Jyske Bank

Earnings Release • Apr 20, 2022

Corporate Announcement

Upgrade of outlook for earnings per share to DKK 44-50 in 2022

Earnings per share in the first quarter of 2022 is DKK 12.1. Pre-tax profit is expected to amount to slightly below DKK 1.1bn in the first quarter of 2022 and is affected by increasing lending growth, particularly to corporate clients, as well as a generally high level of activity. Value adjustments had a marginally positive contribution in addition to moderate reversals of impairment charges. Pre-tax profit has averaged DKK 1,028m per quarter forthe last eight quarters.

Earnings per share in 2022 is now expected to be within the range DKK 44-50, corresponding to a net profit of DKK 3.0bn-3.4bn. The most recent expectations indicated earnings per share of DKK 40-46, corresponding to a net profit of DKK 2.7bn-3.1bn. The approach to capital distribution remains unchanged.

Developmentin number of outstanding shares

Year	Earnings per share (DKK)*	Distributed divi dend per share (DKK)	Average no. of shares in circulation (million shares)	Number of shares in circu lation at end of period (million shares)
2022	44-50	-	67.2 **	65.8 **
2021	42.41	-	70.7	67.8
2020 ***	19.76	-	72.9	72.6
2019	29.00	-	78.8	74.8
2018	28.15	11.74	84.3	81.5
2017	34.66	10.85	88.0	85.7
2016	33.49	5.25	92.4	89.2
2015	26.07	-	95.0	94.7
2014	35.07	-	88.1	95.0

The number of outstanding shares in circulation has since the merger with BRFkredit in 2014 been reduced by 31%, and in the same period cash dividends of approx. DKK 2.5bn have been paid.

(*) Denominator is average no. of shares outstanding in circulation in the respective periods.

(**) Based on the first quarter of 2022.

(***) 2020 was negatively affected by a management's estimate of DKK 1bn and discontinuation of the share repurchase programme planned for the period 1 April-31 July 2020 due to COVID-19.

Yours faithfully,

Jyske Bank

Contact person: Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44.