#1Investor Presentation Q1 2023 Danske Bank#2Investor Presentation - First quarter 2023 Agenda Danske Bank 01. Danske Bank - brief overview 2-7 02. Financial highlights - First quarter 2023 8-13 03. Business & Product Units 14-17 04. ESG, Sustainability, Financial Crime Prevention 18-30 05. Credit Quality & Impairments 31-37 06. Capital 38-41 07. Funding & Liquidity 42-46 08. Credit & ESG Ratings 47-50 09. Tax & Material extraordinary items 51-53 10. Contact info 54 1#3Investor Presentation - First quarter 2023 We are a Nordic universal bank with strong regional roots 3.3 m personal and business customers 2,000+ large corporate and institutional customers 20,000+ employees in 10 countries Assets under Management DKK >680bn* Deposits > DKK 1,100 bn Denmark (AAA) Market leader Market share: 24% Share of Group lending: 43% GDP growth 2023E: 0.5% Unemployment 2023E: 3.1% Leading central bank rate: 2.6% Northern Ireland (AA) Market leader Market share Personal: 19% Business: 25% Share of Group lending: 3% Danske Bank Loans >DKK 1,750 bn Finland (AA+] 3rd largest Market share: 10% Share of Group lending: 8% GDP growth 2023E: -0.2% Unemployment 2023E: 7.0% Leading central bank rate: 3.5% Note: Share of Group lending is before loan impairment charges and excludes Large Corporates & Institutions (17%), Asset Finance (3%) and Global Private Banking (4%)] * Asset Management in LC&I Norway (AAA) Challenger position Market share: 6% Share of Group lending: 10% GDP growth 2023E: 1.0% Unemployment 2023E: 2.1% Leading central bank rate: 3.0% Sweden (AAA) Challenger position Market share: 5% Share of Group lending: 12% GDP growth 2023E: -1.0% Unemployment 2023E: 8.0% Leading central bank rate: 3.5% 2#4Investor Presentation - First quarter 2023 - Danske Bank Highlights strong execution and financial performance in Q1 led to 13 April profit upgrade for 2023 Strong start to the year a testament to the value of Danske Bank's diversified business model underpinned by consistently improved PBI across business units and high customer activity ✓ Fortress balance sheet, with elevated and stable deposits, and an LCR of 169%, enabling Danske to support our clients as they navigate through times of uncertainties ✓ Underlying cost progress in line with targets and further supporting C/I ratio ✓ Solid capitalisation on the back of prudent capital management with CET1 ratio at 18% ✔ Strong credit quality as customers' financial position remain sound in the current macro environment NII (DKK bn) DKK 11 bn [+22% Y/Y) Core banking income (NII + fee] Strong trading income at LC&I DKK 1.2bn a multiperiod high Costs of DKK 6.3bn as efficiency gains continue Strong credit quality leading to just DKK 147m in impairments (~3bps YTD annualised) 7.4 +8% 8.0 Deposits (DKK bn] Personal Customers BC & LC&I 674.7 657.5 411.3 410.8 0422 0123 0422 0123 0422 Q123 + + + Commercial execution continues [PC customer traction & revamped Global Private Banking) CET1 ratio 18% & LCR of 169% highlighting balance sheet strength 3#5Investor Presentation - First quarter 2023 Danske Bank Danske Bank's fortress balance sheet underpins our resilient business model which includes a well-balanced ALM strategy and a very strong liquidity position Danske Bank has a sound funding structure and remains very well capitalised with a CET1 capital buffer of DKK +35bn to the current regulatory requirements. Further, our liquidity is underpinned by more than DKK 250bn in cash and a liquidity coverage ratio (LCR) of 169%, well above the minimum requirements Diversified and solid deposit mix that includes a retail base where the majority is covered by the Nordic guarantee schemes. Further, the fully-funded pass-through mortgage structure in Denmark provides a structural deposit surplus We have executed around DKK 40bn of our total wholesale funding plan of DKK 80 - 100bn for 2023. Thus, we have flexibility for the remainder of the year Sound funding structure [DKK bn] Diversified and stable deposit base Strong liquidity position 2,311 170 Senior & NPS bonds Northern Ireland Retail DK 8% 19% 1,770 LC&I 33% 1,156 Deposits Bank loans 625 10% Retail Nordic % 175 LCR 150 7% Global Private Banking 125 24% Business customer 169% Bank mortgages 412 252 Covered bonds Q421 0422 0123 Total bank deposits [DKK bn] 1,168 1,170 1,156 100 of which Stable deposits* 376 388 387 RD mortgages 733 733 Issued RD bonds of which Operational deposits* 297 319 320 Stable & Operational share of bank deposits 58% 60% 61% 75 Loans Funding * Based on regulatory definition. E.g., Stable deposits include fully insured retail deposits to customers with full relationship at Danske Bank. Operational deposits is from Corporate depositors maintained to obtain clearing, custody and cash management Q119 Q120 0121 0122 Q123#6Investor Presentation - First quarter 2023 Traction towards our sustainability targets remains positive Danske Bank 2023 Targets Sustainable finance Responsible investing DKK 150bn in funds that have sustainability objectives 1) and DKK 50bn invested in the green transition by Danica Pension Sustainable financing DKK 300bn in sustainable financing - and setting Paris Agreement aligned climate targets for our lending portfolio Sustainable operations Governance & integrity Over 95% of employees trained annually in risk and compliance Employee well-being & diversity More than 35% women in senior leadership positions and an employee engagement score of 77 Environmental footprint Reducing our CO₂e emissions by 40% compared to 2019, towards 60% by 2030 Impact initiatives A Entrepreneur- ship 10,000 start-ups & scale-ups supported with growth and impact tools, services W Financial confidence 2m people supported with financial literacy tools and expertise (since 2018] and expertise [since 2016) Latest status * indicates DKK 54.2bn * in sust. funds (art. 9) DKK 43.4bn * DKK 296bn * 97% trained 34% women * - 55% for 2022 21 7,321 2.1 m 01 update by Danica Pension + Climate Action Plan with targets aligned to Paris Agreement 1.5°C 76 engagement score 1) This is a 2030 target to have at least DKK 150bn in investment funds that have sustainability objectives (article 9 funds). 2) Operational emissions are expected to increase for 2023 due to transition to new domicile in Copenhagen. 5 01#7Investor Presentation - First quarter 2023 Our Path to Financial Crime Transformation 2022 We take a number of specific and extraordinary decisions and actions to aid compliance with the newly imposed sanctions against Russia and Belarus We incorporate all core scenarios into our enhanced transaction monitoring platform. All scenarios have been specifically tailored to Danske Bank's risk appetite We analyze training needs to ensure that employees receive targeted training relevant to their specific roles We continue to recruit new employees with financial crime expertise, and by the end of the year, 3,600 full- time members of staff were working on our financial crime prevention agenda across the Group We develop a set of clearly defined and articulated outcomes that will be achieved at the point of Financial Crime Plan completion, our "Definition of Done" S DU kr ཎྜལ Do 汇 Qo EL Danske Bank 2023 We progress implementation of our Group-wide Financial Crime Plan and extend it to also cover Fraud, Anti-Bribery and Corruption and Tax Evasion We integrate a dedicated data governance workstream into our Financial Crime Plan and centralize financial crime data and analytics teams to provide an enhanced and holistic view of what we know about our customers, their counterparties and the risk they pose to us We deploy the first version of our new supervised machine learning hibernation model, which enables us to reduce the number of false positive alerts and thereby scrutinize transactions for unusual or suspicious activity more effectively We offer cultural training to customer-facing units across the Nordic countries to support their dialogue with our customers on the topic of financial crime to supplement our annual Group-wide mandatory eLearning courses on financial crime We take part in the creation of the public-private partnership in Denmark, which is expected to become operational in 2023* All initiatives on the Group Financial Crime Plan to be completed by end of 2023** * Danske Bank is also an active member and contributor in similar public-private partnerships outside Denmark. These include the Swedish Anti-Money Laundering