Strategy 2010 A model for the future Peter Straarup. CEO & Chairman of the Executive Board

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1 Strategy 2010 A model for the future Peter Straarup CEO & Chairman of the Executive Board October 6, 2005

2 Strategy and focus A transition towards a international retail bank Mergers/acquisitions Divestures/closures Banking activities UK Banking activities US Danske Securities Banking activities Asia BG Garanti & BG Factoring Non life insurance

3 Danske Bank share price Danske Bank MSCI Europe (Banks)

4 The growth picture is very differentiated 7 6 GDP Growth 2005E Euroland average 0 Balt IRL N E DK S UK F Fin EURO D CH NL I 4 Source: Danske Bank

5 Returns reflect the economic environment GDP Growth (Average ) 3% Spain Sweden UK 2% France 1% Denmark 0% Germany Italy ROE (Average ) 0% 5% 10% 15% 20% Source: Goldman Sachs and Danske Bank 5

6 Danske Banks retail presence 7 6 GDP Growth 2005E 5 Danske Bank Retail Banking presence Euroland average 1 0 Balt IRL N E DK S UK F Fin EURO D CH NL I 6 Source: Danske Bank

7 Danske Bank market position - Market leader in Denmark - Expanding in N, S, UK & IRL Domestic Bank - Market leader Market share app. 30% >10% loan growth Product innovation Increased market shares Mortgage - Market leader Market share app. 30% FlexLån Interest only loans FlexGaranti International Sweden Local Challenger Market share app. 4-5% >10% loan growth Bank of the year No. 1 customer satisfaction Norge National Challenger Market share app l 4-5% >10% loan growth No. 1 customer satisfaction 7 Nordirland - Market leader Market share app. 20% Extensive branch network Fastest growing region in the UK Irland- Local Challenger Market share app. 4% Fastest growing economy in the EU Good prospects for growth

8 8 Creating the competitive edge Line of business Branding Single platform Market position

9 9 Vision Tailored brands, a single platform - best local financial partner

10 10 One Group One System A Strategy of doing things the same way everywhere Branches Credit Internet Asset Management Currency Payments Cards Customer output Mortgage Accounting Cash Management Brand Channel Product Core Customer Accounts Organization Dataware house Life & Pension Contact Center Approvals Risk Bonds & Equities Interests Fees Leasing ATMs FOREX Treasury Finance Centers

11 Leveraging the single product platform DKr bn Open Plan Q Q (NKr m) Fokus Boligkreditt Sep 2004 Aug 2005 Sep Nov Jan Mar May Jul Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q (SKr m) DuoFlex May 2004 Jul May Jul Sep Nov Jan Mar May Jul

12 12 Value chain Cross border standards / local standards Trade finance Card issuing Security trading Credits and loans Pension products Customer pakages Marketing Product development Standardised cross borders Local standards Accounting IT Asset/liability management

13 13 Branding - One size dosntfitall?

14 Multiple brands 14

15 The Branding Molecule A 360 view Investor Relations Marketing PR Vision Shareholders Mission Target groups/ Segments Distribution Corp. Governance Competitors General public Identity & Values Customers Products Sales and advisory services Homepage Targets Strategy Quality & Price Central Marketing Employees Local Marketing Internal communication 15 HR

16 16 Supermarket Tools Guide: Design a marketing activity News & Editorials Case studies

17 Products Banking: Open plan and customer packages DKr bn Open Plan Q Q Mortgage Finance: FlexGaranti, interest only loans & floaters 8 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 17

18 18 Open architecture Branches Real estate agencies Merchant Bank e-banking Etc. Danske Prioritet BG Bolig Plus DuoFlex FlexLån Danica Link (DK) Danica Link (S) Danica Link (N) Danske Invest Danske Forsikring

19 Human Resources Business units Execute HR and assure - committed employees - a high level of competencies - a high level of performance through HR tools HR Development Owns the HR strategy - responsibility for concepts, follow-up and support HR Services Delivers efficient, flawless administration 19

20 Employee and private customers - Rising satisfaction Index Customers Index Employees Satisfaction Loyalty Satisfaction & 2004 Motivation Loyalty

21 21 Financial Management Simplification Focus on actual performance Reduced number of measurements Overview Action oriented Lean

22 22 Delivering relevant information Branch Management Regional Management Brand Management Senior Management Reporting platform

23 Trends in business areas - Improvements in all areas Profit before tax Breakdown of change in pre-tax profit Index % of total DKr m H H / DKr m 9,000 Banking Activities 3,227 4, Danske Bank 1,488 2, BG Bank Norway Sweden Northern Ireland Ireland ,000 8,430 - Other BAs Mortgage Finance 1,086 1, Danske Markets 1,345 1, Danica Pension ,000 5,802 Danske Capital Other Total for the Group 5,802 8, H Danske Bank BG Bank Norway Sweden Northern Ireland Ireland Others BAs Mortgage Finance Danske Markets Danica Pension Danske Capital Other H

24 Danske Bank in Europe focused on retail banking expansion Fokus Bank bought in 1999 Northern Bank bought in 2004 National Irish Bank bought in 2004 Oslo Branch estab. in 1997 Danske Bank estab. in 1871 Helsinki Branch estab. in 1997 Stockholm Branch estab. in 1995 Östgöta Enskilda bought in 1997 London Branch estab. in 1983 Hamburg Branch estab. in Danske Bank Intl Lux estab. in Danske Bank Polska bought in

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