#1Investor Presentation First nine months 2022 Danske Bank#2Investor Presentation - First nine months 2022 Agenda Danske Bank 01. Danske Bank - brief overview 2-6 02. Financial highlights - first nine months 2022 7-13 03. Business & Product Units 14-17 04. ESG, Sustainability, Financial Crime Prevention 18-26 05. Credit Quality & Impairments 27-32 06. Capital 33-36 07. Funding & Liquidity 37-41 08. Credit & ESG Ratings 42-45 09. Tax & Material extraordinary items 46-48 10. Contact info 49 1#3Danske Bank Investor Presentation - First nine months 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 660bn* > DKK 1,100 bn Sound funding structure (DKK bn] 1,819 2,317 168 Senior & NPS bonds 1,187 Deposits Bank loans 714 Bank mortgages 395 252 Covered bonds RD mortgages 710 710 Issued RD bonds Loans Funding Denmark (AAA) Market leader Market share: 25% Share of Group lending: 44% GDP growth 2022E: 3.0% Unemployment 2022E: 2.7% Leading central bank rate: 0.65% 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 (19%) and Asset Finance (3%) * Asset Management in LC&I Finland (AA+] 3rd largest Market share: 10% Share of Group lending: 8% GDP growth 2022E: 2.0% Unemployment 2022E: 6.8% Leading central bank rate: 0.75% Norway (AAA) Challenger position Market share: 6% Share of Group lending: 11% GDP growth 2022E: 2.8% Unemployment 2022E: 1.8% Leading central bank rate: 2.25% Sweden (AAA) Challenger position Market share: 6% Share of Group lending: 12% GDP growth 2022E: 2.4% Unemployment 2022E: 7.4% Leading central bank rate: 1.75% Northern Ireland (AA) Market leader Market share Personal: 19%, Business: 26% Share of Group lending: 3% 2#4Investor Presentation - First nine months 2022 Danske Bank Update on the Estonia matter: Additional provision of DKK 14bn in Q3; Net Profit revised to a net loss better than DKK 5.5 bn, incl. goodwill impairment of DKK 1.6 bn 100 III 10 Following discussions with the US and Danish authorities, Danske Bank is now able to make a reliable estimate of a potential resolution, which amounts to DKK 15.5bn and includes the provision of DKK 1.5bn recognized in 2018. While there is still uncertainty around timing and whether a resolution will be reached, Danske Bank is working towards a resolution before the end of this year. The Board has decided to cancel the remaining dividend from 2021 and will not propose to the AGM in 2023 to pay out dividend for 2022. 10 kr Out of the capital charge in the form of a Pillar 2 add-on of DKK 10bn related to the Estonia matter, DKK 7.5bn related to reputational risks has been released on the basis of dialogue with the Danish FSA. > CET1 ratio stand at 16.9% and our capital target for CET 1 of above 16% in the short-term and total capital target of above 20% is maintained kr Net profit outlook for 2022 is revised down from DKK 10-12bn to a net loss better than DKK5.5bn. The outlook includes a goodwill impairment charge in our insurance business of DKK 1.6bn. 3#5Investor Presentation - First nine months 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 sustainability objectives ¹) and DKK 50bn invested in the green transition by Danica Pension DKK 53.5bn* in sust. funds (art. 9) Latest status * indicates DKK 37.0bn* Q3 update by Danica Pension DKK 300bn in sustainable financing - and setting Paris Agreement aligned climate targets for our lending portfolio DKK 264bn * + 2030 emission targets disclosed for shipping, utilities and oil & gas 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 tools, services 60% by 2030 and expertise Financial confidence 2m people supported with financial literacy tools and expertise (since 2018] [since 2016) 2.1 m* 96% trained 33% women - 69% for 20212) 7,059* 75 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) Over-performance in 2021 was related to COVID-19 and reductions in travel. 4#6Investor Presentation - First nine months 2022 Our Path to Financial Crime Transformation 2020-2022 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 Danske Bank 2023 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 nine months 2022 Danske Bank Revised net profit outlook for 2022*: Adjusted for additional provision for the Estonia matter and goodwill write down, we now expect net loss better than DKK 5.5 bn Income kr Revised 27 Oct 2022 Expenses Revised 27 Oct 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 and higher interest rates will more than offset lower capital market and investment-related fee income. Net income from insurance business and trading activities are expected below normalised levels based on significantly lower income in the first nine months of the year and a stabilisation in income in the fourth quarter subject to market conditions. The degree of uncertainty is higher than usual. Including the booking of the provision for the Estonia matter, the impact from the solution to the debt collection case and goodwill write down, total expenses are expected to be around DKK 41.7 billion. Excluding the provision for the Estonia matter, the impact from the solution to the debt collection case and goodwill write down, we expect costs in 2022 to reflect our continued