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					US Roadshow
Peter Rostrup-Nielsen
CRO & member of the Executive Committee

Jens Peter Leschly Neergaard
Head of Trading Financial Markets Global Risk

July 2011
Danske Bank is a strong Nordic franchise
      5.0 million customers

      2.0 million active Internet customers                                                                                           Finland
                                                                                                                     Market position:       Leader
      667 branches in 15 countries*                                                                                  Branches:                120
                                                                                                                     Market share:            12%
                                                                                                                     Market rank:                3
      21,434 full-time employees                                                                                     Loan growth (Y/Y):        4%

      End 2010, Nordic countries generated 75% of total income from
      banking activities                                                                                                             Estonia
                                                             Norway                                                  Market position: Challenger
                                              Market position: Challenger                                            Branches:                17
                                              Branches:               41                        Sweden               Market share:           10%
                                                                                Market position: Challenger
                  Northern Ireland
                                              Market share:
                                              Market rank:
                                                                      5%
                                                                        3       Branches:               49
                                                                                                                     Market rank:
                                                                                                                     Loan growth (Y/Y):** -11%
                                                                                                                                               4
                                                                                                                                                     
Market position:           Leader             Loan growth (Y/Y):***   0%        Market share:           6%
Branches:                       82                                              Market rank:              5
                                                                                                                                      Latvia
Market share:            18-30%                                                 Loan growth (Y/Y): ***  5%
                                                                                                                     Market position: Challenger
Market rank:                   1-2                                                                                   Branches:                 4
Loan growth (Y/Y):***         -2%                                                                                    Market share:           2%
                                                                           Denmark
                                                          Market position:     Leader                                Market rank:            12
                      Ireland                             Branches:              313                                 Loan growth (Y/Y):** -11%
Market position:        Challenger                        Market share:          25%
Branches:                      28                         Market rank:              1                                                   Lithuania
Market share:                  3%                         Loan growth (Y/Y):      -2%                                Market position: Challenger
Market rank:                    6                                                                                   Branches:
                                                                                                                     Market share:
                                                                                                                                               13
                                                                                                                                              6%
Loan growth (Y/Y):            -8%
                                                                                                                     Market rank:               5
                                                                                                                     Loan growth (Y/Y):** -11%

                                                                * Excluding agricultural centres in Denmark.
                                                                                                                 
                                                               ** Loan growth represents total loan growth for Baltic countries.
                                                                *** Loan growth is calculated in local currency                           2
                                                                Note: Market share represents market share of lending.
                                                           
Strong public balances


                        GDP 2009-12E                                                   Public finances
 %
                            - Growth Y/Y                                        - Nordic economies are still robust
 8

                                                                          Gross public Budget bal.              Sovereign rating
 4
                                                                        debt % of GDP   % of GDP                & outlook (S&P)
                                                                                2010       2011
 0
      Norway                                                   Denmark            43.6        -4.1                  AAA/Stable
      Euroland                                                 Sweden             42.0         0.3                  AAA/Stable
 -4   Sweden                                                   Norway             33.0         9.7                  AAA/Stable
      Denmark
      Finland                                                  Finland            48.4        -1.5                  AAA/Stable
 -8   Ireland                                                  Ireland*           94.2      -10.5                  BBB+/Stable
                                                               Euroland           85.3        -5.8                           -
-12
                                                               * Ex one-off bank bailout costs.
      Baltics                                                  Source: Danske Research and Nordic Outlook April 2011.
-16
          2009          2010          2011E         2012E

      Source: Danske Research and Nordic Outlook April 2011.




                                                                                                                             3
Strong trading income and declining impairments,
but lower NII and higher expenses
DKK m                                                    Q1 2010   Q1 2011   Index Q4 2010 Q1 2011    Index
Net interest income                                        6,007     5,554     92     6,069   5,554     92
Net fee income                                             2,053     2,093    102     2,396   2,093     87
Net trading income                                         2,374     2,975    125       702   2,975    424
Other income                                               1,050     1,002     95     1,035   1,002     97
Net income from insurance business                           603        67     11       685      67     10
Total income                                              12,087    11,691     97   10,887  11,691     107
Expenses                                                   6,423     7,351    114     6,457   7,351    114
Profit bef. loan imp. charges                              5,664     4,340     77     4,430   4,340     98
Loan impairment charges                                    4,273     2,841    66     2,982    2,841    95
Profit before tax                                          1,391     1,499   108     1,448    1,499   104
Tax                                                         622       792    127      377      792    210
Net profit for the period                                   769       707     92     1,071     707     66


Cost/income ratio (%) ex integr., gw. & state guar.fee      46.5      54.3   117      57.7     54.3    94
Core tier 1 capital ratio (%)                                9.6      10.0   104      10.1     10.0    99
Risk-weighted assets (DKK bn)                               838       855    102      844      855    101
Total loans ex repos (DKK bn)                              1,666     1,662   100     1,680    1,662    99
Deposits (ex repos) & issued RD bonds (DKK bn)             1,472     1,490   101     1,529    1,490    97
Total assets (DKK bn)                                      3,209     3,126    97     3,214    3,126    97




                                                                                                              4
Profit before loan impairment charges is back to
pre-crisis level
   DKK m           Danske Bank’s historical performance
   35,000


