exchange.

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