Alm. Brand Bank. third quarter. Alm. Brand Bank A/S Midtermolen Copenhagen Ø Registration (CVR) NO

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1 Alm. Brand Bank third quarter Alm. Brand Bank A/S Midtermolen Copenhagen Ø Registration (CVR) NO

2 CONTENTS COMPANY INFORMATION 2 Company information 2 structure MANAGEMENT S REVIEW 3 Financial highlights and key ratios 4 Report 7 Business activities SIGNATURES 11 Statement by the Board of Directors and the Management Board FINANCIAL STATEMENTS 12 Income statement and comprehensive income 14 Balance sheet 16 Statement of changes in equity 17 Cash flow statement 18 Notes to the financial statements Page 1 of 26

3 COMPANY INFORMATION Alm. Brand Bank A/S Q MANAGEMENT BOARD Kim Bai Wadstrøm, Chief Executive INTERNAL AUDITOR Poul-Erik Winther, Chief Auditor BOARD OF DIRECTORS Jørgen H. Mikkelsen, Chairman Boris N. Kjeldsen, Deputy Chairman Arne Nielsen Jan Skytte Pedersen Ebbe Castella Søren Boe Mortensen Christian Bundgaard, elected by the employees Torben Jensen, elected by the employees Pia Støjfer, elected by the employees AUDITORS Deloitte Statsautoriseret Revisionspartnerselskab REGISTRATION Alm. Brand Bank A/S Company registration (CVR) no ADDRESS Midtermolen 7 DK-2100 Copenhagen Ø Phone: Fax: Internet: bank@almbrand.dk GROUP STRUCTURE ALM. BRAND BANK 100% 43% ALM. BRAND LEASING ALM. BRAND FORMUE The bank has two subsidiaries: Alm. Brand Leasing A/S Alm. Brand Formue A/S OWNERSHIP The bank is wholly-owned by the listed company Alm. Brand A/S. The group also comprises four wholly-owned subsidiaries, which have been established or acquired in connection with properties taken over temporarily. The consolidated financial statements of Alm. Brand Bank A/S are a component of the consolidated financial statements of Alm. Brand A/S and Alm. Brand af 1792 fmba. In addition, the bank acts as depositary bank for: Investeringsforeningen Alm. Brand Invest Page 2 of 26

4 FINANCIAL HIGHLIGHTS AND KEY RATIOS PRO RATA GROUP DKKm Q Q INCOME STATEMENT Q Q Year 2012 Q Q Interest receivable Interest payable Net interest income Fees and commissions receivable (net) and dividend etc Net interest and fee income Value adjustments (excl. credit-related) Other operating income Profit before expenses Staff costs and administrative expenses Depreciation, amortisation and impairment of property, plant and equipment Other operating expenses Profit from investments in associates and group enterprises Profit before credit losses and tax Writedowns and credit-related value adjustments Profit before tax Tax Profit for the period Share attributable to minority interests Profit after tax excluding minority interests Profit before tax excluding minority interests BALANCE SHEET Loans and advances 7,760 9,169 7,760 9,169 8,698 7,532 8,960 7,532 8,960 8,396 Deposits 10,825 10,647 10,825 10,647 11,325 10,825 10,647 10,825 10,647 11,325 Shareholders' equity 1,579 1,107 1,579 1, ,761 1,277 1,761 1,277 1,169 Share attributable to minority interests Total assets 16,038 19,154 16,038 19,154 17,550 16,418 19,510 16,418 19,510 17,903 KEY RATIOS ETC. Average number of employees, full-time equivalents Interest margin (%) Income/cost ratio Impairment ratio Solvency ratio Financial highlights and key ratios are based on the definitions and guidelines of the Danish FSA and on Recommendations & Financial Ratios 2010 issued by the Danish Society of Financial Analysts. Q Q Year 2012 Page 3 of 26

5 REPORT In order to increase the transparency of Alm. Brand Bank A/S financial statements, the bank publishes pro rata consolidated figures. The figures are set out in the financial highlights and key ratios above and, unless otherwise indicated, the comments provided in the review below concern pro rata figures. Banking group figures are commented on only when found relevant. To the extent it is deemed relevant, 9M 2012 and Q2 2013, respectively, are used as benchmarks. The pro rata figures reflect the bank's proportionate ownership interests in the subsidiaries. Financial results The bank posted a loss of DKK 103 million before tax in Q Of this amount, DKK 3 million was attributable to the bank's continuing activities and DKK 100 million to the bank's discontinued activities. While the performance was in line with the guidance provided in connection with the H1 financial statements, it was still not satisfactory. Excluding losses and writedowns of DKK 93 million, the bank reported a loss of DKK 10 million, marking an improvement of DKK 34 million on Q The performance was composed of a profit of DKK 15 million from continuing activities and a loss of DKK 25 million from discontinued activities. The bank posted an operating profit of DKK 7 million excluding losses and writedowns and value adjustments in Q3 2013, marking an improvement of DKK 15 million on Q The improvement was primarily driven by a decline in funding costs and staff costs and administrative expenses and by a decline in expenses for value adjustment of properties taken over temporarily. In Q3, the bank repaid an additional DKK 200 million of the remaining state-funded hybrid core capital. Accordingly, the bank has repaid hybrid core capital in a total amount of DKK 630 million to date in Moreover, the bank repaid the last DKK 2 billion of issued government guaranteed bonds in For the 9M period, the bank posted a pre-tax loss of DKK 365 million. Total impairment writedowns on loans, including credit-related value adjustments, amounted to DKK 276 million, resulting in a loss of DKK 89 million excluding impairment writedowns. Net interest and fee income Net fee and commission income was DKK 105 million in Q3, against DKK 108 million in Q Interest income and expenses Net interest income amounted to DKK 67 million in Q3 2013, against DKK 65 million in Q The positive development was mainly driven by a combination of a decline in the bank's funding costs for hybrid capital, issued bonds and deposits of DKK 7 million in total. On the other hand, interest income from the bank's bond portfolio fell by DKK 6 million as a result of a smaller bond portfolio. The interest margin for both the parent company and the banking group was 1.7% in Q3, against 1.6% and 1.7%, respectively, in Q For the 9M period, net interest income amounted to DKK 186 million, against DKK 208 million in the same period of last year. The interest margin for the parent company and the banking group was 1.5% and 1.6%, respectively, in 9M 2013, compared with 1.4% for both in 9M Fee income and expenses Net fee income amounted to DKK 38 million in Q3, against DKK 43 million in Q The slightly lower level compared with the second quarter was in line with expectations and, among other things, due to lower trading activity in July and August. For the 9M period, net fee income rose to DKK 113 million from DKK 93 million 9M Value adjustments In Q3, the bank posted negative value adjustments of DKK 17 million, compared with negative value adjustments of DKK 36 million in Q The negative value adjustments of DKK 17 million were mainly due to the bond portfolio, a part of which was placed in high coupon bonds, and to value adjustment losses as a result of the bond maturity effect. In Q3, the bank's bond portfolio produced a return corresponding to 1.4% p.a., which was satisfactory considering market developments. For the 9M period, the total bond return was 1.5% p.a., which is also considered satisfactory. Both equity-related value adjustments and foreign currency translation adjustments were nil in the third quarter. Page 4 of 26

