Series No. DDBO GTM 2903 Tranche No. 1 DANSKE BANK A/S EUR 5,000,000,000. Structured Note Programme. Issue of

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1 FINAL TERMS DATED 25 NOVEMBER 2016 Series No. DDBO GTM 2903 Tranche No. 1 DANSKE BANK A/S EUR 5,000,000,000 Structured Note Programme Issue of DDBO GTM 2903 Kredithybrid Brasilien, ISIN: SE Any person making or intending to make an offer of the Notes may only do so : (i) in those Non-exempt Offer Jurisdictions mentioned in Paragraph 9 (Terms and Conditions of the Offer) of Part B below, provided such person is of a kind specified in that paragraph and that the offer is made during the Offer Period specified in that paragraph; or (ii) otherwise, in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances. The expression Prospectus Directive means Directive 2003/71/EC as amended (which includes the amendments made by Directive 2010/73/EU to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area). PART A - CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 22 June 2016, the Supplement No. 1 dated 5 August 2016 and the Supplement No. 2 dated 4 November 2016 which together constitute a base prospectus (the Base Prospectus ) for the purposes of the Prospectus Directive. This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of this Final Terms and the Base Prospectus. A Summary of the Notes (which comprises the Summary in the Base Prospectus, as amended to reflect the provisions of this Final Terms), is annexed to this Final Terms. The Base Prospectus and this Final Terms is available for viewing at and copies may be obtained from the Central Bank of Ireland s website at 1. Issuer: Danske Bank A/S 2. (i) Series Number: DDBO GTM 2903 (ii) Tranche Number: 1 1

2 (iii) Date on which the Notes will be consolidated and form a single Series: 3. Specified Currency or Currencies: SEK 4. Aggregate Principal Amount: Up to SEK 200,000, Issue Price: per cent. of the Aggregate Principal Amount 6. (i) Specified Denominations: SEK 10,000 (ii) Amount: SEK 10, (i) Issue Date: 27 January 2017 (ii) Interest Commencement Date: (iii) Trade Date: 10 January Maturity Date: 20 January 2022 Scheduled Termination Notice Date: 20 December Interest Basis: the Notes do not bear or pay any interest 10. Redemption/Payment Basis: Equity-Linked Redemption Notes, Currency-Linked Redemption Notes and and Credit-Linked Redemption Notes (further particulars specified at items 34 and 36 below) 11. Put/Call Options: 12. Tax Gross-Up: General Condition 8.1 (Gross-up) applicable 13. Date of Board approval for issuance of Notes obtained: PROVISIONS RELATING TO REFERENCE ITEMS AND FX PRINCIPAL/OPTION CONVERSION 14. Rate-Linked Provisions 15. Inflation Linked Provisions 16. Index-Linked Provisions 17. Equity-Linked Provisions Applicable (i) Whether the Notes relate to a basket of equity securities or a single equity security, details Single Underlying Equity 2

3 relating to the Underling Equity /Equities, the identity of the relevant issuer(s) of the Underlying Equity/Equities, whether any such Underlying Equity is an ETF share and (if applicable) the relevant weightings: The Underlying Equity is as specified in the Table below The Underlying Equity is an ETF Share if so specified in the Table below The Equity Issuer of the Underlying Equity is the entity specified in the Table below W i, the weighting, for each Underlying Equity is as specified in the Table below (ii) Initial Price: As specified in the Table below (iii) Exchange(s): As specified in the Table below (iv) Related Exchange(s): As specified in the Table below (v) Valuation Time: As specified in the Table below (vi) Potential Adjustment Events: Applicable in respect of each Underlying Equity (vii) Extraordinary Events: Applicable in respect of each Underlying Equity (viii) Correction of Underlying Equity Prices: Correction Cut-Off Date: Correction of Underlying Equity Prices applies In relation to a Relevant Determination Date, two Business Days after such Relevant Determination Date TABLE i Underlying Equity ETF Share Equity Issuer Exchange Related Exchange Valuation Time Initial Price W i 1 EWZ UP Yes ishares MSCI Brazil Capped ETF NYSE Arca All Exchanges Scheduled Closing Time Not Applicable Fund-Linked Provisions 19. Currency-Linked Provisions Applicable in respect of FX Option Conversion only FX Option Conversion applies as specified in item 37 below and the provisions of Reference Item Schedule 7 (Currency-Linked Notes) shall apply for the determination of the OptionFX Rate (i) Whether the Notes relate to a basket of FX Rates or a single FX Rate, the identity of the Single FX Rate 3

4 relevant Currency Pair(s), Subject Currency/Currencies and Base Currency/Currencies and (if applicable) the relevant weightings: The Option FX Rate shall be determined by reference to the Single FX Rate described below The Currency Pairs, Subject Currencies and Base Currencies are as specified in the Table below (ii) Initial Price: (iii) Relevant FX Screen Page: As specified in the Table below (iv) Valuation Time: As specified in the Table below (v) Currency Business Day Centre(s): As specified in the Table below (vi) Reference Price: Cross-rate: Applicable The Reference Price is the quotient of (i) the EUR/SEK (as numerator) and (ii) EUR/USD (as denominator) TABLE i Cross-rate Relevant Currency Pairs comprising Cross-rate Subject Currency Base Currency Relevant Screen Page FX Valuation Time Currency Business Centre(s) Day 1 Applicable EUR/SEK SEK EUR Bloomberg Page WMCO 2 Applicable EUR/USD USD EUR Bloomberg Page WMCO 20. Commodity-Linked Provisions 21. Additional Disruption Events: Applicable (i) Change in Law: Applicable (ii) Hedging Disruption: Applicable (iii) Increased Cost of Hedging: Applicable 16:00 (London time) 16:00 (London time) London London (iv) Increased Cost of Stock Borrow: (v) Insolvency Filing: (vi) Loss of Stock Borrow: 22. Credit-Linked Provisions Applicable the Notes are Credit-Linked Notes (i) Settlement Method: Zero/Set Recovery Notes 4

