See the estimated costs before you invest

Danske Bank International Investment Cost Overview

3

A better overview of costs when investing with Danske Bank International 4

Equities 6

Nordic equities

Equities from other markets

Bonds 10

Nordic bonds

Bonds from other markets

Luxembourg based mutual funds 14

Luxembourg based equity funds

Luxembourg based bond funds

Luxembourg based mixed funds

Nordic mutual funds 26

Nordic mutual funds

Other mutual funds 30

Other mutual funds

Futures on equities, bonds, or indices 34

Nordic futures

Futures from other markets

Table of contents

4

Get an overview of the estimated costs before you decide how to investOn the following pages, you will find lists of the estimated costs for buying and owning various types of securities.

These costs are estimates based on generic examples of trades, ongoing costs, investment horizons, and the amounts that are invested. Even so, the handbook can pro-vide you with a good overview that may be valuable when you decide how to invest.

Your individual costs may differIt is important to note that the costs in this overview are standard costs.

Consequently, your individual costs may differ from what is listed here. We inform you about your exact individual costs in the reports that you will receive from us regularly.

This handbook does not coverThe focus of this handbook is individual transactions. If you conclude an agreement about a portfolio management or managed account solution, meaning that we invest on your behalf, or another investment service, you will receive infor-mation about the estimated costs of the specific solution before signing the agreement.

For some other products, e.g. structured products, the information about the estimated costs is included in the material that describes the products.

Want to create a portfolio of investments? If you wish to put together a portfolio of investments, we recommend that you seek advice from one of our invest-ment advisors.

Please note that the individual securities with the lowest costs do not necessarily generate the highest net profit. Additionally, some of the listed securities may not be suit-able for you if they do not fit your investment profile. Your profile is determined by your experience and knowledge, ability to bear loss, risk tolerance, time horizon, and objec-tives. Our advisors can help you identify the investments that are suitable for you.

For more information, please feel free to contact Danske Bank International.

When you take your investment decisions, it is important that you know the costs related to the potential trades.

That is exactly the purpose of this handbook: We wish to make sure that it is easy for you as an investor to get an overview of the estimated costs of trading in individual securities, e.g. an equity or a bond.

A better overview of costs when investing with Danske Bank International

5

These custody costs are not deducted from your investment, but from one of your money market account(s).

In this cost handbook you will find examples of trade costs (shown as amounts and percentages) when you are trading in individual securities.

In addition to the costs stated in this cost handbook, the following custody costs must be taken into consideration.

You will pay a minimum 400 EUR semi-annually for having a custody account with us. The below table provides you with examples of custody costs.

Please note

Investment amount Yearly ongoing costs

15.000,00 €800,00 €

5,33%

50.000,00 €800,00 €

1,60%

250.000,00 €800,00 €

0,32%

400.000,00 €800,00 €

0,20%

6

This is an overview of the common elements of costs when investing in Nordic equities, including write issues.

Nordic equities

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Currency cost: This is the exchange cost related to buying and selling an investment product that is traded in a foreign currency. If there is more than one currency in the group of countries in the category, we will use an average currency cost.

Yearly ongoing costs:Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

Equities

7

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €137,00 €

(0,93%)0,00 €

(0,00%)137,00 €

(0,93%)275,00 €

(1,87%)91,00 €(0,62%)

54,00 €(0,37%)

50.000 €375,00 €

(0,76%)0,00 €

(0,00%)375,00 €

(0,76%)750,00 €

(1,52%)248,00 €

(0,51%)149,00 €

(0,30%)

250.000 €1.875,00 €

(0,76%) 0,00 €

(0,00%)1.875,00 €

(0,76%)3.750,00 €

(1,52%)1.243,00 €

(0,51%)745,00 €

(0,30%)

400.000 €3.000,00 €

(0,76%)0,00 €

(0,00%)3.000,00 €

(0,76%) 6.000,00 €

(1,52%) 1.989,00 €

(0,51%)1.192,00 €

(0,30%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €93,00 €(0,63%)

0,00 €(0,00%)

93,00€(0,63%)

187,00 €(1,27%)

62,00 €(0,42%)

37,00 €(0,25%)

50.000 €312,00 €

(0,63%)0,00 €

(0,00%)312,00 €

(0,63%)625,00 €

(1,27%)207,00 €

(0,42%)124,00 €

(0,25%)

250.000 €1.562,00 €

(0,63%) 0,00 €

(0,00%)1.562,00 €

(0,63%)3.125,00 €

(1,27%)1.037,00 €

(0,42%)621,00 €

(0,25%)

400.000 €2.500,00 €

(0,63%)0,00 €

(0,00%)2.500,00 €

(0,63%) 5.000,00 €

(1,27%) 1.659,00 €

(0,42%)994,00 €

(0,25%)

Estimated investment costs

When you invest via an advisor

When you invest yourself online

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts and holding periods.

Please be aware that the costs differ if you invest via an advisor or through our online services.

8

This is an overview of the common elements of costs when investing in equities from other markets, including write issues.

Equities from other markets

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Currency cost: This is the exchange cost related to buying and selling an investment product that is traded in a foreign currency. If there is more than one currency in the group of countries in the category, we will use an average currency cost.

Yearly ongoing costs:Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

9

Estimated investment costs

When you invest via an advisor

When you invest yourself online

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts and holding periods.

Please be aware that the costs differ if you invest via an advisor or through our online services.

