Jyske Bank — Capital/Financing Update 2015

Oct 21, 2015

Final Terms dated 21 October 2015

Jyske Bank A/S

Issue of EUR 100,000,000 Putable Floating Rate Notes due October 2017

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 12 May 2015 and the supplemental Prospectus dated 27 August 2015 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 website viewing at 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:	184
	(i)	Tranche Number:	1
	(iii)	Date on which the Notes become fungible	Not Applicable
3		Specified Currency or Currencies:	Euro ("EUR")
4	Aggregate Nominal Amount:
	(i)	Series:	EUR 100,000,000
	(ii)	Tranche:	EUR 100,000,000
5		Issue Price:	100.00 per cent. of the Aggregate Nominal Amount
6	(i)	Specified Denominations:	EUR 100,000
	(i)	Calculation Amount:	EUR 100,000
7	(i)	Issue Date:	23 October 2015
	(ii)	Interest Commencement Date:	Issue Date
8		Maturity Date:	Specified Interest Payment Date falling in or nearest to October 2017

9	Interest Basis:	3 month EURIBOR + Margin per cent. Floating Rate
		(see paragraph 16 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.	Investor Put
		(see paragraph 19 below)
13	Status of the Notes:	Senior
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14	Fixed Rate Note Provisions	Not Applicable
15	Fixed Rate Reset Note Provisions	Not Applicable
16	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 and include the on 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
	Specified Interest Payment Dates: (i)	23 January, 23 April, 23 July and 23 October in each year, subject to adjustment in accordance with the Business Day Convention set out in $(v)$ below
	First Interest Payment Date: (iii)	25 January 2016
	Interest Period Date: (IV).	Not Applicable
	Business Day Convention: (V)	Modified Following Business Day Convention
	(vi) Business Centre(s):	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
	Screen Rate Determination: (ix)

• Reference Rate:
• Interest Determination $Date(s)$ :
• Relevant Screen Page
• (x) ISDA Determination:
• (xi) Linear Interpolation:
• (xii) Margin(s):

3 month EURIBOR

Two TARGET Business Days prior to the start of each Interest Period

Reuters Page EURIBOR01

Not Applicable

Not Applicable

• 0.23 per cent. per annum in respect of the Interest Periods from and including the Interest Commencement Date to but excluding the Specified Interest Payment Date falling in or nearest to 23 October 2016.

• 0.30 per cent. per annum in respect of the Interest Periods from and including the Specified Interest Payment Date falling in or nearest to 23 October 2016 to but excluding the Specified Interest Payment Date falling in or nearest to 23 April 2017.

• 0.37 per cent. per annum in respect of the Interest Periods from and including the Specified Interest Payment Date falling in or nearest to 23 April 2017 to but excluding the Maturity Date

• (xiii) Minimum Rate of Interest: (xiv) Maximum Rate of Interest:

• (xv) Day Count Fraction:

17 Zero Coupon Note Provisions

Not Applicable

Actual/360

Not Applicable

Not Applicable

PROVISIONS RELATING TO REDEMPTION

• 18 Call Option
• 19 Put Option
• Optional Redemption Date(s): $(i)$

Not Applicable

Applicable

The Noteholder has the right to put the Notes wholly or partially as a multiple of the Specified Denomination, back to the Issuer on the Specified Interest Payment Date falling in or nearest to 23 October 2016 and on the Specified Interest Payment Date falling in or nearest to 23 April 2017, in each case subject to the Modified Following Business Day Convention and subject to the Noteholders' Notice Period.

(ii) Optional Redemption Amount(s) of EUR 100,000 per Calculation Amount each Note:

	(iii) Notice period:	35 calendar days before the Optional Redemption Dates
20.	Final Redemption Amount of each Note	EUR 100,000 per Calculation Amount
21	Early Redemption Amount	EUR 100,000 per Calculation Amount
	Early Redemption Amount(s) of each Note payable on redemption for taxation reasons or on event of default or other early redemption:

GENERAL PROVISIONS APPLICABLE TO THE NOTES

22 Form of Notes:

Bearer Notes:

Not Applicable

Not Applicable

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

23 New Global Note:

• 24 Financial Centre(s):
• 25 Talons for future Coupons to be attached to Definitive Notes:
• 26 Redenomination, renominalisation and reconventioning provisions:
• 27 U.S. Selling Restrictions: $\mathbf{I}$

Reg S Compliance Category 2; TEFRA D

Signed on behalf of Jyske Bank A/S:

By . . . . . . . . . . . . . . . . . Merete Poller Nevak

Duly authorised

$21/10 - 2015$

Yes

No

Steen Nøhr Nygaard

PART B - OTHER INFORMATION

1 LISTING

(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 23 October 2015.
(III)	Estimated total expenses related to admission to trading:	2.700 GBP

2 RATINGS

Ratings:

The Issuer has been rated: Standard & Poor's: A- (stable)

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

"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."

$\blacktriangleleft$ Floating Rate Notes only - HISTORIC INTEREST RATES

Details of historic EURIBOR rates can be obtained from Reuters.

$5₅$ OPERATIONAL INFORMATION

ISIN Code:	XS1310965261
Common Code:	131096526
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