focus on cost management and to be around DKK 25.5 billion, including sustained elevated remediation costs. Impairments Maintained kr Net profit * Revised 27 Oct 2022 * Note - The outlook is subject to uncertainty and depends on economic conditions. Given our overall strong credit quality, loan impairments are expected to be below normalised level, including the solution to the debt collection case. We have revised the outlook for net profit of DKK 10-12 billion to a net loss better than DKK 5.5 billion due to booking of additional provision for the Estonia matter and goodwill write down. The outlook includes the gains from MobilePay, Danske Bank International and Danica Norway. For our 2023 financial ambitions, we maintain our ambition of a RoE of 8.5 to 9 percent in 2023. 6#8Financial highlights - first nine months 2022 Danske Bank#9Investor Presentation - First nine months 2022 - Danske Bank Highlights Good activity, stringent execution and positive impact from rates and strategic pricing initiatives underpin commercial progress Good commercial progress driving uplift in core banking income, as volume growth remains robust ✓ Solid capitalisation on the back of prudent capital management with CET1 ratio at 16.9% ✓ Strong credit quality despite macroeconomic uncertainty ✓ Underlying cost progress supporting foundation for '23 targets - FTEs outside AML down 8% since peak ✓ Trading income recovered in 03 despite another period of financial market turmoil. Danica impacted by goodwill write down in Q3 ✓ ESG reporting received “A” rating from Position Green and launch of new ESG investment funds. NII (DKK bn] +9% Group lending (DKK bn, nominal) +2% Solid lending uplift +7% Y/Y DKK 27.2 bn (+4% YTD) Core banking income (NII + fee) LC&I + 33%, and traction on market shares in Denmark Good traction on underlying cost development [down 4% QoQ, excl. debt collection) DKK 368m in Q3 loan impairments [6bps YTD, incl. debt collection] 5.8 6.3 1,884 1,921 Q2-22 03-22 Q2-22 03-22 Continued progress on sustainability strategy and targets Good progress on solution for legacy cases, incl. additional provision of DKK 14 bn for the Estonia matter 00#10Danske Bank Investor Presentation - First nine months 2022 Net interest income up by 8% YoY driven by repricing, volumes and higher rates; trading/insurance impacted by market turmoil; credit quality remains resilient Key points, 9M 22 vs 9M 21 • • • • NII uplift from repricing initiatives and continually improving trend in lending volumes as well as recent rate hikes from CBs across our jurisdictions Fee income from generally high activity offset lower ECM and investment- related fees Trading income impacted by volatile financial markets and valuation effects, while Danica was particularly impacted by valuation effects Writedown of goodwill in Danica due to higher applied discount rate Improved underlying cost development, absent debt collection impact and despite higher remediation and litigation costs Strong credit quality continues to lead to single-name reversals, while macro models and additional PMAs mitigate tail risk Key points, Q3 22 vs Q2 22 • • • NII up QoQ, benefitting from recent rate hikes as well as continued lending growth for business customers, particularly large corporates Net interest income Net fee income Income statement and key figures (DKK m)] 9M 22 9M 21 Index 03 22 Q2 22 Index 17,746 16,498 108 6,307 5,810 109 9,536 9,700 98 2,999 3,157 95 Net trading income 679 3,111 22 503 -390 Net income from insurance business -323 1,576 -286 -122 Other income 1,203 623 193 244 291 84 Total income Operating expenses Profit before loan impairments, GW & provision 28,840 31,509 92 19,570 18,874 104 9,270 12,635 73 9,767 8,746 112 6,777 6,421 106 2,990 2,325 129 Provision for Estonia matter 14,000 14,000 Impairment charges on goodwill 1,627 1,627 Loan impairment charges 794 587 135 368 192 192 -7,151 12,048 13,005 2,133 Profit before tax, Non-core -10 23 -28 31 Profit before tax -7,161 12,071 13,033 2,164 2,080 -9,241 2,805 74 9,266 760 458 166 13,792 1,705 9 Fee income lower, as high activity-related fees were countered by a general slowdown in the housing market and reduced capital markets-related fees Trading income in LC&I recovered while Danica remained impacted by adverse financial markets, as well as valuation effects and a product related Profit before tax, core one-off. Operating expenses improved, when disregarding the DKK 600m debt collection one-off underpinning the progress on underlying efficiency Additional provision of DKK 14bn for the Estonia matter, and write-down of goodwill in Danica due to higher applied discount rate Strong credit quality led to continually low impairments despite DKK 650m one-off charge and further macro model impairments. PMAs maintained Tax Net profit#11Investor Presentation - First nine months 2022 Danske Bank NII: Solid credit demand, positive effects from CB rate hikes, and repricing initiatives continue to support the improving NII trend Highlights • . Net interest income continued the positive trend, as repricing initiatives were further supported by higher central bank rates, and