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €225,00 €

(1,52%)0,00 €

(0,00%)225,00 €

(1,52%)450,00 €

(3,09%)148,00 €

(1,02%)88,00 €(0,61%)

50.000 €750,00 €

(1,52%)0,00 €

(0,00%)750,00 €

(1,52%)1.500,00 €

(3,09%)494,00 €

(1,02%)296,00 €

(0,61%)

250.000 €3.750,00 €

(1,52%) 0,00 €

(0,00%)3.750,00 €

(1,52%)7.500,00 €

(3,09%)2.474,00 €

(1,02%)1.481,00 €

(0,61%)

400.000 €6.000,00 €

(1,52%)0,00 €

(0,00%)6.000,00 €

(1,52%) 12.000,00 €

(3,09%) 3.959,00 €

(1,02%)2.370,00 €

(0,61%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €172,00 €

(1,16%)0,00 €

(0,00%)172,00 €

(1,16%)345,00 €

(2,35%)114,00 €

(0,78%)68,00 €(0,47%)

50.000 €575,00 €

(1,16%)0,00 €

(0,00%)575,00 €

(1,16%)1.150,00 €

(2,35%)380,00 €

(0,78%)227,00 €

(0,47%)

250.000 €2.875,00 €

(1,16%) 0,00 €

(0,00%)2.875,00 €

(1,16%)5.750,00 €

(2,35%)1.901,00 €

(0,78%)1.139,00 €

(0,47%)

400.000 €4.600,00 €

(1,16%)0,00€

(0,00%)4.600,00 €

(1,16%) 9.200,00 €

(2,35%) 3.042,00 €

(0,78%)1.822,00 €

(0,47%)

10

This is an overview of the common elements of costs when investing in Nordic bonds.

Nordic bonds

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Markup/markdown: This cost consists of an average markup and/or markdown on the trading price.

Currency cost: This is the exchange cost related to buying and selling an investment product that is traded in a foreign currency. If there is more than one currency in the group of countries in the category, we will use an average currency cost.

Yearly ongoing costs:Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including a basic charge for a custody account with bonds and changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

Bonds

11

Estimated investment costs

When you invest via an advisor

When you invest yourself online

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts and holding periods.

Please be aware that the costs differ if you invest via an advisor or through our online services.

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €137,00 €

(0,93%)0,00 €

(0,00%)137,00 €

(0,93%)275,00 €

(1,87%)91,00 €(0,62%)

54,00 €(0,37%)

50.000 €225,00 €

(0,45%)0,00 €

(0,00%)225,00 €

(0,45%)450,00 €

(0,91%)149,00 €

(0,30%)89,00 €(018%)

250.000 €1.000,00 €

(0,40%) 0,00 €

(0,00%)1.000,00 €

(0,40%)2.000,00 €

(0,81%)664,00 €

(0,27%)398,00 €

(0,16%)

400.000 €1.400,00 €

(0,35%)0,00 €

(0,00%)1.400,00 €

(0,35%) 2.800,00 €

(0,70%) 931,00 €

(0,23%)558,00 €

(0,14%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €87,00 €(0,59%)

0,00 €(0,00%)

87,00 €(0,59%)

175,00 €(1,18%)

58,00 €(0,39%)

34,00 €(0,23%)

50.000 €175,00 €

(0,35%)0,00 €

(0,00%)175,00 €

(0,35%)350,00 €

(0,70%)116,00 €

(0,23%)69,00 €(0,14%)

250.000 €875,00 €

(0,35%) 0,00 €

(0,00%)875,00 €

(0,35%)1.750,00 €

(0,70%)581,00 €

(0,23%)349,00 €

(0,14%)

400.000 €1.400,00 €

(0,35%)0,00 €

(0,00%)1.400,00 €

(0,35%) 2.800,00 €

(0,70%) 931,00 €

(0,23%)558,00 €

(0,14%)

12

This is an overview of the common elements of costs when investing in bonds from other markets.

Bonds from other markets

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Markup/markdown: This cost consists of an average markup and/or markdown on the trading price.

Currency cost: This is the exchange cost related to buying and selling an investment product that is traded in a foreign currency. If there is more than one currency in the group of countries in the category, we will use an average currency cost.

Yearly ongoing costs:Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including a basic charge for a custody account with bonds and changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

13

Estimated investment costs

When you invest via an advisor

When you invest yourself online

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts and holding periods.

Please be aware that the costs differ if you invest via an advisor or through our online services.

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €152,00 €

(1,03%)0,00 €

(0,00%)152,00 €

(1,03%)305,00 €

(2,08%)66,00 €(0,69%)

60,00 €(0,41%)

50.000 €300,00 €

(0,60%)0,00 €

(0,00%)300,00 €

(0,60%)600,00 €

(1,21%)199,00 €

(0,40%)119,00 €

(0,24%)

250.000 €1.500,00 €

(0,60%) 0,00 €

(0,00%)1.500,00 €

(0,60%)3.000,00 €

(1,21%)995,00 €

(0,40%)597,00 €

(0,24%)

400.000 €2.400,00 €

(0,60%)0,00 €

(0,00%)2.400,00 €

(0,60%) 4.800,00 €

(1,21%) 1.593,00 €

(0,40%)955,00 €

(0,24%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €102,00 €

(0,69%)0,00 €

(0,00%)102,00 €

(0,69%)205,00 €

(1,39%)68,00 €(0,46%)

40,00 €(0,28%)

50.000 €300,00 €

(0,60%)0,00 €

(0,00%)300,00 €

(0,60%)600,00 €

(1,21%)199,00 €

(0,40%)119,00 €

(0,24%)

250.000 €1.500,00 €

(0,60%) 0,00 €

(0,00%)1.500,00 €

(0,60%)3.000,00 €

(1,21%)995,00 €

(0,40%)597,00 €

(0,24%)

400.000 €2.400,00 €

(0,60%)0,00 €

(0,00%)2.400,00 €

(0,60%) 2.800,00 €

(1,21%) 1.593,00 €

(0,40%)955,00 €

(0,24%)

14

This is an overview of the common elements of costs when investing in Luxembourg based mutual funds based on equities and also includes exchange-traded funds and alternative investment funds.

The ongoing fund costs of mutual funds differ from fund to fund. On the following three pages, you can see examples showing how the annualised costs are affected by three different levels of ongoing fund costs, namely costs of 0,5%, 1,25%, and 2,5%.

Luxembourg based equity funds

Luxembourg based mutual funds

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Subscription/redemption fees: In some situations, you pay a subscription fee or redemption fee when you buy or sell an investment product, respectively. The fees cover the costs of issuing or redeeming units in a fund. The examples on the following pages are based on average fees.

Yearly ongoing costs:Ongoing fund costs: This covers the total costs related to an investment fund in the holding period.

Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

15

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 0,5%. For example, this could apply to a passively managed fund.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,2%. This commission is a part of the ongoing fund costs 0,5%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 30, 100, 500, and 800 EUR.

