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Annual Report
2016

Danske Bank Group

ms

 

 

Contents

Management's report

Franc Mg Denate Berk Group
Sne ennen

ERE Den

Esptat and tavst management
haster Rome
(Syse

2, Orgemnadion snø manageren

Business units

3 Blanes Bang

Berporstes & Instnsions
ERE EDER
Oiter Aron

 

4 Dehn øf ahernebve performance MERE,

Financial statements

Contents
Stmemern of camørenenae neome
Baner sheer

Simone ef enoun

 

Statements and reports

100. Sutemen byte management

ABD aeperdert AVG repor
Management and directorships

188 Board el Oreeiers

183. Sopplementary kran

Letter to our shareholders

 

Ene SEE bane

 

 

ve ser Ma progress rderee REE Pa mn mar
Feber ane SÅS PETE øn AS yen born
SEEREN De Maker Ponen tnenee nn eng dere The weyterwend
REE fansene ure 0 rente novae SONGS er SRE NE See ØVE
Keene. ven ns SODE ORE An nsergong SE Car,

Etter ns centomer sagnene Sangen Gren by 3 monber dT
vv anet prokt gJ DKK 29.9 reagere veer me snEnee  — SOwerL KIERE TOERNE
Bon ars are En On ev, OT Anne ET Pen poØLern Be SCecpmanis mn server eg mel.
SAS. me reached owrtarget et Serve Inended fo Make BON 38 TRETDEDNGME EOPØENS
Sent TZ tm vene sand ef — Safy ben ane moren, Bangng tunere species,
Arnt The rest once aan renee ANS renee Sae srÅ Anenbed ep nEn ED

ie svengit ar av åerne

Intense gain) pressure.

Blanes modet and SEMERE SE Ar esrener tema era

 

 

 

RR eos te eee» mere Ehsang busnret ae
Baner ere np an Totuine svenghen et ormen Bee eve pT EM MET ØNED
Rene Børn ener ID Fo bryster FRE ENN SØDE ENE
FRÅN REaRØ pennen saves ene i tvengnen av gone rd
REE, Ea
BEER WE DEERE, REE
KSBRGREGE SE Br FEnneEE  — SpENDRE SAD SENDER MA Wønse ser are satan min ne
AR op un kne An Gar KRSSRstøng ene Popes me mage 1 2016. me
bane In most arsen and pve — — TGnsDe 2310 EØS orker TEEN EOTEE 0 EONNE
SES pen far conansee Shaver gemme Nord ET becnen er our sten,
Aenen brd buens VI an. HEN niger mødet So rennng eur vinen GrBeng
REG prag masken me Aopen dr ve vener,
FE Nonde poterne et Denne Last bue et en ur ADD erne EEE arne
EST Noa erd Sane SOMMER gVIy Er ERP TSG BE SOMA TD KDE

SERENE Brev INTER OTTE. at ne and One een  — Gvstomer årerne VON

 

Financist highlights - Danske Bank Group

    

 

 
   

 

 

   

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== mM ae 330
—10ass m2 3300 — us 4988
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BEDE, Hee isse mee

 

Executive summary

 

 

 

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KN Hent a Mn nerelien per ond innehed a number of

 

EDER NOE goal and LENE EPE

 

Men anet prskt of DKK 199 Bilen sp DER DKK 177
NG bela geek FrS EM Charge Fr 201. ars
FRODE eRDErs FREE DE LN ERE
Sene od eee Stager 203.
Ren ne anne Sy Io Bone rå page
TEEN HOR Mek RØR FROM ØRTEDE NG EPE
TRE an frpermer Engen, nn Fart ren mn
Fatviektest es SE sees

 

eres reheet that our sv mRY af been en
TER ele EIDE IEEE FERIE SE FREE DR
SER Yad nar

ERE EEN DERE EEN
EET HAr asken sg Org TEE
Alene Gere) Vie Erhennd TE Cuse NE
RON ei cunrarner Seng, Br By RATER
PG art SF nen pral ant METERS AE FESR me
TERE efanv aser and goes van rene
Beton savelsenen mrgraved føtner BANER, oa

RØG RET On ap ep ae Mang EEN BEDE
Ren Norner årg Sneen. ge SK In DIE

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NR Br ged kors gro SEE ERE IO
ER I EDR mer sknene oner toner
Satan ton sener Bro, Spas, bene
RRS SES ebd morkren sørg and more SNE
Brocesses Forn Corporme ard R EGE SEIN,
BRERES Marne er BER In EDT. MEN Fan ed
frlmmrtrsrenet

van a return en shureholders' GV of 13 334 in 206,
TERESE san ar oe ger farm anne e

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NSG ELEN anes ETT caps fat ef 18.30. OT

 

 

 

 

 

 

   

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he bass ol vd) phasedin CRR and CRDI nes and
Fnaoremeres, Our CET Ccapkn abo Stene at 12.

NER Greene dy shame mg Antoty CET RDS
HReremenn 12 OW and our target mnge ef 14155

FEE Kar rT er ST AN
rer

On me bes ef our strorg caps pos ike Bone
Busters i prognurg  Sindand STORK 8) per sure,

SYASK at net probe In san the Bnard nar duede,

ISAR rn Shan Boye programs al DKK 100
SD rar sal tar on 3 FEBER BOE EET

FOR Rene nerne.

busvanen i cer bonds, enker bonds and addon
NET aptet 01 tested OGC 85 BAD Compare
HERE DE aa te Dkk 80 ben una Fan.

1: 33 Decemter 2016, øf Kundty coverage re sind

Ove or2037
Se tenonet het maret mere tv be higher nar m 2016,
EDR NEDE FT VENDE TOM OF oner ØR

Nettee ncome s gere 10 be EM one Mer On
BEN onrener menn,

Net rang income and Der come are see ede
SER FRØS D BOB NE Ser aars FEDE I
ie

Essensen are øeeted 19 Øen SENE FOT Fe hevet

Len mp rnerts are PGA SLOTTE OM, SERDR
Møen n BOD

Ve mrpret rat ptt bem tha range SJ DKK 17:10
Me vibeke io være nEn må MESTER EON
HNeBønan

Va metan our Kongerterm amba fore RR on
RES oe Ta Mast 12 SM.

Strategy execution

Danske Banks 2 Nordic unverss! bank and our
BAS pose netory ning SOE ven usa VG
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Bang Meet proves 3 STN. Øver SEG AM,
stive ng careers syrer gen Bero ou Ore
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used Monoal partner By Gren Kong TET. Vole ET
Frems

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Som Øm BØ FN FIE SE FEER, CERES.
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Isnehed compr Lon and moenses ga En

To støy compete se Must adapt otte changes

Roma mø) Bb Ser tå METY SPOT E ID

Enger GO FØSDREN ØE WED DUT SEEDEDE

SE Båseen fre maret: OL response 10 ne Ear
PMO ØRET ID als Dr I

 

 

Wehave søren sedihese responses bur smeg
Homer FE så ing Grenen for Sur ORE.

Næse poter
REE AE

Norde poet
NOS. ar cerenued ar efforiste rest se Our

KA Norde porer el TO overs, Sur bys nad
engen B FØEDEN re SDP, SEES
ERE SES ES ESSENS

annan bene

 

Ar Perserne! Barking ane Wash Mana armen. me
FENSRILENMMENET pOaKIDPE. At BURN Barer,
SE or maret faren i Brdr nd FOG nDY ST
Ft Geveiepes na Persons Bag. me Sae
Hen Ar Corporate å RTAS IE BØNESEDEE
SSohves rn Bur Marker.

1 Personel Barking In Sweden Bd Nore. me
Sne 19 SAFE Pe SUSIE KE O SEES
BEENA pE Mn SøCD BNG ANDGOFDKETDE LNG,

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ned a nen Par berinp ag SEE MEN IP SMEDE
Eenleeraron of Prefensonat Emo [TCO
ESTønung 14 atanes race unsn van 13 Øie
FREbern ANG takes Eee sr Apr 2017.

