Jyske Bank Interim Financial Report First nine months of 2017

Jyske Bank Interim Financial Report First nine months of Jyske Bank corporate announcement No. 54/, of 25 October Page 1 of 52

Interim Financial Report, first nine months of Management s Review The Jyske Bank Group 3 Summary 4 Comments by Management 4 Q1 - Q3 5 Loan impairment charges and provisions for guarantees and value 10 adjustments of acquired loans and advances Investment portfolio earnings 12 Banking activities 13 Mortgage activities 15 Leasing activities 17 Core profit and investment portfolio earnings 18 Capital structure and capital management 19 Liquidity management 21 Other information 23 Statement by the Executive and Supervisory Boards Statement by the Executive and Supervisory Boards 24 Interim financial statements Income statement and statement of comprehensive income 25 Balance sheet 26 Statement of changes in equity 27 Capital statement 28 Summary of cash flow statement 29 Notes 30 Jyske Bank A/S 45 Jyske Bank A/S Vestergade 8-16 DK-8600 Silkeborg Tel.: +45 89 89 89 89 www.jyskebank.dk E-mail: jyskebank@jyskebank.dk Business Reg. No. 17616617 Jyske Bank corporate announcement No. 54/, of 25 October Page 2 of 52

The Jyske Bank Group CORE PROFIT AND PROFIT FOR THE PERIOD Index 17/16 Q3 Q2 Q1 Q4 Q3 The year Net interest income 4,137 4,291 96 1,381 1,386 1,370 1,457 1,393 5,748 Net fee and commission income 1,303 1,030 127 436 420 447 501 363 1,531 Value adjustments 539 549 98 96 97 346 232 170 781 Other income 236 178 133 29 147 60 79 48 257 Income from operating lease (net) -48 71 - -43-21 16-27 21 44 Core income 6,167 6,119 101 1,899 2,029 2,239 2,242 1,995 8,361 Core expenses 4,048 3,773 107 1,270 1,388 1,390 1,335 1,275 5,108 Core profit before loan impairment charges 2,119 2,346 90 629 641 849 907 720 3,253 Loan impairment charges -314 144 - -194-75 -45-293 77-149 Core profit 2,433 2,202 110 823 716 894 1,200 643 3,402 Investment portfolio earnings 592 201 295 135 108 349 303 258 504 Pre-tax profit 3,025 2,403 126 958 824 1,243 1,503 901 3,906 Tax 662 489 135 210 185 267 301 180 790 Net profit or loss for the period 2,363 1,914 123 748 639 976 1,202 721 3,116 SUMMARY OF BALANCE SHEET, END OF PERIOD Loans and advances 441,005 410,328 107 441,005 434,988 424,914 422,445 410,328 422,445 - of which mortgage loans 302,985 275,267 110 302,985 295,770 287,380 277,016 275,267 277,016 - of which bank loans, traditional loans 99,151 93,984 105 99,151 98,575 96,298 94,151 93,984 94,151 - of which bank loans, new home loans 10,950 13,917 79 10,950 11,722 14,227 17,427 13,917 17,427 - of which repo loans 27,919 27,160 103 27,919 28,921 27,009 33,851 27,160 33,851 Bonds and shares, etc. 75,160 88,868 85 75,160 75,984 84,359 89,929 88,868 89,929 Total assets 584,676 562,477 104 584,676 579,856 570,198 586,703 562,477 586,703 Due to credit institutions and central banks 16,541 10,690 155 16,541 13,700 15,260 19,941 10,690 19,941 Deposits 154,868 152,592 101 154,868 157,230 155,461 154,648 152,592 154,648 - of which bank deposits 133,952 132,384 101 133,952 134,153 132,468 134,194 132,384 134,194 - of which repo deposits and tri-party deposits 20,916 20,208 104 20,916 23,077 22,993 20,454 20,208 20,454 Issued bonds at fair value 295,172 264,793 111 295,172 285,494 276,502 271,212 264,793 271,212 Issued bonds at amortised cost 38,785 50,564 77 38,785 42,032 45,738 51,028 50,564 51,028 Subordinated debt 4,341 2,134 203 4,341 4,332 2,133 2,131 2,134 2,131 Holders of hybrid core capital 2,585 1,471 176 2,585 1,468 1,479 1,476 1,471 1,476 Shareholders' equity 31,760 30,404 104 31,760 31,306 31,405 31,038 30,404 31,038 SELECTED DATA AND FINANCIAL RATIOS Earnings per share for the period (DKK)* 26.0 20.5 8.3 7.0 10.7 13.1 7.8 33.5 Profit for the period, per share (diluted) (DKK) 26.0 20.5 8.3 7.0 10.7 13.1 7.8 33.5 Pre-tax profit p.a. as a percentage of average equity* 12.6 10.6 11.9 10.3 15.7 19.6 11.9 12.7 Profit for the period p.a. as a pct. of average equity* 9.8 8.4 9.2 7.9 12.3 15.4 9.5 10.1 Expenses as a percentage of income 65.6 61.7 66.9 68.4 62.1 59.5 63.9 61.1 Capital ratio (%) 19.8 17.8 19.8 19.4 17.6 18.3 17.8 18.3 Common Equity Tier 1 capital ratio (CET1 %) 16.2 15.9 16.2 16.5 15.8 16.5 15.9 16.5 Individual solvency requirement (%) 10.3 10.1 10.3 10.0 9.9 10.0 10.1 10.0 Capital base () 36,450 32,403 36,450 35,849 32,284 33,354 32,403 33,354 Weighted risk exposure () 184,122 181,887 184,122 184,452 183,278 182,195 181,887 182,195 Share price at end of period (DKK) 363 309 363 377 353 337 309 337 Book value per share (DKK)* 363 334 363 355 353 348 334 348 Price/book value per share (DKK)* 1.0 0.9 1.0 1.1 1.0 1.0 0.9 1.0 No. of full-time employees at end-period 4,003 3,993 4,003 3,988 4,024 3,981 3,993 3,981 Relationships between income statement items under 'The Jyske Bank Group' (key financial data) and the income statement page 25 appear from page 18 in the Management's review. *Financial ratios are calculated as if hybrid core capital is recognised as a liability. Jyske Bank corporate announcement No. 54/, of 25 October Page 3 of 52