lending volumes contributed positively YoY across all Nordic segments Higher funding costs along with timing effects due to notice period in PC impacted lending margin. Avg. lending margin in LC&I affected by volume growth from higher rated customers coupled with timing effects from floored credit facilities as rates have turned positive Significant improvement in deposit margins in Q3 Net interest income, 0322 vs Q2 22 [DKK m) Net interest income, YTD-22 vs YTD-21 (DKK m) 1,002 -1,199 16,515 -118 153 2,072 -320 -91 -267 17,746 9M21 Lending Lending volume margin Interest related fees Deposit Deposit Internal volume margin Bank/FTP Other FX + Day effect 9M22 5,810 106 -475 16 ----35 978 -149 6,307 -44 29 Q2 22 Lending Lending Interest volume margin related Deposit Deposit Internal volume margin Bank/FTP Other FX + Day effect Q3 22 fees Margin development (bp) 1.0 Personal Customers Business Customers LC&I 0.8 0.88 0.76 Deposit 0.6 0.48 0.4 0.38 0.23 0.40 0.26 0.38 0.2 0.18 0.0 0321 0421 Q122 Q222 0322 1.2 1 1.14 1.12 1.10 1.10 1.1 Lending 0.96 1.0 0.86 0.85 0.85 0.9 0.8 0.72 0.0° 0321 0421 Q122 Q222 0322 10#12Investor Presentation - First nine months 2022 Danske Bank Fee: Strong fee performance in core banking activities driven by activity fees, mitigating impact from lower AuM and lower activity in capital markets Highlights Activity-driven fees / money transfers, accounts etc. Net fee income (DKK m) 9,700 9,536 • YoY: Up 22% from continually strong trend for everyday banking services at LC&I & BC (FX and cash mgmt.] combined with continued strong general customer activity 2,359 2,869 Lending and guarantees . YoY: Up 9%, high level of remortgaging activity on the 1,896 back of higher interest rates • QoQ: Down 7% due to lower housing market activity, 2,065 while remortgaging activity remains high Capital markets • Slowdown in primary ECM/DCM markets has accelerated during the course of the year as customer preferences had shifted towards bank lending in LC&I Investment fees Money transfers, account fee, cash management and other fees Lending & guarantees Capital Markets Investment fees 1,402 886 3,157 2,999 951 989 4,044 3,715 655 606 318 217 1,233 1,187 YoY: Negative effect on lower asset under management and reduced investment appetite among our customers was mitigated by general uplift in AM fees YTD-21 YTD-22 Q2-22 03-22 11#13Investor Presentation - First nine months 2022 Danske Bank Trading: Improvement in Q3 driven by recovery in performance at Rates & Credit; negative valuation effects in Northern Ireland • Highlights LC&I • Historically high volatility in Nordic fixed income markets affecting YTD trading income • Improvement in Q3 in conditions for our fixed income marketmaking franchise despite a reduction in risk appetite and lower capital consumption amid continued effects of high volatility and lower liquidity Demand for risk management solutions resulted in good customer activity in Currencies PC & BC Higher customer activity driven by increased foreign exchange activity post the pandemic Other Transitory effects as rate increases drove mark-to- market movements on the deposit hedging portfolio in Northern Ireland which was partly countered by strong uplift in NII Net trading income (DKK m) 3,111 197 497 54 679 2,363 715 YTD-21 794 -659 LC&lex.xVA XVA PC & BC Other -172 YTD-22 503 252 71 669 250 30 -345 -740 -73 -390 Q2-22 * The first nine months of 2021 benefited from a gain of DKK 227m on the sale of VISA shares in the Group's private equity portfolio 03-22 12#14Investor Presentation - First nine months 2022 Danske Bank Expenses: Underlying progress on efficiency despite continually high remediation costs; significant impact from additional provision and goodwill write-down Highlights Progress on structural cost take-out with underlying costs down 4% QoQ when adjusting for the one-off costs related to debt collection legacy case Number of FTEs continued to decline. Adjusting for AML/FCP, FTES are down 8% from peak in 03 20, reflecting efficiency gains and underlying improvement Other costs up due to a partly normalisation of travelling, higher amortisation costs and IT expenses, including a one-off related to re- contracting and higher energy costs for servers Expenses, 9M-22 vs 9M-21 (DKKm) 35,197 14,000 19,570 -1,627 328 18,874 204 22 219 357 140 87 9M-21 One-offs Transfor- AML/ Staff cost mation Compliance ex. perf. Perf. based Legacy comp. and remediation comp. sev. Resolution IT & other 9M-22 (pre Danica Provision 9M-22 fee GW and provision) Goodwill [Estonia matter) FTES (#,thousand] Expenses, Q3-22 vs Q2-22 [DKK m) FTEs AML/Financial Crime Prevention FTES > debt collection one-off 20 119.5 19.3 18.9 18.8 18.8 14,000 19 18.5 18.4 18.1 17.9 -1,627 6,777 18 6,421 6 600 263- 89 54 25 13 144- $600 17 4 3.5 3.6 3.6 3.1 3.1 3.1 3.1 3.2 3.3 3 2 1 O 0320 0420 0121 Q221 0321 0421 0122 Q222 0322 6.177 22,404 02-22 One-offs Transfor- AML/ Staff cost mation Compliance ex. perf. comp. Perf. based Legacy comp. and remediation Resolution IT & other 03-22 [pre fee GW and Danica goodwill sev. provision] Provision (Estonia related] 03-22 13#15Business & Product Units