Documentation Financière. Information Memorandum (Dossier de Présentation Financière)

Documentation Financière Information Memorandum (Dossier de Présentation Financière) Name of the Programme: JYSKE BANK A/S French Certificats de dépôt Name of the Issuer: JYSKE BANK A/S Type of Programme: French Certificats de Dépôt Programme Size: EUR 5,000,000,000 Ratings: Rated A-2 by Standard & Poor s Arranger: Société Générale Issuing and Paying Agent (Agent Domiciliataire): Société Générale Dealers: ING Wholesale Banking, UBS Limited,, JYSKE BANK A/S, Société Générale Effective date of Information Memorandum: 22 May 2015 Amendment to the programme (if required) None The Certificats de Dépôt have not been and will not be registered under the Securities Act of 1933, as amended (the Securities Act ), or any other laws or regulations of any state of the United States of America, and may not be offered or sold within the United States of America, or to, or for the account or benefit of, U.S. persons (as defined in accordance with Regulation S under the Securities Act). Prepared in compliance with Articles L.213-1 A to L.213-4-1 of the Code Monétaire et Financier An original copy of this document is sent to: BANQUE DE FRANCE Direction Générale des Opérations, Direction de la Stabilité Financière 35-1134 Service des Titres de Créances Négociables 39, rue Croix des Petits Champs 75049 PARIS CEDEX 01 A l attention du chef de service

TABLE OF CONTENTS FRENCH SECTION RESUME DE LA DOCUMENTATION FINANCIERE I SOMMAIRE DU PROGRAMME II INFORMATION CONCERNANT L EMETTEUR III CERTIFICATION D INFORMATION IV INFORMATION CONCERNANT LA DEMANDE DE LABEL STEP PAR L EMETTEUR ANNEXES ANNEXE I Rapport annuels et comptes JYSKE BANK 2014 Annual Report JYSKE BANK 2013 Annual Report ANNEXE II ANNEXE III Rapport des auditeurs Notation du Programme de Standard & Poor s ENGLISH SECTION I II III IV SUMMARY OF THE PROGRAMME INFORMATION CONCERNING THE ISSUER CERTIFICATION OF INFORMATION INFORMATION CONCERNING THE ISSUER S REQUEST OF THE STEP LABEL APPENDICES APPENDIX I APPENDIX II APPENDIX III Issuer Annual reports and financial accounts JYSKE BANK 2014 Annual Report JYSKE BANK 2013 Annual Report Report of independent auditors Standard & Poor s rating 2

FRENCH SECTION I. SOMMAIRE DU PROGRAMME DESCRIPTION DU PROGRAMME DE Certificats de Dépôt Articles D. 213-9, II, 1, et 213-11 du Code Monétaire et Financier et Art. 1 de l arrêté du 13 février 1992 modifié et les réglementations postérieures. 1.1 Nom du Programme : JYSKE BANK A/S Certificats de Dépôt 1.2 Type de programme : Programme de Titres de Créances Négociables (Certificats de Dépôt) de droit français, conformément aux articles L.213-1 A à L.213-4-1 et D.213-1 à D.213-14 du Code Monétaire et Financier et à toutes les réglementations applicables. 1.3 Nom de l'emetteur : JYSKE BANK A/S 1.4 Type d'émetteur : Etablissement de Crédit 1.5 Objet du Programme : Afin de satisfaire aux besoins généraux de financement JYSKE BANK, "l Emetteur" et de ses filiales, l Emetteur procèdera à l émission périodique de Certificats de Dépôt, conformément aux articles L.213-1 A à L.213-4-1 et D.213-1 à D.213-14 du Code Monétaire et Financier et à toutes les réglementations applicables. 1.6 Plafond du Programme : L encours maximal des Certificats de Dépôt émis aux termes du Programme s élèvera à 5 milliards d EUR ou sa contre-valeur en toute autre devise autorisée à la date d émission. 1.7 Forme des titres : Les Certificats de Dépôt sont des titres de créances négociables, émis au porteur et sont inscrits en compte auprès d intermédiaires autorisés conformément à la législation et à la réglementation française en vigueur. 1.8 Rémuneration : La rémunération des Certificats de Dépôt est libre. Cependant, l Emetteur s engage à informer préalablement à l'émission d'un Certificat de Dépôt la Banque de France lorsque la rémunération est liée à un indice ou varie en application d une clause d indexation qui ne porte pas sur un taux usuel du marché interbancaire, monétaire ou obligataire. Dans le cas ou la rémunération des Certificats de Dépôt est liée á un indice ou varie en application d une formule il est précisé que les Certificats de Dépôt ne pourront pas être remboursés à un montant inférieur au pair, et le choix de taux de référence sera limité à un taux du marché interbancaire, EONIA ou un taux obligataire. Dans le cas d une émission comportant une option de remboursement anticipé, de prorogation ou de rachat, telle que prévue au paragraphe 1.10 ci-après, les conditions de rémunération du Certificat de Dépôt seront fixées à l occasion de l émission initiale et ne pourront pas être modifiées ultérieurement, notamment à l occasion de l exercice de l option de remboursement anticipé, de prorogation ou de rachat. 1.9 Devises d'émission : Les Certificats de Dépôt seront émis en EUR ou dans toute autre devise autorisée par la législation française en vigueur au moment de l émission. 1.10 Échéance : 3

L échéance des Certificats de Dépôt sera fixée conformément à la législation et à la réglementation française, ce qui implique qu à la date des présentes ladite échéance ne peut être inférieure à un jour ni supérieure à 365 jours (366 jours lors d une année bissextile). Les Certificats de Dépôts peuvent être remboursés avant maturité en accord avec les lois et les réglementations applicables en France. Les Certificats de Dépôt émis dans le cadre du Programme pourront comporter une ou plusieurs options de prorogation de l échéance (au gré de l Émetteur, ou du détenteur, ou en fonction d un (ou plusieurs) évènement(s) indépendant(s) de l Émetteur et ou du détenteur). Les Certificats de Dépôt émis dans le cadre du Programme pourront aussi comporter une ou plusieurs options de rachat par l Émetteur (au gré de l Émetteur, ou du détenteur, ou en fonction d un (ou plusieurs) évènement(s) indépendant(s) de l Émetteur et / ou du détenteur). L option de remboursement anticipé, de prorogation ou de rachat de Certificats de Dépôt, sil y a lieu, devra être spécifiée explicitement dans le formulaire de confirmation de toute émission concernée. En tout état de cause, la durée de tout Certificat de Dépôt assortie d une ou de plusieurs de ces clauses, sera toujours, toutes options de remboursement anticipé, de prorogation ou rachat comprises, conforme à la réglementation en vigueur au moment de l émission du dit Certificat de Dépôt. 1.11 Montant minimal des émissions : Le montant unitaire, déterminé au moment de chaque émission, sera au moins égal à 200.000 EUR s ou à la contre-valeur de ce montant en devises. 1.12 Dénomination minimale des titres : En vertu de la réglementation (Article D 213-11 du Code monétaire et financier), le montant minimum légal des Titres de Créances Négociables émis dans le cadre de ce programme est de 200 000 euros ou la contrevaleur de ce montant en devises déterminée au moment de l émission 1.13 Rang : Les Certificats de Dépôt constitueront des obligations directes, non assorties de sûreté et non subordonnées de l Emetteur, venant au moins à égalité de rang avec les autres obligations actuelles et futures, directes, non assorties de sûreté,non garanties et non subordonnées de l Emetteur. 1.14 Droit applicable : Tout Certificat de Dépôt émis dans le cadre de ce Programme sera régi par le droit français. Tous les litiges auxquels l émission des Certificats de Dépôt pourraient donner lieu seront régis par le droit français et interprétés selon le droit français. 1.15 Listing : L'ensemble, ou une partie seulement, des Certificats de Dépôt émis dans le cadre de ce programme pourront être admis à la négociation sur Euronext Paris, conformément à la Directive 2003/71/CE du Parlement Européen et du Conseil du 4 novembre 2003. 1.16 Système de règlement livraison d émission : Les Certificats de Dépôt seront émis en Euroclear France. 1.17 Notation : L agence de notation Standard & Poor s a attribué la notation A-2 au Programme. Le lettre de notation de Standard & Poor s figure à l Annexe III. Les notations peuvent être révisées à toute moment par les agences de notation. Les investisseurs sont invités à consulter le site internet de l agence de notation afin de prendre connaissance de la notation la plus récente. 4