SUMMARY Pre-tax profit: DKK 3,025m (Q1 - Q3 : DKK 2,403m) corresponding to a return of 12.6% p.a. on average equity (Q1 - Q3 : 10.6% p.a.) Post-tax profit: DKK 2,363m (Q1 - Q3 : DKK 1,914m) corresponding to a return of 9.8% p.a. on average equity (Q1 - Q3 : 8.4% p.a.) Core profit: DKK 2,433m (Q1 - Q3 : DKK 2,202m) Underlying core expenses increased by 1% Reversed loan impairment charges and provisions for guarantees, etc. under core earnings: DKK 314m (Q1 - Q3 : an expense of DKK 144m) The implementation of IFRS 9 is expected to increase the balance of impairment charges by an amount in the range of DKK 1,000m-1,500m. The effect on capital from this will be fully recognised in the financial statements and solvency for the first quarter of 2018 Capital ratio: 19.8%, of which the Common Equity Tier 1 capital ratio was 16.2% (end of : 18.3% and 16.5%) It is the intention of the Supervisory Board that, at the Annual General Meeting in March 2018, a motion be made for the distribution of ordinary dividend of DKK 5.85 per share for the financial year. The ordinary dividend for was DKK 5.25 per share Jyske Bank now offers Apple Pay to clients with VISA cards COMMENTS BY MANAGEMENT In connection with the publication of the interim financial report for the first nine months of, Anders Dam, CEO and Managing Director, states: 'Jyske Bank achieved a profit of DKK 2,363m for the first nine months of, corresponding to a return of 9.8% p.a. on equity. For the third quarter, the return was 9.2%. This profit was primarily achieved through rising fees and rising bank mortgage loans, which formed the basis for a stable net interest income. In addition, impairment charges were reversed and investment portfolio earnings increased. The sale of new home loans continues at a favourable pace and amounts now to about DKK 93bn. The development is supported by the recent initiative offering the same home loan prices both to clients solely using Jyske Bank and clients using Jyske Bank as their supplementary banker. So far, this has led to a 30-40% increase in property assessments ordered each day. Therefore, Jyske Bank expects that it will be able to maintain a higher growth rate than the market in both and 2018. The credit quality is still improving, particularly in respect of corporate clients, and therefore in reversals totalling DKK 314m have been recognised, of which DKK 151m relate to agricultural clients. The expected effect in the range of DKK 1,000m-1,500m from IFRS 9 on the balance of impairment charges will be recognised fully in the financial statements as well as solvency in the first quarter of 2018. As announced yesterday, Jyske Bank's clients with VISA cards will now be offered Apple Pay. Jyske Bank has received many inquiries from clients since Apple Pay was launched in several other countries, and therefore we expect that this mobile payments solution will soon become popular and be used extensively by our clients. The development in the mobile payments and card area is very fast these years. Jyske Bank's clients primarily use VISA/Dankort and VISA Debit. We anticipate that the latter will have many extra functionalities added over the coming years', concludes Anders Dam. Jyske Bank corporate announcement No. 54/, of 25 October Page 4 of 52

Q1 - Q3 Material circumstances In early May, the Jyske Bank Group implemented a new client-focused organisation. This implementation took place to accommodate various types of clients' wishes, needs and requirements and to achieve the most simple and efficient client service and production. This entailed the following material changes: - Three client-oriented units was established: Personal Clients, Corporate Clients and Private Banking Denmark. - The client-oriented functions in the branch network of BRFkredit and Jyske Bank were merged. - Administrative tasks related to client service were gathered in one Group unit. As a result of the changes, about 60 jobs were cut. In the second quarter of, DKK 22m were recognised as severance costs under Mortgage activities. The adjustment of the capital structure continued in the first nine months with the issue of Tier 2 capital in the amount of EUR 300m in the second quarter of and the issue of hybrid Tier 1 capital (AT1 according to the CRR) in the amount of EUR 150m in the third quarter of. At the end of the third quarter of, the sum of Jyske Bank's hybrid Tier capital and Tier 2 capital amounted to 3.6% of the total weighted risk exposure, which is in line with the long-term capital management objective of issues amounting to 3.5% of the total weighted risk exposure. Jyske Bank will at any time seek to adjust its capital structure to become even more cost efficient. The capital ratios will constantly be above the long-term targets of 17.5% and 14% after the full implementation of the coming Basel IV capital requirements. This is to be viewed in the light of the effect from the implementation of the new rules on impairment (IFRS 9) in the beginning of 2018 and the continued uncertainty as to the wording of the capital rules. IFRS 9 will take effect on 1 January 2018. As a consequence of the new rules, impairment charges are to be calculated as the expected loss on all loans, advances and guarantees. In comparison with the current rules, the implication is that the balance of impairment charges will increase. It is expected that impairment charges on non-performing clients will be at the same level as today, while loans and advances with a lower credit risk will be the primary reason for the increase. The implementation of the new impairment models is expected to increase the balance of impairment charges by an amount in the range of DKK 1,000m - 1,500m. Jyske Bank does not wish to make use of the EU Commission's proposal of a 5-year phase-in period for the effects on capital from IFRS 9. Provided that the new Basel IV requirements will include a floor requirement of 72.5% of the new standardised approach for credit risk, this will not fundamentally change Jyske Bank's view of the effect, which is still expected to be about 4 percentage points on the capital ratio, cf. Corporate Announcement No. 34/ of 6 June. In early October, the Danish Financial Supervisory Authority informed Jyske Bank of the principles intended for the upcoming determination of the minimum requirement for own funds and eligible liabilities (the so-called MREL). The MREL is to be met through capital instruments or a new class of senior debt, subordinated to the existing senior debt. The final MREL will be determined by the FSA in the fourth quarter of. It is expected that MREL will be fixed at twice the level of the capital requirement applicable at all times, inclusive of all buffer requirements, and it will therefore amount to 28% of Jyske Bank's weighted risk exposure. The MREL will take effect on 1 January 2019 but senior debt issued before 1 January 2018 can be included over the period up to and including 31 December 2021. Preliminary calculations show that the Jyske Bank Group most likely meets the MREL already today. It is the intention of the Group Supervisory Board that, at the Annual General Meeting in March 2018, a motion be made for the distribution of ordinary dividend of DKK 5.85 per share for the financial year compared to DKK 5.25 per share for the financial year. Jyske Bank corporate announcement No. 54/, of 25 October Page 5 of 52

