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Danske Bank’s exposure to financial institutions in Iceland

Company Announcement No 26/2008

Against the background of the recent developments in the Icelandic economy, Danske Bank can announce that the Group’s exposure and risk associated with Icelandic financial institutions are modest.

Icelandic banks
The Danske Bank Group is modestly engaged in foreign exchange and securities trading with Icelandic banks. In addition, Danske Bank has provided direct financing of around DKr100m to a number of Icelandic banks.

Subsidiaries of Icelandic banks
The Danske Bank Group has facilities with subsidiaries of Icelandic banks in Denmark and Norway. These banks operate under the rules issued by the Danish and Norwegian financial supervisory authorities. The most recent developments in Iceland are not expected to affect these facilities.

For some years, the Danske Bank Group has been cautious about providing financing to corporate customers associated with the Icelandic economy, and today the Group has only very modest exposure to this customer type.

Tonny Thierry Andersen, CFO of Danske Bank, tel. +45 45 14 07 07
Martin Gottlob, Head of Investor Relations, Danske Bank, tel. +45 45 14 07 92