Jyske Bank — M&A Activity 2013

Dec 10, 2013

Jyske Bank sells its subsidiary Silkeborg Data A/S to Axcel, a Danish private
equity fund, to give the company the best possibilities of realising its full
potential.

In addition, Jyske Bank wishes to focus on the Group's core business.

Silkeborg Data is a leading provider of payroll and staff administration
systems to the public sector and has in recent years generated considerable
growth and shown a very satisfactory profit development. We assess that a new
owner can strengthen the company's possibilities of realising the plans of
further growth in new markets and new customer segments.

Over the years, the IT area has offered substantial synergies for Silkeborg
Data and Jyske Bank, but these synergies no longer exist to the same extent.

When taking the decision to sell to Axcel, it was very important for Jyske Bank
that Silkeborg Data would continue to have a strong presence in Silkeborg, and
expectations of additional growth and creation of new jobs in the city were
crucial for the overall solution.

The sale of Silkeborg Data is expected to have a positive impact on Jyske
Bank's earnings of just above DKK 300m after tax in Q1 2014. The sale is
conditional upon the approval of the antitrust authorities.

Please direct any questions concerning this announcement to Leif F. Larsen,

Managing Director, tel. +45 89 89 20 03.