1.18 Garant : Le programme n est pas garanti 1.19 Agent Domiciliataire : L Emetteur a désigné la Société Générale en qualité d «Agent Domiciliataire» pour le Programme. L Emetteur peut décider de remplacer l Agent Domiciliataire d origine ou de nommer d autres Agents Domiciliataires et, dans cette hypothèse, mettra à jour la Documentation Financière conformément à la réglementation en vigueur. 1.20 Arrangeur : Société Générale 1.21 Mode de placement : Les Certificats de Dépôt seront placés par les Agents Placeurs suivants : ING Wholesale Banking, UBS Limited,, JYSKE BANK A/S et par Société Générale. L Emetteur pourra ultérieurement remplacer un Agent Placeur ou nommer d autres Agents Placeurs; une liste à jour desdits Agents Placeurs sera communiquée aux investisseurs sur demande déposée auprès de l Emetteur. 1.22 Restrictions à la vente : Restrictions Générales Aucune mesure n a été ou ne sera prise par l'emetteur, chaque Agent Placeur, chaque souscripteur initial et chaque détenteur subséquent de Certificats de Dépôt émis dans le cadre du Programme aux fins de permettre une offre au public des Certificats de Dépôt, ou la détention ou la distribution de la Documentation Financière ou de tout autre document relatif aux Certificats de Dépôt, dans un payss ou un territoire où des mesures sont nécessaires à cet effet. L Emetteur, chaque Agent Placeur, chaque souscripteur initial et chaque détenteur subséquent de Certificats de Dépôt s est engagé à respecter, dans toute la mesure du possible, les lois et règlements en vigueur dans chaque pays ou territoire où il achète, offre ou vend les Certificats de Dépôt ou dans lequel il détient ou distribue la Documentation Financière ou tout autre document relatif au Certificats de Dépôt et à obtenir tout consentement, accord ou permission nécessaire à l achat, l offre ou la vente de Certificats de Dépôt conformément aux lois et règlements qui lui sont applicables et à ceux du pays ou territoire où il réalise cet achat, offre ou vente et ni l'emetteur, ni aucun Agent Placeur, ni aucun souscripteur initial ou détenteur subséquent de Certificats de Dépôt n encourent de responsabilité à ce titre. L Emetteur, ni aucun Agent Placeur, aucun souscripteur initial ou détenteur subséquent de Certificats de Dépôt n'offrira, ne vendra ni ne remettra, directement ou indirectement, les Certificats de Dépôt ou distribuera la Documentation Financière ou tout autre document relatif aux Certificats de Dépôt, dans un pays ou territoire sauf dans des conditions où toutes les lois et règlements applicables seront respectés et ne mettront aucune obligation à la charge de l Emetteur. France L Emetteur, chaque Agent Placeur, chaque souscripteur initial a déclaré et garanti et chaque détenteur subséquent de Certificats de Dépôt devra déclarer et garantir, qu il n a pas offert ni vendu ni n offrira ou ne vendra, directement ou indirectement, de Certificats de Dépôt au public en France, et qu il n a pas distribué ou fait distribuer et qu'il ne distribuera pas ou ne fera pas distribuer au public en France la Documentation Financière ou tout autre document commercial ou offre relatif aux Certificats de Dépôt et que de telles offres, ventes et distributions ont été et seront effectuées en France uniquement auprès (i) d investisseurs qualifiés agissant pour compte propre au sens du deuxième alinéa de l'article L 411-5

2 et des articles D 411-1 et D 411-2 du Code monétaire et financier et/ou (ii) de personnes fournissant un service d'investissement de gestion de portefeuille pour compte de tiers. Pour les autres pays, merci de vous référer au 1.22, English Section ( 1.22 de la section en anglais). 1.23 Taxation : L Emetteur ne s engage pas à indemniser les détenteurs de Certificats de Dépôt en cas de prélèvement de nature fiscale en France ou à l étranger, sur toutes sommes versées au titre des Certificats de Dépôt, à l exception des droits de timbres ou droit d enregistrement dus par l Emetteur en France. 1.24 Implication d'autorités nationales : Banque de France 1.25 Coordonnées des personnes assurant la mise en œuvre du Programme : Des informations sur Jyske Bank peuvent être obtenues auprès de : Site web de Jyske Bank : www.investor.jyskebank.com Merete Poller Novak Title : Senior Vice President, Head of Debt IR & Capital Markets Funding, Treasury Phone: +45 8989 2526 Fax: +45 8989 6760 E-mail: mpn@jyskebank.dk Steen Nøhr Nygaard Title: Senior Director, Head of TreasuryDivision Phone: +45 8989 2522 Fax: +45 8989 6760 E-mail: snn@jyskebank.dk 1.26 Informations complémentaires sur le programme: Merci de vous référer au 1.26, English Section ( 1.26 de la section en anglais) 1.27 Commissaires aux Comptes de l émetteur ayant audité les comptes annuels de l émetteur Merci de vous référer à l English Section 3.4 6