5 (ii) Type of Credit-Linked Notes: The Notes are Portfolio Credit Linked Notes (iii) Tranching: Tranched (A) Attachment Point: 15% (B) Detachment Point: 35% (iv) Credit Event Redemption Amount: (v) Credit Event Redemption Date: (vi) Maturity Credit Event Redemption: As set out in Redemption Payout Condition 2.2 Reference Item Linked Condition 2.10 applies Applicable (vii) Reference Entity(ies): Each entity specified as a Reference Entity in the table below: Reference Entity Advanced Micro Devices Inc AK Steel Corp Alcatel-Lucent USA Inc Alcoa Inc. Ally Financial Inc American Axle & Manufacturing Amkor Technology Inc Avis Budget Group Inc Avon Products Inc Ball Corp Beazer Homes USA Inc Bombardier Inc Boyd Gaming Corp CalAtlantic Group Inc California Resources Corp Calpine Corp CCO Holdings LLC CenturyLink Inc Chesapeake Energy Corp CIT Group Inc TABLE Reference Entity Notional Amount Reference Set/Zero Recovery Price Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / 5

6 Communications Sales & Leasing Community Health Systems Inc CSC Holdings LLC DaVita HealthCare Partners Inc Dean Foods Company Dell Inc Deluxe Corp DISH DBS Corp Dynegy Inc Energy Transfer Equity LP Equinix Inc First Data Corp Freeport-McMoRan Inc. Frontier Communications Corp Genworth Holdings Inc HCA Inc HD Supply Inc iheartcommunications Inc istar Inc JC Penney Co Inc K Hovnanian Enterprises Inc KB Home L Brands Inc Lennar Corp Level 3 Communications Inc Liberty Interactive LLC M.D.C. Holdings, Inc. MBIA Insurance Corp Meritor Inc MGIC Investment Corp MGM Resorts International Navient Corp New Albertsons Inc NOVA Chemicals Corp NRG Energy Inc Olin Corp Owens-Illinois Inc Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / 6

7 Pactiv LLC Parker Drilling Co PolyOne Corp PulteGroup Inc RR Donnelley & Sons Co Radian Group Inc Realogy Group LLC Rite Aid Corp Royal Caribbean Cruises Ltd Sabine Pass Liquefaction LLC Safeway Inc Sanmina Corp Sealed Air Corp Sears Roebuck Acceptance Corp Springleaf Finance Corp Sprint Communications Inc SUPERVALU Inc Talen Energy Supply LLC Targa Resources Partners LP Teck Resources Ltd TEGNA Inc Tenet Healthcare Corp Tesoro Corp ADT Corp/The AES Corp/VA GAP, Inc., The Hertz Corp/The McClatchy Co/The Neiman Marcus Group LLC/The New York Times Co/The T-Mobile USA, Inc. Toys R Us Inc TransDigm Inc Transocean Inc Unisys Corp United Rentals North America I USA Steel Corp Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / Amount / 7

8 Universal Health Services Inc Valeant Pharmaceuticals Intern Weatherford International PLC Whiting Petroleum Corp Windstream Services LLC Yum! Brands Inc All Guarantees Credit Events: Amount / Amount / Amount / Amount / Amount / Amount / The following elections apply to each Reference Entity. Bankruptcy Failure to Pay Grace Period Extension Provisions relating to Restructuring Credit Event: Multiple Holder : Restructuring Maturity Limitation and Fully Transferable Modified Restructuring Maturity Limitation and Conditionally Transferable Category: Characteristics: Additional (s) Excluded (s): Valuation Category: (select one only) Valuation Characteristics: (select all which apply) Additional Valuation (s): Excluded Valuation (s): Reference Item Condition 2.11 Provisions relating to Reference Item Condition 2.12 Borrowed Money None Bond or Loan Not Subordinated Standard Specified Currencies Assignable Loan Consent Required Loan Transferable Maximum Maturity: 30 years Not Bearer (viii) Default Requirement: Reference Item Condition 2.10 applies (ix) Payment Requirement: Reference Item Condition 2.10 applies (x) Credit Event Determination Date: Notice of Publicly Available Information: Applicable Public Source(s): Specified Number: Any Public Source One (xi) Credit Event Backstop Date Adjustment: Applicable the Credit Exposure Start Date is 27 January 2017 (xii) Merger Event: Reference Item Condition 2.9 (xiii) Unwind Costs: (xiv) Provisions relating to Monoline Insurer as Reference Entity: Reference Item Condition 2.13 Applicable only in relation to MBIA Insurance Corporation 8

