Jyske Bank — Capital/Financing Update 2011

Jul 15, 2011

NASDAQ OMX Copenhagen A/S

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GROUP EXECUTIVE BOARD Vestergade 8-16 DK-8600 Silkeborg Tel: +45 89 89 20 01 Fax No.: +45 89 89 19 99 Jyske Bank A/S www.jyskebank.dk E-mail: jyskebank@jyskebank.dk Business reg. no. DK17616617

15.07.2011

• Jyske Bank had no problems in passing the EU stress test.
• Jyske Bank's Core Tier 1 capital ratio was 12.5% or more throughout the stress-test period.

Jyske Bank's overall results of the EU stress test appear from the table below:

			Baseline	Adverse
	Realised	scenario		scenario
DKKm	2010	2011	2012	2011	2012
Core Tier 1 capital	12,664	14,379	16,323	13,529	14,214
Risk-weighted assets	105,026	104,151	103,568	107,851	111,271
Core Tier 1 capital ratio *	12.1%	13.8%	15.8%	12.5%	12.8%

* Core Tier 1 capital ratio is exclusive of hybrid Core capital.

Jyske Bank has taken part in the EU wide stress test coordinated by the European Banking Authority (EBA). The stress test, which is carried out across 90 banks, seeks to assess the resilience of European banks to severe shocks and their specific solvency to hypothetical stress events under certain restrictive conditions in 2011 and 2012.

Jyske Bank recognizes the result of the stress test, which is based on preconditions specified by the EBA. The adverse economic scenario is not a projection of expected results but a reflection of assumptions that are not expected to be realised.

Under the adverse economic scenario, the Core Tier 1 capital ratio will rise to 12.8% at end-2012 against 12.1% at end-2010.

For analysis purposes, the EU wide stress test applies a minimum criterion stipulating a Core Tier 1 capital ratio of 5.0% , which in respect of Jyske Bank equals a Core Tier 1 capital amounting to DKK 5.6bn. At end-2012, Jyske Bank's Core Tier 1 capital will amount to DKK 14.2bn under the most adverse economic scenario, equalling a surplus Core Tier 1 capital of DKK 8.6bn compared to the minimum criterion.

Anders Dam, Managing Director and CEO:

"The EU stress test only confirms the solid capital position and structure of Jyske Bank. For both 2011 and 2012, the calculated levels are fully satisfactory in respect of the business strategy and the authorities' requirements.

The stress test and the various scenarios do not make allowance for current or future business strategies and management actions, and hence they do not constitute a forecast of Jyske Bank's current or expected financial development," concludes Anders Dam.

Yours sincerely,

Anders Dam Managing Director and CEO

Contact: Jens Borum, tel. +45 24 61 27 02.

Encl:

• Jyske Bank's results of the EU stress test

Results of the 2011 EBA EU-wide stress test: Summary (1-3)

Name of the bank: Jyske Bank

Actual results at 31 December 2010	million EUR, %
Operating profit before impairments	373
Impairment losses on financial and non-financial assets in the banking book	-241
Risk weighted assets (4)	14,091
Core Tier 1 capital (4)	1,699
Core Tier 1 capital ratio, % (4)	12.1%
Additional capital needed to reach a 5 % Core Tier 1 capital benchmark

Outcomes of the adverse scenario at 31 December 2012, excluding all mitigating actions taken in 2011	%
Core Tier 1 Capital ratio	12.8%
Outcomes of the adverse scenario at 31 December 2012, including recognised mitigating measures as of 30 April 2011	million EUR, %
2 yr cumulative operating profit before impairments	677
2 yr cumulative impairment losses on financial and non-financial assets in the banking book	-424
2 yr cumulative losses from the stress in the trading book	-168
of which valuation losses due to sovereign shock	-9
Risk weighted assets	14,929
Core Tier 1 Capital	1,907
Core Tier 1 Capital ratio (%)	12.8%
Additional capital needed to reach a 5 % Core Tier 1 capital benchmark	0
Effects from the recognised mitigating measures put in place until 30 April 2011 (5)
Equity raisings announced and fully committed between 31 December 2010 and 30 April 2011 (CT1 million EUR)	0
Effect of government support publicly announced and fully committed in period from 31 December 2010 to 30 April 2011 on Core Tier 1 capital ratio (percentage points of CT1 ratio)	0.0
Effect of mandatory restructuring plans, publicly announced and fully committed in period from 31 December 2010 to 30 April 2011 on Core Tier 1 capital ratio (percentage points of CT1 ratio)	0.0