   30,000


   25,000


   20,000


   15,000


   10,000


    5,000


       -
            2005   2006           2007             2008            2009   2010

                   Profit before loan impairment      Net profit


                                                                                 5
Net interest income was down 8% Q/Q mainly for
technical reasons

                       Quarterly net interest income                                      Quarterly change in net interest income
DKK m                                                                       DKK m
7,500                                                     Y/Y  8%          6,200
                                                          Q/Q  8%
                                                                                                         47
                                                                                                  116
                                                                                                                         71
                                                                                                                                          68       25

6,500              *                                      *                                                                                                   130
                                  *
                                              *
                                                                                                                                                                             90
                                                                       *    5,600                                                                                                               62
                                                                                      6,069

5,500
                                                                                                                                                                                                        5,554




4,500                                                                       5,000




                                                                                                                                                                            Allocated funding
                                                                                                        Deposit margin




                                                                                                                                                   One-offs
                                                                                                                         Lending margin

                                                                                                                                          Volume




                                                                                                                                                                                                Other
                                                                                                                                                              No. of days
                                                                                                  RD
           Q1 10




                          Q2 10




                                      Q3 10




                                                  Q4 10




                                                               Q1 11




                                                                                        Q4 2010




                                                                                                                                                                                                         Q1 2011
    * White segment is the net cost of government hybrid capital.



                                                              S-T interest rate sensitivity:
                                                              25 bp = DKK 700 m
                                                                                                                                                                                                        6
Impairment charges continue to trend downwards


          Quarterly loan impairment charges                                                    Individual impairments
                                                                bp                                    - Group ex. Baltics
DKK m                                                                    DKK m
5,000                                                                100 10,000

                               Total loan impairment                       8,000
                              charges in basis points

                                                                           6,000
3,000                                                                50
                                                                           4,000


                                                                           2,000

1,000                                                                0
                                                                               0


                                                                           -2,000
         Total impairment charges
         Collective impairment charges
-1,000                                                               -50   -4,000
         Q1 10      Q2 10      Q3 10      Q4 10         Q1 11                       Q1-08   Q3-08    Q1-09      Q3-09   Q1-10    Q3-10     Q1-11


                                                                                Write-backs         Increased       New         Total, incl Baltics




                                                                                                                                           7
SMEs continue to dominate impairment charges



             Impairments by customer segment                                               Net exposures in rating categories 10 and 11
                    - SME impairments still dominate                                           - Number of customers in default slowly decreases
DKK m                                                                                 DKK bn
5,000                                                                                 40           Rating category 10



                                                                                      30
3,000
                                                                                                   Rating category 11
                                                                                      20


1,000
                                                                                      10
                                                                                               Rating category 10 (financial difficulty, not in default)
                                                                                               Rating category 11 (customers in default)
              SMEs        Large corp.        Financials          Personal
-1,000                                                                                 0
              Q110           Q210           Q310           Q410           Q111                 Q110          Q210          Q310           Q410             Q111

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




                                                                                                                                                             8
Danske Bank’s capital ratios and minimum
requirements from Basel 2 and Basel 3
 %
 20




            Total capital
               base                   Total capital
 15                                      base                                                                        G-SIFI buffer
                Tier 1                                                                                                 1-2.5%
                                         Tier 1
                                                                                                                        Tier 2
               State
                                       Core tier 1                                                                      2.0 %
               hybrid
                                                                                                                        Tier 1
 10                                                                                                                     1.5 %
             Core tier 1                                                                                            Countercyclical
                                                                                                                        buffer
                                                                                              Tier 2                   0-2.5 %
                                                                    Tier 2                    2.0 %                 Capital conser-
                                                                    4.0 %                     Tier 1                 vation buffer
  5                                                                                           1.5 %                     2.5 %
                                                                                            Core tier 1              Core tier 1
                                                                    Tier 1
                                                                                              4.5 %                    4.5 %
                                                                    2.0 %
                                                                  Core tier 1
                                                                    2.0 %
  0
       Danske Bank Q1 2011       Danske Bank pro forma             Basel 2             Basel 3 without any      Basel 3 incl. all buffers
                                      Q1 2011*                                               buffers
      •Danske Bank pro forma includes DKK 20bn in new equity and repayment of state hybrid
      Note: G-SIFI buffer, countercyclical buffer and capital conservation buffer have to consist of CET1 capital

                                                                                                                                            9
Capital ratios for Danske Bank and Nordic peers


   %                                Capital ratios – CRD/Basel II Q1 2011
   25
               Tier 2

               Tier 1
               State hybrid
   20                                                                                             Basel 3 requirements:
               Core tier 1
                                                                                                  CT1 and T1 incl. both buffers
                                                                                                  CT1 incl. cap. conservation
                                                                                                  buffer + countercyclical buffer
   15                                                                                             CT1 incl. cap. conservation
                                                                                                  buffer



   10




   5




   0
         Danske Bank     Danske Bank       Nordea            SEB         Swedbank      Handelsbanken   DnB NOR
                          pro forma*
        •Danske Bank pro forma includes DKK 20bn in new equity and repayment of state hybrid
        Source: Company accounts end Q1 2010


                                                                                                                                10
Strong loan-to-deposit ratio and liquidity position


                       Loan-to-deposit                                                                         12-month liquidity*
                     - Ratio (DKK) and gap (%)                                                            - Moody’s Financial Strength
DKK bn                                                     %     DKK bn
400                                                        125   400


