#1Investor Presentation First half 2022 Danske Bank#2Investor Presentation - First half 2022 Agenda Danske Bank 01. Danske Bank - brief overview 2-7 02. Financial highlights - first half 2022 8-14 03. Business & Product Units 15-19 04. ESG, Sustainability, Financial Crime Prevention 20-28 05. Credit Quality & Impairments 29-37 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#3Danske Bank Investor Presentation - First half 2022 We are a Nordic universal bank with strong regional roots 3.3 m personal and business customers 2,100+ large corporate and institutional customers Deposits Assets under Management DKK 700bn* > DKK 1,100 bn Sound funding structure (DKK bn] 1,819 2,300 167 Senior & NPS bonds 1,156 Deposits Bank loans 679 Bank mortgages 397 234 Covered bonds RD mortgages 743 743 Issued RD bonds Loans Funding Denmark (AAA) Market leader Market share: 25% Share of Group lending: 46% GDP growth 2022E: 3.5% Unemployment 2022E: 2.5% Leading central bank rate: -0.10% 21,000+ employees in 10 countries Loans >DKK 1,800 bn Note: Share of Group lending is before loan impairment charges and excludes Large Corporates & Institutions (17%) and Asset Finance (3%) * Asset Management in LC&I Finland (AA+] 3rd largest Market share: 10% Share of Group lending: 8% GDP growth 2022E: 1.5% Unemployment 2022E: 6.4% Leading central bank rate: 0% Norway (AAA) Challenger position Market share: 6% Share of Group lending: 11% GDP growth 2022E: 3.6% Unemployment 2022E: 1.8% Leading central bank rate: 1.25% Sweden (AAA) Challenger position Market share: 6% Share of Group lending: 12% GDP growth 2022E: 1.1% Unemployment 2022E: 7.4% Leading central bank rate: 0.75% Northern Ireland (AA) Market leader Market share Personal: 19%, Business: 27% Share of Group lending: 3% 2#4Investor Presentation - First half 2022 Danske Bank Taking stock as we are approaching the final phase of the Better Bank plan; good traction towards our 2023 ambitions and 8.5 -9% ROE target 2019: Inception We are on a journey: In 2020 we pave the way towards 2023 2019 2020 We stop the downward trend and invest in our future We set our ambitions and change agenda 2021/22 We deliver on our agenda and show tangible results 2023 We realise our ambitions 2021: Adjust plan on top of solid foundation Our strong position in the corporate segments makes us well-positioned to execute on our commercial priorities. Key focus on regaining momentum within our retail business LC&I -60% of current total income Business Customers PC DK Foundation Increasing momentum built up over past years; a leading position across Nordic debt and equity capital markets and as arranger of Green Bonds-even globally Top commercial priorities Sustaining our strong momentum by leveraging our market leading position and capitalising on the growing Nordic capital markets Good momentum; ancillary business trending upwards; strong digital offerings have enhanced our value proposition Enhancing our momentum by expanding digital offerings and servicing customers more efficiently, and improving sustainable offerings supporting their green transition PC Nordic Proven digitalisation efforts and strong advisory offerings, but challenged brand and commercial momentum High-quality growth driven by new active target customers; potential for profitability uplift and improving cost to serve Regaining momentum in the short term Maintaining growth and improving profitability by regaining fair housing market position and market share and be d building on momentum in the investment area through cross-sales building on optimised service models with enhanced digital offerings Today More robust and efficient organisation Invested in strengthening the control environment: Currently +4,000 FTEs allocated towards Compliance/FCP and DKK 10bn accumulated spend for FCP since launch of Better Bank agenda ✓ FTEs ex. FCP trending down ~1,400 FTES down vs 2020 peak More efficient development; +60% more software deployments vs 2020 with fewer FTEs Enhanced commercial focus and strong underlying business momentum Trend shift in Danish retail business and improved profitability in the Nordic countries Continually strong CSAT among LC&I customers and traction on SME offerings to both complex needs and digital mass-market needs Adjusted commercial organisation accelerating a strengthening of segment-specific value chains Strong platform and continued momentum within sustainable finance Well under way towards our ambition of being a leading player within sustainability, underpinned by our strong position in league tables, enhanced advisory capabilities and new products ✓ We continue to set and execute according to ambitious targets; targets in place for high-emission sectors, which make up two-thirds of total financed emissions 3#5Investor Presentation - First half 2022 Traction towards targets remains positive across our sustainability indicators Danske Bank Sustainablefinance Sustainable operations Impact initiatives 2023 Responsible investing Sustainable financing Governance & integrity DKK 150bn in Targets funds that have Latest sustainability objectives ¹) and DKK 50bn invested in the green transition by Danica Pension DKK 53.4bn * in sust. funds (art. 9) DKK 33.5bn * status * indicates Q2 update by Danica Pension DKK 300bn in sustainable financing - and setting Paris Agreement aligned climate targets for our lending portfolio 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 CO2 emissions by 40% compared to 2019, towards Entrepreneur- ship 10,000 start-ups & scale-ups supported with growth and impact Financial confidence 2m people supported with financial literacy tools and expertise (since 2018] 60% by 2030 tools, services and expertise (since 2016) 96% trained 33% women - 69% for 20212) 6,881* 1.8m* + 2030 emission targets disclosed for shipping, utilities and oil & gas 75 engagement score DKK 247bn* 1) This is a 2030 target to have at least DKK 150bn in investment funds that have sustainability objectives (article 9 funds). 2) Over-performance in 2021 was related to COVID-19 and reductions in travel. 4#6Investor Presentation - First half 2022 Our Path to Financial Crime Transformation 2020 2021 Danske Bank 2022 2023 A comprehensive Group-wide Financial Crime Plan is launched covering all initiatives needed to meet regulatory requirements. The plan is shared with the DFSA We continue to significantly change leadership and governance structures We continue our ongoing dialogue with regulators for transparency and oversight throughout our remediation process Policies and instructions are further updated to increase clarity and facilitate compliance with regulations We refresh due diligence data of 2.6m customers against a new and improved standard covering 99.9% of targeted customers We automate our transaction monitoring to ensure all-in scope customer activity is subject to appropriate automated monitoring for potential financial crime 20 በጠ 备 kr con X We hire International experts into key positions and functions. Specialised units are established to manage financial crime risks and strengthen financial crime controls We increase financial crime awareness and knowledge across the Group through annual targeted and specialised financial crime