Fact Book Q107 - Danske Bank...Income statement (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006 Net...

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Danske Bank Fact Book Q1 2007

Fact Book Q1 2007

Supplementary Information for Investors and Analysts

Unaudited

Updated: May 1, 2007

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Table of contents

1.1. Financial goals 4

1.2. Share Data 4

1.3. Ratings 5

1.4. Changes in accounting principles

and presentation 6

2. Financial statistics

2.1. Income statement - Danske Bank Group 8

2.1.1. Breakdown of income 9

2.1.2. Breakdown of expenses 13

2.2. Balance sheet 15

2.2.1. Breakdown of balance sheet 16

2.3. Key ratios 20

3. Business segments and key statistics

3.1. Banking Activities 23

3.1.1. Banking Activities, Denmark 24

3.1.2. Banking Activities, Finland 25

3.1.3. Banking Activities, Sweden 26

3.1.4. Banking Activities, Norway 27

3.1.5. Banking Activities, Northern Ireland 28

3.1.6. Banking Activities, The Rep. of Ireland 29

3.1.7. Banking Activities, Baltics 30

¨ 3.1.8. Other Banking Activities 32

3.2. Mortgage Finance 33

3.3. Danske Markets 35

3.4. Danske Capital 36

3.5. Danica Pension 38

3.6. Other areas 39

4. Macroeconomics

4.1.Tables and charts 41

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Fact Book Q1 2007

This publication is meant as a supplement to the information published in the quarterly interim reports and the annual report. Additional information can be found on www.danskebank.com and www.danskebank.dk.

For further information, please contact:

Tonny Thierry Andersen, Chief Financial Officer Direct: +45 45 14 07 07Mobile: +45 22 65 65 [email protected]

Martin Gottlob, Head of Investor Relations Direct: +45 45 14 07 92Mobile: +45 25 27 25 [email protected]

Maria Helene Hjorth, Senior IR Officer Direct: +45 45 14 06 02 Mobile: +45 25 55 63 [email protected]

Lars Holm, Senior IR Officer Direct: +45 45 14 06 04 Mobile: +45 25 10 47 17

[email protected]

Heidi Sørensen, IR assistant Direct: +45 45 14 06 80 Fax: +45 45 14 97 [email protected]

DisclaimerThis publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offers to purchase or sell any securities, currency or financial instrument. Whilst reasonable care has been taken to ensure that the contents of this publication are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff may perform business services, hold, establish, change or cease to hold positions in any securities, currency or financial instrument mentioned in this publication. The Danske Bank Group�s research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank is regulated by the FSA for the conduct of investment business in the UK and is a member of the London Stock Exchange. Copyright © 2007 Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.

Date Event & location

Financial calendar

August 9 , 2007

October 30, 2007

Interim report

Quarterly report �first nine months

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1.1. Financial goals

The Group bases its capital management on a set of overall capital targets. Below are the targets for the first quarter of 2007 as well as the realised ratios.

Dividends and share buybacksIf the bank have surplus capital above our target, which is not needed for future growth, the bank's policy is to return this surplus to the shareholders through share

buybacks. The total amount of dividends and share buybacks since 2000 can be seen in the table below.

1.2. Share dataThe Danske Bank Group is the largest financial services organisation in Denmark. The average daily trading volume of Danske Bank shares in the first quarter of 2007 was DKr 804m. With a total trading volume of Dkr50.8bn, the Danske Bank share was the most actively traded share on the Copenhagen Stock Exchange in the first quarter of 2007.

At the end of March 2007, there were 698,804,276 shares at a nominal value of DKr10 per share. Danske Bank shares are negotiable, and no special rights are attached to them. No shareholder is obligated to redeem shares in full or in part. The shares are issued to the bearer, but they can be registered by name in the Bank�s register of shareholders.

* In November 2006, shareholder�s equity was raised by DKr14.5bn in connection with the acquisition of Sampo Bank. The dividend of 40% has been calculated based on the increased share capital at the end of 2006.

Total distribution(DKr m) 2006 2005 2004 2003 2002 2001 2000Dividends 5,416 6,383 5,277 4,661 3,477 3,477 3,382Share buybacks - - 5,000 5,000 3,000 - 4,999Total 5,416 6,383 10,277 9,661 6,477 3,477 8,381Net profit for the year 13,545 12,822 9,317 9,286 8,242 8,713 6,304Total as % of the net profit for the year 40% 50% 110% 104% 79% 40% 133%

Financial goals Target Realised Q1 2007(%) (%)

Core (tier 1) capital ratio (excl. hybrid core capital) 5.5-6.0 5.6Hybrid core capital 1.0-1.5 1.0Solvency ratio 9.0-10.0 10.1Expected payout ratio 30-50 40

No. of shares Year2007

Issued shares at January 1 698,804,276Buyback programme, preceding year -Issued shares, preceding year -Issued shares at March 31 698,804,276The Group's trading portfolio of own shares 7,219,854The Group's investments in own shares on customers' behalf 6,369,572Shares outstanding at March 31 685,214,850

Average number of shares outstanding, Q107 685,156,570

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1.3. Ratings

Danske Bank rating overviewThe agencies each use their own rating scales, on which the highest possible ratings are AAA and Aaa (see the table below). Ratings in the A categories are considered "investment grade", indicating only a marginal risk that the issuer will go default.

The Danske Bank Group is currently rated by the three large international credit rating agencies: Moody's, Standard & Poor's and Fitch Ratings.

Danske Bank's rating was affected by Moody's changed methodology (JDA-analysis). This methodology has been revised, and Danske Bank rating is thereby still Aa1

P-1 Aaa A-1+ AAA F1+ AAAP-2 Aa1 A-1 AA+ F1 AA+P-3 Aa2 A-2 AA F2 AA

Aa3 A-3 AA- F3 AA-A1 A+ A+A2 A AA3 A- A-Baa1 BBB+ BBB+Baa2 BBB BBBBaa3 BBB- BBB-

Long term Short term Long termStandard & Poor´s Fitch

Short term Long term Short termMoody´s S&P´s Insurer Financial Strength

Long termAAAAA+AAAA-A+AA-BBB+BBBBBB-

P-1 Aaa A-1+ AAA F1+ AAAP-2 Aa1 A-1 AA+ F1 AA+P-3 Aa2 A-2 AA F2 AA

Aa3 A-3 AA- F3 AA-A1 A+ A+A2 A AA3 A- A-Baa1 BBB+ BBB+Baa2 BBB BBBBaa3 BBB- BBB-

Long term Short term Long termStandard & Poor´s Fitch

Short term Long term Short termMoody´s S&P´s Insurer Financial Strength

Long termAAAAA+AAAA-A+AA-BBB+BBBBBB-

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1.4. Changes in accounting principles and presentationChanges in accounting principles

The Group has not changed accounting principles from those presented in the Fact Book Q4 2006 and the Annual Report 2006.

Changes in presentation

In November 2006, the Danske Bank Group entered into an agreement to buy all shares of the Finnish Sampo Bank. The acquisition was approved on January 30, 2007, and effected on February 1, 2007, from which date the Sampo Bank group was consolidated in the accounts of Danske Bank. Due to the acquisition of Sampo Bank, beginning the first quarter of 2007, the Group�s reporting has been expanded with two segments � Banking Activities Finland and Banking Activities Baltics. Comparative figures in the financial reporting on the activities of Finland, the Baltic countries, Danske Markets, Danske Capital and Other Areas have been restated on a pro forma basis to include the financial results of the Sampo Bank group as of February 1, 2006. Consequently, the results of these areas in the first quarter of 2007 are compared with pro forma figures for 2006. The pro forma financial highlights were calculated before the time of acquisition in accordance with the accounting policies of the Sampo Bank group (IFRS).

In 2007 the Group decided to close the brand BG Bank. As of April 10, 2007 all banking business in Denmark is operated under the same brand � Danske Bank. Beginning in the first quarter of 2007, the Group reports a joined segment in Denmark called Banking Activities Denmark.

The Group has changed its measure of share price as of Q1 2007. The share price is now the closing price at the end of the period.

Beginning in the first quarter of 2007 the Group no longer reports RAROC and Economic Capital. The Group has implemented a new risk adjusted measurement � ROAC � which is basically RAROC calibrated to CRD. During 2007 the Group will use the measure internally, and later publish the results externally.

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Financial statistics

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2.1. Income statement � Danske Bank Group

Year to date Full year Income statement (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 5,724 6,204 5,775 5,593 5,038 5,724 22,610Hereof amortisation of loans and deposits* 31 - - - - 31 -

Financing 392 346 334 364 348 392 1,392Investment 517 400 293 416 575 517 1,684Services 33 6 39 35 58 33 138

Fees generated by activities 942 752 666 815 981 942 3,214Financing 88 126 104 107 102 88 439Investment 549 504 373 392 384 549 1,653Services 603 498 508 492 497 603 1,995

Fees generated by portfolios 1,240 1,128 985 991 983 1,240 4,087Net fee income, Sampo - 471 406 424 275 - 1,576Net fee income, total 2,182 2,351 2,057 2,230 2,239 2,182 8,877Net trading income 1,893 1,632 1,868 1,672 2,108 1,893 7,280Other income 873 887 733 780 552 873 2,952Net income from insurance business 311 554 768 -165 198 311 1,355Total other income 3,077 3,073 3,369 2,287 2,858 3,077 11,587Total income 10,983 11,628 11,201 10,110 10,135 10,983 43,074

Staff expenses 2,790 2,638 2,509 2,326 2,240 2,790 9,713Severance pay 92 39 20 17 23 92 99Holiday payment** 27 37 -105 76 29 27 37Bonuses 303 153 194 214 283 303 844IT expenses 648 533 451 547 621 648 2,152Other expenses 1,185 1,069 989 1,171 1,065 1,185 4,294

Staff and administration expenses 5,045 4,469 4,058 4,351 4,261 5,045 17,139Staff and administration expenses, Sampo - 862 647 724 478 - 2,711Staff and administration expenses, total 5,045 5,331 4,705 5,075 4,739 5,045 19,850

Amortisation, intangibles 364 221 215 186 192 364 814Depreciation, tangibles 448 555 478 431 510 448 1,974Other operating expenses 10 - 4 1 -3 10 2

Operating expenses*** 5,867 6,107 5,402 5,693 5,438 5,867 22,640Hereof integration expenses 139 80 56 288 209 139 633

Profit before credit loss expenses 5,116 5,521 5,799 4,417 4,697 5,116 20,434Credit loss expenses -178 61 -68 -349 -128 -178 -484Profit before tax 5,294 5,460 5,867 4,766 4,825 5,294 20,918Tax 1,472 1,271 1,562 1,363 1,353 1,472 5,549Net profit 3,822 4,189 4,305 3,403 3,472 3,822 15,369

Attributable to minority interests 1 10 8 20 41 1 79

Net profit after minority interest 3,821 4,179 4,297 3,383 3,431 3,821 15,290* The fair value of loans, advances and deposits in the opening balance sheet has been increased by DKr450m compared with the carrying amount of these items recognised before the acquisition. The effect of the value adjustment on interest

income generated by Banking Activities Finland is a decrease of DKr171m in 2007 and DKr67m in each of the following four years.

