Assets

Type	Time	Amount	Unit

Revenue

Type	Start date	End date	Amount	Unit

XML

See the xml submitted here:

No XML document available for this report.

Separator

The full data:

 

Annual Report
2017

Danske Bank Group

 


Contents

Management's report

8. Fnancia hignignis - Danske Bank Group
7. Became samme

8 Sumegy mmcuion

22 Francis! reven

27. Captal and iqudty management

20. Investor Rolabons.

21 Corporate responsibity

22. Organuaon and management

Business units

24 Personel Benkirg
28 Business Berking

35 Ween Management

39 Norihem rene

å2 Noncore

aa Omen Active

45 Detntion af shernative performere messures

Financial statements

Coments
Income ststement

Statement sf comprehensive income
Benee sheet

Statement of Cape!

Cash How teten

Ness

 

Statements

Statement by the mønagorment
189. Independent AGKorE rapor,

 

Management and directorships

184. Bord of Directors
198 Becca Board

 

201. Supplementary information

Letter to our shareholders

Dear shareholsers,

ve are plensed 1 report Na
2017 sån good progress er
Danske Ban. Tre pas
Macrueconønic SerteprenEs
Nine orde ene Es an

Ar angsmng eflrie 10 Become s
More Evstomardiven. søde and
nen bark hølped us Geir >
KOL of svrong nano Fess Me
prste os DKK 209 Blond
Fun on Shareholders egu mes

Based on our very sold captal
pesto Wi a ETT EapNsi ret
STADEN manen is el above Sr
faret propan» dden GT.
DKK 100 par share, saven te.
35% ef net preAt, ånd tones
Rew share Bu bek prog arne
BK Loa.

Ve are satishod min the rØssks,
8 they prove a ond FDD
for Gomanved mesteren Ene,
year ar area of pan me øve
Serveres on our og Er EN
EN SEEGER,
guy sat nat 1253 Th.
henad aner (3 be
Bol. Balanced and reder
BØN un ane Dng ERE
Franc target Gong formere, OM
Hong term MDA n Is ora ne

top three among ove Nord peers.
terne of reen en snorshalder!
guy This amtevs and relse
Jager srcommoesten te Shang.
anvronment ve operate In EG VE
BEES rouge te BEDRE
Sele We have 230 FEDE De
Baand potey to paven FO
40604 anet prufts rather tan
a0so

On customer satstaetion one
of our ther mportare targets =
No maintned the seng ened
BØ ons vre Røve BUR PTE,
pres leger sedt
Ferserstersn

4 Markate HEDE Como ueG
reen,

Business volumes Seross Businese
me ak Ehe SEE e.
ananas FRØ ude,
Ra kneng mp EN
steve We sn ag ke et
RE roen sa DET
Ren EUs Er par ER
voug our strateg partners
In eur designated ØOMh Mørkets.
Norwey and SæeGen. ALE BE
Be, me investe uriher in Ene.
EBvekoprnerE af Our BØDE an

 

fnonnave prodvets and SOON
"Sme at MØbng bol day DØRGE
Re morten: Mare Rees
sner for sur GRISE FDR ENEr

 

Danmark December 2017. Me

Hronsscion is pede ng SE
NE ENG FEDE SVENDE

Burn tne voor, secs vestens
vere Fine FEgBrØNg ere
180 place mn ovr Es tan Banen
Borde Im he penee eDmEe
2007 and 2015. kapper nat
aut Estonian ane Ma, have.
Bsen used for Money IMAGE.
on ne Board af Bretors and
He Benene Board take ns

NR EDDY CEN DER EEN
EStaboranon an ndependen
per me have RENEE
ROGER eng ons Fnr He
Re Dee BRL hane mee
TROS and ale ge roe.
fy sveden gdknd
Sne and LOGE Era
500 ampiogees are engage
prevenung mane anden ond
rer pos of han ar erne The
Eonunsed developrnent ofå Song
Eomølanen vre ml FEE
Bryne ears 17 came.

In 2018. ve wa continue to
ec of Sae and SSP TD
Ina changes I tre Marketplace
smven targsly by ec nok) and.
ESNsanty Føns er
Soectnuons, We mil de 50 by
rune proves are BOSRn
Eustomer mperinncn Sis hed
Freessinehogrtgrererenes
BENevng ng ter pronase
ovn and a Pres E SE
ASring eur vier af Becenng the
mest tustne Manes par Tner No
RR

None of ine progress made orne
Fess Crest in 2017 wokd
Naur been pos DE AERO ne
eeated ears of our employees,
fyatvee for ner hard værk.

VÆZZ

Ole Andersen
Chairman at tne Board of
(oe

 

Financial highlights - Danske Bank Group.

 

 

Boone sheet fend of year)

 

  

  

[es BRRSa0 — 268A7s Ø3 | 218303 2800 — 316078
RG ere snes aaase 300870 mn | Sarpis — 7ansie 69722
fununereng BME 339 88 | BA30s 3309 181817
FS EES Zana? — 20530 — 304 — 265572 — 268450 — PARADE
RUNER Mae 103 28 "2784s — 32388 41837
Sen mnnr Age 192988 dB 20843 26118 174831
Roanne On Aaomie 33108
Free bzd S83an 330207 — 310378
Kersten === Ran Seogav — As8ans
HS nen merne enn eee Besos0 — 2snase — 26246
ØDE REE Ea SR2D  —AøsD 27478
kr a433t M4O8iD — 13884R — 13882e
SØER oz Er
Frees lasse Ma 568
Seraoen er, 133837 2522: Oh, AMØBI3 408700 445857
rr 5838888 Abs E70 02 FE9RR7e HASSONS 2208
Ratios and key Agures.

name per sner KØRT 5 BR Ea
(rretreree] 72 ma 038 0 om
EDER Een mn PR 8 Mr SEE

fur sejeneretdsn ss

   
  
 
 
 
 
 
 
 
  

ES rr me oe 30
Rane nn Ea fas mos då
Sernme re mo do 382

Sonetter pet inner
Sne an ter 1 cava re PN
nr eee IDET
BEDE En FED

Executive summary

 

Ve elvere a søn Finance reMik for 3017.” says Thomas. Borgen, Cl Ereestire OfRcer The ret Afledt continued
pres IN NOE FcOnG Es aa fe Cul omer ert rasp oe TOR gr SÅ OU Dun In FEED BLEE

REDE Or SDN men ar

 

Romer Cen Bank, HØEG å POL Gehepe EN] OETOs OF BLE GER

HS DAM aRD area fed to grad nere PINE Muher f OS Ond BORA. HE CORR EN S E PNDrG SR Lr ØER
NNE erpeenee and 1 Nabe Øre GI ma FbEINEL Fre Porten I Customer Het i an Bero our ARNE Das
Fag eres av parole ond 1 rel for SOFT Fer ut RU KAR fø enn TOUREN ENE MEGA

frites Atiba n reden

2017 vas s satatsctory year får Danske Berk, and me.
sted a pet prof ef DNC 2OD bilen, ant DKK 100
SES 201 Te Feturn øn shore sasty Ser 15%.
NAT LEØR sgarst 13 DKR BOL, Tre ren rele
save masranonomee ervrorenerd ånd Fuger SEEDEDE
ER RDS EDT EON Sr» RET et

 

Tre rent shom that or mrstegy af becorning an
VE TABE GTO E KOLDE, SED PNG ENGER BARS
SER 10 vad rest Customer arkader

SS penny on, nd rer retn grad passer mest
ren le re GERE Mar Sne IPR Te

 

12017. m0 convnves 10 progress mn terme Of mel,
Nerd Penn Ar Prue Barking re mn rer
DN BRED FAN BY DT BEEN BEER
NNSeeen ag Norma, ånd me Mod SL8bE POE Ds
Benmart ang Fprang, Åt Buens Banu me rom
Rang Serets rss ars aa NDE SEE pRnkn ED
RG SO IO HA AN PEEL SEG DRESS
Ha NGe egen Caporsiss & nstivt ns And VER
Managermer: benene oem 000 Eus1omer Sera 218 ne
ponkng Gevek operaen in Hg MOES Meat RE UDE
ARS Ragnen ere BX aner Ben MEG.

Fremtids
Ton Corel BIG FEE REn EN TO ESn ERØREE
RARE apr by FElEVENE RER RED
SSG mn tne frst mal er BOE.

Net maret came Perensed Fm re leve I 2016.
ven many by nar one 2" M 2017 Net fe
AES Rae arne by Coster Mtv ans porre
FAE Gel enks, deg Game nd orne carne
Runs For ae BOL Met AAEN Pede Beer
Een

 

operating erpenser vere Bros fat 12017 Enger
SA AELEED MERE LOST 12 Med 10 ZErTpABG ER
Frat Bad Agar Ve rvested RARE
Rare I BEFNEERE PERUS ER FEER
TERNET Faa MA sE Pee FA DM] oma
SFs IGGPRT poprarr sendes [PSG] and art
DRY Monde Fer sene related cost mere fe
USE r HESS

Crest glny rem neg song. ord ve søm net are
Fnverbak arne by RØN FRAT ORE SROE SERENE
Rehn ener eer 2017.

vans ravn on sharehokders' sqsty ef 136% 12017,
ANN Gehvere SKR Elan OT OG arb ED Of ALDE
ber eres

Caps, fond ar any.
BF agter porer is very Strong mina tal capka ae
328% and 3 CET Capt rat Of 176%, One Bas
Say panses CR RG CR IV fler and reguremenin,
BOLT caps rate sta at 17.55 versus Sr EEN.
RAy onani rogsistory CET Caps meg EremER

BON md ou get Forge e 1 ISK I the snor ro

At 31 sonar) 2048, the DKK 100 ikon share buy ak
BB Fare I Faber) 2017 mas Een

Omthe besis of or seng crpkl porRen, Pe BOR,
Brnctoen is props a dvadend for 2017 Ef DKK 100
Sky Kat Been Tran on ØOIg Former 1 DØDE
FR dt be GG af met PGA ter than 20 BON.
Widering tre dm pk) Fange md sån her bRRy mn
ERR Sanne Mee SLA SAL N 0 IDE BOEDE,
Foran promabis SON an me at Fre ere ef Penn
flere redigeres
Roden Fa able she sr ae Fe or
Espe targets ans pad or rand OVEden dL. Ta Board
Tacande åren share hey Dee aan
56 100 bon ret vil stan on 5 Faber) OLE andre

 

dens ter I captal totale ORK 67 bMOn, age He
ARE pan eF ORK 55-70 Elon. fn Senden. me Ed

3 nun ternet Morngage Company Dark Foote AL

1431 December 2047, our guGty coverage rat stod at

Ovne for 2018 ang marc target
Nernpest fe erest een tå DE higher han in 207,
ENE Er Ene ERE

Net te erne pers termen mn, met»

fagenes are ænpected to be slid, higher han i 2017.

"Lon mparmaris are erpected 10 be ger DA SUR SE
FIRE aan rar ark ad be Bard on fe em
ERE neon ener mee FREE S.

We erpeet et prut ta be I fe range GT OKK 1020 BON

Te stok i sut te unceranty ans Mae Deore
DENE,

ve mave rust sv fonger term amba for 2 return on
Farehokdnrs asty fat toost 12.554 OL ar the
FREE We trans Prange bene
Fleur ternenen OG ISG DET BEEN EDT
HRG Bree ARN apr MØDE pr mn ferm et Far
Mnsnder er

Strategy execution

Danske Bank is a Horde uriverst bark ÅR SEERE
tocat roses ang bridge to ne rest af tre mer FO

"146 onen, ma have prouded banking services 1
prog and bus nens by bulGTng OM Gr deep FØDE
EEpatenen and ave Rg IBEN DENE
Sens The vnverns! Benin Made prønden
Song aversihed Bahn, Gurre ing Corn dre
Eynergen eros Gar core markets, Ve Have Sr
MaNet ponton and Sorg Copa bes Ea os
Foterns for sold havre om. Or VEN Is fo DEGDRe
re most used Anni partner by resbng Kong term
kotrss persere

 

We ve hv strong forces Gnang rap change in tre
Ananas NdUsy TdT ORE SGNNE CONDE
fowtnterest rates, cranged and merne Cuse
FNDECta NDS, RAS BBE SN. PEN nd DTP BD.
HRØrbaned klan Tre Fars re Gr SERGE

Tre four strateg thermen
Mn mur oder tø FRE Changes m he Market ME se
Elter vs many ppORuN LES to Strengtnen OM FEDE.
Isen our oustormers and Sur POS IE ØE

12017, we thereore coreinsed 10 focus Om Or for
Lære

Nore porerne

Inoretien me sptaisaten

Cumamer operne

Ltr

Nore potential
112017, me took hanner steps 10 rense our Nord.
Potentia In dong 50. me maNntaned a stret Ice OM
EuRomer Fable ØL ENE DEERE

0 øversy our business ane strengtnen Or ICP
fee Cone Or BOW SELER, NED ED
Sanden, where me remainin chalenger pos von.

Ar Banens Barking. me gem Kelme ormen
protasbir bones FE BØN Den BE BREDE.
EXstomers We mantaned our posthon an a mang
Bank for smst and mad um ked Bus ne nes ne
Nore regn. Ar Corparates & Pattuuonn, he ST 10
3 austomerdriven bue nes Model in FCC Pres.
er nine low velet ay mr Gnmen Copa MADrKEES
Stenved to rest ks Peres VER

Ar Perserne Banken In Smeden and Noma. re
nbnued to stra new Custers UDD IDE

sustegi parlnerSIYps mm" Akademikere, Sar
and TC. Or new portnerstig agree eh TCO,
Eompersing 14 aflad trade vens Van 13 TNS
meribern, tock effect m Apr 2047.

The pøninersnip agreements have enabled US fo TOm
ns mana ng Hygn customer Basta and sound.
Eugt Gusity Ve monster Sevel soranes I he oe
narkete one 38 mann 3 ROU SPPrDEn
Sr Oreøt acev les. Our Øget selen nb um HD
Rana ne gran customer ÅG and pro 3
BG stormer ere nen

0 supper ost gromh arb m Sweden and 5>
secure more RØN BTEEY INGE EEN,
few domeste fondg compery, Danske HypoteL AB,
Became operaens in 2017, shming us 10 Kondi eS
Seraney by inmang AAArtsted covered bonds. AL Yar.
PG the totø outstanding vore mas SEX 19 bt.

 

1 Faland, Persons! Barking foomer on berg
Konrunnern Spd san In Order 10 SKB and
8Xbo8rå Paw customers. DUT green MEN EB,
3ttates 6f Akava fe Confederaeon ef UPS

for Prolesuons and Manager Sta m Fan]
19 cølsborats on customer fe cyde and serve
Sevekopmentis å Strong pltsorm for mrpan GE OS

War tous market shares af around E%in Smeden and
Normy and 10% in Anand, vr Nore SIMEON
Sengen nlse pen FO GE ERE

gen rom 2017. feat cvrrenev

 

As par of our etern 10 simply ihe orgarsat on and
Improve efheerey, We Cormyleted the Fmerger bene
SOF Fnah scbudary, Derskn Bens FAG. and Danske
Bank A/S on 31 December 2017. We om Sker
sr banking servess m Fland through our Fan
Brener, mich me have renerne 10 Danske Bank A/S,
Finland Brann Tru ti mørger, me have achieve
ORG Organa GTR FODE TRE NES

In Denmark nere our total maret share of end, ss
around 27%, loan gro mas 1% åt Parsonal Bang
112047, composd of sn nere in Danish mongge
lenang ar a Gecrvane In non morigage ndng LO
Ovn ar Bunnese BRUN > DENDE mas EK

In December 2017, Danica Pension announced tat.
Hud segure SEB Pension in Derrnark, sOdrng round
IKK 100 ålen In ass under manageren. fo iD

3DxK 380 bio ready managed by Danes PeNSLEn
Stratøgicaly 8008 FL and the egurstien ml nere

die dt Danes Pension Ond SNEEN INDEN
Sspacty to ne bene Of! Our SUSER.

Tre aequistion is subject 0 approvel by relevant
nAhornies, MN  erpected mn tre rat hol af 2018.

Imnovetion and signe sanen
Brgtaisaon corminses 10 Fans Es Mania Sør
Yen by custorner Expert ons, CODE On Sd NEM
fegdations, Tvs offers opportonkies For Dansk Bak
to elver on our stragy of becoming & More EuStormEr
FESESSEE SE SSESER

10 mprove bet the Customer exserence ans efheenen,
ve Cone 10 SM REN PEDE BE,

An erat of ne signitant potentiel at Øg sing ene
1vena processer i ike re-engneeeing of our MONgaR,
process. Since 2015, we have halved ne PrOcEsENng,
en faner rug Cuntorer SEE BErE FDD

We siso inroGused 8 nem NBnENng SOON Or Se
Smal bvunens ustomere 7. Denmark winch Føden
Bov ne proceseng me and ne me 0 Moray Kom
mang customers, and & now covers arcund Mar et ak
Fear appcnene I sec Segr nerEs Ind PET
markets i tarly 2018, and & il be expanded to more
Rent and rodet area HEGEL De YDE

 

Diytstssvon is also accelerming our efforts to male
df Norde potential In Smeden. we melerede vast
Mejeri ef new customers Gigtaly. Rue erhance, ne
ADMtoer enpeninnen an ME TRase Te SCD SDN EL

Bor dusness model

Fonnermore, we continue to invest substans
Fosoueoes In NEVBNGN. 36 Og, Pig paGDd
horse 13 3 pre regia Ior Saving CompeLnve

Ra relevant io 00r customers and respond Fo NER
smpettive force. As par ef ris, ve hep OspIor Ing
BETALENDE 10 GER erne SS KEE ED
MobdaPoy and Gte7v. GateTv is 2 ponnersp wh AP.
Meter Musk established 10 ØEElGp MEN Denn 40"
Busness serne and servces

 

ersases røguation Mans we are imesting siger
FøGuree In Mølemening FøgRtOE Fag EDEn Es.
Fagarang for enn mple, francs runerne PAFID
stå protection [GDPR]. pøyment servers (PSO and
nu money iavndenng, To a large are. me MPJEFDERE
HKese fa tal mo. EMNE hem ås BUD DEDE
BRØDET NE FEJET PrOdES PØL 1

RE hon ae Can hel them

June is Danske Bank's rat intisbve um Øge
Iovestnenr management and as created 0 Mer an
Baby o use and BRrGable DEERE PEGET. JUNE
fndtes rvesung mare Bern ad MESTE En
San Wen as ile 28 DKK 100, set op Manny SeposAs
Sar Since ne favnen in Denmark, around 14.000
Banes have become vstomers ef June,

 

12017, Danske Bank's mode peyment pla,
MobtePay. became a separate or TE FINE

ie nunne te new pørnerslnp model In 2016,
Nan almoet ål Donssh Danks Joning ne MabhOPBY
SEAT sp. Mode Pay FEmanE EN MOSE PEDE
Noble parent sønn in Denmark and F Aand and.

HS an Imporane pørt ef or Custer OF ng EG
ute MablePay 13 Steady growing PUmDEr af shop.
uten, 200 new stores and vetshaps are BOGEd
very day 10 He Hat OT places nere CORE Can Øe
Maren,

Cumtormer erperience
Fttomer meeen are rising constant, Cur
strategy 18 19 become an Even More Customer ocuBed,
pis ang enn Bør. ENES DE ESTERE

employees are key 10 Gelverning a 9500 Customer
renere To nyre Pe Cu torser een En KNE
AN EDGveeE Me Mae EN KUNNE PE.
Prodvers 2017.

Our ambition is to be ranked among tre Op tom
Ebstomer sabelseben ak Or Farre

Persons! Bankings ambron i 15 help our customers
ve Mmancialy sonder and aeteve hel Bros SY.
MeD SEN Benkng and MpOnanE RBR Oos.

12017, maden tø mroducing a new type Of fee
Mønigge product - FleLAS me ske FEER ne
Aa generator af he Suncay urkverse sn DE
Rabin Permeonners 10 get å KA SAD STE
france matgage san and ie vaks after stene

Ar Busness Bankang. our ambition 5 10 delver the Des
<vstorner arperience om ve Des aa Srong vane
propos tion and an reen) ØgtalneG sønnen and
KEN

mine smal business segment, me are inermasingty
Sting 3 fever cost 1 serve VAN å higher Sere

Neve by debvering Sur Offer gs Gine ne SNEGET Sd
Ser sekons The nereane in AR RE EEN ae.

NEkg AUG Bøsser for CUS 19 ITEGEDET WAN US
NRenoverR SvEs em.

 

Our arge corporste customers mn complet needs
pct Us 10 sker indor made SOGNE TnØL GLEN
nr dvd nende, Here, ve Mave FREE Sr
ESncnpis and capabåties 12 orne VE ID ENØNEE
Svatepe daogve Bened On amåkn and JIAN,
Romani in eV He Eye, Sue as erpendg FR Sr
Aang on new mørkets and salig ør BUY 3 OMØ.

Corporates & stations coming > Une me
Inuatves that focus on devering the bent GESLOTEr
perence rough Favant and EorIpevENe enes
BNG by Making DankNng WAN us Enur, for ERE AD
Ren gral solen 19 Popper a GONE ng ØV

Ar Westh Management, me continued 10 mOrk to
Imørove the CeAtOner expenenee Create EVEN

"Øgtat seivtions and support Horde gromh in 2017,
Dance Pension prosetvely reached sut to 170.000

Bansn customers regarang ner pens ons. TT rese
I Gong et Enamers long Og mener aner

Our vsion in Norrhem relandis to be recogrised 25 he
Best Bør for customers, Må ChøkøRgNng OMME MER.
rr corner er Steg i renskorn BON
2017, we mroduced a Giga! system for the Fr pay
 origage Broker AetnDsk. Th IVES UnERE Supp >
SKAN Customer behaviour towards broke Rane
Face peers, Ve also moved OW SMENDVSNELS SDS
Got 10 customers KOTE feSØDDE STN SUEDE
Erhancemnia in out Corporate ovstormer Prags Iben
Included the Imrodueten Ga nen Øget IelEe ÅRENE
Sum

 

People and eve
Ourængaged and competert empåoyees are a pre reguiske
for deler beste cinss Customer SAP ERGEn SE

1 Aovevng our vaion Of Ben PEDE Bad 6 FNE MOSE
Arusted Manes parrer

Hgn engogenent øerøss the orgonsa en
Fiåting ax Erstomar promise starts WAR engaged
Smployees. In 2017, we maintaned aug Smpoyee
ngagemert level, date by he Pumber af amyoyees
Ning to recommend Danske Berk. 23 an ENID Ve
Feman committed 10 Canbrvousy rain ile engagere
[ESS SS Sen Seng

Butng the rigt copobities
Our capabetes træning avns to dekver the Dent customer
trvenence Hough nereased comølance træning for al
amployees, Furtherrmore, employees para pati in 3000
traning session n age may Of WOTAN 10 EEN
serbces for aur sustorers Øer ane MeBsE Dr ED
toend atomer fourmey focus. More nen 2.000 Innders
Have completed een Ieacers np FAI FO DVN nd.
RANE SINE Pipeine Ol heder.

 

trin for sees
12017, re Fired some 2,700 new employees, MÅ
møre fan 25% af res Deng for IT posten, These
Nes ml put us i å posRIon ta further arinanee Gr
Sta caps. We also focused on Mg SET MEN

1 Me enyloyees mrkgeess oracommand One Bank or on amploye is Menved 08 Met prOnetor scores Donske Bank
ser 31 Cent art the Nord Bang å Meroner BencmOrn af 13 Por Een CE: money KID EFP ond.
Hendesne han eneted  JonsOy BOL Te une åt ENKEN DEFEKTER I DEERE KONER SEE

mrek management and regustery COM Ølene, Mn
ie wondorce greving by about 20%, 10 addruss the
frylety øf barn a ane! Serre PER

Preporing the orgenisoion for frg term success
We are Dug our morkkorce to ale to DØDE
evstomer behov and apectanone We en
Ar 19 connue over ifø CR VORE 2017,
nerefore sig Acanty svang thensd our hor 12
Sevlop 3 erMkoFEe IND! MateRes tm RAVE MØGØs Of.
Ser customers and society.

 

For 148 years, Danske Bank's dome has been
focated ar Holmens Konst However, to Strengene
Blaterm for operating 2 modern. SCO and EVsLom Er.
Sørine bank, Danske Banks ene le WIL TESS STE

202310 new ofkces onstrueted for Danske Bank Mes
19 Copenhagen cerural Skan. The nem GDmEe 15 part
Glow strategy to create te best pose SEERE

Ieproning the custorer experience de EEN,
tmployees upto.date cfce spaces. TPE FEE

Bon af our strategy of CONSDkasbINg OL SME SL TV
Man skøn 1 the grøater Copenhagen are

Comptarce
Banke Bank continues to fo On having a strong
ompianc eukture tå ansv hat COmyhanEe
Tbaaded 3 8R favels Of ne GDP SN IM me
aut tagry. Tre obo 1 for røgvenory
Tegirernerna to form å MES! pe OT Our Era
Nven at stakshokders, Customer are i De UDELEG FF
Hroughout ther journey mn Danske Bøn.

 

1n2017, the compliance organisation as further
Srengtnensd by re sstaben mene ala CEpLEn SE
Heden Management ut Na 1 rs parnsle fOr

ES Bd ESRB In Fo peer SEERE
ESmptance incidens serves the Group. Mme EOMPkBnee
Sag enable 510 ensure Proper mareness ad
Brverstanding of complance UUO Fe GE ED

"Me Group has made, and wil comtnue to make,

Nr ongørng øve dingenee of evntormars, on trane
Frontoting and on rn the FANE e] ØGE,

On the basis of suspiions that Danske Bank n Estone
may have been used for money iaundening. Me GE
havnened mvestigation io NE PO FESD BORG
Eoneusn øf 21001 cause analysis as (Nat Seven
shnæncdes the period rom 2007 to 2015 fed 0
ie EStemen branch Pet børn SURE E SKETE
prevenung kom polenta Deng vad fe One,
staar. As s rønskt, ne Group Choe0 iD sapand KS
Anvestigaion to cover af ovstormers nd ENSBEDns
Hine Mon resident porno Ste ESEONEn BENE
Har per od, Te purpose i 2 report any pre aL
SRregONed SUNDS BETA Io NE ALRON Es BAG

13 get 2 FU understanding af ISO BEM MERE
porto. Moreover, is ænsentel for us 1 pe fol sige
ore ta matr ang use His 0 prøver Song,
Sntar fam Fanpening i he HATE The ves AE NI
Species to be completed in the cnurse of 2O1E.

mn Octaber 2037, Danske Back A/S mes placed
under formal nvesgaon by the FrenEn SANOrREs In
Floor 0 SUspIELDNE OF MENE) INGEN ENGER,

 

ne Franeh court Tribunal de Grande instance de Pais
EFanged the status of Danske Ban 0 ne vespa bon
13 nat af an asisted MANGES. TING MØN Anst DOnSke
Bank is må fonger placed under format ves Dan,

Bu st forms part Of ne Fag lan an an ansmn ed

In December, Danske Bak A/S mas charges by the
Inter nauona! Crrne SØG] min havns veted tre.
Sipuaions of Dash ant money tanden ng FAM
fegstation on the mankring af ransactns to and KOM
ESrrespondent Bank, IN UvS Connection, Dens Bank
Scapa a frø of DKK 12.5 mlion. Ma charge Så
ae Me were he resul of the magen made by De
Banen FSA st Danske Bork OS.

Financial review

 

 

 

220 400 — Gom Søe — 201 — See 8739
meor og oase = 172 ge mia 2708
æee mo 5787 40 208

BE WE um | Ge me
Fess i] se an us | arm 58

 

 

 

 

112017, Danske Bank Group delvered a proft before
Ha rom core settes of DKK 26.3 DAD Bninereose
1 ane rom te ve mn 2026.

"tot jncome amount 1 DKK 48. bon and ve
on par surn the level in 2018. Tot incomein 2016
Benene, homever, Kom one.0f! ans, MedIng the sale
TE SENE PEPE DE,

Net interest ncome totsled DKK 23.4 BØN MR ne
ancrease 2/63 benng ren by Mer Ve umes ane.
over funding con

Netfeøvinceme amount 19 OKK 15.3 beton and mas
198% komne vel m 2016. Na fee came benumed
om an nceøse I astets under managnen Gren
Vy poniuve customer sas and song Markets, 3 mel
23 Man customer cv, sepecaly at Corporate
fas

Net trang Income totale DKK 7.8 bilkon. 2 decrease
€f 8% kom in tevelin 2016. when benet Om
Be ganen fle sal Of VISA ELrope and ne sale et

our shares in Danmarks Skibskredt A/S. Net vading
Income was Sven especaly by Tugt Customer Vang
forener drsesdngans infor dkenptenltenss

Omner Income amounted 10 DKK 1.6 bilon, as decrense
1.495 Form ts levet In 2016, MEN benehted FO KE
de of Gore praper es

pennen
fSperning ørpenses amavnted 19 DKK 227 bilon and
ære on par van the hevet) 2OLB. Opera SPEED
are aacted by vgher costs Felsted PME VED
Emptaner, nem regisen ord Again Hage
evy related costs were for a large per IEEE
Sfoeney Maase. Operating expense also bene EG
from a ore går relating to he amended NEO
HRBkay 2 Northern war.

 

Loan mpenmeves
Lean imparmert ENarges Femaned lo, Wi net
Faversale i 2017 of DKK 873 niende 10 sold

Føde qualty driven by NNE Proper PPC IM MOS
hrogropcat åren, and NON MEGET.

condons. In 2016, an mar menes amet 1
nor net ncome, At Busness Barking Fre MED
Feversals rele pomariy te cities I DEO,
here property prices rose. However. some METER
Sarges mere Made I Nora or å few MØG UEr
svstamers, Senat, Corporates 8 IE UEAORS.
Snes to book mparments agsinst exposure 10 he
SKpping and offshore sector, SRnOUg at å MSN ME
fevernan in 2016, retecing amore stable SUD OR ET
Stoner conpenes iv one Nomapon Cornet

 

 

fr
Banen

eres møre syer vøser
Bunnms Bmg — 424 — 012 233 004
Rrionen ss 032 437 0
KOR Fm 04 3 0%

Tax on the proft for the yoar smunted 160 DKK 5.4
Baton, or 205% 6 proft before 13% TMG IO ta rate
Is mani due 10 Posnve SØVEUNENEs for ER DE
eos years.

042017 vs032017

NR pE ORK 56 Bål. Spare DR AS BER

HENNES ADA DE svaner Lande vol one
OM ane Sale PTE MEN SOE ET STE Dy
ER here

BEN ron Me inn ne rd gener An nerne
HS petormanee es 3 WEBER snRgEr SAG >.
AE Onan re FR Fre IM I LES
Forst

Nut rang moore roet DKK 1.5 inn som
ARLA PEN ie oner ERE BA I FEE.

orter ncone smevted 12 DKK OA EEN. vp 2B%

Balance sheet

EOF per ed

  

Penene Bering
nen Bee
Aon seen. unøng

 

 

 

 

 

 

 

 

 

 

 

ending
Ar the end of 2047, total lending mas up 234 FOT Ehe
hevet ar te ens of 2018. Lendnng merenned pronardy at
Personat Banung and Bosnoss Bang

1 Denmark. new gr055 lenang, ercuding rep lodne.
amouned 12 DKK 84.1 bison. LNG 10 persona

ur market stare of total fendng In Denmark, mcksding
Tape ons, mas stable mt 266% st the and of Decor
2017. in Smeden and Norway, ove market shares
fenang rose In Finland our manet orare as Fable

renere

OSTE
Sanne mme 38

 

Lenøng squeted 90 4% of tre total amount ef epos,
mortgage bonds and oner overed bonds, against 91 4%

Deposas
re end of December 2017, tal seposks were up
134 rom ie levet ane and af 2016, man eres
most markets. Tre Group maintained 5 Strong KanØNg
Basen

Market shares Of epos
er

 

omen ens mme] ar
FenRENNES aa
nn å

 

 

 

Credn epo
Crest pour from lanøng ace in core søgen
hotte DKK 2.688 bon, against DKK 2,834 båuon st
He end ef 2016. Corporstes & het utions SMomed fe
fafgeet nerøse, and gromh åt Person! Banking ar
vaner Banking ale continued in 207.

Sector 4 of Risk Management 2017, ich is avadatle
»f dønskeben EorV/. prove Øetais on Danner Banks

Crmon qusmy

rødt qunltyramains sod in the ig Of good ret
esnønane, Total gros ør performing Oss (VP
ecressed Mg 12 Continsed reverse SNG MED AS Of
large cusiomers, The coverage ratio remained ME

Me risk management notes on pp. 138-163 provide
more For manen abe PEN Peron IBEN.

renterne Pt neo egene

  

Accvmuisted nd IMpairmErES BME 10.
DKK 16.0 bon, or 0.856 ef iernaing and guarantee,
Aceumviates colectve impa menes armene 10

Dk 41 bålon, or 0.23 aftendng nd guarantee.
"me corresponding figures at 31 December 2016 mere
DKK 18.5 bien and DKK 50 Bilen, Fe pES eN,

 

 

onanee BED by BUSnESS UNE

   

 

 

Bennet
Barer Ganing 11427 168 13328 — 205
ka ORE]

 

Recogrised osse armounted 19. DKK 3-1 Bien Of
rene fonses, DKK OR DILD WES MERE
BEhner før ray SAGE DEDE DE

Trading and investment sets
Crest esposuee Wom tracing and vest merk acHvBes
more tn DKK 774 biton åt 51 December 2017,
ASaneL DKK 854 Dhon at 31 Decemner 2016.

barske Bark has mee netting grenen th ØS
3 ts carnper sr SENDTE PEER OL Mage
BKK 747 væn, against DKK 848 bien st tre ond
912018, sn8% was mostly secure rough CORE,
managere aen

Tne value of tre bond pontfaio mas DKK 497 beo.
brtne oem bend porno, 70% mes ECB LTD
Value and 30 9 3t amerised cost.

 

 

Bon ponfolo
EEG == mn

rang,

 

 

SSB z—

 

ther bølance sheet reme
Me Mancier næv gs ar page 6 prove ko mabon
380% our Balanee Eee.

Me net postion tonerds central bank, red
fnsttotons and rapo counterpartes rose DKK 40.2
Bitoa rom an 3sset of DKK 902 bilen 3 the and Of
December 2017 ave primary 19 ger epos Mn
kære

Traang portoio sssets and rBØng porfske FDM DES
hkersated kom net assets of DKK SLA bon at tre and
512016 to net aser of DKK 467 blkon mt the end Of
Becember 2017 as a raskt af MÆcseans I the mærket
value ef tre dernes Pork.

As a corseguence øl te continued mina ng ef ne
Nancare poriolne, tal anse On SE ere
Tnuced by. DKK 14.1 bien kom ie level at tre end
812016 and smeunted to. OKK A9 bInon åt th ond Of
Becember 2017.

orner ossets is the sum af severe! smst fre nam.
Te inervase of DKK 42.3 bon FO ENE en
2016 to the end of December 2017 mas caused by
høner ordemand Seposs Wi Centra! benk and an
AMEresse masse under povled senere sd ut arked

Capital and liquidity

management

Our captal management poicies support our buE Rss
Sretegy and ensure Hat ve are SUNESEN) EDER

In order 15 postiøn the Group tor our am Rn and 10.
absord potent ly aaverse effects under Ses 78 We
2 the there røgudatory uncartalney, we have set
fprvdere coptal targets For tha Common aguy ner 1.
HGET capital ratio, te target is set In he Fange GT
141536 tre san to medkum term Bd re FO
aptal rat, the target så set around 19%.

 

In December 207, he Danish Systermic Risk Cove
Føcommended Hø Scvvan al 3 OMØ NE DUE
HRqurement i Denmark of 0.55, from 31 March 2019.
ne posetie introd oa Eoumereye eat UNE
Fequrement fr Denmark dl nerne te GrOup'e KA
FRdsen CET regurerment by areun se

Te Groups capltal targets are relstvely robust
rekce changes m Copa! buler reg ure mens A
Porse EOuKarc JC bier Tøger In DENE
Nan managed veri ne Group's Eng Copa
Hargets 25 høs Dee ie Case VEN fr Fpsn manen
ef ounnerepelcal buller requirements in ter Mørkets
Fo Srsrse

We wil re8s05s ie captal targets hen fur
regatory ntistve have been fther Care.
bety mn relston to the FMple men an Inie EU
Ap 2000 2 the Basel COMTTMARE 2 FEVnnd Sanders
IØREA caevdations published I December 2017.

Aa the end of 2017, re stel captal ratio mes 226%,
nå tre CET captal ratio as 17.83, aganst 218%.
31 16.35 respecikely. at me end of 2016.
Goon 10 acevrndated net pre, he MOemEn i
Ska raten in 2037 mes Sven PEDER SE

BKK 10biton share buy bsc« programme sntisted on 2
February 2017, panned net Foder SE EDB
NET Copa and ra ERE EA,

During 2017, he REA sseressed DKK 62 bien to
as at ibabia primary 10å Fødscon In market and.
Euntarperty aka, ntnh mere Meta caly KO Dea
born koner volatlty and ex prermrna in the MeD
Anarki. Mr Baden. NE Memerna ben Of IN IRB.
pprosen for Fm Feat esposures and the sale of the
NS Non core perikeke redueed ne REA OT FEBER

Aa tra end of 2017, the Group's ieverage rat mas
da under botn ransenat ans HU phaBed in rules.

Captal queen,
Danske Barks capkal management pokcies bre bond
nine intern capal sdegusey assessment proces.
BCAAPT In tø process, Danske Ban Øeter Tunes 25
roere need.

Athene of 2017, the Group's sovency need ms.
105% heh as 01% koner han ar tre and of 2026,
Mo soency ned consists of re 83% MA MUM Cap
FR ner Pr are an Pan eres as

Acme vuffer reqarement apple ad te
he soheney need. At tre ond of 2017. the Groups.
&ombned capita buffer reguremert was 36%. When
My phase. te buer regerer ml be 6.1
Bagg hø Ny phase. CET Capkal FøgurEMENE 1
12.04 ane the hy phasedn total Espal reg oremere
368%.

opnarraor ara FeR renere
lurer

 

 

 

 

Ma cøkkviatien of te sovency ned and tre combined
Spas buer regurermerr 13 Sene bed møre GEDE
RES Management 2017, section 3, much 13 avahable at.

Capital striben peey,
Danske Bank's long term BrbHON 5 10 POSE

shareholdert win å competnve retuen EAroug Shore
bre aporeanon and ordnary dend DEDE,

Danste Bank's avidend pøicy has been revised. and
gong forward the pay rat mil be 060% af ret
Brotts aner tran 40 505%. Videning tre dmdend
Botey rang af? show Moe by så CBS BIND Don,
NI SE oflnng vr He pos IDLSy af hand NE pro Male
Font as we 38 the EN af Peg TER AED
Blev the uøder Gudens pokcy range UNGE,
bror of femanng sod, balance and pen dead

Ve sntens 10 retn anes CApA! HO ur sharene ders
Espana avntabie aher ve have MET SUE CAD KDE

1431 December 2017, me had bought back 37.5
main shares for a total purchase amount Of DKK 92
Brhon figures st trde dste] 9 Our plane DKK LOD
Biden shore Dup DeG« PrERFENE.

 

Ruungn
152017, Danske Bank's rings mere argely vnchanged,
free only MoOØYs Under took a Fatmng abon.

On 16 August 2017 Maosys upgrades Danske
Bank's Banetne Crdt Assessment io 33 kom Da.
Cansequenty. st øver Ser pus mere Fained ore
een Moreover, the Ovlnoks nere Feed 1 SD
Tem 08 ve, apået HO fn BAI For Ser GE.
ven roman pan tve, Me Føason for rnamalnsng (fe
Besa oo for BENGT deb 3 MooGYS SSB
SFne Impact of fe lsssence af nor preferred Boer
Sebr onr es Loes Given Fare IGF TDE

SAP Globa and Fich Ratings both mænd ned Her
footer A rang mn stabe Old

Banke Bonke ratings, 31 December 2017

 

 

 

mn areE 5 x aA
Renee Ar X A

 

Mongage bonds and covered bonds (RO+SORO] issue
by Reahredt Danmark ars rated AAA by SEP obs
tabe oulcok; In adenin, bonds Søe OM Cagnå
Enur 8 are rate AA fststie VEG] BY ANER AE
bonds issue Form CApAA centre T are rated AA
fotadte ousok,.

Covered bonds (500]issved by Danske Bank A/S are
Fate AAA by both SEP CIcbs! and PRC Rnings, Ale
Sterns bonds issue by Danske Monigage Bane
re rated AAA by Mands and cnvernd bend ms BY.
Bamako Hypetek AB are rated AAA by SEP CobeL

Funaing ans dt
Benng 2017, me issue senior det of DKK 30 bon,
Eoered bonds of DKK 32 bihon and addrinat

SS ps ar DKK 5 bio, brnging ta long term
lonesla Kind 1. DKK 67 BRSn. Ve have wneeBed
Igen Inan enpeetee Cepos ONE FESD FE
Year minen ør ne end ef tre Hd qurer lad vå oe
8 erpreted funding need Hom DKK 70.90 bon
563570 ban. We mnpeet å simar need for 2010.
Tun ineludes røpdar isse In ie EUR DEER

5 kal as issues In 16 Gomestic USD market for ener
SET fre Rå 1444 format We SupplermenL Ene,
benenmark issues th pr vate placement ef Bands

As a Nordic universal Dank, We see te Nord
surenes as an imporiant source Of funding Eat
sacd to our strategy Of Becurng mere KOGE
Brecty nov man ieneng cunrende VE Feaened an
FnponarE kønne In ADUS nen vre SocEesS dy,
bend Fo Danske Hypo AB - Our em MEE

In Fnland, we establsned Danske Morigage Bank Pc,
FAhoty ouned sb dry of Danske Bank A/S, at 32.
berober 2017. ie aspect Danske Mongage Bank Pie

We il sts0, rom me to bre, issue deb In GBP, JPX,
(SÅ and oner cumreneies when maret Condon SN.
"anang suser Ønmes debt ne dens! Der I Or Dar
2 formats may cover part af our Aundng need. Homer.
ne mnsuerce Plsn FOF aubordnsted ØS MM Cann 13
"Be ever dy Balanee Sat FOT and FREDEDE
le one Sdr and our Cap tAFRERE ON ERE OEE

Danske Bank's iqudty position remaned robust. Stress
testn show that ve Dave å su FREE dRY Duer ER
beyond 12 monne, At ne and of 2017, ou ad
ESverage roi sind at 17130, MÅ. SN LER IR ES
Bøter SE DKK BLE BON.

Ma total nomins! value of ovtstandng ang term funding.
scludng egu second adm ond Uer 1 GØRE

Ra deb issue by Reskredt Danmak, As DKK 327
Bilen, against DKK 337 bøton åt een of 2016.

Bersie Bank orcvdng Redkrest Denner

 

ur EA

 

The Supervisor Diamond
"he Doneh FSA hs idenhed number OT speaie sk
Indicators for bank and Mor gage TEGEL
Fana ser Breshoid vores Mur MEN Sl DGRE
Banks must EOmØNy The dur mens Are komne
Stpersary Damen.

Ar tre end ef 2017, Danske Bank mas In compliance
van al threshold vaser. A Separain epo Is avle

Rnakrndt Danmark 1150 COMES Wh af rens

Begnning or 1 January 2018, the Group mk imølemert

TER 8, te new aecmunting standard for anes

We erpect the mplemenaion of1ERS 0 to rest Man
hncreage in fh SomEnce account Of around DKK 2.5
Wlan 23 3 rest on NFA e! Ehe ne enpEcted
rdr oss imparmen: model The eter OF OKK 20
Ben, net ef tax, mean other crønges because af
te mpememtat on åt ES 9, sml reduce zarehokdees'
gut at 1 January 2OLE, Nota 39 tm ne Manet
Hatenents proud Møre orm ao

 

 

Tre implementation øf ihe new JFRS 9 mode for
røenied Ted lor RENTEN Charge rl be SAS
12 ahveryser phase pel mr Acc or ene WEEL
Espe! Føquremens reg Ain adopted i 2017. We
SELER 0 1 reduce the CET Capt res]
nuary 2018 by 0.1 pørcentage ports fu phase im:
22 perenmuage ports)

In December 2017, te Basel Committee on Barking.
Supervsion (8CBS] pubished he nal rense
Standards for EA csiedations, 880 known as Basel IV.
he revnons rude enhaneng the robane od Sk
SES ANY efte SØnGOrÆABeG SpprOSENE, SORTEN
ne une of internal mode! Approaches, and MkrOdGng an
REA cor ol 725% af the EA mesnund by the renee
standardsed approncnen.

CBS recommend that te Favised standards Sp,
From 2022 and that ne REA for vil be phase
Fadvaly kom 2022 10 2027. The polticdl process
HS Unplernenr he retonmends Dens mine KU Ras 1
Yet been rated, and he Met SEE IE SEE
Fontana! uncertarnt) The stgsdabone af EUlegsiaion
are pot arperted to be hi MnORM UNE 2ORL ft ne
nes

 

 

on tne bøsis of ove strong earnings capacty and
Espkalesion, me are COnAGen Eat vr wil De BD
SEE te hours angst EU regner)

Wan the mglemertation of he Bek Recovery snø
Resskwion rect (BRO EU banes are dre

1 have SAhent Bakers sure TS RSD
MUN reauremen ie Cen fans ans eng be
Albaver IVRELJ. Tue Dan FSA is ørpecrd to set
fle MREL for the Group avring 2018 vt afiøct rom
Seruery 2018.

