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Kommuninvest redeems Reverse Convertible Notes 

Original announcement entitled "Kommuninvest redeems Reverse Convertible Notes linked to the GN Store Nord shares as planned".

August 22, 2002

Stock Exchange announcement No. 25/2002

On August 28, 2002, Kommuninvest in Sweden will, as planned, redeem three per cent of the Reverse Convertible Notes (securities code DK000343854-7) linked to the GN Store Nord shares at a price of 49.26.

As paying agent, Danske Bank has calculated the redemption price of the Notes on the basis of the closing price of the GN Store Nord shares on the Copenhagen Stock Exchange on December 21, 2001, which was 47.50 per share, and on August 21, 2002, which was 23.40 per share.