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KommuneKredit redeems equity index-linked notes

March 18, 2003

Stock Exchange Announcement No. 6/2003

On March 24, 2003, KommuneKredit will, as planned, redeem equity index-linked notes (securities code DK000343137-7) linked to the S&P-500 share index at a price of 122.24.

Danske Bank has calculated the redemption price of the notes on the basis of the closing price of the S&P-500 share index on March 14, 2003, which was 833.27, and the opening level of the index, which was 1,501.19.

The notes have a coupon of 2% p.a. and are indexed upwards by 50% of the fall in the S&P-500 index.