II. INFORMATION CONCERNANT L EMETTEUR Article D. 213-9, II, 2 du Code monétaire et finan cier et Article 2, I et II du 3 de l arrêté du 13 février 1992 modifié et les réglementations postérieures. 2.1 Dénomination sociale : JYSKE BANK A/S 2.2 Forme juridique : L Emetteur est enregistré au Danemark en tant que banque commerciale sous la forme d une société anonyme de droit danois et est régi par le Danish Financial Business Act no. 948 of 02/07/2013. 2.3 Date de constitution : 7 juillet 1967 2.4 Siège social : JYSKE BANK A/S Siège social: Vestergade 8-16 8600 Silkeborg DANEMARK 2.5 Numéro d immatriculation, et lieu d'enregistrement : L Emetteur est enregistré auprès de la Danish Commerce and Companies Agency (Erhvervs- og Selskabsstyrelsen) sous le numéro CVR 17616617. 2.6 Objet social résumé : Conformément à l Article 1 de ses statuts, l objet social de Jyske Bank A/S est d agir en tant que banque et de rendre des services financiers soit directement, soit à travers ses filiales. 2.7 Description des principales activités de l Emetteur (I et II du 3 de l article 2 de l arrêté du 13 février 1992 modifié) Par le montant de ses actifs qui s élève à DKK 542 milliards au 31 décembre 2014, le Groupe Jyske Bank (le Groupe) est le quatrième plus grand groupe de services financiers au Danemark. La société mère du Group, Jyske Bank A/S est la troisième plus grande banque au Danemark Au 31 décembre 2014, le Groupe employait 4.191 employés à plein temps. La fusion avec l institution hypothécaire danoise BRFkredit le 30 avril 2014, a fortifié la position du Groupe sur le marché danois, en ajoutant une part de marché de 8% du total des prêts hypothécaires danois en plus de la part de marché actuelle de Jyske Bank de l'ordre de 7% des prêts bancaires et de 8% des dépôts bancaires. La fusion a augmenté la diversification du portefeuille de crédits vers une répartition plus équilibrée entre le secteur des PME / entreprises et les particuliers / le secteur résidentiel dans le profil d'ensemble du Groupe, qui devrait soutenir la stabilité des résultats futurs. Le Groupe Jyske Bank a une forte présence sur le marché national et possède une plateforme de distribution étendue avec 104 branches spécialisées dans les clients particuliers, 34 branches spécialisées dans les PME et les entreprises et neuf agences de banque privée dans tout le Danemark. Jyske Bank A / S ainsi que sa filiale BRFkredit a / s sont considérées des «SIFIs» (institutions à risque systémique) danoises. Avec un ratio CET1 de 15.3 % au 31 décembre 2014, le Groupe Jyske Bank est fortement capitalisée et respecte déjà les exigences de ratio CET1 pleine charge de la directive CRD IV et de la réglementation danoise pour les «SIFIs». Le Groupe reste bien positionné pour générer de la croissance organique et aussi continuer à être un acteur important dans la consolidation du secteur bancaire danois via des acquisitions ciblées. Jyske Bank a récemment élargi sa gamme de produits avec des prêts immobiliers garantis à des prix compétitifs, dans le cadre de son objectif stratégique de devenir la «banque préférée des propriétaires de maisons au Danemark". Les trois principales branches d activités de Jyske Bank sont les suivantes : Le Groupe Jyske Bank, activités bancaires Services de banque de détail et commerciale au Danemark s adressant essentiellement aux particuliers et aux PME ainsi qu aux collectivités locales et aux organismes de l État. Les clients bénéficient d un réseau national et d une plateforme bancaire sur internet et sur les téléphones portables.. Jyske Bank propose une gamme complète de services financiers et de solutions financières, y compris des activités 7

financières et de crédit bail. De plus, la banque propose des produits de crédit hypothécaire et d assurance à travers des accords de coopération avec des partenaires stratégiques, comme par exemple DLR, BRFkredit, GF Forsikring (assurances) et PFA (assurances-vie). Le Groupe Jyske Bank, activités commerciales et d investissement Services de conseils en investissement et de gestion d actifs, y compris des transactions de produits à rémunération fixe, de devises étrangères, d obligations, d actions, de matières premières et de produits dérivés pour les investisseurs nationaux et internationaux, en partie à travers via les activités de Jyske Markets à Silkeborg au Danemark, et, en partie à travers les entités de Banque Privee à Zurich, Gibraltar et Copenhague. Le Groupe Jyske Bank, activités de prêts hypothécaires BRFkredit BRFkredit est la quatrième plus grande institution hypothécaire du Danemark et réalise les activités de prêts hypothécaires du Groupe Jyske Bank, spécialisée dans les maisons occupées par le propriétaire, les maisons de vacances, les propriétés commerciales et les logements subventionnés. Les produits hypothécaires sont distribués via des partenaires, une plateforme web et une force de vente mobile Pour plus de détails se référer au 2.7, English Section, et aux pages 83-85 dans le rapport annuel du 2013 et aux pages 50-52 du rapport annuel 2014. 2.8 Capital ou équivalent: 2.8.1 Montant du capital souscrit et entièrement libéré : Au 31 décembre 2014, le capital souscrit et entièrement libéré s élevait à DKK 950.399.990 (EUR 127.570.469) divisé en 95.039.999 actions d une valeur nominale de DKK 10 (EUR 1,34 ). 2.8.2 Montant du capital souscrit et non entièrement libéré : Non applicable. 2.9 Répartition du capital : A fin 2014 BRFholding a/s (Danemark) détenait 25 % du capital et MFS Investment Management (USA) détenait plus que 5 % du capital. 2.10 Marchés règlementés où les actions de l Emetteur sont négociées : Les actions de l Emetteur sont côtées à la Bourse NASDAQ OMX de Copenhague. 8

2.11 Conseil d Administration : Ci-après figurent les noms des membres du Comite Exécutif et Conseil de Surveillance de Jyske Bank A/S au 31 décembre 2014. Comité Exécutif - Anders DAM (Président - Directeur Général) - Leif F. LARSEN - Niels Erik JAKOBSEN - Per Skovhus - Sven A. Blomberg Conseil de Surveillance - Sven BUHRKALL (Président) - Kurt Bligaard Pedersen (Vice-Président) - Jens A. Borup - Philip BARUCH - Keld NORUP - Rina Asmussen - Oluf Engell - Haggai Kunisch (Représentant des employés) - Marianne Lillevang (Représentant des employés) - Jesper Holbøll (Représentant des employés) 2.12 Méthodes comptables : Comme mentionné en page 102 de Jyske Bank Annual Report 2014 (Schedule I), les comptes consolidés pour l année 2014 ont été préparés selon les normes comptables financières internationales (International Financial Reporting Standards) ratifiées par l Union européenne 2.13 Exercice comptable : 1er janvier - 31 décembre 2.13. 1 Date de tenue de l assemblée générale annuelle ayant approuvé les comptes annuels de l exercice écoulé (ou son équivalent) 24/03/2015 2.14 Exercice social: du 1er janvier au 31 décembre de chaque année. 2.15 Programmes d émission à l étranger de titres de même nature : Programme d EMTN de USD 8 000 000 000 coté à la Bourse de Londres 2.16 L information sur la notation de l emmetteur Jyske Bank est noté par l agence de notation Standard et Poor s. 2.17 Informations complémentaires sur l émetteur Optionnel 1 1 Information pouvant être fournie par l émetteur sans que la réglementation française ne l impose 9

III. CERTIFICATION D INFORMATION RESPONSABILITE DE LA DOCUMENTATION FINANCIÈRE ET CONTRÔLE DES COMPTES Article D. 213-9, II, 3 et III du Code Monétaire et Financier et Art. 2, dernier alinéa de l arrêté du 13 février 1992 modifié et les réglementations postérieures. Merci de vous référer au Chapter III, English section (chapitre III de la section en anglais). 10