trainings An extensive culture change is further implemented to integrate compliance into our DNA and the way we work We lift and digitalise our KYC and due diligence processes and increase data coverage and quality, which gives us deeper understanding of our customers and ability to identify financial crime faster By increased use of technology and data we detect, investigate and analyse potential financial crime risks faster and more effectively, increasing our response rate to potential threats We fully screen against national, EU and global sanctions lists to ensure that we and our customers do not conduct business that breaches sanctions We progress implementation of our Group-wide Financial Crime Plan and extend it to also cover Fraud, Anti-Briberyand Corruption and Tax Evasion All initiatives on the Group Financial Crime Plan to be completed by end of 2023* *Completion means - Fundamental controls in place/Ability to foresee and handle financial crime issues/Meet applicable regulatory requirements 5 от#7Investor Presentation - First half 2022 Nordic macroeconomic data Real GDP, constant prices (index 2005 = 100) 145 135 125 115 Inflation (%) 8 6 со 4 2 0 EU-27 Denmark Danske Bank Sweden Norway Finland Property prices (index 2005 = 100) 275 225 175 125 95 -2 75 06 08 10 12 14 16 18 20 22 06 08 10 12 14 16 18 20 22 06 08 10 12 14 16 18 20 22 105 Consumer spending (%-change from same period 2019) Unemployment (%) Apartment prices (index 2005 = 100) 30 20 12 11 10 10 0 -10 W -20 -30 -40 M M J S N J M M J S N J M M 21098765432 325 275 225 175 125 75 20 21 22 06 08 10 12 14 16 18 20 22 06 08 10 12 14 16 18 20 22 Source: Danske Bank Macro Research 6#8Danske Bank Investor Presentation - First half 2022 Net profit outlook for 2022*: We expect net profit to be in the range of DKK 10-12 bn, driven by volume growth and continued solid credit quality Income kr Revised 10 July 2022 We continue to expect income from core banking activities to be higher in 2022, as higher net interest income driven by good economic activity will more than offset lower capital market and investment related fee income. Net income from insurance business and trading activities are expected below normalized levels based on significant lower income in the first six month of the year and a modest recovery in income in the second half of the year subject to market conditions. The degree of uncertainty is higher than usual AV Expenses Revised 10 July 2022 We expect costs in 2022 to reflect continued focus on cost management and to be around DKK 25.5 billion due to sustained elevated remediation costs. The outlook does not include any effects from a potential settlement of the Estonia matter in 2022 and from alternative approaches in order to accelerate the timeline for the debt collection issue Impairments Maintained Loan impairments are expected to be below normalised level, given our overall strong credit quality Net profit* kr Revised 10 July 2022 * Note - The outlook is subject to uncertainty and depends on economic conditions. We expect net profit to be in the range of DKK 10-12 bn, including the gains from MobilePay, Danske Bank International and Danica Norway 7#9Financial highlights - first half 2022 Danske Bank#10Investor Presentation - First half 2022 Danske Bank H1 highlights - business momentum continues, despite turbulent conditions for rates business. Credit quality remains strong with limited impairments and healthy provisions Highlights . Despite the uncertain operating environment, we have continued to execute on our strategy and support customers, resulting in continued commercial momentum and underlying efficiency gains Core banking income supported by commercial momentum, and our resilient business model mitigated the impact from turbulent financial markets in certain areas of our business Fixed income business and certain investment products in Danica significantly impacted by rapid increase in interest rates Macro outlook and geopolitical uncertainty did not affect our customers significantly in H1, and loan impairment charges continued to be low, underpinning the strong credit quality with limited risky CRE exposures and PMAs in place across sectors The outlook for FY 2022 was revised on 10 July on account of the lower than expected financial markets related income in H1 and based on a modest recovery in H2, subject to financial markets conditions Profit development H1-22 vs H1-21 (DKK m) 7,783 58 475 H1-21 PBT, core Danica NO 2,116 450 5,854 311 23 1,470 502 -1,020 NII Fee Trading Insurance business Other Expenses Impairments H1-22 PBT, core Financial metrics 7.0 RD fair value H1-21 H1-22 1,880 67.1 18.0 61 1,800 60.0 17.1 5.2 1,810 1,819 ROE (%) -10 Lending [DKK bn] C/I(%) CET1 (%) 9#11Danske Bank Financial results - first half 2022 Income from core banking activities up 2% y-o-y driven by improved NII trend; trading and insurance income significantly impacted by rates; credit quality remain robust Key points, H122 vs H121 • • • Net interest income uplift from deposit repricing initiatives implemented during 2021 and contribution from continually improving trend in lending volumes as well as recent rate hikes in Norway, Sweden and N. Ireland Fee income remained activity offset lower ECM activity and investment related fees Trading & insurance income significantly impacted by the rapidly rising interest rates, e.g. through valuation adjustments Stable cost development despite legal costs associated with the Estonia matter and a continually elevated level of remediation costs Strong credit quality continue to lead to single-name reversals while macro models and additional PMAs mitigate tail risk Key points, Q222 vs 0122 • • • NII up q-o-q benefitting from recent rate hikes, as well as continued lending growth particular for corporate clients Fee income lower, driven mainly by seasonality effects (high refinancingin Q1) as well as reduced capital markets and investment related fees LC&I trading income and Danica impacted by adverse financial markets with significant impact from our rates business and in the investment result in Danica, as well as valuation adjustments Total expenses on par with Q1 despite additional remediation and legal costs, underpinning the progress improving underlying efficiency Strong credit quality led to continually low impairments despite added Income statement and key figures (DKK m) H1 22 H1 21 Index 02 22 0122 Index 11,440 10,965 104 5,810 5,630 103 6,537 6,595 99 3,157 3,379 93 175 2,291 8 -390 565 Net interest income Net fee income Net trading income Net income from insurance business -38 982 -122 84 Other income 959 457 210 291 669 43 Total income 19,073 21,291 90 8,746 10,327 85 Expenses 12,793 12,770 100 6,421 6,371 101 Profit before loan impairment charges 6,280 8,521 74 2,325 3,955 59 Loan impairment charges 426 737 58 192 234 82 Profit before tax, core 5,854 7,783 75 2,133 3,721 57 Profit before tax, Non-core 17 17 100 31 -14 Profit before tax 5,871 7,801 75 2,164 3,707 58 1,320 1,869 71 458 862 53 4,551 5,932 77 1,705 2,845 60 PMAs and additional adjustment of macro models as lending book, including Tax potentially exposed industries, shows negligible impact of current uncertainties Net profit 