9 (xv) Provisions relating to LPN Reference Entities: Reference Item Condition 2.15 (xvi) Additional Interest Amount: (xvii) Fixed Recovery Percentage: 0.00 per cent. (xviii) Valuation Date: (xix) Valuation Time: (xx) Indicative Quotations: (xxi) Quotation Method: (xxii) Quotation Amount: (xxiii) Minimum Quotation Amount: (xxiv) Quotation Dealers: (xxv) Quotations: (xxvi) Valuation Method: (xxvii) Agent City: (xxviii) Business Day Convention: New York Following (xxix) Successor Backstop Date: Yes (xxx) Limitation Dates subject to adjustment in accordance with Business Day Convention: No (xxxi) Valuation Observation Settlement Period: (xxxii) Accrued Interest: (xxxiii) Settlement Currency: (xxxiv) Financial Entity Terms: Reference (xxxv) Sovereign No Asset Package Delivery: 9

10 (xxxvi) Reference Only Amount: Termination (xxxvii)subordinated European Insurance Terms: PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 23. FX Interest Conversion: 24. Fixed Rate Note Provisions 25. Variable Rate Note Provisions 26. Provisions for specific types of Variable Rate Notes 27. Reference Item-Linked Interest Provisions 28. Zero Coupon Note Provisions 29. Credit-Linked Interest Provisions PROVISIONS RELATING TO REDEMPTION 30. Call Option 31. Put Option 32. Early Redemption (i) (ii) Early redemption for tax reasons: Notice Period relating to early redemption for tax reasons: Applicable Minimum Period: 15 days Maximum Period: (iii) Early Redemption Amount payable (a) on redemption for taxation reasons or (b) on an illegality or (c) on an Event of Default or (d) in the case of Reference Item-Linked Notes, following an early redemption pursuant to the provisions of the As set out in the General Conditions 10

11 relevant Reference Item Schedule: (iv) Early Redemption Amount includes amount in respect of interest: 33. Autocall Early Redemption: 34. Final Redemption Amount Subject as provided in Redemption Payout Condition 2 (Redemption in respect of Credit-Linked Notes), the Final Redemption Amount shall be the Reference Item-Linked Redemption Amount as specified in item 36 below 35. FX Principal Conversion: 36. Reference Item-Linked Redemption Provisions (i) Final Redemption Amount: (ii) Provisions relating to Relevant Principal Amount: Applicable. The Notes are Equity-Linked Redemption Notes The Final Redemption Amount for the purposes of General Condition 6.1 (Scheduled redemption) is the Reference Item-Linked Redemption Amount, being the Call Redemption Amount (iii) Provisions relating to Nth Performance: (iv) Call Redemption Amount: Applicable: Redemption Payout Condition 4 (Call Redemption Amount) applies (A) Strike: % (B) (C) Participation Rate (PR): Performance Floor: INDICATIVELY 130% (to be determined by the Issuer no later than on the Issue Date, not lower than %) (D) FX Option Conversion: Applicable 37. Redemption Valuation Provisions (i) Initial valuation to determine Reference Item Initial i: Applicable Initial Valuation Date: 12 January 2017 Adjustment provisions: In the event of a Disrupted Day/Market Disruption Event: 11

12 Postponement applies (ii) Final Valuation to determine Reference Item Final i Final Averaging Dates: Applicable As set out in the table below: t Final Averaging Dates 1 20 December January February March April May June July August September October November December 2021 Adjustment provisions: In the event of a Disrupted Day/Market Disruption Event: Postponement applies (iii) Periodic Valuation: (iv) Continuous Valuation : (v) Determination of Bermudan Barrier Event / Bermudan Valuation: (vi) Daily Valuation: (vii) FX valuation: Applicable Principal FX Rate: 12

13 Option FX Rate: Applicable (A) (B) Initial valuation to determine Reference Item Initial i in respect of the Option FX Rate : Initial Valuation Date: Final Valuation to determine Reference Item Final i in respect of the Option FX Rate: Applicable/ 12 January 2017 Applicable Final Date: Valuation 21 December 2021 GENERAL PROVISIONS APPLICABLE TO THE NOTES 38. Form of Notes: VP Systems Notes issued in uncertificated and dematerialised book entry form. See further item 7 of Part B below 39. New Global Note form: 40. Applicable Business Centre(s): Stockholm and London 41. Business Day Convention: Following Business Day Convention 42. Applicable Financial Centre(s) or other special provisions relating to Payment Business Days: Stockholm 43. Notices to be published on: Talons for future Coupons to be attached to Definitive Notes: 45. Name and address of the Agent: No Danske Bank A/S, Holmens Kanal 2-12, 1092 Copenhagen K, Denmark THIRD PARTY INFORMATION Relevant third party information has been extracted from Bloomberg. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by Bloomberg, no facts have been omitted which would render the reproduced information inaccurate or misleading. 13

14 Signed on behalf of the Issuer: By: Duly authorised By: Duly authorised CC: Citibank, N.A., London Branch as Fiscal Agent 14

