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Danske Bank to issue bonds denominated in US dollars

June 8, 2004

Stock Exchange Announcement No 12/2004

Danske Bank will issue bonds in the amount of $750 million (DKr4,525 million) in an issue primarily targeted at the domestic US market. The bonds, which are perpetual, are issued as hybrid Tier 1 capital ranking junior to supplementary capital and forming part of the core capital.

The coupon for the period from June 15, 2004, until June 16, 2014, has been fixed at 5.914% p.a. with semi-annual interest payments. The issuing price has been fixed at 100%.

As of June 16, 2014, the bonds will carry a variable rate of interest fixed at the three-month USD-LIBOR plus a margin of 1.66% p.a. In connection with this change, Danske Bank has the option to call the issue at par.

The bonds will be listed on the Luxembourg Stock Exchange.

As announced in the annual report for 2003, the loan is raised in connection with the adjustment of Danske Bank’s capital structure.