Equity Story. 29 October 2015

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1 29 October 2015

2 Key messages Nordic universal bank Solid foothold across all our four Nordic markets Traction towards 9.5% ROE in 2015 is on track Strong focus on cost management Significant improvement in credit quality Strong capital position, share buy-back programme in

3 Financial targets: Target for ROE of above12.5% in 2018 Target Status at 30 September 2015 Comments 2015 ambition Return on equity Above 12.5%* 11.5% Initiatives progressing 9.5% as planned Ratings A ratings S&P/Moody s/fitch A/A2/A Stable/Stable/Stable Target met after upgrade from Moody's in June and stable outlook from S&P in July S&P rating outlook improved to stable CET1 ratio Minimum 13% 15.7% Met since end-2012 Around 14% Total capital ratio Minimum 17% 20.6% Met since end-2012 Well above 17% Dividend payments Payout of 40-50% of net profit For 2014: 43% of net profit before goodwill impairments Met with payout for 2014 Payout of 40-50% of net profit * 2018 at the latest 3

4 Well on track to meet our financial ambitions RoE after tax; (%) Total Group expenses ex goodwill charge (DKK bn) Group loan loss ratio, (bps) Capital ratios, under Basel III/CRR (%) T1/T2 Common Equity Tier 1 < * M E M M 2015 * Before goodwill impairments of DKK 9.1 billion 4

5 The essence of Danske Bank Vision To be recognised as the most trusted financial partner Strategic core We are a modern bank for people and businesses across the Nordics with deep financial competence and leading, innovative solutions Customer promise We help customers be financially confident and achieve their ambitions by making daily banking and important financial decisions easy Core values Expertise, Integrity, Value creation, Agility, Collaboration 5

6 Overview: Danske Bank has a strong Nordic franchise Facts 3.5 million customers 305 branches* 15 countries 18,984 full-time employees Business units Personal Banking Business Banking Corporates & Institutions Danica Pension Danske Capital For divestment Non-core (Ireland & Conduits) Personal banking activities in the Baltics Northern Ireland Danske Bank market share** Norway 5% Denmark 20% 26% Sweden 5% Finland 10% Estonia 7% Latvia 3% Lithuania 6% * Excluding agricultural centres in Denmark. **Market share by lending 6

7 Share performance vs. European bank sector Share price development (index) Danske Bank MSCI Banks year development C20 Cap* Key figures, Q Earnings per share: DKK 3.6 Book Value per share: DKK Q4 14 Q1 15 Q215 Q3 15 Market cap: DKK 197,609 m year development Issued shares: 1,008.6 m Q4 12 Q3 13 Q3 14 Q year development Q410 Q3 12 Q3 13 Q3 15 *C20 Cap data available from 28 November

8 Shareholder base at end Q Shareholder distribution (%) Rest of Europe 11% Other 0% Cevian Capital 8% UK 16% 22% AP Møller Mærsk USA/Canada 18% 25% Rest of Denmark 8

9 Nordic footprint across sectors Total lending*, Q (%) Credit exposure by industry, Q (%) Denmark 56 Personal customers Commercial property Public Institutions 9 Finland 9 Non-profit & Associations Others 4 6 Sweden 11 Consumer discretionary Banks 4 4 Industrial Services etc 4 Norway 9 Other financials Investment funds 3 3 N. Ireland 3 Agriculture Consumer staples 3 2 Insurance 2 Baltics & Other 1 Other commercials 2 Materials 2 C&I 11 Total lending of DKK 1,623 bn *Lending by country includes Personal Banking and Business Banking Shipping Energy & Utilities Constr. & building products Total credit exposure of DKK 2,385 bn 9

10 Result highlights Income statement (DKK millions) 9M * * 2011 Net interest income 16,169 22,313 22,077 22,778 23,537 Net fee income 8,963 11,154 9,468 8,866 8,298 Net trading income 5,273 6,693 5,799 10,562 7,325 Other income 1,162 1,344 1,308 1,285 3,648 Net income from insurance business 1,445 2,496 1,088 2, Total income 33,012 44,000 39,740 45,662 43,377 Expenses 15,953 22,641 23,794 24,642 25,987 Goodwill impairment charges - 9, Profit before loan impairment charges 17,059 12,260 15,947 21,020 17,390 Loan impairment charges 196 2,788 4,111 7,680 13,185 Profit before tax, core 16,863 9,472 11,836 13,340 Profit before tax, Non-core 33-1,503-1,777-4,801 Profit before tax 16,896 7,969 10,059 8,539 4,205 Tax 3,808 4,020 2,944 3,814 2,482 Net profit for the year 13,088 3,948 7,115 4,725 1,723 Net profit for the year before goodwill impairments 13,088 13,047 7,115 4,725 1,884 *Restated 10