Estimated investment costs– ongoing fund costs of 0,5%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)75,00 €(0,50%)

150,00 €(1,01%)

375,00 €(2,56%)

172,00 €(1,19%)

132,00 €(0,93%)

50.000 €500,00 €

(1,01%)250,00 €

(0,50%)500,00 €

(1,01%)1.250,00 €

(2,56%)576,00 €

(1,19%)441,00 €

(0,93%)

250.000 €2.500,00 €

(1,01%) 1.250,00 €

(0,50%)2.500,00 €

(1,01%)6.250,00 €

(2,56%)2.882,00 €

(1,19%)2.208,00 €

(0,93%)

400.000 €4.000,00 €

(1,01%)2.000,00 €

(0,50%)4.000,00 €

(1,01%) 10.000,00 €

(2,56%) 4.611,00 €

(1,19%)3.534,00 €

(0,93%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)75,00 €(0,50%)

112,00 €(0,76%)

300,00 €(2,04%)

148,00 €(1,02%)

118,00 €(0,82%)

50.000 €375,00 €

(0,76%)250,00 €

(0,50%)375,00 €

(0,76%)1.000,00 €

(2,04%)494,00 €

(1,02%)393,00 €

(0,82%)

250.000 €1.875,00 €

(0,76%) 1.250,00 €

(0,50%)1.875,00 €

(0,76%)5.000,00 €

(2,04%)2.474,00 €

(1,02%)1.967,00 €

(0,82%)

400.000 €3.000,00 €

(0,76%)2.000,00 €

(0,50%)3.000,00 €

(0,76%) 8.000,00 €

(2,04%) 3.959,00 €

(1,02%)3.147,00 €

(0,82%)

16

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 1,25%. For example, this could apply to an actively managed fund in developed markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,75%. This commission is a part of the ongoing fund costs of 1,25%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 112, 375, 1.875 and 3.000 EUR.

Estimated investment costs– ongoing fund costs of 1,25%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)187,00 €

(1,27%)150,00 €

(1,01%)487,00 €

(3,36%)281,00 €

(1,99%)239,00 €

(1,74%)

50.000 €500,00 €

(1,01%)625,00 €

(1,27%)150,00 €

(1,01%)1.625,00 €

(3,36%)939,00 €

(1,99%)796,00 €

(1,74%)

250.000 €2.500,00 €

(1,01%) 3.125,00 €

(1,27%)2.500,00 €

(1,01%)8.125,00 €

(3,36%)4.697,00 €

(1,99%)3.984,00 €

(1,74%)

400.000 €4.000,00 €

(1,01%)5.000,00 €

(1,27%)4.000,00 €

(1,01%) 13.000,00 €

(3,36%) 7.515,00 €

(1,99%)6.374,00 €

(1,74%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)187,00 €

(1,27%)112,00 €

(0,76%)412,00 €

(2,83%)257,00 €

(1,81%)225,00 €

(1,63%)

50.000 €375,00 €

(0,76%)625,00 €

(1,27%)375,00 €

(0,76%)1.375,00 €

(2,83%)859,00 €

(1,81%)750,00 €

(1,63%)

250.000 €1.875,00 €

(0,76%) 3.125,00 €

(1,27%)1.875,00 €

(0,76%)6.875,00 €

(2,83%)4.296,00 €

(1,81%)3.750,00 €

(1,63%)

400.000 €3.000,00 €

(0,76%)5.000,00 €

(1,27%)3.000,00 €

(0,76%) 11.000,00 €

(2,83%) 6.874,00 €

(1,81%)6.001,00 €

(1,63%)

17

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 2,5%. For example, this could apply to an actively managed fund in emerging markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 1.,5%. This commission is a part of the ongoing fund costs of 2,5%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 187, 625, 3.125 and 5.000 EUR.

Estimated investment costs– ongoing fund costs of 2,5%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)375,00 €

(2,56%)150,00 €

(1,01%)675,00 €

(4,71%)459,00 €

(3,38%)408,00 €

(3,18%)

50.000 €500,00 €

(1,01%)1.250,00 €

(2,56%)500,00 €

(1,01%)2.250,00 €

(4,71%)1.530,00 €

(3,38%)1.360,00 €

(3,18%)

250.000 €2.500,00 €

(1,01%) 6.250,00 €

(2,56%)2.500,00 €

(1,01%)11.250,00 €

(4,71%)7.654,00 €

(3,38%)6.802,00 €

(3,18%)

400.000 €4.000,00 €

(1,01%)10.000,00 €

(2,56%)4.000,00 €

(1,01%) 18.000,00 €

(4,71%) 12.247,00 €

(3,38%)10.884,00 €

(3,18%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)375,00 €

(2,56%)112,00 €

(0,76%)600,00 €

(4,17%)435,00 €

(3,19%)395,00 €

(3,06%)

50.000 €375,00 €

(0,76%)1.250,00 €

(2,56%)375,00 €

(0,76%)2.000,00 €

(4,17%)1.453,00 €

(3,19%)1.316,00 €

(3,06%)

250.000 €1.875,00 €

(0,76%) 6.250,00 €

(2,56%)1.875,00 €

(0,76%)10.000,00 €

(4,17%)7.265,00 €

(3,19%)6.584,00 €

(3,06%)

400.000 €3.000,00 €

(0,76%)10.000,00 €

(2,56%)3.000,00 €

(0,76%) 16.000,00 €

(4,17%) 11.624,00 €

(3,19%)10.534,00 €

(3,06%)

18

Luxembourg based bond funds

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Subscription/redemption fees: In some situations, you pay a subscription fee or redemption fee when you buy or sell an investment product, respectively. The fees cover the costs of issuing or redeeming units in a fund. The examples on the following pages are based on average fees.

Yearly ongoing costs:Ongoing fund costs: This covers the total costs related to an investment fund in the holding period.

Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

This is an overview of the common elements of costs when investing in Luxembourg based mutual funds based on bonds and also includes exchange-traded funds and alternative investment funds.

The ongoing fund costs of mutual funds differ from fund to fund. On the following three pages, you can see examples showing how the annualised costs are affected by three different levels of ongoing fund costs, namely costs of 0,25%, 0,75%, and 1,25%.

