Jyske Bank — Earnings Release 2011

Jan 26, 2012

For 2011, Jyske Bank achieved a pre-tax profit of DKK 601m against DKK 1,003m
in 2010 although special circumstances had an adverse effect on the pre-tax
profit by just below DKK 500m, hereof DKK 237m in the fourth quarter of 2011.

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Key figures and financial ratios of the Jyske Bank Group
DKKm 2011 2010

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Net interest and fee income 5,737 5,657
Value adjustments -44 387
Other operating income 634 380

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Gross earnings 6,327 6,424
Operating expenses, depreciation and 4,415 3,802
amortisation
Profit from equity investments -7 22

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Core earnings before loan impairment 1,905 2,644
charges
and provisions for guarantees
Loan impairment charges and provisions 1,478 1,581
for guarantees

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Core earnings 427 1,063
Investment portfolio earnings 346 446

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Profit before Bank Package I and 773 1,509
the Guarantee Fund
Bank Package 1 and the Guarantee Fund -172 -506

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Pre-tax profit 601 1,003

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Bank loans 108,546 105,742
Bank deposits 101,156 93,437
Equity 13,847 13,352
Total assets 270,220 244,114

Solvency ratio (%) 14.7 15.8
Tier 1 capital ratio including hybrid 13.3 14.1
core capital (%)
Core Tier 1 capital ratio excluding 12.1 12.5
hybrid core capital (%)

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The data are unaudited and have not been reviewed.

Net interest income under core earnings rose by 2% in 2011 and by 9% in the
fourth quarter compared with the third quarter of 2011.

In a year with a generally falling demand for financing, the Jyske Bank Group’s
bank loans increased by 3% and bank deposits rose by 8%.

The Jyske Bank Group’s capital structure is robust with a solvency ratio of
14.7% and a Core Tier 1 capital ratio excluding hybrid core capital of 12.1%.
Hence, the Jyske Bank Group maintains a level above 12% for Core Tier 1 capital
excluding hybrid core capital and still fulfils its aim of meeting the Swedish
capital requirements of systemic banks.

Special circumstances

2011 was affected by unusually many special circumstances:

-- Prepayment of a subordinated loan capital of nominally EUR 25m resulted in
an expense of DKK 52m.
-- Adjustment of the number of employees and branches resulted in an expense
of DKK 80m.
-- Acquisition of activities of Finans Nord, Easyfleet and parts of Fjordbank
Mors affected the profit favourably by DKK 159m.
-- Buy-back and cancellation of hybrid core capital of nominally EUR 50m led
to an income of DKK 155m.
-- Costs relating to the migration to Bankdata resulted in an expense of DKK
95m.
-- Adjustment of VAT and payroll tax led to an expense of DKK 56m.
-- Value adjustment of the portfolio of Greek government bonds at fair value
resulted in total expenses of DKK 299m, of which DKK 233m related to the
held-to-maturity portfolio.
-- Provisions for Jyske Invest Hedge Markedsneutral – Obligationer (JIHMO)
resulted in an expense of DKK 229m.

Anders Dam, Managing Director and CEO:

”2011 was a challenging and turbulent year for Jyske Bank.

Most recently, increased uncertainty about the debt situation in the euro zone
and a potential Greek national bankruptcy prompted us, as a practical measure,
to recognise the entire portfolio of Greek government bonds at market price.
All in all, we made a negative value adjustment in the amount of DKK 299m
relating to Greek government bonds in 2011. As at end-2011, the carrying amount
was DKK 181m.

In addition, in the light of the development in the so-called Hedge case, we
have decided to make provisions of DKK 229m to cover a potential liability
which Jyske Bank may have to pay as a result of lawsuits.

The Western Division of the Danish High Court has made a decision allowing the
association of investors in Jyske Invest Hedge Markedsneutral to commence a
class action suit against Hedgeforeningen Jyske Invest and Jyske Bank A/S. We
disagree that the conditions for the commencement of a class action suit have
been fulfilled and have therefore decided to attempt to bring the decision
before the Supreme Court and are considering further legal measures. The
Western Division of the Danish High Court states in its decision that the
framework of the class action suit has still not been determined.

If we find that any tortious errors have been committed in isolated cases,
Jyske Bank will still acknowledge this and pay compensation.

We find that compared with DKK 1,003m in 2010, a pre-tax profit of DKK 601m is
tolerable considering the economic situation and the adverse effect from
special circumstances of just below DKK 500m on the profit.

Finally, we find the financial position robust in the light of the overall
offensive initiatives made by Jyske Bank in 2011 to strengthen its earnings
power, adjust costs and optimise the capital structure”, concludes Anders Dam.

Other information

On 21 February 2012, Jyske Bank will, as planned, release its Annual Report
2011.

Contact persons concerning this announcement: Anders Dam

(+45 89 89 89 89) and Birger Krøgh Nielsen (+45 89 89 64 44).