Danske Bank

February 2011

Disclaimer

This presentation has been prepared solely for use at this presentation. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S (the “Company”), in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation has been prepared solely for use in connection with the presentation of the Company. The information contained in this document is strictly confidential and is being provided to you solely for your information and cannot be distributed to any other person or published, in whole or in part, for any purpose. It may not be reproduced, redistributed, passed on or published, in whole or in part, to any other person for any purpose. You are required to return this document at the conclusion of this meeting. Failure to comply with this and the following restrictions may constitute a violation of applicable securities laws. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of their respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are not Relevant Persons (as defined below). Solicitations resulting from this presentation will only be responded to if the person concerned is a Relevant Person. This presentation is not an offer of securities for sale in the United States. Neither the presentation nor any copy of it may be taken or transmitted into United States, its territories or possessions or distributed, directly or indirectly, in the United States, its territories or possessions, except to qualified institutional buyers as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or outside the United States in reliance on Regulation S under the Securities Act. Any failure to comply with this restriction may constitute a violation of the United States securities laws. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This document must not be acted upon by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Any recipient of this document who is not a relevant person should return it to the Underwriters immediately, not attend the presentation and take no other action.

2

Table of contents

I. Overview of Danske Bank II. Macro Economy III. Financial Performance IV. Funding & Liquidity

3

Danske Bank is a strong Nordic franchise Lending divided by Banking Activity Q4 2010

5.0 million customers 2.4 million active Internet customers

NIR; 3% NO; 9%

IR; 4%

BAL; 1%

SE; 11%

Others; 5%

Finland Market position: Leader Branches: 121 Market share: 12% Market rank: 3 Loan growth (Y/Y): 0%

DK; 58%

FIN; 9%

670 branches in 15 countries* 21,522 full-time employees Market cap: DKKm 98,927 Northern Ireland Market position: Leader Branches: 82 Market share: 19-30% Market rank: 1-2 Loan growth (Y/Y): 1%

Market position: Branches: Market share: Market rank: Loan growth (Y/Y):

Norway Market position: Challenger Branches: 41 Market share: 5% Market rank: 3 Loan growth (Y/Y): 6%

Estonia Market position: Challenger Branches: 17 Market share: 10% Market rank: 4 Loan growth (Y/Y):** -11%

Sweden Market position: Challenger Branches: 49 Market share: 6% Market rank: 5 Loan growth (Y/Y): 15%

Latvia Market position: Challenger Branches: 4 Market share: 2% Market rank: 12 Loan growth (Y/Y):** -11%

Denmark Market position: Leader Branches: 315 Market share: 24% Market rank: 1 Loan growth (Y/Y): 0%

Ireland Challenger 28 3% 6 -8%



* Excluding agricultural centres in Denmark. ** Loan growth represents total loan growth for Baltic countries. Note: Market share represents market share of lending.





Lithuania Market position: Challenger Branches: 13 Market share: 7% Market rank: 5 Loan growth (Y/Y):** -11%

4





Credit exposure increased by 3% Y/Y Credit exposure from lending activity, end-Q4 2010 (DKK 2,364 bn, including DKK 1,848 bn in lending and repos) Central and local governments 7%

Subsidised housing companies 5% Banks 8%

Personal customers 37% Commercial property 10% Construction, engineering and building products 1% Diversified financials 8%

Other industrials 7% Transportation and shipping 3%

Consumer discretionary and consumer staples 9%

Other financials 3% Energy and utilities 2%

5

Danske Bank is rated by the three major international rating agencies

Negative outlook

Negative outlook

Stable outlook

Short term

Long term

Short term

Long term

Short term

Long term

P-1

Aaa

A-1+

AAA

F1+

AAA

P-2

Aa1

A-1

AA+

F1

AA+

P-3

Aa2

A-2

AA

F2

AA

Aa3

A-3

AA-

F3

AA-

A1

B

A+

B

A+

A2

C

A

C

A

A3

D

A-

D

A-

Baa1

BBB+

BBB+

Baa2

BBB

BBB

Baa3

BBB-

BBB-

…

…

…

Ca

D

D

6

Table of contents

I. Overview of Danske Bank II. Macro Economy III. Financial Performance IV. Funding & Liquidity

7

Economic recovery is improving, but is still uneven

GDP, 2009-12E (Growth Y/Y)

% 8

Public finances

Denmark Sweden Ireland Finland

Gross public Budget bal. Sovereign rating debt % of GDP % of GDP & outlook (S&P) 2010 2011 Denmark 44.3 -4.8 AAA/Stable Sweden 42.2 -1.4 AAA/Stable Norway 33.1 13.0 AAA/Stable Finland 49.0 -1.5 AAA/Stable Ireland* 94.2 -9.4 A-/Negative watch Euroland 84.1 -5.1 -

Baltics

* Ex one-off bank bailout costs. Source: Danske Research and Nordic Outlook December 2010.