6 REPORT For the 9M period, value adjustments excluding credit-related value adjustments produced a loss of DKK 62 million, against a gain of DKK 23 million in 9M Other operating income Other operating income derives primarily from the bank's leasing activities. In Q3, this item increased to DKK 22 million from 15 million in Q The increase was driven by a higher volume of operating leases, resulting, among other things, from the fact that Alm. Brand Leasing was the largest provider of private leases in terms of new car leases signed in the third quarter. Costs The bank s staff costs and administrative expenses totalled DKK 96 million in Q3, marking a decline of DKK 10 million relative to Q The bank s staff costs and administrative expenses amounted to DKK 305 million in 9M, against DKK 348 million in 9M Total depreciation and amortisation charges amounted to DKK 35 million in 9M, against DKK 22 million in 9M The increase was attributable to the higher level of leasing activity. Other operating expenses Other operating expenses came to DKK 10 million in Q3, against DKK 16 million in Q The bank had expenses related to the Danish Guarantee Fund for Depositors and Investors of DKK 7 million and expenses and value adjustments in a total amount of DKK 3 million related to properties taken over temporarily. For the 9M period, other operating expenses amounted to DKK 38 million, of which DKK 23 million concerned the bank's expenses related to the Guarantee Fund for Depositors and Investors and DKK 15 million concerned properties taken over temporarily. In 9M 2012, other operating expenses were DKK 29 million. Writedowns and credit-related value adjustments Total impairment writedowns on loans, including credit-related value adjustments, amounted to DKK 93 million in Q3, against DKK 91 million in Q Losses and writedowns were within the projected range but remain high. For the 9M period, this item was DKK 276 million, against DKK 332 million in the same period of last year. high in the bank's agricultural and private customer segments. Moreover, the bank recognised credit-related value adjustments of DKK 37 million in Q3, against DKK 48 million in Q Balance sheet Loans and advances The bank s loans and advances amounted to DKK 7.8 billion at 30 September 2013, compared with DKK 8.7 billion at 31 December Excluding developments in reverse transactions, intra-group transactions and writedowns, this marked a decline in loans and advances of DKK 524 million, of which DKK 373 million was attributable to the bank's discontinued activities. Deposits The bank s deposits amounted to DKK 10.8 billion at 30 September 2013, compared with DKK 11.3 billion at 31 December The bank's continuous focus on reducing the deposit balance in step with the reduction of the bank's total lending resulted in a decline in deposits of DKK 0.3 billion in Q3. Despite the decline in deposits, the bank's deposit surplus increased by DKK 0.3 billion to DKK 3.1 billion in Q3. Liquidity At 30 September 2013, the bank had cash funds of DKK 4.2 billion and excess liquidity of DKK 2.8 billion, equivalent to an excess cover of 188% relative to the statutory requirement. In line with expectations, the repayment of the remaining government guaranteed bonds reduced the excess cover relative to the 256% reported at 31 December It is the bank's objective to further reduce the excess cover. Capitalisation The bank s equity stood at DKK 1.6 billion at 30 September The capital base totalled DKK 1.9 billion, and the risk-weighted items amounted to DKK 9.4 billion at 30 September Accordingly, the solvency ratio was 19.7, and the core capital ratio was The bank's individual solvency need was calculated at 14.6%, which means that the solvency ratio exceeded the individual solvency need by 5.1 percentage points. The bank s impairment writedowns on loans totalled DKK 56 million in Q3, against DKK 43 million in Q Impairment writedowns remain Page 5 of 26