Danske Bank#16Investor Presentation - First nine months 2022 Business units: Continued progress in PC DK and Business Customers Key financial metrics Personal Customers DK & Nordic Business Customers YoY [index] (xǝpu!) 000 QoQ (index) Yoy [index] Total Income** NII Fee + Trading Lending* 110 102 105 103 102 101 96 101 99 98 122 107 100 103 98 95 99 90 DK Nordics** 101 99 DK SE NO FI Total Income NII Fee + Trading Lending* 119 Yoy 114 108 111 103 103 113 113 QoQ 103 103 103 109 103 101 BC *In local currency and excluding fair-value effects in DK ** Total income adjusted for effects from the sale of DB Luxembourg DK SE NO FI Danske Bank YOY QoQ Highlights PC DK: Solid NII uplift of 22% Q/Q as higher rates are supported by remortgaging activity and improved market shares in lending (excl. RD). Customer flows continue to improve and the consideration rate among young customers has also developed favorably (10% vs. 6% in Dec'21) PC Nordic: Continued strategy of further enhancing profitability through cross-selling and expanding product offerings underpin fee development Overall, good progress on increasing the share of customers onboarded digitally to free up advisory time, further enabled by digitalising day-to-day banking meetings Continued momentum in lending volumes with uplift in Denmark and Sweden supporting efforts to capture market shares Ancillary income supported by cash management and foreign exchange activities. Green product launches further enable dialogue around costomers transition financing Activity through digital channels and self-service continues, e.g. through increasing usage of our Marketplace module, where 15% of all SE District customers have visited the platform 15#17Danske Bank Investor Presentation - First nine months 2022 Business units: Good progress in LC&I driven by high activity; Danica impacted by volatile financial markets Keyfinancial metrics Highlights 9M-22 9M-21 LC&I 03-22 Income breakdown (DKK bn] -1 0 1 2 3 4 56 7 8 00 General Banking (index) Asset under Management (index) 9 10 11 133 94 02-22 ■NII Fee Trading ex. xVA ■XVA 109 Lending YOY QoQ 83 AuM Significant customer activity driven by close dialogue around risk management solutions and significant lending growth of 33% YoY Continued support to fixed income customers, which means utilising less capital, despite challenging conditions for market making services in Nordic fixed income markets Solid investment fee despite lower AuM from financial market turmoil A leading Nordic market position according to the Bloomberg League tables for arrangers of sustainable bonds and sustainability-linked loans 9M22/9M21 (DKKbn] 03-22/02-22 (DKKbn) Asset under Management (index) Premiums (insurance) 95 98 9m-22 9m-21 03-22 02-22 Уоу QoQ Danica 0.2 2.0 -0.1.1 -0.1 -0.3 -0.9 Result, life H&A insurance 81* -0.4 Result, life H&A insurance * Q3 includes restatement of 600m between Life and H&A. 89 * Includes the removal of DKK 22bn AuM from DA Norway sale Sound underlying business as premiums remain at a relatively high level, and claims in H&A remained at a low level Negative investment results for life insurance products where Danica Pension has the investment risk primarily driven by impact from volatile financial markets and valuation effects Restatement of DKK 600m between H&A and Life insurance Life insurance further affected by product-related one-off charge of DKK 150m, while goodwill writedown is booked under group expenses 16#18Danske Bank Investor Presentation - First nine months 2022 Realkredit Danmark portfolio overview: Continued strong credit quality with decreasing LTVS Highlights Portfolio facts, Realkredit Danmark, Q3 22 • Approx. 318,918loans (residential and commercial] . • • Average LTV ratio of 46% (44% for retail, 48% for commercial) We comply with all five requirements of the supervisory diamond for Danish mortgage credit institutions 675 loans in 3- and 6-month arrears (-12% since 02-22) . 6 repossessed properties (02-22: 7) DKK 4 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% Retail loans, Realkredit Danmark, Q3 22 (%) Interest-only Repayment ( ) = 02-22 Fixed rate (10yrs-30 yrs) Variable rate (6m-10 yrs) 45% 53% (48%) (52%) 49% (50%) 52% (57%) 55% 47% (52%) (48%) 51% (50%) 48% (43%)] • Commercial: 60% Total RD loan portfolio of FlexLånⓇ F1-F4 [DKK bn] 153 148 144 146 142 134 124 113 110 104 95 55 92 89 84 75 55 72 69 67 67 69 69 64 69 71 Stock of loans: DKK 444 bn [448bn) New lending: DKK 26 bn [26bn) Retail mortgage margins, LTV of 80%, owner-occupied (bp) Adjustable rate¹ 111 106 86 68 143 138 118 101 03 04 01 02 03 04 Q1 02 03 04 Q1 Q2 03 04 Q1 Q2 03 04 Q1 Q2 03 1-2 yrs 3-4 yrs 5 yrs+ 2017 2018 2019 2020 2021 2022 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#20Danske Bank Investor Presentation - First nine months 2022 Sustainability is an integrated element of our corporate strategy and our corporate targets Sustainability criticalin Better Bank plan to improve bank for all stakeholders by 2023 Customers On average among top two banks for customer satisfaction in everything we do Danske Bank's 2023 sustainability strategy aim to drive change by utilising