At Jyske Bank A/S' extraordinary general meeting on 20 April, a final decision was made to reduce the bank's share capital by a nominal value of DKK 58,809,550, corresponding to 5,880,955 shares of a nominal value of DKK 10. The capital reduction takes place through cancellation of own shares and will be spent on payment to shareholders. The capital reduction was registered with the Danish Business Authority on 5 September. After the capital reduction, Jyske Bank A/S' share capital amounts to a nominal amount of DKK 891,590,440 distributed on 89,159,044 shares of a nominal value of DKK 10. Today 2,136,700 shares at a value of DKK 776m have been bought under the current share buy-back programme. The programme totals the amount of DKK 1,500m and runs over the period 1 March to 28 March 2018. Since 9 November 2015, shares totalling DKK 2.5bn have been bought back. On 31 March, Jyske Bank took over the administration company Jyske Invest Fund Management A/S. Jyske Invest Fund Management continues as a 100% owned subsidiary of the Jyske Bank Group. The takeover increased the number of full-time employees of the Jyske Bank Group by 27. In the third quarter of, the takeover resulted in an increase in core expenses under Banking activities by about DKK 13m. The increase is offset by a corresponding increase in other fee income. On 17 May, a court in Gibraltar delivered its judgement in favour of the plaintiffs in the lawsuit filed against Jyske Bank Gibraltar by 16 former clients of the law firm of Marrache & Co. The judge concluded that the bank is liable to pay damages. The bank disagrees with the judge's conclusions and has appealed against the judgement. The case has now been heard by the court of appeal, and it is expected that the verdict will be announced by the end of. In the second quarter of, provisions were made in the amount of DKK 105m to cover any damages. The provision was recognised as an expense under Other provisions. Jyske Bank corporate announcement No. 54/, of 25 October Page 6 of 52

Net profit or loss for the period Over the first nine months of, the Jyske Bank Group generated a pre-tax profit of DKK 3,025m. Calculated tax amounted to DKK 662m, and after tax the profit amounted to DKK 2,363m. Post-tax profit corresponded to a return on average equity of 9.8% p.a. against 8.4% p.a. for the corresponding period of. CORE PROFIT AND PROFIT FOR THE PERIOD Index 17/16 Q3 Q2 Q1 Q4 Q3 The year Net interest income 4,137 4,291 96 1,381 1,386 1,370 1,457 1,393 5,748 Net fee and commission income 1,303 1,030 127 436 420 447 501 363 1,531 Value adjustments 539 549 98 96 97 346 232 170 781 Other income 236 178 133 29 147 60 79 48 257 Income from operating lease (net) -48 71 - -43-21 16-27 21 44 Core income 6,167 6,119 101 1,899 2,029 2,239 2,242 1,995 8,361 Core expenses 4,048 3,773 107 1,270 1,388 1,390 1,335 1,275 5,108 Core profit before loan impairment charges 2,119 2,346 90 629 641 849 907 720 3,253 Loan impairment charges -314 144 - -194-75 -45-293 77-149 Core profit 2,433 2,202 110 823 716 894 1,200 643 3,402 Investment portfolio earnings 592 201 295 135 108 349 303 258 504 Pre-tax profit 3,025 2,403 126 958 824 1,243 1,503 901 3,906 Tax 662 489 135 210 185 267 301 180 790 Net profit or loss for the period 2,363 1,914 123 748 639 976 1,202 721 3,116 Core profit rose by 10% to DKK 2,433m against DKK 2,202m for the corresponding period in. Net interest income for the first nine months of fell by 4% compared to the same period in. Net interest income was favourably affected by growth in the new home loans and the introduction of negative deposit rates on demand deposits for corporate clients. To some extent, these circumstances offset the continued pressure on the margins, particularly on bank loans and advances to corporate clients, as well as the lower coupon income primarily due to lower reinvestment rates and secondarily the reduction of the bond holdings. Compared with the first nine months of, net interest income also includes additional interest expenses of DKK 34m for Tier 2 capital issued in the second quarter of and the second quarter of. In the third quarter of, net interest income was adversely affected by a one-off expense of DKK 20m relating to the changed accrual of front-end fees. Net fee and commission income amounted to DKK 1,303m against DKK 1,030m in the first nine months of, i.e. an increase by 27%. The increase can be attributed to the fact that discounts on fees relating to home loans and mortgage activities were discontinued and to a favourable development in the financial markets, which generated performance fees (DKK 39m against DKK 2m for the same period last year). Also, a higher level of activity was seen within capital market activities. Value adjustments amounted to DKK 539m against DKK 549m in the first nine months of. In the first nine months of, clients' transactions relating to interest-rate hedging had a positive effect in the amount of DKK 124m, of which DKK 1m in the third quarter of. The first nine months of saw a positive effect of DKK 72m driven by improved credit quality. In future the improved credit quality of the clients will imply a lower degree of sensitivity to changes in long-term market rates. Particularly in the first quarter of, the narrowing of the credit spread for Danish mortgage bonds had a positive effect on value adjustments. For the first nine months of, other income amounted to DKK 236m against DKK 178m for the corresponding period in. The increase was primarily caused by an income of DKK 96m in the second quarter of relating to the sale of an owner-occupied property. Jyske Bank corporate announcement No. 54/, of 25 October Page 7 of 52

In the first nine months of, core expenses amounted to DKK 4,048m, corresponding to an increase of 7% compared with the same period of. Disregarding one-off expenses recognised as an expense in the first half of, core expenses rose by 1% compared to the first nine months of. One-off expenses totalling DKK 237m were recognised as an expense, of which DKK 110m in the first quarter of and DKK 127m in the second quarter. In the first quarter of, the one-off expenses related to impairment charges on intangible assets and expenses for Jyske Bank's 50th anniversary activities, including DKK 32m for shares to the employees. The amount of DKK 127m in the second quarter was made up of provisions of DKK 105m to cover any damages following the court case in Gibraltar, and severance costs of DKK 22m following the organisational adjustment announced in early May. The latter amount was recognised as an expense under Mortgage activities, while the other amounts were recognised as an expense under Banking activities. Seen in isolation, core expenses amounted to DKK 1,270m in the third quarter of and were therefore in line with core expenses in the third quarter of. Under core profit, impairment charges in the amount of DKK 314m were reversed in the first nine months of against the recognition as an expense of impairment charges of DKK 144m in the corresponding period of last year. For a more detailed description of impairment charges, please see page 10. Jyske Bank corporate announcement No. 54/, of 25 October Page 8 of 52

