1. Welcome Fixed Income Seminar 8 th February 2011 Knowledge at work Danske Bank International

2. 2 Knowledge at work Danske Invest »Fixed Income Seminar« AGENDA 09:00 - 09.05Introduction Senior Client Manager Jeanette Bak 09:05 - 09:25Mortgage Bonds Clief Portfolio Manager Michael Petry 9:25 -10:05 Corporate Bonds Chief Portfolio Manager Andreas Dankel 10:05 -10:10 Short Break 10:10 -10:40Index Linked Bonds Senior Portfolio Manager Søren Mose 10:40 -11:20 Hedge Fixed Income Clief Portfolio Manager Michael Petry 11:20 -11:30Asset Allocation Senior Analyst Anders Wagner

3. 3 Knowledge at work Danske Invest »Fixed Income Seminar« AGENDA 13:00 - 13.05Introduction Senior Client Manager Jeanette Bak 13:05 - 13:25Mortgage Bonds Clief Portfolio Manager Michael Petry 13:25 -14:05 Corporate Bonds Chief Portfolio Manager Andreas Dankel 14:05 -14:10 Short Break 14:10 -14:40Index Linked Bonds Senior Portfolio Manager Søren Mose 14:40 -15:20 Hedge Fixed Income Clief Portfolio Manager Michael Petry 15:20 -15:30Asset Allocation Senior Analyst Anders Wagner

4. 4 Knowledge at work Congratulations to our Investors! … and thank’s to our local Portfolio Managers all over the globe! Danske Invest »Best in Equities« 2009 & 2010 & 2011

5. 5 Knowledge at work Awards 2010 Henrik Knudsen, Danske Invest Europe Focus appointed ”Star Manager” Danske Invest Sustainability Equity Best Nordic fund (3yrs) 2010

6. 6 Knowledge at work Portfolio Managers all over the globe - Cooperation with portfolio managers all over the world ensures that our investors benefit from local presence

7. 7 Knowledge at work We are counting on the winners in the market!!

8. 8 Knowledge at work DBI net sales Danske Invest week 47 – week 5 2011

9. 9 Knowledge at work »Proces« What should happen? How would you like it to happen?

10. 10 Knowledge at work Meeting the fund managers and general FOCUS works! 59% of the funds sold were presented at our »Best in Equities« seminar in Nov. We look forward to helping your business grow… …and will stay closer to your daily business in 2011… Simpel shit! Let’s meet some of our best portfolio managers on Fixed Income!! Please do not hesitate to call Danske Invest Sales & Marketing: +45 451 39602 for further assistance

11. 11 Knowledge at work Disclaimer & Contact information Danske Invest Strødamvej 46 DK 2100 Copenhagen Tel. +45 45 13 96 00 Fax +45 45 14 98 03 ”This publication has been prepared by Danske Invest for information purposes only. The presentation must be read in conjunction with the oral presentation provided by Danske Invest. You should contact your advisor before making investment decisions based on the publication.” Any information or opinions contained herein are not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be unlawful and, specifically, are not intended for distribution to or use by any “US Person” within the meaning of the United States Securities Act of 1933, nor any personal customer in the United Kingdom.

12. Return on Knowledge Appendix: Fixed Income

13. 13 Knowledge at work Danske Invest ultimo 2010 Market presence Market share BankFund Total Finland13%15% Denmark28% Norway6%4% Sweden6%2% EUR 53bn in funds managed by the Danske Bank Group The assets are distributed on more than 300 sub-funds Shift from Danish to Nordic/International focus

14. 14 Knowledge at work Market share and position in the Nordic Market Nordic top 10 — Total AuM as of December 2010 (MEUR) RankFund Group TotalShare Sales share 1Nordea Bank65,00913.7% 2Danske Bank53,17811.2%17.5% 3Swedbank51,27810.8% 4SEB41,6068.7% 5Nykredit40,3788.5% 6Svenska Handelsb.22,8464.8% 7SKAGEN18,2243.8% 8OP-Funds14,4173.0% 9DnB NOR13,3032.8% 10BankInvest10,5712.2% Total market,476,075

15. 15 Knowledge at work All Danske Invest funds - relative to benchmark

16. 16 Knowledge at work

17. 17 Knowledge at work All Danske Invest funds - relative to peers

18. 18 Knowledge at work

19. 19 Knowledge at work DBI Business target 2011 Danske Invest Status 8. February 2011 Internal 60%External 40% Fund Holdings in DBI year end 2011 Internal 80%External 20% Fund Holdings in DBI year end 2010 Internal 60%External 40%

20. 20 Knowledge at work Asset Allocation DBI ultimo 2010 (vs end Sep. 2010)