Danske Bank Update Financial Institutions www.danskebank.com/financialinstitutions

September 2013

A Nordic financial group with a global view Market leader in Denmark and Northern Ireland  Strong market positions in Sweden, Norway and Finland  5 million customers  409 branches* and presence in 14 countries  19,981 full-time employees 

Independent divisions [Finland] [Norway] [Russia] [Sweden]

[Estonia] [Latvia]

[Denmark]

[Lithuania]

[Northern Ireland] [Ireland]

[Germany ]

[UK) *.

Excluding agricultural centres in Denmark.

[Luxembourg]

[Poland] 2

Nordic Clearing & Payments — Nostro Services

One point of entry: one IT-platform — one SLA Tailor-made interbank clearing and commercial payments in DKK, SEK, NOK and EUR Customer benefits  Optimised processing and handling (one format)  Quick resolution of queries — One dedicated service team, Banking Partners, to assist with all markets  Easy reconciliation and flexible invoicing capabilities Payments instructions  DKK — DABADKKK  NOK — DABANO22  SEK — DABASESX  EUR — DABAIE2D (Ireland)  EUR — DABAFIHH (Finland)

Note: For more information see — www.danskebank.com/nostroservices

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Corporate Cash Management - through a Partnerbank set-up Your Network Extension in Northern Europe Referral or Re. Account solutions with one point of entry and a strong track record Superior domestic and international cash management solutions and fully SEPA compliant One point of entry to Partnerbank specialists and 12 countries with direct access to local clearing.  Communication via SWIFTNet FIN and FileAct and/or via Business Online a web-based business system with real-time payment processing and information across all countries  Access to main facilities via Mobile business app and Tablet Business app  Complete overview of group liquidity. Cash concentration cross currencies, cross border and cross banks  Dedicated International Corporate Banking units in each country Note: For more information see — www.danskebank.com/cashmanagement

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Danske Bank Markets Trading

Danske Bank Markets offers a complete range of FX, MM, Derivatives, Fixed Income and Equities services Highlights One point of entry to Danske Bank Markets, Copenhagen — Reuters dealing DANO Services include  Scandi and Majors — market maker in all currencies and strong in Emerging Markets (CZK, PLN, HUF, RUB, LVL, LTL, ZAR, TRY)  Structured derivatives in all currencies Strong internet trading platform — Danske Trader and multibank platforms including Bloomberg, FXall (Reuters), Currenex and 360T  A fixed income powerhouse (government and covered bonds)  Equities including Equity Finance Note: For more information see — www.danskemarkets.com 5

AAA rated Danish covered bonds — probably the best covered bonds in the world Covered bonds; bp Very high liquidity — some times better than government bonds in the Nordic

Pickup bonds

Yield

DKK

Offers pickup to DKK government bonds, swaps and EUR Covered Bonds Safe-haven status during the European debt crisis and EUR/DKK in fixed range

Pickup DKK gov.

5Y

Possible to buy large amount due to large auction supply three times a year (EUR 20–60bn) Low spread volatility compared to other EUR Covered Bonds and attractive roll-down on the spread curve Danish Mortgage Banks only have credit risk due to the balance principle — and the credit risk is very low

3Y

1Y

Banks can use the covered bonds in their liquidity reserve (expected Level 1 asset — LCR) Bonds can be used as collateral in many cases Note: Bloomberg: DM Ipad: Danske Bank Markets in App store Web: http://www-2.danskebank.com/research Source: www.danskebank.com/CI

0

50

100

150

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Capital Markets

Our Danske Bank Markets DCM team is responsible for group clients’ issuance of debt in the capital markets Highlights  Our specialised team is a market leader in the Nordic region  Unmatched distribution capabilities  Fully integrated team geographically and functionally — operating out of Copenhagen, Helsinki, Oslo, Stockholm, London and Dublin  Primary client focus is on corporates, financials, sovereign, supranationals and agency bond markets within Danske Bank’s core universe  Close cooperation with your relationship managers and other relevant groups within Danske Bank Markets

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Nordic Trade Finance

Trade Finance in Northern Europe — Your local bank in the region One point of entry or multiple points of entry — as per your choice Danske Bank is the leading trade finance bank in Northern Europe 85% of all transactions handled on-line — securing fast and efficient handling  Local trade finance processing units  Extensive risk capacity  Quick resolution time — Normally within same day Danske Bank uses a Global SWIFT key arrangement DABADKKK or the regional SWIFT key Note: For more information see — www.danskebank.com/tradefinance 8

Trade finance in Northern Europe —Your local bank in the region

Denmark

Danske Bank Phone: +45 45 14 36 08

SWIFT: DABADKKK E-mail: [email protected]

Sweden

Danske Bank, Stockholm Phone: +46 752 48 12 88 Danske Bank, Gothenburg Phone: +46 752 48 41 71