                                                                 300
300                                                        120


                                                                 200
200                                                        115
                                                                                                                                                                    End-Q4 2009
                                                                 100
                                                                                                                                                                    End-Q4 2010
100                                                        110                                                                                                      End-Q1 2011
                                                                   0

                                                                                                                                                                    End-Q4 2008
  0                                                        105   -100
      Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q1 11




                                                                                                                                                                            10 months

                                                                                                                                                                                        11 months

                                                                                                                                                                                                    12 months
                                                                          1 month

                                                                                    2 months

                                                                                               2 months

                                                                                                          4 months

                                                                                                                     5 months

                                                                                                                                6 months

                                                                                                                                           7 months

                                                                                                                                                      8 months

                                                                                                                                                                 9 months
      Loan-to-deposit gap          Loan-to-deposit ratio


      Note: Deposits include Realkredit Denmark bonds.                  * 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.



                                                                                                                                                                                                                11
Funding markets accessible, with stable prices


                  New funding, 2008-11                                                Trading in Danske issues
         - Estimated funding needed in 2011: DKK 70 bn                                    - Spread over 6M ASW
DKK bn                                                               bp
200                                                                 150



150
                                                                    100


100

                                                                      50
 50

                                                      End Q1
                                                       2011
  0                                                                    0
          2008          2009           2010           2011            Oct-2010              Jan-2011             Apr-2011

      Issued funding, end-Q1 2011                                          2014 unsecured (A/A1)
      Estimated funding needed                                             2015 covered bond (AAA/Aaa)

      DKK 31bn raised at end of Q1 2011 (including DKK 19 bn prefunded in 2010).
      DKK 30bn raised in Q2 2011.




                                                                                                                        12
    Well-diversified funding position

                                Funding position                                                                        Funding sources
            - Total borrowing increased by DKK 6.9 bn in Q1 2011                               - Shift towards long-term funding sources
                                                                     %
                  Central banks, Equity, 4%                          40
                      4%                                                                                                                                                                                         Q1 2011
                                                     Deposits, 33%                                                                                                                                               Q4 2008
           Repos, 6%                                                 30


 Banks, net, 5%                                                      20


                                                                     10
S-T bonds, 7%


                                                                     0




                                                                                                                                                                         Covered bonds
                                                                                                                 Repo
                                                                                          Credit inst. (ex CB)
                                                                          Central banks




                                                                                                                                                                                           Long-term bonds
                                                                                                                        Short-term bonds




                                                                                                                                                                                                                                 Shareholders' equity
                                                                                                                                                                                                             Subordinated debt
                                                                                                                                           Deposits


                                                                                                                                                       (match-funded)
                                                                                                                                                      Mortgage finance
L-T bonds, 8%



      Subordinated
        debt, 3%
         Covered bonds,
               4%
                                              Match-funded
                                              DK mortgage                 Short-term funding                                                                                             Long-term funding
                                               bonds, 24%
                                                                          Issued long-term bonds: DKK 164 bn
                                                                          Issued covered bonds: DKK 122 bn                                                                                                                       13
Funding in Q1 2011 - Focus on covered bonds



•   In Q1 2011 Danske Bank issued bonds for DKK            Issues by type and currency
    12.3 bn
                                                  Issue type                Currency     DKK bn
•   90% of the issuance was covered bonds and     Covered bonds             EUR             7.8
    10% was senior debt                                                     NOK             1.5
•   Longest maturity: 17 years                                              CHF             1.7
                                                  Senior debt               EUR             0.3
•   Weighted average maturities
                                                                            GBP             0.8
    –   All issues: 6.1 years                                               Other           0.2
    –   Covered bonds: 6.3 years                  Total                                    12.3
    –   Senior unsecured debt: 4.6 years




                                                                                             14
Liquid, highly rated bond portfolio

                 Bond portfolio                                             Rating distribution
                  - DKK 427 bn
                                                                       AAA                  82%
                       Credit bonds                                    AA+                      6%
                           3%
                                  Certificates 3%
                                             Quasi-
                                                                       AA                       2%
                                         government 2%                 AA-                      4%
   Danish                                            Swedish
mortgage bonds                                    covered bonds
    44%
                                                                       A+                       2%
                                                      14%
                                                                       A                        1%
                                                                       A-                       0%
                                                                       BBB+                     0%
                                                                       BBB                      1%
                                                       Other covered   BBB-                     0%
                                                         bonds 5%
                                                                       Lower or NA              1%



                                                                             Level 1-3 assets
                                                                       Level 1               96%
                                                Governments &          Level 2                  4%
                                                municipals 29%
                                                                       Level 3                  0%


                                                                                                     15
The Danish Bank Package III - How it works

     Friday                    Saturday - Sunday                     Monday

                                                                   Green Bank opens
                                                                   with ‗good‘ assets,
 4 pm:        10 pm:     Valuation of                              guaranteed deposits
                           Assets
 FSA sets     decision                                             and haircuts on rest.
                                                                   Subsidiary of Fin. St.
 deadline     on BPIII
                                        Agreement
                                         on price

 Bank to
                                                                   Red Bank
 decide on                                          Deposit Ins.   Bankruptcy estate
 BPIII                                              guarantee      ‗bad‘ assets, funded by
                                                                   haircut




                                                                   Haircut depositors
                                                                   and Deposit Ins.
                                                                   Guarantee Fund have
                                                                   claim on bankruptcy
                                                                   estate