4 0 -4 -8

Norway Euroland

-12 -16

2009

2010

2011E

2012E

Source: Danske Research and Nordic Outlook December 2010.

8

Signs of housing market stabilising Danish house prices by regions Region

Prices Change since peaked peak (%) Copenhagen Q3 2006 -24.9 Zealand Q3 2007 -21.6 South Denmark Q1 2008 -3.8 Central Jutland Q4 2007 -1.8 North Jutland Q2 2010 -1.4 Denmark overall Q2 2007 -12.5

Change in Q310 (%) 1.4 0.4 -0.6 1.3 -1.4 0.6

* Preview Q410 (%)

Correlation between house prices and consumption in Denmark

Price per sq m 16,000

200

12,000

180

0.4

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* 2011E 2012E

140

Source: Danske Research.

Property prices 15

Ireland

300 200

*Q4 2010 is an estimate

Correlation between unemployment and foreclosures in Denmark

%

400

160

4,000

* Leading indicator, based on monthly statistics from “home” that cover about 1/3 of the market.

500

Consumption 

 House prices

8,000

Source: Realkreditforeningen.

Index 1996 = 100

DKK bn

No. 2,000

 Unemployment

Norway UK 10 Sweden Finland Denmark 5

1,500

 10-year yield

1,000 500

100 Foreclosures 

Source: Danske Research.

Source: Danske Research.

2010

2005

2000

1995

1990

0

1985

0

1980

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

0

9

Table of contents

I. Overview of Danske Bank II. Macro Economy III. Financial Performance IV. Funding & Liquidity

10

Earnings recovery continues as impairments decline Profit before tax

No dividend payment for Q4 2010

•

Negotiations with Danish government to prepay hybrid capital

•

Plan for a rights issue of about DKK 20 bn in H1 to finance the prepayment

•

Liquidity remained strong after the discontinuation of the general state guarantee

0 -1,000

Q4 2010 Q3 2010*

-2,000

Ireland

•

1,000

N. Ireland

Declining impairment charges

Finland

•

Baltics

Cost management continues to deliver results

2,000

Sweden

•

(Q4 2010)

DKK m

Norway

Net profit of DKK 3.7 bn in 2010

Denmark

•

* Denmark adjusted for Bank Package I (guarantee fee & loan impairment charges).

11

Declining expenses and impairments more than offset lower income DKK m Net interest income Net fee income Net trading income Other income Net income from insurance business Total income Expenses* Profit bef. loan imp. charges

2009 27,524 7,678 18,244 3,083 2,810 59,339 28,907 30,432

2010 23,843 8,510 7,921 3,857 2,146 46,277 26,010 20,267

Loan impairment charges

25,677

13,817

54

3,083

2,982

97

Profit before tax

4,755

6,450

136

1,870

1,448

77

Tax

3,042

2,786

92

983

377

38

Net profit for the period

1,713

3,664

214

887

1,071

121

40.7

50.7

124

48.9

57.7

118

9.5

10.1

106

9.8

10.1

103

834

844

101

843

844

100

Total loans ex repos (DKK bn)

1,670

1,680

101

1,680

1,680

100

Deposits (ex repos) & issued RD bonds (DKK bn)

1,504

1,529

102

1,487

1,529

103

Total assets (DKK bn)

3,098

3,214

104

3,361

3,214

96

Cost/income ratio (%) ex integr.,GW & state guar.fee Core tier 1 capital ratio (%) Risk-weighted assets (DKK bn)

Index Q3 2010 Q4 2010 87 5,840 6,069 111 2,069 2,325 43 1,930 795 125 703 1,013 76 705 685 78 11,247 10,887 90 6,294 6,457 67 4,953 4,430

Index 104 112 41 144 97 97 103 89

* Includes state guarantee fees of DKK 625 m per quarter from Q4 2008 until Q3 2010.