11 Danske Bank s credit ratings Danske Bank s long-term issuer rating and outlook Moody s Stable S&P Stable Fitch Stable Aaa AAA AAA Aa1 AA+ AA+ Aa2 AA AA Aa3 AA- AA- A1 A+ A+ A2 A A A3 A- A- Baa1 BBB+ BBB+ Baa2 BBB BBB Baa3 BBB- BBB- Rating agency issues General comments Standard & Poor s change outlook to stable On July S&P s reviewed the banks outlook from negative to stable. The changed outlook reflects the recent strengthening of Danske Bank s earnings and the introduced ALAC concept. With the stable outlook from S&P the bank meet its strategic ambitions for Rating upgrade from Moody s On 17 June 2015, Moody s upgraded Danske Bank s long-term rating to A2 from A3 and Danske Bank s short-term rating to P-1 from P-2. The upgrade by Moody s reflects the introduction of Moody s Loss Given Failure (LGF) analysis part of Moody s revised bank rating methodology. The upgrade has put Moody s rating on Danske Bank in line with the rating from the other rating agencies. Expects no change in our rating from Fitch in 2015 On September 8, 2015 Fitch affirmed Danske Banks A long-term debt rating reflecting Fitch s view of the bank s strong standalone strength, stabilizing asset quality and solid capitalization. Ca D D 11

12 Personal Banking Personal Banking Income distribution, Q (%) Personal Banking serves personal and private banking customers through a large network of branches, call centres and online channels. The unit offers a wide range of financial products and services within banking, property financing, leasing, insurance and pensions. Full-time employees amounts to 6,527 Northern Ireland Other 7 1 Norway 11 Sweden 7 Finland Denmark Income statement & key figures (DKK m) Income distribution of group total, Q (%) 9M M 2014 Index Net interest income 7,057 8, Net fee income 3,956 3, Net trading income Other income Total income 12,047 12, Expenses 7,648 7, Profit before loan impairment charges 4,399 4, Loan impairment charges Profit before tax 4,011 3, Lending (DKK bn) Deposits (DKK bn) % Personal Banking 12

13 Business Banking Business Banking Income distribution, Q (%) Business Banking serves small, medium-sized and large businesses through a large network of finance centres, branches, contact centres and online channels. The unit offers leading solutions within financing, investing, cash management and risk management. Full-time employees amounts to 2,955 Northern Ireland Baltics 2 9 Norway Denmark Sweden Finland Income statement & key figures (DKK m) Income distribution of group total, Q (%) 9M M 2014 Index Net interest income 6,782 6, Net fee income 1,629 1, Net trading income Other income Total income 9,407 9, Expenses 3,849 3, Profit before loan impairment charges 5,558 5, Loan impairment charges Profit before tax 5,751 4, Lending (DKK bn) Deposits (DKK bn) Business Banking 13

14 Corporates & Institutions Corporates & Institutions Income distribution, Q (DKK m) Corporates & Institutions is a leading provider of wholesale banking services for the largest institutional and corporate customers in the Nordic region. Products and services include cash management, trade finances and custody services; equity, bond, foreign exchange and derivatives products; corporate finance; and acquisition finance ,056 Full-time employees amounts to 1,811 FICC Capital Markets General Banking Income statement & key figures (DKK m) 9M M 2014 Index Net interest income 2,030 2, Net fee income 1,727 1, Net trading income 3,770 3, Other income Total income 7,530 7, Expenses 3,334 3, Profit before loan impairment charges 4,196 3, Loan impairment charges Profit before tax 4,196 3, Lending (DKK bn) Deposits (DKK bn) Income distribution of group total, Q (%) 20 C&I 14

