We present our submission MD1 to the Chord Estimation Task of the 2010 Music Information Retrieval Evaluation eXchange (MIREX 2010). The front-end chroma generation is based on a new implementation of NNLS Chroma (http://www.isophonics.net/nnls-chroma) as a Vamp plugin. The higher level model is implemented in Matlab as a dynamic Bayesian network (DBN) with extensive context modelling (metric position, key, chord and bass), leading to a very computationally complex method. The method has achieved the highest chord overlap ratio (0.8022) among the participating methods.