”A more setaied sesenpon Of te Dem regnen Is.
provded msecon 3 of Risk Management 2017, men

Investor Relations

ops purmui 0! As strategi goals By SPS Ng ENDE
Siebøders receve correct and deguste Ikarma ben

"To mentan and budt stokebolder Falabon, ve ok
Foods how after the release SF Gr MØN eports 88.
Nei as roadshowt on major HranSBCUGNS AN OLD
HS for den mentor.

Togetne' th mmseuve management, hvester Ree
mat an ongong Gaiogue MI BnBNySts. shareRøsders,
bt mmnskbr BP POS PEGE MERETE TNS PILE
presening and ØKSEN IGDEE FIE ED
Børne Bane at sømmer ane EonkerenEE.

 

rough røgutar sharenolder ilentincanen stvdes.
Investor Røtations prosetvely targets sonar
ARæTrE I order fø Bctneve stable and Gere
Investor base and 18 Supp Pig AGUSEy and Far
PEGng of Dansk Bart shares. Investor Role 3150.
me to ensure tret Here is å Dreas levet Ef Ever age BY
FØeNE SPaNYsts.

12017, mvestor events were held in tre Nord
Sonnes, oner Evropson courtræs, Aria and tre US,
AF one 10 600 mvestors nen.

 

Danske Berk shares
Danske Bank shares are sted on Nasdag Copenhagen
nd are nchuded na Mumber of Danvsh and Hernan
Ssutyindicen, ven 2 the OMX Copenhagen 25 CAP
Iron JOMEBSCAP, Ar the end of 2017. Danske Bank
Shares ad an der wergng of 127%.

Danske Bank's støre price rose Kom OKK 2142 at 32
Becember 2018 i DKK 2A18 at 31 Decnmiber 2017,
anincense of 128%. hr companson, the OMNCZSCAD
Hee øse meresssd 12.153, mile tre Europe 600.

Banste Berk sure,
Ta

 

 

Son cspen fraon] Be 8837
Saren fondet gaar ans — 2u2
ren en, 80 — 203
anne ser sa m2 22
Sar or enn per sner mu 13

Ar the nd of 2017, 33 equity snølysts covered Danske
Bank

"Me average sty uadng volume af Danske Bank shares
vas 17 mikon. Te Danske Bork Share as Ehe SED
Most sctvely Vaded share on Nasdaq CSponnagen
Srng 2017.

anger

 

 

Snareholders
Ar tne end of 2017, Danske Bank had above 257.000.
snøreholders. Te 10 largest sharehojcers together held
304 39% al hø share Caps!

ve esvurnete that sharehølders outs. de DEER En
inte US and ne UK, hd around 56% of ne Sar
ora

Boneke Bank shershokders 2017

bra

 

Accorang 10 ihe Oanysh Companies Act sharehelsers
must netdy the Company På YOU ARE IE
ABaren repræsen, SL er more Gene VOER NNE el

ne companys shore capital ori the nominel salve
3 tner shares represents 53 or mare 07 the Share.
spån Shareholders must ise dlselose Changes I
SKarenoknge I ey seen ar fat bel SPeGnnd
BØDE ARE ES OE

To shareholders have notes Danske Bank OF MOSE
536or more ofte share caps

Me AP. Maler Holding Group holds 200% ef the
Snare captat

BlaekRok. he. bolte more than 5.03 ef the share
spot

Inaddtion, on 30 sancery 2018, Danske Bank A/S
Srnounced that ar 29 January 201 heks ovgn
rect and møreet Ning, Ames i Danske Bank
A/S corresponding to 501% ofte tot number af
'Stares i Danske Bank A/S. Me holding af sum shares.
I arbuabie mani to he DKK 10.0 bien share
Buybeek programme launened by Danske Bank on.
February 2017.

Te Bose of Directors sends to propose to he generel
ReGUng 1 28 tat these shares be Caneeled.

Me hølng also includes shares held to compensste
smplayee nine form of Condon! Shares gram.
ASS hare progrumenes in Pres Years nd Kor
Rverunenes on benet of Dana Benson PORYGLdEr,
Pa under pooled Væsen SENeren

Each share ensties tre holder to one vote, ønd at shares
Bryne same PE.

Corporate
responsibility

We recogrise that we have a speci res pens iv
because df Gu Sir and Mr OM NE NODE
SEbnomas. Part of sur role and respons 8 to bes
"SAG. Døanced and preditable bank Mat COME EO
Ananca! sabåty and econome grow. We beeve that
Fegrebag eva BOE SNOREN ENS FODE
<ensiceratiene i ur day operas Ereaes ne Des
SSrgterm vare for al sake border.

We focus our cerporete FØBPONSBNY MOT On DAD
strateg themes an hv Iocun area 3 DEERE
ESporata Fes pons 1 Our Core busken.

Focus arme: Responsible customer felsBenEDE
Ve cu on BuGIng response SUEDE
Felauensnps Breugn av engagement ane COMpkance
pracnces, fora 10 Agnt Manes orme and cynerenme,
RG rough Me proven Of susan MANET,

 

112017, severat intiatves vrere tsken to ensure As
Bur produers and servicer møs! SUT CUSTOmErE OGS
ra to strengen our CmpkanGe processes DS
Sture even Kønnet, Ve have stpped up our fer
Fagørdag IT scurhy and cybererene ånd HE InLE TEEN
ST envronmerea, social and governance JESG)
BeFspeGien INDE FveSEDERE and Høng Soi,

Focus area Responsible em pioyer
We bekeve nat engages employees are key 10 Severin
ne best customer xperEnGE T IS MÅN mE FOGU
strategesty on merovrg employee engagerer,
BRED Ove EMØIoyeb SKS ENRON an LAKE
hun and» diverse morktoree, and OM EO
Nes tale ane apr MODER.

 

12017. our average employee engagement score
ros 85.45. We are Hos On ne 9 Fre Somers
Aehledng our target øf 90% I 2080.

ve mrk strategiealy stn werktorce versa ENN
gender elanee. We Have runerne our target ZTE
ERE Board of Directors members ekseted byte ans
general meeting bang omen. 353% of al management
Feet ons are held by momen, EN Brnngs va Clone 1.
feet ng our target of 38% før omen I) management
"The gender target of 12.53 for the Enecuive Board hø
2017 parformanen and targets for 2020 are sno in

12017, we focvaed on reduorng stress factors and
hersesng em pyse webben HELENE REE
Setunen SMD Yves BNG Managers i Hay I AE NRn Ng
un, Cur amploger engagement 100 Team Tak. OngABeD
managers and EMØIOySEs In Salgs at & Iel kv GT

 

Focus are: Contrbuing to society.
"The my me employ the Capital We Mave at Our SIS pOSaN
Føgresents Our MO IOA IM, OM BORER
80 este SeDrornE vakse I BOER FEDE ER
Beyer: of satries and social Securky Cost for Or
Srpioyoen, procLrement and tan Børnene earn

We røve 8 wide range of støksholders, sl of whom ore
IeponEn i Our BudRese, and ve mel Ome EO
NR aL GENE MRGKEEr Er enn DE
tFvageren: mas besad on Snnng knomedge. On.
Pang In da ogue BAG OM PEMBNNG PONTETS DE

vie pereipete in local enable work and Eorporare
NBunterrng to support kran In end. AMOR De
tings. One enarrele må Gut Golaborsan ME) NO Need
Baca nda at invelves Marcin ie Fona on and
ducston ef underprinleged ENKEN ane EPE

Focus rest EnAOnTEnkst HORNE
NV have an OVE nMEntA MANA EDEN SYRE
pjece tå mime Our CO2 cms and Manage OF
formen par åg snes å8 PORR Ve

ra montør ou common OF energy an pe Es
Nas bur uns Gl rener

vansko Bark has been carbon eur! since 2009.
We active this by-imting our CO2 emseions and by.
Berehenng renemnbie Sint and CORR

Focus arm Response HupPker FlAUONER DS.
Week th FEER e SrEkng I OEa Der

Mr our spe ers Fo raise Corporate rese,
Sanders mur svogdy Ehan We have respons ble
Sourang process, and our target for 201818 to get 8056
Ta tonser Iven Gru PIDGTErDER ED DE.

Strateg terme Finance corhdence
We make cut xp ur adat by øpIng 1 DAS
fnenod conhdence in tre younger generer and st
Start vs and TOM COMON.

vie develop advcaona programmes, 16013 and orne
pist net snatbe gøres and senener 12 ANG TR
hnana condenee eier and young avh and.
Hep ikon devesp a sound understanding of money Sd
Bersons hranees

102017, nem Øge solution, Pocket Mone, mas.
devdoged 1 ab parents 10 ØgKRly Lransler pcer
Tone ID ner EMNE BRS prerus Sd Cen To
Onie the savnes. Te SOLON Makes BEDE for
Baren to receve pocket money. le MEDA NE
tnerstandng ef Bangs ane the value SEERE.

Enveprenevrs and smal businesses are eBeD Or
Inhovasen preBuet ny and SEDNGrTE BOM 1 SOE
We maker master for Horde starnups and grenen

11207, me estatiisned aspedalst fanen fer
Sanups, snpanded tre HDL Gr orne PAR ÅGE
Nerd Harncpe mupported female BTEprEE LEE.

velped startups gøn a fecthØd In Ons ond esbishe
pannersnp mt SIngsÅar ty Denmark. BONE GADE
5

Stotegse theme: Accesaibie fre
Digt set ons transforming te Ana infrastructure,
and is Engortaat for U5 1 EOMbtAe tea response
Fanunon We do 30 by anse ng Fh Or servees ere
4287 10 use and 2esersle for ål Gør USKOTErB RE.
Sy developing unter ned 30 Ars for Cvatomere Wh

 

12017, we erpanded our colsboraton ud) Hus For,
the Dan ah organ sanne Domelses and SB
ssøvoriages people, and thus Enable vendors
he organmaton's agane o FEce ve PETER by.
Motbinbny The mane 3 acts Pa DEM transfer re.

192 cnst Card WERE PO Ike 19 3 PerB ONE Bank
Ascount Tis regne Bees å VE OPEN For ENE HOMME
Ian IREBESING EET LERE FEED.

Corporate Responsibaty strmegy.
Our Corporate Responssty IR] stramøgy sets.

ie arseon for auf work on IMErang EOF Porate
FongONØRty In Our Core BASIE, FREIE SVT SRP LR
etab for the benet Of at SEENDE ERE.
Aranspareney and HengtenNng Gå Fole In FOGEy.

More normen
Merz fkorrmanenis avalable Fe IEEE
assved Corporate Responsisity Report 2017. The

as tegiree by tha UN Globa Compaet and saves
ESmplance vi the føgremerts af the ONE

SAS Erecue Order on France Regoris for Crest
IMeuons and Havet menE rTNE StE. FSLDSDEDGN
1352 and 1350 on carporte røsponsbity Feer.
The reports supplemeres by our COrpOrne
Respansbity Fast Book 207 Mess reports and.
Aorher Iformabon 3bost our CR FBE BNG PrOJØGT
AF evelatie at derske ber Camre po.

 

Organisation
and management

Senera! meeting
nr genere: mening it Osnskr Banks highest ØD

ERE ane

112017, re anv! gensen! meeting mas høit on 16
Mare.

Donske Bars Arteles of ASO SEN va aDN E
sarsknosk Combo Gt op SVEDER. STER

Inkormeten abo he notice Of the gener! meeting.
Hharenoiderr gps 10 tabl proponaln and 1 ave SE
PESESEL SKS SNGE NE ESERD
Veng røn.

Ar streboiders øve vasal von ngtes fore share
Lat on vote]. ånd here 268 FO MTMBLONE OM DOLE
Sven rgres

fonyine genera! meeting can mens me Ares af
SSG SN ATNEDdTNEME FEGøTE å FEDE EGs Ø ER,
The votes East and an HNGs MAO ne SAR
Esptat represented at tre general morgan omen

Arescisvo 10 mind vp Danske Bank by mener or

olma Mudan can be puesed Oy 7 edoted by at
NSssr ver guarers af Fie vier CBS RG by 3 Er EGE

Aaen af he sfare agtet represented st he genera

Bord ef reeters
"he Bard currendy consists ef 12 meenbers og
øvre by fhv gone meeting and fur Einer By Br
ng ne eee

Boare members electes by the generel meeting stand
"fer slecten every year Ås praserbed Dy DOVEN lem.

fmenbers slecies By the Ep ops arve on tre Bard Ok
Brneroes fora four year rr, sm IE AE Bern > De

Sraktares for te Board of Drerers. Board Canes
re nomnated by the Bord øl Dractors ar Pe
Sorenolders and are sincted by tre generet meen TRE
atomare age for DOS Pere, 70. AMEN TEEN
Rang aar Fey have rene te agt af 70.

 

"Pete annusi genera! meeting held. on 16 Marc 2017,
"ond 8 Westie did not Seek resekbet on. Me general
mast ces Marta Folke Ten på MA replace

Work of tre Board of Directors in 207
AN Pvakoaben Of he PEGER AV BEDE.
SFs marnbnrs, ber nd ak RE EDEN TO
SS np, Mn Gerne One FT FRE need,
NS avaksaten, AT members of ie BORTE STEGE.
the Esau Board anses å CET EEENE
estomare Tre Mange ane coneusans mere.
Lensen presented to ang Ønevnsed Dy fne KÅ Board

Terese the 2017 even vere generel) pesRNe,
AED MEE Bem bra Me GEDE TEE SE
NE oral Sonekonen mas Nat ne Bord fon C ONS mel
Fo nr afhenty The Flanans np Detven Hre BARF
Tornet and the Een Board, IneNraNng the CEO.

vas higily rated, and the compest on and compete,
afte Boer were sis rets ps VE, The BOET
Brector wir Corn 10 OF On KE PEDE ER GE,

sect Bord
ne Breuie Board conssts ef Thomas F. Borgen,
ret Eencua ue OMhcer, Jacob Aarup Andersen et.
Franc Ofncer and 000 of CFO are; Tonny Tsery
Andersen, rad of Westh Managere; am Damer.
Cruel Operating Ofhcer an Head ef CO bre; Carsten
Egeris, Group Chef Fisk Oltcer and Had 0! Group RUS].
Management Lars Maren. Hen of Banens BE
Jesper Naser. ten 2! Persons Banking and GER

In August 2017, CRO Gibert Konaka lekt Danske Bank.
70 mas tøse så CRO and on tre Enecutne Board BY
Carsten Egeris mn effect rom 2 August 2027.

corøorste governance recommendsbons
forporsto governance FecOmmandEr ons 183 ved DY He
Banan Cam iter an Corpornis Governance can De Kond
Torp ste gene rare Ø The FREDEDE REDDE, RE
Best pracnce gadstnes SSI CORGaNLes AN BADE.
Araded on Nana Copenhagen sad Beer lem
Eonpary tale 10 COM Mn A FAEOMTRANGaGN TVS
SØS ARV Gevster HO He FOCDE RENE nd.
SKG tas core Saren, Dansie Ban Coral ret Sl.

ne statory Corporate governance Feper sved
Breve Dirder ef Francis! Raporra for Cred
Instkuuons and investment FFs El 15 VOSS.
porororeiybespeveteriy leddene EN
Fcon eides an ergtonavon ef Oase BARS BIBLE

 

Mme Corporate Governance Code of he Danish Barnes.
ARBOE MK Bpphen 10 B Member UKA DDR. Ed
BE found at Genskeberk. Code, AT Member ISENS
FRU Copy eN ne FED Rn ds ns Or DDR

Ny they done com Danske Bank ED, mt ål
Frcommendutons sat Sånn code. Danske Banks
NEanGon GF Ene BERND OM BE FOEDEDER AED,
Induded i secnon Ef Aa Corporate Governance Report
2017.

Personal Banking

Persons Bankang setvered » god røst in 2017. Pro before 1308 5%, Ønven by higher Income and over
sprang enpenses, much møre sn offuet fowær ML IMpEn MENE FeverSals INGE DONERE VOM COM EG DVSMESS
Nome ron) Sweden and Normay and 8eneraly TYR BELLY Eve WIN MADEN ånd IVES.

 

   

 

 

Ben Bning
Nm aan rene 1o0 ae 28 ker 110 200
anes i me mM oe Ries Bie
omuang mrvenner mm 484 sms =— 105 — 1900 — 1806
ms aan aa se | a2ee 1206
- 8783 anes a0e | 737937 758878 100 | 78784) 745903
Alene serne Jane MØG Sas 98 48 4g7e 8 86? 8470
== 26n0er 02 | 273478 27A300 400 | 278337 257266
ren amesy
Raie SR70s 08 | 408363 40Sæ — 200 408127 40088,
pennen aars  sw71…— 28380 za — 100 — 2neee =— 23838

 

2017v8 2016
Persons! Banting delveres » good resuit mn 2017.
Prote before tax ernaned Så fo DKK 5.2 BON ren
by igner nere and koner Opera srpanses Te
Sonne deveopment i? HEBME and EDEN se PIO
an elser rer net reversøls SF Ian MØDTE
Earge. Por before loan EPAR CNargee VE Up
Se

"stat ncome was 4% higher then last ye, Gren by
roning business von and generaly IØ DE
REDDEDE DN IEEE

Net rtetest acome rose 3% bensung KOM growing
lending voks and go0G DVSIDGSE MØDET AED
Tore har afiset ne pressure on epo MERE ES
FSV Kom ne Porten, Sw res Fare.

 

"Tal lenaing rose 2% on the bek ef our stemte
parmerships ven AkBdemkerne in NORD and sk

Tre higer investment and fnancing Betty id net.
fer nerne 3 øn net trading come SPELT ED
2016.

Operaning erpenses decrsased 2% despte meressing
oser for repdstory complance. The Gecrese mas ne

Credt auslty
frede qualty møs gereraly stable. Most of our markets
Ssrmved to banalt From favGrabie DEF OBE ENDE
EEndbern and arrene Fe Kend

loan mpalrmant charges for the yoar amunted to anet
reversal of DKK 82 mon, refecinng svang and stabe
Porioho eredt qualty and morens Cokateret ven
BEeBRy Denna

Te øeciring house prices in Honey and Sweden are
moatored Cone ane We AMEN å RUDE BDOS
Nar re ae ien, ande MERE REE
ample, BVOUN SURegE partneren p.

Overat,ne can tovølse (TV levet fe sno
Ken resten

 

   

rest erposure

Creat enposre mereased 10 DKK 789 bilen at the end
ST 2017 dnven by gram In Denmark and STEELE.
Børtnersbip m Sønder ånd NME

==
Ipek mont Re Ro?
vener ERE
Sam BnDes 77888 00%
en, mas use ons
ra ao068 737 aan
Business inistve

Person Bariong 3 ambition tø help Cur customers
be hranceny onder and achave The ambis DY.
mang day BOnAINg SPØ PONDRE ARBOE GEINS
sy Traugnovt the year, me Cone or En
fo create the best Customer arpenerees by PrOnDE
Ss8ties Barking mcross HUR Porr and ERE

Nore grønt potenser
We conenued to grom our persons! berming uNnene
Søreden ånd Normay on the Back Of 3 good FG SM
customers rom our pørnership agreement.

1 Normay. me Conbnued 10 welcome new Akadernkerne
Evatomers, and I Sunde ben he sa ole
BEDE ng Ah TOD I AA and ne ERE,
Barnes rip Wh Saco generated a gone Om
Raw customers leding to new Dvs nes and EF E
Income. In the Jour quorter, re urter expanded Sr
Børeormen: mt B3c0 10 fer 13 50.000 BØSEEE

Denmark and Finland als contribstedt0 ie good
perlormanen Over tre yet me sam apote trend In
NE Aber øf Gustorser uro gather her BUBnEE
Nan usin Denmark. In Frand. We sav 8008 Ge mand
HS morigage fans, espesly among hst me Øme
Buyer, and a smal inerease 0 re PDEr EG

 

Customer esperience
ve eoranved 10 develop Sove fo ER OVE
Sustomars' mgectanr and Annes ends.

In Denmark, we introduced a brønd nem type Of na ble»
Fats morigoge Den nerne FEnL et TTE PEDE
Eru because aka SUSIDMers 10 SNS Te IBN
Frees
meresterty perod ef ug io 30 years to irer up (unde
for other purposes Of 1hØT Chelde. SING ES UDEN

IR Sepunmiber Fe dot has been Succossd MONE
(SSL cameras 83 We 83 CUStOMErS CMN DS
from other monigage Msn.

I Friend. we coinved to develsp our afføring to
members GF our BD partners, Aas and FEER
Sidens Ve ofer Akava customers a compete
mortgage fn, and Frank Studenis CUSTER RE
orvenaner ala combined payment and student card.
Furnher more, poker customers have Sas CE,
12 nine csnsAn on Sareen, Br mM RE SENGE
operation mit Akava, fane In oarly ZTE, me
Haves zu funden for TOM Our FSA BUD

omg, SP nem Outer, Som Pe USL OS BY
Reressng ie number Of products they hove mn us.
Fa furnher Myrave Our GANG 10 ØER Me
Segared 2 koen 10 stu covered BORGE 7 SÆDE
Nru Danske Hyper AB. and in in scan Ra Of
Ro ya. me NE Ned MG SAA BENENE OOS
Benn that mere vet Fee by he MERE

In Nomøy, customers ioouing for sractve pens
Save om have ne opbon. OF GEposkIng Money Ma
AAU Randen en FAVNE SOON For SUHDmErE

hosting for an sas may to Vest shares, ve.
FArrocuced 2 share ves MEN SAVNE aESDUP. Me
Qucky Became very POPUIr MEN OU Evntormer.

Innovoton ond dgeotsotion
Or customers spent ons Of sOstant, ALENE EIDE
Bavian and serien are Ting. I SAGE for MENE,
most 2) ev CaKGEDErS POW JO Us OPPE BDO
80% of hor purchase certhcstes are craænd orne,
nd on tive Frestings åre held Onkne. TO MG SO
EVtomers arpectaons, me Erin 10 COeTeRte Er
Jester an dntogue SPOGNS WAR Er.

By sne end of hø ye, ve had Iaune hed Fre vrd
gønereten of our Mobile Barking app across 3 1
Rocket areas, ER the app, Custers Pave OBS
Ens 10 dong ther Oeyto-day Banong Dvs, ID.
Sa ang mvestmants pus å range of Ar Op,
SOON aS Set er Ga SAS BENE BE
pronctve an admen and guting an overvinde
fans Forthermare, me Frodo iht open af ER
nd convenven ly SEAN Or å Cone Fan Bree
Re app, Bly fre ogtan is avolble 10 Customer
Denmark, but we be mrodsced mother market Brea.

1 Denmark, we iuncned the nest genera ten Of tre
Sunday vnnverse for our Eustormers. Br fre Øskogve
Ét Casiomer MOMS Dry Tang 8 NO DESEd OP
Sunday We Fhv fer hormebuyers an 6054 EVEN
and Seamless BOV SogONt UND NDA HR SES
nd bvyng process, fciuang the opuon ef onåne Koen
optøet Homers get 2 Kul OVE nEN SEERE
ARancen, mørigage 13518 and tre value af fer Ore
Shatnvs 3 dear ndicaon Of te Fan! PEDE
Einer hane Van Sunday ax shared PEDE

for ovtomern and adsers, me 2150 Pave a strong
"foundation for Sireaminnng the home Mang ASO.
Process and ireerng up more une 10 te BEDER. OL OG

On our new fe event besed mRbses. EuSIOMErE DN
avdly get advice relevent 9 ther Me SVAG and
reams, and 15 tasy for them fo Centinue the Gls
by cang or hat mth us Arsety on Re SAs
Benvmark, Custorsers can 180 DESK SØVBoEY MØBDNgS.
BROT Webers andin ne MeDle BEATE ED es
stion Røg become popuiar Mi Custamare and has led
18 Peranng semand for BIDE SSG DERNE

Te peer sis0 mm the mtrodveuen across markets

Ta Brand nem Pocket Money app for Or YOU
Soatomers and Har per VD Ehe app parents ØV
Kann free serne Io CBS Papen of pocket

money, and for ner enkdren, fis 2 sele may toer
Rot hov to manage ther on money.

12017, MoblePey became a separate kt.
MotdePoy rermans ifø most popuiar Gb PAVE
olonin Denmark and Fiand and, very dy, 200
New SkDraS and mb ENO are Ade iD Te MEL
laces where Eonsumers can une MODIG. TNO SDP
"Sar menn pan df cv customer offenng, Bd nem
foncvonekty Sven ag Mysnap, Checkout and paper
Herr ao ereen, mu added Over te FED TEE
Beneht ef bet eonsumers and Buens.

In Noruey, vre Øec.ded 10 term ste Mobile Pey and aner
Jrre aIoeAl GRL SD Armee MER FE KE SEE
Vip to ensure sustorsers å FONG MOD PEER

I tne coming years, we pet to ser 2 mæa kh ar nem
Nuys 10 Ensete PSYENEEL BAG ve CNE 10 ENIGE
Re maret. Toner ne end af 2017. me KBENEnEG
Baw and Ba5y PAYNE: OpON for CVsEornErs MR SND

Customer satistrcnon
Our aneien is 10 be ranked among the op Fo
Sustomer satifochon. At te end al 2017, me ranked
umber four in Denmark: Our ranking ir Denmark
Fehøcis high Customer erpectations and 2 Cen Face
Van compettors. Mia only strengtnens Gr focus om
Seveoging new omgive sons and add
'SeNtces to meet the PGMval CSLDmEr 5 ere abo
Becouse our goal” Serøns Marker arms In ID Dre
ANataur customers are san hed and ave EN DES
fperience every me Hey are ILDEN MRN U.

 

Ontarget

 

 

 

042017vs032017

rotter tax ecressee FIK 1ODKK 13 BØG in me
Nøgne 012017, sg to Pere sed Opera ng

Tausen rose 244 as fee rd rug come mars
Estere

Tan lerdrg mes fle Sør ERR BE PE
nen rn BREST Sr RL
Fest Erste:

 Natrmøng income nernase 42%. pr mary se >
TRES GEDE gnEr Fear I Denner

Oversigten ert. vernE MONE DEDE
RER TE SEER PRES DE EE

Me fouthavener søn pet erne ef ne
FRØENE Serge TOKE AT mon, aps»
RRS erne egne
RE Gerner af et reverse FEET Song and
Estere

 

Business Banking

Business Baniung genemted 2 strong rendt for 2037. Pro before ax increased 20% KOM the level 1 2018, Sne
BEM nsben Ol MørDuNg ITCOme, Kwer Oopersting espense and higher net ERpArrMEnL FO VerEsIn TORA NETSTED
SA dun ie conumunly good BuSNneGs TOME Sr Our More markets, NEN TES I Mun Met teret Meme ad

 

 

 

 

 

 

 

 

 

 

Refn neone.
Bonner Bane

Alemanen merne GO 12866 85 20880 21287 97 41707 12307
eN 2aa27g 230098 — 408 242278 24O0GS søn 2a8see 232210
RENEE aner. 338848 323469 104 | 335840 328193 — 402 — 318081 3238003
Anccmnscatallmene — M4SØ1 41300 — 2001 — 4407s 44383 =— 90 44800 44920
SEERNE 262 2 105 w5  s2

 

 

 

2017 vs 2016
Buæness Boning achleved a svong rest for 2017,
van an nere pro before tax 20. The ise.
vas tha res el an im prosernerE in IE OF, Er
Sperating erpenses and higer net mpairment reverse
Aon me year before. Pro belt FIN BED OLD
BKK BORN

tai income mrs 5% higher nam last year, driven by 2
æSnunvatiOn Of $ø08 BUSnESS MOMENT Bd BER
Sr Nord markets

Net mterest Income rose 53. Good business
momentum ang veressng ending volume were the
FRA GENers af fle FNprevernen. and oflvet the PrEnErE
En deposit Marges Frøs VINg OM PEER ENN

Taallending rose 43 from the level at tre ond of 2016
as a rendt ål good BeVAy In Our Nord markets,

Net fee Mæme mes up 11%, driven Many by the
fnereane I act, DA fereased Ing VOLS såe.
Mad 2 postive eet Net Fndng Mere Arras
"258 ram ne øvet inst por 38 2 FOSU GE SERENO
mortgage renere CE,

Anhovgh regustory costs nerensed Spring
spenses mere don 4% from the iver fn 2016. The fa
as the Fest FRanY Of SFREIENEY ITØEDVEDEN ES AN,
Hever serene say enn BO.

Grdt auskny.
Favaurabe MacroeconemE EOnSLONS, PErearY
In Denmark, ans a continued Mproeman Ef CrmGt
Getty win several ran, dust, ranked I et
Imparmerk reversels of DKK 824 mon 12017,
sans DKK 235 minen In 2016. We recorded net
Iiparmert feversøls 1 een quarter of 2017.

"Te ugncant ievel of reverse ss ster but bie Many
te lae ker ir Denna Dut faGltRn f Søder. FRR
åndihe Boxes ao CDAbAse 19 ne Fever EE
2017 impør men charges mere made 1 Norway on 8
fan ØE BEDE

In Denmark, the developrnent møs øren samar by an
FOER FO SUNDET, Sarnng, åPE FEER R
Brgerty vaks ARLA customers Alne COME ENE
12 tre pose development in 2017, De fre intet
perle covis agern core under pressure, Eee
ta ur) and Pork PG.

 

Credn erpomure
fredt Spone neressed DKK 50 bio kom the levet
te end ef 2016, smounbag to a totar of ORK BB
Bilen ar he end of 2017.

tonser)
Denne sas
anne MA
sum 282800
nuv 90798
sner BAGS
== mme

 

 

Business intistives
Ar Bunness Bonung. me worked Gl genty trrovgboue
2017 on becoming ever mere Customer feed, mn
ne am ef møkng banking En Us søster and mor.
EMioert across te NOØE Our Benn I 10 Gere
"fe Bast customer esgenence om he basis OT a SUEDE
Neue props en on Cr essINEY Ste Med Søe
ha elver oc,

Nore groneh pote ne
Bur custømer Gent apron resuited strong
bunøss MOMeruN Bero Bur NorGe markets.
SEN preMedis DvnESE OM BON ME Ene

ci kzomars. Vie Få 3 re MY DUSNESE ORDE,
NAG rem Sigdy mors than he market average. and
NR ins consokdated vt ponkion a3 alene rNg DON Tor
SMS ntne Nord røgen.

 

Large customers vt complet nende generated 3 Bos
ve GT husnr serons fre KEE FREEDOM

Fong ve proposisan and strange na bend on
SSG momerks In ma bunest Æren Kone Prev
Prone oe ner a Sgt tant SNG Ser)
RG cannved 10 Ares up EPE or CURE
perreterdskietedvinkregeedennis

 

In ihe smal-busness segment, ve are mera
Eombining a fower Cast 0 serve th a fgner Serie
Hva by seling and Geiverng our offer gs orne,

Rou Seere Bk ns. Tre Era
Sgrainaren i also manang  OBser for CVGIDmErS FO

Customer eperence
Customer gaar ans are ring control, ord
our large EUStomErs Mn COMplER mads BNDEEL Us LO
Salvertafer made ABs Pa TER HNG MØN Gus
heecs and make Ina marking day any and NODE
TD AN the pectore of thase SUSBOFMErE me ae
Impreved our concepts and Capabiines 10 SAD VD
gags Ia stratege dulogue based on ambIons and
Se8dng momera m ther Me cycle, such as ere,
he makers ar SODE Or BP å SOME

Reger øn Sø CUS MES Rn SOM HEDDE We
ged action on Ove Te HU plaorm fn SNE
Nordis count, Me Hi suppons arnbieus OM
compenes rn recrurment. KnEng and best pracuce
Hooin. The sbjective 13 to SuppoR and SEreNgtN EN ENE
Scosystem around Set grOWn COMpaNnEs BAG for 5 AD.
BUG følere MEN HANE DOLAN: Bean I TE SR.

Fange of føstures Har åre POE fS BØDER
er day cay Mrk. Mang her ork dy cast.

We also indsend eve AnanGing sektion fer
Sr året crstomers I Denmark. MER Me MO
Eonssteny mproung guslty and ne Asta er
Sparer Te seen Goes DON ne proGRssÅng
Ane and the Ure 10 Money KOM meets 10 HOVED, and
Abuse el TAGE Aron CSI RD
overs ron hel of 2 Gredt appicaL Ons Mm Bente
 Saynants and out Arnt. VV mt IMOD DE
ESKAOn four other markats in say 2018, Sd Rv
Be expanded 10 more segments and Product Bree
Kress

Comomer sanetseron
Bergs stabe number one or wo among customer
In od core egnens i al our Node mør
Ceneraty, 2017 mas a year th tour compete,
Ba we suceneded mn bang On target on Customer
Eatfacton In df markere åt the ender 2017.
Aaron, me sete number one or teo) Sabstacen
Enong sustomersin most GT our sagnene at na OD
ever

Part estanyin Denmark me saw a good venn
SENE BEREDT VEN BEST SMD BURDE
Serre sagens Køng YOU 2017 ALTE ER
Tune peer tre Fad the Fuge! Bones ver

 

 

 

Sowcs:BD Seler å CAmtoner Ege Crome bong es

 

Corporates & Institutions

Corporatas 8 Instkutons selvered a strong performance mn 2017. Pro before tax amovntd ioDKK 6.4 bien,
åninerense of DKK 1-5 ikon from the level mn 2018, Mme sic0328 was based pmArIy On INØNG/SIOMEr Acta.
Nine Mancal markets, minen Grove DOK fee ang vadng mice, Furlner more, he read benet FO OP DaGed

 

 

Fnparmenes omng 12 the stabhsaon sie OMSNore SOENDr Operstng Enver

 

 

Con ren ae 160 7 | 43 30 en søs sæ
Gennen Bree pen das 300 0 aa 262

 

2017v82016
ferporates Isted ons Saw hug customer Been
most areas i) 2017. Actvty møs veed espesEly

vant spr he year, such a8 GONG
AKER ofte Franer aleon MALER fed VESTE
TS to Men Hødnng mee Espe aky Mm Fned Incorne.
Eunroncins and Commons FIE.

 

Me persstendy ion interest rate enn men In 2017
nd Eusomers ur Of yes FesLined sn PNG Beit
wwahin Dee Capltal Markets [DCM] and Equity Capital
Markets [ECM] from bet Investors and stuer I
Bønnen, Corporate & MettLrans eXpenencEd STONE
Srstomer demand for Bavsory reine serve,
ESRB rn mergers and scan ibons (MA

Overst, tout ineome ineressed 9% from 2016 10. DKK
fre

tet terest ncome rose 5%, prmarly due 10 mr eased
Volmer during tre year fverage] as vre på Fana
Fa,

Loans, srckang reverse ransacons, dec ased
5% from year ene 2016 to pearene 2017 due to
enanges fi colseret management. Exc vØng reverse
ronsacnons PFrepos] and cotatera! Managermern Inn Øg
Volume mere fat From yuarnd 2016 to year ere
2017.

Net ne income incnasnd 19% omg 10 cremen
vntomer set, malniy sn Debt Capital Markata (DCM.
Euty Capua! Manats [ECM] Equbes and Corporate
Finance, 5 wel aa rer Of re ELG
Fansaciens in General Bang.

Net trading income rose 834 19 KK 5.7 ikon. The
Improement mas driven by Fyn CUBE ASE
NET the Manet Parknkn, ap eN, mary TEDE
Gr The ncrnase ms also rilenced Dy CRONgES
2018 to the credt væve advent made (CV)
buen aftectee vadng core mega Im OL

 

Tutal Income from FICC smountes 15 DKK AD MON
Snincreasn at 8% Kom tre level in 2026. The increase
NOE ren by å CEmDInsEN af Mg ER USED
Kit and event næ Hansaens ERuBed Ep
Sy scope evnen, but møs 3130 he Es eine
tove menconed CVA changes In 2016.

fcspltal Markets Income amounted to DKK 2 BOR.
an neresse 0! 17% kom 2018. Corporate France

6 ECM saw Hygn Acbvig. especaly rn the Arem
ST mergers an segumens IRA] ar FL PE
Omerings PO,

DCM nad aerge number of new bond issues, sis
sustomers in ontering the ØE Sapa MEET, ME
So føcrnatrg venter maret I better Ydre
fo imterest rate orronment. During 2017, tere MOS.
SBe0he focus on vmprevng ne SØN pois KANDE
Meh rente fa svrong performance for the ERE

Income from Generel Bankong as up 7% rom 2016,
SiD gber Valarne EDEN
(SER

Operat ng espenses mere up 3% folomng merensing.
SE 2017. Te cost norne ao føl Form MA
142%, however, due to DO higher come IN
frarebrengdredtrsils- asking

Emo gotty.
"Total fon mør ments st Corporate & Inst Ons
Froed at DKK SA min In 207, Gom from ORK.
11071 miton in 2016, rehacing a more stable stustion
for efisnore Compare mee ON Re NE EE En
porre Fm lene ng es INEVAN reverse
HSranetne, amounted 19 DRK 08 bNGn, an renen
13% from the jevet at the end of 2016. The port
yew maliy a8 3 rest GI Inerased CBE EGER ED

 

"Te soverign porto cansists primerly ef epo,
19 ne siabie. ghly rated NORGE savnes BE
Srirat børen. Most a! re erpoure tå MON

Insttutions consists of reverse bansactions fape

 

onatves inst focus on delvennng te bear SSO
Boerne HOU relevant and Com pe ve SEIN
NT meking bank Rn maner

 

In FCC, our customer driven business model Gone
3 gønerate møre able vading Meme In SSR
"ro ertanded th rosceh Of our aGMBOT Serve and
HSo0nr and Susporiee customers AR for ENDERNE FS.
Management BrBtegy In CON necLOn th Marge and
SEqusnons. We maGucnd 3 28 Nor SørvER IM IONER
change trading and signed tre FX Gabel Code MM
Me FX Gobal Code is a sat Of global princples of good
praenes to promate the Imlegrty and een KoG
SFs forener enehange ere

ve consinved to vest 7 our Capital markt pater»
and erpanded fre DMerIng eros Our Mars
Arnber af IPOs mere MO BEFORE MEE ML, ED
ne retmser BoDkt Cm and ins gaming pronser Fr
Net Games. In Denmark, ie marke for smal Cap POS
uns reopened by SNG nem deal fr MÅNER Danske Bank
Red as Global Coordnator and stivet sighcar
ANenar paruepeton. The SArGng PosEOn in RØG
ESptal manats was Mar tøned. 318 Danske Bank As
månosted for a number Of large leveraged buyovs SUN
2 Fre, Nets and Anors pe DIGTE FONDET SE
era the VT and Leman Mener

ever tanking corunved to develop ts offer
Seamless hal) EUstOP ETS pØr ET her Saly ane
fFanuacans. We custornised and rolød Or our amard.
ning Caen Management and trade Mnance SØDE
152 number of new customers. Our posttrade sores
Stlerag, designed to help Instubon GuS Der,
Bpumse Sams bEn in COmnecOn MEN POST trade
tunes ord regstory COMpaner FORET ES,
SSminsed 10 sen STONE MR.

 

I Sorten, ve Ceminved 10 anset OM Our streg and
Wera number af na Cas manageren! Mandø,
Basies sanaung ma number Of kø POS and Bon.
"Issues. Ve also mon Nan export Fnøneing and CustDdY
Busness and erpondes our business Vore MEN Ene

Snednn state, MebØng el foresgn currances, due to
Ben seveloped state Ske art HØEG! SOON.

The market for green and social Dons sa fe
ktuance and Fustor Seceptance 2017, ad vre
broadened av capabi ties 10 Become mudste Fuser
frlerst Some Pe Manes mere On. SUN AS Ole
23 Green Bend Suuetur ng Advnor and Sole BOSE
"Her Svesskag In GODER MEN IE SOMERS ES
renere ne

Innovstion ord agtatsanon
We comnued our efforts i ereste ØE, Vo eadSng
Sauens aen gr 10 make Or Customer Wong Gay

Foloming a success pot test min å number of
pence entry kraner! port tamards the End of ne peer
Hr cooperstøn kh Bvenees Barking, The Pori
farge scale blanve, AMIN åt OnabEng Corona, 10
aa mere comprenenane, reg are vene EN

I Moy. we introduced SEPA [Single Euro Payments
reel] sørme dey pøyrenks. We Were sie 3 MOE
In tno global Payments nVauOn GPa] Inan ve. MENER
Na provide faster, hnaper and mare Paa panS
Mernauona money varsler. The sOkGn har been
FRpemanied In OUT GVSIDmEr REED

1M6-2017, we amtered to a new partnership mitn AP:
Meter Mærsk (Gate Tu] wh tre purpose of eve opg
RIR tue EON PER REE EET

Customer søtistaetion
Customer satisfaction remslned hg in 2017, Danske
Bank ootanned the number Gns peso Corpse
ng hnttunona! Boning in ne Hordes on the basis oa
Based number on potten m corporate DØRENE BED
Auner one poshian In st ubenS! Benking.

Mme overalt 1vgt performance was seven pr, by.
strong customer relsnons and 3 SO pro! Palette,
Mn Danske Bank ar inng Peber ne POE E
eros he Nares 1 TONS prodVEr areas Buch
5 Fornign change and iterest Rate Semper
fe second and vd consoente ye. e3pEGvEN
Fanhermore, Sustomers cononueE 10 an Danske
Bank as in best NOE Ann prAder OF Ca

 

 

042017v8 032017

OM FRE ERNE RTE

Mester som arret mera rang se Te Mae DØ
NSG SER Er Sr pE ER GRP nen
frrtstersrettr essere

DE BEF Er FEE SE FE nem

 

Wealth Management

Prater tø msi te DKK &6 bin, odense aT 53 FO te i 2016 Me nens porerne mms
en by a good Pet Fu Of Sustomer mproved Prom "0 prag net Sales In Asset
Management, Opersing expennes vere figner m 2017 ve PRAN FEB AO ONE Før narko MID
M ane costs for he vans orrmatien of Ina anet Manage mer Organ En

 
 

 

Menagernere

 

 

 

Breskdvam of net fee came
Puk atenarer nes. aa 1408

 

 

 

 

 

 

2017v82018
Pro before tax amounted 10 DKK 46 MON, 2
fecrese cf SA from the levelin 2016. The Ananas
perlor mance møs ØVE By 3 80 DE SES
Eostomers and strong premium rom In DØna
Benson ane prog ne ae 7 Andet Maanen.

Net mnerest incerme mæ up 51612 DKK 07 bikn sne
Fest fa SK eres MERE VORES

Net fee income benehtad Kom an MErsase Masse
Ander Pangea Bd PE PrOSUE au neheR Het fee
Frebme tnus amaunted to DKK 7.3 Ulla and as B.
Fhovo tha lovet 1 206, desprn the fact nat 2016.

benatted gr can Fron re DOGS ef ar ao
Hrom the shacom Been I" DONEa Pension under sk.

Net trading income derned 32% 0 OKK 0.4 bilon,
Beth øve 10 Ioner come Fang 10 MuraNGe COMES
fn the heath ane seet buens FT 2017 arte
Jar har net rang name 2016 benehend HOT a
Enøe come ef DKK OZ BMG FIS 1 PS uEDnGE

ner come decressed 70%; to DKK 02 øen øve
10 a Change in tre pro poly for DarveR Pensions Me
ESnvennenet Dunness nen affecre fre BLE une or
2IcAbON 10 POKGYNOEES SEES.

 

Operatung exgenses mere 9 5% a5 a consecvence of
inereased ACHE. FEBURDNY MIE MERE EDER
Her the vanstorma nen of Ih anet MENER
Ergsnastion rime bøginrnng of ne year ånØ ÆDE
Fred 19 fre seu SED Penn DN I DEDA.

red qushry.
Credn avaley mas generaty stable. Our marnsts are
Fee yet vre Per oec rare

 

Lon mpørmernt chørges smoueted 10 net reverse of
DKK 83 minen 12017.

Overs. the banovskse LTV fevel rn stable
ttvoughout 2017.

 

Toamtvaue rene, hEme Ion

 

ave BEG ove BES
== 03% 3
= an ea

 

Crean enpoevre
(Cons mporure increased 17 KK 85 bin In 2017,
ven by fromt ak markets Grow" Norway es.
Sari sfiser by tre ueakerung OF ie NOrmegsEN Kr
ing 2017.

 

 

 

 

Fe Kc
mane 3415 om
sneen 8202 om
manen 10628 as
Fa 53 ae

  

manageren: [Danica ve anke and Aner

Management] as wet a8 assets under søvce. ubere the
Becermber 2017, sets under management On kEd
BTS DER

Aasets under management nereased 8%, or DKK 110
Bilen, fem the level at ne ond of 2016, Gren by 3
posine am Om ft sales, rr ure an MENE
arket valse. For Arte Managermert, et Saren
2017 smoumted 5 DKK 20.8 bin. wineh Same
Arem instant and retal customers, ApaNnsE DKK.
185 bålon 2016. Net premiuns for Danica Pension
2016.

Me srengtnenes Avestnerr team Cone iD
elver BebsfsGtory Febr 1 OL EATOMErD FOT GG
atnet management Business, 70% of al mvesErnn
Frodvers penerated above DEC Nmark FosLAS, Øg
85% 2018. On a Bycar horror, 81% mere so
BOE Eark

Sgorimreemen proGu IGIPS COM RORE En
sneen rene (pre -casesj

 

 

Customers wh Donico Bolonee Mix acteved returns
on nesten of 5.236 ta 12.336. Tre FOER EG
EUstomers min Døren Bølonce fem sk prak
NEN 15 years to ere ms BLA.

Business raises
Wesnn Management combines our Companies
nn vesten, pennans ane sne In ENE
spraton ef maling ur custorers Iven beer. Our
Aster and solvvenn are 2 ka part Of Our RANE
Seng te ak our Evntomere across the Gro and.
favoupt å number af banes ses In 2017, Me
NOrkE 10 Anprove the Custer experience, Ereske
gta: note SO"KAONs and SvppON NONE rom.