Business volume and financial position SUMMARY OF BALANCE SHEET, END OF PERIOD Index 17/16 Q3 Q2 Q1 Q4 Q3 Loans and advances 441,005 410,328 107 441,005 434,988 424,914 422,445 410,328 422,445 - of which mortgage loans 302,985 275,267 110 302,985 295,770 287,380 277,016 275,267 277,016 - of which bank loans, traditional loans 99,151 93,984 105 99,151 98,575 96,298 94,151 93,984 94,151 - of which bank loans, new home loans 10,950 13,917 79 10,950 11,722 14,227 17,427 13,917 17,427 - of which repo loans 27,919 27,160 103 27,919 28,921 27,009 33,851 27,160 33,851 Bonds and shares, etc. 75,160 88,868 85 75,160 75,984 84,359 89,929 88,868 89,929 Total assets 584,676 562,477 104 584,676 579,856 570,198 586,703 562,477 586,703 Due to credit institutions and central banks 16,541 10,690 155 16,541 13,700 15,260 19,941 10,690 19,941 Deposits 154,868 152,592 101 154,868 157,230 155,461 154,648 152,592 154,648 - of which bank deposits 133,952 132,384 101 133,952 134,153 132,468 134,194 132,384 134,194 - of which repo deposits and tri-party deposits 20,916 20,208 104 20,916 23,077 22,993 20,454 20,208 20,454 Issued bonds at fair value 295,172 264,793 111 295,172 285,494 276,502 271,212 264,793 271,212 Issued bonds at amortised cost 38,785 50,564 77 38,785 42,032 45,738 51,028 50,564 51,028 Subordinated debt 4,341 2,134 203 4,341 4,332 2,133 2,131 2,134 2,131 Holders of hybrid core capital 2,585 1,471 176 2,585 1,468 1,479 1,476 1,471 1,476 Shareholders' equity 31,760 30,404 104 31,760 31,306 31,405 31,038 30,404 31,038 Mortgage loans amounted to DKK 303bn at the end of the first nine months of, corresponding to an increase of DKK 26bn relative to the level at the end of. At this point in time, new home loans have been granted in the amount of DKK 93bn against DKK 79.5bn at the end of. With respect of new home loans, net lending growth of DKK 10bn-15bn is still expected for the full year. The objective is still to increase the Group's housing-related loans by DKK 100bn relative to the level at the beginning of 2014. In respect of corporate clients, the objective is that mortgage loans increase by DKK 20bn over a 5-year period. Since the beginning of 2014, the increase amounts to DKK 17.1bn, of which DKK 4.7bn in the first nine months of. At the end of the third quarter of, traditional bank loans and advances had increased to DKK 99bn against DKK 94bn at the end of. The increase can primarily be attributed to large corporate clients and public institutions. At the end of the third quarter of, bank deposits exclusive of repo deposits amounted to DKK 134bn, which is in line with the level at the end of. Demand deposits amounted to about 79% of bank deposits exclusive of repo deposit. At the end of the third quarter, the business volume within asset management amounted to DKK 135bn against DKK 127bn at the end of. The positive development in the business volume can be attributed to fair returns for the clients and a net inflow of new funds from the international client base, among others. The net inflow of new funds accelerated over the third quarter. At the end of the third quarter of, shareholders' equity amounted to DKK 31.8bn against DKK 31.0bn at the end of. The year Jyske Bank corporate announcement No. 54/, of 25 October Page 9 of 52

Loan impairment charges and provisions for guarantees and value adjustments of acquired loans and advances Under core profit, an amount of DKK 314m was reversed under loan impairment charges and provisions for guarantees against and expense of DKK 144m for the same period in. In the statutory reporting format, an amount of DKK 87m was reversed under loan impairment charges and provisions for guarantees. The difference relative to impairment charges under core profit can be attributed to redesignation relating to impairment charges for impaired loans and advances. The addition of new impaired exposures continued to be at a low level for both corporate and personal clients, and a lower indication of impairment was seen for existing non-performing loans. In respect of corporate clients in the segment Banking activities, the improvements were primarily driven by two industries: Agriculture and Financing and Insurance. In the first nine months of, a net amount of DKK 151m was reversed relating to Agriculture and an amount of DKK 160m relating to Financing and Insurance. In respect of corporate clients within Mortgage activities, the impairment charges for the first nine months of amounted to an expense of DKK 60m, of which reversals of DKK 7m in the third quarter of. At the beginning of the year, the impairment charges were characterised by increases in impairment charges for hard-to-sell mortgaged properties. In the first nine months of, recoveries in the amount of DKK 262m were recognised, against DKK 143m for the same period last year. At the end of the first quarter of, management's estimates amounted to DKK 423m, of which DKK 120m related to agricultural clients, against DKK 471m and DKK 235m, respectively, at the end of. LOANS, ADVANCES AND GUARANTEES AS WELL AS VALUE ADJUSTMENTS OF LOANS AND ADVANCES, ETC. Index 17/16 Q3 Q2 Q1 Q4 Q3 The year Loans, advances and guarantees 459,709 426,124 108 459,709 453,525 441,940 438,592 426,124 438,592 Balance of loan impairment charges etc. 5,576 6,482 86 5,576 5,710 5,790 5,937 6,482 5,937 Individual impairment charges etc. 4,455 4,806 93 4,455 4,461 4,518 4,640 4,806 4,640 Collective impairment charges etc. 1,121 1,676 67 1,121 1,249 1,272 1,297 1,676 1,297 Value adjustments of acquired loans: Balance of discounts for acquired loans, beginning of period 879 1,548 57 714 782 879 1,145 1,238 1,548 Positive value adjustments (interest income) 227 250 91 124 31 72 100 91 350 Negative value adjustments (loss) 70 153 46 8 37 25 166 2 319 Balance of discounts for acquired loans, end of period 582 1,145 51 582 714 782 879 1,145 879 Total balance for loan impairment charges and balance of discounts for acquired loans 6,158 7,627 81 6,158 6,424 6,572 6,816 7,627 6,816 Non-performing loans and guarantees: Loans before impairment charges and provisions, inclusive of discounts 19,637 22,747 86 19,637 20,647 21,966 22,936 22,747 22,936 Impairment charges and provisions 5,250 6,048 87 5,250 5,384 5,561 5,730 6,048 5,730 Discounts on acquired loans 569 1,118 51 569 664 730 857 1,118 857 Loans and guarantees after impairment charges 13,818 15,581 89 13,818 14,599 15,675 16,349 15,581 16,349 NPL ratio 3.0% 3.6% 3.0% 3.2% 3.5% 3.7% 3.6% 3.7% NPL coverage ratio 29.6% 31.5% 29.6% 29.3% 28.6% 28.7% 31.5% 28.7% Non-accrual loans and past due exposures 2,049 2,841 72 2,049 2,220 2,187 2,281 2,841 2,281 Operational loan impairment charges etc. -87 394 - -70-44 27-193 168 201 Operating loss 608 851 71 114 173 321 445 456 1,296 Jyske Bank corporate announcement No. 54/, of 25 October Page 10 of 52