Intelligence Taskforce; the Finnish Anti-Money Laundering Intelligence Taskforce; and the Norwegian private and public sector collaboration to combat money laundering and financing of terrorism, OPS AT. **Completion means - Meeting the regulatory requirements applicable to the Bank and managing the Bank's inherent risk in line with its risk appetite by harnessing global practice 6#8Investor Presentation - First quarter 2023 Danske Bank Revised net profit outlook* for 2023; We now expect net profit to be in the range of DKK 16.5 18.5bn Income kr لله Expenses Impairments Net profit * kr We expect core income line to grow in 2023, driven mainly by higher net interest income following further normalisation of interest rates and our continued efforts to drive commercial momentum. Fee income is expected slightly below the level in 2022. We expect income from trading and insurance activities to recover towards normalised levels subject to financial market conditions We continue to expect costs in 2023 to be in the range of 25 - 25.5bn reflecting our focus on cost management and despite the inflationary pressure. The outlook includes continually elevated remediation costs of approximately DKK 1.1bn We now expect loan impairment charges of up to DKK 2.5bn (~14bps) due to continually strong credit quality and recoveries in 01. Loan impairment charges will primarily be driven by a weaker macroeconomic outlook affecting model-driven impairments We expect net profit to be in the range of DKK 16.5 - 18.5bn, including the impact of the new Danish bank tax *Note - The outlook is subject to uncertainty and depends on volume growth and macroeconomic conditions. 7#9Financial highlights - First quarter 2023 Danske Bank#10Danske Bank Financial results - 01 2023 Net interest income up 43% Y/Y driven by normalisation of interest rates; strong recovery in trading/insurance; impairments driven by macro model charges Key points Q123 vs Q122 NII uplift from normalisation of interest rates coupled with repricing initiatives Fee income down due to lower AuM and reduced capital markets related fees (ECM). Lower remortgaging and housing activity also had an impact Trading and insurance income recovered from low level last year Steady progress on costs despite continually elevated remediation costs Strong credit quality continues to lead to modest impairments, while macro model scenarios reflect current uncertainties Key points Q123 vs 0422 NII up 8% Q/Q, benefiting from further normalisation of interest rates Fee income resilient despite housing market slowdown and lower investment fees as activity-driven fees and capital markets held up well Trading income and insurance income benefit from good customer activity and supportive market conditions Operating expenses improved slightly and in line with target, despite continually elevated remediation costs Impairments decreased as higher impact of revision of macro model scenarios and additional PMAs impacted 04 Net interest income Net fee income Net trading income Income statement and key figures (DKK m] 01 23 Q1 22 Index 04 22 Index 8,023 5,591 143 7,442 108 2,954 3,379 87 3,054 97 1,612 683 236 996 280 Net income from insurance business 497 -135 521 95 Other income 325 669 49 733 44 Total income 13,411 10,187 132 12,746 105 Operating expenses 6,280 6,371 99 6,909 91 Profit before loan impairments 7,131 3,816 187 6,038 118 Provision for Estonia matter -200 Loan impairment charges 147 234 63 774 19 Profit before tax, core 6,984 3,582 195 5,261 133 Profit before tax, Non-core -30 -14 -2 Profit before tax 6,954 3,568 195 5,261 132 Tax 1,787 827 216 706 253 Net profit 5,167 2,741 189 4,555 113 9#11Investor Presentation - First quarter 2023 Danske Bank NII: Continued positive margin development; deposit volumes remain stable at an elevated level Highlights Net interest income continued the positive trend, as higher central bank rates drove the improved deposit margin mainly at PC DK and BC Lending volumes contributed positively Y/Y, particularly from business and corporate customers Higher funding costs along with timing effects due to notice period in PC Nordic impacted lending margin ➤ Lending margin Y/Y affected by volume growth to higher rated customers coupled with floored credit facilities as rates have turned positive. Repricing initiatives for business customers helped stabilise lending margin Q/Q Other impacted by interest rate risk Net interest income Q123 vs Q122 (DKKm] 5,591 189. -782 -28 26 4,067 Deposit margin development (bps] PC 2.18 BC 1.94 1.49 1.44 2.2 -1,040 8,023 2.0 1.8 1.6 1.4 1.2 1.0 0.88 0.8 0.76 0.66 0.6 0.48 0.40 0.51 0.4 0.26 0.38 0122 Lending Lending Interest Deposit Deposit Other volume margin related volume margin fees 0123 0.2 0.18' 0.0 0122 0222 0322 0422 Q123 Net interest income Q123 vs 0422 (DKKm) management costs which from 2023 are booked as NII 7,442 20 29 80 -115. 1.5 Lending margin development (bps] LC&I -668 1.12 1.14 8,023 1.10 1,293 1.02 0.96 0.95 1.0- 0.85 0.85 BC 0.84 0.79 0.72 0.68 LC&I 0.62 PC 0.5 Unchanged sensitivity but assumed at lower end of DKK 7-800m range (per 25bps uplift) due to migration to savings products 0422 Lending Lending Interest Deposit volume related margin volume fees Deposit Other margin 0123 0.0 Q122 0222 0322 0422 0123 10#12Investor Presentation - First quarter 2023 Danske Bank Fees: Resilient fee income despite lower housing market activity and investment fees impacted by lower AuM Highlights Activity-driven fees (transfers, accounts etc.) Resilient income supported by good activity in everyday banking services, such as cash management continuing the positive trend from recent quarters, but also higher income from service fees at BC due to repricing Lending and guarantee fees Y/Y: Lower income from slowdown in housing market as well as reduced remortgaging activity Q/Q: refinancing auctions in Q1 helped mitigate decline in income due to slowdown housing market activity Capital markets fees Financial markets volatility adversely impacted customer activity in especially ECM, despite gradual pick-up in DCM Net fee income (DKK m) 3,379 19 -160 -32 -252 2,954 0122 Activity-driven Lending & guarantees Capital Markets Investment fees 01-23 3,054 4 -32 -24 -49 2,954 Investment fees ➤ Y/Y: Investment fees impacted by reduced customer activity and lower assets under management Assets under management increased 2% 0/0 0422 Activity-driven Lending & guarantees Capital Markets Investment fees 01-23 11#13Investor Presentation - First quarter 2023 Danske Bank Trading: Good customer activity at LC&I and positive contribution from repositioned fixed income strategy as well as valuation effects drive higher trading income Highlights LC&I Significantly improved trading income due to more supportive market conditions ➤ New fixed income strategy at LC&I has positioned us better to take advantage of market dynamics PC & BC Strong customer activity, especially within FX at BC helped partially offset weaker customer activity at PC Northern Ireland & Group Functions Northern Ireland: Positive impact Y/Y from mark-to- market movements on the bank's hedging portfolio, reflecting a combination of interest rate expectations and the reduced remaining life of the hedging instruments. Q/Q impacted by volatility Net trading income (DKK m) 1,612 208 257 92 378 684 Q122 LC&I ex. xVA XVA PC & BC Northern Ireland Group Functions 0123 1,612 996 -162 469 -39 503 -155 Group functions benefit from management of interest rate risk, which from 2023 is booked under NII 0422 LC&I ex. XVA XVA PC & BC Northern Ireland Group Functions 0123 12#14Investor Presentation - First quarter 2023 Danske Bank Expenses: Continued progress on cost efficiency; substantially improved cost-income ratio of 47% Highlights Expenses (DKK m) Lower staff costs following structural cost efficiency measures helped mitigate inflation as well as higher resolution fund fee and Swedish bank tax 6,371 -33 9 -93 19 Continually elevated level of remediation costs Transformation costs coming down according to plan as part of final execution of 2023 Better Bank plan Other costs lower from reduced premises, amortization and consultancy spend, as well as lower IT and marketing in Q1 FTE up mainly due to nearshoring transition FTES (#, thousands) 108 14 -115 6,280 0122 Transfor- mation Financial Crime Plan 6,909 Staff cost ex. Perf. based perf. based comp. comp. Legacy remediation Resolution fee Other 0123 