** In Denmark, second quarter affected by 6th week Holiday payment.

*** See specificifaction hereof in section 2.1.2.

The pro forma figures include the Sampo Bank group as of February 2006.

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Q1 2006

Ireland 3.9%

Baltics 1.0%

Northern Ireland7.7%

Finland 9.6%

Norway;6.8% DK & MF

60.7%

Sweden 7.7%

Other Banking

Activities2.6%

2.1.1. Breakdown of income

Money market ratesCountry distribution of net interest income


Q1 2007

DK & MF59.3%

Sweden8.5%

Norway7.2%

Finland9.1%

Northern Ireland7.6%

Ireland4.5%

Baltics1.5%

Other Banking

Activities2.3%

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

jan-

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apr-

02

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2

oct-

02

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03

apr-

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jul-0

3

oct-

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jan-

04

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CIBOR 3 month STIBOR 3 month NIBOR 3 month

Danish discount rate LIBOR 3 month EURIBOR 3 month

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Interest income margins, Banking Activities, Denmark, Sweden and Norway

Net interest income in Banking Activities, Denmark (YOY)

0.00

0.40

0.80

1.20

1.60

2.00

2.40

Q106 Q206 Q306 Q406 Q107

Lending spread (1) (from Tom/next interest rate) (%) Denmark

Lending spread (1) (from Tom/next interest rate) (%) Sweden

Lending spread (1) (from Tom/next interest rate) (%) Norway

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Q106 Q206 Q306 Q406 Q107

Deposit spread (2) (from Tom/next interest rate) (%) Denmark

Deposit spread (2) (from Tom/next interest rate) (%) Sweden

Deposit spread (2) (from Tom/next interest rate) (%) Norway

Historical net interest income in Banking Activities, Denmark(DKr m) Q106 Change Q107Net interest income 2,283

Loan volume 264Loan margins -153Deposit volume 64Deposit margins 25Other 69Net interest income 2,552

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Net interest income

Exchange rates (Cross currency: Danish krone (DKK)), end of period


0

1,300

2,600

3,900

5,200

6,500

Q 106 Q 206 Q 306 Q 406 Q 107

D k r m

Exchange rate (end of period) Q107 Q406 Q306 Q206 Q106Euro (EUR) 745.08 745.60 745.76 745.92 746.24US Dollars (USD) 559.45 566.14 589.07 586.74 616.52English pound (GBP) 1,096.03 1,110.35 1,100.43 1,077.76 1,071.57Swedish kroner (SEK) 79.72 82.47 80.36 80.74 79.12Norwegian kroner (NOK) 91.77 90.51 90.56 93.99 93.66Polish zloty (PLN) 192.69 194.62 187.79 183.97 189.28Estonian kroner (EEK) 47.62 47.65 47.66 47.67 47.69Latvian lats (LVL) 1,049.85 1,069.42 1,071.49 1,071.57 1,072.03Lithuanian lats (LTL) 215.79 215.94 215.99 216.03 216.13

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0

800

1,600

2,400

3,200

4,000

Q106 Q206 Q306 Q406 Q107

DKr m

Net trading income Other income Net income from insurance business

0

500

1,000

1,500

2,000

2,500

Q106 Q206 Q306 Q406 Q107

Dkr m

Fees generated by activities Fees generated by portfolios Net fee income, Sampo

Total other income

Net fee income


The pro forma figures include the Sampo Bank group as of February 2006. As of Q1 2007, no specific net fee income for Sampo Bank is shown, as this has been included in fees generated by activities and portfolios respectively.

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2.1.2. Breakdown of expenses

Operating expenses Index Year to date Full year

DKr m Q107 Q106 07/06 Q107 Q406 Q306 Q206 Q106 2007 2006

Operating expenses 5,867 5,438 108 5,867 6,107 5,402 5,693 5,438 5,867 22,640

Amortisation, intangibles

Banking activities, Finland 128 - - 128 - - - - 128 -

Banking activities, Northern Ireland 113 111 102 113 118 118 112 111 113 459

Banking activities, Ireland 25 26 96 25 26 25 25 26 25 102

Danske Capital 6 - - 6 - - - - 6 -

Amortisation, intangibles, total 272 137 199 272 144 143 137 137 272 561

Integration expenses

Banking activities, Denmark 13 - - 13 - - - - 13 -

Banking activities, Finland 12 - - 12 - - - - 12 -

Banking activities, Northern Ireland 30 130 23 30 72 49 194 130 30 445

Banking activities, Ireland 30 79 38 30 8 4 68 79 30 159

Banking activities, Baltics - - - - - - - - - -

Other areas 54 - - 54 - - - - 54 -

Integration expenses, total 139 209 67 139 80 53 262 209 139 604

Total expenses, excl. amortisation of intangible assets and integration expenses 5,456 5,092 107 5,456 5,883 5,206 5,294 5,092 5,456 21,475


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Total IT expenses

Note: Total IT expenses include costs related to software, hardware, internal IT staff, external IT consultans, rent on premises, depreciation, phone and MIPS etc.

Full-time employees broken down by business area

Year to date Full yearIT expenses (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Total IT expenses (development and operations) 963 782 668 703 849 963 3,002Total IT expenses/operating expenses, % 16.4 12.8 14.4 14.4 17.4 16.4 13.3Total IT expenses/profit before tax, % 18.2 14.3 13.1 17.1 19.4 18.2 14.4

End of period End of yearFTE - end period Q107 Q406 Q306 Q206 Q106 2007 2006

Banking Activities, Denmark 6,025 6,168 6,285 6,273 6,258 6,025 6,168Banking Activities, Finland 2,124 2,088 2,083 2,077 2,064 2,124 2,088Banking Activities, Sweden 921 1,135 1,122 1,114 1,142 921 1,135Banking Activities, Norway 1,071 1,323 1,293 1,152 1,148 1,071 1,323Banking Activities, Northern Ireland 1,378 1,862 1,845 1,866 1,905 1,378 1,862Banking Activities, The Republic of Ireland 666 698 724 717 717 666 698Banking Activities, Baltics 1,158 1,114 1,075 1,026 961 1,158 1,114Banking Activities, Others 392 392 405 391 377 392 392Banking Activities total 13,735 14,780 14,832 14,616 14,572 13,735 14,780Mortgage Finance 736 740 755 752 772 736 740Danske Markets 861 912 904 877 890 861 912Danske Capital 541 503 498 484 464 541 503Danica Pension 909 898 907 875 844 909 898Shared services center* 4,879 3,677 3,674 3,621 3,645 4,879 3,677Others 1,989 2,240 2,261 2,340 2,308 1,989 2,240Group total 23,650 23,750 23,831 23,565 23,495 23,650 23,750* The large increase in full time employees from Q406 to Q107 is due to the transfer of employees from Sweden, Norway, Northern Ireland and the Republic of Ireland to the Shared Services Center.


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2.2. Balance sheetEnd of period End of year

Balance sheet (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Cash in hand and demand deposits with central banks 17,594 25,158 28,850 22,731 39,095 17,594 25,158Due from credit institutions and central banks 293,226 278,817 310,010 283,366 278,868 293,226 278,817Trading portfolio assets 475,451 504,308 445,173 408,468 371,237 475,451 504,308Financial investment securities 26,124 28,970 32,272 26,819 32,320 26,124 28,970Assets held for sale - 1,796 - - - - 1,796Repo lending 294,916 294,555 284,099 273,816 217,261 294,916 294,555Bank loans and advances (ex repo) 932,784 916,970 877,337 848,432 786,750 932,784 916,970Mortgage loans 607,725 602,584 592,784 573,105 567,002 607,725 602,584Assets under pooled schemes and unit-linked investment contracts 39,006 39,602 37,945 36,540 37,501 39,006 39,602Assets under insurance contracts 195,069 194,302 190,226 181,366 187,732 195,069 194,302Holdings in associated undertakings 1,114 1,068 1,045 1,021 1,095 1,114 1,068Intangible assets 30,391 7,869 8,055 8,073 8,098 30,391 7,869Investment property 3,831 3,914 3,818 3,679 3,580 3,831 3,914Tangible assets 8,658 8,525 8,078 8,087 7,918 8,658 8,525

Current tax assets 211 63 100 198 145 211 63Deferred tax assets 456 619 488 490 578 456 619Others 24,591 28,915 29,791 27,404 34,185 24,591 28,915

Other assets 25,258 29,597 30,379 28,092 34,908 25,258 29,597Total assets 2,951,147 2,938,035 2,850,071 2,703,595 2,573,365 2,951,147 2,938,035

Due to credit institutions and central banks 539,104 569,142 552,060 478,095 428,972 539,104 569,142Trading portfolio liabilities 271,281 240,304 232,672 222,605 208,078 271,281 240,304Liabilities held for sale - 888 - - - - 888Repo deposits 102,333 104,044 115,114 121,756 104,890 102,333 104,044Due to customers (ex repo) 680,007 693,142 654,084 658,956 597,856 680,007 693,142Issued mortgage bonds 483,066 484,217 470,227 456,298 446,806 483,066 484,217