Acquring SEB Pension In Denmark
Pennon nsurance and iong term søvinge are DecOTng
more and mere perIan our SAsr mere ALDE
4012017, Dana Pensn scgured SEB Penn im

 

Denmark Trout scononves of sonie, the seven
var make Danica Pension aven More COM pE Enve SN.
Fangen 2 FROESOn Caps) 12 EVEN EM aDG
Telavani pension and muurance SØN ons Or ur PeDbDn

"By taking over SEB Pension in Denmark, Danica Pension
write velcoming around 200.000 new panson
Ranagarren The acquinton hos ben relerred 10 (Pe
FRIERE BANE for SpprOVe, and ther Fænponne
fpncted ven the Arst Na of 2018.

Hefping sur customers be one step send BR ENE
Pension Sehee

Iris our amba 10 help customers be one step

Mand FegorØng INN pens) Schemes MM” DANE
Pennion We use data mig 10 PrOBcVEN COA
Pension and insurance Maners st porten He events.
ELG an marriage, change f salary or BUpAg å NE
None. We nus hl our evntomers feel mors Ananeay
acts and proparsd for 3 1onger and more BEN Me.
Ser Me begnning of 2017, me hove rese OD
more than 170.000 Derish austomers mn pote
FRavks For stance. Dane PeNBONS Ek PEGE
ore was 53 fenighred average] 11 2OLZ. MER Son
HR Sune ala MØDES STAGES ANE
Aare Crna ER harm. ANG mt an, 3 BEDRE
ST custoners KME Gu FEC0 ME ndeDaNs Am.
2017. 2018, mm il ærpand the stine to cover ne
Businesn do business sepren.

 

Innorseng our mvæst mene offering
As pant ef our response 10 Chang customer
semards and MAD I røgen. me eve eped a NER
FADEREN Seng. MED mas Fa nENE  FEREE I
2037 Tastenaty, investment sok ion have be
mest One BIERS Sl MD BeTVEr GEDDE
Sering, customers åre Pm ble 10 C100SE MESTE
Sercet Bøned on ther Adds goals and MEE» and
Farina amount they veste. Te ne seng Boe,
Beyens the regurements Kom MID I by Fem OVN,
Tatfocesnens Om al proud magre 10 TERE
Higher ansperene Ve are 0 fanen mes
stars et spy the karte Pringle in Gr Ser

 

Bemoerousing mvestmenes hrougt nem gør
Theis Danske Bank's Art intistire win Siger
Investment management ne mas cmated 19 ONE om.
ASByto une Ad orne PETTER PAK DET.

'srce nelse In Denmark around 14.000 Danes
ave Become Gvs1amers af June. Many Of DOT Br
BKK 300 miken. In December, me ale MEE IE
vatabin 10 SMS. Vs are okang fri He SØN
BBlnehag done in ie oiner More markets em

"Success kounehes of pre agutv fund i Prut
Boning

12017, me launched tree pre sav (nd for
Eur Praia Barking customers i) Denmark VR an
Enderating ef DKK 26 bon, the Knds have Been
Some Ofte MOS SVECeBSI pre ER IaUNERER 50
farand hove enstjed our Privete Bang Customer 10
tap mio ihe btrsebve akermave OFenng In Eu Mørket.

”Svengtnening our øssat MonOgemen! Copøbi ts (0
provide CuMtmers RR AE SPORER

fine ret hal of2017, Asset Management and
Danes Pensen estsbisned jr CI frEnn in
arver for LÆ to øverage Our Ives MENE Copabi les
3erons Wea Management Bd 10 Ereote å PS E
for have Sevelspment, Ms eaties 25 ta prev de even
more value and REN VESTEN SPOLE DE
stomers by evetoping our sOboNE Køn. OUT Core
Hocus 10 høther strÆengthen OU SONS. BABES.
Nhat mn arena ve and ESC Tess
nese are 3 areas, MER Me Dekeve åre ERNE

1 soeenssky navigste na Ya Market Sae
ESS ESGELEA

hnereosing our aferts mn sustonabdty
We conuned sur sustonsbaty work øvnng 2017.
Antlatves Included sustelna Din fabeling of Danse
80k Kond onda RON SF OU FESD KREERET
pole mcvding Øncsoaing vatng records during 201B
RE pension al ur ENHED FØLGE DEVEDSEEE
Ang 2018 vil focus an ES engagerer as metra
Sevelopng a ron centre Of Me kEnER.

Customer satisfaeten
Prvete venn Managemnere

For ie second yøar Ia ro, Danske Bank MOS anke
if best pronder af Private Bang Server Inn
Nore enunnes In tre anne! Pros Pere Survey BB
Rimerievs win more nen two ENDEN rate
Banarg customers Danske Forrsting ie Sr Fana
enter one by her Gun er

Prvste Wealth Management mæntaned con place
10 Norma and Svdetr ane SM pan FEE.
Konever fr Denmark: Prvate Ves ManagenenE
vene korn Ars to second place.

Asset Manogernene
Among our sr Ena! Cher, ASE MSSD

mannaireg ks strong postion as number ore in
Banmark for te second year Ina rom. In the Ser
Seveaped in Ino i MELET SveFage. Nome de
Stænger deveksprmenes at se COMpERorS OVE FORE
Nas mbakened In Nore. Cur Tanks SM FT
four 10 number six, and in Sweden from number nine HO
amber mee.

 

Dons vest
fntne fest hf ef 2017, Danske Invest receved the
Monnngstar Annord for best Sgt) fund MØRE

iso, Danske Baron the mera for best DNS fond
'etecror for he Seven YET ID FO.

Donco Pension
According to Aand Researeh, Dance Pensions
ESomer satelaeven 1 stå MÆND FOG IT DER.

SE Norma. There are np rankang Tor the Femern.

 

042017v8 032017

Inia tout asaner 91 2017. pro bet tar
Rene ta DK LA ikon Ap ON Fr rn VE

"Tut come erstat 4%. Te fernete mer ng
BAN re Tre manageren fn TPE VARE
MERETE Ten EM BEL EIDE Kon
SETT ane FRE Bar Na TER ERE Så ME SE EET
FE ESS BES DEER Penne

Na trading meme srernesed 2% KE IDE ES
Ea EET Ten Ær er Be Fa

 

Nat sales for Asset Manage, PcNbRg Den ED
Kseretene br surtesegerg
RENE DGL hate nt fed outer De
FØRNE Mr vet å penne AD FIE FAN
Fer Mom re Barak va ans Fast åg BURDE
Fate ie Nore rager ane fo fe EG BARNE
SERENE SER ES EON, Er
REGERER SEER

FEER
eee rene

org ever mere 18 MØDE Pe fon
an Te MADE Sen are TEDE EDR
ERE Ea rene sete

 

Northern Ireland

Pratt before tax increased 18% 10 DKK 1.251 milten despie adverse movement mine GBP/DKK exchange rate [794
me mersase mas ne rese Of mer Operating expense, AMC ME udd 2 ane Of! Dee IoBWNg å Change I pensen

habiives. Tre underlying perkormance mas Song, muh BrDMN s lending and deposs Oflseting the MEL Of mer

Bnnnee
Nann nesne ma eee] se 40 w 24
== Hee. Røre os ske mør ser | me am

 

 

2037 ve 2018
rok belere kan imgør ment charges incrensed 21% to
IKK 1.004 miten, fre nerease ves the rest GTO
operating erpenses.

"Total acome sto0d at DKK 2.961 milion own 5%,
VAN ongoing Mare Canoe UNCErLENNy Feng as
ESmtnuaton or ow GDP grønt, Ion maret Fats and
Mask GBP. The eft was parly off by grOMn In

IRNGNg and daposks a5 CUMIDMEr GctVty hevels ere

mør

Opersuing sgenses prmariy roet 3 one Of bene
Hroma change I pension Habøtles Kol Ag SEER
Stine current pension arrangeres for SER TE
Nos parteRy Set by Acruarnd EST

Rem technology, MprvEG Ovstomer Sotons and
NERE MW SME RE EenENned vt One
FESUUCENg MBE å'8 BeBipred 10 nur NL me
Stene to køy mest name morr ånd ere UD ne

2017 vs 2015 miecsteureney.
1 bocat cureney. prof before tan nernased 26%

Despite tre uncerain Mar oec noe PnVronMEr.
frcame Acrsusnd 13 In CSI ren MEN BERØRE
sromtn af 9% and SepeEt BOM OT SI MOE FE
Ehuartg the negsave pat af tre Howe ster rate
Bnvronmet fat øre opereted 1 for most OT ENE yen.

Operating ergenses et 18% driven by ne came
pension fake HAM mas pørhaly øllet by VESTE
RG restrucnring klat rod ed 10 der
empati enes, elkcuney and the Oster Of Me

Crna qustty
Loan mpement charges continued 19 som åer
Fever så IPOD ERKE In PIpOTRY Value and I NE
Halig rets of our BUBIEsE CVATOTETE PG FE
provins made In revo YES gast POKED
Bnransed dg åre TO IDE ED

 

 

Sion anus — asøa2 002%
Fu me sær oss%

 

Business kats
Bur venn Morrhern retn is 10 be reconised as
AP best Bank Or GULKDMErS, SPpIoyØDn FEKERDEFS
and socety. In 3 changing snronmen, we Emne
1 even our BtB, 8 HDD. BOR Fre SVSTOTDEr
penerce ar Sur MEernaL SPEED e

Customer ocerty
Me year 207 Wasa srong year for our mongøge
bvaness så nem mortgage kending mes up 28% on
2016 Wen our market aetivty share hang Goued
Soc 2015, va beings us i Kne mikh Gur market Share

We assisted He mortgage business NOV ne
Fetroevetlon GFå Gips Bye Or AG FE PEN BEDRE
Betnor. Te resten upp. 5 bv EL TEEDEr
SEhovour tomards brker ENSNNeIs In FøGer Year
Pe arme ne 88 pr ep OVE TSK App UNNaNEEG

We comøltnd a programrse of Øecentrøksing ove Pal
bunnegs advare and IEnLg them I key DEanENE,
ANrevgned Normer keen. The deemen to as me

as taken 5 å result 6 FONG IandDREk FOM SE
Susinennen, and the nem setup mil sko GV SØVNE
18 be more Becas se and Closer 10 customers. TRE
Sharges øve arescy nød 3 tang NDS Mn 37
few mak busnese TlavONSNNps BENN SDS DEG
fotos

corporate lenøing velumes were sis up on 2016.
nd Danske Bark retained å Market Ios dNg POI

Ha segment» 68 el a8 Deng fanand DUNDEE

ESomer paperner EhanesmEns fo Or CDEpErM Le

Eanoner pres un NC uds the mrod veer Bl ae
gta vore France Bys.

nnovotien ord øgkotsoron
Bigtal nova connves 3t 3 Strong pa, SØ IS
Spected to aceskerste further in 2018, party Because
Snereasing customer epectations and ne Seven ET
pen Bring. 207. me saw frier BGO SFO
peer merne min Marr Pen dne Øge ks
Year onryesr Ve ore vere ide ERE En En

Frgeriss of ine Grou to ceveiop a we range Of digte
SHeringt for the Horten En Market. Now SEER
35207 inctøded th option 0! pap Rn Apple PO
år Pat Pay. Va siso Hvnened a New Mae SPU IDed

Another mampis of ongoing Øg! InveRt en Ves.
Sr focus on uprnng key Branenes 19 mane TE
Tore Øget redet Hd CONGENe io good
atomer zperenses. In sadhin, ve ClaBed å ÆNDER
BT banerne In vapor Io the EDNnung Change, Im
Eutomer behavar

Mocroeconomie eo
Intne fountn quarter ef 2017, the Bank of England
Faned interest tes fr ie HAS Beme 1 LE eGrn
om 025% 1 015%. The roer Jon Mrs Fete
rruronment has had an adverse pE On af Banks In
Has in the naar vue, belt On a gade Bois IE

"Te Brut doporure dte has been Set at 29 March
2018. ein many Commertatoer sr peenng SEE.
Vnceriamy to nersase as te Gate aporneches. We
we are plamung for å unde range of potenal ovAcOrmes,
Rena tekst 19 Brest has 30 far Mads relsbvely
Sat mp: on ending, WER landing 10 personal oral.
Blumen customers berg largely onafincted UDE
Some corporate deals May have Den Øelayed, Corporate
SR bunness Nang TEMAER,

Customer satistaction
bBueng 2037. me maaned adng business and
personel market poskns and cDMRued FOGED,

8% møreung our Customer server I) in BVEnEES
Synet, me are no Tre Gere Market EGE sn
Northern kelønd, up Om KG pos Ron ar ne end
2016. For persona evstomers, me have closed some Of
te gap our øarøst Come LADTE from 2016.

(5)

Betow target

 

Bank

   

[5 545-5 5StAelidselelese

042017vs032017

Pro before tat 5050 7008 ur Gsner al 2017
NSSS hon 1 Sange person hb ne, BF ED
Bennet Fam Pe En GS ESRB TEE

Me vaceryeg hints momentum ns muren red.
Kisses styres

 

Non-core

Profit before ton for 2017 mas a negative DKK 12 miion. The vinding up al ine Non core ponHkoios is PrOEDEØnE
accorng to plan. Total lerdng as ins decrensed 753. since ne end el 201 and Stood at DKK 5 A bihan ane
300! 2017. Octøber 2017. the Group mumrad no a inding agrnement On the sale 0! poetkolo el hs reddere!
FMonigoge foens, uven od agross value GT DKK 13 bikon The trangacnon mas Setied In Dncomber 2017.

   

 

== Sao 215 — 25 S30 aner —— 20) 29847 — 20723
BR ges 23 es anes øse 98 298 22an
ae 2 00 oe wa mo må om 2
Kxoucesmuienø! — B80a — 20 —— so 23 2708 —— 6 — 2m4 2778
anses ONE os 13 as 09 370 28

Henna mm 3 mo ae sas sol Mia fe

 

 

2017v8 2016
rok before tu mas 2 Ios of DKK 12 Mon, against e
Prokt ofDKK 37 men MOLE.

Operating expenses neressed rom OKK 363 mon
12 DKK 888 mikon m 2017 oving primary to vares
ctubes and costs rente 10 porolo ses. Severance
Bayard ne Sean

"Tatallending. mich amounted to DKK 54 billen,
Senate MANN 0! srbOsVn 17 peroRsl mOrtgØge,
Estonia and ond I ve fort quarter af 2017, ne
Crop 301 a poreks af binh raske! MON gEe DENE
ulve had a gruss velse of DKK 13 bien. Parnene
Monigøges 1 Es1ONa and the Femaring persona
fongagen 1 Ireland mature BcBrØng 1 COPaEte

 

Me Noncore cordurs portere smoveted to DKK 45
bien, gunst OKK 8.3 beken at ne end ol 2026.
Me porto Eonssts pmarNy af UgAGNy FENG

SEE Hee en

 

 

 

Rena bkg HED 1703 Bo 247
SETE 3si0 ass om sm
Fa Ries ham te ker

Total npainmenis amounted 10 a net reversal of DKK
710 milten, against a net reversat or DKK 165 mon
112016. Most oftne reversals were af charges ogs
Nomcore Barking faces modig ne Fish pro.
Aas bonøl an FAparrnert charges Mere TAGE ARE
tre Non core ords perso.

Me wnøngup of ne Mor-cors portoen im proceeeng
Ernst plan

042017 vs 032017

Prof: bekere tax sneeredte DKK 27 md anne
BG 6 mider ie PAS gun Te AED
SVENDE EET

Overatng pens am osnted 16 DKK ABA må en.
Sne 208 mkan fie ERA mare Te
HERRE SN 10 LEE serne Sr
SE SDN an Fer arGE DE Re

Loan mpnnen Nr ges moved fe ane Fears
STOK 470 maker. agens anet reverse OIL OKK 253
Fehnger gene han core Bank faces MOLE
Hi

Other Activities

rs inehules Group Treasury and Group support functions 28 wet as ek mmnaion. CrOup MÆSSuNYiS

Fesponile for NE GoVp INler ns Dank HGGEJ MONØJEMEN AMEN

 

 

 

Sales

(en

oner nemme fw  13m
merne E—

Piet beer tar nu

 

 

 

20172016.
Otter Actnies posted proft before tax ef OK 927.
mon, gast OKK 2.973 men In 2016, Wen
Senolted Form 3 gan falnind to na sale Gl Sme
Broerne In Copa aen

Net interest ineome smounted 13 DKK 2.402 men,
agøinst DKK 747 måken in 2016. Tre røst Per,
her I Copa [reporied as an teret enpense nv
Bvuness agents flere ees at the PLOTS Dank
Betucen aetval and akocsted KØNG Cost UNE NE
Groups finds vaner prcing model, 35 wel ar PETE
reated to ne Groups Iquidky prale. In 2017, ne
Eroup's gu dty costs fat, and Income From Fe IU
porto mera, Given by Omen KLAGINg COsts.

 

Net rang come smut. 10. DKK 478 min.
agnnst DKK 1,498 mon the year bedere, Income
112018 bensfind Hm a one.0f gain om he sale af
NSA Eurnpe and poste far valse ajuns One
uGty pons ånd IN Pr aRE SUVDEEEEEE

omer Income smountad 10 DKK 80 million, against DKK.
ASS mon in tra year betone. The Agure fer 206

Incivded gan reiste to ne sale 0! comte properten
hm

Operating sigenses amcunted 1 DKK 750 mon,
aganst DKK A18 mkonin 2018. The increase mas
Ste 10 an nere M erk erne, DYRE COST
Sparer and pay Fare Br BENE PD

 

042017v8032017
ESS
eres e NER
meeen Er
SLÆER

earn

Het vaGng ncome amened 12 DKK ZA rn
SDS
BOREDE SEES
SEES z

 

Definition of alternative
performance measures

Danske Bank's management bebeves fa ie
Sternatve performance messuree [APM] vad mine
Manage hentes repert pronde velvet Ideen
Haar ef the Man! statemeFes, Te API prOMAGe
more Cons sten bø for compering the rets of
non! pande and for anser tre performance Of
ne Group and ech Inde BUSNEE, ON TRØSTE
so an po Lan Ps pEG Sie ma 1) MEN DENE
Banes management Cehnøs Opera Hg ar
FSNSLSSES

 

voughout the Management report, perform
is assensed or the basis Of Ehe ABN
SA Segen FEpOrINg. MEN FøpreBeRE Fe MADE
Inlormaten regsry provdrd 13 management Tre
Smererces betueen the Ana PGP and Pe JES
AnanGa! SEE DENE FLAG ON 0 EørrEn Snes IM IRS
Bresentaton. Tre are Po ABs HEMS, WAVE NEED
Aa net pro is the same fr ne MRERGIS TRF ENES.

ne te FFRS Income ststemen, Nate I Fe] and 310
ie franc! statements dean the ØRerEnGe DE.
presenaren, and sc fe Fem i Feconeled We RE
rsohamed Mmancistststements prepared under FR.

Defmiions of oddnsonsl raben prenentind on page 4 and
other secions af ne Management epo.

Dmidend per shore (ORK

Me sens i ne øger reiste 10 ret proke
for the current year and pad 0 sharshoders Ene
Stosur year Accra. for 7 MIE
Bvcend to be pad in 201.

Ratuen on overoge sharehoders' ege [4]

Net prof Guided by uartarly average sharenotder
gay Met pro and SNøreRØNETE Buy åre SA
8 (tre squnypaceourned adenona er 1 CapRar
Arn Casse 22 a ksby. In (he MOMS fe.
Frohn is reduced by Mterest ænpenses EL DKK 786
Fler and tax ihereon (20387 DKK 663 mikon
Betore tin. and the denomnstor represents SV,
ening aGdtionel ter I Cape! and GENE ER
ESnuroting Imerests equel to a reven In Ene
auartery average of egsty of DKK 24,375 milen
12016: 0xk 21.758 mon.

 

Return on overoge toge egu (36)

 

hver irerest nem oå 390 of ons and deposes

Net iterest Income in the fnancist høghighes vided
by ine sum af loans and degn. AR amØrEs are
orm tre ans ge

Cost/nceme roi [3]

Operating expenses divided by total Income, Al.
Gare are For the hane PEER.

Book volve per shore

Shareholders' eguty [that 2, exekvding guy
accountnd soda ver I Capital Øde by Pe
amber ef shares OAstandEng åt ne Ene OLIN

con mparmene charges os % of eredt epos

MPa ment charges and Credit mpOs ure TOM
NPØTg setMbEes NEDE SØDERE. TE KOTE
HE The han inpnrment Char ken OM fe Haner
ANDI The deranunater 5 the mø CredR
rose For ending sete CE'8 segEeNs
tre bagning of ne ysar Or DKK 2.533.8 ben,
ES Gacosed inte "Breakdown Of eredk Epos,
Tante the notes 10 Pe RBRGSE SEEDEDE,
Fnducnd by rødt spore related te TE

and oem commit menu of DKK 275.5 bin. Te
Fab ir cake for SEN BENE,

 

om Been ARRENE

 

 

Financial statements

ss
e

nm
73
5a

7
”e
ea
7
2
så

7

202
104
08

Statement øf comprehensive come
Belarcs sner

Stmtemen af care

ERG Ron staernerr

Y
z
3
5
&
3

g.
20.
2.
5.

18.
w.

18.
is

EJ
En

Ej
Ea
38

"Boss of preparation
Changes and forrhcoming changes 10
CCSUNIN pokes rd PEDE nor
"Business modet and bunneBs Sag MENE
ARMEE By SD,

Net imerest and net rang Income

Far Income and pens

Income Kom holdings I ass0cistes and
Oner ncome

Operating pennen

Aben fees

ton mperment charger

Inde porte osse ar tabte

Banks and Loes at amor used Eee
Laane at for vlve and Bone sed BY

eo hredk Danmark

Assets and deposks Under pO0led scheme,
Aasets and habities under ørne
angle anset.

Bue to ere Insthuons and cera Barks
Sr Deposkr

ae

Issues bonds

(ther anset and Other habilties.

Eau

Cnungent babes

Belancr sheet hems broken domn by
rperted ur date

0

u2

19
ir

227

130
3

158
38
38
139
155
180
as
65
166

contractua! due dates ef Aman kabMies
TFansferred Aneneet ass at are ML.
sereeogned

Kann pronded or received så colmera!
Onsetng of nano assets ond Kabe,
Far valse informa n fr MRane aL
Nor.knancal assets recogrised t føl vase
Lrg

Ramunerston ef Management Sd mars,
Benske Bank shares held by ne Board of
Birectors and the Executive Board

Group høldngs and under sings.

Interests In aser NEDE
amangenenin

37. farens In unconsokdsted sYuetured

Kean to the cast for siste MEnE
Implementation OfJFRS 9 Araness
Isuumenes and IFRS 15 Revere Om

Ey & BRE BBR Så

sg

140. Changes to Manet Myggen Søger

Rlsk manager ERE
rr

Credn mk.

Market sk

Ugudty hak
Heine, ration and key Agures
Behmtions of ration an key Aguren
Financial statemente - Denske Bork A/S

 

Income statement - Danske Bank Group

 

fn Dcentom)

 

  

'Statement of comprehensive income - Danske Bank Group

 

me rå

 

 

 

 

 

 

boerne Mae 3037s
MRSTNEE sa Te

 

 

Statement of capital - Danske Bank Group

 

         

Cnangesmensty

Nee en so
honda 2 = EH
BELT z 2 ,
(rmrsrer sen PER 5

 

 

Statement of capita! - Danske Bank Group

 

  
 

  
 
    

 

 

 

Kr
SETE Ene SE Beneh Bane mn m nm
Keen ARE DET Mag En æn
(eneret za Es 3
EEN, ko re me
tennieer ennen nere > me 7 me
vens mene ne er avner w— se Fanso me sanse
Rhen nar nn De Tata, se em
Baner mr mess — 7788 8
ran en Ene ES zs

Re REE 2000

 

Totale 31 December 2016 87 es 447 aen 805

Statement of capital - Danske Bank Group

Bane

Te Bordef Denctare m pregsung  dusdend el DKK 100 par share (20 OK 800; or 2 ul! DKK 3358 mM 2016 DKK BESS mio sfnen
95450 mon rue 12 shares BEGOrnE under fre share BUD Program for 2011» be pal OM SEN Pet Pek fr frå POTER ED ED
OR2S Ron ROS DKK 1350 mo

 

Bamnø per sern DG mine, 2o7

 

   

 

Net proh fer the roer ERNA 1 fe ERR SE ERE PETE SSD mos: mm
Norse of starts sved & Tsnnaer, 21371285 1008520000
FrnresreenebrereENEEREN BRETS Baser Es
festens sses street. SB SESSESSNSENEENESE Baden 20ansaD
Are see densa ag Ansanssar  987213435
Bute pe snert En 2
ERE ED EDER EET EET EET EF FE RE EET SE SR ERE ERE,

Mander ehstersenanandrg am as

 

 macsosæ2 35250783

volta stars mm TE em ie
Stustørses pan Braaecos mess Søe0 922
ned rr & 53

 

"anse Ban Ep MEET STE narer RL Sy Fa BE AVS SAG RENE by Den Bank CFP DE DE REF ERE BEER EET
ange nere 28) Te Oc enres Skone AÅY Pe PVEDESE SENE ERROR MAGE by Caraks BRF GOA ONE OBE

1Dce mens] FÆnE pe seem — 207 3018
Veng må anv. Ca == mm lem 6037
AE SEENDE, mas 41300 Hs Skøae asier
VAD SADEr ar En mM ve
oldrget 3 December ace == Em dome 1037

"Tre Borre DEO MATE TE DERE BES BERGE FE EFT UP HEE TERRE FEET FOER ERE TRE SETE TE se
NR onen 0 probe Så sr, S Gores år SEGL FT GREEN HR BEA PR RD RE ONE By TT Pe MOR FDD
NESS fm å] BERGER Omnaks Berk A/S hot SBS Porn BER FO DN FODER BØDE UR 0 ERA OT RT ET
SERENE NE ENE BERGEN SEE FE EDER DE LEDERE

on feruary 2017. (te Group and stars bor bes programme OK 10 bilen Tre programme mas cansltEd or 3 San ar 20E.

Statement of capital- Danske Bank Group

 

Torn pa en sanne ene
EET sens

Eg REE EEN

Renee oven

REMEE Deng OPERERE

Bentos mangn sn

Stegte per Im rl ar havre pres Dy EAEL EPE tenor Serene

commennguty tar ompn

 

 

38788 MAGE Tr2 Capt Pan onder fr renere AA nr DNK BBB Frier, save 3 FRB Ef rå Feporn nd PM SPEER BRO SL

 

fua Menageneri 2017 prondes mere etals sbesa fie Orosp 5 total captiland ste rok erponen onen Fisk Manager 2017 ft Covered by

Cash flow statement - Danske Bank Group

 

Køer te rercmn nn
Toner
bra

 

  

BRESSIGENET mm
KR bananen add
Manners nn ri
Fereses ma
Fear 3

 

 

SEERE

cute hen rense

anses NE

Renner

menn
Cm and samn ennen mrs eres

En ren sen are an, FE es
== EH am møn

 

 

 

 

 

Mental Grov høltege and vnderiskngs nale 35 podet MEFEDOE sket FENERGENS Ohe var] eRsh hore From CFDED under LEE.

Notes - Danske Bank Group

7 Barn er prepera Ben
vetettøe Cnerpreterors JFR] aud sy Pa ta Tano! AFG SUT rSr Bast å AED amor BY EU FOF Der non HRG SONDE
Arras antenne op mt tke Benn FSA Enna OPER! We 1308 Sols 18 Dcomder FOG ON vor af FRE by or, MAE

 

Pusnset uatumert Myyres are ste 1: Duet irer ord åse mins, ølsss Ober stein Ars rende Eee, TE DEDE
SSR REN SM need an NG Gnome Kr 70k raseret FRR SEE ONES.

Monetary sasetr 2nd høstes fore CsAreney are Vanslsted st the Escher MI DE bal SR Gate EAN FA MORER SDR
ARV DRs REN SD RØG OFA FR are Ng FR SN ER IMR SFT SNG St I DONERE RG BURE ST FEE RE
NED EEN SEES En
HEY GARE SES TERN ere rener Fare 9 re TAP BE DON SAR TP BESS PODET STINGO DEER ET BADGE

mere dr, me rn Fare Fi Emre, mer mm to Pe Fre Fe en Fr renerne ng rn sr mur, me
Eee ne SEE SR SP REDE PE BR Fron Senere SMED) FRDTneDe FO roer Men 3 FOR

me sipbeane scenen pis are co porE mt Ene notes Ho mich hey late Danske Bank Group HOR et Changed 8 SNG a SERENE
festet ssress eter

hai Srikcemtecensns ng estere,
MRRdener ns onen an arrene af Kar evner flat mil spacer) net fø Cam øn amet Of s8Bsts and Baba undre fe
BEDES Ehe orne ed Pere FTnGeertE TAERE FEE SE FEDE TE TEE EET DE,

 

Ta sstmnmes nd stumper are Based 0 Prone it mi nagonent ånde Fassa but me are here oner En and pr Ende Te

RTE BORG IS SAR MEE ne EEG TR BI BEEN Serra TO OVRE TO SER OT RELSE FREE GR

rt Feat press egne ACrabt Bprnsd anderen 3 SO ml hove ERE TR aY vaks Tre Bond 17 SR Fna OK BOM RIST DEDE

SOE BE mee) Ton Crveg males fr Lake Serre få Er ERanget 1 Gerkerpa ry FO FOVA så OVA Sat ID Sorø tap HOR,

543 PO on Gener HASS ornat 2 100 et Ser PE 7 POTM SF BABEN BAG MEDA INR SAGER SUSE FE REDER DE

RETSAG ører FLG Ask Sa Iene 3 denn: ALI Dncemer 2017 tre adr orens SsnS OK SSD FSI Cnvember ZTE CRETE

FAST RANNS Eonmen for Øn0n AE ax derrst ve Ar ELMDTErE BLEE fo ORE SVG SINDE TNO OR eeRe RE) TD
RER SEERE NE EEN FEED EDR

 

 

 

on Groep Mies FIRE! charges 10 Aco! fer any Mnprrnent ef Jane FN ocesrR ser bre Ferogøiben npevener charger sonet of
RØDME ung etat Charge AE Fey Så oe & OMI aR ER TLS sen ERE OD OF poor DD RR ET EIDE ST
Hornet tøeste kdven cash Anst and re kon GAMME TR CSU Gelb TNT FR SEGS RGS TRES ER BO BAT FO LRAEDDEEE
TOTEN Fan det Tror HB BED nEr PE NOEDGEr SYREDE DEL FEJRE ANNE EDEN ST GR Pe BERGE GODE
TS BEER VESSAS TERESE tonen BR NER nd len orde te Gerne En Sne

 

Meforses ncsered order p0n perferrrng Isen Steen daperd seng Finer fsct Or on he selve ol Elmre! racerne I Me val ef cehaters,
RENNER ION MØG angaar EKerget MS re By ses A DR I BME ST Once BOG OGSA TIR Te SABEL NERE
Sorgen fre Sens 2 IA EGE Frog af ostene IS Mon bnst Evatomers mere Meng GR OR PEN ESKE CE INDRE REDER
SUE ARS dy sån BKK 18 Ben 31 Once 2016 DKK 12 bon) Pte » sl pars Charge af DR 2.8 DOT FROG
Kanye ten racen on he tan df nsna gerne penne OLE LOA STE BO SR ERE PE EEN Ene
AE Ginge model Note Hd andre Gro 9) Ent FRR FYN TMM FANGST KONGE BFG TRO GER SD RBR FEE Dr EAST
BEER BOD laane seeder no BA ST rene ammer EST Dr FOD SR

 

 

Notes - Danske Bank Group

 

1 Basinof prepararion son nnued
før Sencerr scanne een ns

 

Bar C0rn onani DK 03 Den (DIE ORE O I Pe] ole HØ Fre VIETMEEN Sr FRESRSE THEY SEENDE PE ADL EUS
Eta vanter ser The romaning pral af ON 35 Biker (ON DKK 35 båkon eter i CPR TREERE ER PN GREG VRD
BEC38 aser Matt 18 prodse mare mrRGEGN ER ENDEN FANEN ond mane ID CEREE LEDENDE

MEE SNEDE VDR TEENS ENE ME BARE SN NNE COTE HAS TØ) 0 BEATE 380VE ANEDE svares MORE
RTE SGD FEE HG 2 0 BED TRE ARNE HED KALAE METENY PMR are DØRE 0 TRE Dara FSA BEES RE DERE
TCDD arr bene ENERET RED FR POTER SEE VFBNGE STD Meter EF and 17 Po FAME TEGERNSEE TET BEGGE.
SFSR RAE TRE TRE ERA FEER EON SHEET BENDT ME ENE

Aecogerten of deterred 108 anser ond aber
BEER Of Seler it FEBER TAGET 10 MUSE På TODD MRS ane 0 hr PS Dalarne tt annet mug FED vvs tan.
ASS mesogrnnee1 Fe SIE Ing LENE CRP DE DANSE gere Lar SKER PORER Ave JER ÅL ST Gerber OL Mere
AE For foogr te tar een EET era ds Bree 13 DS, 03 Ban (SI Oncemner OG DRK O3 DSN Tha tanden ef reen Er
HEE dornaren Fang ormen 1 ms Gray Benn pet sns tå Melun, snore te ORK 23 AKS 3 Decbr 201 DK SORG
DE EN En eee Fer tonen mr meant ars arnrne I DER SO SNORE Buer 2010 PAA ED

Notes - Danske Bank Group

 

AE Tie hranung nere Prone s gener ØebEN BENS PN SEEREN RETTE EET FE Te RENEE FE NEDE BEEN

Fre hase an ale aars ErNR re MER Ed rt far velvet HNE BetleraE Ørte Far value AØeaK ert» vrR led FARERNE
Tre tetonngsecien settes ie gener! Suns enten and mener ef nende inn unen Es TS ass ÅL Eben SR In He LE Bl
Pnenestremeneresendetigeterne under inn Ceres Sensor len End PEDE

 

Been En

 

 

   

teten) er DE ES teen tet ram

 

 

Notes - Danske Bank Group

 

1 Basin ef prepereen Gone
fe) Sørikcart serovneng selen - ANGORA DENE REFERERER,
Leone ordinans ksbikser

MESSER Seetstnes ere rd, mened e nerne PEEL Lane Een dr DER ERE franske sr nnE
opg SONG KOTE Her Irene re TDL LENE TRE TO TEE DES DEDE

 

nens rente under Dunet merngege Ansnce nm åre fonde byen Mate POrngøge BORG MTR MINEN tarm Barenere may Cape BOER ARE.
NØRRE Dr orden bond, SLENIDens SNS ond år BOM NE RE DYTES RRS OBE TEDE SD

 TMe Group hut 06 seks om hent LA ty BASA Danmar or an ONDE DAB BAADE HR DERE sl år ERB EN Fr få DER ME

 

Censur ie Crop messe Inan and anv Bond Mt fr salve 9 ACA dene mt (Me før value spin ere by LAS 330 SEER FØL Eder
ARNE Er sa Gr Se PARRE SO Done Te fr Vale 0 Bonds CSE SY RAP DEM OFTEN, Ske! 1 ING MEET SOLE Å

 

nain vakse elibe loan banet on te far les Me vaser lyng 59088 Mate for Charger Me for vølver SreØE NEL Ober ORE, ne,
for eks Gf ansEd hands Cave Cara p REN Sange ID ME Ta FOT ORG 00 GRØFT ORD SE
øer Ea Ena eo EST SS DERE TE ro SE ln Charger 1 Pe Or ÅG hon FE SERENE

 

SETE re generety messer st tør skue trop pro or fees and are clanebled så såber rad parlehe anset ar Mensrnier enEE E EE
NSG va fe for sete aptten Ceran Bane por are MOM for HM POT DO Of BORGE TEST UAE EF SE DT MOSE 2 MO

Trang perttoto omtr ons oser
Ferber TELs FneneT sEBrNE »ceorEd fr slev EPE RET. TOO RANE SO sko sl orne Coke Prey Manage Frans BEER,
AT RbN å pens Of er AR BOR HAR FT. TORS POTER able SORT ST SEM ENE SNYD 13 RER BEDE AR
SES KERES BADER ENES Garn Br Goran Ga for DR BF MDF STE FORE DT GOD EDR DE ERE EG
Sar

Secunnes sergenter fk rok
SKS ANDEN Manet Snare tør ve kede BRCOA ABER Fe are managed 2 Sør valor Be Mk 10 short Aar pr king Als CEED
Evas pan af seesennnk phase at PESH InGE REDDE 9 NAP ELEG KØNG BE FEED 2 EN DALER Ene UNG AED REE
REDE GDNEBENE Sr Gt Sr Dart ET fn KRO, porDSNe PEDERS BYGD TTERELTY. CAFE Secure PING MANDE ST TO Vale BORE BT
krrserdrtresedsselesietekssntetenÅ

 

Fer ser trade pois suset ånd secure Gengnated si før ve Casas and vre Cate! gl SAG IONER BA GAGE FE EDER S

hormon for vake bens anelse! Em så mar Tin bones rå

REMEE SDP S onde PRESENT vha MD FEDE Før salve MOVE FESTE ØE ONDE SEEDEDE MESTE er,
TENDERER Fan STERN TE TES SEERE BLE Gren TREE ENE Ta DEERE TE DEDE

bedmemennene
Re rn derhetver 10 helge De interest te risk on ment hundene munrte and faren hobe aser 2 STErnnnG East an Sne
rs era BOV Teen 730 Mage Mak Pa rn EN ERE OR ket MONE STN ST VBE EEN TRE NEED
fenskbebtetsers sende nnesten ker retskreds ti sesk rer rss sr dndeev es dekebedenej

 

Notes - Danske Bank Group
Ben oprepersen eoreed
Sass DEERE Ken re Eee Eee E En

urenset grenet
GEA ver Hs annan pelsen ske 879 Ge sr InMranEe and invansnent Corrs. Innerarce cnetrsets åre EOF at era
NREN nen Pak ST Ge PORER GETE 10 BONDE MOE ENTRE DT EGNEDE FRE ENES RE FRE ERE TEK rd En
frorsettesssrskeselnidtenkre desert,

 

RESENS sonprse bøn en beset soen an 0 Rare Sen. Måne are Fer ne en SEERE Kr,

rn re FeEnpnen  Mer Prmer ve Pere mn Me DYNER FSR Buen Ler Så ForeS RD IO REESE

Ansett sarmarted for nsurance covers are Fess under Aster under mureren Corr mest ef FUE OM HE SRDEEE MERE fh
FEE Rør ME Sene arne re FEE FEE EE

REE rain are Facprand så Franck babikber, and. corsa vanil, Snor Fad benskns under SE cera, åre FR ep Ed ERE,
ARD RRLSS RR Bonn ra he vel o S Ng EILER RGS GEDE TOD PAGE ENE AAL UD KILE EGET CDRTESG

Songs onder st hrtnd vira cnntracts are messen at lør lse under Astett vnder pole Cher and vt Makes VER Er, Em FREtn
RENEE anet Sr Te dn TRE TSG FPO BCCBLRR år POSTE GE FITTED RES

anet kneb sPoreRoerE say
HR erner pe ornare Ene I hersker PRI FHCORPNERG mt far øko ond censeh se ME Ohe Sider SE.

RE EN aben nonne ra TE ERE TRE Da EA SED TE EG BORER FO DER
FANGE SNE FEE MENE FREDE BORER I FEED RE KE EEN RED Er ERE FEER EEN
NDS NO SSR STE SIGTE

re teret site 70 tret vere Fem ner mes tvenese Cary ve rr er mere foer, Deres Pennene Periers rar mene

Mme rat stenene deternnnd n atearener r NH Dens FAE esse erder PD GOERE PE FAR EEN DR FR FEE ARE,
NO Bangs rt FIELD Batman PRM Ar Ha fle YOFDNEt EØS SKRFENEKAREE BER Så SØNDRE TRE TIDER BØGE DD
ASE GKGGDE ctr be Tak Sonar TREEREN POPE Mat ERENGEG D T 0S LAN) BOG Ene ERREEDVER RD FEE ERE
AES En Pi amor, Fe annet Be FREE nnnd 9 FO JIRGET Då TEDE HLA AE perods Ho DR Mr OB ERE ED
FRE Mona AEG HK SES KESOLnSEST Gser ber Om) Se REE I FE Er, FERM RE OD

bnnuranen orirnett sværere acertan Jong term eter Or pøkeyektRrn Fonds HM EEK Ba FrERE0 HE REFER Eros Te KEE ane

 

Notes - Danske Bank Group

1 Basie of Preparation sonEnueE
HÆSSSSSA

 

Te francs gøde and vaportng or sst seprert Shoe fr rate 3 are sand be Managerens Feer and FeprEnErE be bene IEEE REDER
ERE rodet REGERE Pe REMEE EST Ra RD F ESTERE SENE PEGEDE AE FEER FRR

BERN SS Fat Bur CA Ciba Snor PS MARE ATP 1 BOEDE Peet IE Sense EAR SO Bue TE EEG REGNE
KR Bø Dres 27 BEN SSR IRGENS ØGE PEARL ST SSI 27 å BE Ban FE FE FEER FE TS Da
KERES SEER SNE ESRT SEN Gr emner annen sets renees order Ear.

