Investor Presentation - FY 2022

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#1Investor Presentation Full Year 2022 Danske Bank#2Investor Presentation - FY 2022 Agenda Danske Bank 01. Danske Bank - brief overview 2-7 02. Financial highlights - first nine months 2022 8-13 03. Business & Product Units 14-17 04. ESG, Sustainability, Financial Crime Prevention 18-29 05. Credit Quality & Impairments 30-36 06. Capital 37-40 07. Funding & Liquidity 41-45 08. Credit & ESG Ratings 46-49 09. Tax & Material extraordinary items 50-52 10. Contact info 53 1#3Danske Bank Investor Presentation - FY 2022 We are a Nordic universal bank with strong regional roots 3.3 m personal and business customers 2,000+ large corporate and institutional customers 20,000+ employees in 10 countries Assets under Management DKK >660bn* Sound funding structure (DKK bn] 1,803 2,297 145 Senior & NPS bonds 1,170 Deposits Bank loans 685 Deposits > DKK 1,100 bn Bank mortgages 391 255 Covered bonds RD mortgages 727 727 Issued RD bonds Loans Funding Denmark (AAA) Market leader Market share: 25% Share of Group lending: 45% GDP growth 2023E: -1.0% Unemployment 2023E: 3.1% Leading central bank rate: 1.75% Loans >DKK 1,800 bn + Note: Share of Group lending is before loan impairment charges and excludes Large Corporates & Institutions (18%) and Asset Finance (3%) * Asset Management in LC&I Finland (AA+) 3rd largest Market share: 10% Share of Group lending: 8% GDP growth 2023E: -0.7% Unemployment 2023E: 7.3% Leading central bank rate: 2.0% Norway (AAA) Challenger position Market share: 6% Share of Group lending: 11% GDP growth 2023E: 0.6% Unemployment 2023E: 2.2% Leading central bank rate: 2.75% Sweden (AAA) Challenger position Market share: 5% Share of Group lending: 12% GDP growth 2023E: -1.2% Unemployment 2023E: 8.2% Leading central bank rate: 2.50% Northern Ireland (AA) Market leader Market share Personal: 19% Business: 25% Share of Group lending: 3% 2#4Investor Presentation - FY 2022 Danske Bank delivered continued progress in a year impacted by significant geopolitical tensions and a rapidly changing macro landscape Danske Bank Nll up 14% Y/Y driven by rate hikes and solid volume growth 5 10 Solid lending uplift (+3% Y/Y) and traction on DK market share Fee income benefited from resilient customer activity and diversified business model Trading and insurance income impacted by volatility in the financial markets Operating expenses DKK 26.5bn FTES -6% Y/Y (excl. AML) underpinning structural improvement despite significant remediation spend Strong credit quality Impairments (8bps) driven by macro scenarios and PMAS Solid progress in simplification and digitalisation on banking offering Continued progress on sustainability strategy and targets Final resolution on Estonia matter, and accelerated solution of debt collection case 3#5Danske Bank Investor Presentation - FY 2022 Navigating in a year of significant uncertainty Deteriorating macro backdrop to impact many parts of society - credit risks likely to emerge and financial market volatility could further add to the clouded visibility for 2023 Economic slowdown Credit risks emerging Regulatory considerations Outlook implications GDP forecasts revised and Denmark likely to enter a "shallow recession" Modest rise in unemployment (2023E: 3.1%), and housing market to fall around 10-15% Consumer spending likely to be further impacted by higher rates and cost of living Robust balance sheet: Loan losses of up to DKK 3bn (~18bp) expected due to model-driven impairments ➤ Conservative credit policies and comprehensive review of cyclical sectors ➤ Conservative lending growth and structural low risk in CRE, relatively well positioned Swedish portfolio ➤ Full reactivation of counter cyclical buffer; potential reciprocation of Norwegian SRB Additional bank tax to fund early retirement scheme in Denmark from 2023 Prudent CET1 ratio of 17.8% with comfortable buffer to current regulatory requirements and uncertainty ➤ Tailwinds from normalised rates outweighing cost inflation and potential impact on asset quality Full focus on commercial momentum after solutions to legacy cases Net profit of DKK 15 - 17bn for 2023 Facing the challenges with a strong foundation and significant structural achievements in 2022 ✓ With enhanced focus on our commercial agenda, Danske Bank remain well positioned to serve customers and meet our financial ambitions Investor update in summer 2023 with refreshed financial targets 4#6Investor Presentation - FY 2022 Danske Bank Continued traction overall towards our sustainability targets despite market conditions 2023 Targets Status FY2022 Sustainable finance Sustainable operations Impact initiatives Responsible investing DKK 150bn in funds that have sustainability objectives ¹) and DKK 50bn invested in the green transition by Danica Pension DKK 52.1bn in sust. funds (art. 9) DKK 37.7bn by Danica Pension Sustainable financing DKK 300bn in sustainable financing - and setting Paris Agreement aligned climate