                                                                                             16
The Danish Bank Package III - Danske Bank’s
opinion

Are we in?
• The Board of Directors proposes that the General Meeting state that it does
  not want to consider a type of winding up
• The general meeting is free to decide whether or not to consider a type of
  winding-up. This means that the general meeting is not obliged to consider a
  type of winding-up or otherwise decide on a type of winding-up


Will it be revised?
• Danske Bank expects Danish legislation to be amended following passing of
  relevant EU directive/recommendations




                                                                                 17
Bank Package III has been used twice – After the
collapse of Amagerbanken and Fjordbank Mors
 Hard facts (DKK)

 • Loans                                                                    21.1bn                         8.7bn
 • Deposits/bonds                                                        7.7/15.2bn                       7.2/2.8bn
 • Results before impairments                                                2.2bn                         1.0bn
    2006 – 2010
 • Impairments 2006 – 2010                                                   3.0bn                         0.6bn
 • Use of government guarantees                                             13.5bn                         4.1bn
    —     % of deposits/bonds                                                  59%                          41%

 Markets share in Denmark
 • Loans                                                                      0.6%                          0.2%
 • Deposits                                                                   0.8%                          0.8%

Figures are based on the last public financial report – Amagerbanken Q3 2010 and Fjordbank Mors Q1 2011

Danske Bank covers app. 35% of any losses under the Danish Guarantee Fund for Depositors, which
covers losses up to DKK 750,000
                                                                                                                      18
Danske Bank’s current rating by the three rating
agencies


       Negative outlook        Negative outlook         Negative 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




                                                                              19
Cooperation with Moody’s continues for Danske
Bank

•   Danske Bank Group continues its cooperation with Moody‘s
    on ratings
•   Methodology is well described and Danske Bank has a
    strong ongoing dialogue with the ratings team
•   Danske Bank has the following ratings with Moody‘s
     – Long-term rating: A2 (negative outlook)
     – Short-term rating: P1
     – Covered Bonds: Aaa




                                                               20
The reasons for Moody’s downgrades in 2011

• February 2011, Moody‘s downgraded a number of Danish banks including
  Danske Bank
    o The reason was the Danish Bank Package 3, which Moody‘s considers to
      weaken the systemic support available to Danske Bank
    o Danske Bank was downgraded from Aa3 to A1 and the rating was put under
      review for possible downgrade

• May 2011, Moody‘s concluded its review and Danske Bank was downgraded
  to A2 from A1 triggered by reduced systemic support, however, there were
  no changes in the bank‘s standalone financial strength rating (BFSR) and
  short-term rating
    o The reason for the reduced systemic support was once again Bank Package
      3, including the recent amendment
    o Danske Bank now has one notch of systemic support above its A3 standalone
      credit strength (mapped from the C BFSR)
    o The outlook on the long-term rating is negative, reflecting the negative
      outlook on the bank‘s BFSR, due to continued concern about asset quality as
      demonstrated in high impairments


                                                                                    21
Recent events

• 23 June 2011 Realkredit Danmark terminated its rating with Moody‘s
  due to fundamental disagreements on methodology
    o AAA ratings are maintained with Standard & Poor‘s


• 27 June 2011 Fitch Ratings announced a revision of the ratings outlook
  for Danske Bank to ‘Negative‘ from ‘Stable‘
    o The changed outlook was based on concerns about developments in the
      Irish and Danish economies




                                                                            22
The Danish mortgage system

 Danish covered bonds issued in volume of EUR 312 bn


 Danish covered bond market 2nd largest worldwide only exceeded by that of Germany

 First lender established in 1797

 First covered bond act, awarding bond holders a privileged position in a bankruptcy scenario,
  passed in 1850


 Defaults have not occurred in 213 years of Danish mortgage banking


 Danish specialist mortgage banks account for 58 percent of all lending by financial institutions in
  Denmark

 In 2009, Danish specialist mortgage banks reported a net profit of EUR 650m. Solvency stood at
  20.4 percent

 In 2009, the market impairment ratio was 0.20 percent



                                                                                                        23
The Danish mortgage system is based on the
balance principle
Mortgage origination


                          Mortgage deed                                 Covered bond




                           Mortgage proceeds                          Proceeds from bond sale




    Borrower                                   Mortgage bank                                        Investor
Payments


                       Principal and
                       interest payment                            Principal and
                                                                   interest payment




                         Margin




                                                               Reserve fund payment if in arrears
                                                                                                               24
The Danish mortgage system is based on the
balance principle
Remortgaging - Origination of new mortgage


                         Mortgage deed II                                  Covered bond II




                             Mortgage proceeds                            Proceeds from bond sale




    Borrower                                           Mortgage bank                                   Investor
Prepayment of old mortgage


                       Value of covered bond I
                                                                       Value of covered bond I
                       Min(par value ; market value)
                                                                       Min(par value ; market value)