  

vntte ns gage come canerbvand by Fund CBE Current and Commndi hes FCC] ond røg Felsted DEDE st CaDk El Marat FO
erb rrsesr BE EE D FEEE SED EEE E BE EE I EEE Faen BRn DE a ODDE, ENDER
pen øen å presses 25 me fn SS FEE PERS FDA FINDE HRG PEBER SPM FERTE METRES MEDER
ER Le så SGT REDTRE BONN ce mt Grp FIRE EY arr ONNer Actrane Arn EB St OR Or ODER SE FREDE ER Fe
ED EEN ERE TEE RE MERE MENE TEE SETE EG FEE TESTE Fe RENE ene
FESTE ANSSSSSESER SEES SES AES SSESSNESSSESSSES RS RSSASES

Fortet degree ben sr Here ion ren Persien in be fok ig dg ler be fe renin en RS bene

  

BANER are Pres UT Oper Fer E,
(rens

Te Noncere segment inclsder er1nn Cone Heger nn are longer cnndered par Eks CFU Care BENENE TE pre orne ars
BFG ed DRED Be FE Te MESSE ER PTE SER TEE NOTERE TEEN IND DØV DEDTE FE BEDER ED FE ROLE

 

Notes - Danske Bank Group

"2 Crenges and torrcom ing changes lo Ac OunEng pOkcier BNG Pee Nan
før bagen tagen ar eng oo an pr ane NEDE ANE TREE

 

Me tøm sanarøs mer sppRad Gag 2017. Ta Crop Pas spplnd ile smandmerks 10 ile Standards dope in Fe EU Gurng 2017. These
RGS Bon TF GOLD Pas TPE for OBE FREDET TE MM FEE SE TF SSB SINE STEDSE IE LAB TE nb 2

 

19) Stander ond rterprataone net yet Rn free

Te AG nus mave for nem FS JFRS SLFRS 15.685 16 and FR 17] sn same smeden 0 FS et ave POL ye Core FDF SEER
KRONE EEN Fare tsrEn GENE Pak fø Core RD AFC OSTE BEN CPA Fa PO SB MOPS ry å Ans EAN TRE BEER
ONE Pe PRS Crone Fat Br MMEV ID ERE COUPE HAV Anne nserang For Ian ERaNgEn MO ØBERG DER OD EET FEDE

NRA ROLE te 150 fasvrd RS 9 Finances Intrenet vi rage 145 39 The standard prodes rave pre for Career sn
NELS Rn nerne SN PRALER IK SEP ETA KS UDEN TRIGE SE De RE ERE E FEE EET
BESS SA SSRI SSB Ena annan re Madge SLED OL ne FASE NS DR

 

Saba rute sene Me run EDEN I SAGE staar FAsGE TE 9) RRS: Der TO ØRE FIDE DEDE EDT

te teut mose hon fe ingen f ERS 8. fad other Masser omen Change and tel las OPRETTE FREE SEERE ED
Frees

vute Banen På Speed VP KOR Me ABs SER Sat I January 2D1B men charger te GF GEDE ED

RA BOER ovn PRS 18 Rover Fron Corsets mk. Cntomers. ØS 13 relse AS 18 Røven and ether mg FRE FEER
[ESS SE ESSE SER OSSE SES SSESSE SES SESE KESSLER

195 15 ml be stuer from 1 denuery 2OL Ea møs date the Group mil Arplenen the stan. The np arREne MR BRED ME DRE
FRØS SN NESS SGE ENERET BOLDE BEDE DERE

1ERS 16 Lensen
NSA ONE me 458 stone RS 16 Lane RS 16 tet ragcne AG 17, Lane mr on) ngl) spent change 12 Ms Ses er
oa en sone rå ae En AGE, md nn lost Herr ten nes Sr ora annet åse ET De FREE Me
Hehe rear) Snede Pere] TNS ØM Sonne Sne E ORDENE In NÅS LS GE RED ERE FEE TE
koreetsredsnnsernlassskedkst es skt

as 18 mile steen from 1 Janusry 2018 st muh dat tha Group rt Open fe sonder E Te Gresp GuErEeT AEBEnERE FE ØRE Fm
TFS 16 0% 0 Gru Arn Same ene I NE DO yet pund 1 PR Br SMEDE S/E GADER Gr DM DARREN RED RD
SSR PENN TE GAGE BEER MEADE at DE EDR EN ERE BE DE ERE FE

KN BOIS BE RESTER P RS 17 foserance Csotractn 685 17 ren RS 4 mme Corr EN ma En FREE standard nat Ent
presere fe masternn af tnsersE SOS SLS an BUN BOEDE Pr FR 1703 OMREGNE ER RODI,
KERNEN fe msn ener OFRENE SOREL STER PAR SOL FOR lse HAGL PN FEED STE INDF TGE COREREERDRE
AGREE Te BEREDT STE TEMEDE Be PFA FAG EET SOE

res 17 armor yet te be stegt bytte EU mil be ede hor I daner y 20 Te stander dne have Pr skC art SGT OP Te MANG skatere
LNG RER PRES TS CHART PREENER PERON SE MY DS FEED ANE REDE SERENE SN Dele SAR Te TOLD ME IEEE
FEEDS NE GF NET PEER,

Notes - Danske Bank Group

"5 Bunness modet and bUnnEsE BE RenERnen

Danske Beni atlarde users bank net hendes tot Sie mr. TOG Group SR Eusismers See renge  BErVEnn De Mil Benn
INT Karen MDAT BENS TER EEN BREDE EL DENE BE BØRS FE TEDE PORT MONE EDEN ST GER

 

 

Mme Group consists of noter af Butnnse vt an support Knetens The Denise urt are granted Secerng 10 Customer øret, and
TERESE SER FRE danne he Arn b ST Re TER RE Der RE ERE ER NEN ERE RR ENE TEL FLE

Parsoreterkingsene parters esnomere Tur ks AEk EN prEMNG prDRERve AVG ID AKSE MnG FE Ge tdr Berk BENN Br Eee
krssistessdenetese

Berman Beskr sn ne med sat bene AV 2 Meg rand mene Mare cares tronen corner emne mr ten

corperstus & betone sener hrgs Nord corpermie and she! SVARomer» He Here SAEREE snd beyond. TE skete Rn af
SETE å akhADONE GR DM BE Sea rGR DE CRP BREDER SR Sonden BYE SOVER MAG KIDDE SES PIONEER ERE
DRENG rener 918 Corno. BFG Tranen rer BENN ERE Erna SED EEG BEDE DSE TERE
NSSS RENNES SEES SE NSSS

 WentbrMaragernurtserse fe Grp ENN AIDT babe INSEE PEDE SYPEr DE FOT Den PER O Dnnie Casa and Pr Bank,
Norden Fslenaserses persons an benet SLADE MEL å MDAT SI BFANENE NEDE FENG SMEDE ØRE SERENE

Ner-cerereivder Serien stoner np tat are rele EarnderP pr elite Sr Burns, The Non Corset renset for Fe ori rs tes
NERO ar Gran SF Parr D et BOEDE Te BSD EDR af OOS 0 ERNE SA ERR. BOSSE DELEN ERR DE

BEES hanen sr Bees Pure Vee SEVEL Sne ES EEG

Ober Acbutetersompasses Cru Tresnury Gru pg fvAGners and Samerne LØN he Er nnsnon STEEN SME SETE GOD
ERNE TEDE TE TRE GELB MEAD PENDEL

Accouneng phe)

Sane Tap DOg Enøe MER Me Parc Been padeser The Røros ion Cerr shone nd marin rude
RADER agre

 

Internet core sn sxperne are Slet 19 the FØLE PEPE 27 27 AFP Jsn BeD BEDE TRE ere Cen, MØEeng sene,
HEGN Sy SEE SENE DANnR are BEGGE KREDS RTR 10 TS BORDE ME BEER 10 CEN ONDEEN år. FORØG SEE.
TERRA sn agent sonet FTP ar skue ST the DRM ES FNENS SAS GIBEN BAR GEDGDRE AMET TER an REDDE HEFE

Saga stastt nd aberne år akp? BA MabADER Pl 2F9 UA fr MPKRND 18 ODER SEMA OS Map arE &F TØVEDE RE BRRKENGE
SEERE Ene ER ar Der re MESS Dr Ty Så ARSEN SAGER TD MAT READ SR EDEN

Capt iahersnedsern easy Slbesnnd 12 e Bree vt based or 108 GOD CAD SER Panna mr ED sc Are te
SS Tbene erne NE Tr arr BAGE TSA SGD An I Enlai lg GAD CET Cap TE TER TREE HR
ESTERE SF RE PØvnD Vann Mes 1 LEN Ng me Far GYGLD ET SED SOREN FIDE IO NE NET FIRER
SEERE ETERN FAG ED SE FEDE,

Heston øtarest cen squ 10 fre 1 ret FetLE 9) AE snert Sagde 2 sgper one fo suc Born Ut and sner ya SET ERDE RR
NES EGone ber I cap cares tre annat Cr en te Dar Re Ea SKEDE I On UNE SE RR E ORE TRADER

"vaere Ager ar Pe apOr DE Er SAC HEDE BE PE ABE BØN Me Era Fe FED POE ENE Manager Sager and
rener Me Hrene Florman Fag PDA 0 Par Der FOF BONDE FÅGrnaRnE. Bee SFT BER PPR I DS TØ
NØ ang sagnene rpornng an ile renerne 9% In PRS ane! Une, Sar MORE JET The MEDRERMED BER PR TD ØRENE

Notes - Danske Bank Group

"3 Bamness mode lan Pus Ess Sep nEnanON SNEDE

    

 

     

Nann name Sa Mm 5 es Ma ms ae
Gemrg sener 7833 åkot 4708 aner 957 32 0 38 eN ma
FBNSR sg sr aus 1000 ksse — 670 zar er 24708
Pøstebreimeon — Bæst 3% 450 1281 Ha en so oe

(rpm

 

 

 

 

Tonlenets 50205 844508 371782 506809 — 72505 4866 3130062 5811336 333525 35m3as
Fm

oner møs 207 men em sm an 44700 sskøse 4828 813977
Skram Big Santa ssnont arme 8770 — | 3107579 SER RANGE — LGD BATLASE
Tomikebdtissendegsty 950205 844305 3571782 536808 — 72805 3084 3151853 3611336 353328 353,58
MSamenen je 23 oe We mo 21 s7 w2 mm
Ethememme nd — nå me Me me mes 2 52 så
SE

 

 

Te Rrctasshtonian cskørn sten the FRcsnelianen bet nen De prasenasn  the Ars! MARA ond the reeks the RS staterne.

me rtesshemnon are agten mast I

Notes - Danske Bank Group

3 Bonner mode en bunnEEE Beg mente CSE

 

   

  

  

  

 

 

 
  
   
     
 

 

Tontassets 18708 81204 3742072 327803 PAS 19008 26334) SAMSEGI BASE - MAESETD

 

 

RANG 2851670 32436) 3463570 — - RAB3E7O

 

 

Notes - Danske Bank Group

 

"5 Bonner medeland bunnes Peg nenaDen SENE vEd

Parmenet annet, ener) 2017

    

  

arm minerne 5 AS tå
rom bebor nen pærer Ser EE, 374 4
EET m rd
Keene ENERET ==
Been SERBERE, br
Nettet ener as På Sane ad epe, oe oms
Ssnncenerano betsre go pre, Ear FN saa ss2 857

 

Persons! Barking) sner, 2016

 

  

 

[rrneen Bem Palme Smdm Nome ker — Tast
BR 13
munerne parere ger 3523 557
SEERE Rk
Prukebdorstar 0 mee
ears APET REREEEE az aser Taks 902es ET
[EESEESESA Bee Sme ms 280 fx
Nec marernceme se på afse Bd GOERE om om 053 — 07% om
SS renere beer gede nerne Se Een PS] m Ee

   

Notes - Danske Bank Group

 

"3 Burner model an buriness Sag mene on Conn Ed

    

 

(ormen BE. JARRE Seek Ses Om tas
Annan none 3 ise u så
SER trsenser as 0 BOM
rets kenpnEn ER 3840 så hese he ker 8 2135
froekunesisenjrseniig Ha Ge ds "aa 2 må de
BRENT EB EDGE ea

Metra Åb på Sne ansat om

fenircone mø betror TE Er NEN Pe] 32

Burress Berkingby annen, 2016

 

 

 

 

ennen vemes
Nann nlene SE

Garan renser me

[reen ae Te ar Ma Ej
Protebeterstøt Br es ie ae mo ser
BE RØRTE EET eass 5438 137303 45354 ==
[rebet em eis A28e0 94397 0 Baoe
Net veere Ene SS, 28 Skan epo, eo om 100 110 eos
Eoavincone rare tele gone Irene PS] m2 so 306 307 er

 

 

Notes - Danske Bank Group

 

"3 evsinees modet and business Beg Ernie ERE,

PrTetmincone treer enn by pet BEDRE DT RODS

 

mm Hs
kan Ba
Banden, sm

   

udsovstetiigennerten kasent snsler sene Bon ons Elen ek dvs laseD enter. Sene sne SNEEN SOREL NEED SL DD
NSSS Ren RSS ns tern pr NEN FSR Sons EDT Tren BOE SDS SED SERENE FADE ME BEER DE
(SETS GONE EG FS persons! BEF BSL Ene FA Spannene HS Cr 70 APN AGE PRI OT ED EERTRE EBERE
frskrrepenesmeteresngefsirorderep gere gesdstej et sends ntstebednsnesdeenf merne renere
ESS SES SES SS SES SSL LSE EEN

 

basste Bard Greve ce FO ve any Bie store et Eneste JON Gt ner, She Gr FDR EDR

ie Gog aner møn
Tre gangynønes sapmanianen SÅ PE HM Avtbrne! SUMNER I) EMNE Art ERE 910 Øret 10 FADER FSA MERNE
NENT The ges BE Es BEDE Er DO FEAR FARE LAKE FENDER ENER St PRRN EDT GI BEER EET BR EDT
SENG ØERNE GaERGS GMt Mag ornaer Biheret Ene ke BER SOGENERTER PFA TORO PIGERNE ÆRE DEDE ST GDP.

Tasterne Fem øen e sa TERN Es, æn 26

 

 

Notes - Danske Bank Group

 Acnnes byeounEV

Under ORD N.s hnaneelnthuien must Ølene. by Enur Inkl perete through. sker er EbFaNER ndormøten Ble EGEDE onder
SFenølogen prak Bat tiår bod PURE HV IA FeLen ES TE MOM LESOR Må FO SOM ERIE In SOGNET Bag rens DER PEDE ED
SPARKER Beyma It hilse an te GVADNErE CV! FøBGNER TNO CIO NT MER Ford SF) PLANE HOBER På FOT TRE GTO

 

Fame: TE Teonpk
2017 ass FEMØREN GE Ene

 

 

Mn ==
Snom Er

 

 

Notes - Danske Bank Group

 

4 Activities by country contnued
Berste Bars søren Sv get AnDEE  EN EDR E MENE Belo under å VERY SÅ NER ef AVG he Men ORE re Danske ark Bank PRG md
NEN Meng nen EAR CET SA I SK om Ost HOF MONA MENE SERVERE 11 NMRA. MER SF Can OM GID De
Rrnbredr Bamert A/S nære DnE Perer De mavronet] ond Oemeke LADEN AE Pass] Mete 35 ORG He SONDEN Meme OF GIN
REDE,

KENT ROLE AE BEF tdr Ane Mena E TE KFVEEDER KEDE SEERE FEED
Rens REG Br Org FEER SNEG,

KENT ASE Rekle BET TEGN TEEN pE En Tr Fre rd eng

ARNE Rnren ke BENS ISSNS SONS KaBET ENE KIG MBE EL Rer EAERE.
nen DE Kgs PE BENE TEDE EDEN

RE Ras bek Brann

ene Een bel sde BErAng vest manageren and eng,

nn narre ar Berg,

KOKS RUAnanS Fe Bunleg mest neragener lung end orher set lse

NR ALTE Pek Ben Fre RAR Faren

RENNER RGRs mir Benny

Fremst rs

Fruering

REAR RESS Rn

over setter nedude Group tpper hActerk Fase brSkErage FE BEDER BLE ENE DENE GOLD AE PO PET ban AgFEEE DER

Notes - Danske Bank Group

 

FErveneemerevrnrermrnnnng

Aceenng peer

ETA TEENS SE BEr SES erurg rom HLereet beer Pasncet me rørende Masse eL BET SN OS Ore Op rise ERE Øn ge DETS
FED Forn re koGoniha Kob se ce ST Da RDL DS FRODE FRE KDE BOT RDS BRODER EFT ERE EO ERE DE
SER ansete pk one nn RER. SER OR INR Mek SR BME BA Tø RENE BOLDE ES BF FEER ER PER TE TEDE
SAND Kento per mar  ToEGpNES S PL Don TIDS RBR se FT PETO RK SE ROER POE EGEDES
FEEDS NAS Gr ere Gang er eg SEGA HINE TE PEDE MOT PEDER OFDM

 

 

Na SØN Fer clvder rethsnd 18 FSL ap! BONE SNG IDEER STRONG PEN ske anset ANG Sker BEC FESTE St Far var
NRA ERE FSA Ene ar Gu dende Far IF er val Hanemann ST nar år Ve ånd Det REG SY RER BEATE
ESS DEG DEDE GE Os Ie ve FOER ST ETS TEL EDEN FEDT PEN SAD ANDET

enn toeren penne ons lse stangen or om ser podet enenes on vt Mnke Hvene sone nEn Fre DE FEB SEE

Notes - Danske Bank Group

 

5 Nut erest are net trading mEome SonEned

meen keen Mumlene  Mnbeln

201700 mer == HH] est

  

 

 

ERR or een ra bard Ina by Rask rndt Dane men ma ss ra

 

nn d Enger Fe me == æes— me ass

 

føstasta re trenasctera] For BOE MØRE TEL PEDE SETE DSE. BES ennen ER ISIS mihen romer 1 Tese PETER se NT
ene mere espannes 1 1653 (STARR DKK 1208 Filho Føler 0 EPO MBE DON] (RE fått åben Fer BME SF RED
AES ret te FREDE) Hanner  NEDPE SEEEDE REEP SRENE FED FEER ET E

Notes - Danske Bank Group

 

"5 Mer moret and net rad Esme SEnDnDE,
Ganges (tå hadges tørst fe Pak åre FEEGgPNseG ver AM VON INGO and sm P.E fe edges bela sheet SF Pa Le sone.
frun-nfeletenederge rer eder geeenedker tåre ten erdernefer dede aendres endsedrvre
retn Fron rare af DAG 2308 ikon BOT DNK BAGI mon! and Frege ane nargr mave ane SK 1 72 make JET DK LIG
ma

Net rang venne from nssrarEr so rsetE elser fe Pen sn ansete SÅ DK 13994 Mike ROS OK 18238 mi hen] svarene see sns
broens SKK Sen DLG DK 2 100 mio sår tha erknenve bone porn DKK HS minn FONG DIO SE msn are
RSS RRSSr nn DE 2004 men BOG DO BES en,

 

mare or Ansncist attete Sj 10 IRØVASLAT nr ment SE FED ÅkaS on fle bark ef le pE Ve And SEVEN 10 DKK BER MENER EG
BEES men

8 Foo ncome ard espersen
Før EP andersen 378 BYE GP PHD ARR SONET By BCA And net Baner stA BY POTE Far pens by SEMA COTE, IE
ASTRO BDR ER Tønne FARE BEDES SY BET EOF FEDT St FOT Is PTOGLET BEE

 

RENS ne z …
EVE sene Fe Snare St KAST nd Sagen FERSKE LER GORE Fo ae ES ORE RTE

frsistertelskstesrelkerdektegeste renset eg tedkserÅoses sb ssstenekane retro tsegel erik ted pelsen

 

 

 

 

 

 

 

hul Fenineore DK rs) ar — ae
Prareng foam sr uran) TE
SED runner rangen soner, ennen Be an
SR ER EDEN ED Se se
Fans per snd by ses FORE
Freia, == Es
ID førne Manager Fre Gr DØr Penne ES 72
EDER EEN un Bas sam
EREESGERS Tages miss
on um um
Bremen Krag ERE
bnmnerg prereressEan, , um
RRS Dk nn end savner servers] så or
SEERE ,
fun praned sense mm Én
ære » a
ASER enn agern and anne serne ae 2743
Ea i 5 Be 0 aks
Fam gnernnd røret KORK"

 

Feer fr francs nerne net Fucnpised st nl sake VER am are and und Bend, AF FHEEPNERd 28 ÅNDER IE BEDE Sr SEDDEL
Enna 2007 men 2016. DKK 1378 man] muren mnpenner pm DAGE BR mon EDI DRC Oh

Notes - Danske Bank Group

Ince Fomhea rs nn Roer ang Ormene Sne
NEL TAN SFs abe EDB BE ER EN GERT SENGE BODEN DD SD EDEN DDS TE

 

Accounengporey
IRS from hane bånett ånd Pere Frepanr nel udes Icom frem 808 kat Ude Per lassen EDT 3 FEcngEed 21 å SEERNE
BØR br fe Pere then Te TI SES AENE BEG or Ina be BE SEER ER EEN DE ED EET

 

Henne bom Fuslaniate brekarage conestn cf res state agent 1865 Pat FE PEDEP SES 9 Com her he Fås] estate held and Hanse RE
forenede sårer kogegekederr tes arter reketdker render net eedtedns

Krone brom ssocinesis esernbed under be lent bela sheet fre ter and tes 22 and 36 provide mer nlerrter Tegel Or ren one
FATA Arerer børen FE SEDAN DN (RE EDT STE MENER BOG NS SELER SO

herrer bom bongn mn
Far vue sobert ål snoet ek by Re DFB PMV DUDDE IARC FEE 5 Aero Cap Organa» Faces vader Het
Yaøng mene 1) 2016 heome fm ARNE 1 Ansari Incuded » Tuan Sam Of DRK GL BENGT FO IM MH Of RØDE I) DMA
rens

 

 

OSSE or oe
DEERE DEN ca Så
Fa — mm some

 

112016 ber neon sf XX 20 bien elsket aen DKK 1 I bilen onde sal of onkels pr ere.

 

Notes - Danske Bank Group

Innsrsoce conscts re carried Mie by Can Pepe Met oma ÆynÅcare musrance Maks or anse PEN ÅAEer, 10 BENE FABER
en Te Een orne Ten ENE Te TEE SE TEE ET Fr TE ERE SETE FEET

 

 

Serre me æret ret srt rr rer rs rn maps mmnne mene en menn DE Re tr AP aner en Mer

Fed
Net penne melodet Føde a0d ge PCO 90 IABAFRNG SOFIE MR ar7 FREGgpunnG 1) fle MEOTE staterner & HR dr Gren

Mir maver berekes.
NE SNEDE Mel ydet Benahis Gnbr sed Nee ders, TOG RE LD Gl sdet AG arEL RD OVE ERA AEPS POOR FED ERE
Bruhn ånd 2 prak: merpe te lug fis arvet af rep er and Org PETO HI ONANI ENED SUTTER ARDEN PRO
FEBER ENGEN SA Feer under Pt GR con Mrs FNS Deer TE Tese ME TERRE

 

 

 

  

bat prenarne DE mene] ENN
ege ormene Me manen En
Serene as
RER Ene kan preset Fa
ennen rasse
REDER PETE TE DE ne Kr
Eee SEE = u
Pine næres benekes OK rene] 202

Bucsns ens Em

Sem me benet per ås

STR SANGEN Bare DE, då

SES Sneen 18350

SER RETNNn

Iøjtvetner ssplenanen

FRE BETA Free are care under Kat PETO hertss berelts på and change fo MERE sbgntere Eks rn
ARN anne sed TER ennen ONDE Charger 3 Prone CEO DT Fall SVALE ef YDER Pop BF Sen UGE Net
FREDET Fee SEE Born MEGRE FESTE ESS CET Crde NE FREE IKON NE FBE TE TTT TET
REP rene Onde retn Sas SKIRT ZERO NED Pavens on F2OIG DKK LAS MAGNA REMO DK LØT RMRGD
FOG Dr as mej remse met Fnarett ncerne an ØDE ED Er on EL R DORG EEG SØN SEE AE ER BENENE ERE ENES

 

 

Notes - Danske Bank Group

Sopermngerpenses

Opørstng srpenset inhasn sf cotk, semi ate sapennet. daprucinie. meris en End krpbi mer! SFerger > Long and ange rent
NEN 8 rare Mere karsten SENDE SE EE.

 

Aceuneng pote
Tu Han elødes sølanen prformanee. bet PR) FPErnER fr SKET BONES DEDE MONE HIDNNEER BRET BORER PEDER CBE Sr
bar famunersten Sulie at our TERGrERE TAS he CFP SPEER 19 PS TNBENDES MA TRE SØGE FENGET TE BENGED.

PERS Ds pure based romere fr le par it pel in te form al Cane sRares FÅES te Cndkierel shares van MD RE VR
KG dne gran Garn pro AO Re ETpNDyen RENE BEER OFTERE Ka FORTERNE IR HAS GAB I RØGET TRE MOE REE I,
TND ore hon care arge DE TE Te ar Vee SST DERS PAT E S  RET SNS SETE EVE ERE MEE BE
SN TR ner Val Esbens PD pA TEN Ha MAGE BORES PONTE BF BE ord He Be Ge SY BE Sr TR FEED.
TER enee Bønner Sesto agens Shared Sv) SUSER ID VER MØDRE ON TO PROG TR SKEDE SER E

 

benene
TR GrovB COPA 10 Øens cor BAD PØnGEn Slank Me racngernes 7 De Fre sialenen, 2) Fey are arne by te reserne For
hand Deraf panelet 10n GFOAp orpannen fre sne SERRA pE GIGT ER OFTERE SED DEERE DEER

 

Tror mera Sneen an renen EFP fr mange re tante Haar PE CF merne fn ET Pr er

triste srnen ørnen spent SETE DEE ED DEER ENE en om — mis
[teret SS EESSÆESSSRES: sm 2%

 

or am 24847

 

BRS al
BEEOn Fad Barer Bane (4
PRESENT tøes re meotsensre es reen

 

 

emunermen Ree! 2017 we ø øroncted te ba prelahed 01 Mare OB at dende SET TERE PFØNGRE 3 ARLES SERENE

 

Tnlsstry cen smaa 15 DKK 11 8 blbon [206 DKK 12 1 tan unsere remenersten sc. or B.ON ef us am OG. 7%)
DERS ere rnnten SEERE Dee

Notes - Danske Bank Group

"Operating erpensesconnved

flPernenpisns
NEUES serne plsne et he Ear len rer EDER ENE Gr PER EEN sr aner Engen relsens Der Benn
SK pepnere are anger FODEN TS GOLD AS FEE DER EMNET AIN IR Ban PEDAL GEM Der DE PER
RØRE Sneen IE pr Grin HAVE Ben FOT DM SFI EFECTE BF EF TYPES KDE BY STOLE EEN DLDDD
EDEN OS PEN IE SEREE BENET HERE FLERE SR SOFIE PEER SINE TEE EG RR PER EENRE DEE
KREDSE Ea seen or mana ne Gro stenene Cher SVG PA BA PD CIGAD SE FAR ERE MDD ERR
SER Annan Gener ane Sane ING BENE Pe CB 6 RO SCENE ET ånd Fr PO TNB SONET DOT E EED

 

2131 Dacenber 2017, Me at renee salve ef parrer Gig sionen DK 1682 mit 31 scener 2016 DKK 12 mt. md De far va
Sen mar re DKK TOGES TROR] Onerber BOT DKS 187 mer] Tre runer ve SSR s none eder Gene BESET AE KE TE
SE TSG ken ane parrer me hasher Fa IE GOT Mer FROG BREDDE

Oure 2017, me detned anet plant Pe Koren Fler un unr arne te Fe SET Pe 0 Derek Ed SEER For er aser eF OT. GO
SKR mf Gere By DO TE ke MT De SD 13 PFDEDENE S, 3 Ge CORE Ba PROFET SL SE MURER DEDA BE Bag MEG ED
ES Tin smed MES SAND eN PM SDK BD IDR VENS GODNAT PLET SIDON SR PD BER EG FRØEN
SERENE and ore pA ner Pere aber eN LSE TRE I Tan rn Rn Deere ARE Tr nn.
1532 ren DO 433 MAGE MENES FEDTET OPR CET EPANE DE PEDE SE IE TEDE BDOS FE REE ERE TE TE EET DE
Bing 20 per the ponesr net mt HET 10 DNC PR I DA FOSS GRYN OVN SEAN PORR MOD 0 DA TT
HSG rt Gt nsten] Tre orn Peer SS NEN SA NR sne RD MENER DMR BAT GEDE TO Gr OA
ARNE 9 BAG FEED OR TRE AR SGD BORER SEEREN, SN REST SKEDEN TEE BTN EOF GF IDE PT FREDE LG CR

"Tre estslasen & tne mm abb ben bene an elve eD Fade DENNE BENE Tese sakasn FE 21 MMEURDRE bO å onder Svenn.
RL Gas GE Ear STD DT RGS Ta MDR SER Pt SANDE I FEET BDR DENDE Le BREDDE DO.
REESE Tan I Generne by morens 10 JONG OS ING DN COTE BORGE SE TD FRK EN Bonn å EAR DONERE SEERE TRE
Bacon re mat fonarns PaF å Peron POTM. Så gror Fans STÆR Nen mA mere DRK. LE Ben FROG DKF BAG The amt
FEE ESS SSSSSEES,

 

Notes - Danske Bank Group

 

Aare mernEn Pe er een. re.

 

res for pon.aedt servers pro 1y DØR Stan nerEt RAVE Der Teresa the Cru Amund 10 DKK 5 mile sod rer Os
ANEDE FINDE PEEL EL FOR DREt 10 MCO GPO FEST PELS Der Bone REED TER MJD BEES TELE
Krahenermnver

11 Lon impsirment høres

Aas rpm: arges Melder and DRE Charge Ages Ian PEGE fe Isa SOF AFNaNKR ARS Farrari ar me SELE
NØRRE TE ETNE FOL ORDENE REDDE SERGE

 

 

RER EE FOND fe urene enebarn tg essens andre sengen OR TRE En Kes nGer Pe Fee nn Banens Den

Vomntrparrma nerne
ennen 7

 

 

 

Notes - Danske Bank Group

12 Trang porten ansete md DER
Trsørg pordste sanete comprier int sået an BON DS by SNE CDU HRG Saper Ler åt Cepos É MADEN SP 8 GERE SE
pen unfarvntee TTT PETE SENE EDEN BE RÅ ge DE er FH SODE DEG PEDER SE DRE TE TEE ERE
SS

 

 

Accounnng pehey
re usng perke sn recoprised st før velse BON pro er isse Rsksnd and veresksedeape! gns and Isases and ØVAdandn SFs FODE
hatdenkretenirierrensr estere teser reder ester beste nes teter er deete seeren inst
EDB meg Tord par) Melå BO Order TITAN FORME før SE EDER EN FO DERE DENE

 

Innere sner ove ter eneng re e rem mA 3 mr Det Fe Ge ver sa PE NEBP GE TENDERER ORE DE

titan perstenmnnn KK mors]

mme enn DE RAE

   

 

Notes - Danske Bank Group

TE Trang por teke msetn ARE NEDRE ONE NEE
tetesptererenot dernes

TALE A buronen er der Sk Deres Can bs one 10 Managr FR FL ONDERE. FAFO TIn ODD GER DE ore EL
RESENS Rene

 

Furtnermern be Greg rates nike mønter el enags MR vakse Gnpen On Greene 7 SPEER TOG er SOE, Ps ek

Tre Crop rude tørke se pr ef Ng CUM OTere rende st nd Krona tisser åre E PAT sleek BER DENDE ERR
ar BSran fan put ret Gener of Øen Trek TE ANN er TERE AGRE, TEGN Be CARE ØRER de MENES I ADD SEERE TD
Fnr Berge FREE TRE SER) FREE BAG CR TS. TGI FRENAEREN AI PEDE BEDRE VEDEMENER SD GTR PI
REESE apr Dane eLbon te aAD dey REED SNE REE SFT GEDDE ERE ED

 

senmnover re rep and mestre mt far lse Som life GYS å Bank ARNE SEBOMER IARASE BONØ He Carry fund te Care) Buch Mand.
FRED STE THERE ML Erned EOe TUNGE Fie GB CRSBERE SETE BORG SI STMRERAETEE HOR FAME HEDEN EDER VER
FREE SDR BOR afg Fong ran Older OM <nmpre ben RET Ta Cop SGT ør økse Pndge SCOREN ADR RDF TE ES
FREDEDE AGNETE BEDE BREDDEN ST BORG BEDE TE ST PEGET ØE

 

 

Manner SS
eg Hoaa i mes Mans anne oe
FEER ARRE ars 23887 1P60  NOSøSa3 — heaane — t8sus
Fasterspn le Sas 170 åees 4108 2100 2037

SE mener bagte 0 dr Mae mm is 2

  

 

 

 

Notes - Danske Bank Group

 

Ta Trace portere aser and Faber OPRET
førersanenonetnasge seceneng
[rregetensngiteets

hafa rig net or Bones denslhad 08 MORL1G mater) ånd some Munroe sons ortendnd by ng Drug is des ipneted 0 Medye ST Fe fmernst
firstroperlerlnt skenekenteedeteneper ste dgenkyes tors ntrenen seksten an

Far hødgød osneis and hine to ment 2 fund Frie af irtorest apple for & spend paris ef tre Mareng st le Commenemert Safe af De
NENS FA ENeret: Bank SEE SVAMP DAVE VER RG B7SPE FEDT BR SI PNG SFO BYER VS DDD 7 BOMB
RENE pennen protes  E farne Gerner SAG fø fre Sane PG NNE GOL hage FAE FE SL BES SNE GT INS SEPT NEED CR
SFT Peg Ta Ton fe one ED GE rent Sat BY MGP Great HT ES ERAT ME TEN TE BEG ERE TANGE
SR ES oe Badge vre en MD ENE Bo EB TEE SI GREB I I FM Ef FR BRED BERGE PEERS]
NESOE SENERE SEERE REDE

 

van afscnve hadpøg fa epos Par: Fate Puk OM Madge Audatt ånd Ma 8 Mao åt før ve MAG PROG SE vase MR ELTEE
ANE lage hann Vat gener 27 TA HRG FEDE Stoneman CORT KIR UDREDE Any AED Porn ET Madge et Me Er
FS O SS SEES EESSEDVSE SE SSRESSSE

24109010 04 2017. te carryng anes ef skete, Madyed Men ret brand sets and kabler meer DKK 57.268 mile 31 Orcenber 20
54437131 miner) ans 38408 nen 31 Once ber 2016 OK 295.970 RON spurt, Te Abt Belo Son FAE SOLE BEER,

 

ba efeu epg en pr NE her 27 — 206

 

 

ter EEREN 3 ”.
meer KE RE FEE ERE

er DE BUR FRE Tam x =
MED nen as Ej
RRS 3 1000
ERE rene sebr SR ka
NERE Banner as aber

 

spe reg onen rakler vaserne bregner
HR even Fader tm Krigs faner PaK nt OM Rn I branchen and sene An ide Ds mark by eMtEBh SKARE KRESTEN DEERE,
INDRE TNO Ent TT GO 0 100 TOG TOR SPREE MENE TOERE STE BULER DRE GERT FULDE ESTER TORE
Nar EDEN BIN Save Ten er år Faroe JADE DION FAST FORENE nt FR BEN SERGE SE REE SER
ED Eng TE Ra, PE ENES EST NEN ØDE DTP ET ED EEG
FASTER DIGG SETE ROTTE Osconder FOG GO EDER

 

Notes - Danske Bank Group

rer arne 9 nos ste ske rdr te ter me oner er en an m nr sake Penn pre oss mede forsse

mener seeren nelse fre handy pordste managed by G-e43 TrEER Sy TE MAS por Fun at før sale DYB gg Kh san fe
HET RSLTGBRDN DIED TR NT Tan PO Sr Pr anne REDDE POTTE

 

cement peer
REN Bam Gang at pr valse ncløle seven Hs are Managed 2 å AV valse BASA ED 70 short EFT PrØÅ tølng Rehn an
YFRRRESSEaDe EN and lonse Sr Oden a7e CTP IDE REDE REDEN SNØRE NE FEER REDE

ske for ske hr 0650
Ft Gatngery anne Bort on) Tha Dont Sr MRS SF Vale GET ODDE SOPprEh ane Income Urrashan rule Aften, Ddr.
RSS ALE Pr Sy Jar for veloe KR BEROR OT YNDER CRETE Sr KDE cop UNGT HG TØ, Mens TR
Sten Gange ag Fe BAErEnGE BOnEbE NES Før MR St DN TE ST LEEDS MeD En RE HT FE st SODE DER
ASTRA On DDT TR FRE RENE SELER BRET FN TEN SETE Mr FEER NE CTOLE FED AG ERE
ARS TAEGRE salen Tha GAP Tops Moren! MEDER SOLEN tå Er SMRT UAE TANKER AEG PE TR OT I ARTER.
Ann ERNE 9 HR Tae Sal vr FNS Harm 10 MEN 9 De BORGE VON SO år BEN Fe GOG RENDE VDR VER
KTS np AGE Gar Somrene REOL GE Het PRG PEN TP EDT EDEN

 

Hola 10 mary nano! annen Cells Ef Bone ri GOA PEER Pan MAN MARE Mel or 110 Purpose ef gang 3 LED SOE PER.
Re DONGG ek red BROT EDIT Ina re AED JE FCO SEG 1) 1 SMEDE FRE FnkERGE MENSA Bro SF RE
lerne baren En and NE TESTS VENØ BLE TRE TE ID MEE ERE BONE ANSE BEES MODE

 

 

 

 

tivestmert seeren DR mens] om ae
Tast free munens ann serber DEERE mose — 1392
Fo eee DEERE, — anes 70737
Tostetarvka E

 

Fedme na nn

  

 

 

Notes - Danske Bank Group

13 dnvestmene securten core rue
Fre srglananen

varmer teorier sons af the hedty Perle Mel by Grp TFEBBNE) TSAR Peres PEDE pOr Rd AI Dalen RENE EET
forsneirenntsnpenkdeles

 

Tese fnetvse tha pårt af the ManaGhy por ikeho HAGE 3 BEN tradet skan ERE FEREE han une 13 Pere to De clnamhed aa Nels fer FØDE
Bee Frets Bond are Snape Tør VEL Tre PO IR CERN FFD CLR MENN BER.

 

Broe oo Fem manerer rar meme er ste pre Me vr nm Eko Pr pre setter udg, Pers a

 

 

Further ne Grov har an mntatlefor ale hon porre tat 108 Feder lied Fron Pe Pek b KOEN Entagory I) BOG hen nr ASB Senge the
RENEE Prone EF JAS FO Fenger 1 Ifø TREE EKO FENG PNG GTO Sr ME ME FOT Fa par TR po Vha SOV BOG.
FS rns teten ver sanne af RK TA men FROIG DN 10 mile] tret are Fetlnen nd FO ON EDT ERE sn REDEN
Fre The porn Ganønass piner Den. mOrgae Bondn Sure SON STORE POS Fate AGT Mr FOOTE BD mare FEER,
Borel hat van met SLS FREE 12017 fle COD FLORES Susa ve SØVN TSNNE EPO RS BOR ENE SE DR AE
NRGI TE SESHEEN EOTTeGPERØRN EINE BF SON Dre FN Te FDM Fed Sy Sensor TEGL OK BO INGE Tre EO Se
TRES nn 0 Seann er DK 17 Trin FROG, DKK 259 mtr) under Og Cam prshen eve ED Ret DMA Høne BED
TRES Se En HEER Fer lonnner ben MES 7 Hs PRC The CFeND FOER PEGER TON af RD. FO MR FRI DRK TED.
kesrersteenntenn

 

FOSS Prag Manet annet orn ef Bord Th Geta PER 7 ST Ave market Peso FRE DEDE SERENE FEDE LEE

Metends are romer Dersh merngage bords. government bend and poverenanE varerne bonds Some SEN Of ibe perle FEE AA Or Mer
TRONE BØ Arn Te Fo PORER FE TEE ENE ERE

Notes - Danske Bank Group

 

774 Due iromeredk nettene and cerkralbenks SPØ LENE at BM OFREEESET

Most af fe Grau sans are PnEngrnnnd åt AMOR EØS Ha Or snoren beg Iomrs Brand by RØR red Opret føre note 15) Ma re
RRS ars

AGNES,

REESE RON Inan are mestre 3 fø Løbe Pla FAPHSEDET COME tet oNpAsEn fas Fad tfer Charger TTet va, EDER DENDE Pe

ON Ban 12 BMS, SLA, FAR) Sr TROR SOFT CB CATE HG SE STENE TERE 9 SF TET

KE gs Forskerne bone 10 sv at Pen EGEDE BR IS PREPRESS FREE SS PS LE
renee FRR BED ST Mk SEES OSSE Fe BE ER Fe FG EEG FE ED TE ERR

 

Sane

 

Font EMtrge ødsel ie Giference been He CAFTPN STAN O Inn an Pe proneNt or ET TGI Can MOR FE Fe
RTSESSSSET

Fornen mph ner fr MEN endt er oe SNEDE Arent SYD Per ET Ane He GOL Ske er Pe POE PET arge

ED LE rn EL VER ENGE SENGE E NER FE BE EB ERE DE BE ar ans EDEL ETT R EDETSE
NET EG Røn np Er CSA An nES and far eee ny Måske KONE, 0 AMET TREN RTE SY GEAR Så Fe
Soren BE I SEERE STEL STE SEE BEDRE SF BEER DE BEDE EEN

 

tatovetom onde nesten ad cares Berk OK dere] 216

 

 

fytoannstamortandenst OK mins) om me
Bam enn ease ener

 

Tom mare maser

Lunnsinelvdrt paymarts vr under France oaser ef DK 28357 mit at the end el 2017 (51 December 2016 DEKO men

tetfunnber aptanetson
SES TLMRS terpener isens mt fa isrst orn ere FORD ever es Pa GET

1. Ivevorrener t søeneneng Parker, nen SME
 Tetanennrs SERENE HERA Gel ar SeIRL ON MARE I PEPE ØRENE 10 rese et Carre

Te Crna formere FREIE fø BENTDRn TE MYERS RES BET PA STENE PEER PR FRE GEDE MOS PO SERENE MEE
ag ÅND renten ne børrone vet oe Me Bane er oe MSnE FEER

Aooner tet pat st S0 Gys 07 Mr PA CUENDNE fe corakdarnd GEIL SS EFT ARE Charge FODEN IO FE SAREDMEF KOLS

Syrian tors 216 omen åre ar tas MELANIE RØBE SuBN RY ANG DE STØBTE EAarge EBST MOMS) TIDS Pe rn
STREG SER DE En ANE San Oden EET

 

 

Notes - Danske Bank Group

14. Dve ram eredk institutions and Cera DerKSaNGLDENS åt AMEEBEd EDSKODNUE

fre evene ge ta Pe anranes henne PE SENDE FrP De ae are noen en PE OR My ses re bon se

 

 

NERE enn fn Be Se dne, 10 ORD ENG REDDER RD ER OM SETE IE SDR BD SE ERE  D
NELS eotbnbre rene by 10 Greg HAG Kor rener SDN FOR SPEnÅ SND AES DT TA YE FN ARN BOR Prone 3% CONDE
fn tronen DEAD MMA I TE Nen nn TD PREV Sako RD ERA TR ENEDES ET DD SEE I EET I DR
ERAT SEEREN Tele vre coke af ankeret Gnerasned TON Inn NNE EFTER OG FEET by Los DK BERO
ore Decea omen,

 

 

ESS een ne Fa. AGRA Ge POE En SLAGET KDN DUE SO RO RL Kg BEN MEG
HERE ren BR DE DEDE Sr ERE GK EDGE LENE E Faneg ANE FR SE TOERE DE BE
STORE Gunn 201. ORK 12 båhøn) Ta amor genEs FDR TO EG OBE TV REFS HAD SMD RER PNG SORTER TO EET TRE
SER AØEE NS deg ant hersket DRAGT RS BORG ERE Tor

 

 

vinen oternet maret Werner indere et om Fnpel nen over hat GET. over Haj £ HO FOT ve Shad Sehenge Fat the Crna
TAGETS EBA IR Ea Rage Ey ver FEER DENDE RENE BOE EGE KERE RG ERE EDER TEDE
ET denne do 19 SER AN GPL. 0 CRETE 12 TFS Å Maanen JAØpEErE FRODE a9phe HT RØN FNG SUEDE
TE Fo SEE EET ENE SEE FRE BE FRE ER TRE ERE TA NET En GERE, NEDRE RER

 

 

Cetscnue murer harpe are sleve 28 VDS Ølene bene NDS STAN orn el De ars DE DEFENSE PEGER Vale DT angel
AA GR Aon Tis Cash Font vred f2 delte nine RE PEEL BR Aon STE SpEDRE Sy FE0rS ET ADELE, SDR BEES
Kr KYSE SEES NSSESEESSESES ASSER SS SESEESERE SEES

bear mar charger er ant 78 puts art BOSE 27 BÅDENE BENET 20 01 BP BRED 9 FEDERER Må BEDRE FE BJERRE,
ADEERANE Earp AF IRanE AT Fernand Oder LSE BOT ERNE HR ME SKET SCB SNE SKE DE ED TRE

PERS AD Mas Ben SNE on he at ST FR ØE I Cr De CORA FE FO 0 ng ODER SD DN Ur SGT DEDE
east ere RSS NSSS SEERE SEE

veere sim 0 sten tret menes erne sy resayisns pre bane Se ve AND orn en nen Eerer Ce nn,

 

kniv ES
Buercen i Jensæy, FE
NA DEERE renen Barre KE
LEE Eger aa Gem
PRS 3 do
mened use

 

 

 

Notes - Danske Bank Group

 

75 Laane atfar vove and bonde mus By RSS DSr DENE
SE En rener mer rer LE In D Sanereg Fe VG VOR Pr: 9 RENEE Bern Te Gr DO Ben Bret
SEE DRE Th Red dy Fa ESKE rare Sy Arne Br TEE en ES RENTER BEREDTE
TATA Ree DØDE En Snes SN eee Fe NDA de MORErE aser

 

 

cen pohey
HEL REgannnd ma borte mund ar NED recent mf Ve BOG RED SEE VERDEN OD

Meter vb at onen mon y Beskr One i Porat Orl på One ovne meet re A re Pure Pe omen bend are
NRGI EEC ener forte fer Ehangen IDE ør VELVET STEN ER ODDE TEE

Fe oe granted 13 Euaterur ArEN GENEVE FARE SÅ TE Mrk PVG AERO 8 FEAGE M MEKOSENGR MR PRESS Bra 10 AE PAR
DR ENE KT IEEE EET EEG KR Få FEDE FE FEED Fnr Fr BEES DE TNT

A cstecive sanser sive terminer fe As for AFA DRE to FØDE Change tha før vakse Ef ID EEG Pak FM FEER PEDE de
FEEDS GM NENT STE MEST PORN IE TEE SETE G DØTP EIDE ET DENE ARON ES EDGE
KA Babe ENØ DL SNG Marne PE Pro GM MFA FISSE NM MOR FORGRDE 2 Fole Re EGER END SURE OT SLS
Søe tonen Fade TEEN røn 7 psp MARE UPS DEENEG 1oDE BOL BNG På PO SED BEER FREE

 

 

 

 

 

fortoans at før sek or, zar is
RAT Manne at vader ende anes een
Frtenrererereen Be SE
Tast ens 78003
fr borøsmnndty REsK ØE Deer Fr ane

For re adennert kondens arrene ene 4
teter mene

"Ane manner af hane mt far elve fe Data an HM tueted pre ol Be UAE PG RASRESE Denmark bonds at Barr, Lr 10 FDG Fe Bas
SEE Fante vB NR ORE FE Feer TER AL TS DTG RØRES I FAE LELÆ SIN SR SGD Or 3 GE PRS ED RE SE
SS na een i rap ST rest Fat or Ds ERR FRR Or sno DO TED TR ERE SEES ERE
SEER SOE es fred DO SST hor Tags NEN Sengen SA TER PRO REN st FDr seR FSDUG maner DIES
RAGE STOP menn Range Die TRE Ek Eure CR 3.32 Then SI Decan ber BOT DE BEDRE,

Mme eløng af om montage bende huder presse bunds DKK 45 Man BOE OX 78 Mon] sæ or Parlår' renerne m denn, OLE ane
Senere DRS 27 MD FB DK DAGE] Ira TON 1 TePErar te ORG FREE EBA PRS BME SN SD FREE PEDER SOE
prnteknp ddr gstkrrdemnasped te øens bs rnegben indien an]

RE Rne aL bone ran REED DENE Sa Ve ENDE T De PEGEDE BR TEN,

Før salve stjamertfor Me erat Mek on mund Morgen fe als tAS 0 fe bab sl ihe spr Ajse spred PAS] OVERSE OD Pak
SES VE era, Fe MnRp re TIE EST FREM ER TUN, POTE AGNES SR GÅS REDEN HE ODENSE ENE BF LD
ERNE

Notes - Danske Bank Group

15 Lone far value and bonde ned by Reskredr DEN mErR EON ned
12017. Me Duis mortgage Bond pe sørnad Par-oved and fa nr Le 9! sne NERE BOSE Moy PEFannES sb DKK 7 1 Bra ZL Me
Søns mortgage Den pet Borne MED EG DO TR VOL I an TYNENGE ORG PL PeTEnnnd HEEL ORK BE Dan. I COTE SER FE.
SEE NEED Ene Me Sane ane Bane te far Sne Mad GnoAnnEE SLA DSO SDR Otte ore OT FBT Once ONE ane,
NESA abon Ht pre and any reen Lan Fart Bet RE I rRR ERE ODER Ten ET ØE ERNE FRE GETS ERE

 

Ta me manner rt ert rt or mr onen son rer One bestem or Pe ten] maner merne AMM med renere vere
SSR ENE RES NEN Rees

16 Assats and deposns under pocled schemøs andunst hrked mvest ment Conraete
Museer and saponrn onder pa6led ERA 530 WT heks PVERTNSEE EDER SENE COTNDDGNE 13 OA SERaneR ar undre SD REE
GG nerne Genre AG FEAR Gare and BOR Br By Rg GA FLAG ONDT BORGER STE ØRE EDT EVE FAME,

Benene sene Denn order penne sene Rd UNR LEG An E mer REEF Gee Re FAG De POI FRE OG ERE DEE.