7 REPORT The banking group s equity stood at DKK 1.8 billion at 30 September 2013, and the capital base totalled DKK 1.9 billion. Risk-weighted items in the banking group amounted to DKK 10.1 billion at 30 September Accordingly, the banking group had a solvency ratio of 19.1, and a core capital ratio of The banking group's individual solvency need was calculated at 14.6%, which means that the solvency ratio exceeded the individual solvency need by 4.5 percentage points. New capital adequacy rules (CRD IV) New capital adequacy rules adopted by the EU will enter into force on 1 January The new rules prescribe, among other things, that equity should constitute a greater part of the capital base and set stricter requirements for the quality of the capital. The rules also provide for a toughened scaling-down of the inclusion of supplementary capital and a tightening of the requirements for hybrid capital. The rules will be phased in from 2014 to 2019, but the most significant changes for the bank will take place already in As a result of the new rules, the value of the bank's supplementary capital in the solvency calculation will decline by DKK 160 million on 1 January The bank expects to continue to maintain capital excess coverage relative to the statutory capital requirement. Supervisory diamond Major events Repayment of government guaranteed bonds On 1 July 2013, the bank repaid the remaining DKK 950 million of the original DKK 6 billion bond issue, which has now been repaid in full. Capital injection into the bank and repayment of hybrid core capital On 22 August 2013, Alm. Brand A/S injected DKK 200 million into Alm. Brand Bank A/S as equity. The capital injection was used on 11 September 2013 to repay an additional DKK 200 million of the remaining state-funded hybrid core capital, bringing it to DKK 226 million. Outlook The full-year guidance excluding losses and writedowns of a loss of DKK 100 million is maintained. The bank adjusts its guidance for losses and writedowns in 2013 to DKK million. The amount of losses and writedowns and creditrelated value adjustments is subject to considerable uncertainty, and the guidance is based on current economic and market conditions. Expectations for the reduction in lending excluding losses and writedowns related to the bank's discontinued activities remain unchanged at about DKK 0.6 billion in At 30 September 2013, the bank was in compliance with all five threshold values of the Danish FSA's supervisory diamond as shown in the figure below: Large exposures Growth in lending Threshold value < 125% Threshold value < 20% 30 Sept Sept % 32% -10% - 13% Funding ratio Property exposure Threshold value < 1 Threshold value < 25% 30 Sept Sept % 17% Excess liquidity coverage Threshold value > 50% 30 Sept % 256% The changes in the bank's supervisory diamond values are in line with expectations. Page 6 of 26

8 BUSINESS ACTIVITIES Alm. Brand Bank A/S Q Continuing activities The bank's continuing activities are divided into the business areas Private Customers, Leasing and Financial Markets. Private Customers handles activities related to servicing the bank's new and existing private customers. The business area Leasing is focused on private leasing of passenger and commercial vehicles with related car fleet management for businesses. Financial Markets handles the bank s activities related to financial markets and comprises the areas Markets and Asset Management. Continuing activities generated a profit of DKK 15 million excluding losses and writedowns in Q After losses and writedowns, continuing activities produced a loss of DKK 3 million. Private Customers In Private Customers, the strong inflow of fullservice customers seen in the first half of 2013 continued in the third quarter. The increase was driven both by entirely new customers and by existing customers who increased the scope of their business to become full-service customers. Among other things as a result of the development in full-service customers, earnings per household seen in isolation increased by 3% in Q3 and by close to 6% in 9M. The gross increase in lending continued the positive trends seen in H1, totalling more than DKK 75 million in Q3. In the final part of the quarter, the decrease in lending to customers levelled off, resulting in a DKK 5 million increase in total loans and advances to private customers adjusted for losses and writedowns in the third quarter. Total loans and advances to private customers declined by DKK 127 million from 31 December 2012 to DKK 2,315 million at 30 September Adjusted for losses and writedowns, the decline was DKK 51 million. Among other things, the decline was attributable to conversion of home loans to mortgage loans through the bank's business partner Totalkredit. trend from the first six months of the year, increasing by more than DKK 100 million. Accordingly, the total portfolio of Totalkredit loans for which the bank acted as intermediary has now passed the DKK 4 billion mark. The bank's continuous focus on reducing the private customer deposit balance in step with the reduction of the bank's total lending resulted in a decline in deposits of close to 300 million in Q3. Since 31 December 2012, the bank has reduced its deposit balance by more than DKK 500 million. Losses and writedowns amounted to DKK 18 million in Q3 and DKK 76 million in 9M, corresponding to 3.2% of the average portfolio. In spite of the decline recorded in the third quarter, the bank's impairment writedowns on private customers remain fairly high. Leasing In the first nine months of the year, more than twice as many cars were ordered and delivered as in all of In the third quarter, Leasing was the largest provider of private leases in terms of the number of new car leases and, for the 9M period, the number of new car leases equalled a market share of just over 25%. Leasing for businesses and car fleet management continue to develop favourably, reporting a strong inflow of new business customers and a fair replacement rate in the existing portfolio. Financial Markets Earnings in Financial Markets were in line with expectations in the third quarter, driven equally by Markets and Asset Management. Asset Management delivered a strong performance on the mandates under management. In the lending portfolio table, the segment Other loans and advances covers exposures for which an investment mandate has also been placed with Markets. These loans form part of the bank's continuing portfolio. Other loans and advances declined by DKK 99 million relative to 31 December The decline was mainly attributable to the discontinuation of a single exposure. The portfolio of Totalkredit loans for which the bank acted as intermediary continued the positive Page 7 of 26