the power offinance Entrepreneurship Financial confidence Selected highlights Society Employees Investors 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 Governance & integrity Sustainable finance Environmental footprint Employee well-being & diversity . • • 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 19#21Investor Presentation - First nine months 2022 Danske Bank Continued progress on sustainability agenda in Q3 contributing to strong performance New sustainable investment funds with diversification . Five new Danske Invest funds for investors who want good diversification and a strong focus on sustainability Each fund has its own particular risk profile - but all must have at least 75% in sustainable investments Successful campaign towards personal customers Increased focus on our favourable products for energy renovation through the targeted campaign 'Flot & Godt' Results have included increased level of customer meetings and increasing lending volumes Σ Increased focus on sustainability for investments In line with the MiFID II regulations, we now evaluate our customers' sustainability preferences when it comes to investments, making sure everyone takes a stand #1 among Nordic Arrangers in Bloomberg's Global League table Danske Bank continues to rank number one among Nordic arrangers in the Bloomberg's Global League Table 20 Recognition of "outstanding" sustainability reporting Danske Bank recognised by Position Green for having "outstanding" sustainability reporting [score of "A"), together with just seven other listed companies in Denmark Financing for the world's biggest offshore wind farm Danske Bank provided project financing for the consortium behind the Hornsea 2 wind farm, which currently is the world's largest offshore wind farm comprising 165 turbines of 8MW each - able to provide power to more than 1.4 million homes.#22Investor Presentation - First nine months 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 Advisory Critical enablers Governance Regulatory implementation Engage and partner with stakeholders Products & solutions Distribution Brand & marketing Risk Management Training & competencies IT enablement & BWOW Data & insights Communication & disclosures Commercialintegration 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 21#23Danske Bank Investor Presentation - First nine months 2022 Deep 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: 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 22#24Investor Presentation - First nine months 2022 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 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 23#25Investor Presentation - First nine months 2022 Financial Crime prevention - increase in number of full-time employees Danske Bank Second Line headcount Group headcount 2015 7 Employees working in ~3,600 Full-time employees dedicated to the financial crime prevention agenda* 2016 2017 2018 2019 2020 2021 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 Bonuses and compensations 2022 New training programs 24#26Investor Presentation - First nine months 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 25#27Investor Presentation - First nine months 2022 Regulatory Engagements Danske Bank Ongoing Dialogue 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 Regulatory Inspections • • 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 26#28Credit quality & Impairments Danske Bank#29Investor Presentation - First nine months 2022 Danske Bank Impairments: Continually strong credit quality and individual reversals, while prudent buffers remain in place; modest macro-charges to reflect deteriorating outlook Highlights Credit quality remains strong with limited impact from the worsening macro backdrop, leading to overall net reversals when disregarding the DKK 0.65bn charge related to the closure of the legacy debt collection Macro outlook has been updated to reflect current uncertainties with increased downside risk from inflation and interest rates, resulting in additional DKK 150m booked in Q3 Total allowance of DKK 19bn includes PMAs of DKK 6bn, as additional overlays of DKK +2bn established since Covid-19 have been repurposed for macro uncertainties. The PMA of DKK 250m established to account for potential lower recovery in debt collection legacy cases has been reallocated in Q3 4.3 Impairment charges by category [DKK bn] Credit quality deterioration: oil & gas Credit quality deterioration: outside oil & gas Post-model adjustments Macroeconomic adjustments Debt collection one-off 1.4 0.7 1.0 0.5 1.1 0.8 1.7 0.5 0.2 -0.2 -0.2 0.2 0.4 0.2 0.7 0.2 -0.3 -0.1 Q1 2020 Q2 2020 03 2020 04 2020 Q1 2021 Q2 2021 Q3 2021 04 2021 Q1 2022 02 2022 03 2022 PMAS Allowance account by stages [DKK bn] 6.4 Stage 1 ECL Stage 2 ECL Stage 3 ECL Stage 3 net exposure, % of total (rhs) 6.3 6.0 6.0 DKK bn 0.9 % 5.4 1.0 0.8 Agriculture 30 1.36 CRE 1.2 1.5 1.34 1.3 25 4.0 1.4 22.6 Construction & 21.9 20.4 1.32 0.2 0.4 1.3 -0.0 Building materials 2.3 19.8 19.8 20 2.7 18.8 1.3 0.6 1.30 3.1 3.1 1.7 0.1 -0.0 1.4 Oil & Gas 5.9 7.4 3.0 0.3 6.8 15 1.5 6.7 6.8 1.2 Personal Customers 7.1 10 1.04 1.1 