IV. INFORMATION CONCERNANT LA DEMANDE DE LABEL STEP PAR L'EMETTEUR Merci de vous référer au Chapter IV, English section (chapitre IV de la section en anglais). ANNEXES Merci de vous référer aux Appendices, English section (Annexes de la section en anglais). 11

ENGLISH SECTION I. SUMMARY OF THE PROGRAMME DESCRIPTION OF THE CERTIFICATS DE DEPOT PROGRAMME Articles D. 213-9, II, 1 and 213-11 of the Code Monétaire et Financier and Article 1 of the Amended Order (arrêté) of 13 February 1992 and subsequent amendments. 1.1 Name of the Programme: JYSKE BANK A/S French Certificats de Dépôt 1.2 Type of programme: Programme of Titres de Créances Négociables (Certificats de Dépôt) issued under the French Law, in accordance with Articles L.213-1 A to L.213-4-1 and D.213-1 to D.213-14 of the French Monetary and Financial Code and all applicable regulations. 1.3 Name of the Issuer: JYSKE BANK A/S 1.4 Type of issuer: Monetary Financial Institution 1.5 Purpose of the Programme: In order to meet the general funding needs of JYSKE BANK (the Issuer) and its subsidiaries, the Issuer will issue from time to time Certificats de Dépôt, in accordance with Articles L.213-1 A to L.213-4-1 and D.213-1 to D.213-14 of the French Monetary and Financial Code and all applicable regulations. 1.6 Maximum outstanding amount: The maximum outstanding amount of Certificats de Dépôt issued under the Programme shall be EUR 5,000,000,000 or its equivalent value at the date of issue in any other authorized currencies. 1.7 Characteritics and forms of the Notes: The Certificats de Dépôt are Negotiable Debt Securities (TCNs or Titres de Créances Négociables), issued in bearer form and recorded in the books of authorised intermediaries (book entry system) in accordance with French laws and regulations. 1.8 Yield basis: The remuneration of the Certificats de Dépôt is unrestricted. However, the Issuer shall inform the Banque de France prior to the issuance of Certificats de Dépôt of any remuneration linked to an index or which varies in accordance with an index clause and if that index or index clause does not refer to a usual interbank market, money market or bond market rate. If there will be an index or formula involved in determining the remuneration there will be no possibility for a negative remuneration and the index options will be limited to EONIA money market, interbank market or bond market rates. In the case of an issue of Certificat de Dépôt embedding an option of early redemption, extension or repurchase, as mentionned in paragraph 1.10 below, the conditions of remuneration of such Certificat de Dépôt will be set at when the said Certificat de Dépôt will be initially issued et shall not be further modified, including when such an embedded option of early redemption, extension or repurchase will be exercised. 1.9 Currencies of issues of the Notes: 12

The Certificats de Dépôt shall be issued in EUR or in any other currency authorized by laws and regulations in force in France at the time of the issue. 1.10 Maturity of the Notes: The term of the Certificats de Dépôt shall be determined in accordance with laws and regulations applicable in France, which imply that, at the date hereof, such term shall not be less than one day and shall not exceed 365 days (366 days in a leap year). The Certificats de Dépôt may be repaid before maturity in accordance with the laws and regulations applicable in France. The Certificats de Dépôt issued under the Programme may carry one or more embedded option(s) of extension of the term (hold by either the Issuer or the holder, or linked to one or several events not related to either the Issuer or the holder). The Certificats de Dépôt issued under the Programme may also carry one or more embedded option(s) of repurchase before the term (hold by either the Issuer or the holder, or linked to one or several events not related to either the Issuer or the holder). An option of early redemption, extension or repurchase of Certificats de Dépôt, if any, shall be explicitly specified in the confirmation form of any related issuance of Certificat de Dépôt. In any case, the overall maturity of any Certificat de Dépôt embedded with one or several of such clauses, shall always - all options of early redemption, extension or repurchase included conform to laws and regulations in force in France at the time of the issue. 1.11 Minimum issuance amount: The Certificats de Dépôt shall be issued for a nominal amount at least equal to EUR 200,000 or its equivalent in other currencies. 1.12 Minimum denomination of the Notes: By virtue of regulation (Article D 213-11 of the French monetary and financial Code), the legal minimum face value of the Billets de Trésorerie issued within the framework of this programme is 200 000 euros or the equivalent in the currencies selected at the time of issuance 1.13 Status of the Notes: The Certificats de Dépôt shall constitute direct, unsecured and unsubordinated obligations of the Issuer, ranking at least pari passu with all other current and future direct, unsecured, unguaranteed and unsubordinated indebtedness of the Issuer. 1.14 Governing law that applies to the Notes: Any Certificat de Dépôt under the Programme will be governed by French law. 1.15 Listing: All potential disputes related to the issuance of the Certificats de Dépôt shall be governed and construed according to French Law. All, or part only, of the Certificats de Dépôt issued under this Programme may be admitted to trading on Euronext Paris pursuant to the Directive 2003/71/EC of the European Parliament and the Council dated 4th November 2003. 1.16 Settlement system of issuance: The Certificats de Dépôt will be issued in Euroclear France. 13

1.17 Ratings: The rating A-2 has been assigned to the Programme by Standard & Poor s, see Appendix III. Ratings can come under review at any time by Rating Agencies. Investors are invited to refer to the website of the relevant Rating Agency in order to have access to the latest rating. 1.18 Guarantor: 1.19 No 1.20 Arranger: 1.21 Dealer: Issuing and Paying Agent (Agent Domiciliataire): The Issuer has appointed Société Générale as its Agent Domiciliataire in relation to the Programme. The Issuer may decide to replace the initial Agent Domiciliataire or appoint another Agent Domiciliataire and will, following such appointment update the Documentation Financière in accordance with French laws and regulations. Société Générale The Certificats de Dépôt will be placed by the following Placement Agents (Agent Placeurs or Dealers): ING Wholesale Banking, UBS Limited, JYSKE BANK A/S and by Société Générale. The Issuer may subsequently elect to replace any of the placement agents or appoint other placement agents; an updated list of such placement agents shall be disclosed to investors upon request to the Issuer. 1.22 Selling Restrictions: General selling restrictions No action has been taken or will be taken by the Issuer, each Dealer, any initial subscriber and any further holder of the Certificats de Dépôt issued under the Programme that would or is intended to permit a public offering of the Certificats de Dépôt or the possession or distribution of the Documentation Financière or any other document relating to the Certificats de Dépôt in any country or jurisdiction where action for that purpose is required. The Issuer, each Dealer, any initial subscriber and any further holder of the Certificats de Dépôt has undertaken, to the extent possible, to the best of its knowledge, to comply with all applicable laws and regulations in force in any country or jurisdiction in which it purchases, offers or sells the Certificats de Dépôt or possesses or distributes the Documentation Financière or any other document relating to the Certificats de Dépôt and to obtain any consent, approval or permission required by it for the purchase, offer or sale of Certificats de Dépôt under the laws and regulations in force in any jurisdiction to which it is subject or in which it will make such purchases offers or sales and neither the Issuer, nor any Dealer nor any initial subscriber nor any further holder shall have responsibility therefore. None of the Issuer, any Dealer, any initial subscriber or any further holder of the Certificats de Dépôt will either offer, sell or deliver, directly or indirectly, any Certificats de Dépôt or distribute the Documentation Financière or any other document relating to the Certificats de Dépôt in or from any country or jurisdiction except under circumstances that will result in the compliance with any applicable laws and regulations and which will not impose any obligations on the Issuer. 14

