Danske Bank — Capital/Financing Update 2016

Jul 8, 2016

Company announcement Group Communications
Announcement No. 28/2016 Holmens Kanal 2 – 12
1092 DK-København K
Tel. +45 45 14 56 95
Date
8 July 2016

            S&P Global raises Danske Bank’s SACP rating

S&P Global (S&P) has raised Danske Bank’s SACP (Stand-Alone Credit Profile)
rating from “a-“ to “a” as a result of the improvement in Danske Bank’s
capitalisation. S&P also raised the capital and earnings score from “adequate”
to “strong” on the basis of expectations that Danske Bank’s capitalisation will
remain strong.

Danske Bank’s general rating, the ICR (Issuer Credit Rating), is unchanged at
“A” (long-term) and “A-1” (short-term) with a stable outlook.

Jacob Aarup-Andersen, CFO at Danske Bank, says: "The upgrade follows from the
continuation of the positive trend in Danske Bank’s capital position and
earnings and it is a recognition of the results we have achieved in recent
years."

The SACP rating represents S&P’s opinion of a bank’s stand-alone
creditworthiness, that is, its creditworthiness in the absence of extraordinary
intervention or support. The SACP upgrade is expected to have a positive effect
on Danske Bank’s funding options. The rating of Danske Bank’s Tier 2 capital is
raised from “BBB” to “BBB+” and the rating of Danske Bank’s Additional Tier 1
capital is raised from “BB+” to “BBB-“. As a result of the upgrade of Danske
Bank’s SACP rating, the rating of Danica Pension is raised from “A-“ to “A” and
the rating of Danica Pension’s Tier 2 capital is raised from “BBB” to “BBB+”.

                              Danske Bank

Contacts:

Claus Ingar Jensen, Head of Investor Relations, tel. +45 45 12 84 83

Kenni Leth, Group Press Officer, tel. +45 45 14 14 00