15 PART B - OTHER INFORMATION 1. Listing and Admission to Trading (i) Listing: Nasdaq Stockholm AB (ii) Admission to trading: Application has been made for the Notes to be admitted to trading on Nasdaq Stockholm AB with effect from the Issue Date (iii) Estimate of total expenses related to admission to trading: SEK 51,500 (iv) Market Making: Garantum Fondkommission AB Norrmalmstorg Stockholm Sweden 2. Interests of Natural and Legal Persons involved in the Issue/Offer Save as discussed in the Subscription and Sale section of the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer 3. Reasons for the Offer, Estimated Net Proceeds and Total Expenses (i) Reasons for the offer: As set out in the "Use of Procceds" in the Base Prospectus 4. Information relating to Reference Entities, explanation of effect on value of investment and associated risks and other information concerning the Reference Entities: The return on the Notes is linked to the credit risk and the financial obligations of the underlying Reference Entities (which shall include any Successors thereof). The creditworthiness of the Reference Entities may go down as well as up throughout the life of the Notes. Fluctuations in the credit spreads of the Reference Entities will affect the value of the Notes. Details of the past performance of the entities comprising the Markit CDX North America High Yield Index 5Y Series 27 Version 1, which determined the initial Reference Entities as mentioned in the Table hereto, can be found on the website address and more specifically under Products & Services and Indices. Information on the Index is available on Bloomberg information system (Bloomberg code: CDX HY CDSI S27 5Y PRC Corp). Specific information on an individual Reference Entity can be found on the official websites of such Reference Entity and in financial reports (if any) from credit rating agencies such as Fitch, Inc ( Standard & Poor s Financial Services LLC (a subsidiary of The McGraw- Hill Companies, Inc) ( or Moody s Investors Services ( published in relation to such Reference Entity. The Issuer intends to provide post-issuance information on 5. Performance of Underlying Equity, explanation of effect on value of investment and associated risks and other information concerning the Underlying Equity: 15

16 ishares MSCI Brazil Capped ETF is an exchange-traded fund in the USA. The ETF's objective is to provideinvestment results that correspond to the performance of the MSCI Brazil 25/50 Index. Information on volatility and past performance of about ISHARES MSCI BRAZIL CAPPED E can be obtained from Bloomberg or The Issuer intends to provide post-issuance information on 6. Performance of rate of exchange, explanation of effect on value of investment and associated risks and other information concerning the of rate of exchange: If the Call Performance is positive AND the US Dollar has appreciated in value versus the Swedish Krona as measured between the relevant valuation dates, then investors will have an additional gain compared to the case where OFX had not been applicable. Conversely, if the Call Performance is positive AND the US Dollar has depreciated in value versus the Swedish Krona as measured between the relevant valuation dates, then investors will profit less compared to the case where OFX had not been applicable. If the average value of the Reference Item on the final averaging dates is equal to or less than the value of the Reference Item on the initial valuation date (meaning that the Call Performance is zero), then any appreciation or depreciation of the US Dollar versus the Swedish Krona is irrelevant in relation to the return on the Notes" 7. Operational Information: ISIN Code: SE Common Code: New Global Note intended to be held in a manner which would allow Eurosystem eligibility: Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking S.A. and the relevant identification number(s): Euroclear Sweden, Euroclear Sweden identification number: The Issuer shall be entitled to obtain certain information from the register maintained by Euroclear Sweden for the purpose of performing its obligations under the issue of VP Systems Notes Delivery: Names and addresses of additional Paying Agent(s) (if any): Delivery against payment 8. Distribution (i) Name and address of Dealer: Danske Bank A/S Holmens Kanal Copenhagen K, Denmark 16

17 (ii) Total commission and concession: The Issue Price includes a structuring fee of approximately 1.20 per cent per annum in accordance to market situation on or about the start of the subscription period including but not limited to listing costs, hedging costs and any other costs arising or related to the administration of the Notes. Commission of up to 2.00 per cent. of the Aggregate Principal Amount. Commission is not included in the Issue Price. (iii) TEFRA Rules: (iv) Non-exempt Offer where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus: Applicable (v) Non-exempt Offer Jurisdictions: Sweden (vi) Offer Period: 25 November 2016 until 30 December 2016 (vii) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it: Garantum Fondkommission AB Norrmalmstorg Stockholm Sweden 9. Terms and Conditions of the Offer: Offer Price: Conditions to which the offer is subject: Issue Price The Issuer reserves the right to cancel, in the sole and absolute discretion of the issuer, the Issue of the Notes if (i) the Issuer receives subscriptions for Notes on an Aggregate Principal Amount of less than SEK , or (ii) the Issuer does not determine the participation Rate to be at least per cent. Further, the Issuer has the right to cancel the offer and the subsequent issue of the Notes if in the sole and absolute discretion of the Issue, during the Offer Period, there is a domestic or international material change in interest levels and/or the volatility in the underlying equities, an economic, financial, political or market related material change, which in the sole and absolute discretion of the Issuer makes the offering of Notes inexpedient. Description of the application process: During the Offer Period prospective investors may subscribe to the Notes during normal banking hours in Sweden by delivering a subscription form to Garantum Fondkommission no later than 30 December

18 Details of the minimum and/or maximum amount of application: Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Notes: The Notes may be subscribed in a minimum lot of one Note. There is no maximum amount of application. Notes will be issued to the Investors as per the arrangements in place between the relevant Authorised Offeror and such investor, including as to application process and settlement arrangements. The Issuer estimates that the Notes will be delivered to the purchaser's respective book-entry securities account(s) on or around the Issue Date. Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised: Whether tranche(s) have been reserved for certain countries: Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charged to the subscriber or purchaser: Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place: Name and address of the entities which have a firm commitment to act as intermediaries in secondary trading, providing liquidity through bid and offer rates and description of the main terms of their commitment: After the Offer Period the results of the offer will be specified in the applicable Final Terms that will be published on the homepage of Danske Bank on or about the Issue Date. / Subscription fee or purchases fees up to 2.00 per cent being specified that the Authorised Offeror can waive such fees. Garantum Fondkommission AB Norrmalmstorg Stockholm Sweden None 10. U.S. Federal Income Tax Considerations (i) The Notes are not Specified Notes for purposes of Section 871(m). 18