10#12Investor Presentation - First half 2022 Danske Bank NII: Positive volumes and improving credit demand coupled with full effect from repricing initiatives continue to support the improving NII trend Highlights • Net interest income continued the positive trend, supported by lending volumes which increased y-o-y across all Nordic segments. Additional effect from the implemented deposit repricing initiatives along with higher short- term rates provided further support for deposit margins Q-o-Q: Higherlending and effects from recent deposit repricing initiatives coupled with interest rate hikes support the positive trend, driven primarily by Northern Ireland and our corporate customers. Net interest income, Q222/01 22 (DKK m] 130 5,630 268 47 -81 -55 -87 5,810 -29 Net interest income, YTD-22 vs YTD-21 (DKK m) Q1 22 Lending volume Lending margin Interest Deposit related fees volume Deposit Internal margin Bank/FTP Other FX + Day effect Q2 22 Margin development (bp) -222 193 -161 0320 0420 0121 0221 0321 0421 0122 0222 11,440 PC lending 763 -403 458 10,965 PC deposit -100 -53 BC lending BC deposit LC&I lending LC&I deposit 0.95 0.92 0.90 0.91 0.91 0.86 0.85 0.85 0.17 0.06 0.14 0.12 0.16 0.17 0.18 0.23 1.14 1.15 1.14 1.13 1.11 1.12 1.12 1.15 0.46 0.34 0.34 0.31 0.36 0.38 0.40 0.48 1.06 1.12 1.13 1.15 1.14 1.10 1.11 1.14 0.33 0.23 0.19 0.16 0.23 0.23 0.23 0.26 H121 Lending volume Lending margin related fees Interest Deposit volume Deposit margin Internal Bank / FTP Other FX + Day effect H122 11#13Investor Presentation - First half 2022 Danske Bank Fee: Fee performance remain strong in core banking activities, mitigating impact from lower AuM and financial markets headwinds Highlights Capital markets Y-o-Y: Excl. landmark ECM deal, income is largely in line with H1-21, despite conditions and slowdown in market Q-o-Q: Adverse financial market conditions have accelerated slightly QoQ. Activity-driven fees / money transfers, accounts etc. Net fee income, YTD and QoQ 6,595 6,537 669 1,051 1,880 1,563 Capital Markets Money transfers, account fee, cash management and other fees Lending & guarantees Investment fees Y-O-Y: Up 20% from continually strong trend for everyday banking services at LC&I & BC (FX and cash mngmt.] combined with continued strong general customer activity Lending and guarantees Y-o-Y: Up 8%, as the high level of remortgaging activity 3,379 1,459 1,352 3,157 351 318 929 951 countered a slowdown in housing market Q-0-0: -19% from a very strong 01, where most of our refinancing activity happens 804 655 2,528 2,629 Investment fees 1,233 1,295 Y-O-Y: Held up well despite lower asset under management and reduced investment appetite among our customers YTD-22 YTD-21 Q2-22 0122 12#14Investor Presentation - First half 2022 Danske Bank Trading: Continued support to customers through extraordinary fixed income market conditions; trading income negative in Q2, driven by losses in Rates & Credit at LC&I Highlights LC&I • Extraordinarily high volatility, wider credit spreads and lower liquidity in core Nordic fixed income markets led to losses in fixed income market making inventory but also trading losses as spreads used for hedging widened • Somewhat mitigated by higher income in Currencies Net trading income (DKK m) Group Functions North. Ireland BC PC XVA LC&lex.xVA 2,291 127 177 136 94 565 Northern Ireland 109 1,758 105 • Rate increases drove mark-to-market movements on the hedging portfolio 175 243 867 220 Group Functions 126 -105 Bond portfolios negatively affected by market value -209 adjustments of Danish mortgage bond investments -99 • Note that H1-21 included a gain of DKK 0.2 bn related to the sale of shares in VISA 137 134 116 29 66 -242 -143 -130 -740 -390 H1-22 H1-21 Q122 02-22 13#15Investor Presentation - First half 2022 Danske Bank Expenses: Underlying progress on efficiency despite continually high remediation costs Highlights Progress on structural cost take-out despite ramp-up of AML/compliance and remediation work, as well as SE bank tax. Other costs up, due to a partly normalisation of travelling, higher amortisation costs, and IT expenses including one-off related to re-contracting Number of FTEs continued to decline. Adjusting for AML/FCP, FTEs are down 7% from peak in Q3 20, reflecting efficiency gains and underlying improvement Lower FTEs and underlying cost savings support trajectory towards 2023 target as the elevated remediation costs and legal costs etc. from 2022 are being reduced to more normalised level FTES (#,thousand) Expenses, H1-22 vs H1-21 (DKKm) 12,770 622 12,793 280 167 211 219 291 172 87 H1-21 One-offs Transfor- mation Staff cost ex severance Severance AML/ Compliance Legacy remediation Expense trajectory towards 2023 (DKK bn] Regulatory costs, incl SE bank tax Other H1-22 FTEs AML/Financial Crime Prevention FTEs 25.6 20 119.5 19.3 18.9 18.8 18.8 19 18.5 18.4 18.1 18 ~25.5 0.1 0.8 0.1 0.4 0.2 0.4 0.4 0.1 0.8 4 3.5 3.6 0.4 ~23.5 0.2 0.1 0.1 3.1 3.1 3.1 3.1 3.2 3.3 3 2 1 0 Q320 0420 Q121 Q221 0321 0421 0122 0222 2021 One-offs Transfor-Remediation reported costs mation costs* Legal MobilePay costs etc. DB Lux. *Related to legacy debt collection Res. fee Underlying and SE savings bank tax (incl. Inflation] 2022 Transfor-Remediation mation Legal MobilePay costs* costs etc. / DB Lux. Res. fee Underlying 2023 and SE savings bank tax (incl. Inflation] 14#16Business & Product Units Danske Bank#17Danske Bank Investor Presentation - First half 2022 Business unit progress: Continued progress on our journey towards 2023 ambitions (1/2) Personal Customers DK & Nordic Key financial metrics YoY QoQ Lending* 101 100 95 DK 100 DK 99 99 104 90 SE 103 101 105 Nordics 99 116 100 103 NO 100 101 98 FI 100 100 Lending Yoy Lending QoQ Total Income** NII Fee + Trading Key commercial highlights PC DK: Momentum in terms of regaining our fair share of the market for bank loans and customer flow continue to improve (15-25% less outflow over the last year] PC Nordic: Continued traction on lending in SE and NO, as well as enhanced profitability outlook for NO after extension of partnership agreement Despite financial market volatility, investment advisory meetings increased ~10% in Q2 and there is continually inflow into investment agreements Continued traction on increasing share of customers onboarded digtally to free up advisory time by digitalising day-to-day banking meetings YOY QoQ Lending* XC 102 DK 100 110 105 SE 104 103 107 97 ΝΟ 103 Business Customers BC 106 Total Income 115 95 FI 109 101 ■Lending Yoy Lending QoQ NII Fee + Trading *In local currency and excluding fair-value effects in DK ** Total income adjusted for effects from the sale of DB Luxembourg • . • Solid income uplift driven by both NII and fee Good momentum on lending volumes in DK and SE, both in which we captured market share on bank lending during 2022 Expanded green product offering with the launch of new green loans, available for all business customers, within electric transportation, energy (solar and wind) as well as energy efficient buildings Activity through digital channels and self-service continues to increase and new third party solution for expense management implemented 16#18Danske Bank Investor Presentation - First half 2022 Business