Danske Bank A/S · OMXCOP:DANSKE

Danske Bank A/S — H1 2005 Earnings Presentation

17 slides from Danske Bank A/S's earnings presentation, Aug 11, 2005

1. Slide 1: Financial results: H1 2005

   Financial results: H1 2005 Press conference August 11, 2005

2. Slide 2: H1 2005 in brief

   Highlights H1 2005 in brief - Strong activity drives profit above expectations Profit after tax 49% to DKr 6.1bn Income statement • Income rose 21% on DKr m H1 2004 H1 2005 Index Income 13,960 16,863 121 • acquisition of NB and NIB Expenses 7,537 8,658 115 • heavy business volume Profit before credi

3. Slide 3: Lending and net interest income

   Business trends Lending and net interest income - Lending growth boosts net interest income Net interest income 13% • Interest income up because of NB/NIB and strong lending growth in Scandinavia • Margin pressure on bank lending DKr bn  Lending and net interest income DKr m Bank lending 31% 1,200

4. Slide 4: Fee income

   Business trends Fee income - Growth driven by increase in business volume H1 2005 Fee income Customer activity up – prices unchanged Group 15% • Fee income rose 15% at Group level, Danske Bank 10% but 7% in Banking Activities, Denmark BG Bank 1% • Securities trading, remortgaging and Other 31% incre

5. Slide 5: Product innovation

   Product innovation - New opportunities for us and our customers Banking: Open plan and customer packages Interest margin, total 8% Q3 1994 – Q2 2005 Mortgage Finance: FlexGaranti®, 6% interest only loans & floaters 4% 2% Kilde: Danmarks 5

6. Slide 6: Capital structure

   Capital structure Capital structure - International expansion and increasing lending growth Acquisition reduced solvency ratio Solvency • Core (tier 1) capital and solvency ratios as % of RWA Target H1 2005 currently under target, as expected Core capital ex hybrid capital 6.5 5.8 Hybrid capital 0.5

7. Slide 7: Banking Activities, Danske Bank

   Trends in business areas Banking Activities, Danske Bank - High activity level Profit before tax 58% • Retail lending up 36% DKr m Profit before tax • Danske Prioritet remains the most 2,500 popular loan type 2,000 • Corporate lending up 19% • Lower margins because of changed product 1,500 mix and t

8. Slide 8: Banking Activities, BG Bank

   Trends in business areas Banking Activities, BG Bank - Lending grows and costs decline Profit before tax 26% DKr m Profit before tax • Solid earnings growth continues 1,000 • Retail lending up 20% and corporate lending up 11% 750 • Lower margins because of changed product 500 mix and tougher competi

9. Slide 9: Banking Activities Norway

   Trends in business areas Banking Activities Norway - Increasing market shares Profit before tax 83% DKr m Profit before tax • Rising sales because of high lending growth 300 and healthy inflow of new customers • Margins narrowed because competition 200 remains fierce 100 • 46% increase in fee income

10. Slide 10: Banking Activities Sweden

    Trends in business areas Banking Activities Sweden - Strong growth and branch network expansion Profit before tax 12% DKr m Profit before tax • Both retail and corporate lending growth 500 remained strong • Six branch openings in the first half of the year increased costs 350 • Six more new branches

11. Slide 11: Status of consolidation of NIB & NB

    Trends in business areas Status of consolidation of NIB & NB Organisation, products & Integration proceeding according to plan concepts • Andrew Healy named new CEO of NIB Markets HR • Project groups have completed business plans IT • IT conversion at Easter 2006 Business Shared • Danske Bank Group’

12. Slide 12: Northern Bank & National Irish Bank

    Trends in business areas Northern Bank & National Irish Bank - Performance as expected Profit before tax DKr 52m Profit before tax DKr 10m • Performance in line with expectations • Performance in line with expectations • Lending growth since September 2004: • Lending growth since September 2004: Ret

13. Slide 13: Mortgage Finance

    Trends in business areas Mortgage Finance - Record-high remortgaging activity Profit before tax 27% DKr m Profit before tax • High activity level because 1,400 of remortgaging • Introduction of new varieties 1,000 of FlexGaranti® • Decline in market shares 600 • Costs lower H1 2004 H1 2005 13

14. Slide 14: Danske Markets

    Trends in business areas Danske Markets - Extraordinary performance Profit before tax 41% DKr m Profit before tax • High level of activity throughout H1 2,000 • Leading position in share, bond and forex 1,600 trading maintained • Results include gains on sale of listed and 1,200 unlisted shares 800

15. Slide 15: Danica Pension

    Trends in business areas Danica Pension - Profit boosted by higher investment return Profit before tax 45% DKr m Profit before tax • 11% growth in gross premiums 800 • Continued growth in unit-linked business, 600 in Sweden as well • Return on investment of customers’ funds 400 rose from 2.7% to 8.5

16. Slide 16: Outlook for 2005 as a whole

    Outlook for 2005 Outlook for 2005 as a whole - Earnings guidance upgrade • Guidance upgraded: profit before tax approximately 10% higher than in 2004 • Although the results depend on developments in the financial markets, including the level of securities prices at the end of the year • Prospect of

17. Slide 17: www.danskebank.com

    www.danskebank.com

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