France Each of the Issuer, the Dealer, any initial subscriber has represented and agreed and any further holder of the Certificats de Dépôt will be required to represent and agree, that it has not offered or sold, and will not offer or sell directly or indirectly any Certificats de Dépôt to the public in France, and has not distributed and will not distribute or cause to be distributed to the public in France the Documentation Financière or any other offering material relating to the Certificats de Dépôt and that such offers, sales and distributions have been and will only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account in accordance with sub-paragraph 2 of article L 411-2 and articles D 411-1 and D 411-2 of the French Code monétaire et financier and/or (ii) to providers of investment services relating to portfolio management for the account of third parties. United States The Certificats de Dépôt have not been and will not be registered under the Securities Act of 1933, as amended (the Securities Act ), or any other laws or regulations of any state of the United States of America, and may not be offered or sold within the United States of America, or to, or for the account or benefit of, U.S. persons (as defined in accordance with Regulation S under the Securities Act). The Issuer, each Dealer, and any initial subscriber have represented and agreed, and any further holder of the Certificats de Dépôt will be required to represent and agree, that they have not offered, sold or delivered, and will not offer, sell or deliver, whether directly or indirectly, any Certificats de Dépôt within the United States of America or to, or for the account or benefit of, any U.S. person (i) (ii) 1.23 Taxation: as part of their distribution at any time and otherwise until the day immediately following 40 days after the later of (y) the day on which such Certificats de Dépôt are offered and (z) the issue date of such Certificats de Dépôt (the Distribution Compliance Period ). In addition, until the conclusion of the Distribution Compliance Period, an offer or sale of Certificats de Dépôt within the United States by the Issuer, each Dealer, any initial subscriber or any further holder of the Certificats de Dépôt, whether or not participating in the offering, may violate the registration requirements of the Securities Act. The Issuer, each Dealer, any initial subscriber have also agreed, and any further holder of the Certificats de Dépôt will be required to agree that they will send to each distributor, initial subscriber or person to which they sell the Certificats de Dépôt during the Distribution Compliance Period a notice setting out the selling and offering restrictions of the Certificats de Dépôt in the United States of America or to, or for the account or benefit of, US persons. The Certificats de Dépôt will be offered and sold only outside the United States to persons other than US persons (as defined in accordance with Regulation S under the Securities Act). The Issuer is not bound to indemnify any holder of the Certificats de Dépôt in case of taxes which are payable under French law or any other foreign law in respect of the principal of, or the interest on, the Certificats de Dépôt, except for any stamp or registration taxes payable by the Issuer under French law. 1.24 Involvement of national authorities: Banque de France 15

Programme Implementation Contact Persons: 1.25 Information about the Issuer can be obtained from: JYSKE BANK website : www.investor.jyskebank.com Merete Poller Novak Title: Senior Vice President, Head of Debt IR & Capital Markets Funding, Treasury Phone: +45 8989 2526 Fax: +45 89896760 E-mail: mpn@jyskebank.dk Steen Nøhr Nygaard Title: Senior Director, Head of Treasury Division Phone: +45 8989 2522 Fax: +45 89896760 E-mail: snn@jyskebank.dk 1.26 Additional information on the programme : 1.26.1 Updates The Issuer shall update in due time the Documentation Financière in accordance with the legal laws and regulations applicable for rated programmes of French Titres de Créances Négociables. Annual update The Issuer shall update each year its Documentation Financière within 45 days following the shareholders annual general meeting, or the equivalent body, voting on the accounts for the last financial year. Permanent update The Issuer shall immediately update its Documentation Financière following any change to the Certificats de Dépôt under this Programme relating to: the maximum amount of its outstanding Certificats de Dépôt issues; its rating; the Agent Domiciliataire; any new circumstance which may have a significant effect on the Certificats de Dépôt or on the outcome of the issue programme. 1.26.2 Communication The Issuer shall, in accordance with applicable laws and regulations, immediately and free of charge, provide its Documentation Financière, and its updates to the entities involved in the implementation of its Programme such as: Agent Domiciliataire Intermediaries for the purchase and sale of the Certificats de Dépôt and any person who requests them. The Issuer shall communicate immediately each update to the Banque de France. 16

II. INFORMATION CONCERNING THE ISSUER Article D. 213-9, II, 2 of the Code monétaire et f inancier and Article 2, I et II du 3 of the Amended Order (arrêté) of 13 February 1992 and all subsequent amendments. 2.1 Legal name: JYSKE BANK A/S 2.2 Legal form / status: The Issuer is incorporated in Denmark as a commercial bank in the legal form of a limited liability company and is regulated by the consolidated Act on Financial Business 948 of 02/07/2013. as amended of the Kingdom of Denmark ("The Financial Business Act") 2.3 Date of incorporation/establishment: 7 th July 1967 2.4 Registered office: JYSKE BANK A/S Registered Office: Vestergade 8-16 8600 Silkeborg DENMARK 2.5 Registration number, place of registration: The Issuer is registered with the Danish Commerce and Companies Agency (Erhvervs- og Selskabsstyrelsen) under number CVR 17616617. 2.6 Company s purpose: According to article one of the Articles of Association, the objective of Jyske Bank A/S is to act as a bank and carry out related financial services either directly through Jyske Bank A/S or through its subsidiaries. 2.7 Summarised description of current activities: (I and II of 3 of Article 2 of the Amended Order (arrêté) of 13 February 1992) Jyske Bank ( the Bank ) was established as a public limited company on 7 th July 1967 under the Danish Companies Act and Bank Act and is registered with the Danish Commerce and Companies Agency (Erhvervs- og Selskabsstyrelsen), under number CVR 17616617. The Bank s incorporation followed the merger of four banks tracing their roots back to the mid-1850s. Through further mergers the Bank achieved nationwide retail branch coverage in the 1980s. During the post financial crisis years Jyske Bank strengthened its market position in Denmark by acquiring smaller bank lending portfolios, such as the leasing activities of Finans Nord A/S and Easyfleet A/S and the purchase of the profitable parts of Fjordbank Mors from the Financial Stability Cooperation in 2011. In 2013 Jyske Bank acquired all of the small regional bank Spar Lolland A/S banking activities. In 2012, Jyske Bank and BRFkredit signed an agreement on joint funding. The agreement gave Jyske Bank access to cost efficient long-term financing of the residential bank loan products Jyske Prioritet home loans granted on the basis of collateral in the homeowner s house, through the issue of Danish mortgage bonds ( SDO ) by BRFkredit. In 2014 the Group took the largest step in its corporate history to strengthen the market position by merging with BRFkredit. The purchase price for all shares in BRFkredit was determined at DKK 7.1bn, of which DKK 100m was paid in cash and the rest by issuance of new shares in Jyske Bank to BRF Holding A/S which became the largest shareholder in Jyske Bank A/S with an ownership stake of 25 per cent. The merger doubled the size of the balance sheet of the Group and tripled its lending portfolio. 17