12

Net interest income fell in 2010, but rose in Q4

Annual net interest income DKK m

Quarterly net interest income

Y/Y  13 %

30,000

DKK m

Y/Y  10 % Q/Q  4 %

7,500

*

*

*

*

* 6,500

20,000

*

*

*

*

5,500

10,000

S-T interest rate sensitivity: 25 bp = DKK 900 m

Q4 10

Q3 10

Q2 10

Q1 10

Q4 09

Q3 09

2010

Q2 09

2009

Q1 09

2008

Q4 08

4,500

0

* White segment is the net cost of government hybrid capital.

13

Net fee income up on strong performance at Danske Capital

DKK m

Annual net fee income

Quarterly net fee income DKK m

10,000

2,500

2,000

7,500

1,500 5,000 1,000 2,500 500

0

0 2008 Activity-based fees Portfolio-based fees

2009

2010

Y/Y  8 % Y/Y  12 %

Q4 09

Q1 10

Activity-based fees Portfolio-based fees

Q2 10

Q3 10

Y/Y  2 % Y/Y  17 %

Q4 10 Q/Q  10 % Q/Q  14 %

14

Net trading income at normal level despite low activity and difficult markets in Q4 Breakdown of net trading income DKK m

2008

2009

2010

Trading activities

7,361

16,929

5,812

1,791

2,013

1,665

1,420

714

Group Treasury*

-3,996

123

715

-152

119

692

99

-195

398

186

346

24

75

100

54

117

3,763

17,238

6,873

1,663

2,207

2,457

1,573

636

826

539

508

20

96

159

168

85

Other trading activities

1,487

467

540

278

76

201

189

74

Net trading income

6,076

18,244

7,921

1,961

2,379

2,817

1,930

795

0.2

0.2

0.3

0.3

0.2

Institutional banking (non-Nordic) Danske Markets in total BA Denmark

Value at Risk (DKK bn)**

Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010

* Q2 10 includes a capital gain of DKK 659 m owing to merger of PBS Holding and Nordito AS. ** 99% confidence level, 10-day horizon. Calculated as an average of daily VaR values during the period.

15

Impairment charges cut in half in 2010 and under DKK 3 bn in Q4 Loan impairment charges

Quarterly loan impairment charges

DKK m

DKK m

bp

30,000

10,000

200

7,500

150

25,000 Total loan impairment charges in basis points

20,000 15,000 10,000

5,000

100

2,500

50

5,000

0 0

Total impairment charges Collective impairment charges

2010

Q4 10

Q3 10

Q2 10

Q1 10

Q4 09

Q3 09

-50

Q2 09

-2,500

Q1 09

2009

Q4 08

2008

0

16

SMEs dominate impairment charges in 2010

Impairments by customer segment

Net exposures in rating categories 10 and 11

- Charges on personal loans are increasing

- Exposure in cat. 11 increased due to partial write-offs in cat. 10

DKK m

DKK bn 40

7,000

Rating category 11

30

5,000

20

3,000

Rating category 10

10 +9%

1,000 0 Q209

-1,000 Q209

Q309

SMEs

Q409

Large corp.

Q110

Q210

Financials

Q310

Q410

Personal

Q309

Q409

Q110

Q210

Q310

Q410

Rating category 11 (customers in default) Rating category 10 (financial difficulty, not in default)

Personal customers Q4 2010 includes a 0.6 bn DKK transfer of collective impairments on investment housing loans from SMEs

17

Nordic impairments: Stable, except that Denmark is still struggling DKK m 5,000

*Acc. imp. DKK 19,293 m - Individual 172 bp - Collective 22 bp

Denmark, 58% of Group’s lending

112 bp

114 bp 82 bp

2,899

3,319

87 bp

4-quarter moving average

86 bp

2,000

2,790 2,168

2,097

1,000

111 bp

53 bp (33 bp **)

650 450 250

46 bp

2,195 1,343

1,157

137 bp 91 bp

895 554

385

32 bp

50

- 28 bp

125

16 bp

64

22 bp 87

-111

0 bp 1

-150

0

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

400 DKK m

*Acc. imp. DKK 1,253 m - Individual 60 bp - Collective 5 bp

Sweden,11% of Group’s lending

300

*Acc. imp. DKK 2,664 m - Individual 156 bp - Collective 12 bp

216 bp

850

4,000 3,000

DKK m 1,050 Finland, 9% of Group’s lending

68 bp

400 DKK m

*Acc. imp. DKK 1,512 m - Individual 89 bp - Collective 5 bp

Norway, 9% of Group’s lending

300

77 bp

55 bp

200

200 297

27 bp

25 bp

297

23 bp

100 115

0

109

-3 bp

-12

103

-2 bp

-10

5 bp

24

11 bp

52

100

67

210

27 bp

102

0

8 bp

32

1 bp

3

4 bp

-3 bp

18

-11

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 -100

18 bp

-100 * Accumulated impairments at the end of period in DKK m and as basis points of total lending. ** Excluding payments to Financial Stability.