Additional taken or planned mitigating measures	percentage points contributing to capital ratio
Use of provisions and/or other reserves (including release of countercyclical provisions)	0.0
Divestments and other management actions taken by 30 April 2011	0.0
Other disinvestments and restructuring measures, including also future mandatory restructuring not yet approved with the EU Commission under the EU State Aid rules	0.0
Future planned issuances of common equity instruments (private issuances)	0.0
Future planned government subscriptions of capital instruments (including hybrids)	0.0
Other (existing and future) instruments recognised as appropriate back-stop measures by national supervisory authorities	0.0
Supervisory recognised capital ratio after all current and future mitigating actions as of 31
December 2012, % (6)	12.8%

Notes

(1) The stress test was carried using the EBA common methodology, which includes a static balance sheet assumption and incorporates regulatory transitional floors, where binding (see http://www.eba.europa.eu/EU-wide-stress-testing/2011.aspx for the details on the EBA methodology).

(2) All capital elements and ratios are presented in accordance with the EBA definition of Core Tier 1 capital set up for the purposes of the EU-wide stress test, and therefore may differ from the definitions used by national supervisory authorities and/or reported by institutions in public disclosures.

(3) Neither baseline scenario nor the adverse scenario and results of the stress test should in any way be construed as a bank's forecast or directly compared to bank's other published information.

(4) Full static balance sheet assumption excluding any mitigating management actions, mandatory restructuring or capital raisings post 31 December 2010 (all government support measures and capital raisings fully paid in before 31 December 2010 are included).

(5) Effects of capital raisings, government support and mandatory restructuring plans publicly announced and fully committed in period from 31 December 2010 to 30 April 2011, which are incorporated in the Core Tier 1 capital ratio reported as the outcome of the stress test.

(6) The supervisory recognised capital ratio computed on the basis of additional mitigating measures presented in this section. The ratio is based primarily on the EBA definition, but may include other mitigating measures not recognised by the EBA methodology as having impacts in the Core Tier 1 capital, but which are considered by the national supervisory authorities as appropriate mitigating measures for the stressed conditions. Where applicable, such measures are explained in the additional announcements issued by banks/national supervisory authorities. Details of all mitigating measures are presented in the worksheet "3 - Mitigating measures).

Results of the 2011 EBA EU-wide stress test: Aggregate information and evolution of capital (1-4)

Name of the bank: Jyske Bank

All in million EUR, or %

A. Results of the stress test based on the full static balance sheet assumption without any mitigating actions, mandatory restructuring or capital raisings post 31 December 2010 (all government support measures fully paid in before 31 December 2010 are included)

		Baseline scenario		Adverse scenario
Capital adequacy	2010	2011	2012	2011	2012
Risk weighted assets (full static balance sheet assumption)	14,091	13,973	13,895	14,470	14,929
Common equity according to EBA definition	1,699	1,929	2,190	1,815	1,907
of which ordinary shares subscribed by government	0	0	0	0	0
Other existing subscribed government capital (before 31 December
2010)	0	0	0	0	0
Core Tier 1 capital (full static balance sheet assumption)	1,699	1,929	2,190	1,815	1,907
Core Tier 1 capital ratio (%)	12.1%	13.8%	15.8%	12.5%	12.8%

B. Results of the stress test recognising capital issuance and mandatory restructuring plans publicly announced and fully committed before 31 December 2010

		Baseline scenario		Adverse scenario
Capital adequacy	2010	2011	2012	2011	2012
Risk weighted assets (full static balance sheet assumption)	14,091	13,973	13,895	14,470	14,929
Effect of mandatory restructuring plans, publicly announced and
fully committed before 31 December 2010 on RWA (+/-)		0	0	0	0
Risk weighted assets after the effects of mandatory restructuring plans publicly announced and fully committed before 31 December 2010	14,091	13,973	13,895	14,470	14,929
Core Tier 1 Capital (full static balance sheet assumption)	1,699	1,929	2,190	1,815	1,907
Effect of mandatory restructuring plans, publicly announced and fully committed before 31 December 2010 on Core Tier 1 capital (+/-)		0	0	0	0
Core Tier 1 capital after the effects of mandatory restructuring plans publicly announced and fully committed before 31 December 2010	1,699	1,929	2,190	1,815	1,907
Core Tier 1 capital ratio (%)	12.1%	13.8%	15.8%	12.5%	12.8%

C. Results of the stress test recognising capital issuance and mandatory restructuring plans publicly announced and fully committed before 30 April 2011