targets for our lending portfolio Governance & integrity Over 95% of employees trained annually in risk and compliance Employee well-being & diversity More than 35% women in senior leadership positions and an employee engagement score of 77 Environmental footprint Entrepreneur- ship Reducing our CO₂e emissions by 40% compared to 2019, towards 60% by 2030 10,000 start-ups & scale-ups supported with growth and impact tools, services and expertise [since 2016) 97% trained 34% women - 55% for 2022 21 7,321 + Climate Action Plan 76 with increased & expanded 2030 targets engagement score DKK 273bn Financial confidence 2m people supported with financial literacy tools and expertise (since 2018] 2.1 m 1] This is a 2030 target to have at least DKK 150bn in investment funds that have sustainability objectives (article 9 funds). 2) Operational emissions are expected to increase for 2023 due to transition to new domicile in Copenhagen. 5 01#7Investor Presentation - FY 2022 Our Path to Financial Crime Transformation 2022 We take a number of specific and extraordinary decisions and actions to aid compliance with the newly imposed sanctions against Russia and Belarus We incorporate all core scenarios into our new and enhanced transaction monitoring platform. All scenarios have been specifically tailored to Danske Bank's risk appetite We analyze training needs to ensure that employees receive targeted training relevant to their specific roles We continue to recruit new employees with financial crime expertise, and by the end of the year, 3,600 full- time members of staff were working on our financial crime prevention agenda across the Group We develop a set of clearly defined and articulated outcomes that will be achieved at the point of Financial Crime Plan completion, our "Definition of Done" S H ☑ kr Do 汇 Qo EL Danske Bank 2023 We progress implementation of our Group-wide Financial Crime Plan and extend it to also cover Fraud, Anti-Bribery and Corruption and Tax Evasion We integrate a dedicated data governance workstream into our Financial Crime Plan and centralize financial crime data and analytics teams to provide an enhanced and holistic view of what we know about our customers, their counterparties and the risk they pose to us We deploy the first version of our new supervised machine learning hibernation model, which enables us to reduce the number of false positive hits and thereby scrutinize transactions for unusual or suspicious activity more effectively We offer cultural training to customer-facing units across the Nordic countries to support their dialogue with our customers on the topic of financial crime to supplement our annual Group-wide mandatory eLearning courses on financial crime We take part in the creation of the public-private partnership in Denmark, which is expected to become operational in 2023* All initiatives on the Group Financial Crime Plan to be completed by end of 2023** * Danske Bank is also an active member and contributor in similar public-private partnerships outside Denmark. These include the Swedish Anti-Money Laundering Intelligence Taskforce; the Finnish Anti-Money Laundering Intelligence Taskforce; and the Norwegian private and public sector collaboration to combat money laundering and financing of terrorism, OPS AT. **Completion means - Meeting the regulatory requirements applicable to the Bank and managing the Bank's inherent risk in line with its risk appetite by harnessing global practice 6#8Investor Presentation - FY 2022 Danske Bank Net profit outlook* for 2023; We expect net profit to be in the range of DKK 15 - 17bn Income kr لله Expenses Impairments Net profit * kr We expect core income lines to grow in 2023, driven by higher net interest income and our continued efforts to drive commercial momentum. Despite a high degree of uncertainty, we expect income from trading and insurance activities to recover from the levels in 2022. We expect costs in 2023 to be in the range of 25 - 25.5bn reflecting a continued focus on cost management and despite inflationary pressure. The outlook includes sustained elevated remediation costs of approximately DKK 1.1bn. We expect loan impairment charges of up to DKK 3bn (~18bp) which primarily will be driven by a weaker macroeconomic outlook affecting model-driven impairments. We expect net profit to be in the range of DKK 15 - 17bn including the impact from the new Danish bank tax. *Note - The outlook is subject to uncertainty and depends on volume growth and macroeconomic conditions. 