Jyske Bank — Earnings Release 2010

Feb 22, 2011

Summary

-- PRE-TAX PROFIT: DKK 1,003M (2009: DKK 597M).
-- Profit before contribution to the Danish Private Contingency Association,
etc. (DPCA, etc.): DKK 1,509m (2009: DKK 1,208m).
-- Profit before contribution to the DPCA, etc. corresponded to a return of
12.0% (2009: 11.3%).
-- Total contribution to the DPCA, etc.: DKK 1,348m, of which DKK 506m was
paid in 2010 (2009: DKK 611m).
-- Net interest and fee income under core earnings: DKK 5,657m (2009: DKK
5,457m).
-- Core earnings before loan impairment charges and provisions for guarantees:
DKK 2,644m (2009: DKK 3,131m).
-- Loan impairment charges and provisions for guarantees under core earnings:
DKK 1,581m (2009: DKK 2,420m).
-- Loss on loans, advances and guarantees, etc: DKK 955m (2009: DKK 933m).
-- Balance of loan impairment charges and provisions: DKK 4,408m (2009: DKK
3,412m).
-- Core earnings: DKK 1,063m (2009: DKK 711m).
-- Earnings from investment portfolios net of funding costs: DKK 446m (2009:
DKK 497m).
-- Fair value of the “held-to-maturity portfolio” exceeded the carrying amount
by DKK 96m (2009: DKK 17m).
-- Liquidity buffer: DKK 59bn (2009: DKK 54bn).
-- Solvency ratio: 15.8% (Tier 1: 14.1%) (2009: 15.3% and 13.5%).
-- Individual solvency requirement: 9.4% (2009: 9.7%).

Anders Dam, Managing Director and CEO:

“While 2009 was characterised by the financial crisis, a low level of activity
and difficult conditions for our customers as well as the Group, 2010 was
characterised by some optimism and a positive trend. This optimism grew and the
trend intensified over the year. Considering the economic conditions, we are
satisfied with the results, which exclusive of the contribution to the Danish
Private Contingency Association, etc. (DPCA, etc.) corresponded to a return of
12.0% on opening equity, and likewise we are satisfied with Jyske Bank's
financial situation at end-2010.

Throughout 2010, Jyske Bank saw an increasing level of activity and an influx
of personal customers as well as corporate customers. The year's loan
impairments charges and provisions for loss on guarantees were lower than in
2009, and the actual loss for the year was in line with that of 2009.

The net profit for the year was affected by the considerable contribution to
the DPCA, etc. in the amount of DKK 506m, and the scheme has cost Jyske Bank a
total of DKK 1,348m.

At end-2010 Jyske Bank's financial position is historically good. Jyske Bank's
strong liquidity buffer, its well-balanced financial structure as well as the
continued improvement of the Bank's equity and solvency ratio are results of
Jyske Bank's focus on asset-and-liability management and risk management over
several years.

We expect that in 2011 our customers will still consolidate and be hesitant in
respect of consumption and investments. It is to be expected that the influx of
customers will continue and that the business volume will rise moderately
compared to 2010.

Jyske Bank's strategy has not been changed, and in 2010 we entered into several
strategic cooperation schemes to support our strategy. The most important
agreements relate to the purchase of a 7% stake in BankInvest and the IT
cooperation with Bankdata. The agreement with Bankdata puts focus on efficient
and cost-conscious IT development, and in the long term this agreement will
improve our business and strategic opportunities as well as opportunities for
further enhancement of efficiency,” concludes Anders Dam.