BALANCE OF LOAN IMPAIRMENT CHARGES AND PROVISIONS FOR GUARANTEES / LOANS, ADVANCES AND GUARANTEES Balance of loan impairment charges and provisions for guarantees The Jyske Bank Group Loans, advances and guarantees Impairment ratio /% Q3 Q4 Q3 Q4 Q3 Q4 Dairy farmers 793 889 576 722 42% 45% Pig farming 1,221 1,237 335 431 22% 26% Total 2,014 2,126 911 1,153 31% 35% At the end of the third quarter of, the Jyske Bank Group's total impairment ratio for dairy farmers and pig farming amounted to 31% of loans, advances and guarantees against 35% at the end of. For dairy farmers and pig farming, the impairment ratios were 42% and 22%, respectively. The settlement prices for pigs have fallen in recent months, whereas the settlement price for milk is still increasing. It goes for both the settlement prices for milk and pigs that, at the end of the third quarter of, they are significantly above the historically low levels in the summer of. Based on the low prices in 2015 and and the ensuing large losses, it is expected that the weakest dairy farmers and pig farmers will still be in for difficult times. Despite the price increases, in particular for pig products, some of the farmers will still need liquidity due to the losses in. Due to the high level of debt, which to an extensive degree is in the form of floating-rate debt, many farmers are still quite sensitive to interest rate changes. The total balance of loan impairment charges and provisions for guarantees and discounts for loans taken over amounted to 1.3% of total loans, advances and guarantees. In the first nine months of, DKK 608m were recognised as losses against DKK 851m for the first nine months of. In certain situations, the Group has to ease terms and conditions agreed for clients in financial problems to minimise the Group's loss (forbearance). Irrespective of the client's subsequent compliance with the terms and conditions, the client will be subject to forbearance for at least two years. The definition of forbearance is based on the EBA's technical standards. At the end of the third quarter, loans and advances subject to forbearance amounted to 3.3% against 4.7% at the end of. Non-performing loans comprise exposures with individually assessed impairment charges and exposures with high or full risk as well as past due exposures. If the criteria for non-performing exposures are no longer met, and if previously credit easing measures have been granted, clients are still subject to the criterion for non-performing exposures for at least a year after the credit easing was granted. The definition of non-performing exposures is based on the EBA's technical standards. At the end of the third quarter, non-performing loans and advances amounted to 3.0% against 3.7% at the end of. At the end of the third quarter of, the Group had no exposures amounting to more than 7.5% of the adjusted capital base. The Group had four exposures amounting to between 5% and 7.5% of the adjusted capital base. At the end of the third quarter of, the Group had three exposures amounting to between 5% and 7.5% of the adjusted capital base and two exposures between 7.5% and 10% of the adjusted capital base. Jyske Bank corporate announcement No. 54/, of 25 October Page 11 of 52

Investment portfolio earnings INVESTMENT PORTFOLIO EARNINGS Index 17/16 Q3 Q2 Q1 Q4 Q3 The year Net interest income 269 326 83 77 94 98 91 105 417 Net fee and commission income -2-3 67-2 0 0 0-1 -3 Value adjustments 303-130 - 65 16 222 217 157 87 Other income 45 29 155 2 6 37 1 3 30 Income 615 222 277 142 116 357 309 264 531 Expenses 23 21 110 7 8 8 6 6 27 Investment portfolio earnings before loan impairment charges 592 201 295 135 108 349 303 258 504 Loan impairment charges 0 0-0 0 0 0 0 0 Investment portfolio earnings 592 201 295 135 108 349 303 258 504 For the first nine months of, investment portfolio earnings amounted to DKK 592m against DKK 201m for the corresponding period in. Seen in isolation for the third quarter, investment portfolio earnings came to DKK 135m against DKK 258m in the third quarter of. Narrowing of credit spreads resulted in positive value adjustments relating to the portfolio of Danish mortgage bonds. In addition, yet, to a lesser degree, positive value adjustments relating to the bank's portfolio of other securitizations had an effect. Moreover, value adjustments in the third quarter were affected positively by DKK 46m due to the holding of shares in Nordjyske Bank. For the year as a whole, the holding of Nordjyske Bank shares made a positive contribution of almost DKK 150m. Net interest income was lower compared to the first nine months of. This can primarily be attributed to smaller bond holdings. Market risk At the end of the third quarter of, the aggregate interest-rate, currency and equity-price risk expressed as Value-at- Risk (VaR) was calculated at DKK 71m (calculated with a time frame of one day and 99% probability) against DKK 77m at the end of. The total VaR was reduced in line with the bank's strategy to reduce the risk level, and the portfolio of mortgage bonds was generally reduced over the first nine months of. The increase in VaR on interest that was seen from the second to the third quarter of can be attributed to the increased trading portfolio of Danish mortgage bonds at the end of the third quarter. % 0.3 Value-at-Risk as a percentage of equity 0.2 0.1 0.0 2012 2013 2014 2015 Total Interest-rate Currency Equities Jyske Bank corporate announcement No. 54/, of 25 October Page 12 of 52