                                                                               Covered bond I




                                                                                                                  25
The Danish mortgage system is very different from
the US system


 • On balance sheet of the originator          • Originate to distribute

 • Transparent mortgages                       • Opaque mortgages (e.g. teaser rate
                                                 mortgages)
 • Registration in a central registry
                                               • No registration in a central registry
 • Mortgage banks possess a senior claim
   on the proceeds from a property sale in     • In practise, loans are non-recourse debt
   the event of a borrower‘s default
                                               • Foreclosure procedures costly in
 • The track record for foreclosure              comparison with the recoupable value.
   processes is exceptionally good: timely       Mortgage banks typically obtain
   execution at relatively low cost              repossession via a non-judicial
                                                 foreclosure process
 • Mortgage borrowers remains liable for
   the full Mortgage debt when falling         • Distressed borrowers simply walk away
   property prices result in negative equity     – magnifying negative equity
   positions



                                                                                            26
www.danskebank.com/ir


                   27
Appendices




             28
    Nordic impairments: Denmark is gradually improving

                                                   *Acc. imp. DKK 15,385 m
                                                                                   DKK m                                               *Acc. imp. DKK 1,935 m
DKK m
3.000    Denmark, 57% of Group‘s lending                   - Individual 142 bp                Finland, 8% of Group‘s lending                 - Individual 123 bp
         114 bp                                              - Collective 21 bp                                                                - Collective 13 bp

                                                                                   110
                        93 bp
                                                                                                              24 bp
2.000

                                         62 bp                                       60
          2.735                                                                                                 84
                        2.254                        48 bp                                                                      7 bp                     8 bp
1.000                                                                                                                                    4 bp
                                                                     33 bp           10        -10 bp                           26                        29
                                                                                                                                          15
                                         1.498
                                                     1.162
                                                                      790                       -34

   0                                                                                -40
         Q1 10         Q2 10         Q3 10          Q4 10            Q1 11                     Q1 10          Q2 10            Q3 10   Q4 10            Q1 11
 DKK m                                             *Acc. imp. DKK 1,233 m
                                                                                   DKK m                                               *Acc. imp. DKK 1,583 m
  75     Sweden,11% of Group‘s lending                     - Individual 62 bp      160   Norway, 7% of Group‘s lending                       - Individual 121 bp
                                                             - Collective 5 bp                                                                   - Collective 5 bp
          15 bp
                                                                                                                                                        40 bp
                                                                                   120
  50                                                   11 bp          10 bp



           62                             6 bp                                       80         24 bp
  25                                                    47               46
                                                                                                                                                         124
                                           26
                         -5 bp                                                       40          73
   0                                                                                                           4 bp
                                                                                                                                         2 bp
         Q1 10          Q2 10            Q3 10       Q4 10            Q1 11                                     12              1 bp      5
                          -21
                                                                                       0                                         4
 -25                                                                                           Q1 10          Q2 10            Q3 10   Q4 10            Q1 11
                                    * Accumulated impairments at the end of period in DKK m and as basis points of total lending.                         29
   Other impairments: High in Ireland, but Northern
   Ireland is improving
DKK m                                                                                  DKK m
                                                        *Acc. imp. DKK 3,319 m                                                                  *Acc. imp. DKK 10,692 m
500     Northern Ireland, 3% of Group‘s lending               - Individual 623 bp       2.000    Ireland, 4% of Group‘s lending                      - Individual 1,416 bp
                                                                - Collective 52 bp                                                                      - Collective 128 bp
                                          303 bp         356 bp                                                      883 bp
400
                                                                                        1.500
                                                                        267 bp                                                                                       741 bp
                                                                                                                                                      691 bp
300                                                                                                  576 bp
                        185 bp                                                                                                      561 bp
                                                                                        1.000
                                                           464
200                                        409                                                                       1.647
                                                                          329                                                                         1.213           1.283
         96 bp                                                                                        1.089
                         254                                                              500                                        1.020
100
          120

  0                                                                                          0
        Q1 10           Q2 10             Q3 10          Q4 10          Q1 11                        Q1 10          Q2 10           Q3 10             Q4 10          Q1 11
DKK m                                                                                  DKK m        Corporate Banking
                                                        *Acc. imp. DKK 2,817 m                                                                   *Acc. imp. DKK 1,102 m
200                                                                                                                                                      - Individual 94 bp
                                                           - Individual 1,019 bp          300     DK, SE, NO, FI, 6% of Group‘s lending
                                                              - Collective 195 bp                                                                       - Collective 14 bp
        Baltics, 1% of Group‘s lending
150                                                                                                   78 bp
         211 bp

                                                                                                                                                                        57 bp
                                                                                          150
100
                                                                                                       214
          138                                                                                                                                                            146
                          80 bp
 50                                                        60 bp                                                      -27 bp          -42 bp            0 bp
                          51                                                                 0
                                                            36
                                            -29 bp                        -69 bp                     Q1 10           Q2 10           Q3 10             Q4 10           Q1 11
  0                                                                                                                    -77               -111
                                            -18                                                                                                          -1
        Q1 10           Q2 10             Q3 10           Q4 10          Q1 11
                                                                           -40
-50                                                                                      -150
                                         * Accumulated impairments at the end of period in DKK m and as basis points of total lending.                              30
     Commercial property exposure in Denmark,
     Ireland, Northern Ireland and Baltics
     DKK bn                                                                            DKK bn
     125                                                                               25
                                      Denmark                                                                          Ireland
     100                                                                               20
                           0.2
                                               NPL/total loans: 11%                                          0.1                  NPL/total loans: 65%
      75                                                                               15
              112.2
      50                                                                               10       20.8         8.5
                          78.5                                                                                                                 4.8
                                                                                                                                      13.6
      25                                                                                 5
                                                              6.7                                            6.1                               6.1
                           2.8                    12.5        2.8
       0                                                                                 0
           Total loans                   Impaired loans (NPL)                                Total loans                   Impaired loans (NPL)
           Gross lending                   Individual impairments                               Gross lending               Individual impairments
           Value of collateral             Collective impairments                               Value of collateral         Collective impairments
     DKK bn                                                                            DKK bn
      15                            Northern Ireland                                     4
                                                                                                                        Baltics