Others 2.1 13.2 12.9 1.02 1.3 1.5 12.4 5 0.9 Model changes 9.9 9.9 8.7 1.00 0.0 0.0 0.0- 0 0.00 2019 2020 2021 Q1 22 Q2 22 Q3 22 2019 2020 2021 Q1 2022 Q2 2022 Q3 2022 28#30Investor Presentation - First nine months 2022 Strong footprint within retail lending Lending by segment ¹ 03 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% 16% 31% Danske Bank Credit exposure by industry Q3 22 (%) Personal customers 35.4 Commercial property 11.3 Public institutions 10.3 Co-ops & Non-profit 7.3 Financials 6.0 Capital goods 3.5 0% 3% Utilities and infrastructure 3.6 3% Consumer goods 2.9 25% Agriculture 2.4 Services 2.5 Construction and building 2.0 Pulp, paper and chemicals 2.4 Pharma and medical devices 1.8 Shipping, oil and gas 1.5 Retailing 1.3 18% Automotive 1.1 Social services 1.1 Telecom and media 1.0 Other commercials 0.7 Transportation 0.7 Hotels and leisure 0.5 Total lending Metals and mining 0.6 Total credit exposure of DKK 1,824 bn of DKK 2,587 bn 29#31Investor Presentation - First nine months 2022 Danske Bank Overall strong credit quality in portfolios exposed to current macro developments CRE: Generally low exposure to property development activities DKK 296 bn in gross exposure and ECL ~1% Agriculture: Well-provisioned agriculture book DKK 65 bn in gross exposure of which 50% RD and average stage 3 coverage ratio of 81% in Nordics Retail customers: Strong household finances and mortgage back-book mainly fixed rates for +5 years 45% of RD back-book are 30yr 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% 47% Country gross exposure 27% Crops ■Dairy Segment gross exposure Pig breeding ■ Mixed operations 45% 38% 35% 56% 4% 33% 17% 15% Country gross exposure 44% 0% 58% 15% 25% 0% 50% 100% 1% 1 Fixed F5s Other ■LTV Home equity 13% 7% 6% • • • • ■ DK ■SE - NO ▪ FI ■ LC&I / Other Historical lending growth modest (-4% 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 1.3 bn made to cover uncertainties regarding the affect of rapid interest rate increases and macroeconomic situation • • ■ DK SE = NO ■FI LC&I / Other 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 1.4 bn 30#32Investor Presentation - First nine months 2022 Fossil fuels (coal and oil) exposure Key points, Q322 Danske Bank . • . • • This 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. Customers' transition plans are being assessed, and 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 54% and are down by 7% from Q3 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 to utility customers is with any coal-based power production (DKK 35.3 bn.) and hereof more than 5% of revenues from coal fired power production (1.6 bn.). Exposures have increased somewhat from the beginning of the year due to short-term financing needs driven by volatile energy markets and is likely to persist. For most customers, the use of coal is limited to a few remaining production facilities which are expected to phase-out over time. Group gross credit exposure [DKK 2,609 bn] 2.2% Oil-related net credit exposure, DKK bn: Development (excl. majors) Fossil Fuels Exposure (Coal and Oil) Segment Net exposure [DKK m) Crude and Product Tankers Distribution and refining Oil-related exposure 3,115 8,043 9,916 Oil majors Offshore and services 2,945 I 6,971 i 15.1 35,302 -54% -7% Power and heating utilities with any coal-based production Hereof customers with more than 5% revenue from coal 2.2 7.6 7.5 6.9 6.8 6.8 4.8 1,620 ■ Fossil fuels exposure ■ Other 042019 Q2 21 Q321 0421 0122 0222 0322 Total fossil fuel exposure 56,376 Of which covered by collateral 31#33Investor Presentation - First nine months 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 9 4 Stage 2 net exposure (% of Total, lhs) PC BC LC&I N.I. Stage 3 net exposure (% of Total, rhs) 22.8 23.3 23.3 Other [Non-core] 23.0 22.7 1606 20.6 3 19.8 8 18.8 5.5 5.5 5.4 7 6.08 5.8 5.2 3.6 3.4 3.6 65 5.20 2 4 1 32 O 1.20 10.1 10.3 10.4 10.2 10.0 9.8 9.8 9.6 0.95 1 5.1 5.9 5.7 5.6 5.7 5.5 5.8 4.8 0 04 01 02 03 04 03 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 01 02 04 Q1 Q2 Q3 2022 2022 04 2020 012021 02 2021 Q3 2021 042021 Q1 2022 022022 03 2022 Breakdown of stage 2 allowance account and exposure (DKK bn] Gross stage 3 loans (DKK bn] Allowance Gross credit Allowance as % of Individual allowance account Net exposure 54.3 52.6 account exposure gross exposure 48.8 47.4 46.0 Personal customers 1.8 920 0.19% 13.3 13.3 12.9 Agriculture 0.8 65 1.28% 13.4 12.4 35.8 34.9 33.4 Commercial property 1.6 296 0.53% 9.9 9.9 8.7 Shipping, oil and gas 0.0 41 0.05% 41.0 39.3 Services 0.2 65 0.35% 35.9 33.9 33.6 25.9 25.0 24.7 Other 2.7 1,219 0.22% Total 7.1 2,606 0.27% 042020 Q1 2021 022021 03 2021 042021 01 2022 Q2 2022 03 2022 32#34Capital Danske Bank#35Investor Presentation - First nine months 2022 Capital: Strong capital base; CET1 capital ratio of 16.9% (buffer of 4.4%) Capital ratios, under Basel III/CRR (%) 23.0 Tier 2 22.4 21.3 Hybrid T1/AT1 Pillar Il component (total 2.6%) 21.1 CET1 2.4 2.4 2.5 2.5 2.2 2.3 2.0 2.0 18.1 2.6 2.0 1.9 1.5 Current capital buffer structure (%) Countercyclical capital buffer Capital conservation buffer SIFI buffer (O-SII) CET1 Pillar II requirement CET1 minimum requirement CET1 target (above 16%) CET1 Q3 2022(16.9%) Danske Bank 12.4 0.9 2.5 18.3 17.7 16.9 16.6 13.6 12.0 2020 reported 2021 reported Q3 2022 reported Q3 2022 fully loaded* Fully phased- in regulatory requirement** At the end of June 2022, the trigger point for MDA restrictions was 12.4% CET1 development incl. all effects from Estonia related provision (%) Total REA (DKK bn] CET1 cap. req. CET1 buffer 17.6 17.1 0.3 0.4 0.2 16.9 Change in P2 16.9 861.7 1.7 0.9 4.3 4.5 3.5 4.4 0.9. 