Segment information The business segments reflect all activities with respect to banking, mortgage finance and leasing, inclusive of investing activities relating to clients' regular transactions. The investment portfolio earnings of the legal entities related to the activities of the relevant entities. Banking activities SUMMARY OF INCOME STATEMENT The Index 17/16 Q3 Q2 Q1 Q4 Q3 year Net interest income 2,419 2,648 91 815 800 804 841 838 3,489 Net fee and commission income 1,196 963 124 391 393 412 451 318 1,414 Value adjustments 521 507 103 97 82 342 228 160 735 Other income 204 127 161 21 136 47 66 31 193 Core income 4,340 4,245 102 1,324 1,411 1,605 1,586 1,347 5,831 Core expenses 3,267 3,030 108 1,014 1,117 1,136 1,073 1,015 4,103 Core profit before loan impairment charges 1,073 1,215 88 310 294 469 513 332 1,728 Loan impairment charges -457 154 - -201-113 -143-276 74-122 Core profit 1,530 1,061 144 511 407 612 789 258 1,850 Investment portfolio earnings 529 157 337 136 88 305 267 236 424 Pre-tax profit 2,059 1,218 169 647 495 917 1,056 494 2,274 SUMMARY OF BALANCE SHEET, END OF PERIOD Loans and advances 121,997 120,573 101 121,997 123,484 122,224 130,564 120,573 130,564 - of which bank loans, traditional loans 83,128 79,496 105 83,128 82,841 80,988 79,286 79,496 79,286 - of which bank loans, new home loans 10,950 13,917 79 10,950 11,722 14,227 17,427 13,917 17,427 - of which repo loans 27,919 27,160 103 27,919 28,921 27,009 33,851 27,160 33,851 Total assets 238,510 240,577 99 238,510 242,937 244,613 262,151 240,577 262,151 Deposits 154,653 152,164 102 154,653 157,024 155,252 154,428 152,164 154,428 - of which bank deposits 133,737 131,956 101 133,737 133,947 132,259 133,974 131,956 133,974 - of which repo deposits and tri-party deposits 20,916 20,208 104 20,916 23,077 22,993 20,454 20,208 20,454 Issued bonds 35,883 46,846 77 35,883 38,317 42,024 49,016 46,846 49,016 Pre-tax profit Core profit for banking activities amounted to DKK 1,530m, corresponding to an increase of 44% compared to the same period of. The improvement of the core profit can primarily be attributed to reversals of impairment charges. Net interest income amounted to DKK 2,419m and was 9% below the level in the first nine months of. The primary reasons for the reduction were falling interest rate margins on bank loans and advances for corporate clients and lower as well as negative reinvestment rates on the liquidity portfolio. The liquidity portfolio amounts to about DKK 39bn and forms part of the strategic balance sheet and risk management and is primarily invested in Danish mortgage bonds with a fairly short duration. The strategic balance sheet and risk management also involves the use of derivatives for hedging. On the whole the strategic balance sheet and risk management affected the net interest income in the first nine months of by DKK 229m, of which DKK 77m in the third quarter of, against DKK 316m in the same period last year. A reduction of the interest income on the trading portfolio of bonds affected net interest income negatively. The increasing volume of the new home loans and the introduction of negative deposit rates on demand deposits of corporate clients made a positive contribution to the net interest income and compensated to some extent for the above. In the first nine months of, DKK 3m were recognised as income relating to fixed-rate home loans issued at a discount against DKK 24m in the first nine months of. Due to the issues in the second quarter of and in the second quarter of, net interest income for the first nine months of included additional interest expenses of DKK 34m for Tier 2 capital compared to the same period of. Jyske Bank corporate announcement No. 54/, of 25 October Page 13 of 52

Net fee and commission income increased by 24% relative to the first nine months of. The increase can primarily be attributed to investment-related income due to the favourable development in the financial markets, particularly in the first quarter of. Investment-related fee income was also affected positively by about DKK 15m because the switch to new products caused payment of product fees to be advanced. Otherwise these payments would have been settled in the fourth quarter of. Loan application fees still increased and amounted to DKK 118m against DKK 50m for the corresponding period in. The increase can chiefly be attributed to fees on home loans. Value adjustments amounted to DKK 521m against DKK 507m in the first nine months of. In the first nine months of, clients' transactions relating to interest-rate hedging had a positive effect in the amount of DKK 124m, of which DKK 1m in the third quarter of. Increasing long-term market rates as well as the improved credit quality of the clients made positive contributions. The same period last year saw a positive effect by DKK 72m. In future, the sensitivity to changes in long-term market rates will be lower due to the improved credit quality of clients. To a considerable extent, narrowing of credit spreads on Danish mortgage bonds had a positive effect on value adjustments of bond holdings, including the liquidity portfolio. On the whole, strategic balance sheet and risk management affected value adjustments negatively by DKK 6m in the first nine months of against a negative effect of DKK 77m in the same period last year. Adding the net interest income, the strategic balance sheet and risk management had a net effect on core income in the amount of DKK 223m in the first nine months of and DKK 239m in the first nine months of. Other income amounted to DKK 204m against DKK 127m in the first nine months of. The increase can primarily be attributed to a gain of DKK 96m relating to the sale of an owner-occupied property in the second quarter of. For the first nine months of, core expenses amounted to DKK 3,267m against DKK 3,030m for the corresponding period in. The increase can primarily be attributed to one-off expenses totalling DKK 215m, of which DKK 110m relating to impairment charges on intangible assets and expenses in the first quarter of for activities relating to Jyske Bank's 50th anniversary, and DKK 105m relating to provisions to cover any damages following the court case in Gibraltar in the second quarter of. Adjusted for one-off expenses, core expenses rose by 0.7%. Business volume Traditional bank loans and advances amounted to DKK 83bn against DKK 79bn at the end of. The improvement can be attributed to corporate clients. Bank deposits exclusive of repo deposits amounted to DKK 134m, corresponding to the level at the end of. Jyske Bank corporate announcement No. 54/, of 25 October Page 14 of 52