so
RR barrer fr CAALSDGr AMANE 300 Pasnurnd åt før vr and renees onder Ansett under sosled SENDE ånd sande suenEmerr
EST Depur adr By CLIO Br FHCSDTEGE Sdr DODGE JN PEDE EDER BNG UNE SAME INS EDENE ERAT TABE ØGEDE
Foster tessn reelt ser stede

 

Poole senenes vnmskedesrenns tøs
ren RR RR
øn

SR en ne sercen Fa so %

Toten menn burn

 

omme Bas 53382 ERE"

 

Notes - Danske Bank Group

 

hst ve POLEN CERISE ESTERE FAE 3 TEE 1 FORENET DEERE DSE SSNEFERGT SETE 18 BERGE AE SE an
AN LAR SEN ft Dørene Frraner MARE Fre) 270 renee åt 2 BT NE FRR FONDET HRG LODGE GIGT BNG SOME EO
BTN ME IMDB SPAIN Agar Mage FIRE TDULDNE CS raa Ar OPAD IO Boer? DENNE VT VE FAEGE DDETE.
rn Anne eve ene sr bort ron Pe Graa Te Per ene nt 2 Anst Per ob eN GEDDE Te

 

 

Acesnæng peter
En re lele Mdl 99800 VELA OPEN) HANEN BeBENE 209 passene Te lus HA ynRst oMEG MtERas Fe GFDL SDS
PRIDE ESS LESS SEA ESS SE SE)

rener de emner nar beta sets soner ar De enn vena nerne bat fr me mer soen fre

cm artt0 teret Core SMST IS BR Fr BANE Dee» 1 POLE VISNSEF Tet SBI er CA Rnd Få POE Bra sake SEE
erenined SERME PAGT e preber vue SJ Grp KANT BØFINEEr SEM spent Ha Hf Frasen DS BADER PPT TR BERGE
BEROR TD Sr EO HELE TEE BF Gee NER ELSE ANNE and ØM bhay FAD SPENGLER ENDE
frtetevetemdagdelsneerletrenstetesknenereterier agerede roet ddr ss epensklrdresne keen]
FS SST

Pekeyhølsert she abe HERE DOF TONEN PENGE tt Bon Arter Ft yet BIER 1 Me GES DONG FRED EnE
INN Gtarrne ber penena kend Ls be PE al AT dere RT TE pE I EDER PORER RENTER TREEREN RE ERE
KRIEGER DE BEKENDT BENS NE POSE Val ef DEF EE BET SET DE PO,

stdser den ener en he ØRER FL care Mine fre en tb ban fan DDP iel re an ave oder Sr by OPA

 

Notes - Danske Bank Group

 

 

 

nere snes der Øre TE SRNDK ders]

Ayusteues dr hereroerne DK mon]
Venner PrOETN Mt PEN Ende BE PER DE

[or

 

 

 

 

c=

 

 

Notes - Danske Bank Group

 

nn inde oumantsa: Arena rer
fiotererenktskretsskseneel ss heir panden

Boe te Site ent camper eks FLAG Vor anGr Genre are Lane ORE

Leer BTEPEDNE ENØ Se Stage bonE Homer Pek, ID
FREGAT RE RE Snape prenøne et ye dr

 

faveogre0 sf PME TER PrDARONE bane 9 sETuANE COTE AR ENE el Pe Pana salve af tret ave bene or BG scan ERE
NSSS ra on Bane ne te Tante CS PLANNER ER TEDE DO RRS SEDDEL TELE EDER
FS ØRE Sød fugen øf Hendes and Carraro Ps psp POLER Esmanns SF HAr IRGENS Ft 370 BARS 21 DEER FS
BEDE SEE nd ør BER BRET åsen For DeGE Permis & pur Dk Of ONES EON ESME SF Spd.
NE En SE egn BEER FE nn rn mr En mn pre re Sure

 

bnvrarce Ogstors re sin kstMl by McD he OtpeLtA ER ADR MENN » GROR pe rv and vel y sd ner Bern debnnd by BOPA
eee

sneen Be Peten Is FE BON ls per er tak DE DER FREE SE VEL ENDER ES TEE MENER KEDE,

Fre broke Marr ne Peter va 9 the store FØR EGNER ØDE 1 PE FEDTET BOEDE MERETE SEEREN SE FE PE DRDEn

orner uchnes pres melder SANERØN ELETE promo far non DEERE EDT BETE UNSOFREG PORAT POSEN FSK Marne ED

Biner Mabms inclvdts the portion ol Darrca Pana! 2 other habil akavet by €uStEDErS Other typen af habirien are masdured sn aar ene
NE GOES SDR DONERE FG FEB E DE

Notes - Danske Bank Group

Frysere

tree mer rv ej grenet sten sur an Pe sense nen ef vader nn Fr ber teter re tre tern ennen

 

112017 an 2016 te Crna 6 et Make sy stn er Ål Oder TØR Es ME 10 TPE TA Charger 2 Foden Pave been Feng ned

Acennng petey
GES are on te senior 9f an endertakng and it tk så tfe Gffarerce betuen he cor Jon 1 Janus 2010 mera årnet
ARKENEO eet afa Gare and Vo Før hule GTR et Been SED CET IE. S I DMR EF SER DR GODSER DERE

 

SENG Ge SEEK Før MARE TE GID BO the vel 0 DER SER GER I PCen ko GF DRE KR GE ADR PEDE FE En

Boodatt or oser esse unser Hang ir annen,

senhable vrang sasett take Over 37 fe SEAN Non ef undertags, Puch Må Sonim Falsen ar TERE ER 9 PE er tøv Me Dre aL
NERALGN Saar HERO I munter åt 200 ELG otperanr PLS 1 PNG FBE ANDRE FRR fr VER BE ERE
FSA SEE TE EDEN arne feer SEER TE FEED ED

solvvere developed by ie Cru i rogn os mn anset De EO Ser epn en» ro høby Mest rele ond BSN, SNE SOE Bare Ser
ASGER DL OA LG EOr GnEeM ng Geen Pr Co. CORE RAS spe LTO GLS SODS DØRE POE VO CE
SKAST Booker Ant Bøg Sne ND DGS 104 CS Rs DR over enge ORKAN OLE VBE SD BEDE TERESE TA MED
REDDE SFB pnEN EDEN PFa EF ØRE Fnr SNE RET BF SSL aRn ØDE FONT CIK DETTE TE PAR.
fedrredrkmeerdrsped sen tedetsinnler

 

 

føjmuangtte snes DK mors] ar
Sne scart mt) Sr ved Me MM

 

3112017. te Group rucsgrnnt solen deropnent tis DKK 878 mio at at sata! (2016. DKK 673 månen] and opened DKK 2220 men
1201 DE 1770 maen,

føj further argtenanon sf rmenE fnE bg OF sod
nere s good stn le np Par» st NG 3 VaRr BY ENDER 9 Fe ve SÅ ENE MBE CR EFB MAE DANE BDO Ma Daar
EGE For I EDB DEDE BRET ET KØN FIDE KDE FEED SE FEDTEDE FDD ET EEN
FSRMR TA

 

Notes - Danske Bank Group

8 Mengs snrer enn Les

 

 

 

Ta carry aner 1 406) cA80- genere VM 118 Byg got af He CR genert EO on gone 218 slncrted Sane! The can gonersneg
TRES cnpaa Gerne On Fron ag SSO rer nnn ER TREERE Teen BEDE FEED ENE TEDE
PA GREVE EDT SENGEN FN ES OFØRPE MER DR OND EGEDE

For morens genert und Me srpet ed haner Ene Mor i bøvl en ABE SLADE ord sering est ireter for iDe budget PNG FEDERER,
(iotstegksnsten Sretedeteterteridrgtenkdene de esterrdebespedende ter tenekeb pen aglptennensenn]

PAA 10 Fapnetnd Faa GOD gror Can nv ent ar BOR AR 870 FR FRE 9 ne InGbAGbe! Cab genert OLES Br FE DMEDE Ee
NSSS ES AN Es ERNE EM FRR The asken ces Arn rr ØRE SE BE ER BRAND

 

 

Ch grarstrg ns ged
Fotoprinter mer SR

Sintra stn Forme) Corporstn & euøione! Bk FOR) mar stud ehed 25 asap uk at iPe børnene 201. renin in Feber
go0nt 10 fa SM År STE OHNE Mn STENEDE BUER IA OT Care BERND DOLE POT TEDE REGERE

FCupers 8 hatte FCC an Coee! Mrkets.
AN ah settes & Sane sti mare fenrperHled Wt ie BøLRRE Hruclure af Danske Bank MARE. VD De BERG Fe Gru
En eee ME RER En Fe mann Pr Pe Ddr me men Pan STE, Pe FEE

 

vent Meneganen Done Eps,
FR Snetn msg sense af Sanyo Bank mare nor perle inte fe bun Mrs ef Danske Capkak In OT Io dkk FE SERVERE
SES BEN gone Farens by Danse CAPI 8 BRAD TANDET ODD Rank VE ie aar] San pe BSL ENE TE
AGE FE TEg ns PEnEIO MNR Mt Pana ere, Frans AL FEB ORE Mer arge ORE BEDER EPAR Te SOLE DEERE
[orrene sket unless

 

FREBRESCM re nest esse the present value af epe Hver EM Ron Vang FE Pe est) 2016 ande SA skr 9 The sense
Tese bor Snare or Pr Bonn FOR Cph Aas PIND MR ON EEN DED T E FRTeFERE PR MRD EO MEIN REDDE
Sera Byen EK are Pet fctar TNO VeRre OT Dr RR re REE FE MD RE LE KER PRO OD De BOE SE ERE
ERE ae nen Fe Gros md hr SDN NT BGN SAR PE FORET VESTER BENTE

Notes - Danske Bank Group

78 mangel anses nb VET

Ek Aonn ha armen pens refuct et saringe Knee she green ves gromrng aa Cena: Fate TRE PORR PE TEtE åre BEDE E En,
SV barm af Ganske Reesen foreenntn åf ran GO Pe for He Penn TARAANT FOF Os CAPS (Må Aand SO FE RE SETT
BAGE 17% 206 17 and for Gamers Banko år ml ag Kr FG ap Caps Mr Frø rate mr 17 FROG I SJ Around 790 ef tre rat
(SEVEL ESS SEE SASES REESE SEES)

 

RR nRGs ore pins sheet by mpehølene for the teret vel ron HR FORAN eat Om nat Mtørest near and net for Ene Ond by

 

Mme ternet ore vei van fle pure ft 278 BaBEG 2 Danske Ranna FEE BEDRAG I ØRER D DE VERNE MORE Marker nere
TR Fre tarot Taler Fre onpE 1 Be pøRTNe FONT SE And Fg org CAR Rant Fuark VDS COTE Fat Hr MARE ENE FOGED
Acme Cass ml meranne Earring Or Ian ans Cape Spar CY TO FO I MØN ånd SapO As GV DENDE HEN Sep
ARN Dr ane eN Kg eN epos RE Das Ban SEERE DDRS Fr Re JE RE Dob DE DERE REDET
FEER Ant grønt As nd SN eget MOT ST one 13 Dr CBE FAO DEDE SR MEE TAKE TE SETE BEDT BER
EERDGGE STEN PGA EROS ERNE Re Te Rn ve

 

me aparte tor erudt karme are for ife bule pened based on Danste Banke ornat for sach Feer: hen PHs da mht
ASTRO arrene skan Evner arret creGt Batt SV KOP! GODER SR MARE MET OEG ET On EFT St DB DOLE

nere Denete Renesrers hornet res DP,

Enns snu Capt ager primary on ile Managerere fre O) ARR» under managere. EXpertnd cash Kone Marsk ore degend Om

 

"For RCC and Capital Mere tie once ulve anevens o DKK 18237 min Alen vers sernings oncend le CaFTjeg anne eo SNE Ed
Generne LD In Bror IRENE OFRE pr FOG From 7 HAN GENE EDT FONTEN FE ER Te ES I

 

For Donste Capo me oxsess elve armen 15 DKK 324 mider (2016. OK 148 miks] The arte ve 4 par Bear Bane FPS BEDE EDER
ST oe rt FANE GR SE VAGG FNAFABEEEN. Så 3 GRrese HOR OZSM 10 OBE md PM HNG 10 Een LE I BEF FG IR GE
REDEN FEE VELG MDA Be BT 2 TE BED FA ED FEDE DY I 2 PFEGTEDRe FO 1 HORN FROG OS parrene POE ID
FEER øser nn Kerne penne orn Fra FRI STR FOT front IDO ON

Notes - Danske Bank Group

Duet Een ns on an ØGE FEET BETKE ENE DRE ERE

Armovens vt 1 &reåt ate 216 Cars bank nå Da9GVir OR FADO STORE PC under FDD ERNE fle af Le sne Fe
fongstestetstentssisertedepder del sdn sen dnodtonekr mdk esekeed

Acenunnng beNey.
AROS get 1ocrebt meteren Serra! Banks sad Dagens ore messured St amor isnd cret N hundrrte dap 2'å Mage SKEDEN
AR annan Mn fer va Sie MONE NEFEE FaRE SE BESET I ODDE CDE FØDE

(touren etteren cerersl berg OX dier] 2 is
an rarere ——

 

KS nm is

 

 

 

 
     

POT
"Tarm anshetdres re Med vor ren and deler red Dis rele Correr tm later te spend tEL lebe pad on Pe ps aner share
LEDT ørnen et no Een GEDDE TATE BAGTE EDER FEE ED BYEN TIE TON BD DEER FOT TELE

Aceovnengpehev.

Er tåT met nd Mb are races fe bukser Per se he Eneste SE ppi he rer Pi Er Mats er Prags nn Br
Bryner 1 Døysller ond PRGGNDNNE, Far povetn and KODA Sr SB I TR Grong Mon å ugly Eske FYN fe sut SÅ MER Ras OS
[ets srns skete re ser sabler stedse serier seere

 

AR KOnEr en DN, lined Derud ar 13 Mann Or I Bei af Fr tar Tags Ern T G TRE BER Te e  E En E A
KERES ARD REED Tonen SN at he hane Be defor Ma tagne An NET SAD NE SR EET Aar Rene I ERE
ASER EG GASsbES Shang rs FG STE FEDE EG AP EDR BÅDENE FMg DER VSEL SED Ane TP GE BE KO DEDE
JES tea) tangerary Serene Betenk Fn tåt Bag SR HR EET Er EF BDR TT HEE 0 SKEER HO POTE DR
ERE enn As EDP GENE STE St Te FENSS REAGERE PAGES AA PO SAD REDE I FA få Kon Anny EKS
NESA seer DE Se Fe Ann SES FODE SLET UENGE SF DRE REAR RG SDP I IPS VR IDG OG EDER
FAR MB 25 Plan by Manage Fat Best SO FOT OA 19 OD HC GT TESTING 19 OG HAG Te KE ED
SARA DES AE BEDER TADRE En Re SEER Dehn te GENE And KEDE Are SEE ER Be ED TRE SETE FE FEET

 

Curen nd leret taris eslerdeted on the prak far be pant and afkast ef PRO er AEE Ehe DER SF FEDERER ED FEDERER TO
Snes under Bier Eee DENE FREE EGO OG EDEN PEGER BTN EB RE FEDE LEE

Notes - Danske Bank Group

 

  

   

   

 

 

 

Sommone m mm ie

fy onangeinderes (OK mi hone] En

nen mn EJ TT er
Ten en 3 Fo ie
nn krsitgsten s = "
dyre ef rer ver tør Charger PER BENE

annen annat u
FN 5
renen ms me

 

Ruengrtion af deferrnd 5% regres Manager > BEDE FRE PTSD BG BERO 2 KV BER DOTS 10 BEG RE FEDT SERIE
JS Tao ff BEN Pe HOS oaser Car br eft Agee ta ORAL PSA MOM RA YE Te ar BEER TOGO IDE
EAR SAR enn nerne re Grey Ben Open ENE. Bonne pe DRK 2 Toon ST Oc OG DR SOREN

KEEPER ELERS SEES SES ESS SESERET REED

 

 

 

tatenepener
Bremer

Tenor besner sa
Anne BOYE ERE, ”
DEN Fee as

unge navne tar enge deres et

 

 

 

g

 

 

 

 

 

Notes - Danske Bank Group

 

 

 

 

Nanna: me as on MY mas åå

Ten onproke tere sr me ms ms om ms as er

 

 

Notes - Danske Bank Group

 

21 fnsued bonds
ennen seerne re sne ener me mn er mme omend rs mme, Pe erne mr Me mm ene re nes
SSR DRED ETS MBE SNE SE Ep sed rer CPR Pet SED FLERE SETE TEDE TERE) EET OEE
Ro Ea Sen Se TEE Møn ME DE FO? Pe ro ME FSR DE RD Pe EET TRE eee

EESERPRES ser ons sener senere ord serdented bonds. re mt Pike rangen Manne å far ven ant me

TSESSTA SEDAN nonne phe Bree AED FBE MET FR TER MARE PEST FEDE BEER TE BEER
PETE TR END DERE ENO DEERE any SAENE Dehn FN BMG TRE 2 SNE BE TERE BT HO DEE MET DE]
TRESSERNE paper Sne SEN AnR ST seg on  receg ned far ENGE BEORDRE SIDE DE FAE FO SER EEE DRE TEDE ER STE

 

Fe Group stue prpeiud Bon Mk) ØENS tAFESt peFrantn 1Ast AAN the gram for mdt Bør Temp under Fe Cats
KERSTEN REGN Fa VAGT SVEDE SEG (088 BSA POS DEER MEE ØRE FEDE ET EDR TET VRED MEE ESKE.
NETTER Onan SR Es Bonar Bonde etern TEDE VED MOT SST Saren BT SED DG Tr MEDER
TESS EDEN erne denn øre SEERE for EEG

 

IM pis ensom tat bones Eapenøs sn 20 me Pt 10 Sosti bon Mrs Eherae terne fer Pen SR EUR, SEG
NEDE Eee er EET ENE Te

     

Nome DK mere]

   

 

LSE 8 umes  netuemes  minsmen BOIS
commere rare ms enken aserne me meme en me en

 

FEED EET EET ERE EEN FEET EET ERE ERE REE
ARE SNS terer Res anet A/S DK BE BREDE OK 17 FUN] AF BREDE RENE are Fe NEnEE DON GE MERE DE
FREDEN IE DRK AD sine FØDE BB Ban] have been Be SE dne.

 

Notes - Danske Bank Group

 

RER DERE aen ak
REE
Fisser

  

Notes - Danske Bank Group

"2 tnnud bende Cone TT
By sutereneteg ost

SLAGENE Fab Gens of habitser tat form ef senvnd Mer dnsted Dont Some Stene Bonds BreBenand as ab) MEE SEER G Der
TEE DERE Fe Om Ser HERE ondt ERE de G EL BDR ST Fa Be RED Tr DEO FSA BO DRRE BED
FREE BER MERETE EDER ED ED ERE En RE NE ERE ENE ennen

"Inc scan rå Feber EFB ØNN GE SE SUD Pe 0 FREDE TENDER, ED BESES STE BEES FAE TB DER

 

    

Sannes sti eng dask acres er
Freeyese) 2432 ar 24052
BSA bnensner  copnet Mae 4658 12550 anes
Nome mors, ele mmes museemes LEE) øge "is

   

 

 

  
    
   
   
 
 
 

 

 

 

summer ne Nee Frie mee mee Mary Bree EET IDR
SEES ERNE KER ens er FORE

Ba Fans 10 33 ko 345

Ea Bmntam As oe 00 are mo er
fa bænns mo Ex ko "30
Sx BEMArAAS og ile ans ko 10
Fe BmmarsAs 1 80 270

 Sinerøratud er anchdng hare scenes adel Bar LER

Unna sctnvren sans Der Lens

tonbney sccourend eter mer I ord

 
  

Pornoen ERP En ERE Per Sr Der SAD RE FREn LEE
"Tonni cnpnsl hotte includes DKK 142 bllen kromthe added ber I Bend ED TEE DE DD ER FEDT ED,

Notes - Danske Bank Group

2 emuedbondn onen Ed
1». Optendlredenpten rom September 2018 Fe enisnst reder fr anne vterErt Fate die 14 Prcertage PO sb STENE GER

 

1. Betis enderøtkn i Ontsber OLE, Selmer denne fin ovre Fre le Eb enets DET Pere pen been

& Seerne DE DE FT TT KS FEBEE EFA FREE TE EFTER 270 pre tn pON HO Syn.

9 FREE Peg at år amnant ratr af 270 parent poli åben BGN ETHOR Opera! Fnderptln FO one 201 CRR content Tr 2

9 Flens pude an annat rate ef 260 pereentage port above 3 mene NYBO Optrnl radenpten rom Drceriber 2018. CR sank ar

» Syren in December 2020 1 te Mens ret raden. (le arvet inlerest rate vil be rese at 2.05 percentage pr aber Fe.

m». Stena ridenønen mn Dscenber 3820 I fre toen het faneme tre orne meen rate mfl be rese at 2 13 perserne pure so 1 5.
VT NG ap TE PM Tanner ve Fnr VT Tay CR SONNE Tr BEDE

2 Broe rndenønen MG SOS Men mt Foder fe ar varen Fate nike Fate a 1/52 Parnas PER sb He S paa UR
BD REDE Te FEnanNNg vE Vaser CE END, CR Core FE EnpaR

1. SStendiretempn ben depsennter BOZS Ma oo 1 por Tudor ek. Øs Drue fer Fate mr be renet st 4.30 porerne POTE Te
RB pm EUR mn Fa ver HE par HM Marr SØVNE FESTEN TOT CRP and ed ANES Pan

4. Optend reengnen hon 20 ME 22 8 Fre ar Per renere Ur art ere Yale De Mrs at BÅDE perserne POE SD Re
ner 50 ane re GR come Tier I Grant

 

  

Notes - Danske Bank Group

 

22 Omer asus ne Or BEbEEr

FRASER munk Sven br tørn are pre LØ Dr onnetn ar Ohr MDR Gen and Lon ST AT See GT Mob Sr nd BDR
FRNSSKØEKE en preben, an annen KOG I BnEnGNE SNE Bente LT SO

 

KGS Dn nere ENE FO NEFEDG HEVATANE POLE TE TORNE PREBEN FEDE Fr SODE TRT TRE RD RE EDT on
trnteuistispenttregsne

AeAnEnE pE,
NDA BE TEE vi ae en panser ure Pe rn pers are esp aes or Pe band essens ne
KEE FOER ten 170 Eiker EO TAG Prbre van 9 PER SER» 0 fh S/E 2] PEDDER BRRERE I FOGED Så BEDE.
SEKRSEGR Fo SER ar onder Oiher AaBMene IO at Aner 8 Seks SETE PORR Åen Penh RÅ ME BF 1 FR COD TERE
AS Ren sene I HP0 lan the Met Navne FEDE Under OSNer SHE TT BED FENGER By TENENERE FREE ERE
briter rest stetsd ristede sd kskdn

 

 

vesten praperey 'e racegpined st far vakse Far salve damer an rang nen Fre regne ure Ole Income Red Pope AEK En Or
Ye rep SGT Pan per RorTaRG Ino agnes FR arpatnd 10 Be DON TE TE ORDREN ST REEKS ERE I MEDER ED TR
BEDE SR Te DEN PEPE DR PEDE 5 ASE TEE SE

Er Fange SE BE FA rer FE TE Ene ERE ODER en SEEDEDE EEN, TEDE ERE DEERE
FEE SEDRRES SMS SRESRESSESESEESSES

 

Tange sms ar sted or Oper Per BEES SL STPEENE Frk ASER MBE ET NLEN SØ TF FREDENS BME MEDIE
[rtrrsst better ye snert

lsttt MOM for 10 ar tange Sne and ansat af prop vnderlskngs sc marked for sale win 12 manis for era anet» ånd.
SEERE øen ener er Te ETERN GE FEDERER

Sek smst ar mestre at he loner sf Carr yng onnvet pH re SÅ rød sns ester sad Br før vue es sect cortn te sek ondere
SNE banen Baben af Bon onen SY SER, Mas SHE MG RE ODER 2 FEESTØNRER SR RE FAD BE REDD

BRET RE Len DENE ENE

FRE Goug unve Aner ef Inan EDEN SN gran SØD KDE åre Vela st DE Mg PEr SAND FEE PEER REDE,
FREMST ØVE bg SAS NE PSA NES BT) PTØDNE BFG FREDE FR SN ar Gran Eg mr BE TAGE VT SIDSE AES N
AT rn vr Br made onanere Ar he BDR POS CD FRED FNeGBLF EG TD BEDRE IONER SIN PEGE ET EDER

oner sagnene
ED ae nere ie merne me merne f te sb hørte nd me penne Oken FO onen ende

Notes - Danske Bank Group

"22 Orne sorts and ORer FobENDE DEO ned

 

over smmmsandener kedtnen DK Pors]

 

 

 

KEE 3
rr

Fe 2 tas
ERE ba Eben »
Rn E

 

tel Forster meteren
RE FEDE Ten fn ku Pr rs oe ver er Me Pl St ME PEDE VENS GETS FE vr

Tange sun eksl orne propan ft MG For Bø] DNK 221 minn (2016 DKK 270 min) Hines ef snø nen mdt, Gomis
SEEST MEST prodet mee mkGrnanen Tre Ant 28 Arn nv Få 207 The for vel af fre Sorebe Proper me BRS SES ME EDT
BEETLE DOC ANG men Tr ron ren Seer TS FROG 77 mør etern Parco B rs NER DENIR FSA RARE.

Møsets Meter le in ven une 19800 feer he Grene ct 99 330] pt SPL tale åt Fh end ef le hane BRS PODER DE TERE DE Sy Ene
Eotp unser røn pertsmng nen ag abrams. TRO Top erpnets 17 BE ENE STORES FVU TEN GAME SEN SD TE MONE FR TRE re

dormenen on debned benet Plans BNG PER EMrEE  ARRODMNE 3 PMR Meter SAN SE FEED

Notes - Danske Bank Group

 

Frem

 

Aa n00n8 012017 intranet velse af issue nådens ver 1 Capt! smed 1 DK 1148 mon OG DA 1415 khan] Danske BERKAS
ARENA EG dere ener renee on RDS FOT S BRSEKEF TNS seven LE de In RT OR TOT CERN PTE FIVE Mere
ENT agt nerne are nn af nn By SOK Procent Fod VD TER I PR TOG SNE BOR IE ED FREE BE TE

"Pnrrant ard nn Po BRET PM pr Vine Group One 12 ABM HM ESPN spyd) ml bå DERE SIR FDR EDER FRE FEE
RUE fh Enna uno sg FREE Het I CODE Man ENN She Senere & ORDRE DE TREE FR TE Se ERP EGE

 

 

Aceovnng pedey
Ea the rendt teret recaped stel aher Grhrchon af record håbe In Carte! He fn Lem ar ef pad mere

 

ABIT nere ESPE By år BPOLPT FOG tthe Perene uEN DE EF re SAFE ORE Tre ET TOSSEDE ENE ERE REE

he past some dere corarset oe! ekte te dekver tek ar another hranelal ar 0 fe POlGErE se Denne Berk A/S MER ODDS
ennen enn porre FE raa and POPE! per ås Doro TFS or ID Mu Boe FOT FLE SE KR DDR SEEGER
BST TA met annet Fee et Ehe re OF ARR I Yak and sr an INT SL OG INTO POPE OT SED OT Se GL mr,
prstreeketsematesesedgsr tas detennddjers meer r sender ksrsenlerseselerenendske revers
HS RB9nnn annen ar Home 2 reb AOR FEED GT DON For Dre Sel OT OLREADR De ST SY MOREN ST SERGE Fer TERE
NESS SEES

 

Bnnnnnn indu ef sseh ns duer soner
ASnonr her Henp Ta venn sengene STOR, GEDE bene TOO DE FLOD ER SE ERE AE

Ansett sad fattes & vutn oner Denmark are Lranslated ke Danish kroner st ie MHchange Fate at e Beløne sheet Gate. MNCEFE an DERE,
Anne Cder CF Error VEG PNG TEDE P IR9 TR CUT) AFA FORGEVE SEGA I STEDE RG EE Re
SEERE EG gå IS VR ar me at Melde SVAG KS GS SDR ODNG 100 SOpMEN Eee Se Renere Ran DERE GER
KEROR NE ERE De en SEE Do Mees ae onder Ge ESERDTeRE RENE FREDE SM DRE FED EEN FORENET FED

 

Irene evner 11 om ovne Dear ION 2 BT rraknes Varsinnan Sne re

 

he renerne cover svane vel Øjne GÅ BON traad 1 usstle for Asle MAREN starts sogn undar OMDar Genren ERE

RED San RG rer ere as EET Te RENEE En ENE EET ENE ED,

Neuen enderne fanger mare orRts 16 Group ec ksen ie MC Jsted VBE ERP LOSE FT NE FEET TERE PEDE SELE DE
NEED EG Shen Denne SE ERE FE PN TERE DE NE SKEDE BEDE

Pevesesivdnnds
TANG af vt propel fr videns for he vane vAtted 10 Fe gane mang 1 FE od er
ESSENS SEES SAS ESSENS ESSEN

 

 

Notes - Danske Bank Group

 

23 Ea corner
SKSRS8sn pøgnerne bytte Cro are Bette 4 Danske Bank stores. TMG fr vølue t Fhe rr dat 3 srpersed over Fe ES Bero ane se SE
ere ED AL Gr Br Ef aar Et. POTER By SUE Joe OF FOLDE GO BATES IK AN ÅR SE SURF PTE OF Deneke DEN SR.
FRELSERS MØDRE ODS FRØLUND DE

Non ir anerusts share of aguny stu Afa CFA smst the net annete rep orders king Pe One ØE) er Mr SE Ny by Dens
BRL

 

Ta Fee PONARE fhe De proened racen Me PT Of ALENE SNG BEETLE TEE POL FE PORT Pe Moler efte ns

An tree 36000 Dante Bart AS Tøj 4 48 28 ØRETEDO Cane teret Pøt 1 DONG POSTE ANY PHATEE PANDE Frue bå pr Ove oT
bundne hems ne Primary Cone SÅ Feed sering at DEA Bar AVS ord Derek Bon Orsa fo SED SÅ 3 SR MERE
3017 før Komer økormanen] Fra asbnons FF I CAM BE art Gan faner 2 Te COON SOMA Der TON FR Bk 7 FO BR

 

Ovsandng sat accovntnd dåser Lente

 

denn Berner Me MRS Tae mee Mae IDRE IDG
msn TT RER
be mme 1 me se Armun Bias 3570
5% BRMTRRRAS Es er Ama da — 3000
Fam scmumdsasnenet ner cagna Ge Hast

 

Te eneste stem fle tes est eskonne Fagresert (Re OMI val ORE oDO ANS DOS AFOner St fe srEhenge aten at 31 December ond od
Kosrentssaitkede bedere esserne

2. tnarest is pød sønbennusly at an annet rate df 5750. 8 carte orker are hik Vela spre by fe Dens FSA the bonds may be
RG ne per rom AGE BOG I I KON ar PL OSETNER FR0 EM Ler eN mg MS AB PERLE POE SD TRE TE
REED Fan ove SE pant TA Knee I Ihde Sr SORØ GONG SOGNE TRE I COD MOES EN sister STEL

1. maren tm pød sørkannuly st må samt ra ef 5875 I cert enten are kla, nekveng appel by Danden FSA tre Bonde ag De.
aben Hi ptr Fron AGT BOER Ni bonds ry roden, De Br Soren re ANE FS BL I PR PPR DE ET DE
BET TA arenaen pha TRE SD SRED SE SEASØRG ES GR EGNE MAGE Ra Fr T CIGAR ER SSD EF DE

1 eres pak svineri Mt ave able FOO BM GBOR + 4758 I Carls erher are Ud VENN App ve by Fe Danish FSA the bond.
EDR Pe FG Manner BOR Fe Doer FRE ABE Ve PR ER FOD ROGER TO ERE RED

 

Notes - Danske Bank Group

24 contnger haben
Canengen: Mabies con ef pons fabdkbes øn HOT Pos Prarks The stance af Hven kalken mil be conhrmed on) by he OGELErEn Er or
frsv-steserydnirdejessendrenstdet toil ordresedderssnedet senere elser eksl borsg br

 

 

RS nam peber On DENN Få FESD EG ne BD Buet TD GREN TR DDA PT PD SBAS KEDE
ESME G Ge Kane Cone AN EDB Penne PER

 

 

 

 

KS am zl
varsler "1550
ennen ra
omen DEERE, Em
KEE REE En LE lens
van — as — am0mse

 

adøventoerset pass kom isndng settes los fer mind and vom mind ne orn grand by fh Cresp omend DKK 260 bon
ft Oncender 2018 ORK 267 bike) Fnr Ene are FO One CORA SF Mo TO ENDER Om rANN T SESTØE SN I CAP]
SED nn

 

ejerne mgmnanen
SRAg et kann telone Dunate Bar i ori apart 10 see ns Ad SER AE 27 Man ar GNgDNng Asger MED BARE SADEFRR, ME
ARE GsrA FSK Fana NR Fat Øørnkr GET oe 70 FNDgEt FA SAFT SPORE HADE ARS ORAL SA OEM
REN mera SALT G SE MERE TONS TR FADER MSF RØR ORE PBE On I DRs BSN ETERN ST BETTE
IR apsinton ås sonar sn 2 MEG BOE he Done FSA Far rager Gneke BOR 1 I Dane PLANE PYSRSSLLG Hr BOONE EEG
An sne rn HS TEEN Fi TENERIFE MDF BEES FRE TERE
GSR Sy orne susrer of Berate Bart Eton Fer 2008 19 ZOLT. hor) BOE. Fe FORENER TAVS Crone PEN ES år RE
Rn Me ME DALE Bk 1 Pe PEER DE I FAR OT an gemte MANDE Tit mann Hat Danse Ban I PG DDR PBE Cr BOE
Enkelte isse seelensi res skstss

vesemerion tit scaøstins! Sam Ban from Danske Bark Pk] 2007. Darake Bar Pl and Sage Le nem Mandaton Ude] tigre on agere
SNERRE era Mondeo Ul fre omk FR IS Ole Sr PORER INTEDGE PSA Mr GPS BOT FIE DERE REDER
FRE gane ag sner spr fre ans SOE At Tee germ MARR DM LIE MADS ANNE PETER PO EFT DEER PD
dere tyranner ro Danske Hark Crop OM 27 October BO Mara Or NL sner ennd Ten NL Tre POE MOVE STS Ba AT RD SER
HE AE BOM E BG 23 bon une nl be cap at the one af tret af Fe FORT renser STR PODER I En TR
FEST 201 Gerni Bort ser rg Pe Pors er BERG VR MAO UI PERS re On TD FEED.

Atmunt mener ef selen ars are sner tern aen Frey are derned bel re FSKGK AN Er Pors rer ge. ar ES evner
TE DERE STEN FISHER SIDST HEEP UGE STØD GET TEDE ÅR ME BEDE DDR I EGEDE MED FDD
TEEN DERE

Tre Coop pøriklpeten the Dem Cuaranter Fund and tie Divish Resehøten Fad. The fonds' capel must amt 10 st net ON and 13.
RER, Sene ert pars] ENE SED ADR By 3] ORE! FORA The Garan For I GERD fonde. Do ne Kon]
TERRE as HOL Kane RER msn 12 Make PL FaGOrG Page ERESRØRSN CO READ AERO Op 12 DSN Of ENE MOM ABDEL
ENS nn de TER Eno Ee DEERE Mb PIR PøTER ng FG JR Emre Sie DENE ED Tha Dat EBERT
RES Fo un EG I Dacemner BOIS Ganske Bard A/S afd RESKTRØT OB AS MURE SDN DS 10 Fx KV Ox TA Bao DR SD
EDR Rn ne matr I Fonten para Hoorn CET SS IE PE rer BE EET
SE SERENE Bend rene ranks Mr mars eros ber Is BOYE BNI) DrisR KOR Re ME PE EDER
ED Mon none mk Fe Tee BE RER ER FRED enn SA Taars FO SE Sar TE BETTE
BERETTER DE EEN FEE FO me FG OG DE ET ENT Geen

 

 

Notes - Danske Bank Group

 

"24 Contingert haben onen Len
Te Gran må menter af speak Br nlen serene rå ber corner teho Mern me LA mme Lenas Arn Dem en

 

me Grov the tanter fa onder ofrer cancel opera Inner Mang my nain east prag, FREE KOTE SMÅ RR DØrE, The
[esset mdr venistdsenneddnedensnnr erne ker sener denne beredte nement rr er arterne erne

negre Sy ner AL SI Dcr 2O1T. gun Mønt Park UNGT NEDEN SETE innen STEG 17 DK BEER TE
TER GET BONE DK 117 mine ren DKK FI FBO CR 783 ma Nee FON Ng 7 SØER fre BADER REDDE.

 

 

anete Bank A/8 4 ta ny st så erne af DB Hank Group and m ARD and Several) hable ER nere for Bayer of Dr ERE EDoR
BE nden ene

arute Bank A/S e rapmnered pony ar ak Byyvhcaet Drue entre of Dante Bank Crop for rare! aracee emølbyer at åd VAT for RER
BIER BEDE fn fn ørene or DEERE

 

Notes - Danske Bank Group

 

"25 Balanee Shea Heme brEKeN GR by Ep een ØVE dne
Te Crop pre be bear sner Ene F arder NEP rstAA 9! ØRERNE ben EEEn uret sad Or CAFE MEE The table bel sOnE
NERE EN ENE BEER RR orn er FEUFTONE and sner Mrk PR or Fr FED

 

REE REEEE Bazar sans 20493

   

 

 

Notes - Danske Bank Group
ES Conraesr Øe REE ERENEETREDEEE

Te utte buis shows fe cararnet oa! sur SR 9 FOO. derne PRAN MER ONNER DEDE SD By FREDEN re Bande FE DE, BD
SAT turhent Ant 2 MAE fr GTR Så De TAgV NS 13 På and ØD 70% FENG 118 ENDER ve SEE TD Been ER MADS PR
HESS SELE SEERE SES SE SENESENESSGES

 

 

Bien Svans Maos mass Re es

RE etigenan under reverse Vasen,
BEDRE DRE DEERE

ASE earn manen onger ar per

  

 

 

 

Bos JDeK mens]
RS trerese othgsrer ude rer arne nene Har
SS ea

 

telrorner erstenenen
ES SESS Nnrer spre sognets heksen prince and ierest For Mob srt varede E8SR Bon for ORDNE FOF eL Are DRE

honunty, sepontn are orirsct sty very short term funding, ut It pracRE. ey are COnRernd a stable fvnØrg Hour, 28 as ORDE ry
SD peS Tae A Ferm SB EDT KG BUEN EST STRØ BET VASE LOD ESTIMERES SE INGRID
SES anSnen ne res ED EEN Fog TO BEER POOR NG DE ORE FS EDP HEDE ER
Estere seset estere tresserne

Far gaverne 1070 18 pørnert sål sen Ms Crvug. a mumker af nd edel endniere mat be met An net penne fe Brest Gran Fa
FÆSTEDE G RØRES åre me by Ene SS BORDS pMn BF EEN IDE GT MORER

 

Notes - Danske Bank Group

927. Transterred Anans BEBO, REDE PET GETSEEE EET
TELE HRG DR IN PekbNE Ste srnnen STE GID FAGET SÅ ERFARER DELE Ehe BANE TEDE I IIS DØRENE STE, PE TENDER

SD TET ANA Sohatere BUEN TEN Sr 7100 EDT SNE SGT RØR TO IEEE TE SNE
AKSER MOSE FØDVENSEEE SL ERE PE ONE Sa COME TE ET TEA BET DE SEERE ET Dent TET DEDE RS Kaare

 

 

Tusrsgreride 2017 .

 

Camre amme vanslere nen

 

BEER ae2er 10sas4
Munn un 298

er] SS 5,

ER mee MEE EEn Fl sas 30

 

70 010 Has AOL BEF DSO ARTERNES SE BEN SEE ENE ENE EDE GEDE ENDER PG I EEN EE FAEREEDEEE

Notes - Danske Bank Group

"28 Asarts pronded or receved as colaterat

EDEL PEGE pen DKK TT 8 DRED RER SODE få SAREEN ENNA FHETNESNE EEN GEDE FED

 

Ma tra and at 2017, te Crosp had regstered OK AAB ile mer el sans Frk sØng Bon and Paren anse by ne Grong] vader urene
SAFE FT Dacenter 2018 OK BA 3 hor] se celstere Fe FORRET tang STRØ SES BM ST Oncanber BOT CA SED EDT

An SS for beer anv Sy REESE DERE NEN TRES SNF Bent mr atol SF OKK 7 ADR FSI Onerenber BOE OS
5287 hon, No 13 proven såanans manner Smaary vr Grp Had npELEreS DRK 2807 DR OF Of hand AN Mar nes EDT
Bkcenser BIG CA BET sheet cutte For sonernd Don EVE SGD EEN ERE FRED

 

Me tat teloe stone stats provided 08 edtetars Tor Gå HEL yØng ObÅg stene Une FOD EEN SN BEGRER eRØg,

 

  

(oe maees) mee Or Tan Res One tat
reen aoezer sst SS zaam
Terai vetudingenn mund bende 210802 1353312 17748216 1321740 1721:

 

Seerne pres sn Stern We rent fre arte ffe er Dar) fø Bel fan BEGGE Or prende HRerm åå Solna fe ther hane
RESEN d0S sone SST SOTT FBI Dncender OG DR TORS BAN

Ma veer 012017. Me Group had eres DKK 2525 kon north e servr tie (31 Drcariber 2016 OK 267 aben] ss cost for rene here
RER rd ne e EE ERE ERE, SNE FEDME NA En et TT Fr ru me ØS RSD DRE FEE BES

 

"1 Ornup se rucs many olber ype ef anset 98 Oster Or Germi aR Ordrer) innårg sc, TRE GOL hen 0 renere Fe
SENDES TØGER Fe Manner Fer PD TER SELEN ST BEDE Ene De DE

 

Notes - Danske Bank Group

"28 Ofesrng et hnanelel assets and FEDE.
BEDRE NO SAR PA 100 PE TI FRE SKO FR RER rt KASKET SEERE ME En TE RER EET
ARN Sene Er Gøre sg reereres LE TAS EN OSAMA

 

ARTE mr Oken aner. De Go ord it ch sAR Pan ns prevent re nose cop ned rn ma nav rn
AR Cover åre Tet TT GTS an SPEER I Our DRE 1 Sek Sr EA EDSR MOR ET RE 1 TE EDB PETE SPEER
ESKESEN bene 1 Sover Sagen RENE far ve de Geen PORER MTG TORI SEEREN SHIT AGERE Be PG DP
KELS ES SSSSEESESSSS SEES SES SEES HESEESEE

 

 

 

 

   

 

 

 

Porno mere; Snes Ntemeve
Læoreerdeg == mane
rr

REDDEDE Bro ånde nere as BR

var ease sss40 —— S408S8 — Benee0s — B8ir Beer

Notes - Danske Bank Group

 

Prone arum are Emei Bela samt a ur VO e OF amer ene ENN TRE Crop bresks Go ÅL MASTEN SEER SEERE De

føl fnencet instrueres st før vel,
REEL mest mmm ør hanne hbn can be tkentngns belnnen ron krdttl MINDE ren FAT sake

TT søren fri tjconemte of rant nm tat are Gunna an acts marke TEGEL ste Os PRGE QustEd VDS pr pel market.

Z VARG SMA Ta onen MA Bee 2 GREEN GMO RESTER Va SOME ST TA BBS] RED VED TD DERE RER
RSS gPEn ER Banen AG FE RnanS NE Inn Dara ØST FRE EKG AO SET I O-O BO RE DEGREE SEEDEDE
BRED BE RAE Da 0 FREE SE I RER EGE LS MES ODD FEEL DE
ED de ENE FEE ENE NE FALSE EENE, TE FEE RE BE FESTE,
FEET BR GEAR VOLT ON TRE Ba SSR PAK EVER SN SNEEN FONG OA TNB SONS EDGE DETTE

2 Veto banede Hpnhener røn cbnare SNA inne 3] Te vaere eler ten Moa EDEN, BABES DEKANEN OR OD GRADE
AE BER Rena LLR SAMIR SETE SETE OMREGNE BAD IDE PER SENE GEERT POE EEN

 

Nm tre belaree pest en,» Pnåncit ne onen TE latest Øfers From &å clsEr henne mt ne Degn af te pan Me Chester af sne
Nru Slange Canes 973 coratdered 1 Bør Håkan Pla at ( Bulance Sant Gatt DASE Ph PAN ER FMaret Rav Pere
TEEKERSSRRME DENE BORG Kane BREDE Ba ar Fo Ban Te FE ENE GERE EPE I FRE DE PIGER ELG,

Vooron megen
He om Fever vand vøltion tecirNaver inckast He prlong af Hannen satt AE? BøRlement and mag Fradels fat 896 BF saks
ESESRSAT NG pen ket rd pre Modet ve es DIR & BLTOI0R FRB Aa per Se GT DDRS OASE VRE TREE
SENE SN arr pdegndnet ne Benn NR St Gord Fre GG SNE PM PBR Ene D EN MDD VERDEN EG
FEDE EF er enn SEN, Med PDerang SEEDSN, S] MBØE 1 ENE SN NE MeGEI Con be CE or PAETNE S0 PAGE EF ARE
Brod

øens otter salve Prortpege hane] an Bonds non by Rare DE år FACOPHEnS me far sake af iPe are onde (Me anne pre man
kerstelerdrdeegher rdsneftrrer dere eliseresd stenenes kr dendrnelstesterendeel erb eeleveleke]
ERR net Mager grande SR BG ST BADET apr TES CDG FRE DE Ng BORE FE ERR PER EU FDR
KERMRarN beper 5 (nå PORER SEER Pe BOEDE EEN ST IRENE FOER ED SØN I SME Te RØR AE SR TREE DE.
TRE ST OTTE ISE0 HE Cr ET Trade ONS BETTER TEE På PER RODEN HF FOT FORD IS re Fr BTS,
ED Ea BE SER RUND & ERR TOR TEE PEER IA ENDE REE FIDE Fe PE PEER
ERE Re renen ante hed orne ne DS.

