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KommuneKredit to redeemReverse Convertible Notes 

Original announcement entitled "As planned, KommuneKredit will redeem Reverse Convertible Notes linked to the Nokia shares".

June 17, 2002

Stock Exchange Announcement No 20/2002

On June 21, 2002, KommuneKredit will, as planned, redeem Reverse Convertible Notes (securities code DK000343633-5) linked to the Nokia shares at a price of 56.85.

As paying agent, Danske Bank has calculated the redemption price of the Notes on the basis of the closing price of the Nokia shares on the Helsinki Stock Exchange on October 25, 2001, which was €23.34 per share, and on June 14, 2002, which was €13.27 per share.