18

Other impairments: Northern Ireland and Ireland remain the most problematic DKK m 750

500

Northern Ireland, 3% of Group’s lending

358 bp

*Acc. imp. DKK 3,078 m - Individual 537 bp - Collective 53 bp 356 bp

296 bp

445

419

371

127 bp 96 bp

164

4-quarter moving average

1,600

409

464

683 bp

883 bp

633 bp 620 bp

691 bp 561 bp

800

1,473

1,647 1,346

1,232

1,187

1,089

1,020

254

1,213

120

0

0 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

DKK m 1,200

*Acc. imp. DKK 2,892 m - Individual 988 bp - Collective 228 bp Baltics, 1% of Group’s lending 1,027 bp

839

400 559

714

DKK m 5,000

Other Activities

*Acc. imp. DKK 3,513m - Individual 441 bp - Collective 52 bp

Incl. Danske Markets, 5% of Group’s lending

3,000

914 bp

749 bp

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

4,000

1,173 bp

800

613 211bp

0

736 bp

*Acc. imp. DKK 9,564 m - Individual 1,244 bp - Collective 116 bp

576 bp

185 bp

250

Ireland, 4% of Group’s lending

303 bp

4-quarter moving average

279 bp

DKK m 2,400

138

80 bp 51

-29 bp -18

60 bp 36

2,000

577 bp

1,000

1,640

0

467 bp

317 bp

771

36 bp

871

75

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

-69 bp -124

-377 bp

-700

143 bp

229

23 bp 41

-1,000

-400

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 * Accumulated impairments at the end of period in DKK m and as basis points of total lending.

19

Tier 1 ratio improved in 2010; rights issue planned for H1 2011, possible prepayment of hybrid capital

% 20

Capital ratios: CRD/Basel II

•

Negotiations with the Danish government to prepay the 24 bn of hybrid capital in May 2012

•

Rights issue of DKK 20 bn planned for first half of 2011 *

•

AP Møller and Realdania support the rights issue

17.7%

16

14.8% 12.9%

12

10.7% 10.1%

8 4 0 Q4 08

Q4 09

Total capital ratio Tier 1 ratio Core tier 1 ratio plus convertible hybrid Solvency need Core tier 1 ratio

Q4 10

* This presentation does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements. This notice is issued pursuant to Rule 135c of the Securities Act of 1933, as amended.

20

Outlook for 2011: Recovery continues Macroeconomic recovery continues, but stable short-term rates and volumes keep NII under pressure Banking activities remain robust, but still difficult conditions in some markets Focus on costs will continue, and costs are expected to decline, partly because of the end of Bank Package I Danica’s income is likely to be lower The performance of Danske Markets and Danske Capital is highly dependent on market developments Impairments continue to trend down but are likely to remain high in Ireland, Northern Ireland and Denmark

21

Table of contents

I. Overview of Danske Bank II. Macro Economy III. Financial Performance IV. Funding & Liquidity

22

Limited funding needed in 2011, partly frontloaded in 2010

DKK bn 200

New funding, 2008-11

Funding sources

- Estimated funding needed in 2011: DKK 70 bn 19 bn already raised

- Shift towards long-term funding sources

%

40 Q4 2010

Issued funding until end 2010 Estimated funding needed

2010

2011

Short-term funding

Shareholders' equity

2009

Subordinated debt

2008

Long-term bonds

0 Covered bonds

0

Mortgage finance (match-funded)

10

Deposits

50

Short-term bonds

20

Repo

100

Q4 2008

Credit inst. (ex CB)

30

Central banks

150

Long-term funding

23

Well-diversified funding position

Central banks, 4% Repos, 6%

Equity, 4% Deposits, 33%

•

57% deposits and fully match-funded Danish mortgage bonds (net)

•

Long-term bonds: DKK 184 bn

•

Issued covered bonds: DKK 120 bn

•

Termination of state guarantee at endSeptember has not changed the funding market.