19

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 0,25%. For example, this could apply to a passively managed fund.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,15%. This commission is a part of the ongoing fund costs of 0,25%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 22, 75, 375 and 600 EUR.

Estimated investment costs– ongoing fund costs of 0,25%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)37,00 €(0,25%)

150,00 €(1,01%)

337,00 €(2,30%)

136,00 €(0,93%)

96,00 €(0,66%)

50.000 €500,00 €

(1,01%)125,00 €

(0,25%)500,00 €

(1,01%)1.125,00 €

(2,30%)454,00 €

(0,93%)320,00 €

(0,66%)

250.000 €2.500,00 €

(1,01%) 625,00 €

(0,25%)2.500,00 €

(1,01%)5.625,00 €

(2,30%)2.270,00 €

(0,93%)1.603,00 €

(0,66)

400.000 €4.000,00 €

(1,01%)1.000,00 €

(0,25%)4.000,00 €

(1,01%) 9.000,00 €

(2,30%) 3.632,00 €

(0,93%)2.565,00 €

(0,66%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)37,00 €(0,25%)

112,00 €(0,76%)

262,00 €(1,78%)

111,00 €(0,76%)

81,00 €(0,56%)

50.000 €375,00 €

(0,76%)125,00 €

(0,25%)375,00 €

(0,76%)875,00 €

(1,78%)372,00 €

(0,76%)271,00 €

(0,56%)

250.000 €1.875,00 €

(0,76%) 625,00 €

(0,25%)1.875,00 €

(0,76%)4.375,00 €

(1,78%)1.860,00 €

(0,76%)1.359,00 €

(0,56%)

400.000 €3.000,00 €

(0,76%)1.000,00 €

(0,25%)3.000,00 €

(0,76%) 7.000,00 €

(1,78%) 2.977,00 €

(0,76%)2.175,00 €

(0,56%)

20

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 0,75%. For example, this could apply to an actively managed fund in developed markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,35%. This commission is a part of the ongoing fund costs of 0,75%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 53, 175, 875, and 1.400 EUR.

Estimated investment costs– ongoing fund costs of 0,75%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)112,00 €

(0,76%)150,00 €

(1,01%)412,00 €

(2,83%)209,00 €

(1,46%)168,00 €

(1,19%)

50.000 €500,00 €

(1,01%)375,00 €

(0,76%)500,00 €

(1,01%)1.375,00 €

(2,83%)698,00 €

(1,46%)561,00 €

(1,19%)

250.000 €2.500,00 €

(1,01%) 1.875,00 €

(0,76%)2.500,00 €

(1,01%)6.875,00 €

(2,83%)3.490,00 €

(1,46%)2.807,00 €

(1,19%)

400.000 €4.000,00 €

(1,01%)3.000,00 €

(0,76%)4.000,00 €

(1,01%) 11.000,00 €

(2,83%) 5.584,00 €

(1,46%)4.491,00 €

(1,19%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)112,00 €

(0,76%)112,00 €

(0,76%)337,00 €

(2,30%)185,00 €

(1,28%)154,00 €

(1,08%)

50.000 €375,00 €

(0,76%)375,00 €

(0,76%)375,00 €

(0,76%)1.125,00 €

(2,30%)617,00 €

(1,28%)513,00 €

(1,08%)

250.000 €1.875,00 €

(0,76%) 1.875,00 €

(0,76%)1.875,00 €

(0,76%)5.625,00 €

(2,30%)3.085,00 €

(1,28%)2.568,00 €

(1,08%)

400.000 €3.000,00 €

(0,76%)3.000,00 €

(0,76%)3.000,00 €

(0,76%) 9.000,00 €

(2,30%) 4.936,00 €

(1,28%)4.109,00 €

(1,08%)

21

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 1,25%. For example, this could apply to an actively managed fund in emerging markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,65%. This commission is a part of the ongoing fund costs of 1,25%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 97, 325, 1.625 and 2.600 EUR.

Estimated investment costs– ongoing fund costs of 1,25%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)187,00 €

(1,27%)150,00 €

(1,01%)487,00 €

(3,36%)281,00 €

(1,99%)239,00 €

(1,74%)

50.000 €500,00 €

(1,01%)625,00 €

(1,27%)500,00 €

(1,01%)1.625,00 €

(3,36%)939,00 €

(1,99%)796,00 €

(1,74%)

250.000 €2.500,00 €

(1,01%) 3.125,00 €

(1,27%)2.500,00 €

(1,01%)8.125,00 €

(3,36%)4.697,00 €

(1,99%)3.984,00 €

(1,74%)

400.000 €4.000,00 €

(1,01%)5.000,00 €

(1,27%)4.000,00 €

(1,01%) 13.000,00 €

(3,36%) 7.515,00 €

(1,99%)6.374,00 €

(1,74%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)187,00 €

(1,27%)112,00 €

(0,76%)412,00 €

(2,83%)257,00 €

(1,81%)225,00 €

(1,63%)

50.000 €375,00 €

(0,76%)625,00 €

(1,27%)375,00 €

(0,76%)1.375,00 €

(2,83%)859,00 €

(1,81%)750,00 €

(1,63%)

250.000 €1.875,00 €

(0,76%) 3.125,00 €

(1,27%)1.875,00 €

(0,76%)6.875,00 €

(2,83%)4.269,00 €

(1,81%)3.750,00 €

(1,63%)

400.000 €3.000,00 €

(0,76%)5.000,00 €

(1,27%)3.000,00 €

(0,76%) 11.000,00 €

(2,83%) 6.874,00 €

(1,81%)6.001,00 €

(1,63%)

22

Luxembourg based mixed funds

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Subscription/redemption fees: In some situations, you pay a subscription fee or redemption fee when you buy or sell an investment product, respectively. The fees cover the costs of issuing or redeeming units in a fund. The examples on the following pages are based on average fees.

Yearly ongoing costs:Ongoing fund costs: This covers the total costs related to an investment fund in the holding period.

Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

This is an overview of the common elements of costs when investing in Luxembourg based mutual funds based on mixed assets and also includes exchange-traded funds and alternative investment funds.

The ongoing fund costs of mutual funds differ from fund to fund. On the following three pages, you can see examples showing how the annualised costs are affected by three different levels of ongoing fund costs, namely costs of 0,5%, 1,25%, and 2,0%.