9 BUSINESS ACTIVITIES Alm. Brand Bank A/S Q LOSSES AND WRITEDOWNS Loans Total loss and writedowns Share of DKKm portfolio (%) 2012 Q Q Q Q Continuing portfolio 2,647 2, % % Lending to private customers 2,442 2, % % Other loans and advances % % Discontinuing portfolio 5,642 5, % % Agriculture % % Car finance b) % % Commercial lending 1,158 1, % % Property development projects % % Mortgage deed financing % % Mortgage deeds c) 2,930 2, % % Shares d) Total group lending - excl. Reverse Transactions 8,289 7, % % Reverse Transactions including intercompany transactions % Total group lending 8,396 7, % % Minority interests % Total pro rata 8,698 7, % % a) Losses and writedowns as a percentage of the average portfolio in Q The percentage is not comparable with the impairment ratio in the bank's financial highlights and key ratios b) Leases (continuing portfolio) is not included, as it is recognised as other property, plant and equipment and not as loans and advances c) Credit losses and writedowns on mortgage deeds are recognised in value adjustments d) Shareholding taken over in connection with the winding up of a former credit exposure. Value adjustment of the shareholding is recognised under value adjustments Loss ratio % a) Discontinued activities Discontinued activities are continuously reduced and relate mainly to loans provided to agricultural and commercial customers and for mortgage deeds. As part of the implementation of a controlled winding up of the individual exposures, there are cases in which the bank grants additional loans as part of its credit defence efforts to protect assets the bank holds as collateral. This means that lending may increase in individual segments, although the lending segment is being wound up. Discontinued activities produced a loss of DKK 25 million excluding losses and writedowns in Q Total loans and advances provided to discontinued activities declined by DKK 574 million to DKK 5,068 million in 2013 to date, now representing just over 65% of the bank's overall lending portfolio. Adjusted for losses and writedowns, loans and advances were reduced by DKK 373 million, which was in line with the expected level. Agriculture The agricultural portfolio amounted to DKK 904 million at 30 September 2013, marking a decline of DKK 51 million relative to 31 December Adjusted for losses and writedowns, the portfolio increased by DKK 40 million because the bank has granted loans for necessary investments and to secure continuing operations, thereby protecting the underlying value to the bank. In the nine months ended 30 September 2013, losses and writedowns amounted to DKK 91 million, equivalent to 9.8% of the average portfolio. Just over 60% of this amount was attributable to milk producers, while the remaining share of almost 40% was attributable to pig farmers. In general, times are still difficult for the bank's agricultural customers. The increase in impairment writedowns in the third quarter was due to additional drawings on existing credit facilities as well as and to a reduction of the value of the underlying collateral. Car finance The overall portfolio has declined by DKK 90 million in 2013 to date to stand at DKK 140 million at 30 September. No losses or writedowns have been recognised on this segment in 2013 to date. Commercial lending The portfolio consists of loans for financing of investment properties, loans provided to small businesses and syndicated loans provided to medium-sized Danish businesses. Page 8 of 26

10 BUSINESS ACTIVITIES Alm. Brand Bank A/S Q During 2013, the overall portfolio declined by DKK 54 million to stand at DKK 1,104 million. Adjusted for losses and writedowns, the portfolio declined by DKK 82 million. In Q3, the portfolio adjusted for losses and writedowns increased by DKK 27 million due to reclassification of a DKK 12 million exposure from mortgage financing to commercial lending and to additional drawings on existing credit facilities by a few major customers. For the 9M period, losses and writedowns produced an income of DKK 28 million, resulting from writedowns reversed in connection with the closing down of exposures and to the underlying operations of certain commercial customers. Property development projects The portfolio consists of a limited number of property development projects. At 30 September 2013, almost 90% of lending in this segment related to a single project. The portfolio has increased by DKK 38 million in 2013 to date, as the bank finances the completion of ongoing projects pursuant to existing agreements. Losses and writedowns amounted to DKK 2 million, corresponding to 0.7% of the average portfolio. Mortgage deed exposure The bank's overall mortgage deed exposure, comprising mortgage deed financing and mortgage deeds, has been reduced by DKK 417 million to DKK 2,628 million in 2013 to date. Mortgage deeds run off naturally as a result of regular payments and redemptions. The natural run-off on the overall mortgage deed portfolio was approximately 7% p.a. in the 9M period. Mortgage deed financing At 30 September 2013, the portfolio totalled DKK 21 million, marking a decline of DKK 94 million in 2013 to date. The main reason for the decline was that the bank closed out a number of investment exposures and in that connection took over the collateral provided in the form of mortgage deeds. In addition, a single exposure of DKK 12 million was reclassified to commercial lending. Mortgage deeds This segment comprises the bank s own portfolio of private mortgage deeds and commercial mortgage deeds. Private mortgage deeds amounted to DKK 1,939 million, comprising the bank s portfolio of mortgage deeds secured primarily against singlefamily houses, commonhold flats and summer houses. The properties are located throughout Denmark. Commercial mortgage deeds amounted to DKK 668 million and comprise mortgage deeds secured against residential rental property, commercial property for office, trade and industrial use as well as land and mixed residential/ commercial property. The portfolio is marked to market on a current basis using a cash flow-based pricing model, which takes into account factors such as estimated prepayments and credit losses. Individual writedowns are taken on all delinquent mortgages or mortgages known to be showing signs of weakness. For the 9M period, the portfolio declined by DKK 323 million. Credit-related value adjustments amounted to DKK 134 million in the reporting period, equivalent to 4.8% of the average portfolio value. Of this amount, DKK 80 million was private mortgage deeds and DKK 54 million was commercial mortgage deeds. Private mortgage deeds are still adversely affected by the general economic conditions, and the number of private mortgage deed delinquencies remains high. There was a small increase in the delinquency rate in the third quarter, and the decline seen in the second quarter hence proved to be transient. The commercial property letting market remains weak and, although credit-related value adjustments of commercial mortgage deeds declined in the third quarter, a market recovery failed to materialise. Losses and writedowns amounted to DKK 2 million in 9M, corresponding to 2.9% of the average portfolio. Page 9 of 26