Mortgage activities SUMMARY OF INCOME STATEMENT Index 17/16 Q3 Q2 Q1 Q4 Q3 Contribution income, etc. 1 1,400 1,329 105 468 474 458 456 451 1,785 Other net interest income -65-38 171-31 -19-15 -15-16 -53 Net fee and commission income 185 128 145 69 53 63 79 66 207 Value adjustments 5 30 17 0 2 3 4 10 34 Other income 22 41 54 5 8 9 11 14 52 Core income 1,547 1,490 104 511 518 518 535 525 2,025 Core expenses 649 620 105 212 225 212 217 219 837 Core profit before loan impairment charges 898 870 103 299 293 306 318 306 1,188 Loan impairment charges 100-20 - -20 28 92-12 -1-32 Core profit 798 890 90 319 265 214 330 307 1,220 Investment portfolio earnings 63 44 143-1 20 44 36 22 80 Pre-tax profit 861 934 92 318 285 258 366 329 1,300 1 ) Contribution income, etc. covers contribution income as well as interest rate margin on jointly funded loans. SUMMARY OF BALANCE SHEET, END OF PERIOD Mortgage loans 302,985 275,267 110 302,985 295,770 287,380 277,016 275,267 277,016 Total assets 327,087 304,664 107 327,087 318,099 307,496 307,037 304,664 307,037 Issued bonds 298,074 268,511 111 298,074 289,209 280,216 273,224 268,511 273,224 Pre-tax profit The pre-tax profit from mortgage activities amounted to DKK 861m against DKK 934m for the same period in. Contribution income amounted to DKK 1,400m in the first nine months of against DKK 1,329m in the first nine months of. The increase can primarily be attributed to a larger portfolio, particularly within the Personal client area. Compared to the second quarter of, the third quarter of saw a minor decline in contribution income. In the personal client area, the reason for this is that to a higher degree than earlier, the clients choose fixed-rate loans repayable by instalments, for which contributions are lower, while in the corporate client area, it can be attributed to adjustments due to the improving credit quality in the portfolio. Other net interest income amounted to DKK -65m against DKK -38m in the first nine months of. The increase in interest expenses can be attributed to the increasingly negative interest rate causing the internal interest rate on the portfolio of securities to fall. The item consists primarily of interest expenses for senior debt incurred in order to comply with SDO and rating requirements (issued senior loans, etc.), internal interest on the portfolio of securities as well as various interest income, among others, from other loans and advances. In the first nine months of, net fee and commission income amounted to DKK 185m against DKK 128m in the corresponding period of. The increase can be attributed, among other things, to increasing lending activity and the end to discounts on fees in connection with refinancing of existing loans to loans with BRFkredit in early. Value adjustments, etc. amounted to an income of DKK 5m against an income of DKK 30m in the first nine months of. The difference of DKK 25m can be attributed both to a large value adjustment of the core portfolio of bonds and to value adjustments of other loans in the same period of. Core expenses amounted to DKK 649m in the first nine months of against DKK 620m in the first nine months of. The difference can mainly be attributed to severance costs of DKK 22m in connection with the organisational adjustment in May. The year Jyske Bank corporate announcement No. 54/, of 25 October Page 15 of 52

In the first nine months of, core profit before loan impairment charges and provisions for guarantees amounted to DKK 898m against DKK 870m in the first nine months of. Total loan impairment charges and provisions for guarantees for the first nine months of amounted to an expense of DKK 100m against an income of DKK 20m in the first nine months of. The effect on the income statement can be broken down into an expense of DKK 40m (: an expense of DKK 145m) on personal clients and an expense of DKK 60m (: an income of DKK 165m) on corporate clients. The increase can primarily be attributed to reassessment of the value of hard-to-sell mortgaged properties in the first quarter of. Relative to total loans, the effect from the impairment charges on the income statement amounted to 0.03% in the first nine months of against -0.01% in the first nine months of. In the first nine months of, investment portfolio earnings amounted to an income of DKK 63m against an income of DKK 44m in the same period of. Investment portfolio earnings were satisfactory considering the low interest-rate level. The securities portfolio, which predominantly consisted of interest-bearing instruments, was mainly in the form of mortgage bonds with a short time to maturity and a limited interest rate sensitivity as well as derivatives for risk hedging. Business volume The positive trend in the business volume of mortgage activities continued in the first nine months of as the volume grew from DKK 277.0bn at the end of to DKK 303.0bn, corresponding to 9.4% growth. The development can primarily be attributed to personal clients, including the Group's home loan products. Jyske Bank corporate announcement No. 54/, of 25 October Page 16 of 52

Leasing activities SUMMARY OF INCOME STATEMENT Index 17/16 Q3 Q2 Q1 Q4 Q3 The year Net interest income 383 352 109 129 131 123 175 120 527 Net fee and commission income -78-61 128-24 -26-28 -29-21 -90 Value adjustments 13 12 108-1 13 1 0 0 12 Other income 10 10 100 3 3 4 2 3 12 Income from operating lease (net) -48 71 - -43-21 16-27 21 44 Core income 280 384 73 64 100 116 121 123 505 Core expenses 132 123 107 44 46 42 45 41 168 Core profit before loan impairment 148 261 57 20 54 74 76 82 337 Loan impairment charges 43 10 430 27 10 6-5 4 5 Pre-tax profit 105 251 42-7 44 68 81 78 332 SUMMARY OF BALANCE SHEET, END OF PERIOD Loans and advances 16,023 14,488 111 16,023 15,734 15,310 14,865 14,488 14,865 Total assets 19,079 17,236 111 19,079 18,820 18,089 17,515 17,236 17,515 Deposits 215 428 50 215 206 209 220 428 220 Pre-tax profit In the third quarter of, the segment leasing was challenged on income from operating lease. This was caused by a stronger indication of impairment for the portfolio due to the expected changes to tax rules as well as lower realised market values for certain models. Other business areas developed as expected, and the positive development of net interest income was driven by a continued positive development for the volume of loans and advances. On the basis of the above, core income is in index 73 relative to the same period last year. Compared to the same period last year, core expenses increased by 7%, which can be attributed to increased capacity requirements. The level of impairments in the third quarter of was higher than what is expected of the coming quarter. Business volume Loans and advances grew by 11% relative to the same period last year, and this increase was achieved due to a large volume of new sales. A positive development of the volume of loans and advances is still expected for the coming period. Jyske Bank corporate announcement No. 54/, of 25 October Page 17 of 52