unit progress: Continued progress on our journey towards 2023 ambitions (2/2) Key financial metrics (index) H122 LC&I H121 02-22 Income breakdown (DKKbn] -1 0 1 2 3 4 5 6 7 8 Lending General Banking 111 Q1-22 NII Fee Trading ex. xVA XVA ■Lending Yoy ■Lending QoQ 124 Business highlights Significant lending growth as we supported customers with credit since access to capital markets funding was limited as well as a successful strategic focus on institutionallending Tier 1 LC&I franchise underpinned by number one position in Merger Market M&A league table and number one in Bloomberg league table for arrangers of both sustainability-linked loans and sustainable bonds Slowdown in ECM activity and extraordinarily challenging financial markets conditions within fixed income Solid investment fee despite lower AuM from financial market turmoil Danica Pension H1 22/H1 21 [DKKbn] H122 0.4 H121 1.3 02-22/01-22 (DKKbn] Premiums and AuM Q2-22 01-22 0.5 Premiums, insurance contracts 105 86 -0.3 -0.1 -0.3 86 -0.8 -0.4 AuM 93 ■Result, life H&A insurance Result, life H&A insurance Yoy QoQ • Underlying business develops positively as more customers choose Danica Pension, yet the financial performance of Danica Pension was negatively affected by the turbulence in the financial markets in the first half of 2022 Negative investment results for life insurance products where Danica Pension has the investment risk primarily driven by valuation effects In the health and accident business, the underlying result was positively affected by a fall in claims of 25% over the last three years and improved recovery rates, driven by preventive efforts. However, the investment result decreased considerably from the level in the first half of 2021, which included a provision for pension yield tax of DKK 200 million 17#19Danske Bank Investor Presentation - First half 2022 Business Unit Progress: Continued progress on our journey towards 2023 ambitions (3/3) Key financial metric (index) H1 22/H1 21 Business highlights 02-22/01-22 Lending Northern Ireland 127 124 117 151 100 99 116 ■Lending Yoy Fee NII Total income ■Lending QoQ ■Total income ■NII Fee 104 Strong performance in core banking lines supported by UK rate hikes and strong credit quality Market expectations for further interest rate increases has led to mark-to- market movements on the hedging portfolio leading to lower trading income 18#20Danske Bank Investor Presentation - First half 2022 Realkredit Danmark portfolio overview: Continued strong credit quality with decreasing LTVs and continued improving trend for higher margin products Highlights Portfolio facts, Realkredit Danmark, Q2 22 . Approx. 321,397 loans (residential and commercial) . • Average LTV ratio of 48% (46% for retail, 51% for commercial) We comply with all five requirements of the supervisory diamond for Danish mortgage credit institutions 708 loans in 3- and 6-month arrears (-8% since 01-22) • 7 repossessed properties (Q1-22: 3) . DKK 6 bn in loans with an LTV ratio > 100%, including DKK 4 bn covered by a public guarantee LTV ratio limit at origination (legal requirement) Retail loans, Realkredit Danmark, Q2 22 (%) Fixed rate (10yrs-30 yrs) Variable rate (6m-10 yrs) Interest-only Repayment ( ) = Q1-22 47.5% 52% (49%) (51%) 50% (45%) 57% (63%) 52.5% 48% (51%) (49%) 50% (55%) 43% (37% . Residential: 80% • Commercial: 60% Total RD loan portfolio of FlexLånⓇ F1-F4 [DKK bn] 165 156 153 148 144 146 142 134 124 113 110 104 95 92 89 84 75 72 69 67 40 Stock of loans: DKK 448 bn (450bn) New lending: DKK 26 bn (33bn) Retail mortgage margins, LTV of 80%, owner-occupied (bp) Adjustable rate¹ 64 69 111 106 86 68 143 138 118 101 Q1 02 03 Q4 01 02 03 04 Q1 Q2 03 04 01 02 03 04 01 02 03 Q4 Q1 02 1-2 yrs 3-4 yrs 5 yrs+ 2017 2018 2019 2020 2021 '22 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). 19#21Sustainability Danske Bank#22C Danske Bank Sustainability is an integrated element of our corporate strategy and our corporate targets Sustainabilitycriticalin Better Bank plan to improve bank for all stakeholders by 2023 Customers On average among top two Society Employees Investors banks for customer satisfaction in everything we do Operate sustainably, ethically and transparently Women in leadership pos. An employee engagement score of 77 ROE of 8.5-9% and a cost/income ratio in the mid-50s Danske Bank's 2023 sustainability strategy aim to drive change by utilising the power offinance Entrepreneurship Governance & integrity Financial confidence Sustainable finance Environmental footprint Employee well-being & diversity Selected highlights . • • Focus areas reflect material sustainabilityissues Calibrated against stakeholder expectations Supports our Better Bank agenda and transformation KPIs Embedding sustainability in core business processes Leadershipambition on sustainable finance 21#23Investor Presentation - First half 2022 Danske Bank Continued progress on sustainable finance in Q2 - highlights from the first half year Enhanced sustainable investment offerings Continued strengthening of offerings, translating into new sustainability-related customer mandates Awarded for "Best Sustainable Player" by the large Swedish Fund Selector "Söderberg & Partners" New attractive energy renovation loan Updated home loan for energy improvements in DK in response to rising energy prices Attractive annual variable interest rate - currently at 0.99% Joined the Partnership for Biodiversity Accounting Financials (PBAF) To support measurement of impact from corporate lending and investment on nature and ecosystems #1 among Nordic Arrangersin Bloomberg's Global League table Danske Bank continues to rank number one among Nordic arrangers in the Bloomberg's Global League Table Setting 2030 emissions reduction targets for three key sectors: • Shipping: 20-30% relative to shipping volumes Utilities: 30% per kWh of power generation Oil and Gas-upstream: 50% in lending exposure Sustainability linked loan for Chr. Hansen • Providing a sustainability linked loan to help one of the world's most sustainable companies achieve their sustainability targets 22#24Investor Presentation - First half 2022 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 Sustainablefinance Be a leading bank in the Nordics on sustainable finance and the leading bank in Denmark Sustainablefinancing: • DKK 300bn in sustainable financing by 2023 Paris-aligned corporate lending book; setting climate targets by 2023 Sustainableinvesting: Danica Pension: DKK 50bn invested in the green transition by 2023 and 100bn by 2030 Asset mgmt.: DKK 150bn in art. 9 by 2030 Net-Zero Asset Owner & Manager by 2050 ¹) • Business and commercial KPIs KPIs and targets Group KPIs . Guiding principles Key execution levers • Net-Zero Bank by 2050 ¹) Align societal and business goals Enable our customers' sustainability journey Measure and improve impact Advice Critical enablers Governance Regulatory implementation Products & solutions Engage and partner with stakeholders Risk Management Training & competencies IT enablement & BWOW Data & insights Commercialintegration Communication & transparency Portfoliomanagement and financial steering 1) As defined by commitments to Net-Zero Banking Alliance, Net-Zero Asset Owner