Change in start value of share in DB Norden 11

Company Announcement No 16/2010

Change in start value of share in DB Norden 11

Announcement of change in the start value of a share in the share basket
underlying Danske Bank A/S's notes designated "DB Norden 11".

On June 29, 2009, Danske Bank A/S issued equity-linked notes related to a
basket of 12 shares. The notes are designated "DB Norden 11" (ISIN 0030171921).

The company Hennes & Mauritz AB (H&M), whose shares are included in the
underlying basket of shares, has made a 2-for-1 stock split.

Consequently, Danske Bank as Calculation Agent has adjusted the start value of
Hennes & Mauritz AB (H&M) from 386.60 to 193.30, equalling 50% of the
previously announced start value.

For further information about the notes, we refer to the Applicable Final Terms
published on June 26, 2009, and July 3, 2009.

Danske Bank A/S

Contact persons:
Cato Baldvinsson, Senior Vice President, tel.: +45 45 12 84 10