Core profit and investment portfolio earnings The pre-tax profit for the first nine months of broken down by core earnings and investment portfolio earnings is stated below: BREAKDOWN OF THE PERIOD'S PROFIT Q1 - Q3 Q1 - Q3 Investment portfolio earnings Investment portfolio earnings Core profit Reclassification Total Core profit Reclassification Total Net interest income 4,137 269 212 4,618 4,291 326 240 4,857 Net fee and commission income 1,303-2 0 1,301 1,030-3 0 1,027 Value adjustments 539 303 15 857 549-130 10 429 Other income 236 45 0 281 178 29 0 207 Income from operating lease (net) -48 0 449 401 71 0 316 387 Income 6,167 615 676 7,458 6,119 222 566 6,907 Expenses 4,048 23 449 4,520 3,773 21 316 4,110 Profit before loan impairment charges 2,119 592 227 2,938 2,346 201 250 2,797 Loan impairment charges -314 0 227-87 144 0 250 394 Pre-tax profit 2,433 592 0 3,025 2,202 201 0 2,403 Alternative performance targets The alternative performance targets applied in the management's review constitute valuable information for readers of financial statements as they provide a more uniform basis for comparison of accounting periods. No adjusting entries are made, and therefore the net profit or loss for the period will be the same in the alternative performance targets of the management's review and in the IFRS financial statements. Core profit is defined as the pre-tax profit exclusive of investment portfolio earnings. Hence earnings from clients are expressed better than in the IFRS financial statements. Investment portfolio earnings are defined as the return on the Group's portfolio of shares, bonds, derivatives and equity investments, yet exclusive of the liquidity buffer and certain strategic equity investments. Investment portfolio earnings are calculated after expenses for funding and attributable costs. The above table illustrates relationships between income statement items under 'The Jyske Bank Group' (key financial data), page 3, and income statement items in the IFRS financial statements, page 25. Reclassification relates to the following: - Income of DKK 227m (first nine months of : DKK 250m) from impaired loans and advances taken over was reclassified from interest income to loan impairment charges. - Expenses of DKK 15m (first nine months of : expenses of DKK 10m) due to value adjustments relating to the balance principle at BRFkredit were reclassified from value adjustments to interest income. - Depreciation and amortisation of DKK 449m (first nine months of : DKK 316m) were reclassified from expenses to income from operating lease (net). Please see below for definitions of the additional financial ratios stated under the Jyske Bank Group, page 3. Earnings per share, Earnings per share (diluted), Pre-tax profit p.a. as a percentage of average equity and Net profit p.a. as a percentage of average equity are calculated as if hybrid core capital was recognised as a liability. In the numerator, the profit is less interest expenses for hybrid core capital, and the denominator is calculated as equity exclusive of hybrid core capital. Expenses as a percentage of income is calculated as Core expenses divided by Core income. Jyske Bank corporate announcement No. 54/, of 25 October Page 18 of 52

Capital structure and capital management When recognising the current profit in the capital base, the expected dividend must be deducted. As no dividend policy is in existence, it is a requirement that recognition takes place less any expected dividend based on the dividend over the past three years. In 2014, no dividend was distributed. In 2015 and, dividend was distributed, corresponding to a pay-out ratio of 20% and 16%, respectively. Hence, before recognition of the current profit, the higher of the 16% of the post-tax profit and the proportional part of the DKK 500m that is the expected amount of the ordinary dividend for the year must be deducted. CAPITAL AND CORE CAPITAL RATIOS End of Q3 Q2 Q1 Q4 Q3 Capital ratio (%) 19.8 19.4 17.6 18.3 17.8 18.3 Core capital ratio incl. hybrid capital (%) 18.0 17.6 17.0 17.7 17.1 17.7 Common Equity Tier 1 capital ratio (CET 1) (%) 16.2 16.5 15.8 16.5 15.9 16.5 The Jyske Bank Group s total weighted risk exposure amounted to DKK 184bn at the end of the third quarter of against DKK 182bn at the end of. The Jyske Bank Group's total weighted risk exposure with credit risk amounted to DKK 148bn, corresponding to 80% of the total weighted risk exposure. An increase by DKK 7.6bn in the total weighted risk exposure with credit risk can chiefly be attributed to the increase in new home loans and bank loans and advances to corporate clients. Capital policy Adjustment of the capital structure continued in the first nine months with the issue of Tier 2 capital in the amount of EUR 300m in the second quarter of and the issue of hybrid Tier 1 capital (AT1 according to the CRR) in the amount of EUR 150m in the third quarter of. At the end of the third quarter of, the sum of Jyske Bank's hybrid Tier 1 capital and Tier 2 capital amounted to DKK 6.6bn, corresponding to 3.6% of the weighted risk exposure, which is in line with the longterm capital management objective of issues amounting to 3.5% of the total weighted risk exposure.. Jyske Bank will at any time seek to adjust its capital structure to become even more cost efficient. The capital ratios will constantly be above the long-term targets of 17.5% and 14% after the full implementation of the coming Basel IV capital requirements. This is to be viewed in the light of the effect from the implementation of the new rules on impairment (IFRS 9) in the beginning of 2018 and the continued uncertainty as to the wording of the capital rules. IFRS 9 will take effect as of 1 January 2018. As a consequence of the new rules, impairment charges are to be calculated as the expected loss on all loans, advances and guarantees. In comparison with the current rules, the implication is that the balance of impairment charges will increase. It is expected that impairment charges on non-performing clients will be at the same level as today, while loans and advances with a lower credit risk will be the primary reason for the increase. The implementation of the new impairment models is expected increase the balance of impairment charges by an amount in the range of DKK 1,000m - 1,500m. Jyske Bank does not wish to make use of the EU Commission's proposal of a 5-year phase-in period for the effects on capital from IFRS 9. Provided that the new Basel IV requirements will include a floor requirement of 72.5% of the new standardised approach for credit risk, this will not fundamentally change Jyske Bank's view of the effect, which is still expected to be about 4 percentage points on the capital ratio, cf. Corporate Announcement No. 34/ of 6 June. In early October, the Danish Financial Supervisory Authority informed Jyske Bank of the principles intended for the upcoming determination of the minimum requirement for own funds and eligible liabilities (the so-called MREL). The MREL is to be met through capital instruments or a new class of senior debt, subordinated to the existing senior debt. The final MREL will be determined by the FSA in the fourth quarter of. It is expected that MREL will be fixed at the double of the capital requirement applicable at all times, inclusive of all buffer requirements, and it will therefore amount to 28% of Jyske Bank's weighted risk exposure. The MREL will take effect on 1 January 2019 but senior debt issued before 1 January 2018 Jyske Bank corporate announcement No. 54/, of 25 October Page 19 of 52