| Company announcement | Group Communications Holmens Kanal 2 -12 DK-1092 København K Tel. +45 45 14 56 95 07 October 2019 |
Notice regarding early termination
We refer to the Danske Bank A/S Warrant and Certificate Programme Base Prospectus dated 18 June 2018 and the supplements thereto dated 24 July 2018, 3 October 2018, 9 October 2018, 19 October 2018, 9 November 2018, 12 December 2018, 18 January 2019 and 26 February 2019)
This is a Termination Notice pursuant to Condition 5 (Exercise, Early Termination and Settlement) of the Conditions with respect to each Series of Securities set out in the Table below (the "In-Scope Securities"). Any position in any of the securities below by close of trading on the Final Reference Date will be redeemed at the unit value.
TABLE
| Short name for the certificate | ISIN | Reference item | Reference item ISIN |
| BULL COLO X2 DB | DK0060641405 | COLOB | DK0060448595 |
| BEAR COLO X2 DB | DK0060641595 | COLOB | DK0060448595 |
| BULL CHRH X2 DB | DK0060641678 | CHR | DK0060227585 |
| BEAR CHRH X2 DB | DK0060641751 | CHR | DK0060227585 |
| BULL ISS X2 DB | DK0060641835 | ISS | DK0060542181 |
| BEAR ISS X2 DB | DK0060641918 | ISS | DK0060542181 |
| BULL CARL X2 DB | DK0060603587 | CARLB | DK0010181759 |
| BEAR CARL X2 DB | DK0060603660 | CARLB | DK0010181759 |
| BULL DSV X2 DB | DK0060603744 | DSV | DK0060079531 |
| BEAR DSV X2 DB | DK0060603827 | DSV | DK0060079531 |
| BULL FLS X2 DB | DK0060603900 | FLS | DK0010234467 |
| BEAR FLS X2 DB | DK0060604049 | FLS | DK0010234467 |
| BULL NOVO X2 DB | DK0060604122 | NOVOB | DK0060534915 |
| BEAR NOVO X2 DB | DK0060604205 | NOVOB | DK0060534915 |
| BULL NZYM X2 DB | DK0060604395 | NZYMB | DK0060336014 |
| BEAR NZYM X2 DB | DK0060604478 | NZYMB | DK0060336014 |
| BULL PAND X2 DB | DK0060604551 | PNDORA | DK0060252690 |
| BEAR PAND X2 DB | DK0060604635 | PNDORA | DK0060252690 |
| BULL VWS X2 DB | DK0060604718 | VWS | DK0010268606 |
| BEAR VWS X2 DB | DK0060604981 | VWS | DK0010268606 |
| BULL GEN X2 DB | DK0060750370 | GEN | DK0010272202 |
| BEAR GEN X2 DB | DK0060750453 | GEN | DK0010272202 |
The following Final Reference Date, Record Date, Scheduled Expiration Date and Scheduled Cash Settlement Date shall apply to all In-Scope Securities.
| Final Reference Date | 05 November 2019 |
| Record Date | 07 November 2019 |
| Scheduled Expiration Date | 05 November 2019 |
| Scheduled Cash Settlement Date | 15 November 2019 |
Yours faithfully
Danske Bank A/S
Contact:
Equity Trading, Markus Drott, tel. +45 45 14 39 19