 

 

 

Imeveka øl servere prenardy eng Lar CaPH FRE tR MOSKE TDRS > SBAS Faldt SFS ID FN SEE I FN KÅL LEEDS ENE GEERT,
Moren TATE NE PETE DET Sen boer  VOK ST Tå DEE STSBRETVaGk EL ME Gel se BETA SBV TRE BEES ED
nens Ann STOR DEN ker ORG RE PR BENE Pr EA DS VT CRP ERE ARE
AEV me re CORR sr PRS BEY godes fre ERE af EEN HT val GF STAND RENE FR BE REN MD De TERE 10 SET
ED EA ne dn ERE De REE Fe Ea ØRN DE TaRRETE TEN Sr VaRARE EEG ENG MEDER

 

Notes - Danske Bank Group

Ser Er RER EET
fanen

BESSESESSSSS one sees feer baronen er skredet benet en enden REDER TKO ES BET
ED Eee ES EEG Onan ED rn SE RE FED DOLE GENER

 

rede mdrs dpi JEVA der elve nd ener! [OVA Je køstong relse damen VA
AE Genip alen Ta taler shore 3 Boer BAR CDer, STAGE FE BR GR maner ad» posi fr lse OVA] for unter me
Spree dere B! Vnpar ane For vet OVE Par ty per ENS 9 Garnet. CVR CNE så ORDER Of Mn prob D AR SFO FO
FØR DRE sene EPE re re for pre Gekn LA I Ira over a DERAF LENET RG TR ODD ENE PE SEERE EDEN

 

"Te PO vend tr GVA made are derved rom sørge name haLAS CD HOS nat svadibie (Me POS åre arve sing prery Mapping 10 CDer
TRT ene Ea Aon ET EDEr Pa Grong LE SENDE I ER SEn g FONG POPE SIDSE 2 IDE UNE DEF DE FRE ERE
BERNER Te monter ede ir Bet KA om kat ArpKaS Eat FOT tn0 EUR STED Hg GAP MR TREK GERE ED HEE ES
ESSSSIS SEES MERNE GR Ene an te aen ar nere AE ED ER ene ÅL IEEE.

Aturvelv afjøtener for dere vt an pECNEG Megan ss por IE Made 5 EOVEr he SounkerDerNY CTøSE Pak er Derek Berk (OVAL PD
ASM serne Paco FAE 10 GVA TI Group vant PO vel ven rn ve FDrTOGruNE BAT EM DS STE

tør salve stoner or Gerienbrer to crver soen caste FVA js Eske PA pamarhy annet KOR SE SE UDE LEEDS
ASGER TRE GEN I KER STR ENDE FONG ERA RE SNP KAF SNOR

Mi ma rd e12017.CVA VA sNFYA came anet amok SION 08 bien SI scener 2016. DKK 1 bon] Æksdng te sdvumen der rest
KESSLERS SS SES SLSSSS SS

 

FS pons af samt and KSbNNE MA Tang market ak. Re Cruep Bates 8 Men Burner SÅ Pe perle > Ed market PEER RE ELERE
ENA er en pre As eres BOLT Baek mg

Tonen forte uncenssty assist vd Mern he vøls l errat er > Pe bar OF DE en Ebh PS Dev SI ØE ENGE DEDE
HR oup her ante BOE goer CE TI Gr Ester BRS TEGNET, FR FODER STD ENES RE DD AL An ore TET TRT
BEG 5 ken (31 Brenda, ONS DNK Bra,

 

 

 

ESPenøner ALI Gneernber BOT the ve unererines tube marga DKS LOS ikon 206 DK DO Ten

uran FE sn
SEER SB ER
SEE El

 

Notes - Danske Bank Group

 

 

   

 

Free REDDE,

nnrernnrne ae 10773 Mose 21888
ehgtnene nrap rene urnen SE me sanse
Bohn une Fy BRS DEDE FS ES
pan ornare there are ve Anke Fer Er Corerrs masor aar

Notes - Danske Bank Group

930 Far valve nformeion for ARDEN ENS UTEFES ENERET

    

 

 

nes

Re nm omdr Så Mr

snert meer ans em

RRS r podet bore and ost eke dne ene, su i

ge rens Hanner masnon es Sager
BORG and BYRD Denn. se 53
Bents vider paslss Hear BRL UAE hrkG PEDER GOERE 10041 Toean

 

 

31 December 2017 maret name vue SM ne han af sbservable snpNt Connued onlated snører SDK 19359 mrk 2016 DKK
20863 Frit) gs bonde OK AB IE man (ZONE GK AROS kro] ond SON RE Re Marne ve oe SF 300 TRE FDB DK
fre,

ristes slares & DK 171842 miton (2016 DNK 18843 mar) are stscated 10 snssrgnee EB pakker md bre pokeyhekders BBB
Rada På ane shares Chaneen 7 helet val ef ene share VI OF 0 Fre MED FRE FRE CAD TO FLER The MEE NER PORR
anses GG 5317 miks OS DGCE 100 te] cars Fron Ny ef Bang riet Monster BR MORENS PE ER NE
SON herrer dernes I fre Tr ks meds pre Io DK TS MED 2ONG DKK 30 mulel UnGRr Hs ro Snerre sn TONE
888 mutere vrerlnnd fer (20 HE vrmehned gm ef BKK 13 MH] små RS 53 FAO mn kend Br FOG Teslsns far STOL DE.
GG or fe are TA varene Ada es I 2017 ond 21 mere SND 0 Sne VASKES SITE FO SMED ETSI FAREN
Sr poter tre ovnfintdikner 3017 around DS IE mur f2GIG rener po SF DNK SES RD and PE MERE BED
GR Masten FONG OK PEERS

 

Te ostene får vue 0 Hised bord Sapendt pH ON Ma ar natad cradt Sør HD Crødt søren vider SOM Jar vakse mer Gera
BB men FOG DYK B3 mk) IGN rn orn MIN SODE Tor ss ERE Ene ES RE ETS ED EN

A hastet munder & Senest ens vil ved Se BORN STE SEE VED pE TE MAGE dy mdr Gerne Or åre van DE MERE ENE SEEGER
En era Bao rer ør BABA Of Tan abe DE NG CARGO Sr DOT Se Pe SO AaB EPA TOFT PBE, BDR SKEDE
FARS OURE STRESSER SEES RSS SES ESSENS

Notes - Danske Bank Group

 

30. For valve informere for hnonGsET IRS KrumE ME EN DnE
Søren tanden sens eden Baben na TONERNE KR

 

ALTRE ED rs roer me as 0 sas mo Tis

 

 

Tre vilue patent rn prof arien FACES unde Mel TABE PEDE Tha transfer Serra IE GREN SDN FE CH r, Corner
RRS ERR PORER VRE nn De FEM ERB BDR SEE

fj fnsneel instruments at merne cert.
NNE ESS PSG ER 0 DB DAD EM SPORENE TE FEDE PN PE ÅL KONE BER ES FED DE DE DEDE e

 

hesten serne Pere clst ct he 10 PNY Per ere bend ør BAREN Øer
SE GE EEN ERE EDGE MS KET NE DERE ae Ear DET NERENR FEER BOG ANEDE MA GL ERE DE DEDE

 

 

Te onmeraren er ate nd POPES ORNE FREDE EDEL ED ER SNEDE KEDE BEES DDOD OD FEED SETE fu

FARE OANLDOR ELENA DANTE EBA BEN AASE SNØRE FN EDR TER TEDE SUNDE TRE Dr TEDE
krormestsorf eter sner estisk rel peretentendedsnng

an FRE Rarsn Fate FDG Or HNG RE IBONE ENnEnØRE Dy JKE FOLD I SD ANES og 2 hage GÅDE PEER Fe IK OP KØBE METER Fe
TE FMg fe ANEDE Fm FR Dab I Mage S Sy rune SUCT FaGger are BESET FO 1 fø LNG Pede, Br FEDE
SN Madge arena grand sn Eng EN Sr Fog AGRE DTS Cone OR KG RET GRENE FORDS
RSS En erne ØE rnEnne STE ED TO ELDDE BTEE REEL Ene TEE DEDE

 

Far ancient at are ny 0 8 Mi sst Avanced by Change In EF0GE Fl she ATF Eee INC sarg Fe share BE
NS scenen ef ener rar Fe åt aruneneble EDPr NE En GÅET SEN TIM enn For DC FORA CR IME ØDE nå SENER
Saar

 

forsk te føling adam are made 10 FASE afa value ef AMe ErEØR
The før sølv Tr Gr sFynØNE Kran ENE 19 EET ERES or fe Dane DE GF EVER FERSETES FR SEEREN OR BEDE PEDER
TAVLER Se Ba FED Saren are MEST FO TET VRE DLT ER FRE SD TRE ER SEERE
FE ES FEE FF FS REDE FE ts FØDE EPE Tae m EMNE er FR MONE EY SAGDE ME re Par ve
SSSTS SS SSB ans sn Far ane hen One STREET TERESE ES LER ID OTTER
RER EaNGE TE grab skny dets
2 Rresdt natron FØR Taks ore sene fer I) Ad pet ing le Fr velse ler IMR Gerne Been DS SETE STEDE

 

 

men Fare Outedøriees

 

 

 

 

Notes - Danske Bank Group

"31 Non hamnesat anses Fecagn ned ar Far val

Jen rens mate re rer and  er se one rn ET er ror ne og denn ser men reen Mer rer, FE een em fm me

 

Acorn per.
nn Bresarty racogpnaed at før JANE HAD prs along Pro sm rer 279 MIR 0 OR ERE PEDDERSEN
ASA Cner annen år on bek of rørene CMOS SR YorGgnnd UNGT AMEN ORG NA TENGR EOF DN ARMEE UNGE PD HEE
Fort ser SS ESS SES SESSESSESRESEESSEESE

 

Tet sal is snes 1) (be GF vare Inan once a year enhe DERE fS BED on EL ERE ME TEGE

Asser helt for srt far vølver nan ros rn ng base]
SMS MØG SEAT AoD SL Pe Kann? OFC ANG øv VÆ ES MORE CRES Sel and re Me Inger Sept

fetmsment proper DK hor] am me
VEL RGnne EDGE pr orkan. Æ is
FEEL Sa m
rss — Aas, 4837

 

"Ye sener per nen Pels Pe de sen retn s Pan are Made fer aen øren ener overens Me seat sy serne or
ENDE
ARON SEEDEDE år ets ST PR TET ET anne Og nerne 90 SUS ET SAG TR EFRØT SVEINN TAN TI FBE NE SF FEER FRE
FEE SEE SED SEES SSREEE SS SEGS SEES

 

hnvestment proper ver hø on benet sf serne» Cussners Amur DKK 23.068 mio [2016 23223 mio] elv ORK 604 måle (2016.
50% 30 nker] rund 0 CM Anand ren re Erna SNP AT vue af an mr OM 10 ond orne SARER Pe GRP DSR
ABG 205 37.100n) ar merage 48% (8016, 3 SU] Ar pereane te FORE rat ef Fer Of TD pr sentege POT MO TES ED
ERR My DOK ASO ikon FBI KK SAGS mon

 

frase est sele
erne Ge va mn anne Benn af sot aner ak e ee tnesEon  t Anne Me sk mr Esme roder ner sn
BETTS man ROTE TE men] NER Z Pro Te Mee ER MO SERENE EEG mn TO ME REE DEERE FEE DE

 

Notes - Danske Bank Group

2 Remeaperter

onto Bark A/S act at the hank afa monter af Felsted pares Peyner BAnKESS BØ m Bacur ten and ale IRS UERETER SAP SB es
LAS breden ØRET EEN AE rang ar Re DERE SEVEN FORBEDRE BER E

 

Søer Person manager 0 penne plan afa ender sf rn pre 100 Danske Berk manage fe snes sande of Lhe GFDNDE Penn

jøstey
AF BDE pt Crop ther par over EA Pe Crecp has cantrsler pga kranen er apart hst has core er in kan aNeneR
BSD Greg AR nen rer NER ER LD Fan FORETOG Cora KEMEG RTE FAD RR SEERE TE PS TND

 

kam es in art rated parere Gros are sharetelsern Mat have ETAGE POT 9 shares Fup k an Irhener ver Fre FOLD, shsse sneen
JØDE DEFA S OEFnE bET PDS PI Pr OdEr (i GO. p EN FØDES Aaret ver Na SE FORET ene DES REE PETE
SEERE NEDE En Ene Boer ad re FEE De Tre

 

 

Irans iors mr vidste serve are stad 7 an arm BJERG BeDi ånd PEDE 3 fe PABA SMEDE SE OLØR 1 FAE SE ERE
NSSS SESSE

 

un Fr. sod ENDER Men Nite
fe maonr am is ar oe 20ir— zole 207 2016

"Te Greg 1 åløt1d camper) kb n0 sharehelder Mern ceriret over flå GrnuØ Pels pares MD SÅN E NG vent eks SEERE
Anlongs pcehang 2OM Of Danste Burk AVS sure EPA. Ta AD Maker år Cuse MA KO) MR FODEN Br EDER ETA RE
Har Grev Cooerhagen Ko 20 GM ene spar casa Mate 35 Ant gere NAR R 7 MEn EN TPM Der SOLER an ENGLE BED
Sonne le er onnE RENE epos FE Ry em EF e Bor DENE IN En En En Br Er DR BEDE EDER
FARRELL SEE ERE

112017 (me average vrerest rate an erat che grand 13 mener be Beard! Dar And i Es Bord mare 23 FROG LN)
REDEN BOE BON nerne, Hates 33 ant BA SDR Fre EEG BF RE ENG TENDERER

 

Prior fond se syer Wa purpese Sl payrg OM Penn benehrE 1 argleynet ef Dante Ba rK Group are lss Sons. dere Fed par en Done Berk
Et hør ore ms HnsbEneRn ME RD IVAR BG Vann ER SF ENORM I SNE AE KR SEE FREDE ERE ER
erne Cons KE F FR BOT BDR FO IEDIE CA S moren Spot ne Savn OR TS men DIG DSO BEEN
5627 mer mane ben ord EON. DXK 167 mon] Øernes mA, Poser far AR TEN Dehn FROG DO MRS SETE
AD bage Har vekoe STORD BER metan (2016. DKK GAS non) Fnaraet trrnnet STN Brian ROLE RAE muh] fn enn FEE
RRS De anken ent pens terror of DKK 233 mk [ZTE CR SSG,

 

Me høres atom de ret elvde døbt 1 related parter sne for ef anse Pete år bandt Such Mats or BORG AF DEG BAGEN EN Mens
ARS Benete BR does met br Fr KOR SAR Moler Ganske Bart Saren ny be FEDME by MATE VLR Paa ADLØGS OF Denne BER
Frssrer or sveber ditetn stedse asked tdke desert ekkenlnesederivdnrer sr nen

Notes - Danske Bank Group

 

"35 Romuneraron of manageren BRS MERNE FK TEKErS
Tr rele pres rlornubon en fe THA arne Øe manageren ol Da GeV De orm ali he Boel Dretorr and he FEsn se Beard ans ener
REDE FR Te TE TONE KAR ELAD FEDT DEDE TE REGN BNG BORGE PEDE

 

tommers bed Deer
Bøntir BEAT Arne FRE Arn FT unRRES OT) 20 2 10 Ever Sy PORTENE BESKEDER DrCNarr sl FAcee Ale for Boss CDer
Re Ta Band DERE TER O Nee SyiPe Parent CO Oy Barett BE A/S KO ØRE! FØ PEDE FOT ENGE MED TDNND
EN Benene Bear or be Board DEN ra ae GDS DNAET The Gro Hun Må PETE GEDE FODE TS DRED

  

Notes - Danske Bank Group

33 Ramuneraren ef monagenen and Mate ET NER Kes CONDE

I arnnnraren st be Essen ser
Før fe Erncutne Bank 2 tok0 renere mee OT DNK 882 mio for 2017 2016 DKK 777 mia] fas Benn monne. mn fnEd PER EREE
roere DK E5B men F20IE DDS mk] sneen atle emner sen mon ang 1 DKK OS ror DRK 17 MON PET STE
SST fore €asonve Bon 15 pe åg Ene PAned SONY SGT VANER TERESE Egnet LES SON 9 re MG SRI) PRT STD
NSA Fomunnaser af Pe Encore Board mt proud sn åer Based LONG tre) IRENE PARTERS GS TDe ST o F TOr vane
SE RSSS hanner her 201 een ølered vera per rnenks Hr Hg BR ET EEN Bonne, 0 BD KANE RENE VED
KE ØGE SEN EBA rager and rare Prone FO TRE LOA MerM IRC Dus PAGTEN TNE TOLD På. Femera CSE KAGE LD,
BOT paper i pan Pl re as Pere ør 2OB Popov SME SER PENTA or PE FARE VE EKG ENDE ED DE
Menbersh ef in Beard af Drnetarn 7 ane ar mere Of ie CFR MLS AGar er få Me For uner se SEP SN DAR GERE PER EFA ERE

 

 

 

  

20400 mors] engen Asp Andenen Andere ME somom

 

NET Marit 07 Gert Kathe surned arier DOT MOR IR PASS On FEET I er ene PL LEDE

2016 00 mors) Beg AmpAndnen Trane DRE Kame MOR Me

 

en

kr

    

"Barn Man Andersen Andere

   

   

Notes - Danske Bank Group

"35 Romuneretion of management and mate SI NE FRK BOE nVed
honemeerstent en meter e Tek bakere

BRSTESTES DE aan kart, sr ample mose profrssinl sen i EOVA eve & Patent FrP Or De Fk pre af Danse Bar in
REG me ører tap slenen CRT Mar TEA TELE, GTO ENG ED ST BD DELS Tr ELSE BE,

 

het andet 2017. 728 ser mer Ask tøkert meer Seng sted land el 2016 838 TES] Dong 2017 752 MA ne suse eee Sanne n, mr
Be nens AM ala FROG BS PTE] The Yrser re Aare S Matera! take ar due Fnandy 3 Ranger ås EN CRETE CARE er
AE Allers The 752 PTE Gangraned Sr fiher matenel Mak tør Særnes Føreren åf DR TAGE mor ON RDS PTE armed
Femern Ef DK 1305 naton vt RreS Førnsner an Berg 1 DRK HNG MR årg vante Fener nb STOD 13 DO SED Flor
(8010 Gu 1226 mnåen and DRK SET mikan map) Vann pay for 2017 On RRS Så PÅ MAGE RØDT I SDS Mt OR ST FOD,
3010 Ta fred verset ey rl tg para > fre Bernie Bank Grp Rare RIperT BOLT VE PRI MØDER SAREEN FUGLEDE SS
KIOSK SS SE SE SS ESS ESESSSSSE RSS SE

 

ormesbeve remmen tr 201.306 FE» sergent os lter meets rs tekers et Ile Paren Conpen Deri Bar A/B. mere Fer erE ene
BR man FONG OU FDG kon sn BOBS? MERE FEE EDEN,

TneCrog's persion elg ovards ler Mens FSL akarn ane end SDN 4 mk.
Hitliste sl

 

128 epe syer en 2017 3 Oscar 2016.

vere ser mera nn er ar FN sn es er orange EBA and er» Fre 40 SEN mrs rer mn nes

øser band pga
FEED vre oem ner 207 ter Pe mars bare nn re DO mdr oe KT mn

 

isen from 2010. me Crop tøs granted rype to content skere de De ben SE sET ENE Mr rs uken BNG Der STØDE DEDE
SF her vara ørnen SUR employees Dave 2 PFa ATOMER OF Te DardeTTanER ST TA8 GAD Ih BOE DDS
BØSSE Pe te Gonskr BE Sar Brand Se Frehr TOR HAGEN SF ae Far Sy Fre EBA AsFored (san Sar ET Sne Sr
HESS ES LEASESSSSSEESSES SEERE SER SEE SEES SSR

Par od terts te Eneste Board n prist sheren fund Bley Seret] TNO BRL Saren GREDENRRG 2) ENE BAL SDN BETE PO Ane
EN er GE DELES SEERE GEERT RER AT SKEER Pe BAT 27 MAN SER PR Or BER MEDDELSE REE
RS ES En len bar pad FI SER ERE ET EL ANE EL NS EGE MT FN ENE PTE TINO.
NEDE EG De I SEES 2 Må prog rarere Fr her MEP ME LBK OR SENDES Save TAP FIG SLED Aa SCEDrØ Io EBA
RAD RE NT Dent BEEN Baren SE SETE IE Pe per KAD 8 BE TERRE PEDE DART NE KRADSE TE TRE Te
KRETA Prog nnnee Nr Bane Eos RSkGe FULDT POTTERS FEDE 1 PT GVEE FG Jr POTER DF TD REE MED
TAROT sene or Pe perfrmense 208. 06 rd 201 Tan Snraet 2017 Kang Mm FERNENe Prag nEnE VENN Gar Pe Jern (EO.
OLGA be vant Per RTE  HRares Sk Be på DÅ Te FOT ON Rare 2 STEG Er Jern FORDREDE GT JE TET DE.
ASS ar Barer arr BE 13 røde TI Gehered ToMnØnnEeO ASLAN fo BOG Ng Gr Cl BOR, TR 10 VON GTR OR JE BRODER
Fagre 210 pt er as DIK SE Poker IO Hg BOT rager and OK 73 mn or Ar OG program Te FO Aske RE SED
ktvstessteynkeet se sødeste l rider tendens dekreterede ererdened ener]
FARS aA SEE Fan OBE TITO SENGE SE FORE GRENE IDRE SLOT De EO OD EEN ENE

From 2017. ve Sten term cents Ps enes Pe Long term Morin PETE APP ÅD GTP MERLIN EEN Ben dEnE De
EDR REFERER MER Career

Notes - Danske Bank Group

33 Remuneration øf management and matenat sk takes Sonne,

 

 

 

Fame Er
Cromeen2016 FE

avis am
Senge 20i? se
Fre 2953

 

 

 

 

 

 

 

Notes - Danske Bank Group

 

"33 Romanerne ef MonngemEnE BR FRED NER FEKETE SETE

vetang efte Basse Bend and ter vant 31 Deer ber 2017

monark Borgen
Ane Arannen
Fo Te Adnan

 

12017. mernge price mt the ven tng nt fer PP I onen share mn DL 2

 

 

 

 

Notes - Danske Bank Group

 

3 Danske Berk shares held by the Boardof Directors Andie ERE BORT

 

   

 

   

 

RER 8
Susener 3
Ran erm 34147 75 sone
herrer si CH sg Ban
Kr 23500 Ass ax 20283

 

order EDER SEE TREE AE PE ERE EB FFD BEN ED Tender TIN BORTE DERE ERE ERROR Bonn and
FRR peer mu beregne Be Dane FE and De LENE) Øs ban dne ane Ons TS EA 5000 per lenkk TED BRAAD BEN AR.
SR sovern gens ånds SNG? I meer SFT Bord RRS ERR ERE BT OR FEMTE SE HÅR ANED ESTERE ET

Notes - Danske Bank Group

35 Group hadngs me unerteknge

 

 

Re hnanlll stenenes cansshene Danske Bank A/S ond grep undeskings in nkkeh Øe Group has cera ever Mnaneid and spørg Pe,
Seere Carure ir Ha 0 tt lens BEF AV OP Sr MAGE NPOBDE 0 Mat TRE 1 NEED FEGTRE M SRe PEEREN EER ERD
ESPEN fn oh i SAGE ene Fee FE He BANET Svar FAR SN, ANG SEE FOG BOM AS Øre SET. MG FRE
FRR ng gs oe SS Er Sene Fa Br CENT ASE SN EPO BENGT C90rE STR OPER BENE EFT
EEN Ea Era

 

 

vinen satan shatter 10 saraehante muntre fund, ie CFOup røn SÅ ctE ånd EVEEnELanGeE 10 Satarnins akut der Kg GFDL, 8 fond
PREREEEESESA EagrSr PEPE TI Gr 0 Me DES TEL På MER SDN år SONET FORE RER CO STE DEDE
TREN DØDE Ten mht Ene PE Me ELO ARNE ar sne] 19% Vad TORVE PDS ESKE HØNG, SR MED DD
SEENDE Gan fe fonde By eneret ng få oner Hong Are SR TORN BØD 9 ELSKET IPOD BENE On OEM Svenn
ESKESEN Conair 2å PO ILES TEDE MEP ER FOLDE Ra Fe RT GR FOR TTE BERG I BLOM FNOK TELE
FEE SAS SES SES ASKER

 

 

"Te censehntt raeial statement are praparnd by ctskriøg am sf de Hare Mr SN SAFE AFD FOLD FANERENONE Baner ånd
REDE EER

bondens sedred are rcleded 10 tha Fame stenene, at fle ne gf BegØEDER TAO nat smelt øf MEN undertags fassste me lverg
HESSEN Meng sønn np KEDE SNG entry ROD] re meen ST LO et (Re ant ef SADENEN SEaRENN KR SERENE

arena cost ef sensor font! 1 January 2010 nes Øret Irannncten cr9t] exe Fa far else ef fe net sntet SEOrEd Fe arsen sm nt
Sek rae m Foont Caviar Fr IT ONG EUS TTa ORG ERE BEATE Te PE TOT STREG ART TA FEDE

Øvet underste are ndededir le rand estere LER Re transler de Cane ae SnnersÅÅP SAFE BARER Se ØD re FOD
an de dn en EET FR me Fe PET Ene SE FEER tr faner FRENTE
sreretkersbsessedsiedsnsedensirel skrider des deprfonel eres tntsebesndkrserentegedemdjseroeted
TES IR fans 6 Senere, Sy EL Seks 1 UN KTM SUDDEN Må FEBER 1 far VIND DRE STRØ TORE SD OD.
pendler berbere arne heneerdeded teen konredtkerder dear edier mr eden
SEEGER er ala STR ore son EDEN BLA BE FARE FEE Ma FE HØR ESEV SS  EE TPE STE ED DR SEE
ANER Nes EA ne e S SN RE ES FSR FEET Ge EE PTE EET

 

es tar sole aeg ur TORN
Eaonpanser tsk ver by Crop under Aon erfaring 00 agree sed Sene marked or tale åd organ 10 De SOL mi 12 manen
ESERSSP REDE oe Ende ve et DEDE GENEREDE

 

tøserne arenaen

NR Ss0n merne ond suranee sangeren super slg Ky røt ere! PAS are Fukjed telnet OnsADry SODE FE ETER ERE, TEDE ETERN

Dues Person her en slige te senta per al the mere see Dres Perindl mg ir mande be SLS RET, ener Pei arne TE GERE
Pek she mere pre pokaler ef Sne neta en Tr ISAR fn På SDN Pos TAN SE SÅ VD MINDEDE
FRR nn ne fer orne Deere FA ban In I 9D and Felter FOR Yes PNG TD ENTER EGEDES
ØGE Be PE BRØNDE SET PUDER SP TREERE TØRT KE FONG SENE

”Assrietens mnpnetng re Orm skt) 0 van ansete åre Seanad Hmm 28 and frelse. smag ter, mere pole så eksterne Fee
KERES SES SSESSSE ESSENS SEE SISSE SES SEES

Te Group ha uutstlehad 2 Mere of rt rner fonde ma the Graup ene så ne manager Te Croc Pas Carakdstad renser fonde SDS
308 mater (206. OG 11855 poten en te Gru ar Grenet 0 De SGT ft PEPE Taler Hen EG SKE FO st KR Ma nngr od Me
EGP FØR en FO SE TerE FT FO ENE FAME Son EVNER PIR BR TE FEDERER

 

 

 

Notes - Danske Bank Group

"35 Group huings and underseng on EnaEr

 

  

mel frej må
Danske Bar A/S. Cerheger ae ——=
RRDAGOr DEBRA. operaen mm zoo — sim 37 10
Frontsetorsendd RR 2790 8 mE
annen ere,
[;rieesetesr SEN SSESSSESESERNE
Banen BENEe VER EEDERS E EDENEEE SK Mona Mes Ban me
BLE BDE FRE Ty RENEE STEDET Sk Mabeno n 0 ke

[untseedkderisresendes > az FREE

 

 

Notes - Danske Bank Group

Erererrrmerererrrnne:
Ta rete prondes indere above fe Gro 3 eres MRS SEG RE STENEDE

 

Aceoneng pohey sm
NERE Ka MER Carre Aaret. Faget TR ronp HOTerER SLA ent POT ver RARE I Dres Br AS ORD er
ESS RR hø Ea RER Dr mangen sne FR BET BESET KR PET LEN Tsar
et Bøandt Sint Ones på sårer SR Er MTR Bel Pe END SPM Set Ore PSO en SØE SENDER TE Te TEDE

Me prepersenete are dte pro Okas OM Kran METERS BENDER SSRI VOKS SNG FRE VEL EG I GR SE.

Søde sender monne "Dam sem My
iAanstrde A/S. Cverhger Gu 7 ås:

SERRA FEER

 

Tre totstcemyng enn ef Heks st msi am ostnd 5 DKK 455 mill FROG. DKK 653 mdk] onda presented vader Ober store net
3 er Re eader Hg One MG ar RO Te EJEDE SEE MER FN PEN TERE FO BE TEDE DR
REMSØL ANSE pest anken enn PLADEN DEGRE MnenENg TS GID OT SF STR ED Fe MEG SENE EET FE
NS Goup Sera ON pas RE EDGE I FRB ROSENDE TOR GER Hee FOSTER se DRE 3B PER a DT DRED
Etter re

 

 

Me Group åens Pt Have 2 FpbERN PØLSE JO enter or FDER EPE DENE

Aon trom ne act PAL LR Rust A/S må a Crsdt att an 8 spent by Me nøtere] FSA ond sebjeet 10! IOA SP FOG ENE».

 

Notes - Danske Bank Group

937 mereste in uncensokdated rue GENDE

"Me Crop Par ensthysed a mønder af versa fonde Fa mht Greg ft 9 fond mnager Te Graup 8 are lndte FEER MADEN ÅRE
Mn one ER Nr FADEREN TIE Grp Mn also FRAD VMS sn PRG TOG GE VARMERE DEER KE TERRE DE
Solprusie 50 705! San (2016 CKK 6624 bh) IFs Group usa mange SDR 1102 DSN BOIS DI DB Man se Kond.
SREISrESN 8å df ane holinge are lars 13 pole SCRGnES. SNERRE PETER EOF 91 ORTON Care Moe FREDE
Been me forme magen fart Sne nn TE DKK A DRE FROG DK 3 DON Fre FR GTO FO FORE FBE FEDE
NED ØG OS men BOIS LDS PR

 

NG TEL IO fin Pure Bonds ånd SME ME HE HO MLS BEEN FR MT DEAR SINE Lr Er HRM
TEDE 0 SPOR as Ta Agent TOR Groep Man Ft SAR 3 ESPN OF BRL OTEMD SENE ENG Be ene SELER SAEDEE
NERE SALEN Mor fi Group Baner årg The FORST Spore ERE Sa, O gSAy finn On fr Pop of part SF BR TED
FEET RS shnErE AL aESBOLT the egen amore i DA BANE OS DNK SE bilen] Derry Br er FRE Grong Got
RSS eyes carne An Eiter oa pos ID any SS SUE Gratis Te Eg sk on ÅR Br SR TEE IP DRE ED
FRA AGNEen anet For eron ad randers mør ng Kan RØNDE II OK EST German,

38 Noteto the cash flow statement
Tr rate render føler klermaben en OECD MIKE INC arsen aber SID CHR Os SNG FO MARE, Mee,

Aceounengpehev.
REGN RS Hee I prePErES SEEPØNE he MØG! melhed The Sister 3 BASE 0 pre at pr ÅG Fe ar BAG BE Rn CR Rn
AR Gparsng Ing BAG Reg Male ok 0! Så VK ORTNOD OT ØVETGRRE 9) ER EOS CAEN anken ER GL TO JT CR EG CSR
SERENE RR Sen and SA Gerd SER VD Era FET DAR øn ED DEDE DD EDT ETERN Or ENES ERE ED
RERSRTRABE RET

 

valbe cast om ste CA Aon 77 BAS PN CAR AR FOT SPEED steg AED SER And Nang MEDER IEEE BEDE nede
EEN MODNES Or sn MERE Re PHENGD Bar ok 9 BOREDE FREDE SEMA HØR SE KØ ET FRE GEDE
SEAT EN AGGER ber FEBER hebr ar Ove Sour Benn and SID EGE

Rucmmeterenef tab bnes Fem franeng sen vner enedes
nere meen En

  

 

"Far sake Rane TEE Te PE
ARE nanet er ones orn org eN se OM DEN dat IR . MR SNG Ea I RE RD GT EL EROS EREG ØR.

       

Notes - Danske Bank Group

 

57 piememanen st ERB FRE nes INR EDENEE SA FR TS REVEUE FFET CSMEFREEE MAN CUSIDEETT
Changes ond mpaet one Grovg's Anne! støtemens OfiFRS 9
80 Teeny 201 te Group mdt sort FR 9 Finse! Matrona nv by nå ASE 10 dy 2014. Fe stander proser FenEEd PEDE fr

FORRET enn REE KREDS PARENTS Te EDEL ETS Så FREE TERRE Re PE HEDE EEG EGE

 

 

In accordance mv Wa anuren røgaremeres af RSS. COMparat PYvrs åre 10! resul 14 reroapeense moskeen af (re BTN
REE BE TOM fr far SE MØn Fo oe Ce ha SET ve De sone FE DT Sonne 1 DØV TER

fr Danske Sark Gru te FS 3 proper Mag ban Are Carry by fre par ceMsary Darste Bar A/S Fa projnet Pas ban argerisns Arns
Shore org BSD EPE FOR Grant asp SÆR 9 JONERGORGN BAS MSDUFETE MBE SN FRE SEGS JO SR
ED SKER SES nd Bare SUDDEN FEER rn Mar EO FASER. ROTE FG SNS FM SF AGREE MS EVE OTTE Gro.
KESADNRL GG Re AOR arenaen SET Ra Cone KO MEE Pro FRE TE BEL ERE ET EDER TE EEN
Kriss

 

 

 

 

mBRBON,. Aedessteenen renesnrenen. Er

Nut pen need ERE

  

 

vinen FRS 9 Mar barn Arølumentd, le slamsnce Sec mf serne 8 prpected crndt Iorsen are 15 De recopined for sf ABG mane
Sen orm FRØS MG Ms or 2 enn HR SNG SSD GR Kr SR fre PRS BRED SEE SR AE REE
ETS Gr GG ran GER Ben GENERE. SAGEN ET FIG Oy BO BRET HOEDen TDG TROEDE OT Re STM OG ODDE

net Gense Ben Go ae. BE Fee ae STEG 19k Bx nr se vokse Vo BOT br Ben ST OP EG er
SSRSSGRS Ba rare ANE Pads FORE GREEN KR DONE BE DE FRE Sonne TE SEERE ED
ESS EE SØE erne, BOG SVG PAGT RISE STE sek Tapes GK 4 Sen

mesatsionoset on starstølderr sang røret ef ene rykten sf IFRS Sum mnpncnad 1 be ørne) DKK 2 Men

from the ranger fu 10 Pe FrP nen tasen el PRS BEEN Me DR KERNE PNG» SPEr Fee,

Notes - Danske Bank Group
Danmar

 

 

ESRGAL ES RD Ene ET prSpeT SNG PR eN OR Te PREDE SDP SANDEDE

 

noter banes anset art mendrnarly mes hurnd mt FVPL InGLsØng hane suset ul bør lher Dun Mod ME Må Held Asset Mage st
HO FO BAR SN KOG nOD GRR Er EN ERNE SERDE ÆREN FDR FAE BT RO BO FDR EP ADD AR DFDS Te RODE DO

1045 38, 1785 9 vedutes an eptoe 12 denna? kanel suasts al før else Brun) pre ar one f Gong 2 skemaer ar sign can Føden »

REGNEDE ar FeGsgreen Fcon eraner Pl met Ore STD FOT TOERE SHOT 07 RØDDER 9 SODE TB SKEDE EN TRE OT

Me pong apskestie te franc lsbikben are kr) unchange Fon AS 38. Gener, Franc købeie are SR MADE SMEDE CE MED
AGE srhnsted German net Any FØR 0 Re MORE Sonet Finer BED er FRED I ET TOME RED SEERE ERNE
parter hehe degree far vaks Bag pro 0 Ant Sr Pe TT seks Spar VINGE SDLT CR FR
FEDE SSR ERE LL angaar onen PEDE SAND PN SE Te ETTER ERE

NS unlles øde assessment 1) Dante Bk Crna han Denn Apple seperm) for sach buainens srt Parent by Fre Crop Feer
RE DD DES ONE FEDE ne Gee Bar Heh et I Kon FR Pte D Anne EF Pe BEL Frode aA KAGER ARRENE
RES SR tnanunnte mes ar vsere sr roperne to Fe Een Br sn Fh BET STONES TRT Rk ER BRS PL PO RES
ARE buaess Mode an He ey FOG FN Fr Managed 20 FS pund Bennet Fana) ven SA GEAR ESME FS TR BEGREBER Der
ARTE OG HEDE nr TE EET DE BARER KEDE

2 Me Greg benkng ureR sonørinng Persons! Baning Burmese Bøsking Geners Barking åt CR Pres Bank at Vs kE Manage are.
NEnbern bØanE Ku 2 DAMETE CoD BOBLE GS TE Been SELE ENE PE IDE FE REE EDER
Torre Te Paren EB I EOF CE Fe SIRENE STER ESS DE.

2 SAN REGERE fre Cape Manne EN fe annen arnnt FINE COMP MER MED i bes have SDR ME EG
une Mg enhner. Bor Me ås GET SAG DET SR RE AERO AR Et åre mene ark ron st VP. TR Gel SEES DO
AR pA on ånd SART NOT SET E KR BEEN BT PELSE BEER ME IRAN PORER PR EDDIE
pr tertsreredgesttsksesr seede ts tones dkel sb rend ens krek lg

mn Sotp Treenry her Ponte Send Fan DEERE BADE ROER Pa TEE ERR ar GT BUEDE EGE SR ENE

1» ETERN partele et Non core de Delt telser. The francs manet erne premiere.

 

Notes - Danske Bank Group

 

"38 mplemenenon ofiFRS 5 FnancaTinsvruments and IFRS 15 Revere rom CONEraGte WED CEO SENT

TE ENDS tan KE BESES SA KASG BEDRE KÅDE SOE BE FI fy ler. ane eis 10 ester! and sål Fester 10 8 BeREEE DEN e
NRK Gonet Ens font åre Cananlere see Fe BØR Mat TR EPE BNNDDN PORER te or vue 2 MET FED NEDDn S ODEEED
ERE åg MI epe TI FF FODE ST SSBs fr HRG SYN VOLDE GÅ MODE, CTR FL SENG DEDE SAG PMR DRS
STORE Meyn EEN LL BD IFØ FELTET AR EG Mom POLE TET? FR GR ETTER ENDDRDT  T S VDEER FP DE SER EDREEDD
ENES LESS

genera te PP test gf the Crop parolen af france! ansete that are Tek 10 css or Bald ctr and sal? (sans ar Bede; ME for

TT ssoennisen tere Hp ak none For some af ne Cr vase Ste IDEDR Pe maret Manders fer Mas lse Se te Manet
Gee Nor fe Fake Tate Ge MOL FAE Kar Der banen BE FRE ERE PER GERE TE FEED RE
pterstiikentsetereketerdige keltere seten snor l enkes rester el nseg enderne SDN
RTE PENLDES TERESE ESTERE IGF BRED FEDE TNT BOEDE FEDE An Te GOLD ET BED Ge EDER

9 Enna SSD SE EEN SNE TA SEP IEL HP CE AO MANA 8 MENE PAVI0 FAPEEREN CA4R MOR HAM FE SS BENTE
SPRSDE ar Pe SS ERE BENE De ATA RENE OF SE AR HDD SENE SETE BEG FRE Pe REDE I DERE TIDER ER
ES ES ene Pr ERE TIE ME er ——
SERENE, The Gr So KOSTEDE BSN SNE SETE FO SLETTEN ESTERE TEE FRE TEE ET

 

 

 

øens purin under Dunst mortgage franc nm are Kvnded by Seving Mn MOrngege bonde ARE) Mang tam, Such Bane are PBE By Se
REESE Gene peber) ar) Benn Oy Fab eg HVEN REN BY SØREN RE UREN DOG TT ODDE ST ED ID BOD SE ET ERE
EEEDNS RER aner SE KS fe PANDE SR PÅ BSA MEG TRE TS PEDE SE TE REE SS ED EEE
SSEL RELSE RR De SGT BRS nen anes Es SRP To paper Fa MER Ann ENE D TTD,
SERGE 9 sen føl Dang 18 Sanne anno Mangen 9 BR HS sake 0 te SNORE BO SOLER Se RTR KRO Fnr SMD OT
EDI nr NEN FREE FREE UR MAS BL these nen VT Snare ar FUP. and Tør PR REDDER BEDE EG
SR RRNERES

MM mdty maret huse ct acts! Ens Aon PI do net pan the SDP test Amen helårg are rogn at FVPL SE tha CFTAD Man SEER
RTE GG SRED SEEDEDE EET AEG

USERS Manes tube are parere) Pas åt Per rneS Ce eh bre Ol Ereded Ser vunes De Else Fre 10 fe møs
Sa Prancel høbaner mened ar 10 MEK EON Gerni He RØN PRIER Sd TABE BORER st FUEL SET fr AA MAD
SET VA Bannere FOER 12 fe FS SEER FO SS BROR MONROE RENEE SL RT VST MEG EGER Tr OR.
SSETSSSLUETSSESSE

rs 9 stone tre designes of Mani! Mabbuins st PVPL nen ng 20 Fendt in more FAME lorrsren, creme fl] srmnster er
FPS re Eg EDP no One SNE FN pe FODER KAR EDER SENE Sr DERE

Te Grove evne Pe olma, Feed MES, ML

9 Morngner Bonde rue y Rashrn Danmark Te honda fond he sans granted by Rnsh rest Danmark. ie Inene hat Go otte SP nest are
BRENNER, ror el FUR. Te for ven Uke Bun 2 BDO er NV SORT An nov BORD DR Inn SR ER Mn Doe EDT
EN ED ae DE Dø Rg DER MS SETE, FEE RE
PRT BERGE SAs EGE BERGE SEERE DR TE no EDR STR SSG FEDERER RE SEER TERE TR RD SED
SES ne GERE MARE nes Er SEER MEE ØS ORE Terke ERE UNGE FAR SF ML on mn SED
beer

2 FRESSNAN Io on Capt Mortal at Cl Tinne hrsns hak iiber ore per Of porn ef rene aner Ord BE, ES
TEN GENE SE DRE Ar Ranger Ben STOD FRK TERE OT EDGE MESTRE Ur AS BD (rene Kande

Notes - Danske Bank Group
"38 Ingtenentason of FRS.Ø Franck Instruments and IFRS 15 even FO COTTON CUMIETNETS EOENLES

Tre masterne br or hans nst nomen å san 2018 afte he rønne St RS BD: aBn on te TAN SODE Under
KI ESESESSSRSSESS ESPN SEES SSSE

 

    

       

 

ATT eder pens nenener rå
Buer me 13 ==
BEG tand by Rssrnør Denn . En

  

Me mmyanmant for upustad eres kase Gepende or heler fre red Pk has kernen BAG DER PN FREDE an ERE EBA

TED vine eet has ret nereased ik fe ØRKENEN FRE FAE BEDER ETAGE sek FORAN FEDE Sl Over En EDa are

au SERGE Forn end Fk hannerne PTA EnD, Me Man sne are:
FESSEES SAS ESEn

 

 

Notes - Danske Bank Group

 

"35 implementerer sNFRS 9 Finans rum RER and IERS 15 REVUE FOT CSMFRENE MR CURDMETE FNEREEd

pung 2018 te Grp mrtedte se fe charges Det mf Bare tede fnglemente 1 the Graup men Femme k and T mynte te Mende
9301 ond cash IA 07 Tre hes: varmen Ene bkpee An EG TOGTER FORE sNB KNOLDE Te RT GLAT DE SDS FFD GR REDER
SSR RER Naade BOLT flor arten Te ERE TE TR FEE SOE ET ENE,

 

Mme satessrert efter ert ra Ma eres tip AREDNy SER inte FAG ln 1 park ored by CBrSÅGER Ng Pe Ehe SAADE SR Gee
TES ar he samen He & She Sara Feer hø DERE Fe MER I ONPLENEG GTS BEREDT Ban ERE
EVNE TD NAES BaESE 0r SEES REFERENT PTSD, EF ØRNEN

Tone en Dr PG Ar mene Pe HEnIVE 12 ment PD af stn! OS preemnge frtr Brcr organ and
Be SEES SEE SEES

Fører. banet ts et are mere en 30 døje pant dr are mere 9 sing 2. Pyt omers MARGE 10 Fr enran Ge Masnures ar placed at
ENGE MAS BEA NE an OSTE BG ION EF DE SLRLGN ETE T BJGEE PEDE ENE Io PEGE BEDER EGER

"Pme map sange kor145 39 the caller ef pynte erne orne fre 10 12 more FrpectEd red lonse or Metyne Pepe ter STØR lonse
SERDR or RReer teen fore stage EG EN DN EG IEEE, ERE

 

"Mme mngscted rest fon m cbksdsted for al mester faces 22 å onen af iMe probe sf ln POL Ma magre at Meld EAD] and me sn
rar Sit RD] tr gererat Pe Crop BES 3 Pere Tel Br PORTE STED HDR DONE BENDT TERRE SNEG BRØND
FLIS RES SSL SEES SSESSESSSELE SES SA SSL