		Baseline scenario		Adverse scenario
Capital adequacy	2010	2011	2012	2011	2012
Risk weighted assets after the effects of mandatory restructuring plans
publicly announced and fully committed before 31 December 2010	14,091	13,973	13,895	14,470	14,929
Effect of mandatory restructuring plans, publicly announced and
fully committed in period from 31 December 2010 to 30 April 2011
on RWA (+/-)		0	0	0	0
Risk weighted assets after the effects of mandatory restructuring plans
publicly announced and fully committed before 30 April 2011		13,973	13,895	14,470	14,929
of which RWA in banking book		9,800	9,834	10,415	10,838
of which RWA in trading book		1,791	1,791	1,791	1,791
RWA on securitisation positions (banking and trading book)		713	775	879	1,128
Total assets after the effects of mandatory restructuring plans publicly
announced and fully committed and equity raised and fully committed by
30 April 2011	32,752	32,635	32,553	32,543	32,327
Core Tier 1 capital after the effects of mandatory restructuring plans
publicly announced and fully committed before 31 December 2010	1,699	1,929	2,190	1,815	1,907
Equity raised between 31 December 2010 and 30 April 2011		0	0	0	0
Equity raisings fully committed (but not paid in) between 31
December 2010 and 30 April 2011		0	0	0	0
Effect of government support publicly announced and fully
committed in period from 31 December 2010 to 30 April 2011 on
Core Tier 1 capital (+/-)		0	0	0	0
Effect of mandatory restructuring plans, publicly announced and
fully committed in period from 31 December 2010 to 30 April 2011
on Core Tier 1 capital (+/-)		0	0	0	0
Core Tier 1 capital after government support, capital raisings and effects
of restructuring plans fully committed by 30 April 2011		1,929	2,190	1,815	1,907
Tier 1 capital after government support, capital raisings and effects of
restructuring plans fully committed by 30 April 2011		2,150	2,410	2,036	2,127
Total regulatory capital after government support, capital raisings and
effects of restructuring plans fully committed by 30 April 2011		2,385	2,644	2,282	2,378
Core Tier 1 capital ratio (%)	12.1%	13.8%	15.8%	12.5%	12.8%
Additional capital needed to reach a 5% Core Tier 1 capital
benchmark	-	-	-	-	-
		Baseline scenario		Adverse scenario
Profit and losses	2010	2011	2012	2011	2012
Net interest income	634	637	643	611	594
Trading income	61	67	67	12	12
of which trading losses from stress scenarios		-29	-29	-84	-84
of which valuation losses due to sovereign shock				-5	-5
Other operating income (5)	51	51	51	51	51
Operating profit before impairments	373	422	429	347	330
Impairments on financial and non-financial assets in the banking
book (6)	-241	-116	-82	-209	-216
Operating profit after impairments and other losses from the stress	131	306	347	138	114
Other income (5,6)	3	3	3	3	3

Net profit after tax (7) 101 232 262 106 88 of which carried over to capital (retained earnings) 101 232 262 106 88 of which distributed as dividends 0 0 0 0 0

		Baseline scenario		Adverse scenario
Additional information	2010	2011	2012	2011	2012
Deferred Tax Assets (8)	0	0	0	0	0
Stock of provisions (9)	591	708	790	800	1,016
of which stock of provisions for non-defaulted assets	167	167	164	178	185
of which Sovereigns (10)	0	0	0	0	0
of which Institutions (10)	0	0	0	8	16
of which Corporate (excluding Commercial real estate)	146	147	145	147	147
of which Retail (excluding Commercial real estate)	8	8	7	9	10
of which Commercial real estate (11)	13	12	12	14	13
of which stock of provisions for defaulted assets	424	541	626	622	831
of which Corporate (excluding Commercial real estate)	316	403	465	463	617
of which Retail (excluding commercial real estate)	87	111	129	128	171
of which Commercial real estate	15	19	23	24	34
Coverage ratio (%) (12)
Corporate (excluding Commercial real estate)	43.9%	41.9%	39.9%	43.2%	42.8%
Retail (excluding Commercial real estate)	29.6%	29.2%	28.2%	30.8%	31.5%
Commercial real estate	24.6%	25.0%	24.6%	27.6%	30.2%
Loss rates (%) (13)
Corporate (excluding Commercial real estate)	1.7%	0.7%	0.5%	1.2%	1.3%
Retail (excluding Commercial real estate)	0.4%	0.3%	0.2%	0.5%	0.5%
Commercial real estate	0.7%	0.4%	0.3%	0.9%	1.0%
Funding cost (bps)	87			175	272