Alliance and Net-Zero Asset Managers Initiative 23#25Deep dive: Overview of ESG integration in Danske Bank's lending operations Multiple types of approaches are implemented to consider ESG factors both at company and portfolio levels 1. Position statements 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 2. Single-name ESG analysis ■ 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: Danske Bank 3. Portfolio-level ESG analysis First decarbonisation targets covering high-emitting sectors published - based on first carbon emission analysis of the loan book ■Carbon disclosures for key sectors published in "Climate and TCFD progress update" report in June 2021 Climate change Position Statement on Fossil Fly Fossil fuels Human rights Agriculture Arms and defence SASB Arms & defence Agriculture INSIDE Financially material ESG factors Mining and metals grestr Mining & metals Forestry R RepRisk ESG data science and quantitative solutions ESG controversies SUSTAINALYTICS ESG risk exposure and management CDP DISCLOSURE INSIGHT ACTION Climate-related financial risks and opportunities Climate and TCFD progress update June 2021 Danske Bank 24#26Danske 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 INMATIV 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 INDUSTRI-LED, U.N-CONVENED 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 PRIVALOMANSE 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 GLOBAL COMPACT PCAF Partnership for Carbon Accounting Financials UN environment programme finance initiative PARIS 2015 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, labor, 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 25#27Investor Presentation - First half 2022 Financial Crime prevention - increase in number of full-time employees Second Line headcount Group headcount 2015 7 Employees working in 2016 2017 2018 2019 2020 Financial Crime Compliance 127 Employees working in Group Compliance** Change in Culture Tone from the top Culture council Revamped Code of Conduct La Enhanced Whistleblowing Programme * The 3,600 employees is the total of full-time employees working with financial crime prevention across Danske Bank Group ** Includes all Group Compliance staff across Financial Crime, Regulatory Compliance etc., excluding Northern Bank New performance metrics OKK Danske Bank ~3,600 Full-time employees dedicated to the financial crime prevention agenda* 2021 Bonuses and compensations 2022 New training programs 26#28Investor Presentation - First half 2022 Committee governance for Compliance Risks Danske Bank Danske Book Financial Crime Remediation Steering Committee Provides governance structure and delivery oversight of the Group's Financial Crime Plan Supported by a Group FC 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 27#29Investor Presentation - First half 2022 Regulatory Engagements Ongoing Dialogue Regulatory Inspections Danske Bank We engage in ongoing dialogue with our regulators through regular meetings with the Financial Supervisory Authority (FSA) 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 our remediation status with other Nordic regulators • • We track closely all regulatory inspections and continue to work through regulatory orders we receive in an open and transparent way with our regulators. 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 case and is progressing in addressing orders received in relation to subsequent AML inspections 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 Supervisory Oversight The Danish FSA, as well as other relevant FSAs, carry out supervisory oversight of the Bank's remediation work Our recalibrated Financial Crime Plan was submitted to the Danish FSA in November 2021 (its completion date of December 2023 remained unchanged) - 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 programme. Implementation of the Bank's substantial remediation work is overseen by an Independent Expert assigned by the Danish FSA 28#30Credit quality & Impairments Danske Bank#31Investor Presentation - First half 2022 Danske Bank Impairments: Continually strong credit quality and prudent buffers in place; modest macro-charges albeit updated outlook Highlights Impairment charges by category* [DKK bn] . Credit quality remains strong with positive underlying trends Macro scenarios have been updated and additional PMAs put in place to reflect increasing downside risk from inflation and interest rates, resulting in modest charges due to the provisions already booked in 04-21 and 01-22 • PMAs now stand at DKK 6 bn with additional overlays related to exposures within construction and building materials. PMAs also include DKK 250m established in PC DK to account for potential lower recovery for debt collection legacy cases PMAS 6.4 6.3 6.0 0.9 5.4 1.0 Agriculture 1.2 CRE 1.5 4.0 1.4 Capital Goods 0.2 0.2 1.3 0.2 Construction & building materials 0.6 1.7 0.4 0.0 Oil & Gas 0.1 -0.3 1.5 Personal Customers 1.2 0.9 Others 1.3 0.9 0.9 Model changes 0.0 0.0 2019 2020 2021 Q1 22 Q2 22 4.3 1.4 Credit quality deterioration: oil & gas Credit quality deterioration: outside oil & gas 0.7 1.0 0.5 1.1 0.8 1.7 0.5 0.2 Post-model adjustments Macroeconomic adjustments 0.2 0.2 0.1 0.5 0.2 -0.5 -0.2 Q1 2020 Q2 2020 03 2020 042020 Q1 2021 Q2 2021 Q3 2021 -0.2 04 2021 Q1 2022 Q2 2022 Allowance account by stages (DKK bn] Stage 1 ECL Stage 2 ECL Stage 3 ECL 24.9 24.1 23.6 1.5 22.6 22.5 22.5 1.5 22.2 21.9 2.2 2.3 2.2 2.2 2.3 19.8 19.8 2.7 7.5 7.5 7.2 3.1 3.1 7.4 6.9 7.0 6.7 6.8 6.7 6.8 15.2 15.9 14.2 12.9 13.4 13.3 13.3 12.4 9.9 9.9 Q1 2020 02 2020 03 2020 04 2020 Q1 2021 Q2 2021 Q3 2021 04 2021 Q1 2022 Q2 2022 30#32Investor Presentation - First half 2022 Danske Bank Overall strong credit quality in portfolios exposed to current macro developments CRE: Generally low exposure to property development activities DKK 301 bn in gross exposure and ECL ~1% Agriculture: Well-provisioned agriculture book DKK 66 bn in gross exposure of which 51% RD and average stage 3 coverage ratio of 81% in Nordics Segment gross exposure Retail customers: Strong household finances and mortgage back-book mainly fixed rates for +5 years 48% of RD back-book are fixed-rate mortgages, and of the variable rates ~70% are fixed for 5 years RD back-book Avg. LTV RD-retail Segment gross exposure ■ Non-residential ■ Residential Property dev. 55% 41% Country gross exposure Crops Dairy Pig breeding ■ Mixed operations 4% 34% 48% 37% 18% 15% 34% Country gross exposure 54% 46% • • • • 47% 27% 13% 7% 6% ■ DK ■SE - NO ▪ FI ■ LC&I / Other Historical lending growth modest (-3% 3Y-CAGR in non-resi. since 01-19, +3% in 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 1.4 bn made to cover uncertainties regarding the affect of rapid interest rate increases and macroeconomic situation • • • 0% 60% 14% 24% 0% 50% 100% ■ DK - SE ■ NO ■ Fl LC&I / Other Fixed F5s Other ■LTV Home equity 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 1 bn have been made for potential future portfolio detoriation 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 Affordability measures in general look strong, and both affordability 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 31#33Investor Presentation - First half 2022 Strong footprint within retail lending Lending by segment ¹ 02 22 (%) Personal Customers DK Personal Customer Nordic Business Customers Asset Finance LC&I General Banking LC&I Other Northern Ireland Group Functions 1. Total lending before loan impairment charges. 