12.6 13.3 13.3 12.4 0.5 3.0 € 1.6 4.5 03 2022 17.2 845.1 Q2-22 REA Deduction FX & Other for Danica (incl. GW) Q3-22 pre provision Provision (Estonia related) *Based on fully phased-in rules including fully phased-in impact of IFRS 9. Reversal '21 and '22 dividend Q3-22 incl. P2 add-on (risk of fines] P2 relief related to risk of fines Q3-22 incl. all Estonia effects Q2 2022 Credit risk Counterparty risk Market risk Q3 2022 ** 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 Il requirement. 34#36Investor Presentation - First nine months 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 9M (DKK bn] 44 77 126 130 119 107 85 79 + DKK 66 bn 134 152 144 143 133 133 127 133 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018¹ 2019 2020 2021 2022 9M REA, CET1, profit and distribution (DKK bn; %] 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9M REA 960 834 844 906 819 852 865 834 815 753 748 767 784 860 845 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% 16.9% 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 -9.2 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 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. 4,312 35#37Investor Presentation - First nine months 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; Q3 2022; Comments DKK bn (% of Group REA] +19 (+2.3%) 317 PS > ly NPS > ly CET1, AT1, T2 +28 (+3.3%) 271 (32.0%) 298 (35.2%) (37.5%) 46 (5.5%) 243 (28.7%) 91 (10.7%) 91 (10.7%) MREL requirement incl. CBR 180 [21.3%) MREL funds Subordination requirement 180 [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 298bn incl. RD's capital and debt buffer requirement (DKK 39bn]) and the combined buffer requirement (DKK 47bn). Excess MREL funds are DKK 19bn. The Group's subordination requirement is DKK 243bn incl. RD's capital requirement (DKK 25bn). Excess subordinated MREL funds are DKK 28bn This figure shows the Group's MREL and subordination requirement, which constitutes the fully-phased in requirements, i.e. no interim target. Requirements will, however, be impacted by any changes to the CCyB. Danske Bank will initiate a dialogue with the Danish FSA to recalibrate the backward-looking MREL and subordination requirement to reflect the removal of the DKK 7.5 billion Pillar Il add-on in order to decrease the difference between the point-in-time and backward-looking requirements. *Including Realkredit Danmark's (RD) capital and debt buffer requirements 36#38Funding & Liquidity Danske Bank#39Investor Presentation - First nine months 2022 Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding, Q3 22 (DKK bn] 1,819 Funding sources* (%) 2,317 168 Senior & 02-22 03-22 NPS bonds 1,187 Deposits Bank loans 714 13% 14% Bank mortgages 395 252 Covered bonds 59% 60% Danske Bank ..... 0% 0% -2% -3% 10% 9% 8% 8% 2% 2% 10% 10% RD mortgages 710 710 Issued RD bonds Deposits CD & CP Repos, Deposits Senior credit net & NPS Covered Subord. Equity bonds debt inst. * Figures are rounded Loans Funding Short-term funding Long-term funding 38#40Investor Presentation - First nine months 2022 Funding programmes and currencies Covered bonds by currency, end-03 2022 EUR SEK NOK 24% 28% Largest funding programmes, end-03 2022 EMTN Programme Limit - EUR 35bn Danske Bank Utilisation 42% Global Covered Bond 68% Limit EUR 30bn 48% ECP Programme 0% Total DKK 164 bn Limit EUR 13bn Senior debt¹ by currency, end-03 2022 4% 7% 4% 1% 47% USD EUR NOK SEK GBP 37% Other 1. Including senior preferred and non-preferred debt US MTN (144A] 56% Limit USD 20 bn US Commercial Paper 0% Limit USD 6bn UK Certificate of Deposit Limit USD 15bn 0% NEU Commercial Paper Total DKK 182 bn 0% - Limit EUR 10bn 39#41Investor Presentation - First nine months 2022 Funding and liquidity: LCR compliant at 159% 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 30bp 156bp 13bp 69 40bp 190bp 114bp 35 26bp 31 31 22 31bp 21 20** 14 8 46bp 2018 Redemptions 2022: DKK 80 bn Redeemed 2022: DKK 51 bn New 2022: DKK 52 bn Maturing funding,* 2023-2025 (DKK bn and bp) 2019 79 2020 *** Includes covered bonds, senior, non-preferred senior and capital instruments, excl. RD. Liquidity coverage ratio (%) Danske Bank 75 60-80 52 2021 2022E Cov.bonds Senior Non-Preferred Senior 164 160 161 159 159 173bp 154 155 155 151 13bp 56bp 69bp 10bp 13bp 32 32 29 25 24 39bp 26 99bp 110bp 10 11 8 2023: DKK 86 bn 2024: DKK 66 bn 2025: DKK 45 bn 03 2020 042020 012021 022021 032021 042021 012022 02 2022 032022 *Spread over 3M EURIBOR. 