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20 SECTION A - SUMMARY Summaries are made up of disclosure requirements known as Elements. These Elements are numbered in Sections A E (A.1 E.7). This Summary contains all the Elements required to be included in a summary for the Notes and the Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in a summary because of the type of securities and issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable. Element Section A - Introduction and Warnings A.1 This summary should be read as an introduction to the Base Prospectus and the relevant Final Terms. Any decision to invest in any Notes should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the relevant Final Terms. Where a claim relating to information contained in the Base Prospectus and the relevant Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the relevant Final Terms before the legal proceedings are initiated. No civil liability will attach to the Issuer in any such Member State solely on the basis of this summary, including any translation hereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the relevant Final Terms or, following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not provide, when read together with the other parts of the Base Prospectus and the relevant Final Terms, key information (as defined in Article 2.1(s) of the Prospectus Directive) in order to aid investors when considering whether to invest in the Notes. A.2 The Notes may be offered in circumstances where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus (a Non-exempt Offer ). Consent: Subject to the conditions set out below, the Issuer consents to the use of this Base Prospectus in connection with a Non-exempt Offer of Notes by Garantum Fondkommission AB (the Authorised Offeror ). Offer period: The Issuer s consent referred to above is given for Non-exempt Offers of Notes from and including 25 November 2016 to and including 30 December 2016 (the Offer Period ). Conditions to consent: The conditions to the Issuer s consent are that such consent (a) is only valid during the Offer Period; and (b) only extends to the use of the Base Prospectus to make Non-exempt Offers of the relevant Tranche of Notes in Sweden.. AN INVESTOR INTENDING TO ACQUIRE OR ACQUIRING ANY NOTES IN A NON-EXEMPT OFFER FROM THE AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH NOTES TO AN INVESTOR BY THE 20

21 AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH ANY TERMS AND OTHER ARRANGEMENTS IN PLACE BETWEEN THE AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING AS TO PRICE, ALLOCATIONS AND SETTLEMENT ARRANGEMENTS. THE INVESTOR MUST LOOK TO THE AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER FOR THE PROVISION OF SUCH INFORMATION AND THE AUTHORISED OFFEROR WILL BE RESPONSIBLE FOR SUCH INFORMATION. Section B Issuer Element Title B.1 Legal and Commercial Name B.2 Domicile/ Legal Form/ Legislation/ Country of Incorporation Danske Bank A/S (the Issuer ) The Issuer was founded in Denmark and incorporated on 5 October The Issuer is a commercial bank with limited liability and carries on business under the Danish Financial Business Act. The Issuer is registered with the Danish Commerce and Companies Agency and the Danish corporate registration number is B.4b Known trends affecting the Issuer and the industries in which it operates - There are no known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the Issuer s prospects for its current financial year. B.5 Description of the Group The Issuer is the parent company of the Danske Bank Group (the Group ). The Issuer is a modern Nordic universal bank with bridges to the rest of the world. B.9 Profit forecast or estimate - No profit forecast or estimates have been made in the Base Prospectus. B.10 Qualifications to audit report - No qualifications are contained in any audit report incorporated by reference in the Base Prospectus. B.12 Selected historical key financial information (DKK million) Twelve months ended Danske Bank Group 31 December Twelve months ended 31 December Figures are taken from page 6 in the Danske Bank Group Annual Report The comparative figures for the year ended 31 December 2014 were restated. Element B.12 and note 2 in the Annual Report 2015 reflect the restatements for the year

22 Total income 44,201 44,000 Operating expenses 21,827 22,641 Goodwill impairment charges 4,601 9,099 Loan impairment charges 57 2,788 Profit before tax, core 17,716 9,472 Profit before tax, Non-core 46 (1,503) Profit before tax 17,762 7,969 Tax 4,639 4,020 Net profit for the period 13,123 3,948 Balance sheet: Loans 1,609,384 1,563,729 Trading portfolio assets 547, ,512 Assets in Non-core 24,236 32,329 Other assets 1,112,239 1,114,445 Total assets 3,292,878 3,453,015 Deposits 816, ,441 Bonds issued by Realkredit Danmark 694, ,965 Trading portfolio liabilities 471, ,629 Liabilities in Non-core 5,520 4,950 Other liabilities 1,144,116 1,325,647 Total liabilities 3,132,048 3,300,632 Additional tier 1 etc. 11,317 5,675 Shareholders equity 149, ,708 (DKK millions) First nine months ended Danske Bank Group 30 September First months ended nine 30 September 2015 Total income 35,057 34,023 Operating expenses 16,586 16,964 2 Figures are taken from page 3 in the Danske Bank Group Interim report first nine months The comparative figures for the period 1 January 30 September 2015 were restated. Element B.12 and note 1 in the Interim report first nine months 2016 reflect the restatements for the first nine months By virtue of the Prospectus Supplement No. 2 dated 4 November 2016, changes have been made in the section Selected historical key financial information to reflect the publication of the consolidated unaudited interim financial statements as at and for the first nine month period ended 30 September