7#9Financial highlights - 2022 Danske Bank#10Danske Bank Investor Presentation - FY 2022 Net interest income up 14% Y/Y driven by normalisation of interest rates and growth; trading/insurance partially recovering in H2; impairments driven by macro overlays Key points, 2022 vs 2021 NII uplift from normalisation of interest rates, repricing initiatives and solid trend in lending volumes Fee income from generally high activity throughout 2022 partly offsetting lower capital market and investment-related fees Trading and insurance income impacted by significant asset repricing and volatile markets Writedown of goodwill in Danica due to higher applied discount rate Steady progress on underlying cost development, absent one-offs and despite higher remediation and litigation costs Strong credit quality continues to lead to single-name reversals, while macro model scenarios and additions of PMAs took impairments to a normalised level Net interest income Net fee income Net trading income Key points, Q4 22 vs Q3 22 Income statement and key figures (DKK m] 2022 2021 Index 04 22 Q3 22 Index 1,426 Net income from insurance business 63 25,188 22,049 114 12,590 13,525 93 4,126 35 2,088 7,442 6,307 118 3,054 2,999 102 747 503 149 3 386 -286 Other income 1,936 797 243 733 244 300 Total income 41,203 42,584 97 12,362 Operating expenses 26,478 25,663 103 9,767 127 6,909 6,777 102 Profit before loan impairments, GW & provision 14,725 16,921 87 5,454 2,990 182 Provision for Estonia matter 13,800 -200 14,000 Impairment charges on goodwill 1,627 1,627 Loan impairment charges 1,568 348 450 774 368 210 -2,271 16,573 4,880 -13,005 -13 -2 -2 -28 -2,284 16,571 4,877 -13,033 Tax Net profit 2,784 3,651 78 704 760 93 -5,068 12,920 4,174 -13,792 NII up 18% Q/Q, benefiting from further normalisation of interest rates Fee income higher from remortgaging activity and higher capital market activity offsetting lower investment-related fees Trading income at LC&I and insurance income recovered towards normalised levels Operating expenses included a further provision for the debt collection case of DKK 0.3 billion Impairments increased as further revision of macro model scenarios and additional PMAs offset single-name reversals Profit before tax, core Profit before tax, Non-core Profit before tax の#11Investor Presentation - FY 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 driving the improved deposit margin particularly at PC DK and BC • Lending volumes contributed positively Y/Y particularly from business and corporate customers • Higher funding costs along with timing effects due to notice period in PC Nordic impacted lending margin Avg. lending margin at LC&I affected by volume growth from higher rated customers coupled with timing effects from floored credit facilities as rates have turned positive Lower rate sensitivity going forward, e.g. from expected increased migration to savings products Net interest income 2022 vs 2021 (DKKm] 22,049 1,219 -2,065 -132 160 5,098 -1,140 25,188 1.5 2021 Lending Lending Interest Deposit Deposit Other volume margin related volume margin fees Net interest income 04 22 vs Q3 22 (DKKm) 6,307 33 -462 18 5 1,458 1.0 Deposit margin development [bps] PC 1.49 1.44 BC 0.88 0.76 LC&I 0.48 0.5 0.40 0.51 0.38 0.26 0.18' 2022 0.0 Q122 7,442 94 1.5 0222 0322 0422 Lending margin development (bps] 1.12 1.14 1.10 1.02 0.96 1.0- BC 0.85 0.85 0.79 0.72 LC&I 0.62 PC 0.5 Q3 22 Lending volume Lending Interest Deposit Deposit margin related volume margin fees Other Q4 22 0.0 Q122 0222 0322 0422 10#12Investor Presentation - FY 2022 Danske Bank Fee: Good remortgaging activity and resilient activity-driven fees partially offset lower fee income from lower AuM and lower customer activity in capital markets Highlights Activity-driven fees (transfer, accounts etc.] Up 17% Y/Y from continually strong trend for everyday banking services at LC&I & BC (FX and cash mgmt.), however, weakening trend towards the end of the year as 5% lower Q/0 Lending and guarantees Net fee income (DKK m] 565 13,525 200 -725 -211 Performance fees -764 12,590 -975 Up 8% Y/Y as well as Q/Q, due to high level of remortgaging activity on the back of higher interest rate levels 2021 Money transfers, account other fees Lending & guarantees Capital Markets Investment fees 2022 Capital markets Significant slowdown in primary ECM/DCM markets during the year, however, some rebound in activity in Q4 driven by M&A advisory at LC&I 2,999 70 -45 Investment fees Y/Y: Investment fees impacted by lower assets under management, lower performance fees and reduced investment appetite among our customers -25 126 -70 3,054 -95 03-22 Money transfers, account other fees Lending & guarantees Capital Markets Investment fees 04-22 11#13Investor Presentation - FY 2022 Danske Bank Trading: Recovery in the second half of the year following difficult market conditions and negative valuation effects in H1 Net trading income* (DKK m] Highlights LC&I • Y/Y: Historically high volatility in Nordic fixed income markets affecting trading income Q/Q: Recovery in the second half for our fixed income market-making franchise as market conditions became more supportive Demand for risk management solutions resulted in good customer activity in Currencies PC & BC Y/Y: Resilient customer activity driven by increased post-pandemic foreign exchange activity Northern Ireland & Group Functions • Y/Y: Lower income in Group Treasury due to mark-to- market movements on the mortgage bond portfolio and on