23

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 0,5%. For example, this could apply to a passively managed fund.

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,2%. This commission is a part of the ongoing fund costs of 0,5%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 30, 100, 500, and 800 EUR.

Estimated investment costs– ongoing fund costs of 0,5%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)75,00 €(0,50%)

150,00 €(1,01%)

375,00 €(2,56%)

172,00 €(1,19%)

132,00 €(0,93%)

50.000 €500,00 €

(1,01%)250,00 €

(0,50%)500,00 €

(1,01%)1.250,00 €

(2,56%)576,00 €

(1,19%)441,00 €

(0,93%)

250.000 €2.500,00 €

(1,01%) 1.250,00 €

(0,50%)2.500,00 €

(1,01%)6.250,00 €

(2,56%)2.882,00 €

(1,19%)2.208,00 €

(0,93%)

400.000 €4.000,00 €

(1,01%)2.000,00 €

(0,50%)4.000,00 €

(1,01%) 10.000,00 €

(2,56%) 4.611,00 €

(1,19%)3.534,00 €

(0,93%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)75,00 €(0,50%)

112,00 €(0,76%)

300,00 €(2,04%)

148,00 €(1,02%)

118,00 €(0,82%)

50.000 €375,00 €

(0,76%)250,00 €

(0,50%)375,00 €

(0,76%)1.000,00 €

(2,04%)494,00 €

(1,02%)393,00 €

(0,82%)

250.000 €1.875,00 €

(0,76%) 1.250,00 €

(0,50%)1.875,00 €

(0,76%)5.000,00 €

(2,04%)2.474,00 €

(1,02%)1.967,00 €

(0,82%)

400.000 €3.000,00 €

(0,76%)2.000,00 €

(0,50%)3.000,00 €

(0,76%) 8.000,00 €

(2,04%) 3.959,00 €

(1,02%)3.147,00 €

(0,82%)

24

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 1,25%. For example, this could apply to an actively managed fund in developed markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,75%. This commission is a part of the ongoing fund costs of 1,25%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 112, 375, 1.875, and 3.000 EUR.

Estimated investment costs– ongoing fund costs of 1,25%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)187,00 €

(1,27%)150,00 €

(1,01%)487,00 €

(3,36%)281,00 €

(1,99%)239,00 €

(1,74%)

50.000 €500,00 €

(1,01%)625,00 €

(1,27%)500,00 €

(1,01%)1.625,00 €

(3,36%)939,00 €

(1,99%)796,00 €

(1,74%)

250.000 €2.500,00 €

(1,01%) 3.125,00 €

(1,27%)2.500,00 €

(1,01%)8.125,00 €

(3,36%)4.697,00 €

(1,99%)3.984,00 €

(1,74%)

400.000 €4.000,00 €

(1,01%)5.000,00 €

(1,27%)4.000,00 €

(1,01%) 13.000,00 €

(3,36%) 7.515,00 €

(1,99%)6.374,00 €

(1,74%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)187,00 €

(1,27%)112,00 €

(0,76%)412,00 €

(2,83%)257,00 €

(1,81%)225,00 €

(1,63%)

50.000 €375,00 €

(0,76%)625,00 €

(1,27%)375,00 €

(0,76%)1.375,00 €

(2,83%)859,00 €

(1,81%)750,00 €

(1,63%)

250.000 €1.875,00 €

(0,76%) 3.125,00 €

(1,27%)1.875,00 €

(0,76%)6.875,00 €

(2,83%)4.296,00 €

(1,81%)3.750,00 €

(1,63%)

400.000 €3.000,00 €

(0,76%)5.000,00 €

(1,27%)3.000,00 €

(0,76%) 11.000,00 €

(2,83%) 6.874,00 €

(1,81%)6.001,00 €

(1,63%)

25

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 2,0%. For example, this could apply to an actively managed fund in emerging markets.

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 1,0%. This commission is a part of the ongoing fund costs of 2,0%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 150, 500, 2.500, and 4.000 EUR.

Estimated investment costs– ongoing fund costs of 2,0%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)300,00 €

(2,04%)150,00 €

(1,01%)600,00 €

(4,17%)388,00 €

(2,82%)341,00 €

(2,59%)

50.000 €500,00 €

(1,01%)1.000,00 €

(2,04%)500,00 €

(1,01%)2.000,00 €

(4,17%)1.296,00 €

(2,82%)1.139,00 €

(2,59%)

250.000 €2.500,00 €

(1,01%) 5.000,00 €

(2,04%)2.500,00 €

(1,01%)10.000,00 €

(4,17%)6.482,00 €

(2,82%)5.697,00 €

(2,59%)

400.000 €4.000,00 €

(1,01%)8.000,00 €

(2,04%)4.000,00 €

(1,01%) 16.000,00 €

(4,17%) 10.371,00 €

(2,82%)9.115,00 €

(2,59%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)300,00 €

(2,04%)112,00 €

(0,76%)525,00 €

(3,63%)365,00 €

(2,63%)328,00 €

(2,47%)

50.000 €375,00 €

(0,76%)1.000,00 €

(2,04%)375,00 €

(0,76%)1.750,00 €

(3,63%)1.217,00 €

(2,63%)1.094,00 €

(2,47%)

250.000 €1.875,00 €

(0,76%) 5.000,00 €

(2,04%)1.875,00 €

(0,76%)8.7500,00 €

(3,63%)6.088,00 €

(2,63%)5.472,00 €

(2,47%)

400.000 €3.000,00 €

(0,76%)8.000,00 €

(2,04%)3.000,00 €

(0,76%) 14.000,00 €

(3,63%) 9.741,00 €

(2,63%)8.756,00 €

(2,47%)

26

This is an overview of the common elements of costs when investing in Nordic mutual funds and also includes exchange-traded funds and alternative investment funds.

The ongoing fund costs of mutual funds differ from fund to fund. On the following three pages, you can see examples showing how the annualised costs are affected by three different levels of ongoing fund costs, namely costs of 0,5%, 1,25%, and 2,0%.

Nordic mutual funds

Nordic mutual funds

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Currency cost: This is the exchange cost related to buying and selling an investment product that is traded in a foreign currency. If there is more than one currency in the group of countries in the category, we will use an average currency cost.