PO rom tom tv Fra EENreNE Tanner Ret
Hr ahuabin. en Bend cre åvekny SNE VEDEDE
Sane

Snesere s1abesne 3 ner SELE ford
Sagnnene nn me trone to BRED sno

In firiung, Persons! Banking focuses en beng e
Fu nner f Øgeninanon In order 1 ster ang Om
SSG Aug Gnomerne I the ya, me SnDUNGRE
Rg eornen vår fre ve tør g0st afse 6 Ane
Far Ediicserston af Une fer Proeenenst ane
Managua! Salt 1 Fan] 1ocstaborste EN EDHBOEr
Me ye ane Server Geo, Te ERNE
EGNE Bor Før EBA Ser BUEDE IT rIEnE

Wøn an! market shares ef 32% 59800934
SRaden. Norm and Fre. 0 NORGE Fstagy MOB
SSTSeraDre Peber TE FE BEEN

enes

 

As part of our ellorng 10 simply tre org nan and
Møre efheaner, se are OMG 7eD re ORSON ES
SF merpng our aetnes 1 Frans - ur sb idary.

Bønsks Bank Pir. nd our Finnan Brann. Danske Bank
ER aen rare "tie aa BEDER nn 3.

Me change mod be prmersy af tee e Sl Am ve
Ehioners rør mani ompayert arperiance ENØnge.

 

Ms par ef te preperEBonE, re Move int med 2 Gal oEse

Beton stn anet Sevelapng » MIG BEDES
Bites model lt 2018. CorpormrEn å InsLR ONE
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strong ctert act ty across the Norr at Corpormmes
anken prodLced Mg her Met EnGng ED
2016. vr FE bremse mn porn Eb 3 SUGAR

Innovnben ond Ages en
Bigtatester contnues 10 ranRI DET NE Kan Sector
21 1 fer opportunbes 8" Danake Bank > Seer

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Søe an ekcem barn

Muteng our musting processes more efhoenn men
AR End keen Øer SELVE has BO Mr Bred TE
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ANN ARTE SA ng ET greens.

 

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ESsia. fre peynert ardscape 1 Ehangng 1201 8.
SERENE nn Pe ErEND DD IE MDR In

 

 

mn Otover Norden pine tre partners hp Den
RE None. and Jynkn Bar rd more Man BO ner
Banan tanks fkones These pØrnE TENDER
AN De Fee ERLBDLSREG Porn MER VET IDne
BR Bonar rn å sorg bars fr furer Seven
Rob DØ TENE P.stKrn or 3 vant BOD SF Fem oe
krrrstestisstas ledere,

MoniePoyis Danske Bank's MED Payer! pla.
Ep rom arnund 2.8 ma ar tre one or OS
Norney are Frans, MobiaPay has 240.000 and
205000 regard users, respect, khoang
rang ene OLE. Ta 1ota! Von ef NEED ONE
Hr Mbteay neressed rom DRK 207 Biton m201S.
15 ok ad bon 201.

Fnr et eperere vere I Dar

 

HS or GMtovers and sir EN ones BY FroVEN
sets midt 608 ly acersgele ver FM Manes Man Dd
tant søny Te Sunday vere SEE DE
NEVER FaRng rom Øm Saren te SØGE OM

ARS AGng, kan aperovel and en TONEDE

Customer møenener
unemer tileseten cenunues to merense overalt and
Fønss on å 8008 VepEcIDry CuStO mer SetSISEDDN
FERERE ke, rer.

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AS ger Danmar SømOnn BRA FENG I Ore me.

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stoner tasten scores ver We are on Argen
NG eg nd erkender PD ERE
ELstomer sank Paren Den

AL Cor9orner 8 Patdtens atomer sønnen
Ros Jem ned Tag UV Og OR 2010 Overs me
ber four årg Een Our SATTE IE FEE DST

Westh Management, we Made Press Øg
OG ans vere anke fre Member SME Pte BENE
Ropber ne Nords fr re Fyn BOM, EESØNR
Free, Among vastesos, Danske Coke MØDES
HS uber bre DEREK IT Smeden MOR VeE
Saloner sone nenn FR FETNRRGG REDE

Sem

Our customer promee is 10 "help customers be
AasNGsy STADEN BG Beveve FRE BENE Sy
REID SN Dang SAS INEGTDAE IABAG BEGGE
ES 00 Bens HOME IDE PORER

"Ser. and Fay mdt Serve BST BEEER.
sets

 

Our efors egtaissten and scene are hey
PRIDE Er Ag å RON unter Spree

Ar Persons Bønkng. ie customer pregeamme
Aner ar CUEIDEers En AO SI UP NINE

NE mp process and menn IE! Er mr
Mao Banan opp. I Suede, we Gfler 3 BO YDE
Fropon an IGN GUT arnerEn TOG Er
Bånd TED. Kormsy, me coninved 12 GE
ANN soon for Gr VENDES INGRVØNNg SN STERN
Tor seng Atatemkerne Enter In FENG. WE
fanrened a new range al none Gan tude 19 VIGE
He tutionn ad SANGE, SM agree PE FE,
mar stan 0! Anna fine Core Gera en ET NONE
Tor Broes and Managers! Star In Frnaner

8 colabersie on Gustomer He EJE DN Sane
SEERE

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Age arver ER Mere Pek Fare OY ØRNE
TESS SSR

 

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Raben nanner 2 Tre ADS ØS PEGE INS

AE sponis engene Vi BM EnDGS In AOL,
Rn heaavend åen TO ØRENE MEDDE TE
Fhotons orn grenen Cømvaner

We come 10 smøre our Grange
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SSG Tan bie ounantEn før SE Br SDR, >

 

 

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fm
be
vie
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EG Ban manden få MEET PETER EVE
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Sevelnerg ening CapabA ties ae 230 DOG 10 DVS
ARV areas af Expert Se BOG EDEL BST EVE
NEN a mere øver ELDR BBELgTOVDE VV BEL
TE de te Iougn Toroves tolønt Manage mere are.
mørkere plamng and Dy APN Mr gEDer alene

 

Foo vov Ov presence i) geographes mt FR
Ree arnpleyeen Een ar Ina ore ENE

"To meet cuemer espectaborm. me Sire 10 foster an
 noutne 2rd FN vaere ERE LUE. TMS oe
Fede by ae mg mrenornd vakse. OG hue
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Een conphaner SART

 

As eseribed by ur Core Val. i EET

eter pers
ragens ougn atv
BARE n caaersten

bgh emøloyee engagerer; a key ver for eherng
GK HLGSEN Enur år AoD ONE DØBES.
We erne 1 mogens sur core vøLsER MELDE
NS døre anus 3 SVSOMEr EFA BEDRE ARVEN IE
Een emponr Ent and CeopeFsK GR 3 LATE WE
RVR BO ER ØR BNG TYDE åre Hermed KOM.
ray Pulp vr Cranta å LAGTE (hat Balenee SNORE
PEGOTDANG Bd Br ke SEE DT

Wenn Managernen
"Børske Bar staae ne VBN Managers
Sun Ani2018. enven by fe SDR 0 CBE
ne ørene en. mt ampere Enge gernere ar
Naser gaa een

Andrkn old ED resdaraDie peer ARE me DEI
Na urne søren ERE NORDS

ven erne re KA mene et me Grave mos ae
help dur Svanes Be MNENGE SERENE NE
bass

12016, we conunved 10 expense oferng af
REB Beder HDL E UGE JN He Nord,

An an enampke of te gta focus Wen
Management we Seveiapes bens versene

pers EnOmer FIG vent BB EL Om EDEL
RETTE prale and One NOTER Have Ben ser Re.
[une one gi hes ove Brecive fa PEBER,
ere EEdY Frk Te ERE EGNE FeoDe

 

 

Me Wat Monagemeet vat Mas Asset onder
manageren ef over OKK 1.400 bæGn and acc ounted
EFoup pro before tern OLE.

