Jyske Bank — Capital/Financing Update 2014

Oct 15, 2014

Final Terms dated 10 October 2014

Jyske Bank A/S

Issue of SEK 200,000,000 Floating Rate Notes due October 2018

under the U.S.\$8,000,000,000

Euro Medium Term Note Programme

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 Prospectus dated 28 May 2014 and the supplemental Prospectus dated 19 August 2014 which together constitute a base prospectus for the purposes of the Directive 2003/71/EC, as amended (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 Prospectus as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus as so supplemented. The Prospectus and the supplemental Prospectus are available for viewing at website of the London Stock Exchange http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html and during normal business hours copies may be obtained from Jyske Bank A/S, Vestergade 8-16, DK-8600 Silkeborg, Denmark.

1	Issuer:		Jyske Bank A/S
2	(i)	Series Number:	174
	(ii)	Tranche Number:	1
		(iii) Date on which the Notes become fungible	Not Applicable
3		Specified Currency or Currencies:	Swedish Kronor ("SEK")
4		Aggregate Nominal Amount:
	(i)	Series:	SEK 200,000,000
	(ii)	Tranche:	SEK 200,000,000
5.		Issue Price:	100.00 per cent. of the Aggregate Nominal Amount
6	(i)	Specified Denominations:	SEK 1,000,000
	(ii)	Calculation Amount:	SEK 1,000,000
7	(i)	Issue Date:	15 October 2014
	(ii)	Interest Commencement Date:	Issue Date
8		Maturity Date:	Interest Payment Date falling in or nearest to October 2018
9		Interest Basis:	3 month STIBOR $+0.50$ per cent. Floating Rate (see paragraph 15 below)

10.	Redemption Basis.	Subject to any purchase and cancellation or early redemption, the Notes will each be redeemed on the Maturity Date at 100 per cent. of their nominal amount
11	Change of Interest Basis:	Not Applicable
12	Put/Call Options:	Not Applicable
13	Status of the Notes:	Senior

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14		Fixed Rate Note Provisions	Not Applicable
15	Floating Rate Note Provisions		Applicable
	(i)	Interest Period(s):	Each Interest Period shall be the period from (and including) a Specified Interest Payment Date to (but excluding) the next Specified Interest Payment Date, provided that the first Interest Period shall commence on (and include) the Interest Commencement Date and the last Interest Period shall end on (but exclude) the Maturity Date, subject to adjustment in accordance with the Business Day Convention set out in (v) below
	(ii)	Specified Interest Payment Dates:	15 January, 15 April, 15 July and 15 October in each year, subject to adjustment in accordance with the Business Day Convention set out in (v) below
		(iii) First Interest Payment Date:	15 January 2015
		(iv) Interest Period Date:	Not Applicable
	(v)	Business Day Convention:	Modified Following Business Day Convention
		(vi) Business Centre(s):	Stockholm and TARGET
		(vii) Manner in which the Rate(s) of Interest is/are to be determined:	Screen Rate Determination
		(viii) Party responsible for calculating the Rate(s) of Interest and Interest Amount(s) (if not the Calculation Agent):	Not Applicable
		(ix) Screen Rate Determination:
		Reference Rate:	3 month STIBOR
		Interest Determination Date(s):	The second Stockholm business day prior to the start of each Interest Period
		Relevant Screen Page	Reuters page "SIOR"
	(x)	ISDA Determination:	Not Applicable
		(xi) Linear Interpolation:	Not Applicable
		(xii) Margin(s):	$+0.50$ per cent. per annum

	(xiii) Minimum Rate of Interest:	Not Applicable
	(xiv) Maximum Rate of Interest:	Not Applicable
	(xv) Day Count Fraction:	Actual/360
16	Zero Coupon Note Provisions	Not Applicable
	PROVISIONS RELATING TO REDEMPTION
17	Call Option	Not Applicable
18	Put Option	Not Applicable
19	Final Redemption Amount of each Note	SEK 1,000,000 per Calculation Amount
20	Early Redemption Amount	SEK 1,000,000 per Calculation Amount
	Early Redemption Amount(s) of each Note payable on redemption for taxation reasons or on event of default or other early

GENERAL PROVISIONS APPLICABLE TO THE NOTES

21	Form of Notes:	Bearer Notes:
		Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note
22.	New Global Note:	No
23	Financial Centre(s):	Stockholm and TARGET
24	Talons for future Coupons to be attached to Definitive Notes:	No.
25.	Redenomination, renominalisation and reconventioning provisions:	Not Applicable

26 U.S. Selling Restrictions:

Reg S Compliance Category 2; TEFRA D

$\, {\bf B}$

Signed on behalf of Jyske Bank A/S: $/0$ / $/0$ - 2014

redemption:

.1B0384 pdad By: $\dots$ $\overline{\dots}$

Steen Nøhr Nygaard Duly authorised

$\mathbf{L}$

. . . . . . . .

sa mergaana sa sa sa sanan mara sa tari masara ni ni mini na minarsa na a misara ni ni masara na mambang

Merete Poller Novak

PART B - OTHER INFORMATION

$\mathbf{1}$ LISTING

$\overline{2}$

(i)	Listing:	London
(ii)	Admission to trading:	Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on London Stock Exchange with effect from 15 October 2014.
(iii)	Estimated total expenses related to admission to trading:	GBP 300
RATINGS
Ratings:		The Issuer has been rated:
		Standard & Poor's: A-

Standard & Poor's is established in the EU and registered under Regulation (EC) No 1060/2009, as amended, (the "CRA Regulation")

$\overline{\mathbf{3}}$ INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER

Save as discussed in "Subscription and Sale", so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

Floating Rate Notes only - HISTORIC INTEREST RATES $\overline{\mathbf{4}}$

Details of historic STIBOR rates can be obtained from Reuters.

OPERATIONAL INFORMATION 5

ISIN Code:	XS1121974940
Common Code:	112197494
Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the relevant identification $number(s)$ :	Not Applicable
Delivery:	Delivery against payment
Names and addresses of additional Paying $Agent(s)$ (if any):	Not Applicable