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Danske Bank redeems equity-linked notes

December 29, 2003

Stock Exchange Announcement No 35/2003

On December 30, 2003, Danske Bank will, according to plan, redeem equity-linked notes (security code XS010184088-1) at par, corresponding to US$1,000 per note.

The notes are linked to increases in the Nikkei 225 index.

Danske Bank has calculated the redemption price of the notes on the basis of the following index values:

Strike price
October 7, 1999 18,136.55

Settlement price
September 16, 2003 10,887.03
October 16, 2003 11,025.15
November 14, 2003 10,167.06
December 16, 2003 10,271.60

The settlement price is calculated as the average of the above settlement prices and is therefore 10,587.71.