3% Danske Bank Credit exposure by industry Q2 22 (%) Personal customers Commercial property Public institutions 37.1 11.4 10.1 Co-ops & Non-profit 7.6 Financials 5.1 Capital goods 3.4 0% 2% 3% Utilities and infrastructure 3.3 Consumer goods 2.7 15% 26% Agriculture 2.5 Services 2.4 Construction and building 2.1 Pulp, paper and chemicals 1.7 Pharma and medical devices 1.7 Shipping, oil and gas 1.5 Retailing 1.4 Automotive 1.1 19% Social services 1.1 32% Telecom and media Other commercials | 1.0 10.9 Transportation 0.6 Hotels and leisure 0.6 Total lending Metals and mining 0.5 Total credit exposure of DKK 1,819 bn of DKK 2,600 bn 32#34Investor Presentation - First half 2022 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] 11 10 4 Stage 2 net exposure (% of Total, lhs) PC BC LC&I 8.7 Stage 3 net exposure (% of Total, rhs) 22.8 23.3 N.I. 23.3 Other (Non-core] 23.0 22.7 900 N 20.6 3 19.8 8 5.5 5.5 5.4 7 5.8 5.2 3.6 3.4 5.5 2 65 321 O 1.4 4 10.1 10.3 10.4 10.0 10.2 9.8 9.8 1.0 1 5.1 5.9 5.7 5.6 5.7 5.5 5.8 0 0 01 2020 02 2020 03 2020 04 2020 Q1 2021 02 2021 03 2021 04 2021 01 2022 02 2022 042020 012021 Q2 2021 03 2021 042021 012022 022022 Breakdown of stage 2 allowance account and exposure (DKK bn] Gross stage 3 loans (DKK bn] Allowance account Gross credit Allowance as % of gross Individual allowance account 54.3 Net exposure 52.6 exposure exposure 48.8 47.4 46.0 13.3 Personal customers 1.5 971 0.15% 13.3 12.9 13.4 Agriculture 1.0 66 1.46% 12.4 35.8 34.9 Commercial property 1.5 301 0.49% 9.9 9.9 Shipping, oil and gas 0.2 41 0.37% 41.0 39.3 Services 0.2 64 0.26% 35.9 33.9 33.6 25.9 25.0 Other 2.5 1,177 0.21% 042020 012021 02 2021 03 2021 042021 012022 0222 33#35Danske Bank Investor Presentation - First half 2022 Fossil fuels (coal and oil) exposure • • Key points, Q222 This page shows the current exposure to fossil fuels and includes customers involved in production, refining, and distribution (including shipping) of oil as well as utilities producing heat or power with coal. The exposure to oil majors will decrease by 50% by 2030 against 2020 levels. Our customers in the distribution and refining segments are generally progressing well on the transition, for instance by refineries switching to biofuels in refining or by gas stations investing in infrastructure for charging of electric vehicles. Within oil-related exposures, the main risk lies with exposures other than oil majors. Since the end of 2019, these net exposures have been actively brought down 55% and are down by 11% from Q2 last year. Power & heating utilities should reduce emissions per unit of electricity or heating by 30% by 2030 against 2020 levels. This entails an accelerated phase-out of coal. The exposure shown on this page is to utility customers with any coal-based production [DKK 34.3 bn.) and hereof more than 5% of revenues from coal fired power production (1.5 bn.). For most customers, the use of coal is limited to a few remaining production facilities which are expected to phase-out in the coming years. Exposures have increased somewhat from the beginning of the year due to short-term financing needs driven by volatile energy markets. Group gross credit exposure [DKK 2,623 bn] 2.1% Fossil Fuels Exposure (Coal and Oil) Segment Crude and Product Tankers Distribution and refining Oil-related exposure Oil majors Offshore and services Power and heating utilities with any coal-based production Oil-related net credit exposure, DKK bn: Development (excl. majors) Net exposure [DKK m) 3,046 8,411 10,530 3,748 16,782 i 15.1 34,280 -55% -11% -0.5% 6.8 7.6 7.5 6.9 6.8 4.6 Hereof customers with more than 5% revenue from coal 1,453 042019 Q221 0321 0421 ■ Fossil fuels exposure ■ Other Total fossil fuel exposure 56,267 0122 0222 Of which covered by collateral 34#36Investor Presentation - First half 2022 Credit exposure: Limited and well-impaired exposure to agriculture and oil Danske Bank Agriculture exposure • • African Swine Fewer (ASF), which spread to Germany in Q3 2020, Covid-19, Chinese imports, and the RU/UA war is causing uncertainty for the industry. Therefore, post- model adjustments of DKK 1bn are reserved to cover uncertainties. Agriculture is generally affected by increased production costs as well as increased prices on crops as a result of the war in Ukraine. The pork price rise from a low to a more average level, but the elevated cost of especially feed keeps most pig farmers below the breakeven point. The milk price keeps rising and is expected to stay high for the rest of 2022, resulting in high earnings for the dairy segment despite increased input costs. Total accumulated impairments amounted to DKK 2.2bn by the end of Q2-22, against DKK 2,7bn in 01-22, the decrease observed is mainly related to redistribution of post- model adjustments. Oil-related exposure • Total oil-related exposure* increased by DKK 0.1bn from the preceding. Danske Bank has actively reduced its net oil-related exposure (excluding oil majors) by 55% since 04- 19. Accumulated impairments at LC&I remains in par compared to the preceding quarter. Most of the oil-related exposure is managed by specialist teams for customer relationship and credit management at LC&I. Agriculture by segment, Q2 22 (DKK m) Oil-related exposure, Q2 22 [DKK m) Gross credit Portion exposure from RD Expected credit loss Net credit exposure Stage 3 coverage ratio Gross credit exposure Expected credit loss Net credit exposure Personal Customers Growing of crops, cereals, etc. Dairy Pig breeding Mixed operations etc. 2911 1377 23 2 888 14% 1 163 875 9 1 154 12% 85 9 2 83 100% 401 372 0 401 100% LC&I Oil majors Oil service Offshore 11 162 779 10 383 3 742 1 3741 3283 140 3 143 4 137 638 3 499 1 262 121 12 1 250 100% Personal Customers 1 0 1 Business Customers 50 360 31 137 2036 48 324 86% Oil majors 0 0 0 Growing of crops, cereals, etc. 20 839 15 860 529 20310 86% Oil service 1 0 1 Dairy Pig breeding Mixed operations etc. LC&I Northern Ireland Others 8 646 5 623 684 7962 85% Offshore 9416 7 064 463 8952 79% Business Customers 153 8 145 11 460 2 590 360 11 101 99% 8 498 1 473 79 8419 98% Oil majors 6 0 6 4381 71 4310 100% 222 0 222 Oil service Offshore Others 146 8 138 1 0 1 1 0 1 Total 66 372 33 988 2 209 64 163 85% Total 11318 788 10 530 Share of Group net exposure 202202 Share of Group net Stage 3 exposure 202202 Expected credit loss 202201 Share of Group net exposure 202202 Share of Group net Stage 3 exposure 202202 Expected credit loss 202201 2% 11% 2 661 0% 9% * The credit exposure is reported as part of the shipping, oil and gas industry in our financial statements. 