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Kommuninvest equity index-linkednotes subscription completed

Original announcement entitled "Danske Bank has completed the subscription for three equity index-linked notes for Kommuninvest".

March 19, 2003

Stock Exchange Announcement No. 7/2003
The redemption price of all three tranches is based on the trend in Dow Jones Global Titans 50. The notes do not have any coupon. The issue price for tranche 2 is 100. For tranches 1 and 3 the issue price is 105. Regardless of the trend in the underlying share index, the notes of tranches 1 and 2 will be redeemed on expiry on March 27, 2006 at a minimum price of 100. The notes of tranche 3 will be redeemed at a minimum price of 90.

In tranche 1 (securities code DK000344230-9), Kommuninvest will issue nom. EUR 4,174,700, corresponding to the subscription amount. In accordance with the prospectus, “participation” has been fixed at 60.85%. There is no upper limit on the redemption price.

In tranche 2 (securities code NO0010177496), Kommuninvest will issue nom. NOK 373,342,000, corresponding to the subscription amount. In accordance with the prospectus, the upper limit has been fixed at 37.5%. “Participation” in increases is 100%.

In tranche 3 (securities code NO0010177546), Kommuninvest will issue nom. NOK 54,441,000, corresponding to the subscription amount. In accordance with the prospectus, the upper limit has been fixed at 86%. “Participation” in increases and decreases is 150%.

The notes will be listed on the Copenhagen Stock Exchange as from March 20, 2003. Tranche 1 will be registered with the Danish VP Securities Services, while tranches 2 and 3 will be registered with the Norwegian central securities registry.