Furthermore it improved diversification of the balance sheet thereby lowering the risk profile for the total earnings. BRFkredit s activities date back to 1959. The main activity of BRFkredit is mortgage lending secured against real property in Denmark. During 2014, Jyske Bank divested two non-core activities, selling (i) its wholly owned subsidiary Silkeborg Data A/S, a leading provider of payroll and staff administration systems to the public sector, and (ii) its 60 per cent. stake in the investment company, Berben s Effectenkantoor B.V., in the Netherlands. In February 2015, Jyske Bank and Nykredit entered into an agreement on the specific terms and conditions for Jyske Bank s exit from the Totalkredit cooperation, including sale of the Jyske Bank s shares in Pengeinstitutternes Realkreditselskab A/S ( PRAS ). PRAS is a company that owns shares in Nykredit Holding A/S and DLR Kredit A/S. Strategy and scope of business With total assets of DKK 542 billion the Jyske Bank Group (the Group) is the fourth largest financial service group in Denmark. The mother company Jyske Bank A/S is Denmark s third largest bank. As at end of December 2014 the Group had 4,191 full time employees. The merger with the Danish mortgage institution BRFkredit on 30 April 2014 strengthened the position of the Group on the Danish market adding a market share of 8 % of aggregate Danish mortgage lending in addition to Jyske Bank s existing market share of around 8 % of bank lending and 8 % of bank deposit taking. The merger increased the diversification in the credit portfolio leading to a more balanced split between the SME/corporate sector and the private individuals/residential sector in the overall Group profile, which is expected to underpin stability in future earnings. The Jyske Bank Group has a strong nationwide market presence and an extensive distribution platform with 101 branches focusing on retail clients, 34 branches specialized in SME and corporate clients and nine private banking branches throughout Denmark. Both Jyske Bank A/S as well as the subsidiary BRFkredit a/s are Danish SIFIs. With a CET1 ratio of 15.3 % as per 31 December 2014 the Jyske Bank Group is strongly capitalized and already compliant with the fully loaded CET1 requirements of the CRD IV and the Danish SIFI regulation. The Group remains well positioned for organic growth as well as to continue being a strong player in the consolidation in the Danish banking sector via select acquisitions. Jyske Bank has recently expanded the product line with competitively priced, collateralized home loans as part of the strategic focus to become the preferred bank of the Danish houseowners. The Jyske Bank Group has 3 core business lines: The Jyske Bank Group, Banking activities Retail and commercial Banking in Denmark focusing primarily on Danish individuals, families, SMEs, as well as local and regional public institutions and state institutions. Customers are serviced via the nationwide branch network and via the Internet and mobile phone banking platforms. Jyske Bank offers a full range of financial services in connection with financial solutions, including leasing and financing activities, Mortgage and insurance products are offered via sourcing agreements with strategic partners such as DLR, BRFKredit, GF Forsikring (insurance) and PFA (life pensions). The Jyske Bank Group, Trading and investment activities Investment advice and asset management services, including trading in fixed-income products, foreign currency, bonds, shares, commodities and derivatives aimed at national and international investors, partly through the activities in Jyske Markets in DK-Silkeborg, partly through the Private Banking entities in Zurich, Gibraltar and Copenhagen. The Jyske Bank Group, BRFkredit mortgage lending activities BRFkredit is Denmark s fourth largest mortgage lender and carries out the Jyske Bank Group s mortgage lending activities, specialising in owner-occupied homes, vacation homes, commercial properties and subsidised housing. Mortgage products are distributed via partners, an online web-platform and a mobile sales force. 18

For segmental financial statements please refer to the pages 80-83 in the annual report of 2013 and the pages 47-52 in the annual report of 2014. DKKm Segmental financial statements Banking activities Mortgage activities Other Trading and investment Reclassification The Jyske Bank Group 2014 Net interest income 3,366 1,008 1,833-177 585 6,615 Net fee and commission income 1,169 151 371 68 0 1,759 Value adjustments -297-39 -877 560 0-653 Other income 402 15 4 3,032 0 3,453 Income 4,640 1,135 1,331 3,483 585 11,174 Expenses 3,742 559 737 495 0 5,533 Profit before loan impairment charges and provisions for guarantees 898 576 594 2,988 585 5,641 Loan impairment charges and provisions for guarantees 1,729 109 115 0 585 2,538 Pre-tax profit -831 467 479 2,988 0 3,103 Internal allocation of earnings 488-7 -483 2 0 0 Loans and advances 112,913 218,864 28,676 1,346 0 361,799 Bonds and shares 2,043 13,363 76,197 706 0 92,309 Total assets 121,596 238,776 148,573 32,734 0 541,679 Issued bonds at fair value 0 208,539 0 0 0 208,539 Deposits, exclusive of pooled deposits 101,817 0 45,280 706 0 147,803 Guarantees 12,135 39 1,044 0 0 13,218 Mortgage activities cover eight months in 2014 2013 Net interest income 3,065 0 1,576 160 217 5,018 Net fee and commission income 1,225 0 418 86 0 1,729 Value adjustments 214 0 377-50 0 541 Other income 495 0 44 412 0 951 Income 4,999 0 2,415 608 217 8,239 Expenses 3,788 0 647 356 0 4,791 Profit before loan impairment charges and provisions for guarantees 1,211 0 1,768 252 217 3,448 Loan impairment charges and provisions for guarantees 761 0 169 0 217 1,147 Pre-tax profit 450 0 1,599 252 0 2,301 Internal allocation of earnings 374 0-378 0 4 0 Loans and advances 98,974 0 29,895 2,509 0 131,378 Bonds and shares 1,039 0 72,787 1,027 0 74,853 Total assets 111,001 0 125,103 25,900 0 262,004 Deposits, exclusive of pooled deposits 93,951 0 31,354 716 0 126,021 Guarantees 12,476 0 1,006 637 0 14,119 There were no mortgage activities in 2013 19