the hedging portfolio in Northern Ireland Q/Q: Effect from elimination of return on own shares due to increase in share price 4,126 -1,496 288 -276 -152 elimination of return on own shares -220°//// -842 1,426 -1,062 2021 LC&lex. xVA XVA PC & BC Northern Ireland Group Functions 2022 197 503 73 -442 671 -249 747 -691 Northern Ireland Group Functions Q4-22 03-22 LC&lex.xVA XVA PC & BC *2021 benefited from a gain of DKK 227m on the sale of VISA shares in the Group's private equity portfolio 12#14Investor Presentation - FY 2022 Danske Bank Expenses: 2022 costs significantly impacted by legacy cases, incl. settlement of Estonia matter; 2023 trajectory underpins the significant progress on underlying cost efficiency Highlights Progress on structural cost take-out mitigates impact from AML/compliance ramp-up, legacy remediation as well as higher resolution fund contribution. Number of FTEs continued to decline, underpinning efficiency gains and underlying improvement. Adjusting for AML/FCP, FTEs are down 11% from peak in Q3 20 Additional provision of DKK 310m related to the debt collection case booked in Q4 Expenses, 2022 vs 2021 (DKK m] 25,663 541 98 52 -213 161 126 Debt collection 41,905 13,800 26,478 -1,627 201 275 9108 25,568 2021 One-offs Other costs impacted by a post-pandemic normalisation and higher inflation Transfor- mation Staff cost Perf. based ex. perf. comp. comp. AML/ Legacy Resolution IT & other 2022 (pre Complianceremediation fee GW and provision) Danica Goodwill Settlement of Estonia matter 9M-22 FTES (#, thousands] Expenses, 0422 vs 0322 [DKK m) FTEs Debt collection 6,909 20 19.5 19.3 18.9 AML/Financial Crime Prevention FTEs P 14 6,777 68 18.8 18.8 50 -200 6,709 19 18.5 18.4 310 146 18.1 17.9 -290 18 17.4 77 69 600 17 4 3.5 3.6 3.6 3.6 3.1 3.1 3.1 3.1 3.2 3.3 6,177 320 0320 Q420 Q121 Q221 Q321 0421 Q122 Q222 03-22 One-offs 0322 0422 Transfor- mation AML/ Staff cost ex. Perf. based Legacy Compliance perf.comp. comp. remediation Resolution fee IT & other 6,599 04-22 (pre Settlement provision] 04-22 of Estonia matter 13#15Business & Product Units Danske Bank#16Danske Bank Investor Presentation - FY 2022 Business units: Solid progress, high customer activity, enhanced profitability, and strong lending uplift for corporates Personal Customers Good customer activity in 2022, including high remortgaging activity in Denmark supporting core income ✓ Net interest income increased by 26% Q/Q PCDK: Solid activity, healthy deposit levels and volumes supported by shift to Danske BoligFri. PCNordic: Strengthened advisory services and full focus on profitability Positive traction in customer satisfaction and net customer flows continued to improve with focus on targeted segments (young, MAFS and PB) ✓ Enhanced efficiency with FTEs down 12% during the year through focus on combining expert advice with easy-to-use digital solutions and divestments Profit before impairments (DKK m) 1,578 1,201 96 Business Customers Good customer activity as bank lending volumes increased and solid activity within currency exchange and cash management as well as remortgaging Net interest income increased 18% Y/Y following developments in pricing and market rates New digital service model enabling customised customer advisory services through digital channels Expanded offerings on our highly regarded District platform with additional 3rd-party integrations: increase value prop. for customers and income revenue streams ✓ Ranked #1 in CSAT among Swedish and Finnish SMEs LC&I High customer activity supporting customers with advisory services, risk hedging and credit, and ranked Nordic #1 by customers in "Prospera Grand Total"¹) report for the 7th consecutive year Especially strong activity in M&A advisory with top-ranked positions in Denmark, Norway and Finland General Banking lending volumes up 21% Y/Y, reflecting our strategic ambition to grow, especially in Sweden. Recovery in trading in H2 following loss in Q2 Lower activity in Asset Management as fee income declined 13% Y/Y, reflecting that 2021 was a record year, and driven by lower assets under management and lower performance fees Profit before impairments [DKK m) 2,016 99 Y/Y Q/Q Profit before impairments (DKK m) 2,094 1,917 103 Y/Y 0/0 1,791 1,550 1,447 101 1,765 121 Y/Y Q/Q 96 852* 785 290 Q1 02 03 04 Nominal lending (DKK) Q1 02 03 Q4 Nominal Lending (DKK) Q1 02 03 04 Nominal Lending (DKK) * Excl. gain on DB Luxembourg sale 15 1] Nordic Prospera research by Kantar#17Danske Bank Investor Presentation - FY 2022 Business units: Danica impacted by volatile financial markets; markedly increased profitability in Northern Ireland driven by NII and recovery in trading Northern Ireland Profit before tax for the year increased to DKK 456 million (2021: DKK 386 million), with improved net interest and fee income and lower costs as well but offset by lower net trading income Total income was significant up in the quarter, as trading income turned positive after being negative in Q3 ✓ Net trading income was