 

TRGRDE COTE ORELSN NG IRANS IT SKBGGAGS BYDE FOF SNØRE ØV MR STEGE GRAM OR HEDDE SPREDE aL
NEERTES hannen te hr Bet 2 foer Ord on UNG CORR DRE SE CET DD TO ØERNE PODER SEEDEDE,
SAN DOS ESEERaN 8 Re nn Ps GEIL SPELT IE TD Fo 1 TA EDEL TER PER FRE ENDE EET TRE DEERE
en fe Graup erpnetr 10 be pose 0 ETe0% SENDE TRO PENGE SET GR RE BOE OF ENE AØT CF FR ANA BØSSE BIGA
Ents EEG SEG are nr Per 1 TEEN Son FLE FR ØM EM ØVRE BORDE Hr TER

Ta tonser lsskrn elements af Or ksken er et Me urnen urbane apr Bone ef Og bark Baner Manager, TD Pro Ear df Sne
SRaEN AGFER GEMTE FB9ne ERE LØN ST SOME BNOLGATG r BAEEE DETS TR PEDER FE FED BED DIE GEGGØD
Fan PEGES DONES FELTEN VR VA FIG Pr Fron SE BLE 2 FRE SCORES ENDER FR TEE SNG FSR IO SØN
SNEDE DN Me EDEN ANE OR GET MERETE Sogns SELE DR AGE SDLT AE FEE PEBER EGE
RD rer 12 Ene IE NET PFA FE PN PE SEG SER SF FOR ØE DS CEN EGEDE OT TP TEE
De er LE 19 EEKSANN BO OSTEN KN TOLD, IM Form OR ID UD GEN ER PO FE Er
ASEAN BO nå LGD 2 the mrs te CFnDE ng CV NEn FDnEVer FG SERGE DONE STENE 3 BRIKS SERENE
SERENE ERNE SENGE BRAD EN Te TRES rEDe bre år PE hore OY sener EET SIE

 

ESSEN VR Win trin OF Sendt UNG 10 PRRrEET GTS Ft MERETE PUDE GS SAT MEP GER HIORT
feremirterekerntrededrennbned eks se tek teens jerier= SS dehe-etrskige veeiknrnredeikislek]
Fortress seseisenees

1 mpermarts sd be senta 10 Pe AGeAl EnG SE TArlg Bd fe Crop md sanse to FAcrst cehnetse ATP RRstE under FRS 9 Een colneve
FØDTE nn CNR SDR NET Bra FED DornE DR FONTEN TEEN EEG Te FOA ONPnETED STRØ DET EEK G AR

Froncted crnåt bara on one grented by oct Donmark -chønge mestre se 19 1ÆRS 3
ER ERE RE RESET omend matas ere åse møre
EEN SSD SENSE
NER Bane rt og Spree 23 FNS ORD Fo OMEN &f danne af Om OG Hanen. Hm OL, Fe før vols af nd GSR TR ED
ØRENE O nen OR anet ETA nt Sør RER PR Sat BED SR ord FRED MG EEN OD SODS DRED OLD
EG RE Ea In Pe FEER bå Fang ET EST ENDE DE TREE
[nrekresetsredredrltesisn se rbsrnnent orkaner kar drkrssske der

Notes - Danske Bank Group

 

"38 mplementarien ofiERS 0 Finance Inst nerke SØER 15 REVenue From COPIrBErE VT CUSTOMERS SONET

SET denary 201 te Group ut akevt FRB 15 Raven ren Cont» MÅ Custer ers issue the ASB May 204. Ape De Manden
BRAM Grouse Fra trang, er opera BOLDE et I Jenna BNG Mast El Crone Posen. ELDR ELF ED
fotitrgter ideer dress snedkere klas irendsksnddserseindsej knirke ded
Fersken sr tsindrded

 

Mme core prveple RS 15 i that venne most he rncsgøined 10 set the ranefer 0 BønØcer 19 CIDER» an Brno HAGE RG Fe
FESD ESS SEES SS SE SSESSSSE KEE ss

EN nen agern Pe sanne

er he annan Pr 1 IE DENE okker

DRC røverne MAR je Pere ØGE DI SSR,

Forster ptrtermaner SOgsrer søer Fre TOD OMEFMnER å FOMTEGT PEP MANET fk ADEL EN Pariser Ge SAs Ser Be SD
frebeslepremset stresse se dreams bderekesgenerekeg braser edrenenst egna rekenkebedd
ESSEN SERENE NANTES ERE oe orne Sangeren

For smruene pede fin CONSKSTEDGR S POGO RE han De Baren 2 PFA Pi Cushemer Prevkded et IS PFa de Pet sign

FREE eos vre SE, ENE SVEDE SOF IO SEERE SOREN ØE BER TELE RE FORD

EEN EA ere Prone He Paren TVER Fe GEDDE BEER SER ER FEE ERE E me,

2 PEkemerer fon ram VANG fa Vere and le Can kMerst i Based så fle sen emnleled rear ef Ble onder jr sene derned ste
ASSR Gt VEN fa ende Pe aar TAG Men Fr Må FAN SANGERNE TD STR HER OG SE ER BEER TERE

REED ED FEST EOF DE ED AED PE PE TEDE ke» reb, me te en meer fejer
SEES ES SSSSSESRSEREEDES me

 

 

Ira perle manen Steen i 10 AøAReS over ene, HI Mols at apr år Ane The plet In tEne i det ornined by st sEDØE her fe ERE
SNN RE 1 te alene fesplen af] BUER snore te hrde fo IRENE 0 SN ITERBEG PO SND ERNST INDB I BD
FESD ODER SN STE ERE SE am MT Penne RT mn dend Sr BENS SED TE FEDE FEER

 

 

 

Notes - Danske Bank Group

20. changes to hnanctelbighhghs and sag ment reperng

From tre rat varier 12018 the eks stangen el be made foFDe FENDER

 

125 Mbeki ste bleen td g tee tteken en ikk idker taber ber mme anneks enderne
HRG TATE LATE, TTT NEGER TAN SF BEDE ST GTO PO ar ROER TD CAND LEE BAR EET
2. KEDE SnØrrennEr MEMEL ED BADNBEN DE Dunn BENET LEN DE Sunne belongs se FK (per STC as PEDE
SEAT Pa TrAGR PEERS IN FODEN Fat Fa PEBER st Me TRA RER TANG 30 Het rterpnt PEER KI

 

 

Fe ttde eier Po De mere set siden Sengen sn De anes MADE for 2017 Converse re 207 erne me hen

 

 

TRE guns

[se
frocranene N ir
Nan rene me
Benn ennen Be
øn re br nn are

  

Notes - Danske Bank Group - Risk management:
Rk agonre

hinbelr trinene DEN fonte ment ster per dte adgang te Crus
FESTE SEES SEE KEESSES SER SES SE ÆSESS

mn Katy nt Me ri effossen beer funding com become eres fk ef GEN pre, fe DTS KS MELD SD BØDER
note ar Inc ef IonØR Breve NE GOG MOR KØNNE ET BEDE SBAS

an FEAR An hon STAGE Get Pranon PENGAR FRE FL ME rare MS ånd Open sk

 

2arc Pei asus enned moder el Danske Bank AYS As Pato by Dr lm and Pe Danish sees Der or DE Ce Eriuen nER dn
Pac PRES net bn P DRE FOF BOPEVEGrYAMO Te FE DEER FSA pro Poe) TE EGNER NR ER TR BED PO,
GE Hat PKK Baserne IL MANS BNG PORR I Fy 2) MRS SAGERNE få TRE ASE OF SMELT 13 PERLER ES BE MET
ED RE RT tr SR Tan or san one Manet nerne PROOF HEGER SVERRE ED ED

Mage EGL ie bende st Cane ebenn ETA TRO PODER SAR GENET ERE BEER ED

Total coptalt
ne Crop cap manageren 28 pracnce MvEpeT! K8 BUNIOENS MR BORE HRG ENE ÆREDE) Capt 10 MENER Fan Børn

enste Bank Group ha hcerent 1 pronde fnanete! enten and mv farer ERR Mb bie Cepta] reørnenis ef fie Capt REB rEE
Riger ER and i Barre Aaen Buen AGE The Bare FU are Bare on Te EU CRP Fnr Breton FERM] SR SSB I Bakr
Bette Berk A/S fe Parent Corey ande Grp. SIND) IND TAP KREA BLD NERE SAD DDD DS ED Or ERE
PA OeeLEn Ta TOBY FEE ErE FEDE 3 ENDE EGE Toe GT DN TRE TO RE Sep TR FRE onder BR ERE
BORTE ES OF EFA MIR FAE ERAT TET Tut] Mørkt Pak ånd SersEa FK I SØS FRØEN SFT ALONE SF PRO D 1D
SSG rer fot hand onder Pile Hera HT relner Puk Denne BASS A/S 0 SOGNE & SYRE, PAPE KE REE
(55 Denna mr 201 Fra retn Ha fre Grvup MARET 0 aHnEter fore Peres FOR MAR SN Danse Bart COLD SETT FREE
NE ARR GaneneLS sav Se TeRRSDN re ram fer Sar Agony Mer ICE caps Tre SØ er FEED ErnEN BADE DEDE ET
SE SRNØOE SENDES San SYRE Tr GAD SE SOE FODEN GEN LER

 

Imme tasten cønmstsiver 2 case ere caps ars sene er cats druer ens SEP fr En Er En AE

Te Cry CET sagnet bue en Be car an el sker s heles Sad SR MPa KAD ME RRS
KESCE ESS

IDRE unser Berg epe Rene ME ØRE Boede

Bero gps at re AD ERE)

annen ts gtle caps es rene ag fe FORENE Barn VE EL Pr e]

"Te presentatenet ie C-asp tut captatin te siatanert af Eapta shot fe Ælle ber the CET YRR ATL Sareen sony and
EET vage Arte ond OF2D1 ta Gronp EGET tapha amene 12 ORE 1387 KRO FROG CA 1337 DINA] Br ar GET ED TED RE
Telte 163

"Me C004's adares! tar 1 capta and ter Rente! may ster! 1 Søren Connors De CNE IR sta caps! The consns ore frner be be
(SR Une Ehe OR ra MÅ pan 9, Manne Mer SSP 1 meen Fa de Ro BRA IO CA LOGE 19 FAR ERE Kar DT and ES
SKRED DT Sapa mag er 3 agent AL re and 330 Hen Group fe nyde! vat DK 1703 VOR BOL 0 1780 ben, md
ones na BEEN FESTE BER Per Tapes en OG TET SE BROT GS SE SR mr ne Mr ne orn mer EG

 

Ht Menes 2017 roder» ØER else Gro Bøn, ned

Notes - Danske Bank Group - Risk management

kærren
et part ef the eng ong Capt pesten the Crop Fevened Må cap target 1 21, and as mare rd apps at sMe Beprng af 2
NES age norner Hg Crna set 3 arag er nr CET Caps rar 9 (ne Fong ef KTO Sr BME BROD TREGEN ITT, TD INNER.
TENOR GREG IEEE SN GK BTs Esp ts Feber er RE TT er Dr Pa ERE EPE FR LEE FE

 

 

me Crop spre tospro Craft rn abreh are sne tar for kr Her fe Mandy sn er fe PRG el song term KRAER Grs
Bern EGE TROR Fa SEN EPE TREERE,

red risk
Te Groun afery nen 61804, fronten ånd ler PEDALENE 2 PaF 18 DAGE DSE ONDE FØLE SEEGER

rate nat n te rim ef høner brave enunterpernet Ordet tore følte mere Or par Kr DEER Obh øB ns LOAD GT ø.

Tre Group pati reder on he bare ef por manen skot user RØN! Far GF natanGer 216 TOME Er KAB BLEER SE De
AE GF Ge EDG An har fe Be FO OD ETAGE Finer Ma Changed FRE SAA ØE 1 HRG BDOS MVA SNE EST STEGE
lay FOLD Prags SF Re snEde Lang TR BEN EF REDER LINNET DC SMST UL SESESRØN SINE SOREN
SPsshrornng Car arternes ORE Dent ånd EN HO Fapay Gå PORERNE COME MER Ira Cr 2 PEST pSÆBDANGE BADE SKO FDR
SAS enes pre OMEGN REY Søn. EPS ENE Annstn ATV as VENTE SER OPSAT BMS 8 FODER Ogre ORG TRE
ESS SAS SESSSSESEES ARS SNSRSESSSESSÅSEERSESES

credt eporure
rest export connatr ef Balance hest Kane ånd Of belsnEe SEM KME FMSK CRT CFR ME Most es egene dansen KOM IEA MeD,

 

 

 

Notes - Danske Bank Group - Risk management

 

red erpenvre comme

 

    

    

 

RR nens sen ErEør annen are

FREE edn snes 433 mes En

Beer re

REED VASE pole eee nm: .
Bem ne er Me Mg &

1 Deende2016

Frees 7 sa 12

Anna palette sr .
Enna er Meg 3

 

 

"natron pen re Kom enn BADE I Crop Mad made DO SKETE On FETEEE EDEEE DDE ER EF DRK BED DRENEST
Bacenber 2017 (2016 DK 287 bier] Tse amme are dd fn kevlar ET ON Ta AK ENDERNE BRO MEKONG SKE Er ED

 

Notes - Danske Bank Group - Risk management

 

rear epos connnved
Eresrespsnrs ben care lang sense

Ernår pure rn fang seine 1 Ble Crus core bank MoEhnen Snede nens, smst ve KOM EreØR sons and Cr ire benks,
Ant BANG HR OPTEGNET Ha pOR TES TER NE BEA YNDE RE ERAT NE FNS Fe EN FS EON
EDER ST coke vekre afp et Faren åTS EaBDE SE TR DORO AMEN TIE TEDE SGD FO NS FORØG HOOD TØS

RER here TEL Ce bER AF 1 FAnk Fe CFR EGNET BECAME ANG EFTENSNE SR ELSKET PODER, SL SEG POT AR
RSD Gr Broer Fe Gr SR SONDEN Mm f Tak and vor Fe ODF SET TRE ET PG PETE FR

Me roi tøs ønkped s under el uns fenien model fe essens eustamer PD and to lats) eustomer hver less sopranen. Large ener
REDDEDE STE Suns he or fre bas SYGE PÅ ar SFB an Per ONE ES VELETRETE Er E N DEnE EEEE

ns ervdt rat menagenant tie Crop vet pølnLin time PT] PD stine for rs Sassficoten, Tese FIT PO astonstes spre» BE REEREr
Seere dets AN Gren vennerne HR Late. TT GIVE GG AESNEDD ER sOnBstn EF ET ME TEE EFTER ER FE FO Bend DUE
TERN SEE BE Omar Paren ST Fre ES Fa FT TATA ENS Ing Sket ENE DVI Da rer m
BED cat en EN Sss Denn Be Ed DS I FE TED MT Te GINN ED TEDE FE DE TE LEE TEA

 

 

Cuntemers th lars hor mich tjen øderee ein pei rart mere are plc n Fang catapan) Or
SERENE ener Rove oe Food IO END BEES CSE Far ERE POLE

 

Aue ende 2017. fe porn meg eed sverage PD mar BAK spanst 0 73 2016.

rn portioner scnnes brsken ab FUN CEFEBEY

asier er toner

 

  

Notes - Danske Bank Group - Risk management

 

rear arponre sene
redapertekeineern nere beskeden EAN AGE

TRE delo ESKE Een Gros SrpE Ed RAY Te GLA SABAE foir fla Cara pA plet af fe Stanne! Cannes

foreningens sdeskesektsdereri jendrens

  

 

 

 

 

 

Notes - Danske Bank Group - Risk management

 

res erponr cor mned
crndnpertste erne serne brEk En ORD ERE
Tab bd Brask GP ETRØ ENEDES BONDEN PN AN VEDR EET

 

 

 

 

 

Notes - Danske Bank Group - Risk management

 

Concemronen sk

"fr Grp for tnplemented åse ef ÅrEDREEr ke få manage le carcerers er Mek 19 se fle Cru eee Mana Famenerke Sene gen Ene
SENERE PRAG TED SPS PEGER EEN EDEE

Crest forener å breskaven by Feer LMS ar s9t 97 FABORrER Sande fa GPO Pome markete anven Marc ran and
frinekestarpnenster set blky ets dessert sense dente honierl festede tel nsten tesen sne]
REE REE

 

FS SSESS ESSEN

Søge rene ceremrstenhsnenrN TE Ask ANER FANS FARE Mpc ENKLE Arp Aspen or EL] SEE Pen MMS
HE ao OR per oem 37 ONE REE FDR SØE ET CEREEDDEERE FPEEDTE RG FEGDTE 10 FLAT RL

 

banen]

PAR. Ta men 1 based 0) the FABLE dekanen Of ar FEDDRrE spred i) arie 305 of be CAR
as

 

1 Grohe see SES Peter METRES fr MAA INGE FANE CRREBNFEGENE EEN enn,

mesus teen snge name spore,
RESEN ENE ene I fan HON af etat adanad Capt sneg net been pre PE et SEN de ED One
S%

ARE fonat enge rare eos mette BA 10 HON Fe total adpate Capt may ol ever SON Of he tore søs ERR

rer merne mende, rdr Pe ey øen Fame Lr bøn re er arr Sera) ar te be Ak Comme

Søde nere Ever Ea MØRE End sn FED TES ss Bane,
REESE DEERE EET

Conatersl

 

Te market søka 9f cØtaterst 8 mono 414 FAnBE118S by HØNSENE 9 MET MARSBErR. & MADTENE øksen POSER ADEDE
TSLSG Bednr ore vaks Sanna BR ONES Gerne TD GOG Soy orekoa ner VR dg ef RE RMA ST STR ED VREDE
NSSS DER Denne Te Cotateret Byte ADD få Penn 0 FEBER HAR MFL DID BDR FAG FRE GE GERE ST TRADE

SSG HAN Ta Mann rE anet 2 Ørn AF And FT PER ÆGE IOFERR SNE FEBER PTE LEV CNN FN LD DEKO TERE
RES SØRSASAREEGRD TRE Fer seer dspenen sr ne NDS SOREN Far FODRE BYDER INS GP SN SEES ERE REE.

aserne etern cmersinane t ses Pe prsant serene Pe re pers PE Fo FE Er os ye manen,
NSB een Ehe

Notes - Danske Bank Group - Risk management

 

 

     

 

 

æn ai

monne .
runarnaperener

Enna ms M4 35 ms se se

 

 

 

 

 

 

 

Notes - Danske Bank Group - Risk management

"Posts amour ED BENE ID OD ENe SØENS ST NEVØ EINE FRENE,
Pet ananas (rs overens br gn ert]

 

   

 
 

IOkmhors) 2017 2018 2017 2ole 2017 2016 2017 2016 2017 2018 2017 2016 2017 2018 2017 2016
Som HEE EEEEEERERESE OD 120 2161 1871
Bee ma nu Ha eu SB ms

Me sure vnsseuee personel its pt dur Ant th rO nr sf snE nen mas 300 at ike ende 2017 2016 3774 Relprepery
eder BE ON et EDER FEDT TET

Forbrarance practices and repossessed ssses

 

Forurance plant mu comØly mt ile Group Cradt Paley They are ud 28 as VnerE 10 Fein kng

 

automater ring
SEE De RTAS benene Cnronenn SF be Hf mat Ogre Sp TE PO STE DS FEED

 

Pave neste 1 Tre å Customer Mae sk By Fr BARE AREt Tern Me Gr rd EonPer shutter 10 MEE me;
"roen ln ure Pr annet ED De Fans Ft åg RG Mt POET AL INS OR ET BOT Hr TOLD TEE Pro
ER ons åre Carryng troen SDK Så minen (31 Decnnber BIG CA 78 mlhan] and proper ner take Boe Gr EVNE ET
FNS Gncenter BG BES runer, Tre proper 377 MA for tale and MED GRE VnGer OG ARNE I BERT EDER

 

      

fager mener te serene rører rear mmm ert nes feber EON FE ØRE Enø ts De ornare,

Te Cr har plante fre Éorspuen Barking Avant fe EBA døren SIDEN MAANED ore TEGL Te Ab Dels bue
ERNE EBA Gere ER banes FT Mener Hm Tur Fr. DESN POT MOM POSE MED (Rn dele SR FDD SPORE ST STENE
BRA MM BØR BLE POETER PENGE I Ca UAMGE BDR ERIE, 2 0 fb Belo EAR OT FOSTER FOREST BED
 parmnng and pen partering Ioenn, Toe GA denna TOP PAFIETaNAg fr 1 DENE 21 OR Man BER TR INGO Sr BEDST
RSD TEE seen inte I Pr For ben ENE TROEDE LED EEG 1 NONE TRE ENNS PO D  SEELEELEEE

LSSSSES SS

 

 

 

Notes - Danske Bank Group - Risk management

 

annen bene
Te Gro sahvas nun perianing IoanE ag HEDE MKT GRADE tere, af sm pEnENT ang for AfsE MØVKGsAl In par RARE Cars hare been
ABG For morr Sapone Mn OR SFSR MODPOL ADS STI SEND Of FR EMEA PORTE 1 CSE 10 BEDT.
BERG FO Pen ESF DA FEET Ma Ar FSR 0) PIGEN SS TO GYDER TO STS BENET SR FE
KE RBAN SE DSE HV overed tnpen rs 15 VERS I GETS ånd PENN SOTDETDE FEDERER RDL Te Ms BEEN ERE ED

 

Mungo ens enrs enter
Totsinen perrreng ars

Covere renee Ni

ERE ne Ena,

Enge rene hans ran perron EN
AN ePrreng ane  Sporte see ET ISED BTOHE ØD SE
Per er aen Sen Son Te Espen re FANE

  

 

en performing teen cnrn enn ske den BE SE AGE

 

      

 

mus parre Maepenen Cr "mn Nneenøe,
mener See Macon SD even ere Mevnnue
I mens) Sus
Fats ae 28 ME 205 3335 2880 234 ”
Ermmenpen SS Base aser fee aar Seer ke? 260
Seitenaen
nn ze ms se ig =
Hannen as he em u  2m me =
Men sg Ej ar Foam ERE
NE me ner nm

 

ASK åt Estere pronand ISI Dncenber 2016 BEEN

Notes - Danske Bank Group - Risk management

 

 

Non perornIng one EPE EE

     

Notes - Danske Bank Group - Risk management

 

Anonence eccoun In ere BENE
Atonerer ment inorese ren br ken En SENE,

    

 

IDG mina ke Ca) Menagenem over

1 dmony 2016 Fr EK 2

SErm na reen es —2me mee em med sm aser sær
Fan nerne 3 8 BOSS OH os
renere, ms 2 70 so os 4 maa me am
Sammen Me sas sem me 34 om
eee ms isen 783 sm 2831
Demba 2017 200 1147 221 DE Tass 10

 

NSB røres Pr rener KKG FOR. GR BERGS KENN TD EG DDD DR TIN ERNEST, SER GODER EDT
NR Sanel herun charge te onto. SSD MG FTREN Sar MAE Tabst DSR DKK TS BEN ET Oscar er SOE GBA DEDE
NG The merne I Fer ae narrede FG In YE 3 Eero O MDK ETEØE SAN) FDA FOR BEST LKR 28 BEER re
Nø Caovert Anas, Å HORDE ng TeNR af OD GROTTE SAG IA 10 3 SPREDE Ene MIO ERE, ATOM Der GT DENE
MS EGET fo anger BM Egne ORE Of OFBDTREE Tnay åE MOm Bar Gi CEED NERE FR SS EDER BE ET.

 

ane velor of rshaters Prone Dy BURDE, FANE EMtRg one 10 and 1) nernenne HØNS nØdss AGETDErE ERAFpER OA ET EEnE By AE
BRET ben få Dank BOG ske DRK SMAG.

Anovaren ener Ones broken dom by barn Sass

formere, or 206
ASE nonner 16087
BMG Be 30

 

 

Danske Bank Group - Risk management

 

red srporure emner Eere ENØng BEDE,
Te Nr cøre Dunn vt m Fennell cor dked avdr LP and OVEN Ål egene at AF Pe Ager Core par es GTO sen
EVEN Fh hele onen SD NO Ore FPO FO IS BERNER SEERE

ener 2017. me Ge merne sn dng evner orme min le priste dene dE res PEER IE FE Noer sagn ska sen

erdaperttikern hen serene beskeden by RE PAGE]

meer den Mueeener "SAN mv ne Neon "Test

 

 

 

 

 

 

 

  

 

Notes - Danske Bank Group - Risk management

 

"Green epenre rom Nan core IeRØNg EVE ENE TLET
Nan pure ng Isar Nore BE DEDE ED ØE, AED]

      

   

 

…… ES
sm. BER SEEST
===

FF are Srn0GrEd PODER SFO DERE TRENg Ion MOE 78 It 00 20 2017 (ROTE HEST Ras rap SCEDSNnE or SES OF akser
FADE ERE

Counterpary red ek

frøer to cmrtarperNy Ted Jer VaD AE sr RØR Bag FOT RØN ANG EET R Ene,

feeonene or 2ote
nn esene

[<en ss SEES SE

 

orter snunhsed comme angre øre AAN FEE mer Corner åd seher SMEDE

Notes - Danske Bank Group - Risk management
mmmevearkenne —
SR nesker

SERENE Te reg her sees REE MENE SR My DR FEE FRE GF LS ODER
SSB RES ARENA SSG SURE sig 0 Ps ars Sr on ap anrT Mnr eneret
SB RØN SEG onen, oa ne SEE GE ans DEL TED OR TEDE DO BAS RS De REED TR
SESSSSSN ERE RRSRET

Nato neern skan dan SEEREN DS mn]

   
 

lonng sele EEE—=
SY REsmks FERS
Fa — 270735 == 8837 498735
Sanne y re

 

ØM 31 Decenber 2017. ne Greg Pad ar seet! Bens Porse, VEN bond Bend ur FAE CE IRERteR. DT DRK 158DET Tror [ST
Brcember 21 (6 157.836 mhor! raten st arts under Pusan CNE BR FEB CERN ER RG RR ENES TER LDR
HEE Tre tror orn ne LEONE ED AFernnO FrBErG sn FAKE ERE TE TA Fred ERE TR PT

 

 

 

 

 

 

 

 

Notes - Danske Bank Group - Risk management

umemms

SIDES nevee .

== Bo JL i a EE
= =

ER E

= E

Bun =

= miz on ilz
X z
Zz == æ så
Ske z Dk
=

 

 

Notes - Danske Bank Group - Risk management

 

"Bond portføheconnned
Bens pertetnirskenden br Saren,

     

 

 

   

Bb puderuernes = . eee
vous mors aks anse == me oe se» 45870
FS 7 æ

  

 

 

Notes - Danske Bank Group - Risk management

 

Marinrakte ori fisse er pus enved by engen inde mare sake ae Crna s Mnan olsen Asea kd lenER Sest REDE FEDE
NEDEN market pcer ar Fee NOTE TOR SN FOR GrOUDE MARE SAME METER PSA FN VENTER fB Dels ret SN OP BE Sae.
SNE senr et Gnags maret betonen sons Ond abE ED OF VR ODA BENE Rn F RE EO NT ODET SDEK DDO Pe BOESEN
PCen rd kanen med NIopES DF GFDL. RØGEN, Mak ALerE BOD ST POFEora BMG VVODDD MAGER EN BUE BD ID

AN Grnupe mere ak profe ånd Bonnet SGL Sr Ban Te MATE REG BORG 9 ADD ne FR Mt RR FE ERR DE GE
SSD Bern GTA DEL KAD an OGR RD SEA NER SNG Fe URO SET nKAED GPSEN TT MALE FROSNE MEE FDG.
FALDENE ane boer Broen BG GR EOTE Free DT NE GEL TORE FREDE.

Me Op market Pak manageren ie nen 10 Anno reper Overs OS Market PME VE DER UNE Fate market AE sn Men Eng,
PRG ORG PR 2% MS TREE AE SPD 1 Far SKE SLED TRE OFA FOR FODRE GERE 1 PETER LOGGER SEE.
[55555 SE SAS SSL ESESOE SERENE EEN

 

Trenet Corners san
I KYSSE SERENA Aenean mutere

I KAARE Ga Tan GV
Market rs ossocuted vb, mctvises at Perserne! Barking Vask Managers and Buainess Barking i aber Medped by Corpersien & GREG
FRENGEOE BEG Foss DYR MENE AEK POE TS Ant EL GT HEGEL SAVE TRE STEENSEN REE BERGER PEDE ER

formrielnstet sed semdstentrdkrelsesendetesielters sskered esserne dar sne sprede

"Trading related market fisket Corporates & MSruNonE

Ime unng ret sie st Crome & Marts crver PaBn 4 Fa JACO PFEGVETE Sera IorØgn EKDDENGE END EFNEEE SED CDE
NREN REST Garnet KEDE BET EET TEE DEDE DE SEE

 

 

metallet ho fe VER I FE RØN rese BEDRE St CDER SEAT

Velora ts fr images cb aL CET
Aok mens] FREE mm sw

   

 

Me Group care to mønten skan 73 As Fang operate, 42017. ork Marges, ED i Average PEDE trd Pere Mak FED DK

Market risk relation to fair velse sØustmens
mera før vd adysinanes DA Leret Ion valse MONARK PA CFR sals adat Es EVA] and tsbi vokse dyrenes OVA Tre
ave gta maret ne aoBrDe PAL ET Mn n MVET Bert Bree TE CTU MYRER IE HO EDER SMP (NET VR MØBEDD a.

I oner 1 mme PL vulst enn by AVA tie Grong Pornoen å Sire få Padpe Di Fk 9 MAASE Mrs 10 METER SVEDER SEE ad.
ondeste onder Fenener. PBE, fe Group Bugt Mage TERA PReren Tie Pop SCO ERE FRE ARE ENES TRE
fruerersdmntenigarekisi sønn dndenes

Market risk in relation to anset and habit manageren
Tre Grus epo in for aber run Pade Mat ONØenE FOT INLEES setE FRK he Dank bort IRB ak Ørn EET
prnng ra COLE Cr BAGE IDET MDD BERNER AE He I Ce KG and DSA) Tanner SE.
KTESSERSSYR SSRSN EN BED KENN Spera S Red ere NE METAN SDR KDE EEN TEE

Notes - Danske Bank Group - Risk management

ane nen DEnET

Intorest rote risk inthe bønking book RR)
TR Grp er HERB Ma Haeneri Ønhented SORG RE 19 POSE IE CARE He HEDDER sale tes MENE TD Faren,
EST pers ho fe among TØ RDL aL TR ODD TE Gr RET DES SNERRE DEDE TE ERE
SEERE En re Na DØ BESET BOD EGE ENERET

Te Gap talent rnne sens Fe nr bot hak oE ben ERE SSD DEDE

Matest nens rf.

 

en

 

 

Tesoro følg nere re Grasse kon DKK 3546 men 2016 1 DKKR GS RGS mk he SES ENE EET ne

 

Velue at Risk for capital requrement purpose

"Te Guo uns kr manet VAR made io menuen le FolÅst or, CRP FEArDnEr far marke ak ER Fade bes. The Pang BL EDR EDER
TANG TR FL at Corpse & Park ANENE SNG ROGER I FENRDR IS TO VE MORENS ST PD TONE PR SPRE FT SE DE FEE
KE SSR SSSEESEERSESEEREN

Me round ves fe te VER melle cbksdab ng fre sr etsed VAR caps arge ere nanks FMk ME Be Sen SPÅEDE EFTER Pk on

Region caps ke le GFDL MG PRES LD CBE OØNy AS An Cala PE ENE OPGEEK Eng AF ERE BEL FN EB

Meuttebelostonn VAR hører calsdetdat corksence tes SON and 10 de herren und fer ESKORTERE DEDE EF

 

Bor omyver svenmeeven
na Så MUR MER enadveer Så MDR MEE andele
is Denver svmmuever

== Mer Mn

   

 

Notes - Danske Bank Group - Risk management

Banana

usb 8 4 0 Ak 2 otte DØGN KALØ CS DRGSETR FSR fN O IVAN PFReR Er FE GOD FOT PRAN TR DERES BE Gr
SEGA erne NE GG For IONER Mk Boer SEERE

 

Takog orkan rat sn inge per ef ng CF bones SILO, Rare Danemark ord Dunler Persion 68 Mage er ERE BEDER,
GSR fer es ør ne GOD genera DO FADE ÅL BREDE Dvs Org HRG af marint Fan no IRS DN EF MOLE
Enøe Bond SR DEN ERE IO FADE BE FL DLG PORTO en RRED DL PONTE BAD SRRR ERE SD DE
FSETSKSMRS SATSER ae af SNG der hans i sat Mer ssLSDN Bands SAG størst. BOD LODENNeR ST SAS 0 SEEDEDE
HET ESE Per 1 Den Berk A/S 1 the fok rarere 1 HMå Gr E MODGNY Ft ArEksde RESET GREN On DENE PORNO EN
FEEDEG ED BLD KR EDrerDbR on SFVED Et KREDSE DE Gren

 

anoeg serene sent gore psc 1) 2017, gr øf mantary Aøting renen res ms. Å Bonds 7) fle ECB Guest SED
Bror Kor Bent EDGE 0 Danuaty OB IE COME SETE PIAMnD er Bagte 2OID Fr sne 1 SEE TEGNE
IRENE tan Bank Kar mrnene Kg on Ønand I, orde 10 EET TRE Pa Demand fr DNK Gap My 10 REE FRR BE DD
FR SEEDEDE TES E TER

1me eå8terel cars bank hade mt be Mel en Pa Bane sheet af le Bank zncter snØLOR vel hare Paneler Be FEER Mg AD
REESE Br GADE LØR nn HP TNA EAR TBS SET IE FEE EBA EDEN E

Ar fre pop boel MA) management st based on the Mang and managere ef shert And long tarm EN 8 LOG FARE er» ms Lp
Vater of den desdny rnge rart BE Frey are one at ser mar Ang S SPARRE GR ETME TI ARDEN ar MODER DYSE KE
ASE DE Group epe SYRE TYDE EINER DRAG FUER 2 FYRRE BEEN 12 IE FEDME GLED FO FORDN BREDERE
BEER ae henenen

 

Dmstnce ts dets
FREE dne ore er rn PM maaske is ner Pk Ry Ben Er Pe evt mane » nen ven oste Or
TE. Setres an annen Tetske arsen Sne Pere ELG ørnen onder ISEN ORNE Te CAD KERSTEN ENES BEN SEERE
ER SSR RaNnR

fer havdty management purposes fe Grer0 BSNgSneS eter Kande) DKK and May moler Serene TI mt Des ef Pe Gns
SE pre Dr One maret an beat Fe GAD KØL Ta MADE BOD SYD Hagen oe Forøg] ånde BABE SLOTS BER
END ne aranens turer USD sr CP rmugy brune sv TE et Segen SØDE I DER KOS nE IE DNA E SAER ORNE DD FG De.
800 ASSER In se Ehe Bear 9 Duran and Fre AT HD COTE IDE GARN LARRY RTE CORR SEE BTN GET ID BR
Fare

ARD RES AGE TR EVE SENER FLID DDR KOTE HEBO I FEED PEER 10 NE GRL E BEDER TELE ED SENE.

 

AM urnen son 179 hest 00 flå sanne Wat ie Ornep dos agt rodsde 18 knding seven. Tis Fnr Het meg frdbng arb Ae e
FRANDS SNG fagre Fong FN Gagren ef PORER FMg VANER Sapa OR TRE Scan In GLAS ARS Rg SP KØGE SR TO
ARTER DR DAGS KGS Fe CBA EDER MENTOR ED DEAD MEL ØDEE

Fm headty soerg rate LCR] Faoremenr han ber fr eat sne October 2015. The LCR gører Arp ste fat Pan oslangsuvene mat
NRU GOG GEDE Fr at6rnn SPEER Fat SAD SES HEN OFRE SES Mn ag BO EDT Gay? 1 201 nere SØGT BED
NE Gan SFs LAS EF pE INLA) FARVERNE TR SAGAEN mare NPD RØMER, SMÅ Sy FO Sene aL ST
RE DE AE ME FO Ban BER ET Eero IT USD EL BR ID org SO rr met on Pi Fron arne RE KOR

 

Notes - Danske Bank Group - Risk management

aud sk eonnaed
Nara pg rkanee or ahdensle fond et considered key Soncern or Be Grp Vnslenle AGE RARE Sall ar Fate Fong enpe Ed hen
SNERRE Bred Rang large Sora Ef ASERNE HUNDE ST FAN Se GO METODE 0 MEARGr SAREEN TRE SVEDE BR
RAR Generne Tin Br DON ODER KR ER TRE ADR TERE PEGER ER TREEREN DEDE

 

 

Antal eaponen MANG) rn fe løget KØR BF are 2 vakt ln stable fonøng sover for Se Crop Mast af ihe ret Sep are Cone
ASEØRE ener erne SSO IRENE OP ST ne SID DE ERE

Sareen testn Ao Met fe Gong 8 MAG) Fanerve få KROEN 0 lose ar) hade Ap FO CARE markets art one sn Feber Den die
RENDE ENE EA TND REB SE PERS, Mang ELERS BEREND

Fond sources
FRED monter ts kd mi fo ener fle js mdk versio terne S Fonde sen rerE. mriber and renees Arme balsnen parre
SENDES PERS 3 BE SEEST Pen S KØLANE 0 PADS PrENEDE Agra Per BEL TT BER DLG BED SO KEND
BREDSTEN BENENE INGER ne ET Ond IDR DRED BENTE

 

[ESRERNEESEESN
came teen arne

 

 

[SES ER

 

E
B|-.--s538

 

Notes - Danske Bank Group - Risk management

 

Bandy rekord
banan

NE ATE F and tha Sonet efte heundty nere ar? sete rr on fe bane 0! the Grosg le EDER 1 Fe ER ble anE mn ene en
fretssbtresbenhret estere tede mens dtsonip kendetegn

TneG'oue handy reserve Gene > al] METODE hav Ane fra ore rn te Grue IGFOuP EBBA I HErennsd FAD Arsen
SEES FOR Be HEER BUE POnE årg Send 27 ne Ban OS Ef POPE SPEER 13 HEN BORE. TRE BFG BORG MERE Sr
SES NER ng havd Mar hnnnt Bat orne mente an SP Be I TODO SD TREE RD CS DTS Cr Esk ORDEN DE FO Lr,
FREE eee and rer End cder BRGTE Bret KODE TEN SON SETE SEEDEDE.

 

Nomnatsat efte had ber mor able Fe Grenp
(ere

SEE ER nn, AE,
SETE Nang men BEA
DEERE

 

 

Otner regtatary measures
naderen io he LOR tha Bare Conentiee hat trund nem heAØNy standard 7 fe form gf ne net FED fonde, Fab PØSER] Te, re net BE
GR on Ana PFILDONE SA PTE TP Fra KOMET FO OBE FR CON Ea FRIE BERGE MEE ERE
KERES ESS ES SEES SEE SEES SEERE
TMeNSPR nende HE 8 HOLDE IRENE ER BYER UEN AE BLANDET Jong drted FENG Mute REED TERE En Er BER nd ab ne,
AND SANGE Daggry LEE 0 ber FA ER Over I Jar RE LYSTE ref TOGT ERE» TERA HC Tør BER TS Me

 

 

 

nen ma mirodætan efte LCR. me farmer, fust Bager KllOny Fqoremer Fcon 152 af i Dean Ararete! Barnes Act 7 koger spre

Te svested Supervnery Demons provides pvldsknes 12 Mranis! Pt Ohe tig mAheribes Sorel prvdent pEAey Prue, Mae
BØsbnst reg ID MS STOR rslarener Ma aDn RAGEDE GEGEN MEGET AR RTAS ORE DEN LCR TORS EEE,
ERA Nee Rene BAGER ENG 30 var BT. fe annen TER reformer mk be Fee dy an KOR are MEE DENE EDER S

 

 

 

Notes - Danske Bank Group - Risk management

 

Me Gros renee 1 corner sf el nl FØLES KR IP VERERERL I Darien PER MELDE MEAL Sk and dk REE FS

ere
HE TE SlnnanEr Fer Cone E EH Turner DDS VEN BEF BERER DE

 

The MM soner (le annual reen Mat Bunker Persien my bes Kog RE Seerne ie anser urin [Dantes Fradtienef, The backing
Rn een nn been he Cane PEDE FA TEGNE nar fe PEN Fo Ore
PEnSEn Meet TEK Skonande 1080. 0. 30% el ha Mm nes pro VS DN HEDEN Så FAE ASLAN PAN Fe BFSeP OD FORE SY GRENE
ETA RARE DSE DRE en alanere on DEER BER I BOND Dr TR PPR EF

ccoreng 10 Pe Dansh FSA Enscave Order on fon Con rBNA On Pringle. pak spelar» fund DmnEn Pro nOnek at be PA dene re
en En ene dre EGEN Snare TE bb esp nns Gan PEN Fat rd ALE VS RE ord DEAD SEEDEDE DR
fott-rrkelsterekeretesketerkentnejes est gesnt rest nnel pe ske sent

"Tone 41402017. 0sne Arno sure SE Pens 110 Dish Ms France arm Of SER Crnup The senante s SA et TO AFD,
En Bd near En one fe Get Sv BORE MIS Mer Mens 2 DE FEDE RE BED REED

 

 

BØD Merete FR PERDBE FRE SUN PRG FFRPEFNY PIGER EGE AP8nGS OPG MDF MARY nå SED BY IA COLE,
ARR naar GAMERS CAT RET Fee FK GEAR 1 OR BRAEM BD FO Onan SME GneTe oh JE Sr FG Ve
FN nbenner

HEIBERG ER NEN EDR IDE DRE SV STE ENDT SN HUER NREER EEEG LER

ens relsng 1 Ehe relsen bene Sven m nt Mrs and parate benekts s minen by Kong Pr nere Fake BEDS EB
nain portolan stå torne mel Tre Bon rende Ndornn RER sr oRE 3017 STR SIE pe En EVEN
RG ortpngr bars Tag as IAA AAR otng FO frå Pen TREN Agent] år VVS marga? BORGE UDE BY TOsDEeLEn DE
FADL SAGEN YEN DIE SKO ts pool ves Penn TR BOD NERE ETEGr BOND,

 

Notes - Danske Bank Group - Risk management

 

[NESS SES SSD ESS

 

 

 

 

 

 

 

ft mders) Mike men men en Cove
Maum . 0 Me
Ear u me
ba s OM
Beves ve
mer mere BOR
Mr, Få we så ise
bey 4 ==
toen ES ms
ba Ea "08
sen 5 i
na Ea mg
Sr" 35 ska

 

 

Damen Peres huge mont ef rn forgn ehange 19k AL le End ef 207. G2X mrs Madge 20 SOS)

far mrrender by pe elkere mer foret Danse Panmen > se Boe S/E FRAME AnM ANE 8 2 PER DSE PDS FERM ED
En Een ka bore sd sr FN SAG Fa Er ane mu Fre DTG PR EN OBO SENT BED DEERE

  

Notes - Danske Bank Group - Risk management

 

anereeFEK ES NNE

 

 

 

 

 

 

 

 

 

 

 

Poteyhøtere serene 1 I en MESTER: sats order ut Mikel Cort rate JDrNEe Uk Dane Bølance ane Done SØEN stn ne sense
PECS Mn Ena Branner Ar Fare DT. stok ION FRIE 17 8] pa Ro SEEREN BA TEE EN DENE DRE.
Haier Ta gurenines cert Ser SØER nn af Ami re NDA Ond are Pe 0 Sy sn SansRk Fo DER PøREDR MERNE RD GT DRE.

