Company announcement No. 14

May 13, 2011

Company Announcement No 14/2011

Change in start value of share in DB Norden 11
Announcement of change in the start value of a share in the share basket underlying Danske Bank A/S’ notes designated “DB Norden 11”.

On June 29, 2009, Danske Bank A/S issued equity-linked notes related to a basket of 12 shares. The notes are designated “DB Norden 11” (ISIN DK0030171921).

The company Atlas Copco AB (Atlas Copco), whose shares are included in the underlying basket of shares, pays an extraordinary dividend of SEK 5 per share.

Consequently, Danske Bank as Calculation Agent has adjusted the start value of Atlas Copco AB (Atlas Copco) from 77.000000 to 74.749544, which equals 97.07733 per cent. of the previously announced start value of the share.

For further information about the notes, we refer to the Applicable Final Terms published on June 26, 2009, and July 3, 2009.

Danske Bank A/S

Peter Kjær Holm, Senior Vice President, tel. +45 45 12 84 85

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