Item a: Submission of the annualreport for adoption

• Denmark’s cheapest bank over a lifetime

• Number of cases at Complaints Board far smaller than market share

• Only one case lost in 2009 – we abided by the ruling

• Danske Invest won Morningstar’s best equities fund award for the second year running

• Danske Bank Private Banking named Denmark’s best private banking provider

• Danske Markets named best equities research provider for the fifth year running

DKr million 2008 2009 Index

Net interest income 27,005 27,524 102

Net fee income 8,110 7,678 95

Net trading income 6,076 18,244 300

Other income 3,585 3,083 86

Net income from insurance business -1,733 2,810 -

Total income 43,043 59,339 138

Expenses 24,865 24,283 98

Goodwill, Bank Package I, severance payments 3,861 4,624 120

Profit before loan impairmt charges 14,317 30,432 213

Loan impairment charges 12,088 25,677 212

Profit before tax 2,229 4,755 213

Tax 1,193 3,042 255

Net profit for the year 1,036 1,713 165

Results

Shareholders’ equity increased in 2009

95

100

105

Shareholders' equity

2008 2009

DKr billion

DKr million 2008 2009 Index

Net interest income 27,005 27,524 102

Net fee income 8,110 7,678 95

Net trading income 6,076 18,244 300

Other income 3,585 3,083 86

Net income from insurance business -1,733 2,810 -

Total income 43,043 59,339 138

Expenses 24,865 24,283 98

Goodwill, Bank Package I, severance payments 3,861 4,624 120

Profit before loan impairmt charges 14,317 30,432 213

Loan impairment charges 12,088 25,677 212

Profit before tax 2,229 4,755 213

Tax 1,193 3,042 255

Net profit for the year 1,036 1,713 165

Good trend in income

• Expenses up1%:

Goodwill impairment charges DKr 1.5bn

Commission, Bank Package I DKr 2.5bn

Cover of losses of banks in FS DKr 1.6bn

• Severance payments DKr 0.7bn

Costs remained stable

DKr million 2008 2009 Index

Net interest income 27,005 27,524 102

Net fee income 8,110 7,678 95

Net trading income 6,076 18,244 300

Other income 3,585 3,083 86

Net income from insurance business -1,733 2,810 -

Total income 43,043 59,339 138

Expenses 24,865 24,283 98

Goodwill, Bank Package I, severance payments 3,861 4,624 120

Profit before loan impairmt charges 14,317 30,432 213

Loan impairment charges 12,088 25,677 212

Profit before tax 2,229 4,755 213

Tax 1,193 3,042 255

Net profit for the year 1,036 1,713 165

Costs remained stable

• Fixed annual remuneration of DKr325,000 • Chairman gets triple amount• Vice chairmen get double amount• DKr200,000 for committee work• Extraordinary DKr40,000 addition to committee

chairmen who are not the chairman or a deputy chairman of the Board

• The maximum is double the fixed remuneration• The maximum for members of the chairmanship is

four times the fixed remuneration• No options or other performance-based schemes

Board of Directors

• No bonus payments in 2009• No share-based compensation• Incentive programme suspended in 2008• Remuneration of CEO unchanged relative to 2008• Other Executive Board members have received

partial compensation for share-based compensation

Remuneration of Executive Board

• New rules are being drawn up• Executive Board members, other senior managers

and customer advisers get NO performance-based pay

• Staff at Danske Markets and Danske Capital are paid in accordance with G20 recommendations

Remuneration policy (incentive pay)