SWIFT: DABASESX E-mail: [email protected] SWIFT: DABASESXGBG E-mail: [email protected]

Finland

Danske Bank Phone: +358 10 546 8049

SWIFT: DABAFIHH E-mail: [email protected]

Norway

Danske Bank Phone: +47 85 40 54 58

SWIFT: DABANO22 E-mail: [email protected]

Rep. of Ireland

Danske Bank Phone: +353 1 484 21 87

SWIFT: DABAIE2D E-mail: [email protected]

United Kingdom

Danske Bank, Belfast Phone: +44 28 90 04 86 83

SWIFT: DABAGB2B E-mail: [email protected]

Germany

Danske Bank, Hamburg Phone: +49 40 32 81 16 40

SWIFT: DABADEHH

Estonia

Danske Bank

SWIFT: FOREEE2X

Latvia

Danske Bank

SWIFT: MARALV22

Lithuania

Danske Bank

SWIFT: SMPOLT22 9

Key messages on Q2 2013 Net profit

Net profit increased 48% from the level in Q1 2013 to DKK 2.2 bn

Total income

Stable development in most income lines, but large drop in insurance

Expenses

Expenses were in line with Q1

Impairments

Total impairments declined 43% to DKK 1.1 bn

Capital and liquidity

Strong capital and liquidity levels: CT1 ratio of 15.6% and LCR of 132%

Return on equity

ROE increased to 6.2% from 4.3%

Outlook

Outlook for net profit in 2013 revised to DKK 6.5–9.0 bn

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Net profit: Solid improvement of 61% from H1 2012 Income statement & key figures (DKK m)

Key points, H1 13 vs H1 12

H1 2013 H1 2012 Index Q2 2013 Q1 2013 Index Net interest income

10,956

11,367

96

5,504

5,452

101

Net fee income

4,470

4,061

110

2,205

2,265

97

Net trading income

3,929

6,533

60

2,154

1,775

121

653

646

101

357

296

121

-5

843

-

-346

341

-

20,003

23,450

85

9,874

10,129

97

Other income Net income from insurance business Total income Expenses

11,918

12,371

96

6,013

5,905

102

Profit before loan impairment charges

8,085

11,079

73

3,861

4,224

91

Loan impairment charges

2,383

4,598

52

924

1,459

63

Profit before tax, core

5,702

6,481

88

2,937

2,765

106

Profit before tax, Non-core

-809

-2,406

-

-260

-549

-

4,893

4,075

120

2,677

2,216

121

1,237

1,802

69

493

744

66

3,656

2,273

161

2,184

1,472

148

5.2

3.6

6.2

4.3

Cost/income ratio

59.6

52.8

60.9

58.3

Core tier 1 capital ratio (%)

15.6

12.1

15.6

15.1

3.7

2.5

2.2

1.5

Profit before tax Tax Profit Return on avg. shareholders' equity (%)

EPS

• NII fell 4% owing to lower volume and lower deposit margins • Trading income declined 40%, primarily because of extraordinary conditions in H1 12 • Expenses down 4% due to one-offs in H1 12 and tight cost control • Impairments of core activities dropped 48% and total impairments, 55% Key points, Q2 13 vs Q1 13 • NII up slightly, but flat when adjusted for one extra day • Trading income increased; market making down owing to market turbulence • Negative income from insurance due to reduced risk allowance YTD • Impairments of core activities dropped 37% and total impairments, 43% 11

Danske Bank is rated by three international rating agencies

Stable outlook Short-term

1.

Stable outlook

Stable outlook Long-term

Short-term

Long-term

Short-term

Long-term

P-1

Aaa

A-1+

AAA1

F1+

AAA1

P-2

Aa11

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

Danske Bank’s covered bond rating

For updates on ratings see – www.danskebank.com/ratings 12

your contacts Relationship Management

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Contact Details Claus Wagenblast-Franck Head of Financial Institutions First Vice President

[email protected] JP, CN, TW & KR

+45 45 12 83 21

Jesper H. Cristensen First Vice President

[email protected] UK, Ireland, US, France, Netherland, Belgium,Luxembourg, Algeria, Morocco & Tunisia

+45 45 12 83 25

Michael Jensen Senior Account Manager

[email protected] Asia & Middle East incl. Egypt, Libya & PH

+45 45 13 66 45

Ronald Bullock Senior Account Manager

[email protected] Austria, Germany, Iceland, Switzerland & CCE

+45 45 12 83 20

Peter Marcussen Senior Account Manager

[email protected] Canada, Latin & South America, Australia & New Zealand

+45 45 12 83 22

Bent Hansen Senior Account Manager

[email protected] Denmark & Faroe Islands

+45 45 12 83 23

Sanne Sylvest Senior Account Manager

[email protected] Nordic countries, Southern Europe & Africa

+45 45 12 83 06

Anne T. Ulriksen Assistant Account Manager

[email protected]

+45 45 12 83 19

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