11 BUSINESS ACTIVITIES Alm. Brand Bank A/S Q Capital reservation The banking group's total capital reservation amounted to DKK 3,258 million at 30 September 2013, against DKK 3,478 million at 31 December 2012, corresponding to a decline of DKK 220 million. The capital reservation equalled 34% of gross loans and advances and residual debt on mortgage deeds at 30 September 2013, which was an increase of 1 percentage point relative to 31 December and the capital reservation on the discontinued portfolio represents 39% of gross loans and advances and residual debt on mortgage deeds. Of the banking group's total capital reservation at 30 September 2013, accumulated writedowns amounted to DKK 1,435 million, compared with DKK 1,557 million at 31 December Accumulated writedowns in Q3 broke down as follows: DKK 249 million on the continuing portfolio and DKK 1,186 million on the discontinued portfolio. The capital reservation on the continuing portfolio corresponds to 19% of gross loans and advances, CAPITAL RESERVATION DKKm Continuing portfolio 2,670 2, % % Discontinuing portfolio 7,007 5,068 1, ,735 39% 2,952 38% Total - excl. Reverse Transactions 9,677 7,489 2,188 1,056 3,244 34% 3,467 33% Reverse Transactions including intercompany transactions % 11 10% Total group 9,721 7,533 2,188 1,070 3,258 34% 3,478 33% a) Accumulated writedowns and value adjustments of mortgage deeds Gross lending/ outstanding debt Balance Difference a) Required capital Total reservation Reservation relative to gross lending Total reservation Reservation relative to gross lending Disclaimer The forecast is based on the interest rate and price levels that prevailed at mid-november All other forward-looking statements are based exclusively on the information available when this interim report was released. The actual performance may be affected by major changes in a number of factors. Such impacts include changes in conditions in the financial market, legislative changes, changes in the competitive environment, loans and advances, etc. and guarantees, etc. The above-mentioned risk factors are not exhaustive. Investors and others who base their decisions on the information contained in this report should independently consider any uncertainties of significance to their decision. This interim report has been translated from Danish into English. In the event of any discrepancy between the Danish text and the English-language translation, the Danish text shall prevail. Page 10 of 26

12 STATEMENT BY THE BOARD OF DIRECTORS AND THE MANAGEMENT BOARD The Board of Directors and the Management Board have today considered and adopted the interim report for the nine months ended 30 September 2013 of Alm. Brand Bank A/S. The consolidated interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting as adopted by the EU, and the interim financial statements of the parent company have been prepared in accordance with the Danish Financial Business Act. In addition, the consolidated and parent company interim financial statements have been presented in accordance with additional Danish disclosure requirements for the interim financial statements of listed financial companies. In our opinion, the consolidated and parent company interim financial statements give a true and fair view of the group's and the parent company's assets and liabilities and financial position at 30 September 2013 and of the results of the group's and the parent company's operations and the cash flows of the group for the six months ended 30 September Moreover, in our opinion, the management s review includes a fair review of developments in the activities and financial position of the group and the parent company and fairly describes significant risk and uncertainty factors that may affect the group and the bank. MANAGEMENT BOARD Copenhagen, 21 November 2013 Kim Bai Wadstrøm Chief Executive BOARD OF DIRECTORS Copenhagen, 21 November 2013 Jørgen H. Mikkelsen Boris N. Kjeldsen Arne Nielsen Chairman Deputy Chairman Jan Skytte Pedersen Ebbe Castella Søren Boe Mortensen Christian Bundgaard Torben Jensen Pia Støjfer Page 11 of 26

13 INCOME STATEMENT AND COMPREHENSIVE INCOME Parent company DKK '000 Note Q Q Q Q Year 2012 Interest receivable 1 136, , , , ,373 Interest payable 2 71, , , , ,448 Net interest income 64,953 71, , , ,925 Dividend on participating interests Fees and commissions receivable 41,469 35, , , ,815 Fees and commissions payable 5,846 6,025 20,924 22,729 31,338 Net interest and fee income 100, , , , ,096 Value adjustments 3-65,983-58, ,134-98, ,476 Other operating income 993 2,325 3,479 4,371 5,952 Profit before expenses 35,690 45,498 83, , ,572 Staff costs and administrative expenses 4 87,061 92, , , ,912 Depreciation, amortisation and impairment of intangible assets and property, plant and equipment Other ordinary expenses 10,112 8,460 38,089 29,686 42,557 Impairment of loans, advances and receivables, etc. 5 55, , , , ,657 Profit from participating interests in associated and group undertakings 13,439 14,343 1,022 27,909 28,776 Profit before tax -103, , , , ,132 Tax -25,107-43,027-59,020-92, ,939 Profit for the period -78, , , , ,193 Other comprehensive income Total comprehensive income -78, , , , ,193 PROFIT/LOSS ALLOCATION Share attributable to Alm. Brand Bank -78, , , , ,193 Transferred to Total shareholders' equity -78, , , , ,193 Page 12 of 26

14 INCOME STATEMENT AND COMPREHENSIVE INCOME DKK '000 Note Q Q Q Q Year 2012 Interest receivable 1 141, , , , ,497 Interest payable 2 73, , , , ,620 Net interest income 68,082 75, , , ,877 Dividend on participating interests ,284 5,776 6,168 Fees and commissions receivable 42,769 35, , , ,533 Fees and commissions payable 5,850 6,048 20,981 22,791 31,435 Net interest and fee income 105, , , , ,143 Value adjustments 3-38,079-23, ,371-37,742-96,125 Other operating income 21,653 13,555 52,503 35,377 50,485 Profit before expenses 88,910 95, , , ,503 Staff costs and administrative expenses 4 96, , , , ,560 Depreciation, amortisation and impairment of intangible assets and property, plant and equipment 13,995 7,764 35,406 21,824 32,638 Other ordinary expenses 10,216 8,488 38,425 29,765 42,773 Impairment of loans, advances and receivables, etc. 5 55, , , , ,120 Profit from participating interests in associated and group undertakings -81-1, ,089-2,345 Profit before tax -87, , , , ,933 Tax -24,554-43,066-49,995-91, ,410 Profit for the period -62, , , , ,523 Other comprehensive income Total comprehensive income -62, , , , ,523 PROFIT/LOSS ALLOCATION Share attributable to Alm. Brand Bank -78, , , , ,193 Share attributable to minority interests 15,678 18,800 14,198 33,805 38,670 Transferred to Total shareholders' equity -62, , , , ,523 Page 13 of 26