776 35#37Investor Presentation - First half 2022 Danske Bank Credit exposure: Limited exposure to transportation and higher focus on construction and building materials sector Transportation exposure Construction and Building materials • Total gross exposure* slightly decreased by DKK 0.1bn from the previous quarter. • Accumulated impairments amounted to DKK 0.4bn in 02-22, which is a slight increase compared to previous quarter. Our exposure to passenger air transport remains limited at DKK 0.2bn. Transportation by segment, Q2 22 [DKK m) • Total gross exposure increased slightly, and was up by DKK 0.1bn from the preceding quarter. Accumulated impairments increased by DKK 0.4bn in Q2-22 compared to previous quarter mainly due to PMAs being allocated to the industry to cover the uncertainties caused by rising commodity and energy prices. Construction and Building materials by segment, Q2 22 [DKK m) Gross credit exposure Expected credit loss Net credit exposure Gross credit exposure Expected credit loss Net credit exposure Construction Contractors Freight transport Passenger transport - of which air transport Postal services 15 130 599 8 442 150 8 292 Construction - Craftsmen 9 165 351 7 428 232 7 196 Building products 16 027 111 14 531 8814 15916 173 29 283 Building materials 5 487 18 5 468 973 4 968 Building materials distributors 8 827 153 8 673 Total 16 842 386 16 456 Total 54 635 1 232 53 402 Share of Group net exposure 202202 Share of Group net Stage 3 exposure 202202 Expected credit loss 202201 Share of Group net exposure 202202 Share of Group net Stage 3 exposure 202202 Expected credit loss 202201 1% 2% 260 2% 3% 799 * The numbers do not include exposure to businesses that are hit by a second wave impact, e.g. airports and service companies. 36#38Investor Presentation - First half 2022 Danske Bank Credit exposure: Limited exposure to retailing and stable credit quality in commercial real estate Retailing • Total gross exposure increased DKK 3.3bn to DKK 37.6bn, while the share of Group net exposure slightly increased to 1.4%. Accumulated impairments decreased by DKK 0.1bn from the preceding quarter. Retailing by segment, Q2 22 [DKK m) Gross credit exposure Expected credit loss Net credit exposure Consumer discretionary Consumer staples Total 16 689 20 945 37 634 Share of Group net exposure 202202 1% Share of Group net Stage 3 exposure 202202 0% Commercial real estate Gross exposure decreased DKK 11bn from the preceding quarter, driven mainly by a decrease in the residential segment. Overall, credit quality remained stable. Accumulated impairments remains unchanged compared to preceding quarter, and corresponded to 1% of gross exposure to the industry. Commercial property portfolio is managed by a specialist team. Exposure is managed through the Group's credit risk appetite and includes a selective approach to sub-segments and markets. Commercial real estate by segment, Q2 22 (DKK m) Gross credit exposure Non-residential 165 854 589 16 100 Residential 124 047 70 659 20 874 36 974 Property developers 10 628 Buying/selling own property, etc Total 300 529 Expected credit loss 202201 776 Expected credit loss Net credit exposure 1 862 163 991 934 82 123 113 10 546 2878 Share of Group net exposure 202202 11% Share of Group net Stage 3 exposure 202202 12% Expected credit loss 202201 2 889 297 651 37#39Capital Danske Bank#40Investor Presentation - First half 2022 Capital: Strong capital base; CET1 capital ratio of 17.1% (buffer of 4.5%) Danske Bank Capital ratios, under Basel III/CRR (%) 23.0 Tier 2 Hybrid T1/AT1 Pillar II component (total 3.4%) CET1 22.4 21.3 21.1 2.4 2.4 2.4 2.4 18.9 2.2 2.3 IIIIIIIIII 1.8 1.8 2.6 2.0 1.9 1.5 18.3 17.7 17.1 16.9 14.4 12.0 Current capital buffer structure (%) Countercyclical capital buffer Capital conservation buffer SIFI buffer CET1 Pillar Il req. 12.6 0.2 2.5 CET1 min req. CET1 target (above 16%) 3.0 © CET1 02 2022 (17.1%) At the end of June 2022, the 2020 reported 2021 reported Q2 2022 reported 02 2022 fully loaded* Fully phased- in regulatory requirement** trigger point for MDA restrictions was 12.6% CET1 (%) 17.6 0.2 0.1 0.2 0.1 17.1 Q1 2022 REA effect adjusted for FX Net profit after dividend Danica deduction FX & Other Q1 2022 Total REA (DKK bn] 857 3 Q1 2022 7 2.4 4.5 02 2022 862 Credit risk Counterparty risk Market risk Q2 2022 *Based on fully phased-in rules including fully phased-in impact of IFRS 9. ** Pro forma fully phased-in min. CET1 req. in June 2023 of 4.5%, capital conservation buffer of 2.5%, SIFI buffer requirement of 3%, countercyclical buffer of 2.0% and CET1 component of Pillar II requirement. 39#41Investor Presentation - First half 2022 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 - 2022 H1 [DKK bn] +DKK 70 bn 152 144 147 126 130 134 133 133 127 133 119 107 85 77 79 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018¹ 2019 2020 2021 2022 H1 REA, CET1, profit and distribution (DKK bn; %] 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 REA 960 834 844 906 819 852 865 834 815 753 748 767 784 860 862 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% 17.1% 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 4.6 Distribution to shareholders3 0 0 0 0 0 2.0 10.5 17.1 18.9 16.3 7.6 0 1.7 6.5* 0 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 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. *Subject to company announcement 02 2022 4.074 40#42Investor Presentation - First half 2022 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; Q2 2022; DKK bn (% of Group REA] +21 (+2.4%) 326 305 (35.4%) (37.8%) 45 (5.2%) 97 (11.3%) 184 (21.3%) MREL requirement MREL funds incl. CBR Comments PS > ly NPS > ly CET1, AT1, T2 +33 (+3.8%) 281 (32.6%) 248 (28.8%) 97 (11.3%) Subordination requirement *Including Realkredit Danmark's (RD) capital and debt buffer requirements 184 (21.3%) Subordinated MREL funds 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 305bn incl. RD's capital and debt buffer requirement [DKK 39bn) and the combined buffer requirement (DKK 43bn). Excess MREL funds are DKK 21bn The Group's subordination requirement is DKK 248bn incl. RD's capital requirement [DKK 24bn). Excess subordinated MREL funds are DKK 33bn This figure shows the Group's MREL and subordination requirement pr. 1 January 2022, which constitutes the fully-phased in requirements, i.e. no interim target. Requirements will, however, be impacted by any changes to the CCyB. 41#43Funding & Liquidity Danske Bank#44Investor Presentation - First half 2022 Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding, Q2 22 (DKK bn] 1,819 Funding sources* (%) 2,300 167 Senior & 01-22 02-22 NPS bonds 1,156 Deposits Bank loans 679 13% 13% Bank mortgages 397 234 Covered bonds RD mortgages 743 743 Issued RD bonds * Figures are rounded Loans Funding 59% 58% Danske Bank I... 1% 0% 0% -2% 9% 10% 8% 8% 2% 2% 10% 10% Deposits CD & CP Repos, Deposits Senior credit net & NPS inst. Short-term funding Covered Subord. Equity bonds debt Long-term funding 43#45Investor Presentation - First half 2022 Funding programmes and currencies Covered bonds by currency, end-Q2 2022 EUR SEK NOK 23% 26% Senior debt¹ by currency, end-02 2022 Largest funding programmes, end-Q2 2022 EMTN Programme Limit EUR 35bn Danske Bank Utilisation 43% Global Covered Bond 66% Limit EUR 30bn 51% ECP Programme 0% Total DKK 143 bn Limit EUR 13bn 4% 7% 4% 2% 46% USD EUR NOK SEK GBP Other 38% 1. Including senior preferred and non-preferred debt US MTN (144A] 56% Limit USD 20 bn US Commercial Paper 3% Limit USD 6bn UK Certificate of Deposit Limit USD 15bn 3% NEU Commercial Paper Total DKK 179 bn 0% - Limit EUR 10bn 44#46Investor Presentation - First half 2022 Funding and liquidity: LCR compliant at 155% Changes in funding,* 2022 (DKK bn and bp) Cov.bonds Senior Non-Preferred Senior Long-term funding excl. RD [DKK bn]*** Funding plan Completed 100 Danske Bank 30bp 79 156bp 70-90 75 40bp 189bp 69 114bp 37 26bp 30 13bp 22 30bp 21 20** 16 32 11 45bp 7 2018 2019 2020 2021 2022E Redemptions 2022: DKK 83 bn Maturing funding,* 2023-2025 (DKK bn and bp) Redeemed 2022: DKK 50 bn New 2022: DKK 32 bn *** Includes covered bonds, senior, non-preferred senior and capital instruments, excl. RD. Liquidity coverage ratio (%) Cov.bonds Senior Non-Preferred Senior 164 160 161 159 173bp 156 154 155 155 151 13bp 56bp 69bp 10bp 13bp 32 32 28 24 24 39bp 26 99bp 109bp 10 11 7 2023: DKK 84 bn 2024: DKK 66 bn 2025: DKK 44 bn 02 2020 032020 042020 012021 022021 032021 042021 012021 022021 *Spread over 3M EURIBOR. 