•

Total borrowing increased by DKK 10 bn in Q4 2010

Banks, net, 5%

S-T bonds, 7%

L-T bonds, 8%

Subordinated debt, 3% Covered bonds, 4% Match-funded DK mortgage bonds, 24%

24

Funding in 2010: Completed with long duration and without guarantees •

In 2010 Danske Bank issued bonds for DKK 51 bn covering more than the estimated long-term funding needed (DKK 30 bn)

•

59% of the issuance was covered bonds and 41% was senior debt

•

Longest maturity: 16 years

•

Weighted average maturities: – – –

All issues: 6.8 years Covered bonds: 8.8 years Senior debt: 4.2 years

Issues by type and currency Issue type Covered bonds

Senior debt

Total

Currency EUR NOK CHF EUR USD GBP Other

DKK bn 26 2 1 12 4 3 2 51

25

Strong loan-to-deposits ratio and liquidity position

Loan-to-deposit gap (DKK bn) and ratio (%) DKK bn

12-month liquidity* %

Moody’s Financial Strength

DKK bn

400

125

450

300

120

300 End-Q4 2009

200

115

150 End-Q4 2010

100

110

0 End-Q4 2008

9 months

6 months

5 months

12 months

Note: Deposits include Realkredit Denmark bonds.

4 months

Loan-to-deposit ratio

2 months

Loan-to-deposit gap

-150

2 months

105 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410

1 month

0

* Main assumptions: No access to capital markets; no refinancing of debt to credit institutions, issued bonds or subordinated capital; and moderate reduction of business activities.

26

The two retail pools Pool D

RETAIL

Pool I

RETAIL

Cover Pool D - Characteristics Pool notional Number of loans Substitution collateral Property type WA LTV WA seasoning WA remaining term Rate type Geographical location OC at cut-off date Number of loans in arrears (>30 days) Current balance in arrears Cut-off date Rating

DKK 32.9 billions (EUR 4.38 billions equivalent) 54.245 DKK 1.0 billions 100% owner-occupied 60% 3.8 years 25.9 years Floating rate 100% Denmark 18.8% 0 DKK 0 millions 10/02/2011 Aaa/AAA/AAA

Cover Pool I - Characteristics Pool notional Number of loans Substitution collateral Property type WA LTV WA seasoning WA remaining term Rate type Geographical location OC at cut-off date Number of loans in arrears (>30 days) Current balance in arrears Cut-off date Rating

DKK 78.2 billions (EUR 10.4 billions equivalent) 99.542 DKK 6.6 billions 74.4% owner-occupied, 25.6% housing cooperatives 60% 3.0 years 36.7 years Floating rate 56.6% Sweden, 43.4% Norway 18.6% 0 DKK 0 millions 10/02/2011 Aaa/AAA/AAA

27

The combined pool COMBINED Cover Pool C - Characteristics Pool notional Number of Loans Number of Borrowers Total Value of Properties Number of Properties Average Loan Size Average Property Value Property Type

WA LTV WA Seasoning WA Remaining Term Rate type Geographical location Number of loans in arrears (>30 days) Current balance in arrears Cut-off date Rating

SEK 27.8 bn (€ 3.2 bn equivalent) 4,550 2,823

Property Type

SEK 65.4 bn (€ 7.4 bn equivalent) 4,071 SEK 6.1 Mill.

Agriculture, Forestry, Horticulture 12%

SEK 16.1 Mill. Agricultural, Forestry etc. 12%, Industrial 20%, Coorperative Housing 7%, Rental Housing 32%, Retail 29% 58.5 %

Industrial 20%

Cooperative Housing 7%

3.4 years 22.2 years Floating Sweden (100%) 0 SEK 0 millions 31/01/2011

Retail 29% Rental Housing 32%

AAA/AAA

28

www.danskebank.com/ir



 



29



Danske Bank’s funding team Steen Blaafalk Tel.: + 45 45 14 63 60 Senior Executive Vice President E-mail: [email protected]

Peter Holm Senior Vice President

Tel.: + 45 45 12 84 85 E-mail: [email protected]

Claus Jensen Chief Funding Manager

Tel.: +45 45 12 84 83 E-mail: [email protected]

Knud Erik Kristensen Chief Funding Manager

Tel.: +45 45 12 84 86 E-mail: [email protected]

Mads Holm Senior Funding Manager

Tel.: +45 45 13 09 85 E-mail: [email protected]

Andreas Hammarbro Ligaard Senior Funding Manager

Tel: 45 14 88 81 E-mail: [email protected]

Mette Ingeman Pedersen Chief Analyst

Tel.: + 45 45 12 85 14 E-mail: [email protected]

30

Appendix

Lending margins under pressure as competition grows Quarterly lending margins Q2 2009 – Q4 2010 (loan stock)

% 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0.00 Denmark*

Finland

Sweden

Norway

Northern Ireland

Ireland

Baltics

* Including Realkredit Danmark.

