Danske Bank acquires Sampo Bank

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1 Danske Bank acquires Sapo Bank Overview of Sapo Bank Noveber 9, 2006

2 Disclaier This presentation is not for release, publication or distribution in Australia, Canada, the Hong Kong Special Adinistrative Region of the People's Republic of China, Japan, South Africa or the United States. These aterials are not an offer for sale of securities in the United States. Securities ay not be offered or sold in the United States absent registration or an exeption fro registration under the US Securities Act of 1933, as aended. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States. This stateent is intended only for (i) persons outside the United Kingdo, (ii) investent professionals and (iii) persons who fall within the provisions of Article 49(2)(a) to (d) ("high net worth copanies, unincorporated associations etc.") of the Financial Services and Markets Act 2000 (Financial Prootion) Order Certain stateents ade in this presentation are forward looking stateents. Any stateents other than stateents of historical fact, including without liitation those regarding Danske Banks financial condition, future operating perforance, business strategy, anageent plans and objectives for future operations and anticipated synergies and integration costs relating to the acquisition of Sapo Bank and prospects for the cobined group are forward looking stateents. Such stateents are based on current expectations and are subject to a nuber of risks and uncertainties that could cause actual results and perforance to differ aterially fro any expected future results or perforance, express or iplied, by the forward looking stateents. Factors that ight cause forward looking stateents to differ aterially fro actual results include, aong other things, general econoic and business factors, copetition, difficulties in integrating Sapo Bank and interest rate and currency fluctuations. These stateents ay not be regarded as a representation that anticipated events will occur or that expected objectives will be achieved. The inforation presented herein speaks only as of todays date and Danske Bank assues no responsibility to update any of the forward looking stateents contained herein. 2

3 Organisational structure - Overview of the business Sapo Bank Group Private Clients Corporate & Institutional Clients Baltic Banking Asset gt. & Funds Total assets 8,983 Total liabilities 5,713 Total incoe 278 Operating result 81 Total assets 8,504 Total liabilities 6,078 Total incoe 285 Operating result 164 Total assets 1,918 Total liabilities 1,784 Total incoe 53 Operating result 14 Total assets 47 Total liabilities 27 Total incoe 56 Operating result 35 C/I 71 C/I 42 C/I 73 C/I 37 #3 bank in Finland Universal banking service offering 1.1 custoers 125 branches #2 bank in Finland Full range of corporate banking offering 100,000 custoers #3 foreign bank in the Baltic region Recently added segent, A copanies acquired fro Sapo Banks parent copany in 2005 Leading asset anager in Finland (Mandatu) AuM of 27bn 46% of total assets 42% of total assets 11% of total assets 0% if total assets Figures are as of end

4 Private Clients -#3 in Finland Retail loans by type Study loans Consuer 7% Others 2% credit & credit cards 13% Mortgages 79% Leading arket position in Finland: #3 15% arket share 1.1 illion custoers Full banking service offering (incl. in-branch ortgage brokerage) The ajority of the retail loan portfolio consists of ortgage loans Core arket: Finland. Also present in Estonia, Lithuania and Latvia through Baltic subsidiaries Extensive branch network (125 branches), covering ostly the south of the country 90% of daily retail business transacted through Net banking 12,000 Lending, volue & argin Deposits, volue & argin % 3.0 % 17 Market shares 9,000 Deposits 6, Lending 3,

5 Corporate & Institutional Clients -#2 in Finland 12,000 Forest, energy etc. 31% Public sector 10% Corporate Loans by type Leading arket position: Finance & #2 insurance 20% arket share 25% 100,000 custoers Core expertise within financing, payents, cash anageent and investent services. Liited exposure to wholesale Corporate, several SME and branches serving both retail and Real estate 13% corporate custoers Core arket: Finland. Also present in: Estonia, Lithuania and Latvia through Baltic subsidiaries 3.5% share of total turnover in the Helsinki Stock Exchange Trade 10% Other corporates 12% Lending, volue & argin Deposits, volue & argin 1.5 % % 25 Market shares 9, , Lending 3,

6 Baltic Banking - #3 foreign bank in the region 2,000 1,000 Lending Deposits Sall but fast growing and profitable units Established in Estonia and Lithuania in 2000 and in Latvia since 2004 Main focus on retail segent, but provides services to corporate clients as well (particular ai to follow Finnish corporates into the region) Operates with 593 eployees in Estonia, 433 in Lithuania and 61 in Latvia Custoer base: 141,000 in Estonia and 67,000 in Lithuania #3 loan provider in Lithuania, #4 in Estonia, and #18 in Latvia 0 6

7 Asset Manageent & Funds - # 1 Finnish asset anager Mandatu Asset Manageent is a leading asset anager in Finland with approx. 27bn of AuM Sapo funds arket share stood at 19% at the end of 2005 with 10bn Fu The nuber of unit holders rose fro 345,000 to 376,000 during ,000 Mutual fund assets Market share => % 30 % 100% Breakdown of utual fund AuM Others ST Fixed 75% LT Fixed 6, % Balanced 25% Equity 0 0 0% 7

8 Branches - Good branch penetration in Finland Sapo has a widespread branch network throughout Finland, with the ajority of branches being in the Uusiaa region (which includes Helsinki). Sapo is represented in all large cities in Finland. Post offices were used as distribution channel in the past (by the predecessor entity Leonia Bank) Agreeent ended in 2000, when the cooperation between the bank and the Finnish Post becae unprofitable; alost 500 post offices ceased offering banking services New branches were opened by the bank in the areas where service would have been affected Integration of branch network started in late 2000 when Sapo Group began offering banking services through its insurance network and bank branches stared offering insurance services #3 foreign bank in the Baltic region Branches Market share Custoers ('000) Eployees ,100 3,475 Finland: Share of branches Other 30% Sapo Bank 8% Nordea 20% OKO Bank 42% Branches Market share Custoers ('000) Eployees Branches Market share Custoers ('000) Eployees Branches Market share Custoers ('000) Eployees

9 Baltic Banking - Sall franchises, but good growth prospects Estonia Bought, year 2000 Branches, # 17 FTE, # 593 Custoers, # 141,000 Market share 9% Tallinn Estonia Latvia Bought, year 2004 Branches, # 3 FTE, # 61 Custoers, # 5,600 Market share n.a. Riga Latvia Lithuania Bought, year 2000 Branches, # 13 FTE, # 433 Custoers, # 67,000 Market share 8% Lithuania Vilnius 9

10 Product offering Retail Housing Loans Credit Cards Deposit Products Life and Loan Insurance Specialised Products (Leasing, Factoring, Other Services) Corporate Asset Manageent Financing Payents Cash Manageent Long-ter Savings in Mutual Funds and Securities Services for High Net-Worth Custoers Electronic Banking Investent Services Life Insurance Brokerage Securities Brokerage Investent Research Corporate Finance M&A Advisory Services Capital Markets Transactions General Financial Advisory Services 10

11 Major Copetitors Finland Nordea OP Group Estonia Hansabank (Swedbank) SEB Nordea Latvia Hansabank (Swedbank) SEB Parex Lithuania SEB Hansabank (Swedbank) DnB NOR Snoras

12 For further inforation: - 12

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