15 BALANCE SHEET Parent company DKK '000 Note ASSETS Cash in hand and receivables at call from central banks 297, , , , , ,623 Receivables from credit institutions and central banks 591, , , , , ,086 Loans, advances and other receivables at fair value 2,606,516 2,991,047 2,930,050 2,606,516 2,991,047 2,930,050 Loans, advances and other receivables at amortised cost 6 5,619,101 6,348,304 6,213,956 4,925,443 5,968,469 5,465,944 Bonds at fair value 4,973,177 6,616,063 5,785,654 5,688,618 7,305,333 6,643,258 Shares etc. 279, , , , , ,356 Participating interests in associated undertakings 42,467 43,748 43,748 42,468 43,748 43,748 Participating interests in group undertakings 211, , , Other property, plant and equipment 466 1,399 1, , , ,000 Current tax assets 402, , , , , ,009 Deferred tax assets 242, , , , , ,250 Assets held temporarily 95, , , , , ,455 Other assets 353, , , , , ,480 Prepayments 12,701 6,874 6,370 12,711 6,885 6,381 Total assets 15,729,138 19,009,262 17,406,694 16,417,910 19,510,291 17,902,640 Page 14 of 26

16 BALANCE SHEET Parent company DKK '000 Note LIABILITIES AND EQUITY Payables Payables to credit institutions and central banks 1,985,824 3,107,980 1,105,289 2,302,449 3,399,605 1,396,914 Deposits and other payables 10,825,681 10,647,216 11,324,932 10,824,681 10,647,213 11,324,932 Issued bonds - 2,000,000 2,000,000-2,000,000 2,000,000 Liabilities temporarily acquired 16,141 21,169 19, ,080 39,968 36,899 Other liabilities 612, , , , , ,480 Deferred income 760 1,364 1, ,364 1,216 Total payables 13,441,175 16,462,994 14,972,691 13,948,374 16,793,804 15,295,441 Provisions Provisions for pensions and similar liabilities 1,361 1,796 1,361 1,361 1,796 1,361 Provisions for losses on guarantees 6,344 7,476 7,094 6,344 7,476 7,094 Total provisions 7,705 9,272 8,455 7,705 9,272 8,455 Subordinated debt Supplementary capital 7 300, , , , , ,000 Hybrid tier 1 capital 7 400,855 1,029,978 1,030, ,855 1,029,978 1,030,108 Total subordinated debt 700,855 1,429,978 1,430, ,855 1,429,978 1,430,108 Shareholders' equity Share capital 8 1,021,000 1,021,000 1,021,000 1,021,000 1,021,000 1,021,000 Other reserves 79,398 1,456 78, Retained earnings 479,005 84, , ,403 86,018-25,560 Minority interests , , ,196 Total shareholders' equity 1,579,403 1,107, ,440 1,760,976 1,277,237 1,168,636 Total liabilities and equity 15,729,138 19,009,262 17,406,694 16,417,910 19,510,291 17,902,640 See note 10 for a specification of off-balance sheet items. Page 15 of 26

17 STATEMENT OF CHANGES IN EQUITY Parent company DKK '000 Share capital Other reserves Retained earnings Total Minority interests Total Shareholders' equity at 1 January ,021,000 1,456 70,405 1,092, ,839 1,233,700 Equity movements in Q Other change in respect of subsidiaries - -4,425-4,425 Profit/loss for the period -281, ,031 33, ,226 Comprehensive income in Q , ,031 29, ,651 Capital increases 300, , ,000 Other change in respect of subsidiaries -5,185-5,185-5,185 Tax of equity entries Total equity movements in Q ,157 14,157 29,380 43,537 Shareholders' equity at 30 June ,021,000 1,456 84,562 1,107, ,219 1,277,237 Shareholders' equity at 1 January ,021,000 1,456 70,405 1,092, ,839 1,233,700 Equity movements in 2012 Profit/loss for the year 26, , ,193 38, ,523 Comprehensive income , , ,193 38, ,523 Capital increases 300, , ,000 Other change in respect of subsidiaries - 14,275 14,275 Other change in respect of subsidiaries 201, ,420-6,228-20,588-26,816 Dividend paid -150, , Total changes in equity in , ,699-97,421 32,357-65,064 Shareholders' equity at 31 December ,021,000 78, , , ,196 1,168,636 Shareholders' equity at 1 January ,021,000 78, , , ,196 1,168,636 Equity movements in Q Dividend subsidiaries - - Other change in respect of subsidiaries - -5,821-5,821 Profit for the period -314, ,968 14, ,770 Comprehensive income in Q , ,968 8, ,591 Capital increases 900, , ,000 Other change in respect of subsidiaries 664-1,733-1,069-1,069 Tax of equity entries Dividend paid TotaI equity movements in Q , ,963 8, ,340 Shareholders' equity at 30 June ,021,000 79, ,005 1,579, ,573 1,760,976 Page 16 of 26