Financial review

 

 

Menuen mene mer sne

 

112018. Danske Bank Group posted 3 rok bel GrE EN
from cors Bcbules OTDKK 233 ban an nerne OT
4330 me even 2015.

mmcome
Touar meome amounted 10 DKK 48.0 bå, up 5% Kom
tre lever BTS, Given Many By NNE MeD

fe innerest come 13188 DKK 220 bon ons
Nas 3% ger ran 91 2015. Lng From Sd
foer funGg costs øllet ne Comet Pres sore P
Mager

Net fee ineneme smovrtes DDK 142 bilen ans
stcressed 8% Ham ne level in 2015. Romer iaSEE
Scudty normale Corperee vin ne Eg ET
specafy ne Ars Nara 2013 and us EVE.
Fået fee come. Fh Gore En SED

 

 

  

aøersery anet by tre tur In NE ran
ARGAGES ER IGE2 IE! EDER SAR ERE
Invester: proLets, Or the other nd, Met FREDE
BEeNas ham ner pertormanre Foes 2t ERE
MEsgemene.

Net mang meme Hated DKK 88 bken.
Fepreseneng an Derma of 20% KOM ne Rein
BOIS Te feregse vas Gren by good ruster
Ebay sner Cerporares & Inst ERE IMO Ed
maret conatienn the gain on ne sal of VISA Europe,
EPG pose far ve SØENS ELSE ESS
6 pramtn tut) proton, Tr sale Of Og Ngo mM
Banmares Sxbskrest A/S fr ing four quane
Sorurkvand 10 ne nerense net Bang ORE CTEØ
SOE savn pmenes (CVR dur 10 MOE NPD EN RE

 

 

Our come moving to CKK 3 2 billen, merne
834%, org many i ie 28k 0! dome Proper es
no pose vilve advent Of Sareen ago mee.

Esrpener

gernes
Opera erpenses amounted 10 DKK 22.5 bien
RG vere reden 3% rom ing lavet 2015. Te
fan Frasen for te dede mr engene mere Cr
going Hors 10 roder Opera PE ENDE nen, lene
REGNER IGN te fre Dansk Rena LO Fun ar ane
Elerantee Fund, and ioner apron en ang
Bnselt PETE Feg.oaory COME and Fører SOS.
fetoving te sål ef Some fE proper Had. ARRENE
SNG On opera soner

Me numter of fit ime sguivslent sat rense 1
from ing nurnber at fre and &f 2015. Mo merne
van arven pri by OVEN OF IT SOMERS
hd ans upstaling ren operaens In Lana.
SERGE RR ENE BE MOE EEN TER

toen mare,
AaMn øer men charger FORENES Dr VENS Gr
nerne orm fa kvd BOT. Seng IheNeG STEDE
Cakry ane sta8le MET ORCEROT IE EaNERENS PEDE
Ha inenmpormenis, ØspeDaDy st Person Baron.
ESnunuar 10 minen the O/ tør at Corpormien
IPeHkLRØ, høner. MPa marks rene MEG

 

Tx On ipe pragt 15 sne yner amovnted 0 DKK 55
bon of 2474 el rok, Belo TER.

Changes to the financis! highlights

Me BEN pen etat a monne al onanger
nen nen DN,
pre men BOL ONg 10V Mn
SSRI de ae mes VAD MRS
RENEE EEN SAENE MEDR ER
RERSNTSN ERAT meen

 

 

re
Ene BAR Opening vene AEG Para,

 

nen sun aner 22016, Osnske Bank posted
Fa pro FORK 58 BME gore DR 48 Rn

benene
TLS Nora pan tree neuen.
ENS SEEEEEEE

SEAN SN ET

Nu vneng ror smarte tr DKK 23 tukøn
NED DEER SAS Dan ME Bee Dr

RS mas fur ne BAD BOR ERE KOG
SEBBER rer

ane nerne nere 28% 0 Pe re iP
SOLD OT Fraser EEN ED DE
EBEe Prone ond MT Ser OF EGE

Overnirg srperses esse 10 OK 8.3 buen.
bt ireren ese
Fnr Fre yrster
HET

em meeen tomt Pet rene SI DKK OR
SEDs En Eee
RE MENE ESTERE OD EEED
KS rrbers serne)

 

Balance sheet

  

    

banens Br, Ge2r — sz3s — 305| 6621 SE

alene

  

andre
Ar tr end ef December 2016. tort ending mas up 5%
Jr bre eve at te enge! 205, Londng Mere
OM Banken ns

1 Derma, ne 97088 fordi. ENE MES repo f0ans.
mee8 10 DKK 87.0 hon Lean 19 Bero
ECktomers aceeurted or DKK SED DEN SENE

vr maret share af its lenin m Denmark. ercvøng
rage loss. rose Sigt hon 285% me and el 2015
153863 andel Duane 2016. 1 Sueder

PG Norman Guf market ahren ef enn aa Tone I
RANE Gr marker share of Feng IO SED.

nen seere EranE

FEE 5
ennen s2
mer ss

Landing equaled 9.474 of the total amount of epos.
møigage Bonds 218 tr Covered Bonde aan,
SOON ar in engel 205.

Deports
AETRe ere of December 2016. ta! epo ere vp
15% rom he levet ar tre and ef 2025. mn renen
Pas Marker. Te Gro METTE NS SAGE FONA

 

 

 

red: urposure
rat tgonen hon lenøng active n core seg menes

Isted KK ESS DE SenPn ORKER Been er

Risk Managermnert 2016. sect 4, Winch svale et.
Prondes Øafs or Deere Barks

 

ore ausky
Ernst Suney amans sound in (Me hg af stable erøR
Esnøuens Tora gros AOpen Gas IND

rcreones org 10 Eornves revernais ar mor OS
Harrer, Te EDVerage FEE ENE

me nak management netes on pp. 139140 provide
Ore Ferm EN SB Mon PER YN Ioarn.

NOT Peer ng foam (NPLT I Ore BEETE TE,

øves Bonne nem — 18505 — Rist
une TT ET ER
RR sag vs

BKX 78.3 8æ0n. år OBO! mang and gvararune.
Aetunuisted codes NØ Sr DENNE BONE |
XX 5.0 men, or 03% or kndng and pveranten.
"he correspondng fgures si 31 December 2013 mere
5232 bien ar DKK A3 DON TØSER,

 

 

Trang ord mvenmen seven
Ear pen FO adp SNE Ves Er, SEE,
smauried 19 OKK 54 Ban 31 CecE Moe ORG
NANO BOL ben & 3 Decerner OS

forske Bork Pøs mage rating agreements Mi men
8/0 covmerparbes On CeTIrNg PRI ar negre
Fare salen af Gerauver. TS ner EIDE RE
BKx 84.8 aen. sgu DKK Så BMG att onda!
2018. and ms masly She Hog ORDER
engene En

Me valve ef he bend ponifdlo mas DKK 503 tion OV
He ta Bone porto 735% KE TRES NEE EGE
Falun ond 285% at amorsed com.

other børne seet rens
Me fans gige an page 6 prande ormen

Te nat pogtlon tomards cents Banks, credt
mnatusons and ago Eountarparser Ras Ea ges TOM
Flsbåny ef OK 230 ben at Fe end ef 2013 > av

"aL Ol DKK 302 then ar he and ORE PEDE
SK fo Fgner Gepomis vin CE ar Dens.

 

Bra pemere

 

 

Aa mdtenen of the 5008 Pøt ms ifø METEREN
Io te reduce 1 UnØng PoFØEG 88 årg UB.
Bontaig indre Tom not assets of ORK 75.9 Ben
SERe neo 2035 10 ner øser DKK SLA DDRS
vandet 2016.

Lebtues under insuranee conurucis rose DKK 28.9
Sen Fom fne hver at re and et OLE pre due
HOT Peres MEREENES prnM LEN sm Deres nne
Raun Cora Fase DR 1.8 BIERNE
Sne mme 213015.

 

Asp consenuenee øl fe conenued rn ONE sp ofte
Namco prikke, td! Søns? 1 NONE Er

FaaceG by DKK 8.8 BON rom ne ve aL Fre and eT
2015 and smounted ts DKK 19.0 ikon at ne Erde
2018 m Arne, me sal af the resisernis Morse DE
sonkeig reianeg to Non core mass personer CusLOmEr
Blans 1 LAnvans ånd La md COMP.