45 100#47Investor Presentation - First half 2022 Danske Bank covered bond universe, a transparent pool structure¹ Danske Bank www Residential mortgages . Denmark, D-pool • Norway, I-pool • Sweden, Danske Hypotek AB Finland, Danske Mortgage Bank Plc Commercial mortgages • Sweden and Norway, C-pool Danske Bank REALKREDIT Danmark Residential and commercial mortgages ΕΠ Capital Centre T (adjustable-rate mortgages] Capital Centre S (fixed-rate callable mortgages) Danske Bank A/S I-pool S&P AAA Fitch AAA + Norway Danske Bank A/S C-pool S&P AAA Fitch AAA + + Realkredit Danmark A/S S&P AAA Fitch AAA Scope AAA Danske Bank A/S D-pool S&P AAA Fitch AAA + Denmark 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. Details of the composition of individual cover pools can be found on the respective issuers' website. Sweden + Danske Hypotek AB S&P AAA Nordic Credit Rating AAA Finland Danske Mortgage Bank Plc Moody's Aaa 46#48Credit & ESG Ratings Danske Bank#49Investor Presentation - First half 2022 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 Q2 2022 Credit ratings remain unchanged in Q2 2022, and include the first round of fallout from the Russia/Ukraine war. S&P's Negative outlook on Danske Bank reflects S&P's concern about the fallout from the Estonia case. Fitch and Moody's have Stable outlooks on Danske Bank, which incorporate the economic uncertainty relating to the fallout from the corona crisis and the financial uncertainty relating to the Estonia case. 48#50Investor Presentation - First half 2022 Danske Bank's ESG ratings We have chosen to focus on five providers based on their importance to our investors CDP ISS ESG MSCI Q2 2022 Q1 2022 End 2021 End 2020 End 2019 B 200 companies, out of the 13,126 B B B C analysed, made the climate change A List in 2021 C+ Prime Decile rank: 1 (300 banks rated] C+ is the highest rating assigned C Prime C Prime C+ Prime C Prime BBB MSCI rates 189 banks: AAA 4% AA 32% A 26% BBB BBB BB B BBB 21% BB 12% B 5% CCC 0% Medium Risk SUSTAINALYTICS Rank in Diversified Banks 122/416 Rankin Banks 341/1003 Medium Risk Medium Risk High Risk Medium Risk 61 MOODY'S ESG Solutions Rankin Sector Rank n Region Rank in Universe 10/31 155/1613 175/4889 61 61 64 59 Q22022: ISS ESG upgrades Danske Bank Danske Bank Range 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 AAA to CCC (AAA highest rating) Negligible to Severe risk (1 = lowest risk) 100 to 0 (100 highest rating) On the 16 June 2022, ISS ESG raised its rating to C+ Prime from C Prime after reassessing its Staff and Suppliers, Environmental Management, Products and Services and Eco-efficiency rating factors; increasing the rating in each category by one notch. Consequently, the ISS ESG Performance Score increased to 58.18 from 56.19 resulting in the C+ Prime rating. 49#51Investor Presentation - First half 2022 Three distinct methods for rating banks Rating methodology Danske Bank Danske Bank's rating Anchor SACP1 1 2 3 S&P Global Ratings Potential CRA adjustment2 Extraordinary SACP1 + external + support ALAC = Issuer rating bbb+ +1 +1 -1 1 Business Position, 2=Capital & Earnings, 3=Risk Position, 4-Funding & Liquidity a- +2 A+ (Negative) Quali- 2 + 3 + 4 + 5 + tative factors BCA³ + Affiliate support + LGF4 + Gov. support Issuer rating Macro profile + 1 + MOODY'S Strong Plus a3 al ba2 baa3 baa2 1=Asset Risk, 2=Capital, 3-Profitability, 4=Funding Structure, 5-Liquid resources -1 baa2 0 +1 +1 A3 (Stable) Operating environment + 1 2 3 + + 5 + 6 + 7 Viability Rating Support Rating Floor Issuer rating5 Fitch Ratings aa- a+ a a+ a a- a a+ 1=Company Profile, 2=Management/Strategy, 3-Risk Appetite, 4-Asset Quality, 5-Profitability, 6-Capitalisation, 7=Funding/Liquidity 1 Stand-Alone Credit Profile. 2 Comparable ratings analysis. 3 Baseline Credit Assessment. 4 Loss Given Failure. 5 Issuer rating is the higher of the Viability Rating and Support Rating Floor. a No Floor A [Stable) 50#52Tax & Material one-offs Danske Bank#53Investor Presentation - First half 2022 Тах Actual and adjusted tax rates (DKK m) Profit before tax Q222 Q122 0421 Q321 Q221 2,164 3,707 4,500 4,270 3,747 Permanent non-taxable difference 408 435 994 22 108 Adjusted pre-tax profit, Group 2,572 4,142 5,494 4,293 3,855 Tax according to P&L 458 862 846 936 955 Taxes from previous years 106 57 367 10 120 Adjusted tax 565 919 1,213 924 729 Adjusted tax rate 22.0% 22.2% 22.1% 21.5% 22.2% Actual-/Effective tax rate 21.2% 23.2% 18.8% 21.9% 25.5% Actual/-Effective tax rate exclusive one-offs & 26.1% 24.8% 27.0% 21.6% 22.9% prior year reg. Danske Bank Tax drivers, Q2 2022 . The actual tax rate of 26.1% (excluding prior-year's adjustments) is higher than the Danish rate of 22% - due primarily to the tax effect from tax exempt income/expenses Adjusted tax rate of 22% corresponds to the Danish rate of 22% due to the differences in statuary tax rates in the various countries offsets each other The permanent non-taxable difference derives from tax-exempt income/expenses, such as value adjustments on shares 52#54Investor Presentation - First half 2022 Material extraordinary items in 2022 Q1 One-off items Gain from sale of international private banking activities in Luxembourg Effect P&L line affected [DKK m] 421 Other income (pre-tax] Gain from sale of Danica Norway 415 Net income from insurance (tax exempt] 02 PMA for potential lower recovery rate from debt collection -250 Impairments Danske Bank 53#55Investor Presentation - First half 2022 Contacts Investor Relations Claus Ingar Jensen Head of IR Danske Bank Mobile +45 25 42 43 70 [email protected] Group Treasury and Funding Kimberly Bauner Head of Group Treasury Mobile +46 73 700 19 39 [email protected] Nicolai Brun Tverno Chief IR Officer Mobile +45 31 33 35 47 [email protected] Bent Callisen Head of Group Funding, Group Treasury Direct +45 45 12 84 08 Mobile: +45 30 10 23 05 [email protected] Olav Jorgensen Chief IR Officer Mobile +45 52 15 02 94 [email protected] Thomas Halkjær Jørgensen Chief Funding Manager, Group Treasury Direct +45 12 83 94 Mobile +45 25 42 53 03 [email protected] Patrick Laii Skydsgaard Chief IR Officer Mobile +45 24 20 89 05 [email protected] Rasmus Sejer Broch Chief Funding Manager, Group Treasury Direct +45 45 12 81 05 Mobile +45 40 28 09 97 [email protected] 54#56Investor Presentation - First half 2022 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