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Equity index-linked notes based on Dow Jones Global Titans 50

Original announcement entitled "Danske Bank offers equity index-linked notes based on
Dow Jones Global Titans 50".

November 5, 2003

Stock Exchange Announcement No. 29/2003
In the period from 17 November through 5 December 2003, Danske Bank will offer equity index-linked notes issued by Kommuninvest in Sweden.

The notes have no coupon and will be redeemed at maturity at a price reflecting the trend in the underlying Dow Jones Global Titans 50 share index.

The notes will be issued in two variations, both of which will be denominated in Swedish kronor. The first type is called "Basal". The issue price is 103, free delivery. The participation rate of the notes in share-index increases will be at least 100%. The upper limit of the redemption price is 130. If a participation rate of at least 100% is unattainable, or if the notes subscribed for reach a total of less than nom. SKr25m, the issue of "Basal" will be cancelled.

The other series is called "Offensiv". The issue price is 105, free delivery. The participation rate of the notes in share-index increases and falls will be at least 150%. However, the notes cannot be redeemed at a price below 90, and the upper limit of the redemption price is 150. If a participation rate of at least 150% is unattainable, or if the notes subscribed for reach a total of less than nom. SKr25m, the issue of "Offensiv" will be cancelled.

The final participation rates of both notes will be fixed on 9 December 2003 at the latest.

The notes will expire on 11 December 2006. They will be quoted on the Copenhagen Stock Exchange A/S for the first time on 10 December 2003, and registered in the Danish VP Securities Services.

Kommuninvest has a rating of Aaa with Moody’s Investor Services Inc., the same rating as assigned to both Kingdom of Sweden and Kingdom of Denmark.

A printed prospectus with further information on the note issue will be available from Danske Bank from 14 November 2003.