47,553 46,983 44,603 42,731 43,863 47,553 46,983Liabilities under insurance contracts 215,313 215,793 213,770 205,805 210,402 215,313 215,793Other issued bonds 403,757 373,135 385,409 340,690 366,294 403,757 373,135

Provisions 2,159 2,620 2,650 2,972 3,098 2,159 2,620Current tax liabilities 1,032 539 3,017 1,801 958 1,032 539Deferred tax liabilities 3,325 2,046 1,823 1,764 1,722 3,325 2,046Others 46,409 53,685 49,746 48,828 41,900 46,409 53,685

Other liabilities 52,925 58,890 57,236 55,365 47,678 52,925 58,890Subordinated debt 62,120 56,325 48,017 47,832 48,175 62,120 56,325Total liabilities 2,857,459 2,842,863 2,773,192 2,630,133 2,503,014 2,857,459 2,842,863

Share capital 6,988 6,988 6,383 6,383 6,383 6,988 6,988Foreign currency translation 4 9 9 1 -14 4 9Proprosed dividend - 5,416 - - - - 5,416Profit brought forward 86,645 82,713 70,440 67,029 63,933 86,645 82,713Minority interests 51 46 47 49 49 51 46

Shareholders' equity 93,688 95,172 76,879 73,462 70,351 93,688 95,172Total liabilities and equity 2,951,147 2,938,035 2,850,071 2,703,595 2,573,365 2,951,147 2,938,035

Risk-weighted items (avg.) (Group) 1,197,993 1,197,993 1,153,106 1,114,492 1,069,817 1,182,191 1,134,256Risk-weighted items (end of period) (Group) 1,137,443 1,152,645 1,186,466 1,152,488 1,097,825 1,137,443 1,152,645The pro forma figures include the Sampo Bank group as of February 2006.

Deposits under pooled schemes and unit-linked investment contracts

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Lending portfolio broken down by segment

2.2.1. Breakdown of balance sheet

Lending portfolio breakdown, end of period End of period End of yearVolume (DKr bn) Segment Q107 Q406 Q306 Q206 Q106 2007 2006

Banking Activities, Denmark Retail 135.0 130.6 124.3 118.5 113.7 135.0 130.6Corporate 187.1 183.3 172.4 172.2 160.1 187.1 183.3

Hereof bank loans secured on real property 59.8 57.8 54.3 50.9 47.1 59.8 57.8Banking Activities, Finland Retail 78.1 77.4 75.2 72.5 69.1 78.1 77.4

Corporate 71.0 69.4 69.2 69.5 68.3 71.0 69.4Banking Activities, Sweden Retail 51.5 52.2 48.4 46.9 43.0 51.5 52.2

Corporate 86.7 86.3 85.1 81.3 73.7 86.7 86.3Banking Activities, Norway Retail 49.3 46.8 46.6 46.6 44.6 49.3 46.8

Corporate 60.5 58.5 54.0 50.1 45.7 60.5 58.5Banking Activities, Northern Ireland* Retail 17.5 17.5 17.3 16.7 18.6 17.5 17.5

Corporate 38.6 40.9 40.1 36.1 23.1 38.6 40.9Banking Activities, The Republic of Ireland* Retail 22.8 20.6 19.6 19.3 14.4 22.8 20.6

Corporate 33.7 30.6 27.1 22.7 22.1 33.7 30.6Banking Activities, Baltics Retail 9.0 8.1 7.3 6.4 5.6 9.0 8.1

Corporate 11.5 10.4 9.1 8.0 7.0 11.5 10.4Danske Markets Retail - - - - - - -

Corporate 34.4 38.7 38.0 39.4 35.7 34.4 38.7Other business segments Retail 3.8 9.9 8.8 9.4 7.3 3.8 9.9

Corporate 42.3 35.7 34.8 32.7 34.7 42.3 35.7

Bank lending total (ex. repos) Retail 367.0 363.1 347.5 336.3 316.3 367.0 363.1Corporate 565.8 553.8 529.8 512.0 470.4 565.8 553.8

Repos, total Retail - - - - - - -Corporate 294.9 294.6 284.1 273.8 217.3 294.9 294.6

Mortgage finance lending total Retail 373.0 371.4 363.6 348.3 346.6 373.0 371.4Corporate 234.7 231.2 229.2 224.9 220.4 234.7 231.2

Lending total Retail 740.0 734.5 711.1 684.6 662.9 740.0 734.5Corporate 1,095.4 1,079.6 1,043.1 1,010.7 908.1 1,095.4 1,079.6

Total lending 1,835.4 1,814.1 1,754.2 1,695.3 1,571.0 1,835.4 1,814.1


* After the conversion at Easter 2006, a new method of grouping customers into retail customers and corporate customers has been introduced in Northern Bank and National Irish Bank. The improved method affects the figures for retail and corporate customers from the first half of 2006. In addition, the method has resulted in the transfer of deposits with National Irish Bank of DKr5bn to Danske Markets.

17


Deposit portfolio broken down by segment

Deposit portfolio breakdown, end of period End of period End of yearVolume (DKr bn) Segment Q107 Q406 Q306 Q206 Q106 2007 2006

Banking Activities, Denmark Retail 192.0 186.7 182.8 183.2 176.9 192.0 186.7Corporate 136.1 128.4 121.2 121.4 120.4 136.1 128.4

Banking Activities, Finland Retail 40.6 41.9 40.9 40.3 38.4 40.6 41.9Corporate 44.0 47.4 45.9 47.1 42.5 44.0 47.4

Banking Activities, Sweden Retail 13.8 13.7 13.8 13.0 11.5 13.8 13.7Corporate 33.5 36.3 32.2 31.6 27.9 33.5 36.3

Banking Activities, Norway Retail 13.9 12.7 12.9 13.7 12.5 13.9 12.7Corporate 34.6 34.0 27.5 30.8 27.8 34.6 34.0

Banking Activities, Northern Ireland* Retail 27.8 27.7 25.7 24.2 24.1 27.8 27.7Corporate 29.1 33.3 33.7 30.2 17.6 29.1 33.3

Banking Activities, The Republic of Ireland* Retail 13.0 12.9 12.2 10.8 11.6 13.0 12.9Corporate 7.9 8.5 7.5 6.3 9.8 7.9 8.5

Banking Activities, Baltics Retail 2.5 2.4 2.2 2.2 1.9 2.5 2.4Corporate 6.5 6.3 5.6 5.2 4.5 6.5 6.3

Danske Markets Retail 0.7 0.7 0.7 0.7 0.6 0.7 0.7Corporate 112.3 130.5 118.8 124.9 97.9 112.3 130.5

Other business segments Retail 5.1 4.6 4.1 4.3 4.3 5.1 4.6Corporate 6.9 5.2 5.1 6.3 6.2 6.9 5.2

Bank deposits total (ex. repos) Retail 309.4 302.6 295.3 292.4 281.8 309.4 302.6Corporate 410.9 299.4 397.5 403.8 354.6 410.9 299.4

Repos, total Retail - - - - - - -Corporate 102.3 104.0 115.1 121.8 104.9 102.3 104.0

Deposits total Retail 309.4 302.6 295.3 292.4 281.8 309.4 302.6Corporate 513.2 403.4 512.6 525.6 459.5 513.2 403.4

Total deposits incl. pooled schemes 822.6 706.0 807.9 818.0 741.3 822.6 706.0Total deposits excl. pooled schemes 782.3 666.0 769.2 780.7 702.7 782.3 666.0


* After the conversion at Easter 2006, a new method of grouping customers into retail customers and corporate customers has been introduced in Northern Bank and National Irish Bank. The improved method affects the figures for retail and corporate customers for the first half of 2006. In addition, the method has resulted in the transfer of deposits with National Irish Bank of DKr5bn to Danske Markets.

18


Bank lending, corporate Q107

Danske Markets

6%

Others7%

Finland13%

Denmark33%

Northern Ireland

7%

Sweden15%

Norway11%

Baltics2%

Ireland6%

Bank deposits, corporate Q107

Denmark33%

Danske Markets

27%

Others2%

Baltics2%

Ireland2%

Northern Ireland

7%Norway

8%Sweden

8%

Finland11%

Bank lending, retail Q107

Others2%

Finland21%

Norway13%

Northern Ireland

5%

Sweden14%

Denmark37%

Baltics2%

Ireland6%

Bank deposits, retail Q107Danske

Markets0%

Others2%

Northern Ireland

9%

Norway4%

Sweden4%

Baltics1%

Denmark63%

Ireland4%

Finland13%

19


Impairment charges and non performing loans

Change in accumulated impairment charges

Impairment charges and non performing loans Year to date Full year (Danske Bank Group) Q107 Q406 Q306 Q206 Q106 2007 2006

Accumulated impairment charges (DKr bn end period)* 4.53 4.20 4.31 4.49 4.78 4.53 4.20Non performing loans (Dkr bn end period) 2.87 3.14 3.16 2.60 3.44 2.87 3.14Impairment charges as % of loans and guarantees p.a. -0.04 0.01 -0.03 -0.08 -0.03 -0.04 -0.03Accumulated impairment charges as % of loans and guarantees 0.24 0.22 0.22 0.24 0.28 0.24 0.22Credit loss expenses coverage ratio** 158 134 136 173 139 158 134* Impairment charges against loans, advances and gurantees.

