Change in start value of share
in DB Klimatek 11

May 20, 2010

Company Announcement No 15/2010

Announcement of change in the start value of a share in the underlying basket of Danske Bank A/S notes related to a basket of nine shares (DB Klimatek 11 – ISIN 0030170600).

On June 8, 2009 Danske Bank A/S issued equity-linked notes related to a basket of nine shares. The notes are designated "DB Klimatek 11" (ISIN 0030170600).

The company Renewable Energy Corp AS, which is included in the underlying basket of shares, has issued new shares with subscription rights for existing shareholders in the amount of one new share per two existing shares at an issue price of NOK 12.10 per new share.

Consequently, Danske Bank as Calculation Agent has adjusted the start value of Renewable Energy Corp AS from 51.6714065 to 43.3198056, equalling 83.837094% of the previously announced start value.

For further information about the notes, we refer to the Applicable Final Terms published on the NASDAQ OMX Copenhagen A/S website on June 4, 2009.

Danske Bank A/S

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Cato Baldvinsson, Senior Vice President, tel.: +45 45 12 84 10
Peter Kjær Holm, Senior Vice President, tel.: +45 12 84 85

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