18 CASH FLOW STATEMENT Alm. Brand Bank A/S Q DKK '000 Q Q Year 2012 Operating activities Profit for the period before tax -350, , ,933 Tax paid during the period ,039 Adjustment for amounts with no cash flow impact: Depreciation, amortisation and impairment of intangible assets and property, plant and equipment 35,406 21,824 32,638 Impairment of loans, advances and receivables, etc. 123, , ,244 Other adjustments to cash flows from operating activities 78,722-69,859-75,847 Total, operating activities -113, ,053-95,859 Working capital Loans and advances 640,922 1,066,355 1,568,625 Deposits -500,251 2,652,515 3,330,235 Bonds 1,066, ,441 1,512,227 Shares -15,296 51,309 59,426 Total, working capital 1,192,174 4,742,620 6,470,513 Investing activities Investments in associates - 4,200 9,200 Investments in group enterprises 3-1,341 1,486 Property, plant and equipment -123,897-61,011-81,086 Total, investing activities -123,894-58,152-70,400 Financing activities Net proceeds from capital increase 900, , ,000 Distribution of dividends -730, Payables to credit institutions 905, ,432-2,762,262 Bonds issued -2,000,000-4,000,000-4,000,000 Total, financing activities -924,307-4,460,432-6,462,262 Change in cash and cash equivalents 30,410 61, ,008 Cash and cash equivalents, beginning of year 858,709 1,016,717 1,016,717 Change in cash and cash equivalents 30,410 61, ,008 Cash and cash equivalents, end of period 889,119 1,078, ,709 Cash and cash equivalents, end of period Cash in hand and balances at call with central banks 297, , ,623 Balances due from credit institutions less than 3 months 591, , ,086 Cash and cash equivalents, end of period 889,119 1,078, ,709 Page 17 of 26

19 NOTES TO THE FINANCIAL STATEMENTS Parent company DKK '000 Q Q Year 2012 Q Q Year 2012 NOTE 1 Interest receivable Balances due from credit institutions and central banks 472 3,687 3, ,687 3,916 Loans, advances and other receivables 345, , , , , ,922 Bonds 108, , , , , ,788 Total derivatives -29,191-21,049-31,354-29,072-20,947-31,212 Of which: Foreign exchange contracts -1,001-2,620-3, ,518-2,988 Interest rate contracts -28,190-18,429-28,224-28,190-18,429-28,224 Other interest income Total interest receivable 425, , , , , ,497 Interest receivable from genuine purchase and resale transactions: Balances due from credit institutions and central banks Loans, advances and other receivables NOTE 2 Interest payable Credit institutions and central banks 2,526 25,017 26,998 8,189 32,365 36,164 Deposits and other payables 173, , , , , ,053 Bonds issued 10,662 66,169 75,550 10,663 66,169 75,550 Total subordinated debt 59,793 86, ,549 59,793 86, ,549 Other interest expenses 555 1,062 1, ,067 1,304 Total interest payable 247, , , , , ,620 Interest payable on genuine sale and repurchase transactions: Payables to credit institutions and central banks 147 1,023 1, ,023 1,095 Deposits and other payables NOTE 3 Value adjustments Loans, advances and other receivables at fair value -201,943-16,484-76, ,943-16,484-76,975 Bonds -42,746-33,299-26,902-62,329-27,893-16,096 Shares, etc. 18,120 1,706 4,200 59,592 58,110 65,392 Foreign currency -9,890-10,326-9,942-12,400-7,852-8,791 Total derivatives 31,325-40,760-56,568 30,709-43,899-60,366 Other liabilities Total value adjustments -205,134-98, , ,371-37,742-96,125 Page 18 of 26

20 NOTES TO THE FINANCIAL STATEMENTS Parent company DKK '000 Q Q Year 2012 Q Q Year 2012 NOTE 4 Staff costs and administrative expenses Remuneration to the Management Board and Board of Directors: Remuneration to the Management Board: Salaries and wages 2,117 1,971 2,730 2,117 1,971 2,730 Pensions Total remuneration to the Management Board 2,366 2,219 3,062 2,366 2,219 3,062 Remuneration to the Board of Directors: Fees , ,050 Total remuneration to the Management Board and Board of Directors 3,178 2,444 4,112 3,178 2,444 4,112 Staff costs: Salaries and wages 120, , , , , ,270 Pensions 13,006 13,624 18,582 13,028 13,647 18,612 Social security costs 13,111 13,817 18,250 13,139 13,843 18,285 Total staff costs 146, , , , , ,167 Other administrative expenses 129, , , , , ,281 Total staff costs and administrative expenses 279, , , , , ,560 Number of employees Average number of employees during the financial year, full-time equivalents NOTE 5 Impairment of loans, advances and receivables, etc. Individual assessment: Impairment and value adjustments, respectively, during the year 249, , , , , ,165 Reversal of impairment in previous years 105, , , , , ,909 Total individual assessment 143, , , , , ,256 assessment: Impairment and value adjustments, respectively, during the year 48, , ,526 48, , ,877 Reversal of impairment in previous years 45,649 17,810 22,660 46,932 19,949 25,278 Total group assessment 2,974 89,901 81,866 1,841 88,139 79,599 Losses not previously provided for 22,127 18,840 48,001 23,744 22,496 52,575 Bad debts recovered 27,570 11,260 18,034 28,502 12,127 19,310 Total impairment of loans, advances and receivables, etc., end of period 141, , , , , ,120 Page 19 of 26