FTEs 18.9 Financial Crime Prevention FTEs 19 18.8 18.8 -310 18.5 18 17 I 18.4 18.1 17.9 17.6 17.5 -109 -39 -78 20 19 48 -180 6,280 4 3.5 3.6 3.6 3.6 3.6 3.1 3.1 3.2 3.3 3 2 1 0 0121 Q221 0321 0421 0122 0222 0322 Q422 One-offs* Transfor- mation Financial Crime Plan 0422 0123 Debt collection customer compensation Staff cost Perf. based Legacy Resolution Other ex. perf. comp. remediation fee based comp. 0123 13#15Business & Product Units Danske Bank#16Danske Bank Investor Presentation - First quarter 2023 Business units: Solid progress, high customer activity, enhanced profitability, and strong lending uplift Y/Y for corporates Personal Customers Business Customers Net interest income increased 76% Y/Y driven by normalisation of interest rates and repricing initiatives New digital savings products launched to accommodate demand in the new rate environment ✓ Healthy demand in PC DK for bank lending volumes up 8% Y/Y, driven mainly by Danske Bolig Fri Lending volumes in NO, SE and FI affected by slowdown in housing market and depreciation of currencies ✓ Launch of new Global Private Banking organisation to sharpen our strategy and allow digital scalability to accelerate growth ✓ Strong NII development 48% Y/Y driven by improved margins. Fee income resilient as pricing initiatives and everyday banking activity mitigated property market slowdown Strong customer focus, delivering expert financial advisory services for instance by helping customers manage their working capital needs Green lending volumes increased 49% from the same period last year ✓ Continued delivery of new digital self-service offerings and enhancements to the customer experience, for instance new fast process for applying for overdraft on our digital platform for business customers 'District' LC&I Multi-year high financial performance driven by trading income facilitated by new fixed income positioning, incl. reduced capital consumption. PBT further supported by General Banking income at record high level General Banking lending volumes up 21% Y/Y, as we continue to execute the strategic ambition to grow in SE. Higher fees from cash management and banking services were off set by lower investment fees/AuM Danske Bank continued to support our customers with advisory services and risk management solutions being a leading facilitator in the Nordic countries ✓ Top ranked M&A advisory franchise with #1 Nordic position. Pick-up in primary debt markets, and slight recovery in ECM Profit before impairments (DKK m] +29% 1,578 1,201 852* 785 0122 Q222 2,330 96 Y/Y Profit before impairments (DKK m] Y/Y Profit before impairments (DKK m) Y/Y Q/Q +15% 2,546 Q/0 +9% 2,486 Q/Q 98 121 104 2,094 2,016 1,917 1,791 1,765 1,550 1,447 100 101 290 0322 0422 0123 Nominal lending Q122 Q222 0322 0422 0123 (constant FX) Nominal Lending [constant FX] 0122 0222 0322 0422 0123 Nominal Lending (constant FX] 15 * Excl. gain on DB Luxembourg sale#17Danske Bank Investor Presentation - First quarter 2023 Business units: Improved result in Danica; strong income and profitability performance in Northern Ireland driven by primarily higher income Northern Ireland Strong performance in core banking lines as net interest income increased 58% to DKK 599 million (Q1 2022: DKK 379 million) and net fee income grew 9% to DKK 83 million (Q1 2022: DKK 76 million), driven by actions taken in response to higher UK interest rates, improved activity levels as well as pricing actions ✓ Profit before tax increased to DKK 506 million (Q1 2022: loss of DKK 12 million) as loan impairment charges remained low with a small net reversal in the first quarter 2023 ✓ Net trading income was positive in the first quarter of 2023 to favorable mark-to- market movements on the interest rate hedge Profit before imp. [DKK m) Lending (index) 482 7 99 103 Q1-23 Q1-22 Nominel Lending (DKK) Y/Y Q/Q Danica ✓ Positive developments in the financial markets have improved the performance in Danica Pension while the underlying business continues to be sound with premiums 4% higher in the first quarter compared to same period in 2022 In the first quarter of 2023, Danica Pension launched a option for customers to invest through 'Danica Balance Responsible Choice' which has a targeted focus on promoting sustainable progress; it has been well received by customers showing a desire among customers to investment their funds with an ethical focus ✓ Positive investment results on insurance products where Danica Pension has the investment risk and positive investment returns on Danica Pension's equity capital increased the financial result Y-0-Y to DKK 289 (Q1 2022: loss of DKK 504 million) Result Q1 2023/ Q1 2022 (DKKbn) 01 23 Q1 22 0.3 0.2 0.3 -0.5 ■Insurance Service ■Net financial result 16#18Investor Presentation - First quarter 2023 Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Portfolio facts, Realkredit Danmark, Q1 23 • Approx. 311,306 loans (residential and commercial) . • Average LTV ratio of 49,5% (49% for retail, 50% for commercial) We comply with all five requirements of the supervisory diamond for Danish mortgage credit institutions 718 loans in 3- and 6-month arrears (04-22:711] . 6 repossessed properties (04-22:6) • DKK 5 bn in loans with an LTV ratio >100%, including DKK 3 bn covered by a public guarantee LTV ratio limit at origination (legal requirement] • Residential: 80% • Commercial: 60% Total RD loan portfolio of FlexLånⓇ F1-F4 [DKK bn] 144 146 142 134 124 113 110 104 95 92 89 84 75 72 69 67 69 64 23 71 73 77 Danske Bank Retail loans, Realkredit Danmark, Q1 23 (%) Fixed rate (10 yrs-30 yrs) Variable rate (6m-10 yrs) Interest-only Repayment ( ) = 0422 43% (44%) 54% (53%) 53% (51%) 52% (52%) 57% (56%) 46% (46%) 47% (49%) 48% (50%) Stock of loans: DKK 432 bn (438bn) New lending: DKK 15 bn (21bn) Retail mortgage margins, LTV of 80%, owner-occupied (bp) Adjustable rate¹ 111 106 86 68 143 138 118 101 Q1 Q2 03 04 Q1 Q2 03 04 Q1 02 03 04 Q1 02 03 04 01 02 03 04 Q1 1-2 yrs 3-4 yrs 5 yrs+ 2018 2019 2020 2021 2022 2023 Fixed rate 1-2 yrs 3-4 yrs 5 yrs+ Fixed rate Interest-only Repayment 1 In addition, we charge 30 bp of the bond price for refinancing of 1- and 2-year floaters and 20 bp for floaters of 3 or more years [booked as net fee income). 17#19Sustainability Danske Bank#20Investor Presentation - First quarter 2023 Danske Bank Sustainability is an integrated element of our corporate strategy and our corporate targets Sustainability is integral to our Better Bank 2023 plan to deliver value for all key stakeholder groups Customers On average among top two banks for customer satisfaction in everything we do Operate sustainably, Society ethically and transparently Employees Engagement score of 77 Danske Bank's 2023 sustainability strategy aims to drive progress by utilising the power of finance Entrepreneurship & integrity Governance Financial confidence Sustainable finance Environmental footprint Employee well-being & diversity < Selected highlights • . • Focus areas reflect material sustainability issues Calibrated against stakeholder expectations Supports our Better Bank agenda and transformation KPIs Embedding sustainability in core business processes Leadership ambition on sustainable finance Investors ROE of 8.5-9% and a cost/income ratio in the mid-50s 19#21Investor Presentation - First quarter 2023 Danske Bank Climate Action Plan aligned with Paris Agreement launched in January 2023 Danske Bank's Climate Action Plan Our Roadmap to Net Zero January 2023 Danske Bank CO2 Carbon footprint of 41.1 mtCO2e across the Group, with 99.9% related to financed emissions Increased and expanded 2030 targets based on SBTi guidance to align with Paris Agreement goal of 1.5°C Activities in Asset Mgmt. and Danica Pension subject to temperature targets, in addition to emission reduction targets Focus on supporting customer and investee company transitions as well as increased financing of renewable energy No financing or refinancing of companies intending to expand supply of oil and gas production beyond already approved 20#22Investor Presentation - First quarter 2023 Danske Bank Our Climate Action Plan sets a clear direction for our efforts across business activities and customer segments, with increased and expanded 2030 targets Danske Bank's Climate Action Plan Our Roadmap to Net Zero January 2023 Why We are committed to achieving net zero and supporting our customers in their green transition Lending The money Asset