23 Loan impairment charges Profit before tax, core 18,314 16,862 Profit before tax, Non-core 5 33 Profit before tax 18,318 16,895 Tax 4,050 3,808 Net profit for the period 14,268 13,0 87 Balance sheet: Loans 1,675,034 1,589,806 Trading portfolio assets 552, ,631 Assets in Non-core 20,844 29,094 Other assets 1,299,771 1,169,521 Total assets 3,548,569 3,348,051 Statement of no material adverse change Description of significant changes to financial or trading position B.13 Recent events materially relevant to an evaluation of the Issuer s solvency Deposits 872, ,608 Bonds issued by Realkredit Danmark 715, ,554 Trading portfolio liabilities 479, ,553 Liabilities in Non-core 3,549 9,225 Other liabilities 1,317,753 1,220,514 Total liabilities 3,388,303 3,186,454 Additional tier 1 etc. 11,461 11,497 Shareholders equity 148, ,101 There has been no material adverse change in the prospects of the Issuer since 31 December 2015, the last day of the financial period in respect of which the most recently audited financial statements of the Issuer have been prepared. There has been no significant change in the financial position of the Issuer or of the Issuer and its subsidiaries taken as a whole since 30 September 2016, the last day of the financial period in respect of which the most recent financial statements of the Issuer have been prepared 3. - There are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer s solvency. 3 By virtue of the Prospectus Supplement No. 2 dated 4 November 2016, the words 30 June 2016 have been deleted and the words 30 September 2016 are substituted therefore and changes have been made in the section Selected historical key financial information to reflect the publication of the consolidated unaudited interim financial statements as at and for the first nine month period ended 30 September

24 B.14 Dependence on other entities within the Group B.15 Principal activities B.16 Controlling shareholders B.17 Credit ratings assigned to the Issuer See Element B.5. The Issuer is not dependent on any other entities within the Group. The Group is the leading financial service provider in Denmark (Source: Finansrådet (Danish Bankers Association)) and one of the largest in the Nordic region measured by total assets as at 31 December The Group offers its customers in Denmark and in its other markets a broad range of services that, depending on the market, include services in banking, mortgage finance, insurance, trading, leasing, real estate agency and investment management. The Group has a leading market position in Denmark and is one of the larger banks in Northern Ireland and Finland. The Group also has significant operations in its other main markets of Sweden and Norway. The Issuer is not aware of any shareholder or group of connected shareholders who directly or indirectly control the Issuer. As at the date of the Base Prospectus, the Issuer has been rated by the following rating agencies: Moody s Investors Service Ltd. ( Moody s ), Standard & Poor s Credit Market Services Europe Limited ( S&P ) and Fitch Ratings Ltd ( Fitch ). The Issuer ratings are as follows: Moody s S&P Fitch senior unsubordinated long-term debt/long-term Issuer default rating senior unsubordinated short-term debt/short-term Issuer default rating A2 A A P-1 A-1 F1 Each of Moody s, S&P and Fitch is established in the European Union (the EU ) and is registered under Regulation (EC) No. 1060/2009 (as amended). A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. No ratings have been or are expected to be assigned to the Notes at the request of or with the co-operation of the Issuer in the rating process. Section C Notes Element Title C.1 Description of Notes/ISIN The Notes are Equity-Linked Redemption Notes, Currency-Linked Redemption Notes and Credit-Linked Redemption Notes. 24

25 The Series number is DDBO GTM The Tranche number is 1. The International Securities Identification Number (ISIN) is SE The Common Code is Euroclear Sweden identification number is The calculation amount ( CA ) is SEK 10,000. C.2 Currency The Notes are denominated in SEK and the specified currency for payments in respect of the Notes is SEK. C.5 Restrictions on the free transferability of the Notes Transfers of Notes may be effected only through the book entry system and register maintained by Euroclear Sweden. The Notes will be freely transferable, subject to the offering and selling restrictions of the United States, the European Economic Area, the United Kingdom, Denmark, Finland, Norway and Sweden and the laws of any jurisdiction in which the Notes are offered or sold. C.8 Rights attached to the Notes, including ranking and limitations on those rights The Notes have terms and conditions relating to, among other matters: Ranking The Notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and will rank pari passu without any preference among themselves and at least pari passu with all other ordinary, non-preferred, unsubordinated and unsecured obligations (including liabilities in respect of deposits) of the Issuer, present and future save for certain mandatory exceptions provided by law, including those required as a result of the Bank Recovery and Resolution Directive (Directive 2014/59/EU) as implemented into Danish law. Taxation The Issuer shall not be liable for or otherwise obliged to pay any taxes which may arise in respect of the Notes and all payments made by the Issuer shall be made subject to any such taxes. Negative pledge and cross default The terms of the Notes will not have the benefit of a negative pledge or a cross-default. Events of default The terms of the Notes will contain, amongst others, the following events of default: (i) default in payment of any principal or interest due in respect of the Notes, continuing for a period of 5 days after the date on which notice 25

26 has been given to the Issuer; (ii) default in the performance or observance of any other obligation of the Issuer under the Notes and such default remains unremedied for 30 days after notice requiring remedy has been given to the Issuer; (iii) a legal process is levied or enforced or sued out upon or against any part of the assets of the Issuer which is material in its effect upon the operation of the Issuer and is not discharged or stayed within 60 days of having been so levied, enforced or sued out, (iv) events relating to the bankruptcy of the Issuer; and (v) the Danish Financial Supervisory Authority files a petition for the suspension of payments of the Issuer. Meetings The terms of the Notes will contain provisions for calling meetings of holders to consider matters affecting their interests generally. These provisions permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manner contrary to the majority. Governing Law English law, except that the registration of the Notes in Euroclear Sweden AB shall be governed by Swedish law. C.9 Interest, Redemption and Representation : The Notes do not bear any interest. The nominal interest rate The date from which interest becomes payable and the due dates for interest Where the rate is not fixed, description of the underlying on which it is based C.10 Derivative component of the interest payment there is no derivative component in the interest payments. 26

