Danske Bank acquires Sampo Bank Primary markets and economies

November 9, 2006 Disclaimer

This presentation is not for release, publication or distribution in Australia, Canada, the Hong Kong Special Administrative Region of the People's Republic of China, Japan, South Africa or the United States. These materials are not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. 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 statement is intended only for (i) persons outside the United Kingdom, (ii) investment professionals and (iii) persons who fall within the provisions of Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.

Certain statements made in this presentation are forward looking statements. Any statements other than statements of historical fact, including without limitation those regarding Danske Bank’s financial condition, future operating performance, business strategy, management plans and objectives for future operations and anticipated synergies and integration costs relating to the acquisition of Sampo Bank and prospects for the combined group are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, express or implied, by the forward looking statements. Factors that might cause forward looking statements to differ materially from actual results include, among other things, general economic and business factors, competition, difficulties in integrating Sampo Bank and interest rate and currency fluctuations. These statements may not be regarded as a representation that anticipated events will occur or that expected objectives will be achieved. The information presented herein speaks only as of today’s date and Danske Bank assumes no responsibility to update any of the forward looking statements contained herein.

2 The Finnish economy: on a stable path

Economic growth Inflation • The Finnish economy is on a path of continued Private consumption GDP growth (%) growth (%) growth and stability 4 3.6 4 % 3.4 • GDP growth of approx. 3% expected over 3 3.0 the next few years after 2.1% in 2005 2.8 2.3 2.7 2.1 2.2 2.4 2.0 1.9 • Further decrease in the unemployment 2.1 2.2 2.0 1.6 rate expected 1.7 1.4 1.1 • Public sector share in GDP expected to 0.9 remain relatively stable 0.2 0 • Growth is accompanied by rising inflation, -1 2004 2005 2006E 2007E 2008E -1 2004 2005 2006E 2007E 2008E which is however coming from a low base and GDP Finland GDP EU Finland EU is converging towards EU levels P.C. Finland P.C. EU Public spending • Real house prices in Finland rose by approx. Public expenditure Growth in Unemployment rate (% of GDP) BOP/GDP (%) % 6% p.a. from 1995-2004, vs. approx. 4% in 9 8.9 23 22.6 22.7 6 8.8 Denmark during the same period, with a 22.5 22.5 22.5 8.6 recent acceleration in the Helsinki region 8.4

8.0 • Sovereign Ratings: 0 7.8 7.8 7.8 • S&P: AAA 20.4 20.4 20.4 • Moody’s: Aaa • Fitch: AAA 20 -6 7 2004 2005 2006E 2007E 2008E 2004 2005 2006E 2007E 2008E GDP Finland GDP EU Finland EU P.C. Finland P.C. EU

Sources: Bank of Finland, OECD, Global Insight

3 Finnish banking : market overview

Lending margins Deposit margins • The Finnish banking sector is more % % profitable and cost effective than the overall EU sector, due to the rapid 2 2 adoption of new technology, expansion of banking markets and the rationalisation of the banking sector after the crisis in the early 1990s • Market interest rates have fallen, which has a significant impact on lending and deposit rates 0 0

• Margins are under pressure because 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 of intense competition between the banks RoE and Cost/Income % % % RoE, Sampo 18 80 25 15.7 21.8 71 62 61 56 10.3 9.4 8.7 11.9 9 43 40 7.0 9.1

0 0 0 2001 2002 2003 2004 2005 2003 2004 2005 C/I RoE

Sources: Nordic central banks

4 The Finnish banking market - Good lending growth

Highlights 2005 Banks in Finland (end 2005) # Commercial banks 12 • Stable economic development supported profitability Co-operative banks (OP Group) 238 Local co-operatives 42 • Corporate loans up by 7.5% Savings banks 40 • Continued high private consumption and investments Branch offices of foreign credit institutions 13 in property. Mortgage loans increased by 16.7% Total 345 Source: The Finnish Bankers' Association • Mortgage margins affected by competition

• Number of banks operating in Finland has been relatively stable for a number of years

Banking Sector Assets/GDP Banking Sector Lending & Deposits 3 € bn 130 2.95 2.43 117

