Analysts and consensus estimates

Several equity analysts cover Danske Bank. The table below shows information about the analysts and their latest ratings.

Institution	Name, e-mail & coverage	Phone	Rating
ABG Sundal Collier	Claus Højmark Jensen Copenhagen E-mail: claus.jensen@abgsc.dk Has covered Danske since: 2007 Sectors covered: Banks and insurance companies Regions covered: Nordic	+45 33 18 61 13	Buy
Carnegie	Magnus Andersson and Thomas Svendsen Stockholm and Oslo E-mail: magnus.andersson@carnegie.se ts@carnegie.no Has covered Danske since: - Sectors covered: Banks and insurance companies Regions covered: Nordic Region	+46 8 676 8669	Underperform
Cheuvreux	Fredrik Gutenbrant Stockholm E-mail: fgutenbrant@cheuvreux.com Has covered Danske since: 2002 Sectors covered: Banks and insurance companies Regions covered: Nordic	+46 8 723 51 73	3/Underperform
Citigroup	Ronit Ghose London E-mail: ronit.ghose@citi.com Has covered Danske since: - Sectors covered: Banks Regions covered: Europe	+44 207 986 4028	Hold
Credit Suisse	Sasu Jarvinen London E-mail: sasu.jarvinen@credit-suisse.com Has covered Danske since: 2003 Sectors covered: Banks Regions covered: Nordic	+44 207 888 6766	Underperform
Danske Markets Equities	Per Grønborg Copenhagen E-mail: pgrn@danskebank.dk Has covered Danske since: 1993 Sectors covered: Banks and insurance companies Regions covered: Nordic	+45 45 12 80 51	Not rated
Deutsche Bank	Jan Wolter Stockholm E-mail: jan.wolter@db.com Has covered Danske Bank since: 2005 Sectors covered: Financials Regions covered: Nordics	+46 8 463 55 19	Hold
Execution	Fiona Swaffield London E-mail: fiona.swaffield@executionlimited.com Has covered Danske since: 2003 Sectors covered: Banks Regions covered: Europe	+44 207 456 1639	Not rated
Fox-Pitt, Kelton	Geoff Dawes London E-mail: geoff.dawes@fpk.com Has covered Danske since: 2005 Sectors covered: Banks Regions covered: Nordic and Ireland	+44 207 663 6041	Outperform
Goldman Sachs	Aaron Ibbotson London E-mail: aaron.ibbotson@gs.com Has covered Danske since: 2005 Sectors covered: Banks Regions covered: Nordic	+44 207 774 6661	Buy
Gudme Raaschou Bank	Stig Nymann Copenhagen E-mail: sny@gr.dk Has covered Danske since: Not available Sectors covered: Not available Regions covered: Not available	+45 33 44 90 93	Buy
Handelsbanken	Matti Ahokas Helsinki E-mail: maah17@handelsbanken.se Has covered Danske since: 2002 Sectors covered: Banks and insurance companies Regions covered: Nordic	+35 8 10 444 2454	Reduce
J.P. Morgan	Nana Francois London E-mail: nana.a.francois@jpmorgan.com Has covered Danske since: 2008 Sectors covered: Banks Regions covered: Nordic	+44 207 325 6424	Neutral
Jyske Bank	Christian Hede Silkeborg, Denmark E-mail: christian.hede@jyskebank.dk Has covered Danske since: 2007 Sectors covered: Banks and insurance companies Regions covered: Nordic	+45 89 89 70 41	Buy
Kaupthing	Jesper Brydensholt Copenhagen E-mail: Jesper.Brydensholt@kaupthing.com Has covered Danske since: 1995 Sectors covered: Banks and insurance companies Regions covered: Denmark	+45 72 22 54 17	Neutral
Keefe, Bruyette & Woods	Henrik Schmidt London E-mail: hschmidt@kbw.com Has covered Danske since: 2003 Sectors covered: Banks Regions covered: Nordic and Europe	+44 207 663 5284	Neutral
LD Markets	Torsten Bech Copenhagen E-mail: tbe@ldmarkets.dk Has covered Danske since: 2004 Sectors covered: Banks and insurance companies Regions covered: Denmark	+45 33 38 73 21	Buy
Merrill Lynch	Derek De Vries London E-mail: derek_devries@ml.com Has covered Danske since: 2006 Sectors covered: Banks Regions covered: Nordic and Switzerland	+44 207 996 4185	Buy
Morgan Stanley	Per Löfgren London E-mail: Per.Lofgren@morganstanley.com Has covered Danske since: 2005 Sectors covered: Banks Regions covered: Nordic	+44 207 425 9094	Underweight
Pareto	Haakon Boenes Oslo E-mail: haakon.boenes@pareto.no Has covered Danske since: 1996 Sectors covered: Banks and insurance companies Regions covered: Nordic	+47 24 13 21 18	Hold
RBS	Kristin Dahlberg London E-mail: kristin.dahlberg@rbs.com Has covered Danske since: 2007 Sectors covered: Banks Regions covered: Nordic	+44 20 7678 7428	Sell
SEB Enskilda	Simon Christensen Copenhagen E-mail: simon.christensen@enskilda.dk Has covered Danske since: 2007 Sectors covered: Banks and insurance companies Regions covered: Denmark	+45 36 97 75 26	Buy
Swedbank Markets	Robert Matulin & Christian Hall Stockholm E-mail: robert.matulin@swedbank.se E-mail: christian.hall@swedbank.se Has covered Danske since: 2008 Sectors covered: Banks and financials Regions covered: Nordic	+46 8 5859 2583 & +46 8 5859 1922	Buy
UBS	Andreas Håkansson Stockholm E-mail: andreas.hakansson@ubs.com Has covered Danske since: 2000 Sectors covered: Banks Regions covered: Nordic	+46 8 453 730 9	Sell

Last updated on November 26, 2008

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