34353532

Deposit margins are benefiting from increasing short-term rates Quarterly deposit margins Q2 2009 – Q4 2010 (deposit stock)

% 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0.00 -0.25 Denmark

Finland

Sweden

Norway

Northern Ireland

Ireland

Baltics

33

Credit exposure to commercial property and construction segments

DKK bn Denmark Finland Sweden Norway Northern Ireland Ireland Baltics Other Total Gross exp. subject to individual imp.testing Individual impairment charges Portion from BA Ireland

Commercial property 110.0 15.6 58.8 32.8 9.4 15.6 2.0 1.1 245.3 33.8 11.3

Portion from developers 0.9 0.5 0.2 2.1 3.0 4.8 0.7 0.1 12.3

Construction and building materials 12.4 7.1 4.9 2.4 4.0 3.2 0.4 1.8 36.3

Sector in total 122.5 22.7 63.8 35.2 13.4 18.8 2.4 2.8 281.6

6.6 2.8

40.4 14.1 6.5

34

Danish agriculture sector pressured by lower property and output prices Other 14% Agriculture 24%

Mixed operations 6%

Grocery trade 14%

Cattle breeding 22%

Exposure to agriculture Realkredit Danmark Banking Activities Denmark Other business units Agriculture Agriculture LTV, Realkredit Danmark Q4 2008 Q4 2009 Q3 2010 Q4 2010

DKK bn 45 11 13 69 % 46 64 71 73

Pig breeding 21%

35

Consensus 2011 2011 (DKK millions)

Low

Average

High

23,929

24,600

26,029

Net fee income

8,344

8,597

9,086

Net trading income

7,138

7,996

8,932

Other income

2,862

3,284

3,848

Net income from insurance business

1,400

1,842

2,550

Total income

44,699

46,291

48,373

Total expenses

24,866

24,024

22,406

Profit before loan impairment charges

21,009

22,267

24,339

Loan impairment charges

10,372

7,396

5,415

Profit before tax

13,523

14,871

18,589

Tax

5,587

4,287

3,516

Net profit for the year

8,122

10,584

13,002

26

4

0

8,096

10,580

13,002

11.7

15.2

18,6

Net interest income

Attributable to minority interests Net profit after minorities Earnings per share (DKr)

Contributors: •ABG •Alm. Brand Markets •Arctic Securities •Autonomous •Bank of America/Merrill Lynch •Carnegie •Citigroup •Danske Markets •Deutsche Bank •Handelsbanken •JP Morgan •Jyske Bank •Nomura •Nykredit Markets •SEB Enskilda •Societé Generale •Swedbank •UBS Updated on February 1, 2011

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Danske Bank Group Covered Bond Universe Legislation and history behind three business lines

• • • • • • • •

Covered Bond issuer since 1851 Based on Danish legislation Specialized Mortgage Bank Fully owned subsidiary in Danske Bank Group Only loans from Denmark Follows the “Specific Balance Principle”= Fully match funding Funding via daily tap issues in DKK through the Danish Market AAA rating

• Covered Bond issuer since 2007 • Based on Danish legislation • Loans from the Groups banking activities in Norway and Sweden • Issued directly on the balance sheet • Multiple Cover Pool set-up • Full recourse to Danske Bank • Follows the “General Balance Principle” • Funding through EUR benchmarks and PP issues in multiple currencies • € 25bn Global Covered Bond Programme • AAA programme rating

• • • • • • • • • • •

Sampo Housing Loan Bank (SHLB) Specialized Mortgage Bank Covered Bond issuer since 2005 Based on Finnish Legislation Fully owned subsidiary in the Danske Bank Group Support mechanism from Sampo Bank plc Only residential loans from Finland Full recourse to SHLB Funding through benchmarks and PP issues in EUR. € 5bn Medium Term Covered Note Programme AAA programme rating

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Covered Bonds is a valuable funding tool DKK bn

Eligible loans in the D, I & C pool

120.000 D pool

100.000

I pool C pool

80.000 60.000 40.000 20.000 0 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

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www.danskebank.com/ir  Danske Bank’s Investor Relations website has a sub-section dedicated to debt investors  The section contains detailed information about Danske Bank’s:  Funding strategy  Ratings  Debt issues  Covered Bonds  Securitisation

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