Over assets ø tre sum øf severs! smed fre fers. Me
Seernes of DKK 16. Aben KOM fre er al 2015
førne and af 2016 man cavned By soner On SEEnd
gore man enn BENE

Capital and liquidity

management

Captain
BET tapre! management pekoes and practes
FUGT our DRE FIS and OMG ENGE
SEE SANGEN aps ned 0 MENTER SEVEN

 

Inire snert 10 mes term, Ove Eps targes eres
Hed Cape! fro øf round 19% BE 9 COMO ERR
NRF CET] copkat rate 1 the range Of 415.

Te caps targets take (ne slevnred BASE
Ecertanny inte account and ennure Rat ne ED
Mans KL Capta faguremenIs BOER ØD OFTE Tak
Toeatær Sme (BEA) versa on 272 BA on
Eben targus aner hare regne RENE.
Kane been Gere, Espensen En FEE > re
Ingemann are Base! Comme s TovEee
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Me ircresse sn te CET cigar oveng 206 vas
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Mme ane! December 2016, tre soveney need
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einen
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sta roing My ved Hom BØ to ØB, andre
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Impreves vom BB: 10 BBD- Also, re rang ar Dane
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9n 12 ocoter 2016. Moos upgrade Danske
83 long term deposk rang Kom AR 0 AT nd
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12 poninve aa rem Of 1 COMERVER MØDRE
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Me Supervisor Damore
Te Dani FSA has Kenefled number Of speME risk.
NREN st banen banke most CONPY, TE FR OENETES
Fan ar he Soornney Demon

Ai 31 Cesember 2016, Danske Bank mes
Esrnykenes en ål vase veer A seperate FOR
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We monter Gevelopmems n Kur rgulaben Cose.

Investor Relations

mester Rrlstions Danske Bank CEmtrOvt es 18 ne
oup's pursun af 18 snige ost by ensurng ENS
Atokenekdere oceanet Så ENE FESTEDE

 

presanng ang OSCVRNg Evner ges Tver
Bente Bane år Berners an SOME En

hovester REI3BOns pr tages es OS
Resens In Order fo væve stil and Ovn r sed.
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AN 19 ensretter 1 a Brad ver GT Eva
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Nkrreaten sinde repstanv.

  

AEG ere Ran 800 en Drs ERE

Danske Berk shares
Danske Bank shares are ute or Nøsdnn
Eapernagen and are con vr 3 Aumder af Dash
na mer Aeon FRA) cen, sen as the OM.
Eogerhagen 20 CAP Inden (OMMEZOCAP] Ar meen
212026. Danske Bank shares nad an inden meg ng

Danske Bank's støre price rose Kom DKK 1852 431
Cecember 2018 i» DKK 2142 m1 3 Detemser 206.
feder fl 1.93, afde tre MEET eros Banks Ene
Fan

 

 

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Boye programme Insnched by Dante Bank em 4.
Faren 2016.

 

 

The Board cf rector ends 0 2ropøse 19 ne genere
REGN 2017 ther fnøne smøres be Canes en.

Me høring lse mnctudes shares hel fo omen ne
Eployoer in the Form OT CONGOS! Saren ane.
ftp rorbeksedssidetestensset edb
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RESET Bosted Investment Sheen.

SAREEN SEE ENE

Corporate
responsibility

forpernieteponniblsy man Inger par Dens
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Eommuncation on Progress as eaured by ine UN
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Me repøt 5 sugplememed by av Cerporte
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Organisation
and management

Generm mest ry
Nr generet færing a Dante Bank HAR Arsen
RENNER,

112016, anmalgeneret meeen mes hele 2117

nobce of ne general nar, Saren Den Io table
Freponsn and 12 have spedi K0rn SØGES 10 fre apr.
køisersrsentsns

Atsnore heles høre raset vat ng raten one share
nal Sne vote BT GRENE BRF UTEN STRENG
SETE.

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ø0OMEN APETØDENS TER 3 BD IS ØDE
Sne venne ene BNG 3 TD NG MED TY ERE SØE

SSots raoreserhed 9 le penerat FRE ng 20 Free IO

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Harrer ganen af re VORES East NØ By SE REDER
aen DENE SAGT CAP PEDER NE Sne genere

re Bone ere costs of 12 MANDE ON
ed by ne gener mang åd TODT ERE BarE
ne enaeeer

Boer menuer siste by ine gønerst mesteg stand
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Rembets Med Sy Fhe EF ployGEr tere En Ene Be Of
[rrerstess

Bret fo the Board e Devon Bobre Can GORer

ER Roman By Se Bard ef BEL, IE

Ra eres and få Feed by re EAR Free, TE
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ARS Boare MærnDer Mur mor at ne Ars: aner Bor
Rs Sker they hare rune Pe ag ol 70.

An the anni genert! meeing helt on 17 Maren 2016.
fare Førberg ang Jen Hagemann Srabe 0 Met Sk 7.
Scor general mein vinene FADE Mern Tone
BRS Lar ErA Bree så es FODEN

ork of tne Bord of Deuctors in 2038
fine fin gane tu Bears of Generne CAred SM AS.
Sevel evananhen SID peter mane BA BEEN
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sure SOGNE, Maale na SORA FT RES
FRE evetaneon, AR mensers of ne Bor ef Denon
Er Ene BET ran eo DEE ne
sedan Present fy and Gncurned by Pr KOR Bord
renen

Ven orsy miner eve arsss Mm Re ST pE ovEer Line
ens ofte BOL evsksnhonn vere PReNEN Poser an
RG moti SML Ta TEGNE SER FR BOR
Ørnen arå ne Eee Board, nENang ne CE.
Na Ti (MEG. AG FE COMØODEEn BAG SSAPEENDE
3ne Borre mer time tee pony. TE BOE

Berner trane 10 mer On ER Parma:

Baun Bose
Tre kreere Bo conpsts ef Tomas Borgen,
Eat Ernest Oc, Jacob Aar ARTEN RE
Fnancet Omen: ss Hd af FO are Ten Te,
Andersen, Had 9 Wain Managua: synes Ore.
har Byen Gfkcer and hes 700 bre. Giben
Kolmte, Grp Ove Pak Omcer ad Hs Of Gr RO
Management, LS Mare Hed ar Bvsess Berg
Jetoer Netsen Hua 5 Personal Borhang and Cm
SSsernebn. Heat ef Carpersen BED,

Ar tre end ef March 2016. CF0 Herr Rain Hansen
Jet Danske Baand mas racer us CFO an Sne
Ernestine Bos by ace ARruD NØ GE.

"Tenny Trier Andersen as sppo re en of Was
MERgemenr men EDEL Tom TAP BOG.

Jesse Naser mas sppoinied Hed ef Person Bank,
and member al ie Ene Bard MER ERE ED
Sasrer 218.

Serre senere Mon mendn on
EOrpOrSI BOV PRCET MEADE EJE by DE
Bash Comme er Corporste Governance Can bg non.
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1060 an Neste Copenhagen SOVS BED DDR
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ØEN Byt Gevistes FO Pe FEST TERESE En,
an fan gane Gftereniy Dante Ban CDMØLer mM

Tre sataery corsernte governanen epo soen
ccerdanen mtr sncren 134 of ine ONS FEAR
Esacre Order af Frans Repos for Ce

 

Banute Bank focvses 07 havng a Fong ompkance
Eru to nav fat CORPS EE CNE ES
Ave GF ON Group ånd ENE me FRE BE En EB EL I
2018. me cornve 10 skotte SMED FSV
170 money Mundenag Men sEND BRAT NG EDEN

 

ve mer renere menes tese armene
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Bytte erstus nen ea BEDE KNEE MELSE TE
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or ED ErD ma Meno em Me

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FE vcer i ep kran Ene 1, 2016 he ooed
ER Geveoping nb Rn Va Cum Systeme ane.
SFecenen. eres ng UR MnE ren MOM FDR
borer Benn are UDG PN SUSE FEE

 

rare 2018, ster an on ste animere innen
Rape ton tre Dane FSA ane ENN Order I NERE
BIRK ane in Sepuamser 2016, må SODE PS
Banan FSA melde a norne > ne Banen PUDE
 Fronecutor fr Seto Ecanøme ånd Member CDE.
310 me mere FDD ONE PENGE BO RET EDEN
eN AM sinn o) Cortaspondere Bankn Ar ns and.
52016, me avner Mad Pot pe Spree, SETS
påstelenkstysed

 

 

