Adjustment of the initial
value of the Renewable
Energy Corp. AS share
Adjustment of the initial  value of the Renewable Energy Corp. AS share

July 14, 2009

Company Announcement No 20/2009

Adjustment of the initial value of the Renewable Energy Corp. AS share included in the share basket relating to Danske Bank A/S’s equity-linked notes designated “0% Danske Bank Klimateknologi 2011” (ISIN DK0030170600).

On June 8, 2009, Danske Bank A/S issued notes linked to a basket of nine climate tech-nology shares. The notes are designated “0% Danske Bank Klimateknologi 2011” (ISIN DK0030170600).

Words and expressions defined in the Applicable Final Terms dated June 4, 2009, have the same meaning in this announcement.

The company Renewable Energy Corp. AS has issued new shares with pre-emption rights for existing shareholders in the ratio of one new share for each 2.9 existing shares at a sub-scription price of NOK 26.50 for each new share. As the Renewable Energy Corp. AS share is included in the underlying share basket, Dansk Bank A/S has, as calculation agent, adjusted the initial value of the share from 59.5 to 51.6714065, corresponding to 86.8427% of the previously announced initial value.

For further information about the issue, we refer to the Applicable Final Terms, which together with the Base Prospectus contain the terms and conditions for the notes. The Applicable Final Terms are available on NASDAQ OMX Copenhagen A/S’s website.


Danske Bank A/S