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Danske Bank issues commodity-linked notes

Company Announcement No 7/2010

Dansk Bank issues notes linked to a commodity index

Danske Bank has decided to issue notes linked to the DJ-UBS Commodity Index. The notes are designated "DB Råvarer 2013 Offensiv" (ISIN DK0030240320).

The subscription period runs from April 12 to 29, 2010 (both days included). The issuer may cancel the subscription before the expiry of the subscription period.

The notes are denominated in Danish kroner and do not pay any coupon.

The notes will be issued at a price of 105 and will be redeemed at a price reflecting the performance of the DJ-UBS Commodity Index. The notes will not be redeemed at a price below 80 or a price higher than indicatively 170 at a cap of 70% of the initial level of the DJ-UBS Commodity Index. The indicative cap is 70% but can be higher depending on the market conditions. The final cap will be fixed on May 6, 2010, at the latest, on the basis of market conditions. The Applicable Final Terms will specify the final cap. If the cap cannot be fixed at a value of at least 65%, the issue will be cancelled. If the total subscription amount is lower than DKK 25,000,000.00, the issuer reserves the right to cancel the issue.

The notes will be issued under Danske Bank’s EUR 5,000,000,000 Structured Note Programme dated March 31, 2010.

The notes will be issued on May 10, 2010, and will mature on May 13, 2013. The notes will be registered with VP Securities A/S, and Danske Bank will file an application for the notes to be listed on NASDAQ OMX Copenhagen A/S as of May 10, 2010.

For further information about this issue, we refer to the Preliminary Final Terms published through GlobeNewswire on April 9, 2010.

Yours faithfully,
Danske Bank A/S

Contact persons:
Senior Vice President Peter Kjær Holm, phone +45 45128485
Senior Vice President Cato Baldvinsson, phone +45 45128410