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Start level of equity-linked notes issued by KommuneKredit

March 19, 2002

Stock Exchange Announcement No 10/2002
Danske Bank has fixed the start level of the equity indices related to two equity-linked notes issued by KommuneKredit.

The first note is linked to the S&P 500® index (referred to as KommuneKredit USA, securities code DK000343641-8). The start level of the S&P 500® for this series has been fixed at 1,130.53 pursuant to the terms of the prospectus.

The other note is linked to the Dow Jones EURO STOXX 50SM, S&P 500® and Nikkei 225 indices (referred to as KommuneKredit TRIO, securities code DK000343668-1). Pursuant to the terms of the prospectus, the start levels of these indices have been fixed at:

S&P 500® : 1,130.53
Dow Jones EURO STOXX 50SM 3,642.50
Nikkei-225: 10,449.27