112016, Danske Bank inglemereed sangeren,»
ESemyly mn (ha ran Moruet Aben RES ånd ENGE
FRE 218 anser ey FM DNE I SEgN DRE
Tha Bam bet needs TOD Byte af REJER

Personal Banking

 

20162035
Wenan 2 Søbsincisry mere FH hos, ST
Euntomers fn Normay ånd Sanden. por lary 8 >
Ten efeu Porn Shy ps uni AkadermkErre ar Sae,
NNE nad 3 pop elser On our TB.

prøit before ta and good! msi mang charges.
Inerases 34% 12 XX SO MON The Vernes Es
ve many 1 the continued dncrense I EnpanEs and

"Teal come secret DKK 0.4 bilen 0 DKK 12
Båon SFortamm maret rules Overentes FEE
Benmrk Franc and Smeden, and Fa PU Me MLsreS
ircome under pressure, Ta MErease In ØnØNg VE
ESutg Met Cenpe SEN for he Sanna ENDE,
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het fee come fok 5% rom levet ecordne 7 2035.
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Akrar Føland. Ben bgremeris BøDME Opera

Opermeng erpenses decined 2%, pr mary avete
raset nere ang mr ooreomen es mangle
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est am
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me Gnirguency rate åt Reskrest Denmark remained
fon Hløbe DENON Fe Ve

narkers Fong I ner reversels TORE 677 MON
Maare

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Creon erponure
Ernet saron nernaned 0 DKK 771 bien
22018, many due fo EAN Mak Gr MErEs
Benmar, Creat erponre inereanee ning 13 DO
fnereated ienang and anet pose eler OT far vakse

 

Buens nktven
te best Cuttormer ørerne by NE Dan End
tsstesststenn

Buutøng strong customer reksnons NØ
I Denmark, ovstomer satifacnen saw 3 poBve trend.
Jen relnets oe CSA EM 13 KAN ET EEG
NS proposten for af GUNNAR ST 10 DØDE.

 

 

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Wa more than 3.3 milen regular users ang mig
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pine MebtePey plaerm > SSPÆ LEN POTE, SO
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ve sis0 unened fie VESA BP Ehe SOE
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cumormer satsen
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BEG Der oe RENE, VER FE Toe ERE
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Sove Horn Svens Kvsktetuncen some METEDDN
tsfacnon among persons! Customer of Danske Bak
Bam

Me postive trend Corrs eur EO EFnER >
Esaias prove INR CUMoMEr Serien 3 BT KØLER

04 2016 vs 03 2016

nd mere venne 1 ørene mp sang

 

H — — ennen nen en anne

 

 

Business Banking

 

 

 

 

 

 

 

 

 

2016 2015
Pro befsen tar and BDOS ERP OFeNES MET Base
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042016 vs 032016

cremer > DK 18 sen 1 SON TRE knen

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Lean impsinmerts cerchnued show å net revers,
NØRRE ene TnEN mere faner I, 2OE frem 2O1S.

2016 vi 2025 in best eurerey,
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npårmanr Charge nernennd 3% Income rose 3
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Banens Inkietres.
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mass personel cvriemer BvDRESE n LANDENE and

Operating erpenses mere drer 11% omg puma ly
AOTNe SONDRG PELS LDN FTTRE ØEnDer SKÆL
Roer

1eutienang iieh amunied 10. OXK 215 BON.
 ESrwntes Many d! PrpORLE 10 Personel Organ
SA condv. Personel mongagee I) EDR Rand
NRIsnE Mk Fate BEESTØN 19 EDB TATE

 

Me Nor. core conduts portfolio smevteS10 DKK 63
Bålon, sg! DKK 8.0 Bien FORE. Te One.
Sonata many af euudsty InOies For Banda. Tre
Ear quatay ef re porto en SIDE

 

”Touut npørments amour 19 å et revers! of
DKK 765 mon aganet & net reverse OF OKK 218.
mikon in 2015 Ravers minn the SOE SE
Broperty proton stand vre oner. BA Une mas
set DyS eversåt TERN TOM re CORK on eine
Sat af he Nor Zoe Man persGnMk CUSIDTEr BUDNEn,
angaar larve.

 

arrange gt ne Mener portene n pneners

042016vs 032016

Svenn opens mare reen 5 KE eN E

seen renere neger maret som erne

 

 

Other Activities

 

  

 

 

Ren

 

 

 

Emensem inom — 1308
2018 2015
Stner Åcøvves posins » retibelorn uxdY DKK 2873 4 2016 Vs 032016

miien, gns OKK 328 mken fn 20TS.
Inn foot sner 212016. prsk seler an mg.

Net uaøng ncome amoveted 15 DKK LEDE MIN SKS månen gik DE BE mn re ee
Bansting Horn ne gav: Or ne Ssle OTVISAEL op and Se

Bane før value sst mens af Me KOM DRY PONENS

RG ne onvate sgu portele, The sale af are naree. Netirtarett come smart 10 DKK 303 men, so
Danmarks Skbstredt A/S se carne He INSEE TD En Dre RE LA BAA Sane SR

HSE nens Pi nme ben treere Kys øerne
ENE ER DE TE EEE

[Errsrrerkelekd

 

 

ner income smovnted 15 DKK 1.332 mon, agre. ==
xx 568 miken In 2015, Ciner meam me udd å gan

Fans 10 Me sale 0 domele progeres and pen ve Eee
VSUE Mannar ef Shares 1 aEDGAREed OMEN R SEA aEn ENE PE Sane Pir moske eN ng

BEN ote dene ene GeF ERE ET
BER hes abon Be DEER Mn,
[tt erentkslersesst RE

840230 ren 00 Str FIRER EST pen vane
RSD SE PERSERNE NE

 

Definition of alternative
performance measures

Bansk Bari's marngemen: beleves ist tie

 

hore COMØMtEN Dani for EOS Hm em Åes ET

Aranclat period and for meen In perfarminnce of

Ana Group and aen PØMGve BVnnEss NE TNO

80 on Important age ål in may m MMVEN Cnske

Barry managr mer! Gene Oper DN arr on
RENEE

 Mreugnou he Managemene' report performance
franstnsed or ne barm ef the ANG SENE

0 segment Foparting. MEE ØVE BER FAE MARS
FFlermaten par pronded 13 menagemer Te
Srences between fre Marc ng NNE 21 ne.
IPR Ansat srsermenis FBE SN 10 ERR GENRES
Jntne presenaion Tree are 19 ssUng Mere,
Nes and fif PRS core SME IN ØRE
afeløne 3 to ne nano! staterne Ing åerne
Prepare under Ha FRE.

 

 

 

Detmitons øf addtions rabas and key Hpv Preseeg
On page 6 ang oner søctone of InE Mangen,

Dveenø per store IOXK)

Me avensis the Gwen relsted te net øre
for the current year 214 218 13 snavs,
tv subegvert vast Here, for OLE mee
proposed vend to be pad mn 2017.

Reuur non average SAFE ROM Sers Fy,
farten fer goes Der MEN Erorpes

Net proke Guided by avarteriy sverage snoreheksers”
agty Net ØrORLBNG BMF Bast are sst
fas Gas hed så ab). In PMA Ret
rok it Fedscedby mmrekt espense S

BKK 663 men (2015: OKK 807 msn are

Pa omonnsrer Ægesens eu Ny SNEG,
38ovenal ver 2 ap! and Other Aon ORrE NR

 

Net imernst sncome at N BØ ef ane Orø Gps»

Na teret come a the Manet DATE,
Øvine by in Sme Sons and SEPOSR AN
Sene orn Om re RRS MEE

forførr ore ofer good! mon mene crerpes]

Operating erperser exckvang/nehaing goe0mt
imparment Eherges ande by Fate meme AV
ante are Forn Ia Franee ENE

ce vol per støre

Sterereicers' eguty [2 12. en vøng sgArv.
Account aan nå! ver 1 CapØl] ØMGES by ne
er af share MAR ft Ene ER STR

Leon mporment cnerges (Of ere mrøesure]

Tre say fore ss Cakctstet om the bases IDE
Iman mere charges afg cindk Open ere FO
HPang ate In Core SEBPEE TRE ADDED
one fn0n TEN MERL EFarBE TOM re Hanen
Øg Me sommer mr ilø ret Ore
1003 HOF HNØNE SCERAÆR I Core SEERE,
"ne egn Of Fre yen! STOK 2.322 8 DEMO,
Bndtoned in ne Brusk OF EFeR ApOB TE,
ble fe Moren ID Ea ARR SIDtEM rn.
rAve0d By EFW Prone Feistad 1 ErOGR.
Fat nons and end Døre Of OKK 170,0 MO
AP0 een EmeAmnnis STOKK 2760. Tre My rate

 

  

 

Financial statements

Income støtermerE 119. 31. Nontnendel aser recogrised at far salve
Statarnent ef æsmprenenenve come 20 32. Reeoperen
ABr 33. Remuneraron ef manageren and Mar
FØRER,
126. 34, Dansts Bank shares held by the Bones of
Bfnetors and tre Euncutve Bars
227. 38. Group holdings and under nkings
338 38. Veresis in annen Og FØRE

8838

129. 37, murens i VAconsoidsed served

så
&
ss

130 Rat mene
330 on eape

32 ren mak.