negative in the nine months of 2022 due to adverse mark-to- market movements on the interest rate hedge. While adverse financial markets have negatively impacted the performance in Danica Pension, the underlying business continues to be sound Profit before imp. [DKK m) Lending (index) 162 7 580 96 Q1 02 -126 03 Q4 99 Nominel Lending (DKK) Y/Y Q/Q Result 2022/2021 (DKKbn] 2022 Danica In 2022, Danica Pension announced a DKK 100 million investment plan for further strengthening our preventive healthcare efforts in order to prevent long-term illness and to ensuring a faster return to work for more of our customers 0.8 2021 2.7 -0.5 ✓ Negative investment results for life insurance products where Danica Pension has the investment risk primarily driven by valuation effects -1 Result, life insurance ■ H&A 16#18Investor Presentation - FY 2022 Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Portfolio facts, Realkredit Danmark, 04 22 . • Approx. 314,982 loans (residential and commercial) Average LTV ratio of 48% (46% for retail, 50% 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 (+5% since 03-22) • 6 repossessed properties (03-22: 6) • DKK 5 bn in loans with an LTV ratio > 100%, including DKK 4 bn covered by a public guarantee LTV ratio limit at origination (legal requirement] • Residential: 80% • Commercial: 60% Total RD loan portfolio of FlexLånⓇ F1-F4 [DKK bn] 148 144 146 142 134 124 113 110 104 95 92 89 84 75 72 69 67 69 64 71 73 Danske Bank Retail loans, Realkredit Danmark, 04 22 (%) Fixed rate (10 yrs-30 yrs) Variable rate (6m-10 yrs) Interest-only Repayment ( ) = Q3 22 44% (45%) 53% (53%) 51% (49%) 50% (52%) 56% 46% (55%) (47%) 49% (51%) 50% (48%) Stock of loans: DKK 438 bn [444bn) New lending: DKK 21 bn (26bn) Retail mortgage margins, LTV of 80%, owner-occupied (bp) Adjustable rate¹ 111 106 86 68 143 138 118 101 04 01 02 03 04 Q1 02 03 Q4 Q1 02 03 Q4 Q1 02 03 Q4 Q1 02 03 04 1-2 yrs 3-4 yrs 5 yrs+ 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#20Investor Presentation - FY 2022 Danske Bank Sustainability is an integrated element of our corporate strategy and our corporate targets Sustainability critical in 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 of finance Entrepreneurship Governance & integrity Financial confidence Sustainable finance Environmental footprint Employee well-being & diversity < Selected highlights • • . • Focus areas reflect material sustainability issues Calibrated against stakeholder expectations Supports our Better Bank agenda and transformation KPIs Embedding sustainability in core business processes Leadership ambition on sustainable finance 19#21Investor Presentation - FY 2022 Danske Bank New comprehensive climate plan launched, underpinned by continued traction on sustainability agenda Significant progress in 2022 on Sustainability New Climate Action Plan launched 20 January Successful housing energy renovation campaign Danske Bank's Joined PBAF and Finance for Biodiversity Pledge Climate Action Plan Our Roadmap to Net Zero January 2023 #1 Nordic green bond arranger in Global League table Financing for the world's biggest offshore wind farm Hailed as global leader at reducing loan book footprint Danske Bank CO₂ /I\ 盘 /I\ Carbon footprint of 41.1 million tCO2e across the Group, with 99.9% related to financed emissions Increased and expanded 2030 targets based on SBTi guidance to align with Paris Agreement goal of 1.5°C Activities in Asset Mgmt. and Danica Pension subject to temperature targets, in addition to emission reduction targets Focus on supporting customer and investee company transitions as well as increased financing of renewable energy No financing or refinancing of companies intending to expand supply of oil and gas production beyond already approved 20#22Investor Presentation - FY 2022 Danske Bank With our new Climate Action Plan, we are setting a clear direction for our efforts across business activities and customer segments, with increased and expanded 2030 targets Danske Bank's Climate Action Plan Our Roadmap to Net Zero January 2023 Why We are committed to achieving net zero and supporting our customers in their green transition Lending The money we lend to customers Asset management The investments we make on behalf of our customers What Measured CO₂e emissions 18.8 million tCO₂e (2020) 16.6 million tCO2e (2020) How Life insurance and pension The pension assets we manage on behalf of our beneficiaries Own operations The emissions we generate through daily operations 5.7 million tCO₂e (2020) 0.007 million tCO₂e (2022) Scope and coverage Scope 3 92% of corporate and personal customers portfolio Scope 3 68% of assets under management >99% Scope 3 73% of assets under management Scope 1,2 and selected scope 3 categories <0.02% Targets based on methodologies supported by the Science Based Targets initiative to align with the Paris Agreement goal of 1.5°C 21#23Investor Presentation - FY 2022 Danske Bank Danske Bank's Climate Action Plan - Our roadmap to net zero: Based