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	Sell
AlphaValue	Christophe J. Nijdam Paris E-mail: c.nijdam@alphavalue.eu Has covered Danske since: 2008 Sectors covered: Banks Regions covered: Nordic	+33 1 70 61 10 54	Not public
Arctic Securities	Fridtjof Berents Oslo E-mail: fridtjof.berents@arcticsec.no Has covered Danske since: 2008 Sectors covered: Banks Regions covered: Nordic	+47 21 01 32 21	Neutral
Autonomous	Jacob Kruse London E-mail: jkruse@autonomous-research.com Has covered Danske since: 2009 Sectors covered: Banks Regions covered: Nordic	+44 207 776 3425	Outperform
Bank of America/Merrill Lynch	Johan Ekblom London E-mail: johan.ekblom@baml.com Has covered Danske since: 2005 Sectors covered: European Banks Regions covered: Nordics and Greeks	+44 207 995 4091	Buy
Berenberg Bank	Nick Anderson London E-mail: nick.anderson@berenberg.com Has covered Danske since: 2010 Sectors covered: Banks Regions covered: Nordics and Germany	+44 203 207 7838	Sell
Carnegie	Thomas Johansson Stockholm E-mail: thomas.johansson@carnegie.se Has covered Danske since: 2009 Sectors covered: Banks and insurance companies Regions covered: Nordic Region	+46 8 676 8726	Outperform
Cheuvreux	Mats-Fredrik Anderson Stockholm E-mail: manderson@cheuvreux.com Has covered Danske since: 2011 Sectors covered: Banks Regions covered: Nordic Region	+46 8 723 51 70	Selected List
Citigroup	Henrik Christiansson London E-mail: henrik.christiansson@citi.com Has covered Danske since: - Sectors covered: Banks Regions covered: Europe	+44 207 986 4100	Buy
Credit Suisse	Masih Yazdi Stockholm E-mail: masih.yazdi@credit-suisse.com Has covered Danske Bank since: 2011 Sectors covered: Financials Regions covered: Nordics	+46 8 5450 7921	Neutral
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
Exane BNP Paribas	Andreas Hakansson Stockholm E-mail: andreas.hakansson@exanebnpparibas.com Has covered Danske Bank since: 2009 Sectors covered: Financials Regions covered: Nordics	+46 8 5090 1224	Underperform
Goldman Sachs	Pawel Dziedzic London E-mail: pawel.dziedzic@gs.com Has covered Danske since: 2011 Sectors covered: Banks Regions covered: Nordic, Ireland and Spain	+44 207 774 1279
Handelsbanken	Jakob Brink Copenhagen E-mail: jabr09@handelsbanken.dk Has covered Danske since: 2005 Sectors covered: Banks and insurance companies Regions covered: Nordic	+45 46 79 15 15	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	Strong Buy
Keefe, Bruyette & Woods	Ronny Rehn London E-mail: rrehn@kbw.com Has covered Danske since: 2011 Sectors covered: Banks Regions covered: Europe	+44 207 663 3214	Underperform
Macquarie	Edward Firth London E-mail: edward.firth@macquarie.com Has covered Danske since: 2011 Sectors covered: Banks Regions covered: Europe and UK	+44 203 037 4077	Underperform
Morgan Stanley	Henrik H Schmidt London E-mail: henrik.schmidt@morganstanley.com Has covered Danske since: 2002 Sectors covered: Banks Regions covered: Nordics	+44 207 425 8808	Neutral
Nomura	Chintan Joshi London E-mail: chintan.joshi@nomura.com Has covered Danske since: 2009 Sectors covered: Banks Regions covered: Nordics	+44 207 102 6597	Neutral
Nordea	Simon Christensen Denmark E-mail: simon.christensen@nordea.com Has covered Danske since: 2006 Sectors covered: Banks Regions covered: Denmark	+45 33 33 41 67	Buy
Nykredit Markets	Mads Thinggaard Copenhagen E-mail: madt@nykredit.dk Has covered Danske since: 2006 Sectors covered: Banks Regions covered: Nordic	+45 44 55 11 71	Buy
Royal Bank of Canada	Claire Kane London E-mail: claire.kane@rbccm.com Has covered Danske since: 2011 Sectors covered: Banks Regions covered: Nordic and UK	+44 207 029 0864	Hold
Royal Bank of Scotland	Paola Biraschi London E-mail: paola.biraschi@rbs.com Has covered Danske since: 2011 Sectors covered: Banks Regions covered: Nordic and Europe	+44 20 7678 8366	Sell
SEB Enskilda	Claus Grøn Therp Copenhagen E-mail: claus.gron.therp@enskilda.dk Has covered Danske since: 2010 Sectors covered: Banks and insurance companies Regions covered: Denmark	+45 33 28 33 07	Buy
Swedbank Markets	Christian Hall Stockholm E-mail: christian.hall@swedbank.se Has covered Danske since: 2011 Sectors covered: Banks Regions covered: Nordic	+46 8 5859 0074	Neutral
UBS	Nick Davey London E-mail: nick.davey@ubs.com Has covered Danske since: 2009 Sectors covered: Banks Regions covered: Nordic	+44 207 568 4409	Neutral

Last updated on 1 February 2012

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