D. Other mitigating measures (see Mitigating measures worksheet for details), million EUR (14)

All effects as compared to regulatory aggregates as reported in Section	Baseline scenario			Adverse scenario
C	2011	2012	2011	2012
A) Use of provisions and/or other reserves (including release of
countercyclical provisions), capital ratio effect (6)	0	0	0	0
B) Divestments and other management actions taken by 30 April 2011,
RWA effect (+/-)	0	0	0	0
B1) Divestments and other business decisions taken by 30 April 2011,
capital ratio effect (+/-)	0	0	0	0
C) Other disinvestments and restructuring measures, including also
future mandatory restructuring not yet approved with the EU Commission
under the EU State Aid rules, RWA effect (+/-)	0	0	0	0
C1) Other disinvestments and restructuring measures, including also
future mandatory restructuring not yet approved with the EU Commission
under the EU State Aid rules, capital ratio effect (+/-)	0	0	0	0
D) Future planned issuances of common equity instruments (private
issuances), capital ratio effect	0	0	0	0
E) Future planned government subscriptions of capital instruments
(including hybrids), capital ratio effect	0	0	0	0
F) Other (existing and future) instruments recognised as appropriate
back-stop measures by national supervisory authorities, RWA effect (+/-
)	0	0	0	0
F1) Other (existing and future) instruments recognised as appropriate
back-stop measures by national supervisory authorities, capital ratio
effect (+/-)	0	0	0	0
Risk weighted assets after other mitigating measures (B+C+F)	13,973	13,895	14,470	14,929
Capital after other mitigating measures (A+B1+C1+D+E+F1)	1,929	2,190	1,815	1,907
Supervisory recognised capital ratio (%) (15)	13.8%	15.8%	12.5%	12.8%

Notes and definitions

(1) The stress test was carried using the EBA common methodology, which includes a static balance sheet assumption (see http://www.eba.europa.eu/EU-widestress-testing/2011.aspx for the details on the EBA methodology).

(2) All capital elements and ratios are presented in accordance with the EBA definition of Core Tier 1 capital set up for the purposes of the EU-wide stress test, and therefore may differ from the definitions used by national supervisory authorities and/or reported by institutions in public disclosures.

(3) Neither baseline scenario nor the adverse scenario and results of the stress test should in any way be construed as a bank's forecast or directly compared to bank's other published information.

(4) Regulatory transitional floors are applied where binding. RWA for credit risk have been calculated in accordance with the EBA methodology assuming an additional floor imposed at a level of RWA, before regulatory transitional floors, for December 2010 for both IRB and STA portfolios.

(5) Banks are required to provide explanations of what "Other operating income" and "Other income" constitutes for.

Composition of "Other operating income" and "Other income": "Other operating income" = Income on real property + Profit on the sale of property, plant and equipment + Other ordinary income. "Other income" = Profit on investments in associates and group enterprises.

(6) If under the national legislation, the release of countercyclical provisions and/or other similar reserves is allowed, this figure for 2010 could be included either in rows "Impairments on financial assets in the banking book" or "Other income" for 2010, whereas under the EU-wide stress test methodology such release for 2011-2012 should be reported in Section D as other mitigating measures.

(7) Net profit includes profit attributable to minority interests.

(8) Deferred tax assets as referred to in paragraph 69 of BCBS publication dated December 2010 : "Basel 3 – a global regulatory framework for more resilient banks and banking systems".

(9) Stock of provisions includes collective and specific provisions as well as countercyclical provisions, in the jurisdictions, where required by the national legislation.

(10) Provisions for non-defaulted exposures to sovereigns and financial institutions have been computed taking into account benchmark risk parameters (PDs and LGDs) provided by the EBA and referring to external credit ratings and assuming hypothetical scenario of rating agency downgrades of sovereigns.

(11) For definition of commercial real estate please refer to footnote (5) in the worksheet "4 - EADs".

(12) Coverage ratio = stock of provisions on defaulted assets / stock of defaulted assets expressed in EAD for the specific portfolio.

(13) Loss rate = total impairment flow (specific and collective impairment flow) for a year / total EAD for the specific portfolio (including defaulted and non-defaulted assets but excluding securitisation and counterparty credit risk exposures).

(14) All elements are be reported net of tax effects.

(15) The supervisory recognised capital ratio computed on the basis of additional mitigating measures presented in this section. The ratio is based primarily on the EBA definition, but may include other mitigating measures not recognised by the EBA methodology as having impacts in the Core Tier 1 capital, but which are considered by the national supervisory authorities as appropriate mitigating measures for the stressed conditions. Where applicable, such measures are explained in the additional announcements issued by banks/national supervisory authorities. Details of all mitigating measures are presented in the worksheet "3 - Mitigating measures).