on methodologies supported by the SBTi, we have developed a comprehensive suite of intermediate 2030 emission reduction targets Overview of Danske Bank's decarbonisation targets Lending 2030 sector emission intensity reduction targets ¹) Asset management 2030 temperature rating reduction targets ¹) Implied temperature rating of our investment products from 2.7°C in 2020 to 2.1°C (Scope 1 and 2) Implied temperature rating of our investment products from 2.9°C in 2020 to 2.2°C (Scope 1, 2 and 3) Life insurance and pension 2030 temperature rating reduction targets ¹) Implied temperature rating of our listed equities and credits from 2.7°C in 2020 to 2.1°C (scope 1 and 2) Implied temperature rating of our listed equities and credits from 2.9°C in 2020 to 2.2°C (scope 1, 2 and 3] Shipping -50% Oil and gas upstream³ 50% A Oil and gas 25% refineries4 Power 50% generation Steel 30% 2030 carbon intensity reduction target ¹) 2025 sector emission intensity reduction targets 2] Cement 25% Weighted average carbon intensity of 50% Real estate 69% 6 Commercial 55% investment Energy 15% real estate 5 products Transportation 20% Personal mortgages 55% 5 2025 engagement target 1) Engagement with the 100 largest emitters Power generation 35% Cement Steel 20% 20% لمما Own operations 2030 emission reduction targets 2) Carbon emissions in scope 1 and 2 Carbon emissions in scope 1, 2 and currently measured scope 3 categories 80% 60% What's new • • Targets submitted for SBTi, validation pending Targets not submitted for SBTi validation Shipping: Increased target from 20-30% to -50% reduction by 2030 based on 1.5°C trajectory Oil and gas: Expanded our target suite to cover downstream refining. Updated our position statement to not offer new long-term (re)financing to E&P companies expanding supply of oil and gas Power generation: Increased ambition from 30% to 50% reduction by 2030 Steel & Cement: Expanded target suite to cover cement and steel Commercial Real Estate and Personal Mortgages: Expanded target suite also covers commercial real estate and personal mortgages Asset management: New SBTi-aligned 1.5°C temperature rating targets • Life insurance and pension: New SBTi-aligned 1.5°C temperature rating targets • Own operations: New SBTi-aligned reduction target of 80% by 2030 for scope 1 and 2 To validate that our targets are based on the latest scientific research and aligned with the Paris Agreement, we have submitted our targets for validation by the Science Based Targets initiative (SBTi) 1) Baseline year 2020 // 2) Baseline year 2019 // 3] Absolute emission reduction targets set // 4) Partly absolute emission reduction targets set // 5) Based on a weighted portfolio exposure across Denmark, Sweden, Norway and Finland. For Commercial Real Estate in Denmark and Personal Mortgages in Denmark, the target corresponds to a 75% reduction by 2030 // 6) Scope 1, 2 and 3 until 2030 22#24Investor Presentation - FY 2022 Danske Bank Continued progress on sustainability agenda in Q4 contributing to strong performance Joined PBAF and Finance for Biodiversity Pledge • As the first Nordic Bank to do so, Danske Bank joined the Partnership for Biodiversity Accounting Financials (PBAF), enabling us to measure and set targets Signed the Finance for Biodiversity Pledge, committing to measure, set targets and report on our impact 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 Updated Green Finance Framework with broadened scope Broadly aligned with the developing EU Taxonomy, while also including some categories not yet covered, such as the manufacture of green hydrogen and green hydrogen- based synthetic fuels • #1 Nordic Green Bond Arrangers in Global League table Danske Bank continues to rank #1 among Nordic arrangers in the Bloomberg Global League Table Hailed as a global leader at reducing carbon footprint A survey from Bloomberg Intelligence hailed Danske Bank as the global leader when it comes to reducing the carbon footprint of our loan book Green financing for linking of European electricity grids EUR 300 million green loan provided to Eirgrid, the Irish electricity transmission grid and market operator, for financing of the 700-megawatt Celtic Interconnector, which will link the electricity grids of Ireland and France 23#25Investor Presentation - FY 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 Sustainable finance KPIs and targets Group KPIs Guiding Be a leading bank in the Nordics on sustainable finance and the leading bank in Denmark Sustainable financing: • DKK 300bn in sustainable financing by 2023 Paris-aligned lending book; 2030 targets set for key sectors • Net-Zero Bank by 2050 ¹) Align societal and business goals Sustainable investing: • • Enable our customers' sustainability journey Danica Pension: DKK 50bn invested in the green transition by 2023 and 100bn by 2030 Asset mgmt.: DKK 150bn in art. 9 by 2030 Paris-aligned targets set for 2030 Net-Zero Asset Owner & Manager by 2050 ¹) Measure and improve impact Business and commercial KPIs Engage and partner with stakeholders principles Key execution levers Advisory Critical enablers Governance Regulatory implementation Products & Distribution Brand & marketing Risk Management solutions Training & competencies IT enablement ESG data & insights Communication & disclosures Commercial integration Portfolio management and financial steering 1) As defined by commitments to Net-Zero Banking Alliance, Net-Zero Asset Owner Alliance and Net-Zero Asset Managers Initiative. See Climate Action Plan for details incl. 2030 targets. 