 

 

 

Notes - Danske Bank Group - Risk management

 

rnurancerisk SrDnver
AAL DIED Pat are bred 10 rende 40 Mærsk Gas net and tri fuctert For anse 31 NGFERE 3 EBA, BREDE Se pens
BEDT MG Dre PEDE Ade SET Ben Dane SETE ENGE Mora Aner En Een BRET RE RENE EN DEDE

 

Ye vann0 19% Bee år HANE 1 BREST see anser 9 Pe 250 0 SE ag Porr SENERE TS AE TERRE DEDE,
MGM UN TABTE Ebern af CBE ST Pe Ban aT ENDEN KAGER FOF THE ERNE 173 BESET BT ORG DON BAD
RØR TE Tae roet SMAD TEDE KDN ME BEDE NE,

For hash and persons! selen pels, museer obhgsE ne er» le lltad or Me Bati af speed Kure Feconeree pad FODE nnER SS Ene
Rane He Ban OR EPAR dis FO BENE FEPUDT SY POE ÆRTER ET END ar EET

To miopsee He Pnrner mk. Daner Persien reine lrge Adds! pøkey MERNE, Dice Penner len FADE fe Mk SIOE, Se >

RE BNL aedor MES uset on sAsrsrØlsars met af taberne Eangen SY røres rate Fy POSE ret pre pre, fore
Frehange ramte and EMerbary SelnO KOR BORNE dy 152 FROGNER 1) ILSE SOGNE Br BER OMAR BIRD RE ER KØER ET
FESD San Paa bre peer enneher

(SEES am as
eee rt merne 07-10 gore pe Tao

FE Eng ENVER GEN

 

 

   

 

 

 

Te rates and bey hyre are cbkndsted fr scenens iD 1 FAØr Amen få Fie Danish FSA Ernie Order on Free REDEN for REG

ANES LEE Copa fer. BOG 7 Es Bøve S/BRS FøL rer sr

 

enken ef Tabor PG key MØD Mar, mid år are eE TT

une sr ESS EGP eN ANER FRA RAGE RS mar CNE Te onto ERE TOT EKLS SNP Ene ERNE Par]

BENET,

Notes - Danske Bank Group

Behnmens ef rens and Hey hæren
ener eeren Fsæn

 

farnnge per share Dk He pr fr He yter duke by Fre BEDE rer ÅSE ASKEN AE TE ver ME DE sted
brrkterstedartenmediteeresdesrelkesdte sete gde

Danassarnnes per skarn (Ø0n Netek hortneveer de SYNE MERE MENE DT SKETE DEERE ANE PEER FRELEARE Pe Øee
Pr NSSS ENES SS SEEESEESSE SES

eur nen DS, Nem me er orn by mener me rer mm ne dne de, enes
FS Tet evne ondes by eEnses FE LENE KOST EET ØE,

ESS Fnr pe up share aps and raten sang,

Aaøronel ser enes Lens etter per! øver caps Tis mene Pet Oboe Der TERP aner EF EDER,

Sømmet tr 1 pt plot mdrs! DE I PRALE SEER SERGE BENE ENEDES,

 

Ssversnsted ken cap utjeet 0 arien raster Far anale he Group Oskar 00 ME PEER
FS SS SES SESEEESSS SEER

LES Var castle ner 2 captn er car Gnkvenene.
em EN ER REE emnerne
emmen sam ter tmuatrne — Conmoneaty ter anal AGRE by MALERE RT EDER

mer reamntnme "Var est GØrE Py he Or EL BR DERE ED

tøsesmnstnne Tora ent sindet byihe et rs AOR En Reset

vene per mer Breponed dend EnE DE PEDAG MpES OASE ye morer SP Le ENE EM KDE FE
Serre: bende every per tb Bank sb at een eee

vestegn ster serene veer 431 Dcr VBE the runder estere DAR ØR ge eee eee
Mener efMAbmE MARNE NER Number Sme SDAEr FA Perrone Sa rens res MADRESTER aL End fre
rare HERREDER Er ET enn TE

[ES anden vt ty meine sagte! fon bond sner VR 3 tarm 18 MEL IERy Slerler en Ore par. VARDE

ESPEN Gone ron anv BORG FSTDNE SEG SP STENENE SØN LENE BNG SSO
RER RR RT rene

 

omen øng En Pe BET INE I PE SKOENE PEDE TE FEED,

 

Senge røre renees ene Med rer redder renen Man sneen E Mtres

 

Financial statements - Danske Bank A/S

 

EET TET ERE EET ERE EET FE En DT

Ye såe arr denne 1 Crop FR CONDE VRED ENS TREERE PERSIEN NEDRE E DEDE

ED EET FEE Er TEE re Re Es n arne FORE

1 STE npiennnnstan af ke ondere made by ik? Dana FSA 10 Ma East Order an Frei Reperis for serene CERES
Sonlt Hm RE hang øf ERE BREV PR arve for rene abb 7 FEDDFNNE EGE I ETS SN ST BORDET SOE
FRE DEDE TRES Mrs AED er Gene BE GF EM ane REE FRE BEDER ED e

 

 

TEA de Compare SI Anabel ale ARE BEES IPR SNEDE TVEDE SA SETE ET RE

Wutørgs skulderen are masnured Om De bas ef fle my Method, ond tan pepebie by Bose under ekings i mrpenned under IDE Frem

Group maret org nabene (PEN buens Corona under Jar Control 370 gener ER) BEES for aceorØng te le Best sakse EDGE
ne Mcører accovr for Me anale ap biler af fe BEGREB SETE STØV 9] BØ AGRO følg CDNPArHTE MEDTAGE AOL
Fred AGFS Dacenter 2017, Damme Bank PE alen: Far nen PaF Dre BER AE.

Metermet el in Pareri Corgans frase statement is net kennel he forme el le Corsets BA! SUAREnENI Prepare seerne

Te ute below sten tre Øfference 9, net prskt and sharsheklerE sty bene fle RS connshnted Manes! Stater Bad De PETE

 

Metro Nepron  Tøuleney — Tomlenny
100 mens mas am as
SDR REDnT 2

Prere Company anet staterne Dre FSA rss, faser Man seems

 

KESS SS EEE

Income statement - Danske Bank A/S

 

 

  

Nas mens, 2016

Vang ass
Sr nene er
ener rn RER En, is2
SEERE i
Nut prrkor he pand aser
orn DE SEE

 

Statement of comprehensive income - Danske Bank A/S

 

me ostene]

  

mrs

 

   

 

 

 

 

ne Er mo rs
ERNIE me aar
[SES Lone bek Ars pre Paren Core, mm vs
Fonten none emesen ES

Balance sheet - Danske Bank A/S

 

 

 

HEM ten

 

 

ARS 2013

 

Statement of capital - Danske Bank A/S

 

Tam sastym tsar 2017 eenes
FEED EEN ESSEN BENE BE … sa Mm
FEEDS AREE Den Z vi Z æ
Tashereremnprnenann ene =

 

 

 

 

Free

SSTET søer suser 48 sims
Frente man + Mar ms az
Tanteaæyst 31 Dscamber 2017 S38 — 67 Bas 111978 9360 154152 14333 10840

ar 912017. te spar caps ron e 336827 722 are fS PERS vakse SDK HO ah ARIARY BEDE REE DERES
KursrrrS tesen

 

 

   

Statement of capital- Danske Bank A/S

 

unpenensn

 

Hrrrsssrtsen

 

 

 

 

PR Torn ve ED 10 SE) ANSAT CET BEE FE FREE

 

Statement of capital- Danske Bank A/S

 

 

 

Fetøngelean shares ersk Be AS ar HRM RER ref
hørg at 1 san 2OLE os10ss se zar

arne 201s soaaoose: — ce — oa

Es SSL SS SEES SES Hamas imo — 1880
veiaogs31 scener 201 758353 sam

amme 2017 25212573 258 276 13
Shlrecasnetredvenen atere bey task program] rd se? Bale aen — oz ae
votønget3 scener 2017 40813319 ES am

Acaenhen 12017 and 2016 zonen shares HENTE ude I SE BUY DER EON SNIT RTE er He TERE DEERE SMS,
ELERS Sane

 

    

[ESS SESSTALEESS Mumeretsneren fee) "Sar ensne pre nE

alanget I Jans 2015. zl | Gus

Anni: Mansa ig vie mo
— isse em»

Kenørsn 21” Mosan2 m on 5

Hotarget 33 Dscomber2017 sn En

 

kcnustens 12017 nå 201 CE rEREFTane, FEDTEDE SEERE,

Statement of capital- Danske Bank A/S

 

 

ons

Ton ersten mme
EEN NEL SE EGER TE LERPEE ENE
freterbknirdeberegnnde sarte tes SEN]

EDEN RGEE

EDER EN

NESS ageren

Biers terrasse anne

BEEN MERE PE EN Er BAT BREDEN FEE EDEN RENE,
SERVEREDE RER Mæn ane

emmoneadty ber care

FSE Er

  

    

Par rcmgnat FT
Ferdeskeennrer Fa mr
Fa

common ester 1 cpke rese FR, m2 me
Rane, ER

Tonerne re 38 En

Te totulcaptalend ter I captelrstes ere esset serene NR Be Dre Frans Buer Art ord påske men Å Se order».
vsere! Capua! Adsquey Ansensrar 2017 fot Soered by Pa sm aary 6] provider mere ufe on fe svaner mand ef Caneka Ban AVS The
KREDSE ENDE DN Bank Gro I FM TNA TEE TONE PEDE TREE ED Fe TOPS PN AED HG MARR

 

Notes - Danske Bank A/S

"T Netintarert and fee ET and vols BUSKEN FORE SOV BY BURE BEEN
ene 2 is

 

 

Persons barns ==
Beer Berg Ba
ram agerer ta

 

3 Interest erpanse

 
   

re
RER

eee ED PEDE FEE DO FT men BOE DO ESTERE SE FØRE PETE EPO FTETEEERERE FT EEErE
NBG FEE SENSE SF BDR SRP VEFEELELDENEEE HD DEDE FN DERE YTRE SIGE 79 PTE SE DRE LED

 

Notes - Danske Bank A/S

 

 

 

fon)

EEN

Benn er

Sønner

Een sommerens

5 Vole senere,

AD er ove cheer ie
egna røn peber neR rn

8 staffcosts and admmistratnve orpenses

 

 

SEE EEN]
Suftcosts D mos) am 26
[rss SS SSSSESSEER FARER
hunber ebbe even FE IE, — 1430, ane

 

EET EET EET DEERE TELE

Notes - Danske Bank A/S

 

 

 

TAuattees

annen sg:
eet rr rent y re mer nere,

Te

Cøentuted tar charge for eye see
RE denenermeerne så R

RER TE ER TEENEREER
Sanne nr
SNG Mn under KEDE FO ME SNG re ØRE

 

  

on ler mesh Nore.
herrerne dekret fane wæ
frrsmpenrentssen] &
FOR EL Sane st ele pre,

 

Notes - Danske Bank A/S

 

 

3 Ove fromeredr stenene ene bekn
AS snane

10 Loens and other amovnts due at amertisedeost
en

 

207

 

 

BESsEle

 

Notes - Danske Bank A/S
np nenrerergen For one Søger eEr

 

 

 

Inpnenen eter st Jons DET

 

     

   

207 216
106 mere) Møvant  Cøkee øver Cehmcme
"Tun ans and otter snes ve mh ekjrenen srREr EEEE. ITT
[orn resterenes Sresesrsesietsresresserirse
epe LEE 33978 sær
Snenntntdkvsneneene Fr ane
12. Bonds stamortsed ost
Keenen, ar — ms

 

 

13 Assets under posled scheme
[meet 6
anne se

 

 

Notes - Danske Bank A/S

aner enerE En ERNE PODET

 

 

Prtenngtrosirisedisses BESES , ”s 5
== = ” d 2
Renee, 2 2
VEL Bane Ene ro oner Conan neen core

VA DD FEE ED PE SES i i .
RE Rang DELER roserne ØE > ARE ØS KE ss ie: u
[SSSSENES ELSE = » =
Auaoredrrt skrue fr eedsbenek ker sek ne DEn FDR Soao  soso 3083
EET TEE EDR ENE,

15. Other tangblesssets

106 men EL
nun vd a 7
Pe ServS oss ss SS SEE mee 1823
mæ fas har
Burra and møerment charge Et LADEN sms mm
RE ERENEE, mag sg
Burana ng name charger for sener, sa foo 3
Bea EDER ae mee
Ervngerann bander Fa me

 

 

 

 

 

Notes - Danske Bank A/S
ammen ende

very RR ==
FN BOM dB 2 E
een fmd w æ
FE sås ir Em
Bsleres ponton; Kali is
Overerm ——

 

17 Asseta held for sale and Kabiities in disposl group held for sele
Peres beder sal sin mee Gomele Prepare Ane nng TDK 131 mio Case as MA er BEDE 13 mon,

  

18 0tterassets

 

Notes - Danske Bank A/S

13 Don toerne AD AOE ENG ENTEN DE TEE

 

 

enken, ie
From LS ymer mn

 

20 Dogostts and other amount due
kam

RD ampere

Saren

  

21.lseved ends st amortised ost

(sneen mn 6
Bonne BE nm
22. Other kabties

(omkr) æn me
Magens tur vast dare Rs 30se0
boere Aa Mann
et aan 308880

 

Notes - Danske Bank A/S

ES Suborenoted dsb
STØD SAD TEL De AE STINE DRE STEEN STAGE Mae De TT HONS CAD FENRE MNG FBO ESAGE DE ED ED
RENS ESS RRDEN SANTA GDR TSA

 

      

 

   

omme TRE SR svn eg forst mene
5 mo cms æm sene — 100 —— 4688
ostene danne Der SDS

 

Parton nedad Tetelcsptalenssdnenet ner arne
foanrenmnd 2 — mom
rørte snerssengven nn

BEER FE

 

 

Notes - Danske Bank A/S

"24 Asoot doporked ar CONerEr
Arent af 3017 Oneske Ban AVS had Gap DKK 17253 mon marie secure st CORs ter sRN Dansh and nomen elser ng Canes
ka atner atv 32 Ducnter 2O1G OX 12277 avner] Maduro fn Group Med epe DRK. msn nr ef Sum Bonde FE (ØER
3018 or Omtør] ramt før Bas Ser An ERE Fy Beer BRET

 

vnttpe Pinsen sner re sete Heri te Fare, f > er an De nerne ren ne bs san må Ps menn,

 

 

Annes 0 rage arsen KK none] am is
Tau ae arm
Tostostatare depomndtr mbnknnen

In edetien. 1 Group Kød depotet DKK 12.903 mio art ef em bend st Cshatere for Pape Fans ens ond Bar Des RR FBI Denner
BORG OK 35 man] The pr has Denn SE ner IIs BORRE SED

ft me må st 2017. Dueske Bank A/S ho prvktet OKK 71.184 milon mn af cash and serurtien 23 clear for erne Fransen, FL
BR EGE aA DE REN,

Øanute Bork A/S mad røpstered OK 233.115 mit merit af sans and avance and DKK 10474 milten mør af after senere år Gns fe
EStarn bonds the ende 2017 (31 Drcember BOG CI 210387 men ane DNK 7.000 onklen rrnp eN

Notes - Danske Bank A/S

RER Ps m: eneret nsten

 

 

Sarernner sober tet re 2 2016
ØRER ERE en LE Mens Htde

 

Danske Bank A/S fa tand pøniy sl ak Our enenes ef Danske Bank Crvup and 5 el, nd Several, elle er Bree For PETE ef DEDE
REE nn

Sanste Boe A/S m rageteree port art så mipnkesrt Dan anne cf Danske Bork Cru fr Arancs ser vrss amployer tå åd VAT for mn
BERKEBER AVS GIR eres Er FR ord Ever GR, MD.

beta 2 elite consskdated hrareie stemerer Comte s Bd Ens In DEREen Eb EEN KEDE

 

 

 

 

Notes - Danske Bank A/S
==

mrk Mm  Gemenln net tunere
me Eem
sl HE RE RE i
== FE hk

 

hames parret 0) Egen Renee MØG HnsrsPelser! sl NOE sncneøng 20 of Dun Søk A/S > ser captal TY AP Mer md
Sens Mean Meer Foran and cer panner aA. Mdr FEJSDG Granp, E2penhnp en, HEBO 9] PR Ear ERP TAG CEED
ARLES nerne Ape) SY CEN, Da FENG ord TO KAN TRO er Oder GT NG Rå LÆS Te BOD SF DIGER nd
ÆG Bor Cone fat le Persans TAE HADE Gapenne, ke TAG By MEDNTT O Fnr Bar af BGN and le Ene BR and
EEN Hd REE MM ERE TRF DEDE DE EET ST BENDER ERE

12017. me vera merest ram 2 rest ucdeser granit to menkers af Og Bear of Dvuctorr rd Me Fascutve Beard mer 2 13 (2016 078)
TERESE ROTE EN annet, Ktes 33 ond SÅ 0 Dre Cennekdsted Kennel SELDE ODER, MT FETRNETERET Fr] SKØRE, a]

Pension Fords set for he perpene af pøpng ok pension barskt to nøgne of Dens Bank A/S are sis Sonsidered relief pres fn 2017,
Aaker ve inden Ked Ena EN nd Lene I One Amnon af I MOR FROG ORK 3 mes opens Re nr af DO ØS
kor 201 DK BE men] Srmorve ma porer seks eFDRK O mu (20 DRK Oven] Øernes HAN 3 agern Fr sanse DRE
58 Then (06. AAB mo Maren mener FG man FROG DK 2 mee] and pennen ESTERE DK IT mrk FOND

 

Bønne Bank A/S ate mg i bark Turner BH FEE PEDER PAPE MENER FAGET MESSER ER ERE RL RFDENI SED, SSP S
NEaG an rønne a] short, and unger Anancing ar (Le PME Y SEVEN! ASE by Danske Bart A/S. Onan Bar AVS it enn and
Søe Kunne at fer vr 10 Toe Lederne Ore Marge, Bar PN are Drake Pere AD MED mrs Com DONG SEE DEDE
SN SSS RSS SES SS SS 5 ZZ

Derste Bart A/S høner 2 number af Fess FRE KASERNE BET 2 T SPEER ånd SEVEL TEN NR TENABETET PTODED EN SN MARLENE
NER Er ØBLØ Er, Dens BENE AVS TIGRE HED Te KK BO Mike Mar ERE Prov EDT FROG OR I TSG men

Te høres skere 6 ret fedude frk fe reed per Pe form Of Mund re ar bonde. Mee OF hands ar Buarer BEVARER MG ME
ADL ENELØBEN te por ra Flg serne SR ØGE Ones BANK ORM RR May På Far By TAM KOR BETA KORNET EDER Ban
ARS aeg SALE mor af Dara Banke SR ERP! STE Gear NES or SRP SKE MORE FREE FEDr TEN TEK 19 BENE BER

Arensscnens sit røkted pernes ar0 seriel 0) an OFMES JAN. BeN, Mhernes HrOnSEnGne rEn Øre underukngs 70 SER Om & ce

 

Notes - Danske Bank A/S

 

 

 

 

Aner
2017

… Samme Anerned!

Fana es MEET TERE EDT, HE

Tet 20 ea 380138

ERE REE TPE nE ==

Nota 12 afte corset nano simtemerts fck oder skere blemer sb DnB

28 Group holdings and undertakings
Het 530 Pe cornodatet nano slatenerus MS GPO 3 Maj e PØNAOgS And see TAK Me er noen

Notes - Danske Bank A/S

 

 

fo men 2012
sd Såen  R3e aa ass så
BD FDE ERE FE Foo sne abs Be os aoie 730 — åås7

    

 

 

een

EEN ms ms 24 mm
bærrene FORB om OR
REDDE ere Br BE 8 Så
REDE Ms ao de ås
en ne, mao må mid ie
rer FEET EEEET
FRE Een IN BOR OM OM
FE RREERE,

Kes en aliens SERENA ms ise mos

Sanser SE rs
FN $
SC TEN, Arnt EM ADEY G AOR, Feer EEN FRE

 

SEER ES ESS Re Der nar FO im i

    

Me rates ore datede Dent FSA for mente kr Esme Order en Fnene Repert fer Dred REn ond FERIE CEO ME


Statement by the management

"The Boer of Dvrectors and the Executive Boer the management) have considered and approved the annual report of Danske Bank
AVS for the fnenciel peer 2017.

"The consodsted fnancis! statement have been prepared in accordance wh te hternational Financiel Reporting Standards 5.
adopted by the EU, and the Parent Compeny financial statemente have been prepared in accordance with the Danish Finans
Business Act Furthermore, te annual rapert has bes prepared in accordance vin Danish sincloure requremente for annual
faporte ef hated hanne EDIVD ONE

In our opinion the consodated fnancisl statemente and the Parent Company fnancis! ststements glve » true and fair vie of the
Groups and the Parent Companys sets. habiitien, sherenslders' squty and finansiel position at 37 December 2017 and af he
results ef the Groug's and ne Parent Companys oparaions and tre consakdated cash Mom for the fnancialyser 2017. Moren,
"eur opimion the Managemente report inclucen a fat reven of development Ane Grov sand ne Para COMPENYs Oper BBane
and Mnancia! posten and deseribes the sigkcsnt riskn and uncartBInty factors that mø rt he Group and tha PøreN CEMDERY

 

"Te management sl sub the annet report tø the genera! MOB Bng for EPO

Cepenhagen, 2 February 2018

Fr==

CA6rD

Carsten fasen Eger

  

Cap

=

fy me manen

  

 

Kirsten Ebbe Brich
Elected by the employees

   

Bected bflhe employees


Independent auditor's report

"Totte sharsholders of Danskø Bork A/S.

Orion
We ave sudked the onsoldste banal sistEments an fe parent Annes! staters of Danske Bank A/S for
tre fancia! year 1 January 2017 to 31 December 2017, pages a8-187, unde comprise the Income Sterer.
Eiker af comprehenane rrcorne, balance shot, sAtement Of Sapa! ond OLA. AEG the SUMMEN ET
Sigrkcan: accounting polcies, for zl Group ås vel! at for the Paren, and hø Cash MOW staermer Of he CEO.
He consøtdsieg Mnancal stalermeris are prepared i BccOrd3nes AN IE nauon FINDES! RapOrung StandBrdS
2 såopred by tre EU and sdcunm Darush dnciesvre FøQurPMeNER JO! Inled PRAN COME, ad AE PETE
nano statement are prepared 1) acsorcence Rn the Dash Fnane Business AC.

 

nov opirion, the consoldsted Anancis! statements øve a true and far view Of the GrOuØ'S PNOREIS POS
32 December 2017, and of ts fnancal performance and Cash os fer ne fan! year 1 January 2017 1032.
Becenber 2017 in accordance wh imørmatona! Frans! Rapon ng Standards av adopted by ne EU and ale RonE
Baneh dsciosure requremes for sted Anencal CON es

Aiso, in our opinion, the parent fnancil statement øve 2 true and fok view of the Paren Francis! poskion st 32
Becerber 2017, and of ås fnancis! pertormance for te hrancial year I January 2017 1» 31 December 2017
ekerdance win he DanSh Frame BusmoBn AT.

Our opnionis consistent mdt our Audit bonk comments issues 10 the AG Committee and the Boars of Dreetors.

Ban for open
We condveted sur aud In BECOFGancE Win Mternationa! Standards on Audaing SAs] and Ødionat egu E ENES
opsat in Denmark: Our res ponsdilkles under oe standards and /ugArerEDES are Køthr ORDENE In ET
Klators responsities for ne sut of tre consokdated Mandal state merKS and ie PårGN: MONO! SIBlEMErES.
sacuon øf 8 auGror's Tap. Ve are Independent af 6 GOD IM ACEOTGaNeD mvh ig IEFASONaL ENG.
Sannes Baard of Accounts" Code af Eee for Professional Accnuntanes VESBA Code] and fre SSG
reguremeats apøicatie n Oenmark, and we have fua our otner etat responses In accordane sun tese
Fsqurements. Ve elevs tha te sut evdenen We have SERENE må SVÆNDEDE Ind AprSprISte 0 PrOVNGE å BOE TE
Ser opmon.

"Tone best of our knomtedge and ble, sr have 0 provided any preNNDRS morr aut Servicer an referred Ein
Arnica SI] of Røguladton (EU No 537/201a.

Ve vere appointed austors af Canske Bank A/S for the frst ime on 18 March 2015 for tre krans year 2035.
We fave been raagponted amnuly by Øscison Of ne general Meng for å Koral Comuguovs engagerer period af 3
venes up to and Inehng tie Mania year 2017.

 

Key av6t mater,
Key aud matters are NOE matters Hat, 1 Our profe8son! tudgemenE. ere 0! most signdicance mn ur aud Of he
forsohdsted Araneis statement and iv? parent Mana! sternenKe fr fre hanciø! ymer 1 Jansery 27 10 31

Bscamnber 2017 Mose matters were addrenned the Comint af our BG af Hø CORA NGSREG BARNES SÅEDE
nå fre parere khan SIBtEmEns 23 å MADE ane I FOF OU SØM Ther SON. RÅ We EO PN BrOviGe & SePØrELE
kr setstsesense

Ken av maner

 

kaems amour 19 DK 4.898.975 mon at 32 December
FED OK 1907370 men et 3 Orzender FORE] ne
(5% 738 ormen 1 BOLT nm rows of ORK 168 mt

een SEE arenaen br
ERE ENE FE Fake re Sr fe ae
FEEL SE

"Me most sst egene ser:

VERS sare and sang EF havre Ens

Kernen køns never surmng sy

UR Ree 1 Eng Vig INS TON EROFBR.
FØR le Ada sod 15 fe earsckened hanen

 

Fron 3 sony 2018 the GFou9 md dept RS Dres
EDER SEE TEE mn Ton Fre PE,
RE ET Aben ENE os Benn TES MERETE
Ene TEEN NE EF E RE TET
LEDES Som mer iso 3. Gug re DRE
Fr SEES SES AES

 

NS Eged 1 kt SØRENS Fag ere
fm,

 

PLS EERE SES SSLE SEER

is
RENNER ne key Chenges rer styrer ne
EETEDEGE ØD PET and rd hane

 

Flengng re marengs arge by vann eve
FEE onnags ora eee

ve hove soda ta aaben ransisen SA SFI DVN
BERGE Toon or Ih FEBER EY ons BILDER HOPE.

NEN FARS In An rer Kanageer ar
Har np ans Kr aan Ord fosser By Ing SS IRS)
LESS SHS

 

 

Sen 1 DC BBR SE Taks ar SI Dsknrnber 2017
EK BTAS77 målene 31 Once 201

HEE They SO FEB AE ERE, S,
SRI,

 

ESS

rr ne EEN

Me mon uges pagenenns re
Detarnsring sb rates, monatty tet and svrnender
Forret

TREERE NEDEN EEN En

Munagemert hs provided Køther Mk ien sb Kabi
SEE Een mass es 17 te

TESTEN TE mens made

ner SER

"SSR SESSSE

+ ERE RE ve asantey and mortaty men are sorende
FEE res

«RADER SE Shen i tbe sanne apart
REDDE En FEBER TE Er ETERN

+ KNN oven opnarts, pa Any men ek Faren
ERE By On PAN ROTE ord

 

 

Key aud maner

 

BESES ER
BESS SS-

 

FRSBGnEG Trøst Rn AGT SDE END Øs KEN aL SL
BEER 01 uran få SKK BASE minor Fo 7.860
nikon af 3 Dcnrer 2018 and ORK SÆDE klon

IKK BS80 mat 3 Deere OLE.

Vasen saven on er vstver an manerer en ol
Rene ED FO SBV FL Dre Bb Ma SVU
RER nr MERETE fe DD ERE
bs

SUNS

DAD RE nt Ta TREE Ge fe Fe TOG
BERING fe BØR 1 bå TSG TE FEER
HSG SEES

fonanger in re models ond sdjunmeres may have»
ESS SSASSSISASSA

 

 

 

RE FE nam HAL 12 ane 30

GT GENER SA by MERETE SE EET
ESS Eee

Our seminar ineduded te føloning slem:

Er nn rrerraany Sukker vølver erpen.
BR EDSNSR Ok CFR SSU ST BTN BEES
ERE En vener mn
En
SReneene nnAn dy

ERE EEN aab ord veere fevene

 

japanere toere
SERGE Fe EDEN SORTE TOTEN EDER

jenenger hine sønners orde IDE

End hev
HERE SASES

 

feremnegennannngren
reed
SLS DS ES
BSN DE SENE
SES SEOSTRRRGDS

REN  hanenenenn

FEDERER De Ta GE ET FEDE FDP.

BER ER TaEE annen Ha and 0 te Corel

 

”Esunsnnegn

BSRSENSER.
FENDER St eN Denn EP Fr een
ERE sorts arenaer

"Eileen nm nos
een

 


Statement on the Managemen's rep
MANDE EN i TEGNENE for the MENRBEDENES Fe.

Our apven on ifø consoldates Anancial sistermanis and the parent Ananciat statErmenS GE POL Cover ze
Mandgeneots report åd me d MUN ØMprEns Sr ISF af Bas BAGE CEN BIDD FREE

In cemneeten wh our udi øf tha consoløsted AnancIs! SKEKEMEnE Bd the pre ARB! SIRENE, GUT
Tøsgonebiy sr to red Tre Management report and.) Jong 20, COnoder dlhethet ne MaNØBEer Der» FEDE >
materisty nconssstent wzh the consoicated Franc! statemønte and the parent AANG! Staten Or Our KnOMæde
stn the covtse OT the audi Or Sthen BPDEGrS 10 DE TELE DERE

Moreover, fis our responsibity 10 consider whether tne Managemers report provides the nor ALLen Cage UNE
te Dansk Fnancal Business AOL.

Based on te ork mt have performed, we conclude inst ihe Management» report ss mn Accordance vr tre
Eonsokdsted Fnr statemerts ang in parent Pnancis! statements and hos Been prepared 1) Becor dance MEN he
Frguremenen af fhe Dvs Fan Bvalnesa AG We Ød Pet ent any material Manner Of he Mage MENES.
Faren.

Menagement's responskilties for the consoldsted hnancia! statermerts and the pre Anancis! SELER,
Management is response fr the praparsion ef Conaokdsted Anancia SAGENS NEL give 2 true and Far Ved I
scverdance wh vermavons Fnaneie RAporung Standards sg adosted by ie EU and sgnGns! DSE SIsE Oure
føgdremerte for isted Anancis Compare, as wel as for tre praparaLon Of parert AnanO! statement Fe ge
Fe and far vie 11 accordance min the DSR FManGa! Business Act, Bnd for SC era! OGPNre! 38 Manage MERE
detarmunes 4 necessary 10 ENøbie he Grepar aLoN 2 Ono date AMON SIAKErDENES SNG pØreNE HINES! Sme
Nat are free KOM Matera! ØNESERDEFRER. Vater Sue 10 FESD CE GTO

 

In preparing he cOnsoiGoted Arancia simtarlanis and the parent an! StAEmENLS, Manage Is responsible
for aenenanng the Grop'a and she Paren SM IP CONDu 8 3 ONE COnCe'T. fr ØSCIoiNg, DS BØPIGRDl, MAE
alates 10 garng concern. and for usnng he goNng Concer bas of BcGDuMng 1) the prepar tion Of ne EONBO sted

Are nen and fe porer Farc atomerne lent Manager einer man fo Madsen tre Gu Se

Audtor's responsible for he aut ofte consodsted fnencis! statement and the parent Annes! ster,
vr obyectves are io ab reasonable aesuranee about hath the consahdated Knane! Statement and ve par
nasal statement as a hele ar rss HO Ser! TYSSABKGMGN Wnether due (0 HAV Or 70 BNG 10 SUD BR
audtars report inst includes our opønien. Ruasonsbhe Assurance åg MVE OT SSF, DL 18 PG SUØFDEER ENE
7 adr conducted f accordance Wn SÅS an tr Øen N requrements applcaDle IN Denmark ml! BWøys JE
FT ueteriat rvastøtemen Den Eusts. Minstaterants can arie FOND fru OF Br.GT And åre EORGGTed ELEED
Inamdusly or 11 the aggregste, ey CoA raarony be arpecind 0 M/luence in Sconame Bem ons Of vere Laken ON
te bøsis øf these contoldeted fane StatamEnts and fhese Parat KRAN Sale er.

 

As par øf an avdt mn accordance WR ISA ans the AØrions! reg iremeris appicabie In Denmark. We earise
professonatjvgernen ard mamøn prekrssrone! SEP Or vogn Bud. Ve al

hvert an6 sasens ne vaks of Matera! mustaterment el he CONEOkGatES PRAN Statement an AN pre
Manciøt statement, mhathør due 19 rav Or error, ØESign On0 perform sudk proceduren renponenve 10 Hrone Ska,
and obræn auGk eden nat /5 SURE and apr ograte to pronde & bes for ur SprNn. Th risk Of Dot dere.
mater vstater en FEsbng FO rav i PYgher (nn for One FeUÆNNg DET Error, På TAGS MØN NONE
SShusion. frgery. mrontienal msn, miarepreBeNHaL GS. ? ne GVeFTGE Of mkenar COPNrOL

2 Ottaln ax understanding øf mnernal Cerro! Frevert 7 the Sud In Order fo denig” SLA! prEGAFES KM Dre
boproprate 1 the EFcumstanens, Det før fer tha puepose af ænpresing an ODÅn.On Om he ÆfTeEtvenen ef Ehe GODS


valuta the appropristeness of 2CcOuning poicses used and the rØasonsbienes of ACcOunIng oBam3tes ane
Telated Øsctosures made by Mangen

= Cenelude on Ih appropristenens 0! Menagement's use ø! he gorng concern basis of BcDVNNNg M preparing the
ESrsekdeted france Statement and tre parerk Aancis! ster En, nd, Des OP EN SUGE SONG SGD,
Shelter g material uncerainiy søsts related 10 events or CONØKGNS ENG MA Cast Syg AGRE Ob Gt GEOETE
nd ns Parent abilny ip cortinue 58 a gOng ConcErn. We ConcluGe ENS 3 TRANS UGENS OS, We BT
Fequred to drøn steron in our auadtor 3 report 1 IN FELBIEG ØSEL I LAG COMO datid MANGEN SEPT
nd the parent Pacis! statement Or, I SCR Øselosures are nadeguste, 1 MOGI Our OpARiGN. Our OnGIus Lan BF
Based on the aud evdence ottuned up to he dte OF Cur BUdtOr' Fapor. Howeve£ KAF OVOTE Or CO ØRLoNS Ma
Cause ne Group and she Paren to case to Cominue 88 s gong COTE.

2 Boka the overal presentation SEuCRure and Content Of he SOnsouAted ANDROID! SKAReMERES Bd ENE PEER
anes! statement rneuding the GnelsLeer 7 he Rate, BNG Wnether He CONSOMGSKEG ANSET BIBLEN ANG
HER part none staternes raprenent re Aden Vans rn and avenen må Tanner Ina vera ve and
Bean svmcnt appropriate aut sundere regardng vre fnancssl infor maten af the entibes ør bur Mens Aces
venn ine Group 0 esp uns an opiuon p the Zonsokdelmd Mana! Statement. Ve ar respons le 10: he Ørn,
person and performance af ine group audi. We remain Sola res ponnkle HOF Our md OPD.

We commenseste wrth rose enarges th governance føgarding. am0g other matters, tre plane scope and uimyng of
20 ave and byde aut Mang, Mekvang ary sinker dekanen I Pere con FN me GREN SEE SG

ve ala prove Pose charge Wh governance Wh ø staterne that tue have Com pled wv relevant ert
Fegåremerks per dg InGependeneR, afd ID ESME md Fram SE Pels DEDE pE OM Nr FRAT ENE TE,
FEBSONED be ROJ brat ON OUT IØRDENGENER, and, Were APMCEDkE TEIDE SEERE

From ine matiers cemmursceted with shose charged with governance, me deterrne those matters that mare af most
grtcance mn the aut Of ne contodeted MonGal Staternarts and fh Pater KABnGle SESKMmEnEs Ohe CATE
Befro and are tharetore th køy sult matiars. We øer these TMatters In OUT BORDS Foport UnNGS IaW Or FORUD
Btedes pubhe åse SO Fe Fatter Ober In ØMremeNy rare OFELDSLENGR, fm ØRET FE REE
Fod nat be communieates In our report because the adverse COnsnquancEs Of JaNng 2 VOL rensoneDiy De Enpected
Ho unelgn the pub interest benehE af SUE SONNE SE

 


 

Management and directorships

- Board of Directors

 
 
 
  

te Andersen
Charman
Boned by the genere meen

Bom or 11 dy 1956

Joned ie Board or 23 March 2010 and
"03 pons Carmen mn December 201.
Most race reden sn 2017
BØDER,

=Onarman af the Rermunerabon Commitioe ar ne
Nomnaen Committee and member ofre Sk
(æble

Competence:
5 rstensonst pennen i insding an Geo ping
føre hane at and Ton Fneroa RE ED n

Ear

Sang af Corporate sirstsgy. bugte and target
Franc and econanne eperine

Gan tsk managere. epe ene,

=Directorshøs and oner oftes:
Brno anchor Gress

Bang & Ouisen A/S ferarmer.

Chr Hansen Helang A/S [charmen]
NASA Mora i. fmender me momiraton

FEnves we de not pure prd om inenEy CeFmEnerens
egnene

Se Danish Commatae on Corporate Governance
Imemoer

apanage Business Seno fodret professor].
BenmerkBnøge (member 2 the bond øf dere]
"ne Human Pracnee Founøaeon ferier af tre Dead OT
Ørectors)

 

Som on 25 May 1954
NaDORGIY Sdr

Gender Male"

Somed tre Baerd on 27 March 2012
(rs ENS EG
Ferm epres 201.

EDEN

Mormreer øf he Nomnebes Comme

Competereies:
Broad ond -desmn esgerienee WP) scrom es ond
ane

tænding mar Anais camper rd PO pre
Ira reo he Sudish BUS RESE Seclors and

tcerenee mn ang kromedge Of SPISE Med sk

Dvnctorshps and ofrer oftes:
Prhenrnerter drnctorane.

Ruder ukbolaget Golan and a subsksery (charms
ihenet Holarg AB and a subesdary [member Orne
Bera er rer]

Eneties when de not pursve Predo mina En
SØENEE

Seheiser Ft Nang Timdre Iehørmn]

Soke Uren) (Ono) Ste)

LørsÆrk Brenøe
Fectee by the general meen

Eecunve Vice Prosidorn, Head of Charmar's Ohe.

Nato ty DØnEn
Gender: Male
Moe recerdy reed 2017


Member afihe Nominatien Committee
competencses:
Broad and fudepern erperience Mt Board rrk and
Frans merste

Knomsøge of elever leg FORSKE SUE
Knomedge of sakehokser Taarn,
kagerenee th ner nøUGd vs nes ne he
Mørkets regnen ARNEN Danm Bank opera es

MaBsL Broke 0/5 mørrser of ihe Boare af Øret.

BA ENarmEn Of Sour Akated underakings]
HG por ef Oseter A/S free tt Dome

rener nen 0 108 purave prede nat) SOMMERS

eyes
AB Moler og Hustru Chastine Mc-Krmøy Malere
Famelond (he AF. Maler Famiy Fonden
(mamner af te board of rector)

"he Dansh Commnins on Fonda Governance
fvce charmen)

Me Coriaderabon ef Danish duty (member ofte

 
  
 

Jem P. Jensen
Bected by the general menn

Bom on2 Jonury 1984

Gender Male.
Most racen reelt 2017
Tarm erpres mn 2018.

ØRER,

Charon et tre Ad Commktoe

Mme Board el Drectors consider Jern P. Jansen to be
He nespendert member Oline ud ComFAree iD
uaihesuons nr accoring and sus, Jern P Jersen
fasa Master of Scence In Econemier and BUSReSD
Aamnsiraton and has had a eng Carver 5 Chef

Franc! OMcar ef Carlsberg A/S, Carisberg Bremreries
A/S and otner Denis Cone.

Moreover, 08 Charman of she Audt Comrie since
2012, Jem P Jensen has proven his sblty to make
Reependort 3355 menes 6! Dane Bak GEL
RaNGs FEBØng. TTETnEL EOF, sk MØDER
RE any ad.

Semper:
Braad arpanence fn Mtøm Aton uses Oper ne
and soks understanding ef DEKAN EEN
Manes epo g este

+. Flndag ef ernabonal Companies rødvin
Acer versene ENG deb on SR
Knowedge of cuures and ecorame/ DOME
ESAdnons 1 Danske Bare TEE

Bree Er Manage Men EDEL DER

Ovacsorstips ar ther often:
Byron dames Group Uma fmermber af She boards
poseiesreåssed emotion

NEON Ud (member ofte board af armeer and
Srmane te set comte]

Senbkty A/S fmember af ine board of rector]

 
  
 

RON Erk Ryssdel
Becied by fe general meen

CEO, Sehested ASA

omen? November 1962.
Bree the Board on 18 March 2014
Teen erne In BOB

Independent

Member ef the Remunerston Comme

Competence

" baenskre consumer busnSs mer ene IE Rng
RER MEN DET NERE SE SER,
Indepin knowledge of Ørptal Bua nes models and
Haneke man Free

Dencrmesnips and oner oftes:
Prut sector Øre spe

'Scivbsues Med Group lenelrman ofte boards øf
serene ef severet sveder)

 

Carol Sergent
Ekctea by he general meebeg

Bom 00, 7 August 1952
Gender Fa

Sonet Board on 18 March 2013
Ferm erpres mole

Ideberdene

AG Comme,

Competendes:
"Seer management experience in the PÆN prvane
Gear sector
Bond and month knowredge of hane server
bvænern, Fedt and Pak MANBgEDEN NS FOGED
issues the UK and Evrope
Snhesm change management OKpenEnee

irectorstips ans other omen:
Prvate sector rese

TP ICAP på. Imamer of he board øf Ørecters,
harman ef tha hak comme, member of he Sud ond
Aemnaton cormrmuttees)

BNY Melon SA/NV [member of ne board of rector,
Emne]

ressnaede Søkons Lig company drer)

Erenier ute de net puraue pradomnanty com mereit
ære

Bien Standards stunts, Standards Peey and
Serene) Committee fear En

opd Røgster Foundation [rustee and member ofre
dr are vesten Comet,

me Coen Cour of tre Cartrefor the Study of
Frees ienavetien (ESF rustne

 

som on 18 November 1970.

Tom spres 12018.
Manden

Member af fe Risk Committee

Competences

= Biaensnre ere ve management æxperence FOM
følge etab SNE,

2 Siønhearr board epe ene

1 anal ernee
In depen knomtedge of Øipta! Denleng. he consumer
mark. ustomer ends and Change MREEBDENErR
Strong grarp Of IT and øde

lens Pvæst AB member of re board øf Øvactors]
Alana AB member efte bord ef Bror)

Bected by tre general meeting

 

Erecutive rector and Chef Mnoion Officer,
REDEN Graup

Bormon 16 September 1965
Natonsiy: Normegen

faner: Female.

SERed in Board on 17 Maren 2015
Most recent reed BOLT
er eres In BORE.

Mdependene

Member of the Audit Committee and the Remneraton

Comperences
ens sene monagoment øgenence KOM
FRØS Erna EOF DD,

Søren board egerne
FRR Mersre
1-depin kroning OF CONSUDEr BUSINESS
end are Change Manager,
Bike are CA aparte
1 S0ng resp of IT and gr asaon

Dvectorehps ans other ore

Hatskin AS feharnan

Borte Annerte Bielefeldt
ferie by ne emplepees

som on 18 February 1967
Sora te Board on 29 September 2017
Tern pres m 2018

Drectorstips ang other other
Dansk Kreds! Jebemunstond (member 0! te bare Of.
vecrors|

Biebers Persons etormnnng (member of he Board er
rocrors]

karsten Ebbe Brieh
Bacrea bye emloynes

cnørmanot Danske Kreds

Bomon 15.3 1973
Nabonaity: Danish

anede Board on 18 March 2014
Farm eres AROS.

Dvectorehips and other ofkces:
Dansk Kreds' Jubhæumstond [ener man]

Danske UnDNS fransnatona! assaciaLon Of Ica
Danske Bank Group staff unnons jens
Banske Barks Pensionskasse for rd pen ONE
Imember of tre bone of are,

Danske Berta Vetantstond nerne afte ons of
Fnansforbundet [nancial Services Union Denmark
member of tre execuuve comme.

 
  
 

Carsten Elerisen
Eected by the emvloyees

Vice Chairman of Danske Kreds

Bom on 17 September 1948.
Naver Dans

ned ine Board on 23 March 2010
Most recenty relse 2014

 

 

Drectorstipe and other oc:
Bsnske Uno Jrsesnatns as0s sten of IoEs Dens
Bank Group stat unene] member Of The ERNE
Sme]

Danske Barks Pensionskasse or medarbejdere med
Anagraordring Dane farer One Des of Grete]

cnerlone Hoffmann
Becte by te emøloyees

Bom on Octsber 1966
Nauonakty Dønen

Sons ine Bard on 14 March 2006
Meet receny rese 201
Tern opres in 2018

Management and directorships

- Executive Board

 

momes F. Borgen
Chief Breestive Offer

== 2

8omon27 March 1964
ned the Board on 1 September 2008

Orecrorships ang other ØMcRn
Enutres Ann de Mot pure ES OTGREN SOME
enes

"me Assovatono! 3 December 2016 fc charman)
rare Denn Ge DE

Kong av Vs Fond Imember of re board of Ørectors]

 

ore ve Beard on 1 An 2016

Diectorships and oner omnce
Kress ostan

Danske Mørrgøge Bars BX (earn).
Krororenngen Danmørka Pennorma Nang km se
fear)

Banes Pens on, LYS SAngS EK beSE SED

fua carmen,
Foreiringsutiskabet Danica, Stacks.
Skveresntan af 1959 fuce charmen]

Reskrodt Danmark A/S mener Che bo Of
frier

 

Tonny Terry Andersen
Head af Wenkh Manager

Bom on 30 September 1964 dk

sine the Board on September 2005

Directorahips ang other offices:
Baner Bank Iteration SÅ [ehørmøn]

Danske Bank Oy fear)

Danske invest Mansgernert A/S [ehørmern)
Forskrngsselskabet Danes, Sadeteringsak be.
sek af 1908 (rare

Barca Perm. UvslersargsekbeseiskaD (ea man)
MobiePoy A/S fee charmen

MobiePay Denmark A/S ver charman|

FR! 16 sepunmber 2015 A/S (member af the bear of
rets]

 
 
 

Hen øf Group Services & Group IT [C00]

Bom on 10 3 1960
Beled ne Board en 21 Apt 2014

Ovectorutips and other offers:
Mbeopieetor (mener af the SustomEr Øm Bory
ond)

Naninern Bank Lersted freder of te bord af rector)
Metabo A/S member ofre board ef rector)
Mebieay Demant A/S (merne ef ne Dare
rector)

Carsten Rasch Egeris
Hand of Groep RISK

Bom on 18 one 1976
Sne tre Board on 1 August 2017

 

Bonon 11 Moy 1972
agnes ne Board on I June 2012

Drectorships and otter oMces:
None Bank Umted fear men
fDanete Leasing A/S feer
Rask red Danmark A/S (earn

Entkies uk do not pure predominsetiy Former
onen
Grænsetonden fmember of tre board of Ørøctors])

Bgner Monnats Fora rene te Bart

 

Junper Nielsen
Hera ef Personel Barking

SS Redtne Board on 1 October 2016.

Drectorstips and other oftes:
eee ER EDE,

Rrakredt Danmark A/S [ce charmen)
Mose AS IEEE

MobiePay Denmark A/S Iehaeman)

 

 
  
 

Glenn Søgerhoim
Hand of Corporate & Inst

Bom on26 sy 1964
Snes tre Bond on 2 November 2013

Drrectorshps and other oe:
NASDAG Nerd Lad: Fnember ef te bord ef Øret


Supplementary information

 

 

Danske Bank's Anancia! statemerts are avetabe Onie
SSREKEbn COM TEpOrn.

 

erne EN |

eg SEE.