** Accumulated impairment charges as % of non performing loans.

Change in accumulated impairment charges(DKr m)Accumulated impairment charges beg. 2007 4,204Impairment charges 804Reversals of impairment charges 898Currency effect -7Earlier impairment charges now written off 327Other inflows and outflows 752Accumulated impairment charges, end quarter 4,528

20


2.3. Key ratios

Year to date Full year Key ratios Q107 Q406 Q306 Q206 Q106 2007 2006

Net profit for the period per share, DKr 5.6 6.0 5.9 4.7 5.0 5.6 21.5Diluted net profit for the period per share, DKr 5.6 5.9 5.9 4.7 5.0 5.6 21.4Net profit for the period as % p.a. of average shareholders' equity 15.9 17.6 19.7 16.4 16.8 15.9 17.5Cost/income ratio for the period, % 53.4 50.8 48.1 56.2 53.4 53.4 52.0Solvency ratio, incl. net profit for the period, % 10.1 11.4 9.7 9.8 10.2 10.1 11.4Core (tier 1) capital ratio, incl. net profit for the period, % 6.6 8.6 7.1 7.1 7.3 6.6 8.6Risk-weighted items, end of period (DKr bn) 1,137 1,119 1,053 1,019 972 1,137 1,119Share price end of period, DKr 259.5 250.0 230.7 221.5 229.0 259.5 250.0Book value per share end of period, DKr 136.7 139.1 123.1 117.5 112.5 136.7 139.1Full-time-equivalent staff, end of period* 23,650 23,750 23,831 23,565 23,495 23,650 23,750

Price/earnings, end of period 46.3 41.7 39.1 47.1 45.8 46.3 11.6Dividend per share, DKr - 7.75 - - - - 7.75Dividend yield, % - 5.0 - - - - 5Pay-out ratio, % - 40 - - - - 40Outstanding shares, end of period (m) 685 684 624 625 625 685 684Issued shares, end of period (m) 699 699 638 638 638 699 699Share price/book value per share end of period 1.9 1.8 1.9 1.9 2.0 1.9 1.8Market capital, end of period, DKr m 177,758 171,027 143,976 138,438 143,100 177,758 171,027For 2006, the key ratios are calculated in accordance with the Group's organisation - and capital structure prior to the acquisition of the Sampo Bank group.

* The pro forma figures include the Sampo Bank group as of February 2006.

21


The figures for 2004 and 2005 are presented in accordance with IFRS.

Cost/income ratio, %

50.4 52.7 52.4 52.0 53.4

0.013.026.039.052.065.0

2003 2004 2005 2006 2007

Earnings per share, DKr

13.3 14.420.2 21.5

5.6

0.06.0

12.018.024.030.0

2003 2004 2005 2006 Q1 2007

%, .Return on equity [after tax ] p.a

15.2 13.9

18.415.9

17.5

0.04.08.0

12.016.020.0

2003 2004 2005 2006 2007

Total assets, Dkr bn

1,826 2,0522,432

2,938 2,951

0750

1,5002,2503,0003,750

2003 2004 2005 2006* 2007

*The pro forma figures include the Sampo Bank group as of February 2006.

22


Business segments and key statistics

23


3.1. Financial performance, Banking Activities

Banking Activities encompasses all banking activities in Danske Bank Group both national and international.

Year to date Full yearBanking Activities (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 4,943 5,418 5,127 4,874 4,324 4,943 19,743Hereof amortisation of loans and deposits* 31 - - - - 31 -

Net fee income 1,928 1,980 1,812 1,980 2,003 1,928 7,775Net trading income 291 290 315 307 289 291 1,201Other income 574 626 497 494 466 574 2,083Total income 7,736 8,314 7,751 7,655 7,082 7,736 30,802Amortisation of intangible assets 266 144 143 137 137 266 561Integration expenses 85 80 53 262 209 85 604Staff cost ex bonuses 1,735 1,567 1,461 1,614 1,537 1,735 6,179Bonuses 24 48 61 51 46 24 206Other costs 2,470 2,188 1,991 1,993 1,987 2,470 8,159Operating expenses 4,580 4,913 4,387 4,801 4,416 4,580 18,517Profit before credit loss expenses 3,156 3,401 3,364 2,854 2,666 3,156 12,285Credit loss expenses -168 117 119 -273 -109 -168 -146Profit before tax 3,324 3,284 3,245 3,127 2,775 3,324 12,431

Loans and advances, end of period 885,225 865,334 827,379 797,823 738,903 885,225 865,334Deposits, incl. pooled deposits, end of period 598,808 595,834 567,099 563,149 530,436 598,808 595,834Risk-weighted items (avg.) 800,924 761,376 741,072 709,142 674,628 800,924 721,845Allocated capital (avg.) 44,051 49,489 48,170 46,094 43,851 44,051 46,920Pre-tax profit as % p.a. of allocated capital 30.2 26.5 26.9 27.1 25.3 30.2 26.5Cost/income ratio 59.2 59.1 56.6 62.7 62.4 59.2 60.1

No. of full-time employees (end of period) 13,735 14,712 14,765 14,568 14,554 13,735 14,712* The fair value of loans, advances and deposits in the opening balance sheet has been increased by DKr450m compared with the carrying amount of these items recognised before the acquisition. The effect of the value adjustment on interest


The pro forma ratios and key figures include the Sampo Bank group as of February 2006.

24


3.1.1. Financial performance, Denmark

Banking Activities Denmark encompasses the banking activities of Danske Bank in Denmark. Danske Bank caters to all types of retail and corporate customers. Danske Bank�s finance centres serve large corporate and private banking customers. Banking Activities Denmark has nine regions with 461 branches - hereof five agricultural centres - nine finance centres and around 6,000 employees.

Year to date Full yearBanking Activities, Denmark (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 2,552 2,693 2,555 2,437 2,283 2,552 9,968Net fee income 1,208 1,149 1,074 1,230 1,360 1,208 4,813Net trading income 174 154 158 173 190 174 675Other income 10 7 4 1 2 10 14Total income 3,944 4,003 3,791 3,841 3,835 3,944 15,470Integration expenses 13 - - - - 13 -Staff cost ex bonuses 843 834 776 877 850 843 3,337Bonuses 25 20 33 23 21 25 97Other costs 1,096 1,200 1,069 1,062 1,104 1,096 4,435Operating expenses 1,977 2,054 1,878 1,962 1,975 1,977 7,869Profit before credit loss expenses 1,967 1,949 1,913 1,879 1,860 1,967 7,601Credit loss expenses -305 84 59 -127 -179 -305 -163Profit before tax 2,272 1,865 1,854 2,006 2,039 2,272 7,764

Loans and advances, end of period 322,058 313,943 296,715 290,754 273,794 322,058 313,943Deposits, incl. pooled deposits, end of period 328,090 315,163 304,084 304,611 297,369 328,090 315,163Risk-weighted items (avg.) 310,951 295,560 292,166 281,140 267,119 310,951 284,097Allocated capital (avg.) 17,102 19,211 18,991 18,274 17,363 17,102 18,466Pre-tax profit as % p.a. of allocated capital 46.0 40.6 40.3 41.1 42.9 46.0 41.2Profit before credit loss expenses as % p.a. of allocated capital 53.1 38.8 39.1 43.9 47.0 53.1 42.0Cost/income ratio 50.1 51.3 49.5 51.1 51.5 50.1 50.9Expenses, excl. integration expenses 49.8 51.3 49.5 51.1 51.5 49.8 50.9

Lending spread (1) (from Tom/next interest rate) (%) 1.91 2.03 2.10 2.16 2.24 1.91 2.13Deposit spread (2) (from Tom/next interest rate) (%) 0.81 0.91 0.88 0.80 0.75 0.81 0.84Margin (1+2) (%) 2.72 2.94 2.98 2.96 2.99 2.72 2.97Market share, loans (%) (end of period) (retail)* 35.8 36.0 36.4 36.7 37.0 35.8 36.0Market share, loans (%) (end of period) (corporate)* 23.3 24.3 25.4 25.4 26.4 23.3 24.3Market share, loans (%) (end of period) (total)* 27.3 28.1 29.0 29.0 29.7 27.3 28.1Market share, deposits (%) (end of period) (retail)* 35.8 35.6 35.7 35.7 36.0 35.8 35.6Market share, deposits (%) (end of period) (corporate)* 26.9 28.5 29.1 27.5 31.0 26.9 28.5Market share, deposits (%) (end of period) (total)* 31.4 32.2 32.6 31.9 33.6 31.4 32.2No. of full-time employees (end of period) 6,025 6,168 6,285 6,273 6,258 6,025 6,168No. of branches (end of period) 461 458 462 463 465 461 458No. of customers (m) (end of period)** 2.4 2.4 2.4 2.4 2.4 2.4 2.4Customer packages (000s) (end of period)**/*** 747 725 710 694 654 747 725No. of netbank customers (000s) (end of period)**** 976 946 920 893 849 976 946* Based on sector numbers published by the Central Bank of Denmark (Danmarks Nationalbank).

** Beginning in the first half of 2006, a new customer count measure is applied. The change of the measure has resulted in a change in the figures for the first half of 2006. Comparative figures have not been restated.

*** Customer packages are bundled products. Products in a customer package include: Visa card, American Express, MasterCard, competitive interest on loans and deposits and Internet banking.

**** Consists only of active Internet customers.

25


3.1.2. Financial performance, Finland

Banking Activities Finland encompasses the banking activities of Sampo Bank in Finland and Danske Bank�s Helsinki Branch. Sampo Bank, which is the third largest bank in Finland, caters to retail customers, small and medium-sized businesses and institutional clients. Sampo Bank has 127 branches in Finland and around 2,100 employees.