27 C.11 Admission to trading Application has been made to Nasdaq Stockholm AB C.15 Description of how the value of the investment is affected by the value of the underlying instrument(s) The Notes are linked to the performance of the Reference Item specified in Element C.20 below adjusted to reflect changes in the specified exchange rate. The principal amount payable at maturity will be subject to a minimum redemption amount of 0.0 of the calculation amount, subject as provided below, and the Final Redemption Amount may be less than par. The Notes are also Credit-Linked Notes. Following the occurrence of a Credit Event in respect of a Reference Entity (being, a bankruptcy or a failure to pay in respect of the relevant Reference Entity or specified obligations thereof), the Notes will be redeemed by payment of the Credit Event Redemption Amount (determined as specified in Element C.18 below) on the Credit Event Redemption Date (determined as specified in Element C.18 below). See also Element C.18 below. C.16 Maturity date and final reference date The maturity date is 20 January C.17 Settlement procedure derivative securities of The Notes are cash settled Notes. C.18 Return on derivative securities The interest amounts (if any) and the redemption amount due at maturity are determined as follows: Interest The Notes do not bear any interest. Early redemption See Taxation and Events of Default in Element C.8 above and Disrupted Days, Market Disruption Events and Adjustments below for information on early redemption in relation to the Notes. In addition, if the Issuer determines that performance of its obligations under the Notes or that any arrangements made to hedge its obligations under the Notes has or will become illegal in whole or in part as a result of compliance with any applicable present or future law (an illegality ), the Issuer may redeem the Notes early and, if and to the extent permitted by applicable law, 27

28 will pay an amount equal to the early redemption amount in respect of each calculation amount. In the circumstances specified above, the early redemption amount payable on any such early redemption of the Notes will be an amount determined by the Agent which represents the fair market value of each calculation amount of the Notes on a day selected by the Issuer (in the case of an early redemption following an illegality, ignoring the relevant illegality), but adjusted (except in the case of an early redemption following an event of default) to account for losses, expenses and costs to the Issuer and/or its affiliates of unwinding any hedging and funding arrangements in respect of the Notes, provided that, for the purposes of determining the fair market value of each calculation amount of the Notes following an event of default, no account shall be taken of the financial condition of the Issuer which shall be presumed to be able to perform fully its obligations in respect of the Notes. Redemption at maturity Unless previously redeemed or purchased and cancelled, the Notes will be redeemed at their Final Redemption Amount on the Maturity Date. The maturity date is 20 January Subject as provided below under Redemption following the occurrence of a Credit Event, the Final Redemption Amount in respect of each calculation amount ( CA ) is linked to the performance of the Reference Item and shall be the Reference Item-Linked Redemption Amount (which shall not be less than zero) determined as set out below: The Reference Item-Linked Redemption Amount shall be the Call Redemption Amount determined by reference to the following formula: For the purposes of the above: Reference Item Amount means an amount determined by reference to the following formula: Where: RPA + Reference Item Amount CA x Max [Performance Floor, (PR x Call Performance)] x OFX Call Performance means the Performance of the Reference Item MINUS Strike FX Option Conversion : Applicable and OFX shall be the USD/SEK exchange rate determined by reference to the relevant cross-rate on the specified final FX valuation date DIVIDED BY initial rate of such exchange rate determined by reference to the relevant cross-rate on the initial valuation date, expressed as a percentage FX Principal Conversion :, PFX = 1 28

29 Performance means, in respect of the Reference Item and the specified final averaging dates, the average price of such Reference Item on such specified final averaging dates DIVIDED BY the highest initial price of such Reference Item on the initial valuation date, expressed as a percentage Relevant Principal Amount ( RPA ) mean the CA multiplied by % multiplied by PFX. Performance Floor = Zero PR = INDICATIVELY 130% (to be determined by the Issuer no later than on the Issue Date, not lower than %) Strike = % Valuation initial valuation date = 12 January 2017 (subject to postponement) final averaging dates = 20 December 2020, 20 January 2021, 20 February 2021, 20 March 2021, 20 April 2021, 20 May 2021, 20 June 2021, 20 July 2021, 20 August 2021, 20 September 2021, 20 October 2021, 20 November 2021 and 20 December 2021 (subject to postponement) FX Option Conversion: Applicable initial valuation date = 12 January 2017 (subject to postponement) final valuation date = 21 December 2021 (subject to postponement) Redemption following the occurrence of a Credit Event Notwithstanding the above provisions, if a credit event determination date has occurred in respect of any specified reference entity the Issuer will redeem the Notes, each Note being redeemed at the Credit Event Redemption Amount on the Credit Event Redemption Date. Credit Event Redemption Date means the later of (a) the day falling three Business Days following the date as of which a credit event determination date has occurred or is determined not to have occurred in respect of each reference entity which is relevant for the determination of the Credit Event Redemption amount and (b) the Maturity Date, subject to adjustment. 29