management we lend to customers The investments we make on behalf of our customers What Measured CO₂e emissions 18.8 million tCO₂e (2020) 16.6 million tCO₂e (2020) How 回 Life insurance and pension The pension assets we manage on behalf of our beneficiaries Own operations The emissions we generate through daily operations 5.7 million tCO₂e (2020) 0.007 million tCO₂e (2022) Scope and coverage Scope 3 92% of corporate and personal customers portfolio Scope 3 68% of assets under management Scope 3 73% of assets under management Scope 1,2 and selected scope 3 categories >99% <0.02% Targets based on methodologies supported by the Science Based Targets initiative to align with the Paris Agreement goal of 1.5°C 21#23Danske Bank Investor Presentation - First quarter 2023 Based on methodologies supported by the SBTi, we have developed a comprehensive suite of intermediate 2030 emission reduction targets covering our four impact areas Overview of Danske Bank's decarbonisation targets Lending 2030 sector emission intensity reduction targets ¹) A سلسل لمما Asset management 2030 temperature rating reduction targets ¹) Implied temperature rating of our investment products from 2.7°C in 2020 to 2.1°C [Scope 1 and 2) Implied temperature rating of our investment products from 2.9°C in 2020 to 2.2°C (Scope 1, 2 and 3) Life insurance and pension 2030 temperature rating reduction targets ¹) Implied temperature rating of our listed equities and credits from 2.7°C in 2020 to 2.1°C (scope 1 and 2) Implied temperature rating of our listed equities and credits from 2.9°C in 2020 to 2.2°C (scope 1, 2 and 3) Shipping -50% Oil and gas upstream³ 50% Oil and gas 25% refineries4 Power 50% generation Steel 30% 2030 carbon intensity reduction target ¹) 2025 sector emission intensity reduction targets 2] Cement 25% Weighted average carbon intensity of 50% Real estate 69% 6 Commercial 55% investment Energy 15% real estate 5 products Transportation 20% Personal mortgages 55% 5 2025 engagement target ¹) Engagement with the 100 largest emitters Power generation 35% Cement 20% Steel 20% Own operations 2030 emission reduction targets 2) Carbon emissions in scope 1 and 2 Carbon emissions in scope 1, 2 and currently measured scope 3 categories 80% 60% What's new Targets submitted for SBTi, validation pending Targets not submitted for SBTi validation Shipping: Increased target from 20-30% to -50% reduction by 2030 based on 1.5°C trajectory ➤ Oil and gas: Expanded our target suite to cover downstream refining. Updated our position statement to not offer new long-term (re)financing to E&P companies expanding supply of oil and gas Power generation: Increased ambition from 30% to 50% reduction by 2030 Steel & Cement: Expanded target suite to cover cement and steel Commercial Real Estate and Personal Mortgages: Expanded target suite also covers commercial real estate and personal mortgages Asset management: New SBTi-aligned 1.5°C temperature rating targets ➤ Life insurance and pension: New SBTi-aligned 1.5°C temperature rating targets Own operations: New SBTi-aligned reduction target of 80% by 2030 for scope 1 and 2 To validate that our targets are based on the latest scientific research and aligned with the Paris Agreement, we have submitted our targets for validation by the Science Based Targets initiative (SBTi) 1) Baseline year 2020 // 2) Baseline year 2019 // 3) Absolute emission reduction targets set // 4) Partly absolute emission reduction targets set // 5) Based on a weighted portfolio exposure across Denmark, Sweden, Norway and Finland. For Commercial Real Estate in Denmark and Personal Mortgages in Denmark, the target corresponds to a 75% reduction by 2030 // 6) Scope 1, 2 and 3 until 2030 22#24Investor Presentation - First quarter 2023 Danske Bank Recent highlights on sustainability agenda contributing to strong performance اسمه Continued success with sustainable housing campaign Increased focus on our favourable products for energy renovation through sustainable housing campaign Results have included increased level of customer meetings and increasing lending volumes Joined PBAF and Finance for Biodiversity Pledge As the first Nordic Bank to do so, Danske Bank joined the Partnership for Biodiversity Accounting Financials (PBAF), enabling us to measure and set targets Signed the Finance for Biodiversity Pledge, committing to measure, set targets and report on our impact Updated Green Finance Framework Broadly aligned with the developing EU Taxonomy, while also including some categories not yet covered, such as the manufacture of green hydrogen and green hydrogen-based synthetic fuels . #1 Nordic Green Bond Arrangers in Global League table Danske Bank continues to rank #1 among Nordic arrangers in the Bloomberg Global League Table ☆ Hailed as a global leader at reducing carbon footprint A survey from Bloomberg Intelligence hailed Danske Bank as the global leader when it comes to reducing the carbon footprint of our loan book Broad range of sustainable financing transactions in Q1 During 01, Danske Bank has been involved in various sustainable financing transactions for e.g. Vestas, Pandora, Sveaskog and Landshypotek Bank 23#25Investor Presentation - First quarter 2023 Danske Bank On sustainable finance, Danske Bank aspires to Nordic leadership - our sustainable finance framework has been developed to drive and integrate that ambition Group ambition for Sustainable finance KPIs and targets Group KPIs Guiding Be a leading bank in the Nordics on sustainable finance and the leading bank in Denmark Sustainable financing: DKK 300bn in sustainable financing by 2023 Paris-aligned lending book; 2030 targets set for key sectors Net-Zero Bank by 2050 ¹) Align societal and business goals Enable our customers' sustainability journey Sustainable investing: Danica Pension: DKK 50bn invested in the green transition by 2023 and 100bn by 2030 Asset mgmt.: DKK 150bn in art. 9 by 2030 Paris-aligned targets set for 2030 Net-Zero Asset Owner & Manager by 20501) Measure and improve impact Business and commercial KPIs Engage and partner with stakeholders principles Key execution levers Advisory Critical enablers Governance Regulatory implementation Products & solutions Distribution Brand & marketing Risk Management Training & competencies IT enablement ESG data & insights Communication & disclosures Commercial integration Portfolio management and financial steering 1) As defined by commitments to Net-Zero Banking Alliance, Net-Zero Asset Owner Alliance and Net-Zero Asset Managers Initiative. See Climate Action Plan for details incl. 2030 targets. 24#26Investor Presentation - First quarter 2023 Deep dive: Overview of ESG integration in Danske Bank's lending operations 1. Position statements 2. Single-name ESG analysis Danske Bank 3. Portfolio-level ESG analysis Our position statements are a key tool for aligning with societal goals and communicating our approach to selected themes and sectors with elevated ESG risks Climate change - Human rights Agriculture Arms and defence ESG analysis is conducted for all large corporate clients using an internally prepared ESG risk tool ➤ Tool is developed around the concept of financial materiality i.e. how the financial performance of the company might be affected by environmental and social trends, legislation and factors ➤ External sources for the tool include: Carbon disclosures for business areas and key sectors published in Danske Bank's Climate Action Plan from January 2023 ➤ Decarbonisation targets set towards 2030, incl. for high-emitting sectors, with SBTi approval pending Joined PBAF and Finance for Biodiversity Pledge to support efforts to measure and report on how we impact nature through our financing and investing activities by the end of 2024 Climate change Position Statement on Fossil F Fossil fuels Human rights Arms & defence Agriculture Mining and metals Forestry Mining & metals SASB INSIDE Financially material ESG factors SUSTAINALYTICS ESG risk exposure and management Forestry RepRisk ESG data science and quantitative solutions ESG controversies CDP DISCLOSURE INSIGHT ACTION Climate-related financial risks and opportunities Danske Bank's Climate Action Plan Rapto Danske Bank 25#27Investor Presentation - First quarter 2023 Danske Bank Danske Bank supports a range of international agreements, goals, partnerships and standards relating to sustainability - some of these are listed below UNEP PRINCIPLES FOR FINANCE