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Start level of Kommuninvest equityindex–linked notes: 148.485

Original announcement entitled "Start level of equity index–linked notes issued by Kommuninvest: 148.485".

March 26, 2003

Stock Exchange Announcement No. 9/2003

Danske Bank has fixed the opening level of the equity index related to the following three equity index–linked notes issued by Kommuninvest in Sweden:

Tranche 1:
Securities code DK000344230-9, nom. EUR 4,174,700

Tranche 2:
Securities code NO0010177496, nom. NOK 373,342,000

Tranche 3:
Securities code NO0010177546, nom. NOK 54,441,000

The redemption price of all three tranches are linked to the Dow Jones Global Titans 50, and the opening level, as stipulated in the prospectus, has been set as the average of the following closing levels for the index:

20 March 2003: 147.88
21 March 2003: 151.48
24 March 2003: 146.55
24 March 2003: 148.03

In accordance with the prospectus, the opening level of the three notes has been set as the average of the four quotations above: 148.485.