147 Market rsk

149 Ueudtynsk

182 mswande rs)

388. gig, ratio and hav Agro.
387. Dekntions of mon and ey FLE

  

15. Laane ar før value ane bonds isse Dy
Rens DEERE

148 Antal 219 epost under pod senere,

277 Åluns and Habaner Oder MEDER

28. Mange sssets

18. Due 12 credt stations ond centre benks.

ME

2: Omer sene ang Oner hober

23. Buy

24. Conngene haner

25. Butencn seet Rens Broken Sun by.
brrsrerer

28. Conunevet due ntes of nano! Habes

120 27. Tanstrrod Ananenr au6ere Frat re Fe

armene

211. 28. Arns provded or received ms cohsterai

112 29. Oigerung of fnøneal ansete and købtes

113 30. Før vaere er ENES

 

Income statement - Danske Bank Group

 

 

Statement of comprehensive income - Danske Bank Group

 

Balance sheet - Danske Bank Group

 

 

 

 

Statement of capital - Danske Bank Group
SER RR

mange nens

Søn,

 

 

 

 

rn É Ej
Syd free, 2018 Be Crane mrs shere tur bed Frys ne SDK aen Me Map nnE ne, con ks I Far urV 2017 Aas aner

 

 

SER ra ve vere sr sat måste OG BARON EO nun even 424507 165 en For Sane Bos een teen

Statement of capital - Danske Bank Group

 ——

engen nrany

 

 

EEN >
SENSE
Tøseamym31 Ceender 2015 em mn em Nn ae

Statement of capital - Danske Bank Group

 

Se 953 me 2013 DA Osen elm

 

BENE DE Stora erne 201] ES Es
Fest ss Hd ss MSN SEN BER mer

 

Maureen order drer SES Et sats sner Eko g Ørnen Be77srs8r 80251800

  

 

 

     

 

BEBEL ERE EVE FRE EEN BENE BENE FEE DVN BEES GE AR PETER E REDET
STERN MERE GR TRE BEREDT ERAT BONDE DRE SERENE By BE GEDE SED

 

Drd Fana 2018 re Cras mænR aber s VØr ELF FknEnn SDK Skr Pe PR RE RE Ek en FE aen DIT

Statement of capital- Danske Bank Group
CS SS ".1T

 

 

 

[rss stesenkt esse 3602
SENSE te i
Fesenn eeeREN Eg
Seer nr anger Inns ==
nr hare pen eks sener one snes Er
Frants ERE GE

 

 

 

 

 

men: mme

  

FRR NENTR
Tetut case on0 4198 PI ØRET ST ACR CBE IN MESTREDE ml Fe NER ABK VCR aben PEDEEE NVE TEDBEEDD
8 ind y e Dern Nr EL EEEE AE GTI Ain Fr DE BO REE EEG Fa DES EA PT TEDE ERE
HEE U Rs andet arnent En abGrat antEDEESS LE DFDS sen, Tre SE DEDR CORNER HEGNET SØNDEN MDD
FRB EDEN ET BG ERE RG ER AED Pe FEE GE

  

 

ES NEED gen rer Tanner Eta DNS ERR

 

1 Oncenbe OB 1 Delene, 2015
NS DE TaeG Pak Mener see

 

 

ft Meregonen: 201 render Pere ANES AD PE CFTVØ' ENSIERDER øn NE FE MRDER ER ERE RÅ Manager ene 2 FEL ERE

Cash flow statement - Danske Bank Group

   

 

FAnou vet keT Eee MARÆEE ØERNE bens mes men

 

BENENE

 

 

  

Mesa ef Cru HANNS ane ende seng 7 108 38 PENGE PISTER KEDE TEHERER ENE pr DE Mar ERE MERE EG SNEDE

 

Notes - Danske Bank Group
EN

ne Eee ne BESS EEK En rr NT HG ang HE Batons BOGSEr Or san ØRE ORDNEDE FODE

 

Een mener term mr sne nonne vene me ror more re sr ve ne Me mv: mens rem en rer mer

 

Mener ts MAKE AFP Sur ENEY - ErSl EG MEP ENNA ANER Pe Blanes BENENE FEDERER Ser,
UN NSSS Sonne
ENE EVE TR FN FRE TE ne EEG BET REE RENEE

 

Far me pugere SNF) DS MAE MENE SERENE SEP FORSIDE PD NER FENETENED ET FEDE SE Pe EERESD ES POLEN RE

 

Eee]
KN nnrern ALEN ene DDR FE ene SENER AE RED DOT

 

ane TS FH BL BTK 9 FLER per flat Så BAGER srt 1 Car nere ET sne såe fanen dede Fe

 

Manner Be End Fa Dre

  

FRE RENNES NE Bet FORBEREDTE ANE EB RER Eee EDER FE GERE FRED FRE

SS0SmnEdnE

 
 

RD Arne BØRRESEN EGE DENE EDR ET SE SDR TE ENERET

BRED TON RANG Serene Aage SEE SRR BYGE A GOES AEREEST Garner 2013 DRE BURDE] Ina EDAEE ARDEN,
SERENE BEST ESKE Geen 2015 OT Rn Par der DDD ST SEA ERR SEES EDEL
SNE
EN ei

 

 

 

 

Notes - Danske Bank Group

 

en ma BEG rå røn PEDE NNE FE Ven Mr Tyner BENE CPA nr LET TER SPRE ERE
ER NE TEE ENE FEE NE ANE VRE MENTER BrR EEPIE TE Er DT ar EO.
SEK SS SRE ROS CX 30 EAD rener Corr d

  
 

 

 

En SE ET ABE ne MERE ED RE ar EDEN GF BE BER ROD GE BD
RE ESS ET on,

 

 

NERE FDA RSSS TEN Senere DANES DRK OSS, BI Drconeer EOS GSK OS SRN] Ta as bet df use g an ln
rn En Een IE Fa Ost SEP Br dk FO Ge DE vas

 

Notes - Danske Bank Group
OR

 

Trelohomng seere sner FN BENE SENERE ENE Mas renere EDEN ERE TE SABEEEE Sans fe EDEN

 

   

 

Notes - Danske Bank Group
=mnS)IwæeevævævmwmmrmeGe

KE EESE SEER D ce sneen rens manen erat ornare den nenge er na rn mme

REN SEERE ESS SEERE RSSESSESTESN ET

 

are ro tor sete se Mere Marts Bonne Berner sn anna an treer Pe dn Pr ar reen de ns Dame mere,

 

SS ERE NETAK EET Talk ST Bonds GE Eg ROR DOLE SSR, one Ie DE MTR SORG

 

Materiel rss en Ar sake SHE VEGNE BERGS Ads sr SEER PE AET MES FE DE DESE PE) Oras anes
NS RER Ng Snead I av NE DD nn CENMERLE SA, SKER TRE TET SPARER
RO En SE ES RK Se Da SS DD BOM Sr ERE Gange TIN TOGET Ra re Font SERGE TE

 

 

FEE veere nemnd te er Er sn re re Sene se mer veere etab Fare > mene ten orne:

   