INMATIVE RESPONSIBLE BANKING Principles for Responsible Banking Provide the framework for a sustainable banking system. They embed sustainability at the strategic, portfolio and transactional levels, and across all business areas. MEMBER OF THE INDUSTRY-EDU.L-COVETED NET-ZERO BANKING ALLIANCE Net-Zero Banking Alliance A worldwide initiative for banks that are committed to aligning their lending and investment (treasury) portfolios with net- zero emissions by 2050 or sooner - and setting intermediate targets using science-based guidelines NET ZERO ASSET MANAGERS INITIATIVE Net-Zero Asset Managers Initiative An international group of asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius PRINCE THE NET-ZERO ASSET OWNER ALLIANCE Net-Zero Asset Owner Alliance Danica Pension joined the global UN-convened investor alliance in 2020, thus committing to transitioning its investment portfolio to net-zero greenhouse gas emissions by 2050 #PRI Principles for Responsible Investment Principles for Responsible Investment An international investor network that supports the implementation of ESG factors into investment and ownership decisions TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES UN GLOBA COMPACT PCAF Partnership for Carbon Accounting Financials UN environment programme finance initiative COP21-EMP11 PARIS 2015 UN QOMATE CHANGE CONFERENCE Task force on Climate-related Financial Disclosures Has developed recommendations for more effective climate-related disclosures to promote more informed investment, credit, and insurance underwriting decisions UN Global Compact A multi-stakeholder initiative focusing on aligning business operations with ten principles in the areas of human rights, labour, environment and anti- corruption Partnership for Carbon Accounting Financials Provides carbon accounting instructions for financial institutions. Danske Bank joined in 2020 as the first major Nordic bank. UN Environment Programme - Finance Initiative A partnership between UN and the global financial sector with the aim of understanding societal challenges, why they matter to finance, and how to address them The Paris Pledge A pledge to support and act accordingly in regards to the objectives of the Paris Agreement to limit global temperature rise to less than 2 degrees Celsius More information available at https://danskebank.com/sustainability/our-approach 26#28Investor Presentation - First quarter 2023 Completion of our Financial Crime Transformation by the end of 2023 Danske Bank Establishing a robust compliance function In the recent years, the Bank has made significant investments to ensure that a robust, well-resourced and expert compliance function is in place across our operations to effectively combat financial crime. The Bank has made significant changes to ensure that it has the right people, structures and controls in place to continue to achieve and maintain a culture of integrity in everything it does, deliver on the financial crime transformation and manage compliance issues that arise in the future. In designing the Financial Crime Plan, Danske Bank has, to the extent possible, sought to execute the program in a risk-prioritised way. Wherever possible, the Bank has been adopting an approach of trying to mitigate the most material residual risks first. The completion of the Financial Crime Plan is one of the bank-wide objectives set by the ELT for 2023. Throughout 2023, the Bank is continuing its efforts to complete the remaining initiatives in the Financial Crime Plan and conclude the financial crime transformation. Key remaining work for 2023 Technical development and implementation Several systems require longer development and implementation, for example, Transaction Monitoring and Sanctions Screening KYC enhancements KYC enhancements will run to the end of 2023 Later added workstreams Workstreams added to the FC Plan later in the process, for example, enhancements within Data Governance, Fraud, Tax Evasion and Anti-Bribery and Corruption, will run to the end of the program 27#29Investor Presentation - First quarter 2023 Regulatory Engagements Ongoing Dialogue Regulatory Inspections Supervisory Oversight • Danske Bank We engage in ongoing dialogue with our regulators through regular meetings with the Financial Supervisory Authorities ("FSAS") and Supervisory College to ensure aligned expectations and transparency between our regulators and the Bank We provide regular updates and engage in frequent interactions with the Danish FSA on our financial crime transformational progress and remediation work and proactively share information on the progress of our remediation program with other Nordic regulators • • • We track all regulatory inspections closely and continue to address regulatory orders we receive from our regulators in an open and transparent way. Regulatory deliverables are formally documented, and progress is frequently communicated to relevant regulators The Bank has completed and closed a number of orders received from inspections following the Estonia matter and is progressing in addressing orders received in relation to subsequent AML inspections In the past year, the Danish FSA published the outcomes of two inspections at Danske Bank focusing on money laundering and terrorist financing, and our management of EU sanctions against Russia and Belarus. The reviews did not give rise to any supervisory reactions, which we believe reflects the progress we have made in the implementation of our Financial Crime Plan* All remaining orders and recommendations from regulators are incorporated and prioritised in our Financial Crime Plan. We carry out targeted actions to rectify these issues and track them closely to completion. The Bank also addresses topics that are not highlighted in the inspection findings but noted by the Danish FSA • The Danish FSA, as well as other relevant FSAs, carry out supervisory oversight of the Bank's remediation work The Financial Crime Plan was submitted to the Danish FSA in May 2020. In November 2021, we submitted our recalibrated Financial Crime Plan, and the Danish FSA follows its implementation closely. Our other supervisors receive updates on an ad-hoc basis The Danish FSA carries out extensive supervisory oversight of the Bank's financial crime transformation program. In addition to its ongoing supervision, in February 2021, the Danish FSA appointed an Independent Expert to monitor the implementation of the Bank's Financial Crime Plan. The Independent Expert's monitoring is ongoing * https://danskebank.com/investor-relations/regulation/the-danish-fsa The Danish FSA (danskebank.com] 28#30Investor Presentation - First quarter 2023 Committee Governance for Compliance Risks Danske Bank Financial Crime Remediation Steering Committee Provides governance structure and delivery oversight of the Group's Financial Crime Plan Supported by a Group Financial Crime Project Management Office to track and challenge progress across Business Units Chaired by the Chief Compliance Officer of Danske Bank Compliance Risk Committee Second Line Committee responsible for providing oversight and challenge of the management of compliance and conduct risk on behalf of the ELT The Committee reports to the Group All Risk Committee Chaired by the Chief Compliance Officer of Danske Bank Conduct and Compliance Committee Board level committee that oversees the Bank's management of conduct and reputational risk, compliance and financial crime as well as other matters delegated by the Board Responsible for reviewing all relevant Board owned policies concerning compliance, prior to Board approval Post-Resolution Committee Danske Bank's agreement with the Department of Justice ("DOJ") contains post-resolution obligations, which include the obligation for Danske Bank to continue to enhance its compliance programs, including its AML Program, which will be subject to ongoing review by and engagement with the DOJ. To oversee the implementation of and compliance with post-resolution obligations, the Bank has established a Post-Resolution Committee. 