Copenhagen, 7 August 2008

Press conferenceFinancial results for the first half of 2008- Stability in the midst of financial unrest

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Difficult times- Volatile capital markets

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DKr m H1 2007 H1 2008 Index

Net interest income 11,804 12,901 109

Net fee income 4,571 4,271 93

Net trading income 4,001 3,518 88

Other income 1,552 1,968 127

Income from insurance 669 -837 -

Total income 22,597 21,821 97

Operating expenses 12,530 12,933 103

Profit before credit losses 10,067 8,888 88

Credit loss expenses 5 1,114 -

Profit before tax 10,062 7,774 77

Tax 2,433 1,967 81

Net profit 7,629 5,807 76

Group accounts, first half of 2008- Stable income despite financial unrest; rising credit loss expenses

Income statement

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The Danish housing market- Losses remain very low at Realkredit Danmark

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Q2

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RD: No. loans in arrears 3 and 6 months

Total No. loans: approx. 430,000

RD: No. repossessed propertiesNo. loans No. properties

1238

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Lending to commercial property: 8% of total credit- Of which developere below 1%

Breakdown of commercial const. & prop.

DKr bn Denmark Ireland GroupRental comm. 52.0 12.0 172.9Developers 1.6 6.5 15.7

Others 7.1 2.1 22.6

Total 60.7 20.6 211.2

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Credit loss expenses- Rising, but still below the average for a business cycle

Expected average loss over a business cycle

DKr m Credit loss expenses

-200

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Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08

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Finland- IT problems interfered with the migration

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International units gaining significance

Income, Banking Activities

Denmark Outside Denmark

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2001 2004 2007 H1 2008

IncomeInternational banking activitiesas % of total banking activities

%

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Financial literacy- New virtual universe for 5- to 7-year-olds

www.pengeby.dk

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Danske Parent Study Loan- New socially responsible product for students with children

ADVISORY SERVICES

ADVANTAGEOUS LOAN

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Group accounts, first half of 2008- Stable income, but rising credit loss expenses

Income statement

Lending up 10%

Deposits up 14%

DKr m H1 2007 H1 2008 Index

Net interest income 11,804 12,901 109

Net fee income 4,571 4,271 93

Net trading income 4,001 3,518 88

Other income 1,552 1,968 127

Income from insurance 669 -837 -

Total income 22,597 21,821 97

Operating expenses 12,530 12,933 103

Profit before credit losses 10,067 8,888 88

Credit loss expenses 5 1,114 -

Profit before tax 10,062 7,774 77

Tax 2,433 1,967 81

Net profit 7,629 5,807 76

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Banking Activities Denmark- Good income growth; higher loan losses

� Lending ↑ 7%

� Net interest income ↑ 6%

� Income ↑ 4%

� Profit before tax ↓ 12%

� Profit before tax DKr 4,471m

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Banking Activities Finland- Good volume despite focus on integration

� Lending ↑ 8%

� Net interest income ↑ 24%

� Income ↑ 16%

� Profit before tax ↓ 89%

� Profit before tax DKr 48m

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Sweden� Lending ↑ 22%

� Net interest income ↑ 7%

� Income ↑ 7%

� Profit before tax ↑ 16%

� Profit before tax DKr 534m

Banking Activities Sweden- Strong growth leads to sound advance in earnings

Sweden

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� Lending ↑ 31%

� Net interest income ↑ 23%

� Income ↑ 16%

� Profit before tax ↑ 14%

� Profit before tax DKr 523m

Banking Activities Norway- High growth continues in healthy economy

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� Lending* ↑ 22%

� Net interest income ↓ 11%

� Income ↓ 12%

� Profit before tax ↑DKr 280m

� Profit before tax DKr 253m* Measured in GBP.

Banking Activities Northern Ireland- Earnings growth despite falling FX rate and higher loan losses

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� Lending ↑ 19%

� Net interest income ↑ 15%

� Income ↑ 9%

� Profit before tax ↓ 68%

� Profit before tax DKr 18m

Banking Activities Ireland- High growth falters because of abrupt economic downturn

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� Lending ↑ 29%

� Net interest income ↑ 48%

� Income ↑ 59%

� Profit before tax ↑ 101%

� Profit before tax DKr 175m

Banking Activities Baltics- Surge in earnings growth

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Danske Markets - Record-high customer activity, but also effects of financial unrest

� Income ↓ 23%

� Trading activities ↑ 39%

� Profit before tax ↓ 40%

� Profit before tax DKr 1,075m

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Danske Capital- Lower activity because of financial volatility

� Assets under mgt ↓ 11%

� Income ↓ 5%

� Profit before tax ↓ 21%

� Profit before tax DKr 422m

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Danica Pension- Sound business trend, but result hurt by losses on equity holdings

� Premium income ↑ 23%

� Return on investments -2.2%

� Profit/loss before tax ↓DKr 1,506m

� Profit/loss before tax DKr -837m

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Outlook for 2008- Banking Activities will continue to grow, but forecast uncertain

Expectations in detail√ Income growth in Banking Activities of 4%-7%

√ Expenses increase 2%-4%

√ Profit before credit loss expenses, ex trading income and income from insurance business, up 10%-20%

√ Net trading income lower than in 2007

√ Income from insurance business negative because risk allowance postponed

√ Rise in credit loss expenses approaches average for a business cycle

Assumptions in detail! Weighted economic growth for DB markets of 1.6%

vs. average for EU of 1. 4%

! Interest rates in core markets unchanged

! Lower lending growth than in 2007

! Continuation of volatility in capital markets

! Increased uncertainty about results because of the capital markets

! Risk allowance at Danica cannot be booked

Profit before credit loss expenses, ex net trading income and income from insurance business, up 10%-20%

Net trading income lower than in 2007

Negative result from insurance business

Increase in credit loss expenses

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