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Issuance of 2% bond loans for Danmarks Skibskreditfond

Original announcement entitled "Danske Bank has arranged issuance of 2% bond loans for Danmarks Skibskreditfond".

November 20, 2003

Stock Exchange Announcement
Danske Bank has arranged the issuance of DKK 2 billion in the 2% bond series issued by Danmarks Skibskreditfond.

Since the minimum coupon lowering with effect from July 1, 2003, Danske Bank
has arranged issuances of bonds totalling over DKK 4 billion.

The bonds are acquired by Danske Bank and will be resold at the current market price.

The bonds are quoted on the Copenhagen Stock Exchange and registered at VP Securities Services.