“0 % Danske Bank
Infrastruktur 2011” initial value

June 2, 2009

Company Announcement No 14/2009

Adjustment of the initial value of the Vossloh AG share included in the share basket re-lating to Danske Bank A/S’s equity-linked notes designated “0 % Danske Bank Infra-struktur 2011” (ISIN DK0030165790)

On April 2, 2009, Danske Bank A/S issued notes linked to a basket of shares in 14 companies involved in infrastructure activities. The notes are designated “0 % Danske Bank Infrastruktur 2011” (ISIN DK0030165790).

Defined words and expressions in the published Applicable Final Terms dated April 1, 2009, have the same meaning in this announcement.

As a consequence of an extraordinary dividend payment made by Vossloh AG on May 20, 2009, Danske Bank A/S has, as calculation agent, adjusted the initial value of the Vossloh AG share in the basket from originally 76.3180 to 75.4540.

For further information about the issue, we refer to the published Applicable Final Terms, which together with the Base Prospectus contain the terms and conditions for the notes. The Applicable Final Terms are available on NASDAQ OMX Copenhagen A/S’s website.

Yours faithfully,

Danske Bank A/S

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