21 NOTES TO THE FINANCIAL STATEMENTS Parent company DKK '000 Q Q Year 2012 Q Q Year 2012 NOTE 6 Loans, advances and other receivables at amortised cost Loans and advances 7,044,274 7,974,696 7,758,431 6,299,172 7,515,599 6,941,835 Leases ,516 85,069 73,696 Total before impairment, etc. 7,044,274 7,974,696 7,758,431 6,353,688 7,600,668 7,015,531 Impairment, etc. 1,425,173 1,626,392 1,544,475 1,428,245 1,632,199 1,549,587 Loans, advances and other receivables at amortised cost, end of period 5,619,101 6,348,304 6,213,956 4,925,443 5,968,469 5,465,944 NOTE 7 Subordinated debts Supplementary capital: Floating rate bullet loans in DKK maturing 9 May , , , ,000 Floating rate bullet loans in DKK maturing 9 May , , , , , ,000 Floating rate bullet loans in DKK maturing 3 December , , , , , ,000 Supplementary capital, end of period 300, , , , , ,000 Hybrid Tier 1 capital: Fixed rate bullet loans in DKK with indefinite terms 175, , , , , ,000 State-funded capital injection, bullet loan in DKK with an indefinite term 225, , , , , ,108 Hybrid Tier 1 capital, end of period 400,855 1,029,978 1,030, ,855 1,029,978 1,030,108 Subordinated debt, end of period 700,855 1,429,978 1,430, ,855 1,429,978 1,430,108 Interest on subordinated debt 59,793 86, ,549 59,793 86, ,549 Of this, amortisation of costs incurred on raising the debt Extraordinary instalments 630, , Costs incurred in raising subordinated debt Page 20 of 26

22 NOTES TO THE FINANCIAL STATEMENTS Parent company DKK '000 Q Q Year 2012 Q Q Year 2012 NOTE 8 Share capital Unlisted share capital: Nominal value at 1 January , , , , , ,000 Capital increase April , , , , , ,000 Capital increase September ,000 90,000 90,000 90,000 90,000 90,000 Capital increase November , , , , , ,000 Nominal value, end of period 1,021,000 1,021,000 1,021,000 1,021,000 1,021,000 1,021,000 The share capital consists of 1,021,000 shares of DKK 1,000 nominal value and is paid up in full. NOTE 9 Capital Base Shareholders' equity 1,579,403 1,107, ,440 1,760,976 1,277,237 1,168,636 Proposed dividends Deferred tax assets -242, , , , , ,250 Tier 1 capital after deductions 1,336, , ,704 1,422, , ,386 Hybrid Tier 1 capital 400,855 1,029,978 1,030, ,855 1,029,978 1,030,108 Transferred to Supplementary capital , , , ,722 Deduction of ownership interest in financial institution -28,747-15,740-15,740-33,874-15,740-15,740 Tier 1 capital including hybrid Tier 1 capital after deduction 1,708,702 1,449,292 1,401,668 1,789,596 1,530,876 1,481,032 Supplementary capital 300, , , , , ,000 Transferred from Hybrid Tier 1 capital - 297, , , ,722 Deduction of ownership interest in financial institution -28,747-15,740-15,740-33,874-15,740-15,740 Reduction of 25% per year in the three final years of the term to maturity -125, , , , , ,000 Capital base 1,854,955 2,006,014 1,932,332 1,930,722 2,046,806 1,972,014 Risk-weighted items: Weighted items involving credit risk 7,864,294 8,849,442 8,313,354 7,708,815 8,645,777 8,102,528 Weighted items involving market risk 1,119,388 1,247,837 1,205,991 1,879,713 2,039,042 2,023,763 Weighted items involving operational risk 424, , , , , ,436 Risk-weighted items, end of period 9,408,575 10,620,210 9,944,238 10,108,964 11,218,716 10,646,727 The solvency requirement represents 8% of the risk-weighted items 752, , , , , ,738 Core capital including hybrid Tier 1 capital and capital base is calculated in accordance with the Executive Order on Calculation of Capital Base. Page 21 of 26

23 NOTES TO THE FINANCIAL STATEMENTS Parent company DKK '000 Q Q Year 2012 Q Q Year 2012 NOTE 10 Off-balance sheet items Contingent liabilities: Financial guarantees 359, , , , , ,838 Loss guarantees for mortgage loans 331, , , , , ,841 Tinglysnings- og konverteringsgarantier 12,802 17,796 17,575 12,802 17,796 17,575 Other contingent liabilities 329, , , , , ,661 Contingent liabilities, end of period 1,032, , ,915 1,032, , ,915 Other commitments: Irrevocable loan commitments Other miscellaneous commitments Other commitments, end of period Off-balance sheet items, end of period 1,032, , ,915 1,032, , ,915 Other contingent liabilities Alm. Brand Bank A/S is taxed jointly with Alm. Brand A/S as administration company. As from 1 July 2012, the bank is therefore jointly and severally liable with the other jointly taxed companies for any obligation to withhold tax on interest, royalties and dividends on behalf of the jointly taxed companies. Alm. Brand Bank A/S has entered into operating leases with Alm. Brand Leasing A/S. The residual value of future lease payments under these operating leases totalled DKK 6 million at 30 September Alm. Brand Bank A/S is a member of Bankdata, which operates the bank's key banking systems. Termination of this membership would cause the bank to incur a significant liability which would have to be calculated in accordance with Bankdata's by-laws. Being an active financial services group, the group is a party to a number of lawsuits. The cases are reviewed on an ongoing basis, and the necessary provisions are made. Management believes that these cases will not inflict further losses on the group. Collateral security Monetary-policy counterparties with Danmarks Nationalbank can obtain credit only against security through the pledging of approved securities. As part of its current operations, the bank provided collateral security to Danmarks Nationalbank at 30 September 2013 in the form of bonds representing a nominal value of DKK 1,364 million (Q3 2013: DKK 1,677 million) and loans representing a loan value of DKK 491 million (Q3 2012: DKK 0 million). values of derivative financial instruments, respectively, cash in the amount of DKK 3 million was received and cash in the amount of DKK 321 million was paid at 30 June 2013 (Q3 2012: DKK 2 million and DKK 433 million). Page 22 of 26

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