Year to date Full yearBanking Activities, Finland (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 534 848 816 785 499 534 2,948Hereof amortisation of loans and deposits* 31 - - - - 31 -

Net fee income 230 336 298 314 196 230 1,144Net trading income 6 -5 15 16 11 6 37Other income 44 93 54 56 38 44 241Total income 814 1,272 1,183 1,171 744 814 4,370Amortisation of intangible assets 128 - - - - 128 -Integration expenses 12 - - - - 12 -Staff cost ex bonuses 182 - - - - 182 -Bonuses -29 - - - - -29 -Other costs 297 - - - - 297 -Operating expenses 590 776 598 658 447 590 2,479Profit before credit loss expenses 224 496 585 513 297 224 1,891Credit loss expenses -14 -53 49 -67 -6 -14 -77Profit before tax 238 549 536 580 303 238 1,968Profit before tax in local currency 32 73 72 78 41 32 264

Loans and advances, end of period 149,097 146,803 144,378 142,046 137,399 149,097 146,803Deposits, incl. pooled deposits, end of period 84,624 89,293 86,752 87,488 80,968 84,624 89,293Risk-weighted items (avg.) 132,728 129,335 128,821 127,658 123,731 132,728 127,405Allocated capital (avg.) 7,300 8,407 8,373 8,298 8,043 7,300 8,281Profit before credit loss expenses as % p.a. of allocated capital 18.4 23.6 27.9 24.7 22.2 18.4 24.9Pre-tax profit as % p.a. of allocated capital 19.6 26.1 25.6 28.0 22.6 19.6 25.9Cost/income ratio 72.5 61.0 50.5 56.2 60.1 72.5 56.7Operating expenses, excl. amortisation of intangible assets and integration expenses, as % of income 55.3 61.0 50.5 56.2 60.1 55.3 56.7

Market share, lending (%) (end of period)** 15.7 15.7 16.0 16.0 16.0 15.7 15.7Market share, deposits (%) (end of period)** 13.3 13.7 13.5 13.8 13.5 13.3 13.7No. of branches (end of period) 127 127 127 129 139 127 127No. of customers (000s) (end of period) 1,169 1,170 1,167 1,164 1,161 1,169 1,170No. of netbank customers (000s) (end of period)*** 851 842 834 826 816 851 842No. of full-time employees (end of period) 2,124 2,088 2,083 2,077 2,064 2,124 2,088* The fair value of loans, advances and deposits in the opening balance sheet has been increased by DKr450m compared with the carrying amount of these items recognised before the acquisition. The effect of the value adjustment on interest


** Market shares in Q107 are calculated end of february 2007.

*** Consists only of active Internet customers.


26


3.1.3. Financial performance, Sweden

Banking Activities Sweden encompasses the banking activities of Östgöta Enskilda Bank and Provinsbankerne in Sweden, which serve all types of retail and corporate customers. Banking Activities Sweden has four regions with 59 branches, four finance centres and nearly 925 employees. Real-estate agency business is carried out primarily through the 71 offices of Skandia Mäklarna.

Year to date Full yearBanking Activities, Sweden (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 499 505 473 434 400 499 1,812Net fee income 161 176 137 158 143 161 614Net trading income 21 20 20 15 16 21 71Other income 11 15 12 13 7 11 47Total income 692 716 642 620 566 692 2,544Staff cost ex bonuses 160 181 180 174 174 160 709Bonuses 4 2 3 6 2 4 13Other costs 201 211 168 194 165 201 738Operating expenses 365 394 351 374 341 365 1,460Profit before credit loss expenses 327 322 291 246 225 327 1,084Credit loss expenses 70 31 7 -50 83 70 71Profit before tax 257 291 284 296 142 257 1,013Profit before tax in local currency 315 356 353 366 178 315 1,253

Loans and advances, end of period 138,199 138,454 133,499 128,151 116,709 138,199 138,454Deposits, end of period 47,345 50,062 45,917 44,537 39,472 47,345 50,062Risk-weighted items (avg.) 118,381 114,843 110,053 102,850 96,425 118,381 106,104Allocated capital (avg.) 6,511 7,465 7,153 6,685 6,268 6,511 6,897Profit before credit loss expenses as % p.a. of allocated capital 20.1 17.3 16.3 14.7 14.4 20.1 15.7Pre-tax profit as % p.a. of allocated capital 15.8 15.6 15.9 17.7 9.1 15.8 14.7Cost/income ratio 52.7 55.0 54.7 60.3 60.2 52.7 57.4

Lending spread (1) (from Tom/next interest rate) (%) 0.88 0.90 0.94 0.92 0.94 0.88 0.93Deposit spread (2) (from Tom/next interest rate) (%) 0.94 0.90 0.85 0.78 0.80 0.94 0.84Margin (1+2) (%) 1.82 1.80 1.79 1.70 1.74 1.82 1.77Market share (lending) (%) (end of period)* 5.6 5.6 5.7 5.5 5.3 5.6 5.6Market share (retail deposits) (%) (end of period) 4.3 4.3 4.4 4.4 4.1 4.3 4.3No. of branches (end of period) 59 59 57 57 57 59 59No. of customers (000s) (end of period)** 198 194 191 188 195 198 194No. of netbank customers (000s) (end of period)*** 111 106 102 99 74 111 106No. of full-time employees (end of period) 921 1,135 1,122 1,114 1,142 921 1,135* Total market incl. property finance.

** Beginning in the first half of 2006, a new customer count measure is applied. The change of the measure has resulted in a change in the figures from the first half of 2006. Comparative figures have not been restated.

*** Consists only of active Internet customers.

27


3.1.4. Financial performance, Norway

Banking Activities Norway encompasses primarily the banking activities of Fokus Bank in Norway. Fokus Bank serves all types of retail and corporate customers. Banking Activities Norway has five regions with 56 branches, five finance centres and around 1,100 employees. Real-estate agency business is carried out through the more than 40 offices of Krogsveen and Nylander.

Year to date Full yearBanking Activities, Norway (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 423 418 410 385 354 423 1,567Net fee income 114 118 90 107 101 114 416Net trading income 34 28 33 23 27 34 111Other income 77 96 88 74 54 77 312Total income 648 660 621 589 536 648 2,406Staff cost ex bonuses 198 235 194 181 174 198 784Bonuses 6 8 11 4 3 6 26Other costs 203 184 190 180 188 203 742Operating expenses 407 427 395 365 365 407 1,552Profit before credit loss expenses 241 233 226 224 171 241 854Credit loss expenses 27 43 -12 -69 7 27 -31Profit before tax 214 190 238 293 164 214 885Profit before tax in local currency 233 210 259 308 177 233 954

Loans and advances, end of period 109,731 105,319 100,610 96,718 90,329 109,731 105,319Deposits, end of period 48,506 46,667 40,385 44,447 40,344 48,506 46,667Risk-weighted items (avg.) 88,106 83,573 80,246 73,450 69,579 88,106 76,760Allocated capital (avg.) 4,846 5,432 5,216 4,774 4,523 4,846 4,989Profit before credit loss expenses as % p.a. of allocated capital 19.9 17.2 17.3 18.8 15.1 19.9 17.1Pre-tax profit as % p.a. of allocated capital 17.7 14.0 18.3 24.5 14.5 17.7 17.7Cost/income ratio 62.8 64.7 63.6 62.0 68.1 62.8 64.5

Lending spread (1) (from Tom/next interest rate) (%) 0.91 0.92 0.97 1.01 1.02 0.91 0.98Deposit spread (2) (from Tom/next interest rate) (%) 0.75 0.77 0.78 0.73 0.75 0.75 0.76Margin (1+2) (%) 1.66 1.69 1.75 1.74 1.77 1.66 1.74Market share (lending) (%) (end of period) 5.5 5.5 5.4 5.2 5.2 5.5 5.6Market share (deposits) (%) (end of period) 4.9 4.6 4.4 4.1 4.3 4.9 4.4No. of branches (end of period) 56 61 63 70 70 56 61No. of customers (000s) (end of period)* 227 237 236 234 260 227 237No. of netbank customers (000s) (end of period)** 104 106 103 99 75 104 106No. of full-time employees (end of period) 1,071 1,323 1,293 1,152 1,148 1,071 1,323* Beginning in the first half of 2006, a new customer count measure is applied. The change of the measure has resulted in a change in the figures for the first half of 2006. Comparative figures have not been restated.

** Consists only of active Internet customers.

28


3.1.5. Financial performance, Northern Ireland

Banking Activities Northern Ireland encompasses the banking activities of Northern Bank, which serves both retail and corporate customers. Banking Activities Northern Ireland has four regions with 95 branches and around 1,400 employees.

Beginning in the first half of 2006, loans and advances granted by the bank in Northern Ireland are no longer set off against deposits held by the same customers in the financial statements.

Year to date Full yearBanking Activities, Northern Ireland (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 447 451 435 415 401 447 1,702Net fee income 128 122 129 101 133 128 485Net trading income 24 22 24 26 15 24 87Other income 4 7 5 5 2 4 19Total income 603 602 593 547 551 603 2,293Amortisation of intangible assets 113 118 118 112 111 113 459Integration expenses 30 72 49 194 130 30 445Staff cost ex. bonuses 152 167 167 217 193 152 744Bonuses 7 8 9 11 11 7 39Other costs 212 166 193 162 145 212 666Operating expenses 514 531 536 696 590 514 2,353Profit before credit loss expenses 89 71 57 -149 -39 89 -60Credit loss expenses 30 30 -2 11 5 30 44Profit before tax 59 41 59 -160 -44 59 -104Profit before tax in local currency 5 4 6 -15 -4 5 -9

Loans and advances, end of period 56,070 58,442 57,372 52,851 41,654 56,070 58,442Deposits, end of period 56,856 60,969 59,379 54,351 41,708 56,856 60,969Risk-weighted items (avg.) 42,371 38,569 37,138 38,949 39,263 42,371 38,474Allocated capital (avg.) 2,330 2,507 2,414 2,532 2,552 2,330 2,501Profit before credit loss expenses as % p.a. of allocated capital 15.3 11.3 9.4 -23.5 -6.1 15.3 -2.4Pre-tax profit as % p.a. of allocated capital 10.1 6.5 9.8 -25.3 -6.9 10.1 -4.2Cost/income ratio 85.2 88.2 90.4 127.2 107.1 85.2 102.6Operating expenses, excl. amortisation of intangible assets and integration expenses, as % of income 61.5 56.6 62.2 71.3 63.3 61.5 63.2

Market share (retail) (%) (end of period)* 20.0 20.0 20.2 19.7 19.8 20.0 20.0Market share (corporate) (%) (end of period)* 31.0 31.0 31.0 32.4 32.4 31.0 31.0No. of branches (end of period) 95 95 95 95 95 95 95No. of customers (000s) (end of period) 431 429 427 425 421 431 429No. of netbank customers (000s) (end of period)** 73 58 47 37 27 73 58No. of full-time employees (end of period) 1,378 1,862 1,845 1,866 1,905 1,378 1,862* The market shares of Northern Bank are not calculated in the same way as the market shares of the other retail banks because there is no central bank for Northern Ireland alone.