29#31Danske Bank Investor Presentation - First quarter 2023 The Resolutions with the Danish and U.S. Authorities In December 2022, Danske Bank reached the final resolutions with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations in relation to the non-resident portfolio at Danske Bank's former branch in Estonia. The resolutions marked an end to the investigations, while also emphasizing the importance of the journey ahead. Pre-Resolution Already during the investigations, Danske Bank: Made significant investments in building systems and upgrading our compliance, risk and control capabilities Started implementing a comprehensive transformation program, the Financial Crime Plan (FC Plan), which is scheduled for completion by the end of 2023 Provided full cooperation with the investigation, which has been acknowledged by the U.S. authorities in the form of a cooperation credit The Plea Agreement Danske Bank's Plea Agreement with the DOJ sets out a number of obligations, including: Broad disclosure obligations (§ 11, 13 and 30 of the Plea Agreement and § 13 of Appendix D) Compliance Commitments and Compliance Reporting Requirements (Appendices C and D) ➤ Obligations to meet with U.S. authorities quarterly to discuss progress of the remediation (Appendix D) Certification requirements (Appendices E and F) As part of the Plea Agreement, Danske Bank is placed on corporate probation for three years, which is a period of supervision by the U.S. court. Danske Bank will comply with all terms of corporate probation. Post-Resolution Danske Bank has set up a comprehensive program to manage the post-resolution obligations in three phases: 1. Addressing immediate disclosure obligations and escalation procedures [completed] 2. Submitting work plan outlining how current gaps against obligations will be addressed [completed] 3. Executing on the commitments made to the U.S. Authorities under the Plea Agreement [ongoing] 30#32Credit quality & Impairments Danske Bank#33Investor Presentation - First quarter 2023 Danske Bank Impairments: Strong credit quality with modest charges related to macro model adjustments; prudent buffers remain in place to mitigate potential downturn tail risks Highlights Credit quality remains strong with limited signs of credit deterioration and single-name impairment charges As the macro scenarios have been updated to reflect the uncertainties, the macro model charges resulted in additional DKK 0.2bn booked in 01 Total allowance account stands at DKK 19.7bn the healthy PMA buffer was kept in place to mitigate any tail risks not evident in the portfolio or captured by our macro models Post Model Adjustments (PMAs) Impairment charges by category (DKK bn] 4.3 Credit quality deterioration PMAS Macro models Debt collection one-off 2.1 1.0 0.5 1.1 0.7 0.8 0.8 0.5 0.4 0.6 1.7 1.4 0.5 0.2 0.2 0.2 0.4 0.8 0.1 0.5 0.2: -0.2, -0.3 -0.5 -0.4 -0.6 -0.2 -0.9 -0.2 Q120 0220 Q320 0420 0121 Q221 0321 0421 0122 0222 0322 0422 0123 Allowance account by stages (DKK bn] Stage 1 ECL Stage 2 ECL Stage 3 ECL Stage 3 net exposure, % of total (rhs) 6.6 6.4 6.5 6.3 DKK bn % 0.8 0.8 Agriculture 30 1.35 0.9 CRE 25 1.8 1.8 22.6 1.30 1.5 Construction & 21.9 4.0 20.4 2.3 Building materials 19.6 19.7 20 2.7 1.3 1.25 0.2 0.5 0.5 3.3 3.3 Oil & Gas 5.9 7.4 6.8 15 1.20 1.7 1.4 1.5 Personal Customers 8.1 8.4 10 Others 1.1 0.95 13.2 12.9 12.4 2.1 1.9 Model changes 5 8.3 8.1 0.9 0.00 2019 2020 2021 2022 Q123 2019 2020 2021 2022 Q123 32#34Investor Presentation - First quarter 2023 Strong footprint within retail lending Lending by segment¹ 01 23 (%) Personal Customers DK Personal Customer Nordic Private Banking Business Customers Asset Finance 0% 2% LC&I General Banking 3% LC&I Other 16% 23% Northern Ireland Group Functions 1. Total lending before loan impairment charges. 3% 33% 17% Credit exposure by industry Q1 23 (%, rounded) Personal customers Public institutions Commercial property Co-ops & Non-profit Financials Utilities and infrastructure Capital goods Consumer goods Services Agriculture Construction and building Pulp, paper and chemicals Pharma and medical devices Shipping, oil and gas Retailing J 4 3 3 222 5 00 Danske Bank 12 11 of which residential (5%) 34 Automotive 1 Social services 1 4% Telecom and media <1 Transportation <1 Other commercials <1 Hotels and leisure <1 Total lending DKK 1,770 bn Metals and mining Total credit exposure DKK 2,552 bn 33#35Danske Bank Investor Presentation - First quarter 2023 Overall strong credit quality in portfolios exposed to macro cyclicality CRE: Well diversified and prudently managed growth DKK 294 bn in gross exposure and ECL ~1% Agriculture: Well-provisioned agriculture book Housing: Low leverage and strong household finances +80% of RD lending are 5-30yr fixed-rate DKK 63bn in gross exposure of which 58% RD Segment gross exposure ■ Non-residential ■ Residential Property dev. Crops Segment gross exposure Dairy Pig breeding RD lending ■ Mixed operations 54% 42% 4% 43% 38% 33% 35% 48% Country gross exposure 26% 12% 7% 7% Avg. LTV RD-retail 51% 18% 14% Country gross exposure 49% 0% 56% 13% 29% 0% 50% 100% 1% ■ DK ■ SE ■ NO ■ Fl ■LC&I / Other Fixed F5s Other ■LTV Home equity ■ DK ■ SE ■ NO ■ Fl ■LC&I / Other Conservative lending growth (-4% 4Y-CAGR in non- resi.] given caps and concentration limits within sub- segments and markets, as well as for single-names, limiting downside risks Due to our conservative approach, our SE exposure has remained stable, despite market growth, and book is well-diversified with lower concentration risk over the past years The group's credit underwriting standards maintain strong focus on cash flows, interest rate sensitivity, LTV and the ability to withstand significant stress. PMAs of DKK 1.8 bn made to cover uncertainties regarding the affect of rapid interest rate increases and macroeconomic situation The credit quality of the portfolio has improved over the past few years, recovering from legacy exposures from the financial crisis The current credit risk appetite takes into account the volatility of the sector and remains in place. Furthermore, the group maintains strong underwriting standards on LTV, interest-only loans and interest rate sensitivity ➤ Post-model adjustments of DKK 0.8 bn have been made for potential future portfolio deterioration due to uncertainties such as African Swine Fewer (ASF), Chinese imports and the RU/UA war Average LTVs have been decreasing over the past year supported by increasing house prices and call feature of DK mortgages Affordability measures in our approval process has been tightened, and debt-to-income (DTI) levels remain stable overall Portfolio uncertainty risks are being mitigated by continuous monitoring and review of underwriting standards covering interest rate-related stress of affordability and other measures Low near-term refinancing risk on RD flex loans. Post-model adjustments related to personal customers total DKK 1.5 bn 34#36Investor Presentation - First quarter 2023 Danske Bank Commercial property; prudently managed and cash-flow based underwriting standards; sound credit quality and adequate buffers in place to mitigate tail risks Highlights Lending to CRE segment by major peer banks (index)* CRE share of total portfolio by major peer banks* ― Danske Bank Peer bank 4 Commercial Residential 140 Danske Bank has a relatively low concentration to CRE compared with Nordic peers. The portfolio has been slightly declining due to concentration limits and stringent underwriting standards, particularly towards non-residential segment Peer bank 1 Peer bank 5 Peer bank 2 Peer bank 6 130 Peer bank 3 120 110 Of the CRE portfolio, 26% is to Sweden, lowest ratio among all Nordic banks active in Sweden. As such, customers with dependence on refinancing of bonds are thus manageable 100 14% 9% 5% 6% 6% 6% 5% 90 15% 11% 12% 10% 9% 6% 7% 80 Q117 0118 Q119 Q120 0121 0122 0123 Danske Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Danske Bank's CRE allowance account, core (DKKbn] Allowance account Of which PMAS 5 In addition to conservative underwriting, we perform rigorous monitoring of exposures, incl. stress tests: ✓ An interest rate stress of 4%-pts on top of the borrower's current avg. interest rate for debt not hedged Significant stress assessment of rent and vacancy rates ✓ Liquidity stress measuring ability to repay maturing bond debt etc. in the coming 18 months The portfolio is well diversified and well provisioned to mitigate a potential material correction in the sector Danske Bank's CRE portfolio avg. LTVs Residential 50% 46% Non-residential LO 56% 56% 50% 4 48% 47% 44% 3 2 1 Denmark Sweden *Source: Companies' Annual report. Exposure definitions differ among banks between total lending, credit exposure and EaD. T T 3.3 0 Norway Finland 2018 2019 2020 2021 