24#26Investor Presentation - FY 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 2. Single-name ESG analysis Danske Bank 3. Portfolio-level ESG analysis ■ Our position statements are a key tool for aligning with societal goals and communicating our approach to selected themes and sectors with elevated ESG risks Human rights Climate change - Agriculture Arms and defence ESG analysis is conducted for all large corporate clients using an internally prepared ESG risk tool ■Tool is developed around the concept of financial materiality i.e. how the financial performance of the company might be affected by environmental and social trends, legislation and factors ■ External sources for the tool include: Carbon disclosures for business areas and key sectors published in Danske Bank's Climate Action Plan from January 2023 ■ Decarbonisation targets set towards 2030, incl. for high-emitting sectors, with SBTi approval pending ■ Joined PBAF and Finance for Biodiversity Pledge to support efforts to measure and report on how we impact nature through our financing and investing activities by the end of 2024 Climate change Human rights Arms & defence Agriculture Position Statement on Fossil F Mining and metals Fossil fuels Mining & metals Forestry SASB INSIDE Financially material ESG factors SUSTAINALYTICS ESG risk exposure and management Forestry RepRisk ESG data science and quantitative solutions ESG controversies CDP DISCLOSURE INSIGHT ACTION Climate-related financial risks and opportunities Danske Bank's Climate Action Plan Danske Bank 25#27Investor Presentation - FY 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 INITIATIV RESPONSIBLE BANKING MEMBER OF THE INDUSTRY-EDU.L-COVETED NET-ZERO BANKING ALLIANCE NET ZERO ASSET MANAGERS INITIATIVE PRINCE THE NET-ZERO ASSET OWNER ALLIANCE #PRI Principles for Responsible Investment 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. 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 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 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 Principles for Responsible Investment An international investor network that supports the implementation of ESG factors into investment and ownership decisions TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES UN GLOBA COMPACT VPCAF Partnership for Carbon Accounting Financials. UN environment programme finance initiative COP21-EMP11 PARIS 2015 UN QOMATE CHANGE CONFERENCE Task force on Climate-related Financial Disclosures Has developed recommendations for more effective climate-related disclosures to promote more informed investment, credit, and insurance underwriting decisions UN Global Compact A multi-stakeholder initiative focusing on aligning business operations with ten principles in the areas of human rights, labour, environment and anti- corruption Partnership for Carbon Accounting Financials Provides carbon accounting instructions for financial institutions. Danske Bank joined in 2020 as the first major Nordic bank. UN Environment Programme - Finance Initiative A partnership between UN and the global financial sector with the aim of understanding societal challenges, why they matter to finance, and how to address them The Paris Pledge A pledge to support and act accordingly in regards to the objectives of the Paris Agreement to limit global temperature rise to less than 2 degrees Celsius More information available at https://danskebank.com/sustainability/our-approach 26#28Investor Presentation - FY 2022 Completion of our Financial Crime Transformation by the end of 2023 Danske Bank In the recent years, we have made significant investments to ensure that a robust, well-resourced and expert compliance function is in place across our operations to effectively combat financial crime. We have made significant changes to ensure that we have the right people, structures and controls in place to continue to achieve and maintain a culture of integrity in everything we do, deliver on our financial crime transformation and manage compliance issues that arise in the future. In designing the Financial Crime Plan, Danske Bank has, to the extent possible, sought to execute the program in a risk-prioritised way. Wherever possible, we have been adopting an approach of trying to mitigate the most material residual risks first. Throughout 2023, we will continue our efforts to complete the remaining initiatives in our Financial Crime Plan and conclude our financial crime