Results of the 2011 EBA EU-wide stress test: Composition of capital as of 31 December 2010

Name of the bank: Jyske Bank

Situation at December 2010 References to COREP reporting Million EUR % RWA COREP CA 1.1 - hybrid instruments and government support measures other than A) Common equity before deductions (Original own funds without hybrid instruments and 1,719 12.2% ordinary shares government support measures other than ordinary shares) (+) Of which: (+) eligible capital and reserves 1,751 12.4% COREP CA 1.1.1 + COREP line 1.1.2.1 Of which: (-) intangibles assets (including goodwill) -32 -0.2% Net amount included in T1 own funds (COREP line 1.1.5.1) Of which: (-/+) adjustment to valuation differences in other AFS assets (1) 0 0.0% Prudential filters for regulatory capital (COREP line 1.1.2.6.06) B) Deductions from common equity (Elements deducted from original own funds) (-) -20 -0.1% COREP CA 1.3.T1 (negative amount) Total of items as defined by Article 57 (l), (m), (n) (o) and (p) of Directive 2006/48/EC Of which: (-) deductions of participations and subordinated claims -6 0.0% and deducted from original own funds (COREP lines from 1.3.1 to 1.3.5 included in line 1.3.T1) Of which: (-) securitisation exposures not included in RWA 0 0.0% COREP line 1.3.7 included in line 1.3.T1 As defined by Article 57 (q) of Directive 2006/48/EC (COREP line 1.3.8 included in -0.1% Of which: (-) IRB provision shortfall and IRB equity expected loss amounts (before tax) -14 1.3.T1) 12.1% C) Common equity (A+B) 1,699 Of which: ordinary shares subscribed by government 0 0.0% Paid up ordinary shares subscribed by government 0.0% D) Other Existing government support measures (+) 0 Common equity + Existing government support measures included in T1 other than E) Core Tier 1 including existing government support measures (C+D) 1,699 12.1% ordinary shares Core tier 1 including government support measures - (RWA5%) Difference from benchmark capital threshold (CT1 5%) 995 7.1% Net amount included in T1 own funds (COREP line 1.1.4.1a + COREP lines from F) Hybrid instruments not subscribed by government 220 1.6% 1.1.2.201 to 1.1.2.205 + COREP line 1.1.5.2a (negative amount)) not subscribed by government Tier 1 Capital (E+F) (Total original own funds for general solvency purposes) 1,920 13.6% COREP CA 1.4 = COREP CA 1.1 + COREP CA 1.3.T1 (negative amount) Tier 2 Capital (Total additional own funds for general solvency purposes) 237 1.7% COREP CA 1.5 Tier 3 Capital (Total additional own funds specific to cover market risks) 0 COREP CA 1.6 0.0% COREP CA 1 Total Capital (Total own funds for solvency purposes) 2,156 15.3% Memorandum items Amount of holdings, participations and subordinated claims in credit, financial and insurance Total of items as defined by Article 57 (l), (m), (n) (o) and (p) of Directive 2006/48/EC institutions not deducted for the computation of core tier 1 but deducted for the computation of -6 0.0% not deducted for the computation of original own funds total own funds Amount of securitisation exposures not included in RWA and not deducted for the computation of Total of items as defined by Article 57 (r) of Directive 2006/48/EC not deducted for the 0 0.0% core tier 1 but deducted for the computation of total own funds computation of original own funds As referred to in paragraph 69 of BCBS publication dated December 2010 : "Basel 3 – Deferred tax assets (2) 0 0.0% a global regulatory framework for more resilient banks and banking systems" Gross amount of minority interests as defined by Article 65 1. (a) of Directive Minority interests (excluding hybrid instruments) (2) 4 0.0% 2006/48/EC Valuation differences eligible as original own funds (-/+) (3) - COREP line 1.1.2.6 0.0%		December 2010

Notes and definitions

(1) The amount is already included in the computation of the eligible capital and reserves and it is provided separately for information purposes.

(2) According to the Basel 3 framework specific rules apply for the treatment of these items under the Basel 3 framework, no full deduction is required for the computation of common equity.

(3) This item represents the impact in original own funds of valuation differences arising from the application of fair value measurement to certain financial instruments (AFS/FVO) and property assets after the application of prudential filters.

Results of the 2011 EBA EU-wide stress test: Overview of mitigating measures (1-2)

Name of the bank: Jyske Bank

Use of countercyclical provisions, divestments and other management actions

Please fill in the table using a separate row for each measure	Narrative description	Date of completion (actual or planned for future issuances)	Capital / P&L impact (in million EUR)	RWA impact (in million EUR)	Capital ratio impact (as of 31 December 2012) %
A) Use of provisions and/or other reserves (including release of countercyclical provisions), (3)
B) Divestments and other management actions taken by 30 April 2011
1)
2)
	C) Other disinvestments and restructuring measures, including also future mandatory restructuring not yet approved with the EU Commission under the EU State Aid rules
1)
2)