2022 0123#37Danske Bank Investor Presentation - First quarter 2023 Fossil fuels (coal, oil and gas) exposure Key points, Q1 23 The current exposure to fossil fuels and includes customers involved in production, refining, and distribution (including shipping) of oil and gas as well as utilities producing heat or power with coal Exposure towards oil majors (upstream oil and gas) has decreased 25% from 01 last year and exposure is down by 62% compared to end 2020. The exposure development is aligned with the Group's 2030 climate target of reducing financed emissions by 50% from oil majors. The main risk on oil related exposures lies with exposures other than oil majors, and since Q1 last year, these net exposures have been brought down 13% and are down by 30% from end 2020 Exposures shown on this page is to utility customers with any coal-based power production [DKK 30.7 bn.] and hereof more than 5% of revenues from coal fired power production (2.6 bn.). Exposures have been somewhat volatile the past year, due to short-term facilities to help customers manage market risk due to energy price volatility, and net exposures are now 6% lower than a year ago Customers' transition plans are continually being assessed, and our customers in the distribution and refining segments and utility customers are generally progressing well on the transition. For instance, by refineries switching to biofuels or by gas stations investing in infrastructure for charging of electric vehicles. Also, for most customers, the use of coal is limited to a few remaining production facilities which are expected to phase-out towards 2030 Group gross credit exposure (DKK 2,575bn] Fossil fuels exposure Oil-related net credit exposure development, DKK bn. Segment Net exposure (DKK m) Of which covered by collateral Offshore and services Oil Majors Crude, gas and product tankers 2,945 8.4 30% 2.0% Distribution and refining Oil-related exposure Oil majors 9,161 9,907 7.1 2,695 Offshore and services 5,870 Power and heating utilities 30,715 with any coal-based production Hereof customers with more than 5% revenue from coal 2,620 Fossil fuels exposure ■ Other Total fossil fuel exposure 62% 5.9 2.7 3.5 51,386 2020 04 2022 Q1 2022 02 2022 03 2022 04 2023 01 36#38Investor Presentation - First quarter 2023 Credit quality: Low level of actual credit deterioration Danske Bank Stage 2 and 3 as % of net exposure Allowance account by business unit (DKK bn] 4 11 Stage 2 net exposure (% of Total, lhs] 10 69 Stage 3 net exposure (% of Total, rhs) PC 23.3 BC LC&I N.I. Other (Non-core] 23.3 23.0 22.7 20.6 3 19.8 19.6 19.7 8 7 6% 18.8 5.5 5.5 5.4 5.2 3.6 3.4 3.1 2.9 3.6 4 1.2% 0 265321O 6% 2 10.1 10.3 10.4 10.2 9.8 9.8 10.2 10.3 9.6 0.9% 1 5.9 5.7 5.6 5.7 5.5 5.8 4.8 5.4 5.6 04 Q1 Q4 Q1 Q2 Q2 03 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 Q3 04 Q1 02 Q3 Q4 Q1 0 01 2021 02 2021 03 2021 04 2021 01 2022 02 2022 03 2022 04 2022 01 2023 Breakdown of stage 2 allowance account and exposure (DKK bn] Gross stage 3 loans (DKK bn] Allowance account Gross credit exposure Allowance account as % of gross exposure Individual allowance account 54.3 Net exposure 52.6 Personal customers 2.01 884 0.23% 47.4 46.0 13.3 13.3 Agriculture 0.85 63 1.35% 13.4 12.4 35.8 34.9 33.4 32.2 31.0 Commercial property 2.13 294 0.73% 9.9 9.9 8.7 8.3 8.0 Shipping, oil and gas 0.03 39 0.07% 41.0 39.3 33.9 33.6 Services 0.32 66 0.49% 25.9 25.0 24.7 23.9 23.0 Other 3.03 1,226 0.25% Q1 2021 Q2 2021 03 2021 04 2021 01 2022 02 2022 03 2022 04 2022 01 2023 Total 8.38 2,572 0.33% 37#39Capital Danske Bank#40Investor Presentation - First quarter 2023 Danske Bank Capital: Prudent CET1 ratio at 18.0%; comfortable buffer to current regulatory requirements Capital ratios, under Basel III/CRR (%) Tier 2 Pillar Il component (total 2.7%) 22.4 22.1 22.3 22.1 Hybrid T1/AT1 CET1 2.4 2.5 2.5 2.5 2.3 1.8 1.8 1.8 18.2 2.6 2.0 1.9 1.5 17.7 17.8 18.0 17.8 13.7 12.0 HE 2021 reported 2022 reported Q1 2023 reported Q1 2023 fully loaded* Fully phased-in reg. requirement** CET 1 development (%) CET1 cap.req. CET1 buffer 17.8 0.2 0.2 0.2 18.0 4.5 4.7 13.1 Q422 REA Net profit after dividend FX & Deductions 13.5 Q123 Current capital buffer structure (%) Countercyclical capital buffer Capital conservation buffer SIFI buffer (O-SII) CET1 Pillar Il requirement CET1 minimum requirement CET1 target (above 16%) CET1 01 2023 (18%) At the end of March 2023, the trigger point for MDA restrictions was 13.5% Total REA (DKK bn] 838 10 lo 13.5 1.8 2.5 3.0 1.7 4.5 Q1 2023 60 822 Q422 Credit risk Counterparty risk Market risk 0123 * Based on fully phased-in rules including fully phased-in impact of IFRS 9. ** Pro forma fully phased-in minimum CET1 requirement in March 2024 of 4.5%, capital conservation buffer of 2.5%, SIFI buffer requirement of 3%, countercyclical buffer of 2.0% and CET1 component of Pillar Il requirement. 39#41Investor Presentation - First quarter 2023 Danske Bank Strong CET1 capital build-up since 2008; Available Distributable Items (ADI) well in excess of DKK 100 bn Common Equity Tier 1, 2008 – 2023 (DKK bn] +71bn 152 149 144 148 126 130 134 133 133 127 133 119 107 85 77 79 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20181 2019 2020 2021 2022 01 2023 REA, CET 1, profit and distribution (DKK bn; %] 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023 REA 960 834 844 906 819 852 865 834 815 753 748 767 784 860 838 822 CET1 ratio 8.1% 9.5% 10.1% 11.8% 14.5% 14.7% 15.1% 16.1% 16.3% 17.6% 17.0% 17.3% 18.3% 17.7% 17.8% 18.0% Net profit 1.0 1.7 3.7 1.7 4.7 7.1 13.02 17.72 19.9 20.9 15.0 15.1 4.6 12.9 -5.1 5.2 Distribution to shareholders³ 0 0 0 0 0 2.0 10.5 17.1 18.9 16.3 7.6 0 1.7 1.7 Total assets 3,544 3,098 3,214 3,424 3,485 3,227 3,453 3,293 3,484 3,540 3,578 3,761 4,109 3,936 3,763 3,791 1. The decline in CET1 capital in 2018 is due mainly to Danica Pension's acquisition of SEB Pension Danmark which led to a higher deduction in Group regulatory capital. 2. Before goodwill impairment charges 3. Based on year-end communicated distributions. 2017 is adjusted for cancelled buy-back. 2019 is adjusted for cancelled dividend. 40#42Investor Presentation - First quarter 2023 Danske Bank Fully compliant with MREL and subordination requirement; expect to cover MREL need with both preferred and non-preferred senior MREL and subordination requirement* and eligible funds; Q1 2023; Comments DKK bn (% of Group REA] +35 (+4.2%) 319 (38.0%) 283 (33.8%) 67 MREL requirement incl. CBR PS > ly NPS > ly CET1, AT1, T2 +24 (+2.9%) (7.9%) 228 252 (30.1%) (27.2%) 68 68 (8.2%) (8.2%) 184 (21.9%) MREL funds Subordination requirement *Including Realkredit Danmark's (RD) capital and debt buffer requirements 184 [21.9%] The Group has to meet a MREL requirement and a subordination requirement, both adjusted for Realkredit Danmark (RD) The subordination requirement is the higher of 2x(P1 + P2) + CBR or 8% TLOF The Group's MREL requirement (total resolution requirement) is DKK 283bn incl. RD's capital and debt buffer requirement (DKK 44bn) and the combined buffer requirement (DKK 51bn). Excess MREL funds are DKK 35bn The Group's subordination requirement is DKK 228bn incl. RD's capital requirement [DKK 29bn). Excess subordinated MREL funds are DKK 24bn This figure shows the Group's MREL and subordination requirement as of end Q1 2023, which constitutes the fully-phased in requirements, i.e. no interim target. Requirements will, however, be impacted by any changes to the CCyB. Subordinated MREL funds 41#43Funding & Liquidity Danske Bank#44Investor Presentation - First quarter 2023 Funding structure and sources: Danish mortgage system is fully pass-through Danske Bank Loan portfolio and long-term funding, Q1 23 [DKK bn] 2,311 Senior & 170 NPS bonds 1,770 1,156 Deposits Bank loans 625 Bank mortgages 412 252 Covered bonds Funding sources* (%) 13% 12% 62% 60% 04-22 01-23 1% 1% 9% 10% 8% 8% 2% 2% 10% 10% -3% -5% RD mortgages 733 733 Issued RD bonds Deposits credit inst. CD & CP Repos, net Deposits Senior & NPS Covered bonds Subord. debt Equity * Figures are rounded Loans Funding Short-term funding Long-term funding 43#45Investor Presentation - First quarter 2023 Funding programmes and currencies Covered bonds by currency, end-Q1 2023 EUR SEK NOK 25% 29% Largest funding programmes, end-Q1 2023 EMTN Programme - Limit EUR 35bn Danske Bank Utilisation 47% Global Covered Bond 71% Limit EUR 30bn 46% ECP Programme 4% Total DKK 154 bn - Limit EUR 13bn Senior debt¹ by currency, end-Q1 2023 7% 7% 3% 0% 42% USD EUR NOK SEK GBP Other 41% 1. Including senior preferred and non-preferred debt US MTN (144A] Limit 56% USD 20 bn US Commercial Paper 5% Limit USD 6bn UK Certificate of Deposit 4% Limit USD 15bn NEU Commercial Paper 2% Total DKK 185 bn - Limit EUR 10bn 44#46Investor Presentation - First quarter 2023 Funding and liquidity: LCR compliant at 169% Changes in funding,* 2023 (DKK bn and bp) Cov. bonds 13bp 54bp 69bp Senior Non-Preferred Senior 106bp 31 29 24 24 165bp 21bp 38bp 25bp -1—1- 60bp 9 6 Redemptions 2023: Redeemed 2023: New 2023 DKK 84 bn DKK 5 bn DKK 39 bn Maturing funding,* 2024-2026 (DKK bn and bp) Cov. bonds Senior 11bp 172bp 9bp Non-Preferred Senior Long-term funding excl. RD [DKK bn]*** 100 Completed Funding plan 79 75 61 2019 2020 2021 *** Includes covered bonds, senior, non-preferred senior and capital instruments, excl. RD. Liquidity coverage ratio (%) Danske Bank 80-100 39 2022 2023E 169 164 161 159 159 155 155 151 151 12bp 34 31 100bp 23 40bp 11 10 109bp 7 20 54bp 89bp 8 6 2024: DKK 75 bn 2025: DKK 66 bn 2026: DKK 45 bn 01 2021 Q2 2021 03 2021 04 2021 01 2022 02 2022 03 2022 04 2022 01 2023 Spread over 3M EURIBOR. 