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Danske Bank issues notes

Company Announcement No 1 / 2011
Danske Bank has decided to issue notes linked to a basket of 10 Nordic shares. The notes are designated "DB Norden 2015" (ISIN DK0030271630).

The subscription period runs from January 20 to February 18, 2011 (both days included). The issuer may close the subscription before 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 110 and will be redeemed at a price reflecting the performance of the basket of shares. The notes will not be redeemed at a price below 100 or a price higher than 170 based on a cap of 65% of the initial level of the basket of shares. The indicative cap of 65% can be higher depending on the market conditions. The final cap will be fixed on February 22, 2011, 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 50%, the issue will be cancelled. If the total subscription amount is lower than DKK 30,000,000.00, 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 February 25, 2011, and will mature on February 25, 2015. 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 February 25, 2011.

For further information about this issue, we refer to the ”Preliminary Final Terms” published through GlobeNewswire on January 19, 2011.

Yours faithfully,
Danske Bank A/S

Contact persons:
Senior Executive Vice President Steen Blaafalk, phone +45 45 14 63 60
Senior Vice President Peter Holm, phone +45 45 12 84 85