2.15 104 1.98 1.88 2 94 95 86 85 81 80 1.4 76 1.3 72 1.2 69 1.1 1.1 1 60 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 Banking Assets/GDP Nordic Average (excl. Finland) Lending Deposit Source: Nordic Central Banks

5 The Finnish banking market - Overview of the Banks active on the Finnish banking market

Banking groups operating in Finland on 31 December 2005 Retail mortgage market share, 2005 Balance sheet (€m) Employees Branches Other 9% Domestic banks 270,361 28,976 1,567 Aktia 5% Nordea Bank Finland (1) 123,711 8910 318 OP Bank OP Bank Group (2) 52,845 11973 680 Savings Group 33% Sampo (3) 42,985 4369 122 Banks (excl. Savings banks 4,894 1106 197 Aktia) 5% Sampo Aktia Savings Bank 4,554 814 74 16% Local cooperative banks 3,231 715 142 Bank of Åland 2,170 472 26 Evli Bank 612 289 3 eQ Bank 540 127 1 Nordea Kaupthing Bank (4) 34,014 90 1 32% AsuntoHypoPankki 4) 475 30 1 Mutual funds market share, 2005 Tapiola Bank 330 42 1 Other 9% Gyllenberg Private Bank (5) 39 1 Other Branches of foreign banks 0 949 49 Banks Nordea Danske Bank 61 1 24% 30% SEB 147 1 Handelsbanken 582 36 DnB NOR Bank 5 1 Carnegie AB 51 1 OP Bank Citibank 44 2 Group Deutsche Bank 17 1 17% Sampo Calyon 14 1 20% HSH Nordbank 14 1 (1) Nordea Bank Finland belongs to the Nordea Group Norddeutsche Landesbank (6) 6 1 (2) Incl. the staff of the Pohjola insurance companies 2,788 employees Figures relate to staff and number of branches linked to banking activity. EFG Investment Bank 2 1 (3) As of 31 Debember 2005 Sampo Bank plc became owner of the investment Forex Bank 1 service companies of the Sampo pls (holding company) FöreningsSparbanken (Swedbank) 6 1 (4) Assets of the entire bank group Total 270,361 29,925 1,616 (5) Subsidiary owned by SEB Source: The Finnish Bankers' Association (6) From 2 January 2006 Bank DnB NOR A/S

6 The Finnish banking market - Total retail lending

Total retail lending 2001-2006 Mortgage loans € bn % Consumer credits 75 Other loans 15 Total lending growth

37.5 10

0 5

Source: Bank of Finland

7 The Finnish banking market - Total lending by sector

Total lending by sector Households 2001-2006 Non-financial corporations € bn General government 122 Financial & insurance (excl. MFIs)

61

0

Source: Bank of Finland

8 The Finnish banking market - Annual growth rates

Lending, annual growth rates 2001-2006 %

15

Households

Non-financial corporations 5

-5

Source: Bank of Finland

9 The Baltic economy & banking market overview

GDP growth % Inflation • The Baltic countries have strong economic 8 % growth over the last few years, which is 12 expected to slow in the near future, but will 6 still be at comparatively high levels

4 • Lending levels, both retail and corporate, 6 haven risen significantly 2

• While macro risk remain, in particular with regard to a Latvian currency devaluation due 0 0 to relative real interest rates, it is not a likely 2004 2005 2006E 2007E

scenario Estonia Latvia 2000 2001 2002 2003 2004 2005 -2 2006E 2007E Lithuania EU Estonia Latvia Lithuania EU • Sovereign Ratings: Household lending growth, Y/Y Corporate lending growth, Y/Y • Estonia % % • S&P: A 120 70 63 • Moody’s: A1 96 • Fitch: A+ 84 87 49 75 43 • Latvia 70 38 38 • S&P: A- 52 60 35 27 • Moody’s: A2 • Fitch: A • Lithuania • S&P: A 0 0 • Moody’s: A2 Estonia Latvia Lithuania Estonia Latvia Lithuania • Fitch: A+ 2004 2005 2004 2005

Sources: Euroframe, Consensus Economics and Statistics Finland – March 2006, Central Bank Data, and Morgan Stanley Research

10 For further information: - www.danskebank.com/ir

11