29


3.1.6. Financial performance, The Republic of Ireland

Banking Activities Ireland encompasses the banking activities of National Irish Bank, which caters primarily to retail customers and large corporate customers. Banking Activities Ireland has four regions with59 branches and around 670 employees.

Beginning in the first half of 2006, loans and advances granted by the bank in the Republic of Ireland are no longer set off against deposits held by the same customers in the financial statements.

Year to date Full yearBanking Activities, The Rep. of Ireland (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 264 258 240 219 201 264 918Net fee income 38 34 36 28 35 38 133Net trading income 15 19 9 19 14 15 61Other income 3 2 1 2 1 3 6Total income 320 313 286 268 251 320 1,118Amortisation of intangible assets 25 26 25 25 26 25 102Integration expenses 30 8 4 68 79 30 159Staff cost ex. bonuses 117 92 88 110 91 117 381Bonuses 5 5 3 5 5 5 18Other costs 95 124 93 127 91 95 435Operating expenses 272 255 213 335 292 272 1,095Profit before credit loss expenses 48 58 73 -67 -41 48 23Credit loss expenses 8 - -24 23 -2 8 -3Profit before tax 40 58 97 -90 -39 40 26Profit before tax in local currency 5 8 13 -12 -5 5 4

Loans and advances, end of period 56,482 51,250 46,677 41,957 36,449 56,482 51,250Deposits, end of period 20,880 21,390 19,738 17,045 21,392 20,880 21,390Risk-weighted items (avg.) 47,254 42,441 38,127 33,103 30,143 47,254 35,993Allocated capital (avg.) 2,599 2,759 2,478 2,152 1,959 2,599 2,340Profit before credit loss expenses as % p.a. of allocated capital 7.4 8.4 11.8 -12.5 -8.4 7.4 1.0Pre-tax profit as % p.a. of allocated capital 6.2 8.4 15.7 -16.7 -8.0 6.2 1.1Cost/income ratio 85.0 81.5 74.5 125.0 116.3 85.0 97.9Operating expenses, excl. amortisation of intangible assets and integration expenses, as % of income 67.8 70.6 64.3 90.3 74.5 67.8 74.6

Market share (lending) (%) (end of period), incl. property finance* 4.4 4.2 4.0 3.8 3.5 4.4 4.2Market share (deposits) (%) (end of period)* 3.3 3.3 3.2 3.0 2.9 3.3 3.3No. of branches (end of period) 59 59 59 59 59 59 59No. of customers (000s) (end of period) 187 184 180 176 173 187 184No. of netbank customers (000s) (end of period)** 29 28 23 19 14 29 28No. of full-time employees (end of period) 666 698 724 717 717 666 698* Retail Clearing Banks market (AIB, Bank of Ireland, Ulster Bank and National Irish Bank).


30


3.1.7. Financial performance, Baltics

Banking Activities Baltics encompasses the Group�s banking activities in Estonia, Latvia and Lithuania, which serve all types of retail and corporate customers. Banking Activities Baltics has 40 branches and around 1,100 employees.

Year to date Full yearProfit before tax (Dkr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Estonia (EEK) 26 44 46 35 18 26 143Latvia (LVT) -2 - 2 - - -2 2Lithuania (LTL) 8 13 18 15 5 8 51Total Banking Activities Baltics 32 57 66 50 23 32 196The pro forma ratios and key figures include the Sampo Bank group as of February 2006.

Year to date Full yearBanking Activities, Baltics (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 88 104 77 91 52 88 324Net fee income 20 26 24 19 15 20 84Net trading income 9 40 45 22 10 9 117Other income 3 4 4 4 2 3 14Total income 120 174 150 136 79 120 539Integration expenses - - - - - - -Staff cost ex bonuses 33 - - - - 33 -Bonuses 3 - - - - 3 -Other costs 36 - - - - 36 -Operating expenses 72 110 80 86 53 72 329Profit before credit loss expenses 48 64 70 50 26 48 210Credit loss expenses 16 7 4 0 3 16 14Profit before tax 32 57 66 50 23 32 196

Loans and advances, end of period 20,458 18,535 16,368 14,516 12,581 20,458 18,535Deposits, end of period 8,994 8,704 7,784 7,364 6,313 8,994 8,704Risk-weighted items (avg.) 20,076 17,668 15,625 13,732 11,546 20,076 14,662Allocated capital (avg.) 1,104 1,148 1,016 893 750 1,104 953Profit before credit loss expenses as % p.a. of allocated capital 26.1 22.3 27.6 22.4 20.8 26.1 24.0Pre-tax profit as % p.a. of allocated capital 17.4 19.9 26.0 22.4 18.4 17.4 22.4Cost/income ratio 60.0 63.2 53.3 63.2 67.1 60.0 61.0Expenses, excl. integration expenses 60.0 63.2 53.3 63.2 67.1 60.0 61.0The pro forma ratios and key figures include the Sampo Bank group as of February 2006.

31


Year to date Full yearBanking Activities, Baltics (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

ESTONIAMarket share (lending) (%) (end of period)* 11.1 10.6 10.4 9.5 8.9 11.1 10.6Market share (deposits) (%) (end of period)* 10.8 10.3 10.3 10.0 9.4 10.8 10.3No. of branches (end of period) 20 19 19 18 16 20 19No. of customers (000s) (end of period) 149 145 141 136 129 149 145No. of netbank customers (000s) (end of period)** 134 128 122 117 109 134 128No. of full-time employees (end of period) 599 572 577 564 544 599 572

LATVIAMarket share (lending) (%) (end of period)* 1.1 1.1 0.9 0.8 0.8 1.1 1.1Market share (deposits) (%) (end of period)* 0.4 0.4 0.4 0.5 0.5 0.4 0.4No. of branches (end of period) 4 3 3 2 2 4 3No. of customers (000s) (end of period) 7 6 6 5 4 7 6No. of netbank customers (000s) (end of period)** - - - - - - -No. of full-time employees (end of period) 75 68 65 60 48 75 68

LITHUANIAMarket share (lending) (%) (end of period)* 8.7 8.9 8.9 8.9 8.8 8.7 8.9Market share (deposits) (%) (end of period)* 3.3 3.6 3.5 3.2 3.0 3.3 3.6No. of branches (end of period) 16 14 14 13 12 16 14No. of customers (000s) (end of period) 80 74 67 59 53 80 74No. of netbank customers (000s) (end of period)** 49 44 38 32 28 49 44No. of full-time employees (end of period) 484 474 433 402 369 484 474* Market shares in Q107 are calculated end of february 2007.

** Consists only of active Internet customers.The pro forma ratios and key figures include the Sampo Bank group as of February 2006.

3.1.7. Financial performance, Baltics, continued

32


3.1.8. Financial performance, Other Banking Activities

Other Banking Activities comprises the activities of Nordania Leasing and the Group�s banking activities in Germany and Poland.

Year to date Full yearOther Banking Activities (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 136 141 121 108 134 136 504Net fee income 29 19 24 23 20 29 86Net trading income 8 12 11 13 6 8 42Other income 422 402 329 339 360 422 1430Total income 595 574 485 483 520 595 2062Staff cost ex bonuses 50 58 56 55 55 50 224Bonuses 3 5 2 2 4 3 13Other costs 330 303 278 268 294 330 1143Operating expenses 383 366 336 325 353 383 1380Profit before credit loss expenses 212 208 149 158 167 212 682Credit loss expenses - -25 38 6 -20 - -1Profit before tax 212 233 111 152 187 212 683

Loans and advances, end of period 33,130 32,588 31,760 30,830 29,988 33,130 32,588Deposits, end of period 3,513 3,586 3,060 3,306 2,870 3,513 3,586Risk-weighted items (avg.) 41,057 39,387 38,897 38,261 36,822 41,057 38,350Allocated capital (avg.) 2,258.1 2,560.2 2,528.3 2,487.0 2,393.4 2,258.1 2,492.8Profit before credit loss expenses as % p.a. of allocated capital 37.6 32.5 23.6 25.4 27.9 37.6 27.4Pre-tax profit as % p.a. of allocated cap. 37.6 36.4 17.6 24.4 31.3 37.6 27.4Cost/income ratio, % 64.4 63.8 69.3 67.3 67.9 64.4 66.9

No. of full-time employees (end of period) 392 392 405 391 377 392 392

Year to date Full yearProfit before tax (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006Nordania 137 163 50 80 128 137 421Germany 61 62 52 62 48 61 224Poland 14 8 9 10 11 14 38Other Banking Activities 212 233 111 152 187 212 683

33


3.2. Financial performance, Mortgage Finance

Mortgage Finance encompasses the Danske Bank Group�s mortgage finance and real-estate agency business in Denmark. The division markets its financing solutions throughRealkredit Danmark, Danske Bank and �home�. Real-estate agency business is carried out through �home�, which has 199 offices throughout the country.

Year to date Full yearMortgage finance (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 935 967 899 880 875 935 3,621Net fee income -80 -59 -61 -53 -61 -80 -234Net trading income 43 105 53 15 42 43 215Other income 42 36 44 47 52 42 179Total income 940 1,049 935 889 908 940 3,781Staff cost ex bonuses 118 127 97 117 117 118 458Bonuses 2 3 - 3 2 2 8Other costs 176 171 182 176 181 176 710Operating expenses 296 301 279 296 300 296 1,176Profit before credit loss expenses 644 748 656 593 608 644 2,605Credit loss expenses -14 -19 -23 -53 -10 -14 -105Profit before tax 658 767 679 646 618 658 2,710

Mortgage loans 607,725 602,584 592,784 573,105 567,002 607,725 602,584Risk-weighted items (avg.) 300,410 298,500 287,955 282,105 279,380 300,410 287,040Allocated capital (avg.) 16,523 19,403 18,717 18,337 18,160 16,523 18,658Profit before credit loss expenses as % p.a. of allocated capital 16 15 14 13 13 16 14Pre-tax profit as % p.a. of allocated capital 15.9 15.8 14.5 14.1 13.6 15.9 14.5Cost/income ratio 31.5 28.7 29.8 33.3 33.0 31.5 31.1

Lending spread, % 0.45 0.46 0.46 0.46 0.46 0.45 0.46Gross-lending (total market) (DKr bn)* 88 139 104 117 109 88 469Market share (gross-lending) (%)* 26 28 29 33 30 26 30Market share, loan portfolio (%)* 33 33 33 33 33 33 33Euro loans as % of total gross lending 7 4 4 5 3 7 4FlexLån® (floaters) as % of total stock of loans 41 42 43 43 45 41 42FlexLån® (floaters) as % of gross lending 37 38 40 42 32 37 38FlexGaranti® (floaters) as % of total stock of loans 11 11 11 10 10 11 11FlexGaranti® (floaters) as % of gross lending 11 9 13 13 24 11 14RD Cibor6® as % of total stock of loans 3 3 2 2 2 3 3RD Cibor6® as % of gross lending 6 11 4 4 8 6 7Rating (Covered bond/longterm - S&P/Moody's) AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/AaaNo. of full-time employees (end of period) 736 740 755 752 772 736 740* Source: Realkreditrådet (Danish mortgage finance council). www.realkreditraadet.dk.