                                                                                         3                   0.1
      10                                       NPL/total loans: 27%                                                               NPL/total loans: 44%
                           0.2
                                                                                         2
               13.1                                                                                          2.0
       5                   6.9                                                                   2.6
                                                                                         1                                                        0.1
                                                               1.6                                                                     1.1
                                                   3.6                                                       0.7                                  0.7
                           1.7                                 1.7
       0                                                                                 0
           Total loans                    Impaired loans (NPL)                               Total loans                    Impaired loans (NPL)
              Gross lending               Individual impairments                               Gross lending                Individual impairments
              Value of collateral         Collective impairments                               Value of collateral          Collective impairments

31                                      Note: Value of collateral is capped by size of loan and is after a haircut of at least 20%.                      31
Danske Bank’s exposures to PIIGS is limited
compared to total lending
                                                    Credit exposure
DKK m                                           Government           Other
Nordic countries                                    95,457       1,760,166
Ireland                                              2,600          71,269
Baltics and Eastern Europe                             626          24,727
Other EU member states                              25,285         230,804
Other European countries                               -             7,476
North, Central and South America                       130          50,139
Africa, Asia and Oceania                               807          14,572
Total                                              124,905       2,159,153
Total credit exposure                                  2,284,058
Irish exposure as % of total credit exposure         0.11%           3.12%
The government exposure to Portugal, Italy, Greece and Spain was close to zero end Q1 2011.

                                                           Bond positions
DKK m                                           Government Covered bonds              Other
Nordic countries                                    52,741         3,485            267,844
UK, Germany and France                              53,760        10,744              3,827
North America                                        1,093           228              5,342
Ireland                                                502             90               343
Spain                                                1,122         6,375                523
Italy                                                6,588              -               231
Other                                                7,599           536              3,574
Total                                              123,405        21,458            281,684
Total bond portfolio                                         426,547
Irish exposure as % of total bond portfolio          0.12%         0.02%               0.08%
Spanish exposure as % of total bond portfolio        0.26%         1.49%               0.12%
Italien exposure as % of total bond portfolio        1.54%                             0.05%
The exposure to government bonds issued by Ireland, Portugal, Italy, Greece and Spain amounted to
DKK 9.4 billion end Q1 2011 and the net exposure was DKK 1.3bn.

                                                                                                    32
Danske Bank’s has a well diversified maturity
profile

  DKK bn                                         Maturity profile of issued bonds
  90

  80

  70

  60

  50

  40

  30

  20

  10

   0




                                                                                                                               2028
       2011


              2012


                     2013


                            2014


                                   2015


                                          2016


                                                 2017


                                                        2018


                                                               2019


                                                                       2020


                                                                              2021


                                                                                     2022


                                                                                            2023


                                                                                                   2024


                                                                                                          2025


                                                                                                                 2026


                                                                                                                        2027
                                                 CB     SENIOR        SUBORDINATED




                                                                                                                                      33
 A well diversified funding base, with less reliance
 on USCP funding


DKK bn
                         Funding programs, end Q1-2011                                                                                                                                                                                              Total USCP
                                                                                                                                                                                                       USD m
500                                                                                                                                                                                                    30,000

400                                                                                                                                                                                                    25,000

                                                                                                                                                                                                       20,000
300
                                                                                                                                                                                                       15,000
200
                                                                                                                                                                                                       10,000
100
                                                                                                                                                                                                        5,000

  0                                                                                                                                                                                                        -
                                                                                                                                                                          Struc note Prog
              ECP




                                                                         EMTN




                                                                                                          FIN MTN
                                UK CD


                                                       NOK CP




                                                                                                                    SAMPO EMTN




                                                                                                                                                                144A US
      US CP




                                                                SEK CP




                                                                                                                                 SAMPO FIN MTN
                                        SAMPO FIN CD




                                                                                                SEK MTN




                                                                                                                                                                                            SAMPO_CB
                                                                                                                                                 Separat dok.
                    French CP




                                                                                CB programme




                                                                                                                                                                                                                                  Dec/09




                                                                                                                                                                                                                                                                                        Dec/10
                                                                                                                                                                                                                         Oct/09



                                                                                                                                                                                                                                           Feb/10

                                                                                                                                                                                                                                                    Apr/10




                                                                                                                                                                                                                                                                               Oct/10



                                                                                                                                                                                                                                                                                                 Feb/11

                                                                                                                                                                                                                                                                                                          Apr/11
                                                                                                                                                                                                                                                             Jun/10




                                                                                                                                                                                                                                                                                                                   Jun/11
                                                                                                                                                                                                                Aug/09




                                                                                                                                                                                                                                                                      Aug/10
               Unused share of program                                                         Issued under the program