45 100#47Investor Presentation - First quarter 2023 Danske Bank covered bond universe, a transparent pool structure¹ Danske Bank CLIFT Danske Bank Residential mortgages • Denmark, D-pool • Norway, I-pool Danske Bank A/S C-pool S&P AAA Fitch AAA . Sweden, Danske Hypotek AB Finland, Danske Mortgage Bank Plc Commercial mortgages Sweden and Norway, C-pool Danske Bank A/S I-pool S&P AAA Fitch AAA REALKREDIT Danmark Residential and commercial mortgages Π . Capital Centre T (adjustable-rate mortgages] Capital Centre S (fixed-rate callable mortgages) Realkredit Danmark A/S S&P AAA Fitch AAA Scope AAA Norway Denmark Danske Bank A/S D-pool S&P AAA Fitch AAA 1 The migration of Swedish residential loans from Danske Bank's I-pool and Swedish residential-like loans from Danske Bank's C-pool to Danske Hypotek AB, is ongoing. + + Finland Danske Mortgage Bank Plc Moody's Aaa Sweden + Danske Hypotek AB S&P AAA Nordic Credit Rating AAA Details of the composition of individual cover pools can be found on the respective issuers' website. 46#48Credit & ESG Ratings Danske Bank#49Investor Presentation - First quarter 2023 Danske Bank's credit ratings Long-term instrument ratings Speculative grade Investment grade Fitch Moody's Scope S&P AAA Aaa AAA AAA AA+ Aal AA+ AA+ AA Aa2 AA AA AA- Aa3 AA- AA- A+ A1 A+ A+ A A2 A A A- A3 A- A- BBB+ Baal BBB+ BBB+ BBB Baa2 BBB BBB BBB- Baa3 BBB- BBB- BB+ Bal BB+ BB+ Fitch rated covered bonds - RD, Danske Bank Moody's rated covered bonds - Danske Mortgage Bank Scope rated covered bonds - RD S&P rated covered bonds - RD, Danske Bank, Danske Hypotek Counterparty rating Senior unsecured debt Non-preferred senior debt Tier 2 subordinated debt Additional Tier 1 capital instruments Danske Bank Credit ratings remain unchanged in Q1 2023 S&P, Fitch and Moody's all have a stable outlook on Danske Bank. Following the market turmoil caused by the failures of Silicon Valley Bank and Credit Suisse among others, rating agencies have focused in particular on funding, liquidity and deposits. Danske Bank is well placed to meet all regulatory and rating agency requirements. 48#50Investor Presentation - First quarter 2023 Danske Bank's ESG ratings We have chosen to focus on five providers based on their importance to our investors Q1 2023 04 2022 03 2022 Q2 2022 Q1 End End Range 2022 2021 2020 CDP1 B 283 companies, out of the 18,700 analysed, made the climate change A List in 2022 B B B B B B ISS ESG C+ Decile rank: 1 (301 banks rated] Prime C+ is the highest rating assigned to any bank by ISS ESG C+ Prime C+ Prime C+ Prime C Prime C Prime C+ Prime Moody's ESG Solutions 61 Rank in Sector 10/30 Rank n Region 178/1618 Rank in Universe 200/4847 MSCI BBB MSCI rates 198 banks: AAA 6% Sustainalytics AA 33% A 27% BBB 21% BB 11% B 3% CCC 0% Medium Risk Rank in Diversified Banks 98/385 Rank in Banks 282/1000 1 Carbon Disclosure Project - primary focus is on climate change/management, also linked to TCFD 61 61 61 61 61 64 Danske Bank A to F (A highest rating) A+ to D- (A+ highest rating) Decile rank of 1 indicates a higher ESG performance, while decile rank of 10 indicates a lower ESG performance 100 to 0 [100 highest rating) BBB BBB BBB BBB BBB BB AAA to CCC (AAA highest rating) Medium Risk Medium Risk Medium Risk Medium Risk Medium Risk High Risk Negligible to Severe risk (1 = lowest risk) 49#51Investor Presentation - First quarter 2023 Three distinct methods for rating banks Rating methodology Anchor SACP1 1 2 S&P Global Ratings MOODY'S bbb+ +1 +1 + Danske Bank Danske Bank's rating 3 Potential CRA¹ adjustment Extraordinary SACP2 + external support ALAC = Issuer rating -1 1 = Business Position, 2=Capital & Earnings, 3=Risk Position, 4= Funding & Liquidity Macro profile + 1 + 2 +3 + 0 a- +2 A+ (Stable] Quali- 4 + 5 + tative factors BCA3 + Affiliate support + LGF4 Gov. support Issuer rating Strong Plus a3 al ba2 baa3 baa2 1=Asset Risk, 2=Capital, 3-Profitability, 4=Funding Structure, 5=Liquid resources -1 baa2 +1 +1 A3 (Stable) Operating environment + Business Profile + + + Risk Asset Earnings & Capitalisation Profile Quality Profitability & Leverage + + Funding & Liquidity Viability Rating Fitch Ratings Government Support Issuer rating aa- a+ a+ a a- a a+ a ns5 [Stable] A 1 Comparable ratings analysis 2 Stand-Alone Credit Profile 3 Baseline Credit Assessment 4 Loss Given Failure 5 No support. 50#52Tax & Material one-offs Danske Bank#53Investor Presentation - First quarter 2023 Тах Danske Bank Actual and adjusted tax rates (DKK m) Profit before tax according to P&L Permanent non-taxable difference Adjusted pre-tax profit, Group Tax according to P&L Q1 2023 042022 032022 02 2022 Q1 2022 6,954 5,262 -12,839 2,312 3,568 547 -1,182 16,567 427 435 7,501 3,758 3,527 2,572 4,142 1,787 706 834 516 827 Taxes from previous years etc. 71 158 25 106 57 Adjusted tax 1,858 862 785 565 919 Tax drivers, Q1 2023 The actual tax rate of 26.7% (excluding prior-year's adjustments) is higher than the Danish rate of 25.2% - due to the tax effect from tax exempt income/expenses and regulations to prior years tax The financial sector is subject to a statuary corporate tax rate of 25.2% in 2023 and 26% from 2024 onwards Adjusted tax rate of 24.8% is lower than the Danish rate of 25.2% due to the differences in statuary tax rates in the various countries in which we operate The permanent non-taxable difference derives from tax- exempt income/expenses, such as value adjustments on shares Adjusted tax rate 24.8% 22.9% 22.3% 22.0% 22.2% Actual-/Effective tax rate 25.7% 13.4% -6.5% 22.3% 23.2% Actual-/Effective tax rate exclusive prior year 26.7% 16.4% -6.1% 24.4% 25.7% regulation 52#54Investor Presentation - First quarter 2023 Material extraordinary items in 2023 In Q1 2023, Danske Bank did not report extraordinary items Danske Bank 53#55Investor Presentation - First quarter 2023 Contacts Investor Relations Claus Ingar Jensen Head of IR Danske Bank Mobile +45 25 42 43 70 [email protected] Group Treasury and Funding Kasper Refslund Kirkegaard Head of Group Treasury Mobile: +45 23 82 94 88 [email protected] Nicolai Brun Tverno Head of Debt IR Mobile +45 31 33 35 47 [email protected] Bent Callisen Head of Group Funding Mobile: +45 30 10 23 05 [email protected] Olav Jørgensen Chief IR Officer Mobile +45 52 15 02 94 [email protected] Thomas Halkjær Jørgensen Chief Funding Manager Mobile +45 25 42 53 03 [email protected] Katrine Lykke Strøbech IR Officer Mobile +45 22 43 19 11 [email protected] Rasmus Sejer Broch Chief Funding Manager Mobile +45 40 28 09 97 [email protected] 54#56Investor Presentation - First quarter 2023 Disclaimer Danske Bank Important Notice This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S in any jurisdiction, including the United States, or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended ("Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This presentation contains forward-looking statements that reflect management's current views with respect to certain future events and potential financial performance. Although Danske Bank believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors many of which are beyond Danske Bank's control. This presentation does not imply that Danske Bank has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 55