34


Mortgage loans and guarantees

Distribution of Mortgage loans portfolio

0

20

40

60

80

100

Share of total loan portfolio

Sh

are

of p

ortf

olio

in %

> 80%

60 - 80%

40 - 60%

20 - 40%

0 - 20%

Private market64 %

Urban trade12 %

Agriculture

6 %

Residentialrental

property18%

Loan to value:

Distribution of mortgage loan portfolio by loans-to-value ratios as at March 31, 2007 Distribution of loan portfolio by outstanding bond debt as at March 31, 2007

0

20

40

60

80

100

Share of total loan portfolio

Sh

are

of p

ortf

olio

in %

More than 25DKr m

10 - 25 DKr m

2 - 10 DKr m

1 - 2 DKr m

Less than 1DKr m

Private market

62%

Urban trade12%

Agriculture

6%

Residentialrental

property20%

Outstanding debt per property:

Year to date Full yearQ107 Q406 Q306 Q206 Q106 2007 2006

Private market 381 378 368 361 352 381 378Urban trade 72 72 72 71 69 72 72Agriculture 40 38 37 36 34 40 38Residential rental property 123 121 121 118 117 123 121Total loans and guarantees 616 609 598 586 572 616 609IAS/ IFRS correction -8 -6 -5 -13 -5 -8 -6

Mortgage finance book: Loans by property category (DKr bn)

35


3.3. Financial performance, Danske Markets

Danske Markets is responsible for the Group�s activities in the financial markets. Trading activities include trading in fixed-income products, foreign exchange, equities and interest-bearing securities, providing the largest corporate customers and institutional clients with financial products and advisory services on mergers and acquisitions, and assisting customers in connection with their issue of equity and debt on the international financial markets. Proprietary trading encompasses the Bank�s short-term investments. The investment portfolio covers the Bank�s strategic fixed-income, foreign exchange, and equity portfolios. Institutional banking includes facilities with international financial institutions outside the Nordic region. Institutional facilities with Nordic financial institutions form part of the Group�s banking activities.

Year to date Full yearDanske Markets (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income - - - - - - -Net fee income - - - - - - -Net trading income 1,659 1,362 1,513 1,283 1,874 1,659 6,032Other income - - - - - - -Total income 1,659 1,362 1,513 1,283 1,874 1,659 6,032Staff cost ex bonuses 197 218 213 215 232 197 878Bonuses* 208 32 98 125 189 208 444Other costs 269 261 213 227 172 269 873Operating expenses 674 511 524 567 593 674 2,195Profit before credit loss expenses 985 851 989 716 1,281 985 3,837Credit loss expenses 5 -5 -16 -25 -8 5 -54Profit before tax 980 856 1,005 741 1,289 980 3,891

Loans and advances, end of period 34,392 38,718 38,041 39,399 35,699 34,392 38,718Risk-weighted items (avg.) 116,901 118,563 118,567 119,159 114,107 116,901 117,614Allocated capital (avg.) 6,430 7,707 7,707 7,745 7,417 6,430 7,645Profit before credit loss expenses as % p.a. of allocated capital 61 44 51 37 69 61 50Pre-tax profit as % p.a. of allocated capital 61.0 44.4 52.2 38.3 69.5 61.0 50.9Cost/income ratio 40.6 37.5 34.6 44.2 31.6 40.6 36.4

Stock exchange volume growth- Denmark (YOY%)** -1 13 24 42 91 -1 13Stock exchange volume growth- Norway (YOY%)** 26 70 81 114 94 26 70Stock exchange volume growth- Sweden (YOY%)** 30 47 50 58 51 30 47Market share of equities on OMX Copenhagen (average) (%)*** 15 15 15 17 17 15 16Interest rate risk (Group) (VAR) (Dkr bn) (avg.)*/**** 0.2 0.2 0.2 0.2 0.2 0.2 0.2Interest rate risk (Group) (DKr bn) (end of period)*/***** 1.5 0.9 0.6 0.4 0.3 1.5 0.9No. of full-time employees (end of period) 861 912 904 877 890 861 912*The Sampo Bank Group is not included in 2006 figures.

**All shares YTD - source: www.norex.com.

***Percentage of total stock market volume on Copenhagen Stock Exchange - source: www.omxgroup.com

****99%, 10 days.

*****Sensitivity at an interest rate change of 100 basispoints.


Year to date Full yearTotal income (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Trading Activities 1,129 822 1,021 975 1,181 1,129 3,999Propriety Trading 297 207 -17 -40 240 297 390Investment Portfolio 116 209 375 235 340 116 1,159Institutional Banking 117 124 134 113 113 117 484Danske Markets total 1,659 1,362 1,513 1,283 1,874 1,659 6,032The pro forma ratios and key figures include the Sampo Bank group as of February 2006.

36


3.4. Financial performance, Danske Capital

Danske Capital is responsible for developing wealth management services to the retail banks and manages the funds of retail customers and institutional investors and the funds of Danica Pension, Danske Fund, Puljeinvest (pooled investment) and Flexinvest. The division also provides advisory services to Danske Invest and BG Invest. Through Danske Bank International in Luxembourg, Danske Capital provides advisory services to clients outside the Group�s home markets. Danske Capital is also responsible for developing asset management products sold through the retail banks and directly to companies, institutional investors and external distributors.

Year to date Full yearDanske Capital (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income 45 48 48 37 40 45 173Net fee income 393 495 344 372 338 393 1,549

Hereof performance fee 4 87 1 4 3 4 95Net trading income 21 21 13 19 28 21 81Other income -1 2 -2 -1 -2 -1 -3Total income 458 566 403 427 404 458 1,800Amortisation of intangible assets 6 - - - - 6 -Staff cost ex bonuses 96 112 91 84 84 96 371Bonuses* 21 33 15 16 19 21 83Other costs 81 85 70 71 79 81 305Operating expenses 204 230 176 171 182 204 759Profit before credit loss expenses 254 336 227 256 222 254 1,041Credit loss expenses - -30 -149 2 -1 - -178Profit before tax 254 366 376 254 223 254 1,219

Loans and advances, end of period 23,907 22,816 20,490 20,118 18,408 23,907 22,816Deposits, end of period 8,307 8,109 7,292 7,420 7,060 8,307 8,109Risk-weighted items (avg.) 12,487 11,225 10,754 9,755 8,147 12,487 9,981Allocated capital (avg.) 687 730 699 634 530 687 649Profit before tax as % p.a. of allocated capital 147.9 200.6 215.2 160.2 168.4 147.9 187.9Cost/income ratio 44.5 40.6 43.7 40.0 45.0 44.5 42.2Operating expenses, excl. amortisation of intangible assets, as % of income 43.2 40.6 43.7 40.0 45.0 43.2 42.2*The Sampo Bank Group is not included in the 2006 figures.


37


3.4. Financial performance, Danske Capital, continued

Year to date Full yearDanske Capital (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

ASSET MANAGEMENTNet inflow of AuM (DKr bn)* -1 -2 6 1 2 -1 7Total AuM (DKr bn) (end of period) 639 634 613 591 610 639 634Nordic retail market share, mutual f. (MV end of period) % 10 - - - - 10 -DK retail market share, mutual f. (MV end of period) (%)* 33 33 33 34 34 33 33DK retail market share, mutual f. (net inflow YTD) (%)* 23 7 9 13 15 23 7DK inst. market share, mutual f. (MV end of period) (%)* 5 5 5 5 4 5 5

ASSET BREAKDOWN (end of period)Bonds (%)* 66 64 66 67 68 66 64Stocks (%)* 30 32 30 29 29 30 32Cash (%)* 4 4 4 4 3 4 4

CUSTOMER BREAKDOWN (end of period) (Aum)Life insurance and pension pools (DKr bn)* 304 245 230 223 227 304 245Danske Invest/BG Invest, incl. Danske Fund (DKr bn)* 197 139 138 134 141 197 139Institutional customers (DKr bn)* 127 96 95 90 95 127 96Private equity (DKr bn)* 11 11 13 12 10 11 11Income as % of AuM (p.a.) 0.3 0.4 0.2 0.3 0.3 0.3 0.3Cost as % of AuM (p.a.) 0.1 0.1 0.1 0.1 0.1 0.1 0.1Profit before tax as % of AuM (p.a.) 0.2 0.2 0.1 0.2 0.1 0.2 0.2AuM per employee (end of period) (DKr m) 1,181 1,260 1,881 1,221 1,315 1,181 1,260No. of full-time employees (end of period) 541 503 498 484 464 541 503AuM - Assets under Management.

*The Sampo Bank Group is not included in the 2006 figures.


38


3.5. Financial performance, Danica Pension

Danica encompasses all the Danske Bank Group�s activities in the life insurance and pensions market. Danica Pension targets both personal and corporate customers. Products are marketed through a range of distribution channels within the Group, primarily Banking Activities� outlets and Danica Pension�s insurance brokers and advisers.

