Improved core earnings and increased impairments - but sound loan book, strong balance sheet and inflow of deposits Presentation, Interim Report Q Janus Petersen, CEO November 2010

Disclaimer This presentation includes statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of BankNordik, or any of its principal shareholders or subsidiary undertakings or any of such persons officers or employees or advisors accept any liability whatsoever arising directly or indirectly from the use of this document

Key messages from the Q Pre-tax profit of DKK 365m in the first three quarters of 2010 A deficit of DKK 93m compared to a DKK 58m profit in Q Core earnings improved compared to Q Impairments increased by DKK 150m in Q3 - still the loan portfolio remains sound Solvency ratio 17.2%. Individual solvency remains below 8% Inflow of DKK 500m in deposits from new customers increasing the liquidity ratio to 338% above statutory requirements BankNordik fulfils all requirements stipulated in the supervisory diamond - FSAs standard for risk profiles Outlook adjusted downwards to a profit before tax and val. adj. in the range of DKK m from the previous range DKK m

Pre tax profit of DKK 365m compared to DKK 146m in the same quarters of 2009

Q alone rendered a DKK 93m deficit compared to a profit of DKK 58m in Q3 2009

Core earnings improving this quarter compared to Q2 2010

Increased impairments on loans under liquidation – Weak exposures unaltered and loan portfolio remains sound Impairments DKK 150m in Q3 and DKK 185m the first nine months Increased impairments due to decreased value of collateral for a few exposures under liquidation Weak exposures unaltered and the loan portfolio remains sound Impairments in the coming years are expected to normalize at the average historical level of about 0.5% of exposures. However, estimates for 2011 are somewhat higher at % of exposures, due to adverse development in the value of collaterals relating to exposures in liquidation

The BankNordik Group remains a strong and well positioned banking and insurance group Solvency ratio 17.2% Individual solvency remains below 8% Inflow of DKK 0.5bn in deposits and more than 700 new depositors Positive deposit-to-loan ratio Increased liquidity ratio to 338% above statutory requirements

BankNordik meets all limits in the Danish FSAs Supervision Diamond Sum of large exposures (below 100 % of the capital base) BN 21,6% Loan growth (below 20 % per year) BN 19% Stable funding (total loans no more than 1.25x total deposits) BN 0,98 Excess liquidity (more than 50%) BN 338% Exposures towards the real property sector (below 25 % of total loans) BN 8%

Outlook revised Outlook 2010 downward adjusted to a profit before tax and value adjustments in the range of DKK m from the previously indicated in H1 range of DKK m Impairments in 2010 are projected to be in the range of DKK m compared with the H1 projection of DKK 70-80m