Subscription/redemption fees: In some situations, you pay a subscription fee or redemption fee when you buy or sell an investment product, respectively. The fees cover the costs of issuing or redeeming units in a fund. However, the fees are not included in the examples on the following pages.

Yearly ongoing costs:Ongoing fund costs: This covers the total costs related to an investment fund in the holding period.

Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

27

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 0,5%. For example, this could apply to a passively managed fund.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,2%. This commission is a part of the ongoing fund costs of 0,5%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 30, 100, 500, and 800 EUR.

Estimated investment costs– ongoing fund costs of 0,5%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €187,00 €

(1,27%)75,00 €(0,50%)

187,00 €(1,27%)

450,00 €(3,09%)

197,00 €(1,37%)

146,00 €(1,03%)

50.000 €625,00 €

(1,27%)250,00 €

(0,50%)625,00 €

(1,27%)1.500,00 €

(3,09%)657,00 €

(1,37%)489,00 €

(1,03%)

250.000 €3.125,00 €

(1,27%) 1.250,00 €

(0,50%)3.125,00 €

(1,27%)7.500,00 €

(3,09%)3.288,00 €

(1,37%)2.448,00 €

(1,03%)

400.000 €5.000,00 €

(1,27%)2.000,00 €

(0,50%)5.000,00 €

(1,27%) 12.000,00 €

(3,09%) 5.260,00 €

(1,37%)3.918,00 €

(1,03%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)75,00 €(0,50%)

150,00 €(1,01%)

375,00 €(2,56%)

172,00 €(1,19%)

132,00 €(0,93%)

50.000 €500,00 €

(1,01%)250,00 €

(0,50%)500,00 €

(1,01%)1.250,00 €

(2,56%)576,00 €

(1,19%)441,00 €

(0,93%)

250.000 €2.500,00 €

(1,01%) 1.250,00 €

(0,50%)2.500,00 €

(1,01%)6.250,00 €

(2,56%)2.882,00 €

(1,19%)2.208,00 €

(0,93%)

400.000 €4.000,00 €

(1,01%)2.000,00 €

(0,50%)4.000,00 €

(1,01%) 10.000,00 €

(2,56%) 4.611,00 €

(1,19%)3.534,00 €

(0,93%)

28

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 1,25%. For example, this could apply to an actively managed fund in developed markets.

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,75%. This commission is a part of the ongoing fund costs of 1,25%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 112, 375, 1.875 and 3.000 EUR.

Estimated investment costs– ongoing fund costs of 1,25%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €187,00 €

(1,27%)187,00 €

(1,27%)187,00 €

(1,27%)562,00 €

(3,90%)305,00 €

(2,17%)252,00 €

(1,85%)

50.000 €625,00 €

(1,27%)625,00 €

(1,27%)625,00 €

(1,27%)1.875,00 €

(3,90%)1.019,00 €

(2,17%)843,00 €

(1,85%)

250.000 €3.125,00 €

(1,27%) 3.125,00 €

(1,27%)3.125,00 €

(1,27%)9.375,00 €

(3,90%)5.096,00 €

(2,17%)4.216,00 €

(1,85%)

400.000 €5.000,00 €

(1,27%)5.000,00 €

(1,27%)5.000,00 €

(1,27%) 15.000,00 €

(3,90%) 8.154,00 €

(2,17%)6.745,00 €

(1,85%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)187,00 €

(1,27%)150,00 €

(1,01%)487,00 €

(3,36%)281,00 €

(1,99%)239,00 €

(1,74%)

50.000 €500,00 €

(1,01%)625,00 €

(1,27%)500,00 €

(1,01%)1.625,00 €

(3,36%)939,00 €

(1,99%)796,00 €

(1,74%)

250.000 €2.500,00 €

(1,01%) 3.125,00 €

(1,27%)2.500,00 €

(1,01%)8.125,00 €

(3,36%)4.697,00 €

(1,99%)3.984,00 €

(1,74%)

400.000 €4.000,00 €

(1,01%)5.000,00 €

(1,27%)4.000,00 €

(1,01%) 13.000,00 €

(3,36%) 7.515,00 €

(1,99%)6.374,00 €

(1,74%)

29

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 2,0%. For example, this could apply to an actively managed fund in emerging markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 1,0%. This commission is a part of the ongoing fund costs of 2,0%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 150, 500, 2.500 and 4.000 EUR.

Estimated investment costs– ongoing fund costs of 2,0%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €187,00 €

(1,27%)300,00 €

(2,04%)187,00 €

(1,27%)675,00 €

(4,71%)412,00 €

(3,01%)355,00 €

(2,71%)

50.000 €625,00 €

(1,27%)1.000,00 €

(2,04%)625,00 €

(1,27%)2.250,00 €

(4,71%)1.374,00 €

(3,01%)1.184,00 €

(2,71%)

250.000 €3.125,00 €

(1,27%) 5.000,00 €

(2,04%)3.125,00 €

(1,27%)11.250,00 €

(4,71%)6.874,00 €

(3,01%)5.920,00 €

(2,71%)

400.000 €5.000,00 €

(1,27%)8.000,00 €

(2,04%)5.000,00 €

(1,27%) 18.000,00 €

(4,71%) 10.999,00 €

(3,01%)9.473,00 €

(2,71%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €150,00 €

(1,01%)300,00 €

(2,04%)150,00 €

(1,01%)600,00 €

(4,17%)388,00 €

(2,82%)341,00 €

(2,59%)

50.000 €500,00 €

(1,01%)1.000,00 €

(2,04%)500,00 €

(1,01%)2.000,00 €

(4,17%)1.296,00 €

(2,82%)1.139,00 €

(2,59%)

250.000 €2.500,00 €

(1,01%) 5.000,00 €

(2,04%)2.500,00 €

(1,01%)10.000,00 €

(4,17%)6.482,00 €

(2,82%)5.697,00 €

(2,59%)

400.000 €4.000,00 €

(1,01%)8.000,00 €

(2,04%)4.000,00 €

(1,01%) 16.000,00 €

(4,17%) 10.371,00 €

(2,82%)9.115,00 €

(2,59%)

30

This is an overview of the common elements of costs when investing in other mutual funds and also includes exchange-traded funds and alternative investment funds.