DERE Ten renen annet acer er st fre mane ter TAKTER FO she ler EEN SMEDEN Manage REDEN SEE,
ONE ene BSL SSR NANG EST TORNE PO IDEER Gare SITE MEG SUNDET 13 FEDERER SEENDE AR
US EDNAR MERETE REGNE Ene END SEP FAGET IGEN BPP TERRE OT es BG PEGEDE RED Fe DER

 

 

SEES BEGGE Gar rsrnE mtr økse flod eee PS STE MRS 0 ÅD LØR DAGE SÅR SAD SED PER kr TR SAD.
SNEEN ESS SEKS RE SE GG EN RG EGER NNE METER RET RER REDE SE
SES SER RET RNSNESSEE TEENNGSG0 Te by Gar EeeR FONG FEER SSF TE ED ET

"For ban seng tiet susan and see, eneret sker Vile FrENEEGSTE MFESREEEEEEREEEEEEDE BEE EEEEEREEEE EEEEE

 

Tur cer: mn Pa bene ret mere er fer ve ter me fe rs vom øm R Em nn nm vr Mener om men ve

 

 

RENE SEER SES penne ri fer salvet orn Er vaNÆ BØNNER Fee ER ES ELDVNE FEDE EN ene serne
BESET RL SSR SEE RRGET TEN DNS SE RER REE EGEN E ERE EEG

 

NE ak EG Tadge ET REE ET FRE HEE TEE EEN FEET
TRT INSSE TES REESE Grene Kasner Br Genrer ES IN ane DS Tate

 

Notes - Danske Bank Group

 

BEES DE. sover meen oc ren rr re mere treer mere se ten rr eres pe re)
FERSKE RSS SEERE ET

 

RSS oronneten sø mane ener Gan bene Een SO Er MED MRRE EF RENEE,

 

 

BESET enn

 

KEE S ERE enespetas onto hebr ond. emesen LAS sn bent Er MÆNGDEN Er ERE RR DERDEN
RDS AN SRE SEE DET er DN ENGE S KESSLER

orn srer om ve manner sens or merne mer alen ar nen man rese rene re er bias merne nen

 

nens støvet EFTA HELENE SEN 08 DE FSA MENE FØR SY PELSE DES BEDE TPE SERENE PEDE Fagre

 

 

BRSRA SENSE ERE DE Fo BEG EEN SR SE Kong STEGT GLEDET Bon PTE In La TS RG LED.

hvasse pars EEN H0Ag tr FLE ON KE FABLE Fandt PIN IEEE BADE SARA PE PLEFEN SGE El PORK rd

 

FEET ARSEN ERE RER SEN Da ER Gro Hat MG EN er BLD Pe ae my FESD TRE RENEE

Notes - Danske Bank Group

renerne
fer ranes nen

 

TERESE TRTEENRG EAN NES RENE DRE FR ed RED ET

found stsdenest sense satt is snsterdsen nedad ar slennl]

 

    

tehuset gtagnns smsen sonrdstnd y Fuge irGOrS Crane ms Conmaanet FCC and PAGE MES MENE at Cars MER DER
SEE LE
REESE Een Be Dre mr Ern TrR ELV IR FORET S ER Gns FRE ED KEN DAGE Se
EEN ESS SSD NET

 

 

  

 

 

for be VdAreg ene IPSASR LP PEER DE PErSEn ef E Rag dk Arne FEDE nn RE FEER
ENEDES
RENE EUR SE RES

 

 

Fahne sep nddetSErNEN Kon tnEr BANENS BASTEN ES AE de Bøger ECT ESTERE TED TERESE SLED
PRESSET EDEN FNS REE PE Der AR NORTT SIGTER IKE FRODE EGE ENG SETE ERR ELDR.

 

Notes - Danske Bank Group

"2 Changes and fort eomng ehnger te REDER DONOR SE PTERENLD

2070 2012 ere and 2012 201 evele Mme apsbesven ef hane pmenemerin ha ST DAGEN ENGE Sr ENE Kane SELE

 

renere egene mme sne,
Seerne an re he HEE REF ord RETTE EA DRE DRED FIRERNE FE ERNE

Seree so res myter rem rer merne

TPE SB Mana RG NL And FADE FEDE 14 en ETang ede Pelse 0 asiater elg D Mener SENGE
FREE RD REE SEEE ENEEE EEEEEE E FE EG EN NERE

 

 

 

NTR tones ehbErrtt Bens Porter STEDSE EPE nRre PANDE BER EGE FORENE RODEN ER SETE FN BEL EED RE LEE,
HE Parenet Banen åg AFG STR SB rent SYRER MAKE ER NeN] DENE PESTEN BR RE RD TONEDE ELSE ERE ED

 

 

In Group Fraser) Ta ut and parentes ron and Met GET HEM FRE RABEN SN SCORM BUER ATT REGERE LAGT OL INSEE ODD

 

kfå Mae tEenen nere pen edy ndLAE  PArRE Bar. BREDE BED
Mme france! MAPS come TO Ft, ane fr ef Cerparnies & stuens re FrEnrne at nm far mere TEL Pee nr rens),
NS PR NEN REE Ene

Sneen ene, 2015 tere sem reneste ret Pe Øret Per mener 8 De ns NPD Frets engen SP MA De

Notes - Danske Bank Group

Be tabte trinnene POSTE PA DE MEADE 7 21 anger TP PART DSE SE FEDE DENE

  

Sonne … as
mm peebnter ibn pen. 1383 85

 

 

INDE BEEN DE FA ADS Aner arr Free FRE FG en RENE ERE TRE 9 PE TEE DE ET

 

  

   

 

nerne BE fe

SER oere i k ”

ret tele hannerne Saren Eg he tee
Fres me ne

 

 

Notes - Danske Bank Group

engen arena eng TE SEE POE EP ET EEED RET,

 

 

Inn eres rene Menes LADA vre le) SAS EGNEN MAS 38 Cay fnenes MabA ER SEE ER ERE SETE EDEL
EET DE NE I FE KEE ØEN Faye mm Faa er EGEDES SEE ER FLERE

 

NENS BEDES RRS SUSE SEES GOA er Kane Sne Fang ng ol sr Gr ST
FISSE Sø arr rage 1 Sera re nen Ene SEE Eng
DE SE FA NE Mg E TØ Penne EN AE SEE For REE FE Dønn FE REG ER

 

 

 
 

 

ne merne meeen de merne anne evnerne ty mee rer, p nem ern ennen

 

 

An Dent an Crop sne FS 3 pr 9 ore CS, dy ME PEF ARN Gom PEN, Ovne Berk AVE Tha rer BORES EFB SEER mere ng
0 Serge SA et Haps STRED FOA ENG MADSEN FADE RE BR FRE SEAMASTER EO
SERENE Ek En ne EO FENDER ED TE EET EN ERE IE STE EET RR han

Notes - Danske Bank Group

 

norges are een Se NEDE FORCES RENE FEE BT ERE EEEE REDDE
gesnssenennttee stenen

Hee renerne te rese er snuse er md Penne ERE i ret bre ms meder reder rem ter
ER NSSS RSS SLED

 

 

 

rs 9vntresvens seer NE SENERE MIBEGEN SD EVEN IE BEDRE PR KAMRE MØDE De RDS IEEE MEE EDER

 

ED ERE FE FF SEE ES BONE TnE En EST TER
EEG ske Tønne be Freds ERE FEEL SER VI Fe gm REN nere EEN

RYGE ASB nr FRB TS RR es En Corrs Cs tran, RS 1 rage AS 1 Rente SENE AMS RS FEER
RE DR ES TEE SEE FREE FDR SNØD SKEER ERE FEE Sr here FE

 

ENES EA SST ELSSESST ”

 

ENS YSEE season RS 16 Lasse 15 16 Bet mnøkcer AS 17. annen sd ark ro Egnen Serge 10 PE MEETS

 

Notes - Danske Bank Group

 

kesek rss std
EGE TE NE FØRER MERE TEE EEN ER EEN

Somrene enter serene me renere ene vener sne nere sene Frem rents seerne en

 

Vast Manngrerise nen GENE SETE LEONE bene RESET BEER METER KE BENE PER DFM CNE ER PE DENE,