                                                                                                                                                                                                                                                                                                                      34
    Danske Bank Group Covered Bond Universe
    Legislation and history behind three business lines



•   Covered Bond issuer since 1851          • Covered Bond issuer since 2007         •   Sampo Housing Loan Bank (SHLB)
•   Based on Danish legislation             • Based on Danish legislation            •   Specialized Mortgage Bank
•   Specialized Mortgage Bank               • Loans from the Groups banking          •   Covered Bond issuer since 2005
•   Fully owned subsidiary in Danske Bank     activities in Denmark, Norway and      •   Based on Finnish Legislation
    Group                                     Sweden                                 •   Fully owned subsidiary in the Danske
•   Only loans from Denmark                 • Issued directly on the balance sheet       Bank Group
•   Follows the ―Specific Balance           • Multiple Cover Pool set-up             •   Support mechanism from Sampo Bank
    Principle‖= Fully match funding         • Full recourse to Danske Bank               plc
•   Funding via daily tap issues in DKK     • Follows the “General Balance           •   Only residential loans from Finland
    through the Danish Market                 Principle”                             •   Full recourse to SHLB
•   AAA rating                              • Funding through EUR benchmarks and     •   Funding through benchmarks and PP
                                              PP issues in multiple currencies           issues in EUR.
                                            • € 25bn Global Covered Bond             •   € 5bn Medium Term Covered Note
                                              Programme                                  Programme
                                            • AAA programme rating                   •   AAA programme rating




                                                    •   Cover Pool D
                                                    •   Cover Pool I
                                                    •   Cover Pool C
                                                    •   (Cover Pool R)
                                                                                                                       14
  Covered Bonds is a valuable funding tool


DKK bn                      Eligible loans in the D, I & C pool
120.000       D pool

              I pool
100.000
              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 Q111




                                                                                               43
The three cover pools

                                               RETAIL                            RETAIL                         COMBINED
Characteristics                            Cover Pool D                        Cover Pool I                       Cover Pool C
Pool notional                                DKK 32.9 bn                       DKK 95.8 bn     SEK 11,9 bn (€ 1,3 bn equivalent)
                             (EUR 4.4 billions equivalent)    (EUR 12.8 billions equivalent)
Number of Loans                                   54.492                           116.280                                3.924
Substitution collateral                  DKK 1.0 billions                  DKK 6.6 billions
Number of Borrowers                                                                                                       2.527
Total Value of Properties                                                                      SEK 43,7 bn (€ 4,9 bn equivalent)
Number of Properties                                                                                                      3.404
Average Loan Size                                                                                                    SEK 3 Mill.
Average Property Value                                                                                            SEK 12,8 Mill.
Property Type                     100% owner-occupied        76.2% owner-occupied, 23.8%       Agricultural, Forestry etc. 11%,
                                                                    housing cooperatives Industrial 26%, Coorperative Housing
                                                                                          8%, Rental Housing 30%, Retail 25%
WA LTV                                             60,0%                             59,0%                                 48,9
WA Seasoning                                      4 years                         3.0 years                           3,7 years
WA Remaining Term                             25.8 years                        36.6 years                           21,3 years
Rate type                                   Floating rate                     Floating rate                        Floating rate
Geographical location                    100% Denmark        49.3% Sweden, 50.7% Norway                          100% Sweden
Number of loans in arrears
(>30 days)                                              0                                 0                                   0
Current balance in arrears                DKK 0 millions                    DKK 0 millions                       SEK 0 millions
OC at cut-off date                                 18.9%                             20.8%                               29.1%
Cut-off date                                01-04-2011                        01-04-2011                           01-04-2011
Rating                                   Aaa/AAA/AAA                        Aaa/AAA/AAA                              AAA/AAA


                                                                                                                               16
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




                                      17
The reasons for Realkredit Danmark’s termination
of Moody’s
• Realkredit Danmark has discontinued Moody‘s ratings on covered bonds issued out of Capital
  Centre S and the General Capital Centre with immediate effect
• The discontinuation follows a dialogue with Moody‘s since mid2010 on the methodology
  applied for the rating of Realkredit Danmark and the covered bonds issued out of Realkredit
  Danmark capital centres
• Realkredit Danmark believes, that Moody‘s methodology for rating of Realkredit Danmark and
  the resulting requirements for maintaining the covered bond Aaa rating are misaligned with
  the underlying strength and risk profile of the mortgage bank
• Realkredit Danmark further believes, that Moody‘s underestimates the fundamental strength of
  the market and the Danish mortgage banking model as evidenced by the performance during
  the recent crisis and the more than 200 year history of no defaults
• Realkredit Danmark plans to raise fees to a level at which Realkredit Danmark remains
  competitive and funding costs are maintained at a low level
• For the purpose of adding to the long term robustness of the Danish mortgage banking system,
  Realkredit Danmark will establish a new capital centre for the funding of interest reset loans
• Covered bonds issued out of Capital Centre S and the General Capital Centre will remain AAA
  rated by Standard & Poor‘s


                                                                                                39
Moody’s rating approach

                                           • Since mid2010, Moody‘s has assigned a
 Mid 2010
                                             privately monitored issuer rating to
               Aaa
                                             Realkredit Danmark
               Aa1                         • The issuer rating is assigned pursuant to the
                                             Special Covered Bond Issuer method
               Aa2                           designed to apply only to those financial
                                             institutions that specialise in the issuance of
 Danske Bank   Aa3                           covered bonds on behalf of an owner bank. In
                                             addition, the institution may also have very
               A1                            limited lending activities