Future capital raisings and other back stop measures

	Date of issuance			Loss absorbency	Flexibility of	Permanence		Conversion clause (where appropriate)
Please fill in the table using a separate row for each measure	(actual or planned for future	Amount	Maturity	in going concern	payments (capacity to	(Undated and without incentive to redeem)	Nature of conversion	Date of conversion	Triggers	Conversion in common equity
	issuances, dd/mm/yy)	(in million EUR)	(dated/ undated) (4)	(Yes/No)	(Yes/No)	(Yes/No)	(mandatory/ discretionary)	(at any time/from a specific date: dd/mm/yy)	(description of the triggers)	(Yes/No)
	D) Future planned issuances of common equity instruments (private issuances)
E) Future planned government subscriptions of capital instruments (including hybrids)
1) Denomination of the instrument
2)
F) Other (existing and future) instruments recognised as back stop measures by national supervisory authorities (including hybrids)
1) Denomination of the instrument
2)

Notes and definitions

(1) The order of the measures follows the order of mitigating measures reported in the Section D of the worksheet "1 - Aggregate information".

(2) All elements are be reported net of tax effects.

(3) If under the national legislation, the release of countercyclical provisions and/or other similar reserves is allowed, this figure for 2010 could be included either in rows "Impairments on financial assets in the banking book" or "Other income" for 2010, whereas under the EU-wide stress test methodology such release for 2011-2012 should be reported in Section D of the worksheet "1- Aggregate information" as other mitigating measures and explained in this worksheet. (4) If dated please insert the maturity date (dd/mm/yy) otherwise specify undated.

Results of the 2011 EBA EU-wide stress test: Credit risk exposures (EAD - exposure at default), as of 31 December 2010, mln EUR, (1-5)

Name of the bank: Jyske

Bank

All values in million EUR, or %

	Non-defaulted exposures
		Corporate		Retail (excluding commercial real estate)						Commercial Real Estate	Defaulted
	Institutions	(excluding commercial real estate)			of which Residential mortgages Loan to Value (LTV) ratio (%), (6)	of which Revolving	of which SME	of which other		Loan to Value (LTV) ratio (%)(6)	exposures (excluding sovereign)	Total exposures (7)
Austria			0
Belgium			0
Bulgaria			0
Cyprus			0
Czech Republic			0
Denmark	3,051	9,834	7,125	2,400	61	1,173	2,018	1,533	881	69	1,006	23,936
Estonia			0
Finland	135	0	1		0 N/A	0	0	1		0 N/A	0	136
France	452	50	190		131 N/A	1	24	35		0 N/A	25	717
Germany	134	191	51		16 N/A	1	9	25		8 N/A	2	386
Greece	0	10	0		0 N/A	0	0	0		0 N/A	0	62
Hungary			0
Iceland			0
Ireland			0
Italy			0
Latvia			0
Liechtenstein			0
Lithuania			0
Luxembourg			0
Malta			0
Netherlands	12	123	82		5 N/A	0	0	77		0 N/A	0	303
Norway	44	244	36		7 N/A	1	0	28		14 N/A	1	339
Poland	1	184	2		1 N/A	0	0	1		0 N/A	5	191
Portugal			0
Romania			0
Slovakia			0
Slovenia			0
Spain			0
Sweden	89	52	40		6 N/A	1	1	32		0 N/A	0	187
United Kingdom	187	30	67		42 N/A	1	4	20		0 N/A	9	527
United States	78	22	27		5 N/A	1	0	22		N/A	1	169
Japan			0
Other non EEA non
Emerging countries			0
Asia			0
Middle and South
America			0
Eastern Europe non
EEA			0
Others	491	559	331		307 N/A	5	7	12		40 N/A	25	1,614
Total	4,674	11,301	7,951	2,920		1,184	2,062	1,785	943		1,074	28,566

Notes and definitions

(1) EAD - Exposure at Default or exposure value in the meaning of the CRD.

(2) The EAD reported here are based on the methodologies and portfolio breakdowns used in the 2011 EU-wide stress test, and hence may differ from the EAD reported by banks in their Pillar 3 disclosures, which can vary based on national regulation. For example, this would affect breakdown of EAD for real estate exposures and SME exposures.

(3) Breakdown by country and macro area (e.g. Asia) when EAD >=5%. In any case coverage 100% of total EAD should be ensured (if exact mapping of some exposures to geographies is not possible, they should be allocated to the group "others").

(4) The allocation of countries and exposures to macro areas and emerging/non-emerging is according to the IMF WEO country groupings. See: http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm (5) Residential real estate property which is or will be occupied or let by the owner, or the beneficial owner in the case of personal investment companies, and commercial real estate property, that is, offices and other commercial premises, which are

recognised as eligible collateral in the meaning of the CRD, with the following criteria, which need to be met:

(a) the value of the property does not materially depend upon the credit quality of the obligor. This requirement does not preclude situations where purely macro economic factors affect both the value of the property and the performance of the borrower; and

(b) the risk of the borrower does not materially depend upon the performance of the underlying property or project, but rather on the underlying capacity of the borrower to repay the debt from other sources. As such, repayment of the facility does not materially depend on any cash flow generated by the underlying property serving as collateral.