 

Ene BE corølen, een men, men vas:
trsreirssst re andens

1 IM0 POVL septartr 07 87 arms lange Mann EGNE MET SENAT mekng mrerser

    

Sunne enn tm ene nerne ns enn me nn vene vere me ptt sne ori ve renen

sneen rare ne enetimer sten or ey sanne note mene sene sne Penne sm te sten mr renen øre,

fra trsrcetnpnpen sne Pe rer eg fe MERKUR IENE FM AD DERNE PE FO DERES FRESKER DERE
Pnøretent På Mee lerne Fa BYDE 13 MEE FE TRE TREE ERE ERE ER MEE EEN ERE
FØDE id Baren FOA ST 1% Penne 1 1 FR ANNE SIGENDE ARE TER TRE REST DE PBS BADE

Notes - Danske Bank Group

3 everess mode ens bene Been ERE EET

 

    

       

 

 

 

emnerne Ra SP me Ha OR
RR see kan oms ses ss Bu ass mr an zen

     

 

       

em sm 120 os sm

 

Me Recunstenter Sun skøn Me ME Melet er Mate IDE PEEETERDED BEDER NAAR SR TEEN RE ERS EDEDED

 

Notes - Danske Bank Group
RS

    

 

 

   

       

 

 
   
  
 
 
  
 

 

 

 

 

 

  

   

 

eompsrsne hsre for 2O1S havt BEF SEN I Fu NE ANÅabkøR nen O VASE METERS ERE BRS KTO FREE SE BEDER BREDE
ESSENSEN

Notes - Danske Bank Group

Business mose ane bunee FEER EENELET

 

 

RR BOBS 2 mm
Fnr MR RR ad
Prut before kan PO nen ERE, 323 ss ze aa0— 30 akee
(tsesstsenn SOE Ser

 

(steredn BBR SR om Ed

Peveneibrsng by an, 2015.
Nerone
BRnernn sene
BR 5
em RR Rn em se
SST

  

 

   

SURE RES BE DERE LE EEN Fa åg oss

Notes - Danske Bank Group
er

 
  
  
 
  
 
 
 
 

 

Snare

 

Notes - Danske Bank Group

 

 

emne

  

IE OR KrSØ SR SONGS PENN TRE CEST ALS FM KRESTEN RER BOGEN TREN Ege BRET
EET en aen

       

BørskeBerå Grasse re ført HAV En FAE ÅNEL ERE EEEE HØ ar mere SENERE AE PEDE

icugssestengrenner
10 fra uøhe! agnen tane SÅ PEDE FOT SEERE! FYREDE SKO 2 ESSEN SP PRS 210 Ove 10 FARGGE PE GrRu

 

Ene FE ne nen RE Ne STENEN

Ta nesne ben saene sner s DK mene

i

 

Notes - Danske Bank Group

"  ——

 

 

 

md rn S H-
an nkossm k= + 3

 

 

Notes - Danske Bank Group

 

Ree EK Eøt BERFE EN mn Pen me Hr carne ks ng ars ie tres
henne Sudan dt Bang GENE MER FRENTE TERE SEE DEE
MERE Fm
FESTEN

RER,

 

nerver nede GPRS res ert TRANGE SAEEDIREs LE Se BEDS CEED ONDE DE FEER ERED

Notes - Danske Bank Group

 

PM notat ere PE FADER FenEE SPE NME VAGE PEDE Frk SD by RE SD 10 BABY DOS O MRERGE EAD

 

enten nur etaten es ps vre remmen ener fon ve emesen eres eve mene

 

 

 
  

nn

 

Notes - Danske Bank Group

Tet mere anne IFSDNg EON

 

Bun renin sreet Marne are En lberdr

 

 

 

RESRR SE REEn RR Be
Kes m vs ”=
Farens 5 mme

 

 

Notes - Danske Bank Group

Stene 0 tespee murer ute Fre regne sr Te VASA scsnn an MA SAGE Pe TAGES BØGE SPOR SEE IM Ab anes.
Ed an dn nn ae mb EET VE ERE ESS NR FEET TE

 

hut retne revne Penn es rer sr P .des Pe Fun oss a DXK 13238 mdten 2015 DKK 458 mann) jane s6e nere
revers SDK 21 Omen fE013 GK 3BER MAD ER La ner Sne ne bene PETE RE SE Ene EG IE RE LEES REE
SDS IRS RENDE enke BOIS OGCET7 me

 

 

 

Sum neuron

 

IP RGENDERDDS NEDE Foran DeNE TE BER POETER TEE ET IEEE PN PE ØRE EET R

 

 

MER sennt
Er EEG En EEG Re SETS SBS SFO FEED ARE FR RR RER DT

 

 

 

 

Klee, ere
SER renen mo En
RSNSSNENSSERST az
KTSEREREREER =
SSR =
Feer en, En
FEER sanne HH
een =

 

 

Poet for Pr83e Peet 10 tegn st far søer MEN 0 foer AN anse Bands Ar FEER 88 PRS ANES P MIDEDREE BER
nere snes ED 187 mdr FEDT DE SED ken] mere roerne Br BR DT TERRE DE TERRE

Notes - Danske Bank Group

 

BA SEE EGER Fe ER EEN EEN ER SERENE

 

FARS ERNE Ben ENE ABE DN EN FN FLER GEGEN FN] GEL

beset tangen emenene

FRENTE NGDNEE IDE DIE RD RR ELERNDE FENET  EEEGEE EEE EE EEEE EE EEE EEE,

    

 

Byoderrcone PKK mere ie
Renere ml 3

 

Notes - Danske Bank Group

fravarce cor ts reen nere vis Fy Dent PenRn PS! LER Mg A Er PRT MØNS or ene FRR 9 BORG KORTERE
Fever Ink En Fer ager EDER STENEN FONTEN FO FERGD OG LE BR RE FEE REE
Eee EET TE ERE FEE ES BE. ENE

EEN NE
[ora ssrkakssrsgbssniedkn.benlek

 

NREN Møn Fonde tå veje Penne 99 faser Ertrnen sn fre Magn re mare Meme f Der fre Omen

NEDBØREN VE bens k NE ØS br EH PONSON Te EN Be Er AdjEB RENEE BAREN ARTE PRES MODNE
DE nd ede FE ETERN TR EVA ENKER ERR ERR ROD PR

 

FS RER

ender sremiers Menuer Er
brrtærerseren Ma Be
RE KEN nen åse one
Sen UENNREEN aner sån

   

ie marmen bens Dane,

Beshurne
Søen Annes pres
SERENE
SRrbAnNE RT

 

    

 

EDEN BIM Fr 17, Tr ORG,
EDP Fra En PS OVE METERS ER FRE BON STE ETS CDE el SUF OT KGS STAD AGE REE DIE SER SER

 

Notes - Danske Bank Group
—
Bare ErenET

EEN
SOREN SEERE SDS NESS RER Siren aan nere

 

 

 

Per 3 pedermenen dan remser for PA VG 8 PREV) DA hr SEERE A ere FAP 0 EoFØNDeRS 8NETED OR Sp kr HRG
ED ER SE TES ERNEST
Er nn Fee TF SR renen gren DE MEE BE ELSKER REE Er
PNG Ebert BA BEG MEE SKEER EGET HG BEDE REE EET ERE En EDEN,

 

TMU GrnLØS Condenene ta dehrng Carit ben gennet BÅDE ATe FENG 110 Penne SENERE, et ey are Sune S dy Pe erølnyees Fr
Arter egt pennen pre PEGE FEDE PE FEET EH AENU pen BET Da TET FODS DRE KERNE ER EEG

 

 

 

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Notes - Danske Bank Group

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Notes - Danske Bank Group

 

 

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Notes - Danske Bank Group

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Notes - Danske Bank Group
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Notes - Danske Bank Group

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Notes - Danske Bank Group

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Notes - Danske Bank Group

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Notes - Danske Bank Group

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Notes - Danske Bank Group
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Notes - Danske Bank Group

     

 

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Notes - Danske Bank Group

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Notes - Danske Bank Group
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Notes - Danske Bank Group
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Notes - Danske Bank Group
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Notes - Danske Bank Group

 

   

 

   

   

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