                      Realkredit Danmark   • Based on this approach the issuer rating of
               A2
                                             Realkredit Danmark has been pegged to the
               A3                            Danske Bank issuer rating with a two notch
                                             deduction to reflect the level of formal parent
               Baa1                          support
                                           • The downgrades of Danish banks during
               Baa2                          2011, in response to the Danish bank
                                             restructuring scheme (Bank Package III) and
               Baa3                          the collapse of Amagerbanken, impacted
                                             Realkredit Danmark directly though
                                             Realkredit Danmark was explicitly excluded
                                             from the scheme



                                                                                               40
Moody’s rating approach

                                           • The 20 May downgrade of Danish banks
 Mid 2011
                                             would have implied a further downgrade of the
               Aaa
                                             issuer rating of Realkredit Danmark to Baa1
                                             but at this stage Moody‘s initiated a complete
               Aa1
                                             review of their rating approach towards
                                             Realkredit Danmark
               Aa2
                                           • Before concluding this review, Moody‘s
               Aa3                           lowered Timely Payment Indicators and
                                             raised refinancing margins. This had an
               A1                            impact on requirements at par with the
                                             impact from an issuer rating downgrade
 Danske Bank   A2
                                           • Realkredit Danmark believes the approach is
               A3     Realkredit Danmark     misguided
                                             – The financial strength of Realkredit Danmark
               Baa1                            is not factored in
                                             – The history of Realkredit Danmark is not
               Baa2                            factored in

               Baa3                          – The Realkredit Danmark brand value is not
                                               factored in
                                             – Realkredit Danmark clearly has lending
                                               activities of its own
                                             – Realkredit Danmark is clearly not a SPV


                                                                                              41
RD ‘s over collateralisation requirements from
Moody’s
DKK bn
160                                                                                                                 147



120
                                                                                            97

 80
                                                          63
                                    54
                                                                     Pending on
 40         29                                                        Moody‘s
                                                                       review


  0
         Original OC           Mid 2010              February 2011   May 2011            June 2011           Downgrade scenario


                                         Gen. Cap.    5.5%                                       Gen. Cap.       9.0%

                 Gen. Cap.    5.0%       Cap. S      11.5%                                       Cap. S         27.0%
                                                                            Gen. Cap.    5.5%
                 Cap. S      10.5%         Downgrade of                                          If the single notch
                                           Danish banks                     Cap. S      18.0%
                  Special Covered                                                                     downgrade
                    Bond Issuer                                                                      materialises
                                                                           The TPI for Danish
                                          RD issuer rating
                   approach first                                            covered bonds
                                            automatically
                      applied                                              changed from Very
                                         changed from A2 to
                                                                              High to High
                                                A3
                 RD issuer rating of
                        A2


                                                                                                                                  42
RD’s loan impairment charges have not exceeded
1% during the last two crises

 5%                                     Loan impairment charges to loan book ratio


 3%




 1%




 -1%
        1986    1988     1990    1992     1994    1996    1998     2000    2002     2004    2006     2008    2010




      The over collateralisation requirement of 18% on covered bonds issued out of Capital Centre S is contrasted by
       loan impairment charges not exceeding 1% during the 1988 to 1992 crisis and 0.2% during the recent crisis




                                                                                                                        43
RD’s covered bonds have been attractive through
the whole financial crisis
    bp
    525                                  Covered bond asset swap spreads
    475
    425
    375
    325
    275
    225
    175
    125
     75
     25
    -25
     2/Feb/08                 2/Dec/08                       2/Oct/09              2/Aug/10               2/Jun/11

          iBoxx EUR UK                   iBoxx EUR Ireland              iBoxx EUR Spain          iBoxx EUR France
          iBoxx EUR Germany              DM SEK Sweden                  DM DKK Denmark




    During the financial crisis asset swap spreads on Danish covered bonds remained low relative to peers
    This reflected investors remained confident in both the credit quality and liquidity of Danish covered bond and the
     underlying strength of the market




                                                                                                                      44
The OC requirement from Moody’s was almost four
times bigger than the regulatory requirement
                                                         Capitalisation end 2011Q1
                                                                                                       97bn




                                                                               17.0bn

                                                                                           49bn
 Capitalisation                                                  45.5bn


                                      20.9bn
 Capitalisation floor                           24.6bn
                             15.1bn
        11.2bn




      Pillar 1+         Economic capital       Transition     Capital base     Senior    Standard &   Moody's
                                                                             unsecured     Poor's




• Realkredit Denmark's Core Tier I capital ratio stood at 35.5% end 2011Q1
• The binding regulatory capital requirement is the CRD transition rules at 24.6 billion
• The gap between Moody‘s OC requirement and regulatory capital requirements has grown extreme



                                                                                                                45
Disclaimer



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 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 contains forward-looking statements that reflect management‘s current views with
respect to certain future events and potential financial performance. Although Danske Bank believes
that the expectations reflected in such forward looking statements are reasonable, no assurance can
be given that such expectations will prove to have been correct. Accordingly, results could differ
materially from those set out in the forward-looking statements as a result of various factors many of
which are beyond Danske Bank‘s control.

This presentation does not imply that Danske Bank has undertaken to revise these forward-looking
statements, beyond what is required by applicable law or applicable stock exchange regulations if and
when circumstances arise that will lead to changes compared to the date when these statements were
provided.

                                                                                                         46

				
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