(6) Loan to value ratio - ratio of EAD to the market value of real estate used as collateral for such exposures. Given the different methodologies applied to assessing the value, the bank is required to explain the computation of the ratio. In particular (a) whether collateral values is marked-to-market or any other valuation method is used, (b) whether the amount has been adjusted for principal repayments, and (c) how guarantees other than the underlying property are treated.

Definition of Loan to Value ratio used: Loan to value ratios are calculated on the basis of market-to-market values of real estate used as collateral. The market valuations are continuously updated with the recent development in market prices (LTV figures therefore include the large drop in real estate prices during 2008-2010). The LTV's are adjusted for principal repayments and are calculated as the average LTV on Jyske Bank exposure with real estate collateral.

(7) Total exposures is the total EAD according to the CRD definition based on which the bank computes RWA for credit risk. Total exposures, in addition to the exposures broken down by regulatory portfolios in this table, include EAD for securitisation transactions, counterparty credit risk, sovereigns, guaranteed by sovereigns, public sector entities and central banks.

Results of the 2011 EBA EU-wide stress test: Exposures to sovereigns (central and local governments), as of 31 December 2010, mln EUR (1,2)

Name of the bank: Jyske Bank

All values in million EUR

of which: FVO Net position at fair values Net position at fair values of which: loans and of which: AFS banking (designated at fair value of which: Trading book (3) (Derivatives with positive fair advances book through profit&loss) value + Derivatives with value + Derivatives with banking book negative fair value) negative fair value) 3M 1Y 2Y 3Y Austria 5Y 10Y 15Y 0 0 0 0 0 0 0 0 3M 1Y 2Y 10 0 10 0 0 0 3Y Belgium 5Y 10Y 15Y 10 0 10 0 0 0 0 0 3M 1Y 2Y 3Y Bulgaria 5Y 10Y 15Y 0 0 0 0 0 0 0 0 3M 1Y 2Y 3Y Cyprus 5Y 10Y 15Y 0 0 0 0 0 0 0 0 3M 1Y 2Y 3Y Czech Republic 5Y 10Y 15Y 0 0 0 0 0 0 0 0 3M 27 0 27 0 0 27 156 126 156 0 0 30 1Y 2Y 3Y 1 0 1 0 0 1 Denmark 164 148 164 0 0 16 5Y 10Y 205 205 205 0 0 0 15Y 0 0 0 0 0 0 553 479 553 0 0 73 0 0 3M 1Y 2Y 3Y Estonia 5Y 10Y 15Y 0 0 0 0 0 0 0 0 3M 1Y 2Y 3Y Finland	Residual Maturity	Country/Region	GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)		NET DIRECT POSITIONS (gross exposures (long) net of cash short position of sovereign debt to other counterparties only where there is maturity matching)	DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK
								(Derivatives with positive fair

Residual Maturity	Country/Region Finland	GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)		NET DIRECT POSITIONS (gross exposures (long) net of cash short position of sovereign debt to other counterparties only where there is maturity matching)				DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK
			of which: loans and advances		of which: AFS banking book	of which: FVO (designated at fair value through profit&loss) banking book	of which: Trading book (3)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)
5Y 10Y 15Y		0	0	0	0	0	0	0	0
3M 1Y 2Y
3Y 5Y 10Y 15Y	France
3M 1Y 2Y		0	0	0	0	0	0	0	0
3Y 5Y 10Y	Germany
15Y 3M 1Y		11 11	0 0	11 11	0 0	0 0	11 11	0	0
2Y 3Y 5Y	Greece	54 9	0 0	54 9	0 0	0 0	8 4
10Y 15Y 3M		1 64	0 0	1 64	0 0	0 0	1 14	0	0
1Y 2Y 3Y 5Y	Hungary	9	0	9	0	0	9
10Y 15Y		2 10	0 0	2 10	0 0	0 0	2 10	0	0
3M 1Y 2Y 3Y
5Y 10Y 15Y	Iceland	0	0	0	0	0	0	0	0
3M 1Y 2Y	Ireland
3Y 5Y 10Y 15Y		22	0	22	0	0	8
3M 1Y 2Y		22	0	22	0	0	8	0	0
3Y 5Y 10Y	Italy
15Y 3M 1Y		0	0	0	0	0	0	0	0
2Y 3Y 5Y 10Y	Latvia

