Sydbank — Capital/Financing Update 2018

Sep 6, 2018

SUPPLEMENT DATED 5TH SEPTEMBER, 2018 TO THE OFFERING CIRCULAR DATED 8TH JUNE, 2018

This Supplement (the Supplement) to the Offering Circular (the Offering Circular) dated 8th June, 2018 which comprises a base prospectus constitutes a supplementary prospectus for the purposes of Section 87G of the Financial Services and Markets Act 2000 (the FSMA) and is prepared in connection with the €4,000,000,000 Global Medium Term Note Programme (the Programme) established by Sydbank A/S (the Issuer). Terms defined in the Offering Circular have the same meaning when used in this Supplement.

This Supplement is supplemental to, and should be read in conjunction with, the Offering Circular.

The Issuer accepts responsibility for the information contained in this Supplement. To the best of the knowledge of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Supplement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Purpose of the Supplement

The purpose of this Supplement is to (a) incorporate by reference certain sections from the Issuer's Interim Report – First Half 2018, including the Issuer's interim financial statements as at and for the six month period ended 30th June, 2018 and (b) include a new "Significant or Material Change" statement.

Interim Report – First Half 2018, including Interim Financial Statements as at and for the six month period ended 30th June, 2018

On 28th August, 2018 the Issuer published its Interim Report – First Half 2018, which includes the Issuer's unaudited interim financial statements as at and for the six month period ended 30th June, 2018. A copy of the Issuer's Interim Report – First Half 2018 has been filed with the Financial Conduct Authority and, by virtue of this Supplement, those interim financial statements, as set out on pages 15-39, and certain other sections of the Interim Report – First Half 2018 are incorporated in, and form part of, the Offering Circular including the information set out at the following pages in particular:

Status – targets, but excluding the final column of the table titled "Comment" Page 5

Financial Review – Performance in 1H 2018	Pages 10, 11, 12 (excluding the section entitled "Bank Recovery and Resolution Directive") and section entitled "Leverage ratio" on page 13
Unaudited Consolidated Income Statement	Page 15
Unaudited Consolidated Statement of Comprehensive	Page 15

Unaudited Consolidated Balance Sheet	Page 16
Capital	Page 20
Accounting Policies and Notes	Pages 24 to 39

Any other information incorporated by reference that is not included in the cross-reference lists above is considered to be additional information to be disclosed to investors rather than information required by the relevant Annexes of the Prospectus Regulation.

Copies of all documents incorporated by reference in the Offering Circular can be obtained from the registered office of the Issuer, from the website of the Issuer at www.sydbank.com/sydbankcom/about/ir/finreports and from the specified offices of the Paying Agents for the time being in London and Luxembourg. Copies of all documents incorporated by reference in the Offering Circular will be published on the website of the Regulatory News Service operated by the London Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-newshome.html.

If documents which are incorporated by reference themselves incorporate any information or other documents therein, either expressly or implicitly, such information or other documents will not form part of this Supplement for the purposes of the Prospectus Directive except where such information or other documents are specifically incorporated by reference or attached to this Supplement.

Any non-incorporated parts of a document referred to in this Supplement are either deemed not relevant for an investor or are otherwise covered elsewhere in the Offering Circular.

General Information

Income

There has been no significant change in the financial or trading position of the Issuer and its Subsidiaries (the Group) since 30th June, 2018 and there has been no material adverse change in the prospects of the Group since 31st December, 2017.

To the extent that there is any inconsistency between (a) any statement in this Supplement or any statement incorporated by reference into the Offering Circular by this Supplement and (b) any other statement in or incorporated by reference in the Offering Circular, the statements in (a) above will prevail.

Save as disclosed in this Supplement, there has been no other significant new factor, material mistake or inaccuracy relating to information included in the Offering Circular since the publication of the Offering Circular.