Risk management The Group assumes financial risks within established limits and to the extent the risk-adjusted return contributes to the Group s financial goal, but to the greatest possible extent the Group attempts to minimise financial risks considering the related costs. Risk management is a key element in the Group s daily operations and is anchored in the Group Supervisory Board and the Group Executive Board. The total risks are always adjusted to the Group s risk profile and capital structure according to the Group s capital management objective. The largest financial risks related to the Group s operations are credit risks which mainly arise from credit granting, market risks dominantly in the form of interest-rate risk and finally liquidity risk arises as an integrated part of the banking activities, and the role of maturity transformation. In addition to these risks the Group s activities also involve counterparty risk related to trading of derivatives and operational and business risks driven by the general activities and operations of the Group. Risk Management organization The Group Supervisory Board lays down the general principles for risk and capital management as well as for the Group s risk profile, and implements these in the Group by adopting a number of risk policies and instructions. Together with the Group Executive Board, the Group Supervisory Board is responsible for ensuring that the Group has an organisational structure that will secure a distinct allocation of responsibility and include an appropriate separation of functions between development units, operating units and control units in the daily monitoring and management of the Group s risks. The Group Executive Board is responsible for the day-to-day risk management and the management of the Group and will ensure that policies and instructions are operationalised and complied with. The Group Executive Board has appointed a group chief risk officer, who is the director of the Finance and Risk Management. The responsibilities of the unit include activities involving risks across areas of risk and organisational units. To achieve efficient risk management close to the mortgage-credit business, the Group has appointed a risk officer at BRFkredit. The risk officer and his employees form an integral part of the unit Finance and Risk Management to ensure that the group chief risk officer has a complete overview of the entire Group s risks. The organisational structure of the Group, ensures that the unit Finance and Risk Management is separated from the risk-taking units and remains independent of business-oriented activities. Credit Risk Management Both Jyske Bank and BRFkredit are approved by the Danish FSA as advanced financial institutions under the CRDIV Directive and use Advanced Internal Ratings Based ( AIRB ) models for the calculation of the capital base requirements for credit risk. Jyske Bank s Group Supervisory Board lays down the overall guidelines for credit granting within the Group, and the largest exposures are presented to the Group Supervisory Board for approval. The Group Supervisory Board delegates limits to the members of the Group Executive Board. Credit risk is managed through Jyske Bank s credit policy, of which the objective is to keep the Group credit risk at an acceptable level in relation to the capital base and business volume of the Group, given the general trend in the Danish economy. Client transactions with the Group must generate a satisfactory long-term return according to other Risk Adjustment Return on Capital ( RAROC ) principles. Specific credit policies have been formulated for all areas in which the Group assumes credit risk, and credit risk levels and undesirable types of business have been identified. The policies are regularly adjusted to meet current requirements and adapted to the management tools available to account managers and the monitoring functions. Credit risk is managed on the basis of the Group s credit risk models. Day-to-day management of credit risk is undertaken by account managers as well as the Credit Unit ( Credits ) with due regard to credit policies and credit instructions. Limits are delegated to account managers individually on the basis of perceived competence and need. Decisions about applications over and above the limits delegated to account managers are made by Credits. Credit-related decisions relating to Credit s limits are made by the Group Executive Board for credit cases at Jyske Bank A/S, whereas the Supervisory Boards for the individual subsidiaries authorise cases involving clients of the subsidiaries. 20

Credit exposures are quantified by means of exposure at default ( EAD ). EAD reflects the exposure at default in the event of the client defaulting in the course of the next twelve months. A client s overall EAD depends on client-specific factors and the specific products held by the client. For most product types, EAD is calculated on the basis of statistical models, while a few product types are based on expert models. Market risk management The Group uses the standardised approach for calculation of the capital base requirements for market risk under the CRD IV Directive. Market risk is the risk that the Group will incur losses arising from position-taking in the financial markets or from the general banking and mortgage banking operations. The dominant market risk component is interest rate risk, caused by changes in market interest rates. In addition the Group also faces exchange rate risk, equity risk and commodity risk caused by changes in exchange rates, equity prices or commodity prices as well as volatility risk caused by changes in volatility levels. Every risk type has its own characteristics and is managed by means of individual risk measurements as well as through the Group s Value-at-Risk model and supplemented by risk measurements developed in accordance with conventional option theory, i.e. by calculating the delta, gamma and vega risks of the positions. All risk positions are monitored daily. Operational Risk Management The Group uses the standardised approach for calculation of the capital base requirements for operational risk under the CRD IV Directive. Operational risk relates to all internal processes such as the risk of Jyske Bank being exposed to potential losses as a result of inexpedient processes, human errors, IT errors as well as fraud. Operational risk can therefore not be eliminated, yet attempts are made to minimise this risk. The Group monitors and actively manages operational risk through a system of comprehensive policies and controls to reduce the risk of operational events resulting in material loss and damage to reputation. Operational risk management also includes business recovery planning and backup of data and software in case of possible breakdown of IT systems, power supply disruption etc. The most vital business contingency plans are updated and tested frequently. Liquidity Risk ManagementLiquidity risk occurs due to funding mismatch in the balance sheet. The Group s liquidity risk can primarily be attributed to its bank lending activities as the Group s bank loan portfolio has a longer contractual duration than its average funding sources. The liquidity risk at BRFkredit is very limited as the liquidity flow at BRFkredit takes place predominantly in a closed circuit linked to the balance principle and the statutory protection of SDOs. Jyske Bank s liquidity management must ensure adequate short and long-term liquidity so the Group can in due time honour its payment obligations by having reasonable funding costs. This is ensured through the following sub-objectives and policies: 1. a strong and stable deposit basis which ensures stable long-term funding of the Group s lending activities; 2. continued high credit ratings by international rating agencies; 3. active participation in the international money markets and permanent access to international capital markets through capital market programmes which give access to a diversified and professional funding base; and 4. maintenance of a considerable buffer of highly liquid securities reflecting the run-off risk of more volatile price and credit sensitive funding sources. The liquidity buffer ensures that Jyske Bank can eliminate the effect of an adverse liquidity situation. In line with the guidelines from the Basel Committee the Group s liquidity risk management is based on flow analysis, integration of stress tests in the limit structure and liquidity contingency planning. The Group s principles for liquidity risk management are under constant development. During 2015 the focus is on recalibrating the Groups liquidity buffer to the Liquidity Coverage Ratio (LCR). As a Danish SIFI the Group must be 100 % compliant with the LCR as per 1 October 2015. 21

Capital Management & capital ratios The objective of capital management is to optimise the Group s capital structure given the adopted risk profile, and to maintain a solvency ratio sufficient for the Group to continue its lending activities during a period of difficult business conditions. The capital adequacy is assessed on the basis of both internal and statutory capital base requirements. The Group must fulfil the minimum regulatory capital base requirements which are set according to the risk types of credit, market and operational risk. Furthermore the Group must fulfil the individual solvency requirement, the Pillar II requirement. The Pillar II requirement for Jyske Bank is determined as the higher of the requirements based on Jyske Bank s internally calculated adequate capital base (according to the Internal Capital Adequacy Assessment Process ( ICAAP )) and the adequate capital base according to the Danish FSA s 8+ method as well as statutory limits. At end-2014, the Group determined an individual solvency requirement of 10.9 per cent., that is a Pillar II requirement of 2.9 per cent. (10.9 per cent. 8 per cent. minimum Pillar I requirement) equalling the solvency requirement according to the method of internal calculation (ICAAP). Capital management objectives and capital structure From 1 January 2014 the Group must comply with the capital requirement regulations, CRR, and CRD IV, which phase in tighter capital base requirements over the coming years. Jyske Bank is designated Danish SIFI, which entails the gradual phasing in of a 1.5 per cent. SIFI supplement to the capital base requirement that reflects the Group s systemic importance. The below graph illustrates an estimate of the fully loaded CRD IV and SIFI requirements by 2019 (total capital ratio as well as CET1 requirements) assuming both a 2.5 per cent. capital conservation buffer as well as a 2.5 per cent. countercyclical buffer, and a Pillar II of 2.9 per cent. (in line with the requirement as of end 2014 2 ) compared to the current capital levels as at end 2014. The countercyclical capital buffer has by the Danish FSA been set at 0 per cent. for 2015 and 2016. Jyske Bank s long-term capital management objective is a total capital ratio of 17.5 per cent. and a CET1 ratio of 14 per cent. Jyske Bank s large proportion of CET1 capital cements the quality of the total capital and provides a substantial buffer for the maximum sustainable loss that can be incurred without the need for additional capital. 2 Pillar II is not statutory but institution specific. It is dynamic and must be calculated and published on a quarterly basis. The Group has estimated that the requirement will be in the range of 1.5 per cent. to 3 5 per cent. over the coming years. 22