17,4

0

5

10

15

20

25

30

Financial

Retail

Corporate

DKr billion

Charges brokendown by customer

type

Bank Pack. IDKr billion Impairmt charges 2009

0123456789

10

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

DKr million 2008 2009 Index

Net interest income 27,005 27,524 102

Net fee income 8,110 7,678 95

Net trading income 6,076 18,244 300

Other income 3,585 3,083 86

Net income from insurance business -1,733 2,810 -

Total income 43,043 59,339 138

Expenses 24,865 24,283 98

Goodwill, Bank Package I, severance payments 3,861 4,624 120

Profit before loan impairmt charges 14,317 30,432 213

Loan impairment charges 12,088 25,677 212

Profit before tax 2,229 4,755 213

Tax 1,193 3,042 255

Net profit for the year 1,036 1,713 165

Impairment charges and losses

DKr billion

Impairment charges and losses

0

2

4

6

8

10

4. kvt. 08 1. kvt. 09 2. kvt. 09 3. kvt. 09 4. kvt. 09

Impairment chargesActual losses

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Impairment charges

-100

100

300

500

700

900

1100

Ba

ltik

um

Ma

rket

s

Irla

nd

No

rdir

lan

d

Fin

lan

d

Da

nm

ark

Øvr

ige

No

rge

Sve

rige

Dk

Ca

pit

al

bp

Bal

tics

Irel

and

Mar

kets

Nor

ther

nIr

elan

d

Fin

lan

d

Den

mar

k

Oth

er

Nor

way

Sw

eden

Cap

ital

DKr million 2008 2009 Index

Net interest income 27,005 27,524 102

Net fee income 8,110 7,678 95

Net trading income 6,076 18,244 300

Other income 3,585 3,083 86

Net income from insurance business -1,733 2,810 -

Total income 43,043 59,339 138

Expenses 24,865 24,283 98

Goodwill, Bank Package I, severance payments 3,861 4,624 120

Profit before loan impairmt charges 14,317 30,432 213

Loan impairment charges 12,088 25,677 212

Profit before tax 2,229 4,755 213

Tax 1,193 3,042 255

Net profit for the year 1,036 1,713 165

Tax

960

834

9926

3332

4. k

v. 2

00

8

Æn

dri

ng

i ud

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Kre

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kval

itet

Nye

par

amet

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Mar

ked

s-og

m

odp

arts

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ko

4. k

v. 2

00

9

Reduction of risk-weighted assets

Trend in risk-weighted assets (DKr billion)Q

4 2

00

8

Cha

nge

in le

ndin

g

Cre

dit q

ualit

y

New

par

amet

ers

Mar

keta

nd

coun

terp

arty

risk

s

Q4

20

09

0

5

10

15

20

Tier I capital (%) Solvency (%)

2008 2009

+4.9%

+4.8%

%

Solvency

Bank Packages

BILL

Bank Package I 4.1

Interest on hybridcapital (net – 5 yrs) 12.5

Total 16.6 billion

-150

0

150

300

450

1 u

ge

2 u

ger

3 u

ger

1 m

dr

2 m

dr

3 m

dr

4 m

dr

5 m

dr

6 m

dr

9 m

dr

12

mdr

Liquidity- considerable improvement in 2009 especially throughraising of loans with terms up to 10 years

30

End-2009End-2008

End-Q3 2009

DKr billion

1 w

eek

2 w

eeks

3 w

eeks

1 m

onth

2 m

onth

s

3 m

onth

s

4 m

onth

s

5 m

onth

s

6 m

onth

s

9 m

onth

s

12 m

onth

s

Danske Bank is competitive

Source: www.pengepriser.dk

Digital Banking

danskebank.dk/panel • Text “panel” to 1969

Profit DKr millionNet profit for the year 1,001Equity method reserve 3,012Retained earnings ÷2,011

Allocation of profits

0

50

100

150

200

ma

r. 2

00

5

jun

. 20

05

sep

. 20

05

dec

. 20

05

ma

r. 2

00

6

jun

. 20

06

sep

. 20

06

dec

. 20

06

ma

r. 2

00

7

jun

. 20

07

sep

. 20

07

dec

. 20

07

ma

r. 2

00

8

jun

. 20

08

sep

. 20

08

dec

. 20

08

ma

r. 2

00

9

jun

. 20

09

sep

. 20

09

dec

. 20

09

ma

r. 2

01

0

Danske Bank shares

Index01-03-2005 =100

Danske Bank

MSCI Europe

Banks

Mar

. 20

05

Jun

. 20

05

Sep

. 20

05

Dec

. 20

05

Mar

. 20

06

Jun

. 20

06

Sep

. 20

06

Dec

. 20

06

Mar

. 20

07

Jun

. 20

07

Sep

. 20

07

Dec

. 20

07

Mar

. 20

08

Jun

. 20

08

Sep

. 20

08

Dec

. 20

08

Mar

. 20

09

Jun

. 20

09

Sep

. 20

09

Dec

. 20

09

Mar

. 20

10

Outlook for 2010

Rising unemployment

GDP growth in most of our markets

Results at Danske Markets and Danske Capital depend on trends in the financial markets

Lower costs than in 2009

High level of IT investments

Lower impairment charges than in 2009, but still high level

0

3000

6000

9000

12000

15000

18000

21000

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

Results and tax

DKr million

Profit before tax

Tax

Item a: Submission of the annualreport for adoption