Residual Maturity	Country/Region Latvia	GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)		NET DIRECT POSITIONS (gross exposures (long) net of cash short position of sovereign debt to other counterparties only where there is maturity matching)				DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK
			of which: loans and advances		of which: AFS banking book	of which: FVO (designated at fair value through profit&loss) banking book	of which: Trading book (3)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)
15Y		0	0	0	0	0	0	0	0
3M 1Y 2Y 3Y 5Y 10Y	Liechtenstein
15Y
3M 1Y 2Y 3Y 5Y 10Y	Lithuania	0	0	0	0	0	0	0	0
15Y
3M 1Y 2Y 3Y 5Y 10Y	Luxembourg	0	0	0	0	0	0	0	0
15Y		0	0	0	0	0	0	0	0
3M 1Y 2Y 3Y 5Y 10Y 15Y	Malta
		0	0	0	0	0	0	0	0
3M 1Y 2Y 3Y 5Y 10Y 15Y	Netherlands
3M 1Y 2Y 3Y 5Y 10Y 15Y	Norway	0	0	0	0	0	0	0	0
		0	0	0	0	0	0	0	0
3M 1Y 2Y 3Y 5Y	Poland	12	0	12	0	0	12
10Y 15Y
3M 1Y 2Y 3Y	Portugal	12	0	12	0	0	12	0	0
5Y 10Y		19	0	19	0	0	9
15Y		19	0	19	0	0	9	0	0

Residual Maturity	Country/Region	GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)		NET DIRECT POSITIONS (gross exposures (long) net of cash short position of sovereign debt to other counterparties only where there is maturity matching)				DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK
			of which: loans and advances		of which: AFS banking book	of which: FVO (designated at fair value through profit&loss) banking book	of which: Trading book (3)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)
3M 1Y
2Y 3Y	Romania
5Y 10Y
15Y		0	0	0	0	0	0	0	0
3M 1Y
2Y 3Y
5Y 10Y	Slovakia
15Y		0	0	0	0	0	0	0	0
3M
1Y 2Y
3Y 5Y	Slovenia
10Y 15Y
3M		0	0	0	0	0	0	0	0
1Y 2Y		15	0	15	0	0	15
3Y 5Y	Spain
10Y 15Y
3M		15	0	15	0	0	15	0	0
1Y 2Y
3Y 5Y	Sweden	16	0	16	0	0	16
10Y
15Y		16	0	16	0	0	16	0	0
3M 1Y
2Y 3Y	United Kingdom
5Y 10Y		6	0	6	0	0	6
15Y		6	0	6	0	0	6	0	0
	TOTAL EEA 30	738	479	738	0	0	175	0	0
3M
1Y 2Y
3Y 5Y	United States
10Y 15Y
		0	0	0	0	0	0	0	0
3M 1Y
2Y 3Y	Japan
5Y 10Y
15Y

Residual Maturity	Country/Region Japan	GROSS DIRECT LONG EXPOSURES (accounting value gross of specific provisions)		NET DIRECT POSITIONS (gross exposures (long) net of cash short position of sovereign debt to other counterparties only where there is maturity matching)				DIRECT SOVEREIGN EXPOSURES IN DERIVATIVES	INDIRECT SOVEREIGN EXPOSURES IN THE TRADING BOOK
			of which: loans and advances		of which: AFS banking book	of which: FVO (designated at fair value through profit&loss) banking book	of which: Trading book (3)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)	Net position at fair values (Derivatives with positive fair value + Derivatives with negative fair value)
		0	0	0	0	0	0	0	0
3M 1Y
2Y
3Y	Other non EEA non
5Y 10Y	Emerging countries
15Y
		0	0	0	0	0	0	0	0
3M
1Y 2Y		4	0	4	0	0	4
3Y	Asia
5Y
10Y 15Y
		4	0	4	0	0	4	0	0
3M
1Y 2Y		4	0	4	0	0	4
3Y	Middle and South	2	0	2	0	0	2
5Y	America	5	0	5	0	0	5
10Y 15Y
		12	0	12	0	0	12	0	0
3M
1Y 2Y		7	0	7	0	0	7
3Y	Eastern Europe non
5Y	EEA
10Y 15Y
		7	0	7	0	0	7	0	0
3M
1Y 2Y		4	0	4	0	0	4
3Y	Others
5Y
10Y 15Y
		4	0	4	0	0	4	0	0
	TOTAL	764	479	764	0	0	201	0	0

Notes and definitions

(1) The allocation of countries and exposures to macro areas and emerging/non-emerging is according to the IMF WEO country groupings. See: http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm

(2) The exposures reported in this worksheet cover only exposures to central and local governments on immediate borrower basis, and do not include exposures to other counterparts with full or partial government guarantees (such exposures are however included in the total EAD reported in the worksheet "4 - EADs").

(3) According to the EBA methodologies, for the trading book assets banks have been allowed to offset only cash short positions having the same maturities (paragraph 202 of the Methodological note).