The ongoing fund costs of mutual funds differ from fund to fund. On the following three pages, you can see examples showing how the annualised costs are affected by three different levels of ongoing fund costs, namely costs of 0,5%, 1,25%, and 2,0%.

Other mutual funds

Other mutual funds

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Currency cost: This is the exchange cost related to buying and selling an investment product that is traded in a foreign currency. If there is more than one currency in the group of countries in the category, we will use an average currency cost.

Subscription/redemption fees: In some situations, you pay a subscription fee or redemption fee when you buy or sell an investment product, respectively. The fees cover the costs of issuing or redeeming units in a fund. However, the fees are not included in the examples on the following pages.

Yearly ongoing costs:Ongoing fund costs: This covers the total costs related to an investment fund in the holding period.

Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

31

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 0,5%. For example, this could apply to a passively managed fund.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,2%. This commission is a part of the ongoing fund costs of 0,5%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 30, 100, 500, and 800 EUR.

Estimated investment costs– ongoing fund costs of 0,5%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €202,00 €

(1,37%)75,00 €(0,50%)

202,00 €(1,37%)

480,00 €(3,31%)

207,00 €(1,44%)

152,00 €(1,07%)

50.000 €675,00 €

(1,37%)250,00 €

(0,50%)675,00 €

(1,37%)1.600,00 €

(3,31%)690,00 €

(1,44%)508,00 €

(1,07%)

250.000 €3.375,00 €

(1,37%) 1.250,00 €

(0,50%)3.375,00 €

(1,37%)8.000,00 €

(3,31%)3.450,00 €

(1,44%)2.544,00 €

(1,07%)

400.000 €5.400,00 €

(1,37%)2.000,00 €

(0,50%)5.400,00 €

(1,37%) 12.800,00 €

(3,31%) 5.520,00 €

(1,44%)4.071,00 €

(1,07%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €165,00 €

(1,11%)75,00 €(0,50%)

165,00 €(1,11%)

405,00 €(2,77%)

182,00 €(1,26%)

138,00 €(0,97%)

50.000 €550,00 €

(1,11%)250,00 €

(0,50%)550,00 €

(1,11%)1.350,00 €

(2,77%)608,00 €

(1,26%)460,00 €

(0,97%)

250.000 €2.750,00 €

(1,11%) 1.250,00 €

(0,50%)2.750,00 €

(1,11%)6.750,00 €

(2,77%)3.044,00 €

(1,26%)2.304,00 €

(0,97%)

400.000 €4.400,00 €

(1,11%)2.000,00 €

(0,50%)4.400,00 €

(1,11%) 10.800,00 €

(2,77%) 4.871,00 €

(1,26%)3.687,00 €

(0,97%)

32

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 1,25%. For example, this could apply to an actively managed fund in developed markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 0,75%. This commission is a part of the ongoing fund costs of 1,25%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 112, 375, 1.850, and 3.000 EUR.

Estimated investment costs– ongoing fund costs of 1,25%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €202,00 €

(1,37%)187,00 €

(1,27%)202,00 €

(1,37%)592,00 €

(4,11%)315,00 €

(2,25%)258,00 €

(1,89%)

50.000 €675,00 €

(1,37%)625,00 €

(1,27%)675,00 €

(1,37%)1.975,00 €

(4,11%)1.051,00 €

(2,25%)861,00 €

(1,89%)

250.000 €3.375,00 €

(1,37%) 3.125,00 €

(1,27%)3.375,00 €

(1,37%)9.875,00 €

(4,11%)5.255,00 €

(2,25%)4.308,00 €

(1,89%)

400.000 €5.400,00 €

(1,37%)5.000,00 €

(1,27%)5.400,00 €

(1,37%) 15.800,00 €

(4,11%) 8.409,00 €

(2,25%)6.894,00 €

(1,89%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €165,00 €

(1,11%)187,00 €

(1,27%)165,00 €

(1,11%)517,00 €

(3,57%)291,00 €

(2,07%)244,00 €

(1,78%)

50.000 €550,00 €

(1,11%)625,00 €

(1,27%)550,00 €

(1,11%)1.725,00 €

(3,57%)971,00 €

(2,07%)815,00 €

(1,78%)

250.000 €2.750,00 €

(1,11%) 3.125,00 €

(1,27%)2.750,00 €

(1,11%)8.625,00 €

(3,57%)4.857,00 €

(2,07%)4.077,00 €

(1,78%)

400.000 €4.400,00 €

(1,11%)5.000,00 €

(1,27%)4.400,00 €

(1,11%) 13.800,00 €

(3,57%) 7.771,00 €

(2,07%)6.523,00 €

(1,78%)

33

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts, different holding periods, and ongoing fund costs of 2,0%. For example, this could apply to an actively managed fund in emerging markets.*

Please be aware that the costs differ if you invest via an advisor or through our online services.

* On funds that are actively marketed by Danske Bank (excluding exchange-traded funds), the bank will receive an estimated yearly commission of 1,0%. This commission is a part of the ongoing fund costs of 2,0%. For the four invested amounts in the tables below it will equal a yearly amount of, respectively, 150, 500, 2.500, and 4.000 EUR.

Estimated investment costs– ongoing fund costs of 2,0%

When you invest via an advisor

When you invest yourself online

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €202,00 €

(1,37%)300,00 €

(2,04%)202,00 €

(1,37%)705,00 €

(4,93%)421,00 €

(3,08%)360,00 €

(2,75%)

50.000 €675,00 €

(1,37%)1.000,00 €

(2,04%)675,00 €

(1,37%)2.350,00 €

(4,93%)1.406,00 €

(3,08%)1.201,00 €

(2,75%)

250.000 €3.375,00 €

(1,37%) 5.000,00 €

(2,04%)3.375,00 €

(1,37%)11.750,00 €

(4,93%)7.031,00 €

(3,08%)6.009,00 €

(2,75%)

400.000 €5.400,00 €

(1,37%)8.000,00 €

(2,04%)5.400,00 €

(1,37%) 18.800,00 €

(4,93%) 11.249,00 €

(3,08%)9.615,00 €

(2,75%)