15 Danske Capital Wealth management Assets under management, Q (%) Develops and provides asset and wealth management products and services that are marketed through Personal Banking and directly to businesses, institutional clients and external distributors. The unit also supports advisory and asset management services for Personal Banking customer segments. Through Danske Bank International Luxembourg, Danske Capital provides private banking services to clients outside Danske Bank s home markets. Equities Alternatives Cash Bonds Income statement & key figures (DKK m) Facts, Q M M 2014 Index Net interest income Net fee income 1,708 1, portion from performance fees Other income Total income 1,695 1, Expenses Profit before tax Assets under management DKK bn 759 Growth in AuM (9M 15/9M 14): -4% Profit before tax DKKm 317 Market share in the Nordic: 11% FTEs: 522 Assets under management (bn)

16 Danica Pension Life insurance and pension Customer fund distribution, Q (%) Provides life insurance and pension products to both personal and business customers. The products are marketed especially through Personal Banking and Danica Pension s own insurance brokers and advisers. Cross-synergies with bank. Danica Pension offers three unit-linked products: Danica Balance, Danica Link and Danica Select. These products allow customers to select their own investment profiles, and the return on savings depends on market trends. Danica Pension also offers Danica Traditionel. This product does not offer individual investment profiles, and Danica Pension sets the rate of interest on policyholdes savings. Danica Link Danica Balance Danica Traditionel Income statement & key figures (DKK m) Facts, Q M M 2014 Index Premiums 22,019 20, Danica Traditionel (insurance result) 1,002 1, Unit-linked (insurance result) Health and accident (ins. result) Result from insurance business 1,341 1, Return on investments Financing result Special allotments Net income bef. postponed risk allow. 1,472 1, Change in shadow account Net income 1,445 1, Total premiums DKKm: 6,544 Net income from insurance DKKm 335 Customer funds DKKbn: 311 FTEs:

17 Outlook for 2015: Net profit of above DKK 16 bn Total income Income is expected to be in line with the level in 2014 Expenses Expenses are expected to be below DKK 22 bn Impairments Impairments charges in our core activities are expected to decline to a level significantly lower than in 2014 Non-core Non-core pre-tax result is expected at around DKK 0 million Net profit Net profit of above DKK 16 bn Note: This guidance is subject to uncertainty and depends on economic conditions, including the development in monetary policy by the central banks. 17

18 Appendix 18

19 Danske Bank timeline Den Danske Landmandsbank was founded Handelsbanken was founded next door to the bank Shipowner A.P. Møller becomes chairman of the board The bank shortens its name to Danske Bank Thomas Borgen appointed CEO The bank now has 58 branches in Greater Copenhagen, and even more spread around the country The launch of Pondus savings bank. In two weeks 50,000 children join the Pondus Club The bank changed its name to Den Danske Bank All brands gathered under one name: Danske Bank. Three new business units established: Personal Banking, Business Banking and C&I 19

20 Historical expansion through mergers and acquisitions Denmark Northern Ireland/Ireland 1990 Sweden Norway Finland/the Baltic states Denmark The bank merges with Handelsbanken and Provinsbanken Denmark 20

21 Three distinct methods of rating banks Rating methodology Danske Bank s rating Anchor SACP* Extraord. Add = SACP = + ALAC + = Support factors Issuer Rating bbb a A (Stable) 1=Business Position 2=Capital & Earnings 3=Risk Position 4=Funding & Liquidity Macro Profile Quali- Affiliate Gov. = BCA** + + LGF*** + = tative Support Support Factors Issuer Rating Strong Plus baa1 a1 baa2 ba1 a3 0 Baa A2 (Stable) 1=Asset Risk 2=Capital 3=Profitability 4=Funding Structure 5=Liquidity Resources Individual Rating/Viability Rating Support Rating/Support Rating Floor a A- Issuer Default Rating (IDR) IDR is the higher of the Viability Rating and the Support Floor A (Stable) * Stand-Alone Credit Profile. ** Baseline Credit Assessment. *** Loss Given Failure 21

22 Contacts Henrik Ramlau-Hansen Direct: Chief Financial Officer Mobile: Claus Ingar Jensen Direct: Head of IR Mobile: John Bäckman Direct: Chief IR Officer Mobile: Robin Hjelgaard Løfgren Direct: IR Officer Mobile: Louisa Grue Baruch Direct: IR Officer Mobile:

23 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. 23

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