Capital ratios and capital buffers 2014 2013 (%) Core equity Tier 1 (CET1) 15.3 15.3 Hybrid Tier 1 (AT1) 0.5 0.6 Total Tier 1 15.8 15.9 Tier 2: 0.6 0.1 Total solvency 16.4 16.0 Individual solvency requirement (Pillar II) 10.9 9.8 Capital buffer 5.5 6.2 Core equity Tier 1 (CET1) capital buffer 4.4 5.5 Corporate governance Members of the Supervisory Board of the Bank are elected indirectly by the shareholders. At the Annual General Meeting, shareholders elect Shareholders Representatives who elect the members of the Supervisory Board among themselves. For both functions the term of office is three years. Voting restrictions The Bank s share capital consists of one class of shares with a face value of DKK 10, each share carrying one vote. The maximum number of votes per shareholder is limited to 4000. Acquisition of more than 10 per cent. of the Bank s share capital requires the consent of the Bank. Voting agreement There are no voting agreements. More detailed information about the Issuer's business activity and 2014 financial results can be found on pages 2 to 38 of Jyske Bank Annual Report 2014 (Schedule I). More detailed information about the Issuer's Risk and capital management can be found on http://investor.jyskebank.com/wps/wcm/connect/917896c5-a852-4fa9-b831- d11e4072b2e3/jyske+bank+capital+and+risk+management+2014.pdf?mod=ajperes 2.8 Capital or equivalent: 2.8.1 Amount of capital subscribed and fully paid: As at 31 December 2014 Jyske Bank's total share capital subscribed and fully paid was DKK 950,399,990 (EUR 127,570,469) represented by 95,039,999 shares with a nominal value of DKK 10 (EUR1.34). 2.8.2 Fraction of issued capital not fully paid-up Not applicable. 2.9 List of main shareholders: At year end 2014 BRFholding a/s (Denmark) held 25 % of the share capital and MFS Investment Management (USA) held more than 5 % of the share capital. 23

2.10 Listing of the shares of the issuer The shares of the Issuer are listed on the NASDAQ OMX Exchange Copenhagen. http://www.nasdaqomxnordic.com/ 2.11 List of the members of the Board of Directors, or the Supervisory Board and of the Directory: Below is the list of members of the Executive Board and Supervisory Board of Jyske Bank A/S as at 31 December 2014. Executive Board - Anders DAM (Managing Director and CEO) - - Leif F. LARSEN - Niels Erik JAKOBSEN - Per Skovhus - Sven A. Blomberg Supervisory Board - Sven BUHRKALL (Chairman) - Kurt Bligaard Pedersen (Deputy Chairman) - Jens A. Borup Philip BARUCH - Keld NORUP - Rina Asmussen - Oluf Engell Haggai Kunisch (Employee Representative) - Marianne Lillevang (Employee Representative) - Jesper Holbøll (Employee Representative) 2.12 Accounting methods: As mentioned on page 102 of Jyske Bank Annual Report 2014 (Schedule I), the consolidated accounts for 2014 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU. 2.13 Accounting year: 1st January to 31st December. 2.13. 1 2.14 Date on which the Annual General Meeting approved the annual financial results (or their equivalent) 24/03/2015 Fiscal year: The fiscal years starts on 1st January and ends on 31st December. 2.15 Other short term paper programmes of the Issuer: 24

III. CERTIFICATION OF INFORMATION RESPONSIBILITY FOR THE DOCUMENTATION FINANCIERE AND ACCOUNT CERTIFICATION Article D. 213-9, II, 3 and III of the Code Monétaire et Financier and Art. 2, last paragraph of the Amended Order (arrêté) of13 th February 1992 and subsequent amendments. 3.1 Persons responsible for the Documentation Financière concerning the programme of French Certificats de Dépot: Name: Leif F. Larsen Niels Erik Jakobsen Title: Member of the Executive Board Member of the Executive Board Declaration of the person responsible for the Documentation Financière: To our knowledge, the information contained in this Documentation Financière, including the French summary, conforms to reality and there is no information the omission of which would make such information misleading. 3.3 Date, Place of signature and Signature Executed in Silkeborg, on 22 May 2015. 3.4 Independent auditors of the issuer, who have audited the accounts of the Issuer s annual report: 3.4.1 Independent Auditors Do please refer to page 41 of the 2014 Annual Report of Jyske Bank (Appendix I) DELOITTE Papirfabrikken 26 DK-8600 Silkeborg Denmark Klaus Skovsen and Henrik A. Laursen 3.4.2 Deputy Independent Auditors Not applicable 3.4.3 Auditor s opinions 25

The Auditor s opinions appear on: Page 41 of the 2014 Annual Report of Jyske Bank (Appendix I) Page 32 of the 2013 Annual Report of Jyske Bank (Appendix I) The auditors opinions apply to consolidated financial statements and parent financial statements 3.5 Disclaimer clauses for dealer(s), IPA(s) and arranger(s): None IV. INFORMATION CONCERNING THE ISSUER S REQUEST OF THE STEP LABEL 4.1 An application for a STEP label for this Programme will be made to the STEP Secretariat [in relation to the Notes eligible under the STEP Market Convention]. Information as to whether the STEP label has been granted for this Programme [in relation to such Notes] may be made available on the STEP market website (initially www.stepmarket.org). This website is not sponsored by the Issuer and the Issuer is not responsible for its content or availability. Unless otherwise specified in this Information Memorandum, the expressions STEP, STEP Market Convention, STEP label, STEP Secretariat, and STEP market website shall have the meaning assigned to them in the Market Convention on Short-Term European Paper dated 25 October 2010 and adopted by the ACI The Financial markets Association and the European Banking Federation (as amended from time to time). 26

I APPENDICES Issuer Annual reports and financial accounts Issuer Annual report 2014 Issuer Annual report 2013 II III Report of independent auditors Standard & Poor s rating 27

Appendix I Issuer Annual reports and financial accounts JYSKE BANK 2014 Annual Report JYSKE BANK 2013 Annual Report Also available via: http://investor.jyskebank.com/investorrelations/financialstatements 28

Appendix II Report of independent auditors Please see Appendix I 29

Appendix III Rating of the Programme Ratings assigned by S&P to this programme can be checked at the following internet address: http://www.standardandpoors.com/ratings/en/eu/ 30