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €165,00 €

(1,11%)300,00 €

(2,04%)165,00 €

(1,11%)630,00 €

(4,38%)398,00 €

(2,89%)347,00 €

(2,64%)

50.000 €550,00 €

(1,11%)1.000,00 €

(2,04%)550,00 €

(1,11%)2.100,00 €

(4,38%)1.327,00 €

(2,89%)1.157,00 €

(2,64%)

250.000 €2.750,00 €

(1,11%) 5.000,00 €

(2,04%)2.750,00 €

(1,11%)10.500,00 €

(4,38%)6.639,00 €

(2,89%)5.786,00 €

(2,64%)

400.000 €4.400,00 €

(1,11%)8.000,00 €

(2,04%)4.400,00 €

(1,11%) 16.800,00 €

(4,38%) 10.623,00 €

(2,89%)9.258,00 €

(2,64%)

34

This is an overview of the common elements of costs when investing in Nordic futures on equities, bonds, or indices.

Nordic futures

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Yearly ongoing costs:Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

Futures on equities, bonds, or indices

35

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts and holding periods.

Please be aware that you can only invest in this product via one of our advisors.

Estimated investment costs

When you invest via an advisor

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)0,00 €

(0,00%)112,00 €

(0,76%)225,00 €

(1,52%)74,00 €(0,51%)

44,00 €(0,30%)

50.000 €375,00 €

(0,76%)0,00 €

(0,00%)375,00 €

(0,76%)750,00 €

(1,52%)248,00 €

(0,51%)149,00 €

(0,30%)

250.000 €1.875,00 €

(0,76%) 0,00 €

(0,00%)1.875,00 €

(0,76%)3.750,00 €

(1,52%)1.243,00 €

(0,51%)745,00 €

(0,30%)

400.000 €3.000,00 €

(0,76%)0,00 €

(0,00%)3.000,00 €

(0,76%) 6.000,00 €

(1,52%) 1.989,00 €

(0,51%)1.192,00 €

(0,30%)

36

This is an overview of the common elements of costs when investing in futures on equities, bonds, or indices from other markets.

Futures from other markets

Overview of cost elementsWhen you invest, there are entry and exit costs when buying and selling an investment product. In addition, there are always some ongoing costs in the holding period. For this product, the costs consist of:

Entry and exit costs:Brokerage fee: This is the estimated fee that you pay for performing a transaction via Danske Bank International, either via one of our advisors or through our online services.

Yearly ongoing costs:Yearly custody fees: These are the yearly fees that you pay for holding an investment product in your custody account, including changes in holdings and turnover in your custody account.

Please noteThe costs on the next page are based on price lists. Therefore, individual costs may differ due to discounts, amount invested, investment horizon, and any additional investment services or agreements with Danske Bank International.

For some specific investments, you may also experience additional costs due to stamp duties and transaction taxes.

You can see your exact costs in the detailed reports we will send you on a regular basis.

37

Below, you can see examples of estimated investment costs (displayed in percentages and EUR), based on different investment amounts and holding periods.

Please be aware that you can only invest in this product via one of our advisors.

Estimated investment costs

When you invest via an advisor

Investment amount Entry costs

Yearly ongoing costs Exit costs Annualised costs

Invest 1 year Invest 3 years Invest 5 years

15.000 €112,00 €

(0,76%)0,00 €

(0,00%)112,00 €

(0,76%)225,00 €

(1,52%)74,00 €(0,51%)

44,00 €(0,30%)

50.000 €375,00 €

(0,76%)0,00 €

(0,00%)375,00 €

(0,76%)750,00 €

(1,52%)248,00 €

(0,51%)149,00 €

(0,30%)

250.000 €1.875,00 €

(0,76%) 0,00 €

(0,00%)1.875,00 €

(0,76%)3.750,00 €

(1,52%)1.243,00 €

(0,51%)745,00 €

(0,30%)

400.000 €3.000,00 €

(0,76%)0,00 €

(0,00%)3.000,00 €

(0,76%)6.000,00 €

(1,52%) 1.989,00 €

(0,51%)1.192,00 €

(0,30%)

Danske Bank International13, rue Edward SteichenP.O. BOX 173L-2011 Luxembourg

Tel: +352 46 12 12 751danskebank.lu

This publication has been prepared by Danske Bank International S.A., a bank supervised by the Financial Supervisory Authority of Luxembourg (Commission de Surveillance du Secteur Financer).

Danske Bank International S.A. is a wholly-owned subsidiary of Danske Bank A/S, a bank established in Denmark and under supervision by the Danish Financial Supervisory Authority (Finanstilsynet).

This publication does not in itself constitute an agreement, and the publication does not convey any rights to the reader by itself but must be read and understood in connection with the general client relationship agreements with Danske Bank International S.A.

This publication has been created for use by current and potential clients serviced out of Luxembourg by Danske Bank International S.A.

This publication is not an offer or solicitation of any offer to purchase or sell any financial instrument or enter into any contract or agreement regarding financial instruments or investment services. Any reference herein to any financial instrument and/or a particular issuer shall not constitute a recommendation to buy or sell, offer to buy, offer to sell, or a solicitation of an offer to buy or sell any such financial instrument issued by any such issuer.

This publication is not and cannot make it out for investment advice and should not be the only basis for the reader making an investment decision or deciding to enter into an investment service. The publication does not hold sufficient information to form an investment decision. Prior to making any investment decision or entering into any investment service, the reader is encouraged to seek advice.

The publication is not personalised but is based on standard and/or average costs and charges, and it is based on a number of estimates and assumption with regards to investor behaviour and market conditions.

The reader should also be aware that as a global provider of banking, investment management, risk management and advisory services to institutional, professional, and retail clients, the Danske Bank Group, including Danske Bank International, engages in a broad spectrum of activities. Although the relationships and activities of the Danske Bank Group may help offer attractive opportunities and services, such relationships and activities create certain inherent conflicts of interest.

The content is only for the reader’s own personal non-commercial use.

All rights, including copyright, in the content of this publication are owned and controlled for these purposes by the Danske Bank Group. The reader is welcome to download and print the publication and make copies.

Copyright 2017 Danske Bank A/S and Danske Bank International S.A. All rights reserved.