40 100#42Investor Presentation - First nine months 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 41#43Credit & ESG Ratings Danske Bank#44Investor Presentation - First nine months 2022 Danske Bank's credit ratings Long-term instrument ratings Speculative grade Investment grade Fitch Moody's Scope AAA Aaa AAA S&P 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 Q3 2022 Credit ratings remain unchanged in Q3 2022, but the fast evolving direct and indirect repercussions from the Russia/Ukraine war creates uncertainty on the direction of rating trajectory. S&P's Negative outlook on Danske Bank, and Fitch and Moody's Stable outlooks on Danske Bank, incorporate the financial uncertainty relating to the fallout from Estonia case. 43#45Investor Presentation - First nine months 2022 Danske Bank's ESG ratings We have chosen to focus on five providers based on their importance to our investors Q3 2022 CDP1 B 200 companies, out of the 13,126 analysed, made the climate change A List in 2021 ISS ESG C+ Prime Decile rank: 1 (299 banks rated] C+ is the highest rating assigned Q2 2022 01 2022 End 2021 End 2020 B B B B C+ Prime C Prime C Prime C+ Prime 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 100 to 0 [100 highest rating) Moody's ESG Solutions 61 Rankin Sector Rank n Region Rankin Universe 10/31 175/1600 191/4876 61 61 61 64 MSCI BBB MSCI rates 190 banks: BBB BBB BBB BB AAA to CCC (AAA highest rating] AAA 5% AA 33% A 25% BBB 22% BB 11% B 5% CCC 0% Sustainalytics Medium Risk [22.5) Rank in Diversified Banks 122/416 Rank in Banks Medium Risk Medium Risk Medium Risk High Risk Negligible to Severe risk 341/1003 = (1 lowest risk) 1 CDP: Carbon Disclosure Project - primary focus is on climate change/ management, also linked to TCF Q3 2022: Sustainalytics reduces Danske Bank's ESG Risk Rating Scoreto 22.5 from 24.3 (the lower the score the lower ESG risk) On 19 August 2022, Sustainalytics reduced Danske Bank's ESG Risk Rating Score primarily due to improved ESG Risk Management of “Data Privacy and Security” and "Product Governance". Sustainalytics comment, “Danske Bank has best-in-class policies and programmes vis-à-vis Business Ethics." 44#46Investor Presentation - First nine months 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 CRA² adjustment Extraordinary SACP1 + external + support ALAC = Issuer rating MOODY'S bbb+ +1 +1 -1 1 Business Position, 2=Capital & Earnings, 3=Risk Position, 4-Funding & Liquidity Macro profile + 1 + a- +2 A+ (Negative) Quali- 2 + 3 + 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 0 +1 +1 A3 (Stable) Operating environment + Business Profile + Risk Profile + + Asset Earnings & Quality Profitability Capitalisation + + & Leverage Funding & Liquidity Viability Rating Government Support Issuer rating Fitch Ratings aa- a+ a+ a a- a a+ a ns5 ns No support A (Stable) 1 Stand-Alone Credit Profile. 2 Comparable ratings analysis. 3 Baseline Credit Assessment. 4 Loss Given Failure. 5 No support. 45#47Tax & Material one-offs Danske Bank#48Investor Presentation - First nine months 2022 Тах Actual and adjusted tax rates (DKK m) Profit before tax Permanent non-taxable difference Q3 2022 Q2 2022 Q1 2022 04 2021 Q3 2021 968 2,164 3,707 4,500 4,270 2,559 408 435 994 22 3,527 2,572 4,142 5,494 4,293 Danske Bank Tax drivers, Q3 2022 . The actual tax rate of 81.1% (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 pre-tax profit, Group Tax according to P&L 760 458 862 846 936 Taxes from previous years 25 106 57 57 367 10 Adjusted tax 785 565 919 1,213 924 • Adjusted tax rate 22.3% 22.0% 22.1% 21.5% 22.2% Actual-/Effective tax rate 78.5% 21.2% 18.8% 21.9% 25.5% Actual/-Effective tax rate exclusive one-offs & 81.1% 26.1% 27.0% 21.6% 22.9% prior year reg. Adjusted tax rate of 22.3% is higher than to the Danish rate of 22% 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 - mainly due to non-deductible goodwill write-down in Danica 47#49Investor Presentation - First nine months 2022 Material extraordinary items in 2022 One-off items Q1 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) Q2 PMA for potential lower recovery rate from debt collection -250 Impairments Danica: Correction of discrepancy in product -150 Net income from insurance Compensation: Debt collection case 03 Compensation: Debt collection case -650 Impairments -600 Expense Impairment charges on goodwill in Danica Pension -1,627 Impairments Provision for Estonia matter -14,000 Expense Danske Bank 48#50Investor Presentation - First nine months 2022 Contacts Investor Relations Claus Ingar Jensen Head of IR Danske Bank Mobile +45 25 42 43 70 [email protected] Group Treasury and Funding Bent Callisen Head of Group Funding Group Treasury Direct +45 45 12 84 08 Mobile: +45 30 10 23 05 [email protected] Nicolai Brun Tverno Chief IR Officer Mobile +45 31 33 35 47 [email protected] Thomas Halkjær Jørgensen Chief Funding Manager Group Treasury Direct +45 12 83 94 Mobile +45 25 42 53 03 [email protected] Olav Jorgensen Chief IR Officer Mobile +45 52 15 02 94 [email protected] Rasmus Sejer Broch Chief Funding Manager Group Treasury Direct +45 45 12 81 05 Mobile +45 40 28 09 97 [email protected] Katrine Lykke Strobech IR Officer Mobile +45 22 43 19 11 [email protected] 49#51Investor Presentation - First nine months 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. 50