30 Credit Event Redemption Amount means in relation to each Amount equal to: Where: (CA [% - Aggregate Portfolio Loss]) - TUC] Aggregate Portfolio Loss means, in respect of a day, a percentage, floored at zero per cent. and capped at per cent., determined by the Agent by reference to the following formula calculated as of such day: LP AP DP AP ; ] AP is the Attachment Point, being 15%; DP is the Detachment Point, being 35%; LP means the Loss Percentage being, in respect of a day, a fraction expressed as a percentage, determined by the Agent by reference to the following formula calculated as of such day: 1, 1, /, +, 1 1 ; ] TUC means each Note s pro rata portion of the Unwind Costs; RENA is the Reference Entity Notional Amount, with RENA u,i being the Reference Entity Notional Amount in respect of any Reference Entity i for which a credit event determination date has not occurred and being deemed to be zero for all other Reference Entities and RENA A,i is the Reference Entity Notional Amount in respect of any Reference Entity i for which a credit event determination date has occurred and being deemed to be zero for all other Reference Entities; FP is 0.0, with FP A,i being such value in respect of the Reference Entity for which a credit event determination date has occurred; UC is SEK 0; and n is the number of Reference Entities. The Credit Event Redemption Amount shall not be less than zero 30

31 C.20 Underlying In respect of the "Redemption following the occurrence of a Credit Event" are the Reference Entitites are : Reference Entity Advanced Micro Devices Inc AK Steel Corp Alcatel-Lucent USA Inc Alcoa Inc. Ally Financial Inc American Axle & Manufacturing Amkor Technology Inc Avis Budget Group Inc Avon Products Inc Ball Corp Beazer Homes USA Inc Bombardier Inc Boyd Gaming Corp CalAtlantic Group Inc California Resources Corp Calpine Corp CCO Holdings LLC CenturyLink Inc Chesapeake Energy Corp CIT Group Inc Communications Sales & Leasing Community Health Systems Inc CSC Holdings LLC DaVita HealthCare Partners Inc Dean Foods Company Dell Inc Deluxe Corp DISH DBS Corp Dynegy Inc Energy Transfer Equity LP Equinix Inc Reference Entity Notional Amount Reference Set/Zero Recovery Price 31

32 First Data Corp Freeport-McMoRan Inc. Frontier Communications Corp Genworth Holdings Inc HCA Inc HD Supply Inc iheartcommunications Inc istar Inc JC Penney Co Inc K Hovnanian Enterprises Inc KB Home L Brands Inc Lennar Corp Level 3 Communications Inc Liberty Interactive LLC M.D.C. Holdings, Inc. MBIA Insurance Corp Meritor Inc MGIC Investment Corp MGM Resorts International Navient Corp New Albertsons Inc NOVA Chemicals Corp NRG Energy Inc Olin Corp Owens-Illinois Inc Pactiv LLC Parker Drilling Co PolyOne Corp PulteGroup Inc RR Donnelley & Sons Co Radian Group Inc Realogy Group LLC Rite Aid Corp Royal Caribbean Cruises Ltd Sabine Pass Liquefaction LLC Safeway Inc Sanmina Corp 32

33 Sealed Air Corp Sears Roebuck Acceptance Corp Springleaf Finance Corp Sprint Communications Inc SUPERVALU Inc Talen Energy Supply LLC Targa Resources Partners LP Teck Resources Ltd TEGNA Inc Tenet Healthcare Corp Tesoro Corp ADT Corp/The AES Corp/VA GAP, Inc., The Hertz Corp/The McClatchy Co/The Neiman Marcus Group LLC/The New York Times Co/The T-Mobile USA, Inc. Toys R Us Inc TransDigm Inc Transocean Inc Unisys Corp United Rentals North America I USA Steel Corp Universal Health Services Inc Valeant Pharmaceuticals Intern Weatherford International PLC Whiting Petroleum Corp Windstream Services LLC Yum! Brands Inc In respect of the Call Redemption Amount, the Reference Item specified under the heading Description of Reference Item in the Table below, being the type of Reference Item specified under the heading Classification in the Table below. Description of Reference Item Classification Electronic Page Weight 33

34 ishares Brazil ETF MSCI Capped Equity Security (which is an ETF Share) EWZ UP % In respect of FX Option Conversion the Reference Item specified under the heading Description of Reference Item in the Table below, being the type of Reference Item specified under the heading Classification in the Table below. Description Reference Item of Classification Electronic Page EUR/SEK FX Rate Bloomberg Page WMCO EUR/USD FX Rate Bloomberg Page WMCO Information relating to the Reference Entities/Items and the Currency Pair(s) comprising the Reference Item is available from internationally recognised published or electronically displayed sources such as Bloomberg and any web-site of each Reference Entity and from other internationally recognised published or electronically displayed sources. Section D Risks Element Title D.2 Key risks specific to the Issuer In purchasing Notes, investors assume the risk that the Issuer may become insolvent or otherwise be unable to make all payments due in respect of the Notes. There is a wide range of factors which individually or together could result in the Issuer becoming unable to make all payments due in respect of the Notes. It is not possible to identify all such factors or to determine which factors are most likely to occur, as the Issuer may not be aware of all relevant factors and certain factors which it currently deems not to be material may become material as a result of the occurrence of events outside the Issuer s control. The Issuer has identified in the Base Prospectus a number of factors which could materially adversely affect its business and ability to make payments due under the Notes. These factors include: the Group is exposed to a number of risks, the categories of which are credit risk, market risk, liquidity risk, operational risk, litigation and regulatory risk, insurance risk, pension risk and business risk; regulatory changes could materially affect the Issuer s business; the Issuer faces increased capital and liquidity requirements as a result of the Basel III Framework; the implementation of a bank recovery and resolution directive or the taking any action under it could materially affect the value of any Notes; 34