Year to date Full yearDanica Pension (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Share of technical provisions, etc. 264 261 252 259 265 264 1,037Unit-linked business -15 -20 -4 -28 -1 -15 -53Health and accident business -27 -7 -28 -30 -36 -27 -101Return on investments 196 424 408 -86 26 196 772Financing result -107 -104 -75 -65 -56 -107 -300Postponed risk allowance - - 215 -215 - - -Net income from insurance business 311 554 768 -165 198 311 1,355

Premiums, insurance contracts 4,365 4,800 3,574 3,599 4,259 4,365 16,232Premiums, investment contracts 428 731 337 451 495 428 2,014Technical provisions (avg.) 179,216 175,674 174,269 177,444 179,639 179,216 176,757Allocated capital (avg.) 4,932 5,032 7,657 7,860 8,693 4,932 7,310Net income as % p.a. of allocated capital 25.2 44.0 40.1 -8.4 9.1 25.2 18.5

Unrealised - Market Value Correction, insurance 73 82 97 53 45 73 277Unrealised - Market Value Correction, investment 17 23 8 7 20 17 58Unrealised - Market Value Correction, total 90 105 105 60 65 90 335Combined ratio, Health/accident insurance (avg.) 115.0 104.0 112.0 112.0 115.0 115.0 111.0

INVESTMENT PORTFOLIOS BREAKDOWN (end of period)Bonds (customer funds) (%) 67 68 69 69 71 67 68Danish equities (customer funds) (%) 4 3 3 3 3 4 3Foreign equities (customer funds) (%) 20 20 19 19 18 20 20Property (customer funds) (%) 9 9 9 9 8 9 9Bonus reserves (DKr bn) 13.9 13.9 12.5 11.0 12.7 13.9 13.9Declared rate of interest on policyholders' savings, after tax (%) 4.5 4.5 4.5 4.5 4.5 4.5 4.5Investment return of customer funds (pre tax) (ann.) (%) 0.8 6.8 19.3 -8.5 -6.4 0.8 2.9Investment return, health and accident insurance (ann.) (%) 3.2 7.5 15.5 -5.1 -6.4 3.2 3.3No. of full-time employees (end of period) 909 898 907 875 844 909 898Rating (Insurer Financial strength - S&P) AA- AA- AA- AA- AA- AA- AA-

39


3.6. Financial performance, Other areas

Other areas encompasses unallocated cost of capital, expenses for support functions and the Group�s real property activities. Moreover, the area covers the elimination of returns on own shares.

Year to date Full yearOther areas (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Net interest income -199 -229 -299 -198 -201 -199 -927Net fee income -59 -65 -38 -69 -41 -59 -213Net trading income -121 -146 -26 48 -125 -121 -249Other income 258 223 194 240 36 258 693Total income -121 -217 -169 21 -331 -121 -696Integration expenses 54 - - - - 54 -Staff cost ex bonuses 763 752 597 420 394 763 2,163Bonuses 48 36 20 18 26 48 100Other costs -752 -636 -581 -580 -473 -752 -2,270Operating expenses 113 152 36 -142 -53 113 -7Profit before credit loss expenses -234 -369 -205 163 -278 -234 -689Credit loss expenses -1 -2 1 - - -1 -1Profit before tax -233 -367 -206 163 -278 -233 -688The pro forma ratios and key figures include the Sampo Bank group as of February 2006.

Year to date Full yearProfit before tax (DKr m) Q107 Q406 Q306 Q206 Q106 2007 2006

Cost of capital -209 -246 -274 -202 -238 -209 -960Own shares -121 -134 -54 44 -96 -121 -240Real property 67 135 193 215 45 67 588Others 30 -122 -71 106 11 30 -76Total Other areas -233 -367 -206 163 -278 -233 -688The pro forma ratios and key figures include the Sampo Bank group as of February 2006.

40


Macroeconomics

41


Denmark (%)2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 1.6 2.1 3.2 3.1 2.1 0.4 0.5 0.7Export 5.0 6.3 9.6 7.3 2.2 -1.0 4.1 3.1Private Consumption 1.5 2.0 3.4 4.2 4.7 1.0 1.5 0.1Public Consumption 1.1 1.3 1.2 1.1 1.6 0.7 2.1 2.2Inflation 2.1 1.9 1.9 1.8 1.2 2.1 2.4 2.4Unemployment Rate 3.9 3.8 4.5 5.7 6.4 6.2 5.2 5.2Short Term Interest Rate (T/N) (avg.) 4.7 4.2 3.0 2.2 2.2 2.4 3.5 4.810-Year (avg.) 4.4 4.2 3.8 3.8 4.2 4.3 5.0 5.1

Norway (%)2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth - mainland 3.0 4.3 4.6 4.7 4.2 1.1 1.4 2.1Export 2.8 4.3 1.4 0.7 0.8 -0.6 3.4 3.6Private Consumption 3.6 4.2 4.3 3.5 5.2 2.7 3.0 1.6Public Consumption 3.7 2.9 2.2 1.9 1.4 1.7 3.7 5.8Inflation 2.2 1.1 2.3 1.5 0.5 2.5 1.3 3.0Unemployment Rate 2.4 2.4 3.5 4.6 4.5 4.5 3.9 3.6Short Term Interest Rate (T/N) (avg.) 5.5 4.7 3.5 1.9 1.8 4.2 6.7 7.010-Year (avg.) 5.2 4.9 4.7 3.6 4.3 5.0 6.4 6.2

Sweden (%)2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 2.6 2.8 4.4 2.7 3.7 1.6 2.0 1.2Export 4.8 5.0 9.1 6.4 10.8 5.6 0.0 0.4Private Consumption 3.0 4.1 2.8 2.4 1.8 2.0 1.5 0.4Public Consumption 0.6 1.1 1.8 0.7 0.1 0.7 3.2 0.9Inflation 1.7 1.4 1.4 0.5 0.4 2.1 2.2 2.4Unemployment Rate 5.5 4.8 5.4 5.9 5.5 4.9 4.0 3.9Short Term Interest Rate (T/N) (avg.) 4.0 3.5 2.5 1.8 2.0 3.2 4.1 4.010-Year (avg.) 4.4 4.6 4.4 3.4 4.4 4.6 5.3 5.1

Source: Danske Analyse (www.danskebank.com/danskeresearch). Updated May 2007.

4.1. Tables and charts

42


Euroland (%)2008E 2007E 2006 2005 2004 2003 2002 2001


Ireland (%)2008E 2007E 2006 2005 2004 2003 2002 2001


UK (%)2008E 2007E 2006 2005 2004 2003 2002 2001



43


Finland (%)2008E 2007E 2006 2005 2004 2003 2002 2001


Estonia (%)2008E 2007E 2006 2005 2004 2003 2002 2001


Latvia (%)2008E 2007E 2006 2005 2004 2003 2002 2001



44


Lithuania (%)2008E 2007E 2006 2005 2004 2003 2002 2001

GDP Growth 5.2 5.6 7.4 7.6 7.1 10.5 6.8 6.4Export 4.1 8.0 9.9 20.1 8.9 7.3 13.1 18.4Private Consumption 6.1 6.2 8.5 7.7 8.8 10.4 5.5 6.3Public Consumption 2.5 2.5 11.8 0.2 4.4 4.8 3.6 -0.4Inflation 5.5 7.3 4.4 3.0 2.9 -1.3 -1.0 2.0Unemployment Rate 5.1 5.5 5.6 8.3 11.4 12.4 13.8 17.4Short Term Interest Rate (T/N) (avg.) 5.8 5.8 4.5 3.3 3.0 4.3 10.0 6.010-Year (avg.) 5.0 5.0 4.3 3.8 4.0 4.8 5.9 6.3


45



House price index (DK-seasonally adj)

90

120

150

180

210

240

270

300

1995 Q1 1996 Q1 1997 Q1 1998 Q1 1999 Q1 2000 Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006Q1 2007 Q1

(1995=100)

Unemployment Rate (DK)

3

4

5

6

7

8

9

10

1996 Q1 1997 Q1 1998 Q1 1999 Q1 2000 Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1

House-price indices, % change

253

191

180

137

136

124

102

102

94

57

17

10

-32

-50 -25 0 25 50 75 100 125 150 175 200 225 250 275

Irland

UK

Spanien

Frankrig

Danmark

Sverige

New Zealand

USA

Holland

Canada

Schweiz

Tyskland

Japan

% change, 1997-2007(q1)

46



GDP Growth

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%20.0%

2000 2001 2002 2003 2004 2005 2006E 2007E 2008E

Denmark Norway Sweden Ireland UK EurolandFinland Estonia Latvia Lithuania

Private Consumption

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%20.0%

2000 2001 2002 2003 2004 2005 2006E 2007E 2008E

Denmark Norway Sweden Ireland UK Euroland

Finland Estonia Latvia Lithuania

47


Household debt and interest payments, Sweden

0

20

40

60

80

100

120

140

160

mar

-87

mar

-88

mar

-89

mar

-90

mar

-91

mar

-92

mar

-93

mar

-94

mar

-95

mar

-96

mar

-97

mar

-98

mar

-99

mar

-00

mar

-01

mar

-02

mar

-03

mar

-04

mar

-05

mar

-06

mar

-07

% of disposable income

0.00

2.00

4.00

6.00

8.00

10.00

12.00


Debt burden Interest burden

Household debt and interest payments, Denmark

160

170

180

190

200

210

220

230

240

250de

c-9

8

jun-

99

dec-

99

jun-

00

dec-

00

jun-

01

dec-

01

jun-

02

dec-

02

jun-

03

dec-

03

jun-

04

dec-

04

jun-

05

dec-

05

jun-

06

dec-

06


0.0

2.0

4.0

6.0

8.0

10.0

12.0






48


Household debt and interest payments, Norway

0

20

40

60

80

100

120

140

160

180

200

mar

-87

mar

-88

mar

-89

mar

-90

mar

-91

mar

-92

mar

-93

mar

-94

mar

-95

mar

-96

mar

-97

mar

-98

mar

-99

mar

-00

mar

-01

mar

-02

mar

-03

mar

-04

mar

-05

mar

-06

mar

-07


0.0

2.0

4.0

6.0

8.0

10.0

12.0




Household net worth incl. property value, Dkr bn

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1998 1999 2000 2001 2002 2003 2004 2005 2006

Denmark


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