transformation by the end of the year. Examples of key initiatives to be completed in 2023 Financial Crime Training Deliver targeted training to regulated roles specific to financial crime to ensure aligned knowledge and use of best practice, and finalise a report and closure observations of our financial crime training framework Know-Your-Customer • Finalise closure documentation for the completion of KYC refresh for the Bank's customers and transition into a "business-as-usual" operational setup for regular, periodic reviews Transaction Monitoring . Evaluate the staffing and sustainability of Group Transaction Monitoring against its new role and procedures Suspicious Activity Reporting Complete remediation of gaps in subsidiaries to ensure consistency and adherence to Group requirements Data Governance Issue a Financial Crime Data Management Instruction to provide specific guidance on the management and control of financial crime data 27#29Investor Presentation - FY 2022 Regulatory Engagements Danske Bank Ongoing Dialogue • · We engage in ongoing dialogue with our regulators through regular meetings with the Financial Supervisory Authorities ("FSAs”) and Supervisory College to ensure aligned expectations and transparency between our regulators and the Bank We provide regular updates and engage in frequent interactions with the Danish FSA on our financial crime transformational progress and remediation work and proactively share information on the progress of our remediation program with other Nordic regulators Regulatory Inspections • We track all regulatory inspections closely and continue to address regulatory orders we receive from our regulators in an open and transparent way. Regulatory deliverables are formally documented, and progress is frequently communicated to relevant regulators The Bank has completed and closed a number of orders received from inspections following the Estonia matter and is progressing in addressing orders received in relation to subsequent AML inspections In 04 2022, the Danish FSA published the outcomes of two inspections at Danske Bank focusing on money laundering and terrorist financing, and our management of EU sanctions against Russia and Belarus. The reviews did not give rise to any supervisory reactions, which we believe reflects the progress we have made in the implementation of our Financial Crime Plan* All remaining orders and recommendations from regulators are incorporated and prioritised in our Financial Crime Plan. We carry out targeted actions to rectify these issues and track them closely to completion. The Bank also addresses topics that are not highlighted in the inspection findings but noted by the Danish FSA The Danish FSA, as well as other relevant FSAs, carry out supervisory oversight of the Bank's remediation work • Supervisory Oversight Our recalibrated Financial Crime Plan was submitted to the Danish FSA in November 2021 and the Danish FSA follows its implementation closely. Our other supervisors receive updates on an ad-hoc basis • The Danish FSA carries out extensive supervisory oversight of the Bank's financial crime transformation program. In addition to its ongoing supervision, in February 2021, the Danish FSA appointed an Independent Expert to monitor the implementation of the Bank's Financial Crime Plan. The Independent Expert's monitoring is ongoing * https://danskebank.com/investor-relations/regulation/the-danish-fsa The Danish FSA (danskebank.com] 28#30Investor Presentation - FY 2022 Committee Governance for Compliance Risks Danske Bank Financial Crime Remediation Steering Committee Provides governance structure and delivery oversight of the Group's Financial Crime Plan Supported by a Group Financial Crime Project Management Office to track and challenge progress across Business Units Chaired by the Chief Compliance Officer of Danske Bank Compliance Risk Committee Second Line Committee responsible for providing oversight and challenge of the management of compliance and conduct risk on behalf of the ELT The Committee reports to the Group All Risk Committee Chaired by the Chief Compliance Officer of Danske Bank Conduct and Compliance Committee Board level committee that oversees the Bank's management of conduct and reputational risk, compliance and financial crime as well as other matters delegated by the Board Responsible for reviewing all relevant Board owned policies concerning compliance, prior to Board approval Post-Resolution Committee Danske Bank's agreement with the Department of Justice ("DOJ") contains post-resolution obligations, which include the obligation for Danske Bank to continue to enhance its compliance programs, including its AML Program, which will be subject to ongoing review by and engagement with the DOJ. To oversee the implementation of and compliance with post-resolution obligations, the Bank has established a Post-Resolution Committee. 29#31Credit quality & Impairments Danske Bank#32Investor Presentation - FY 2022 Danske Bank Impairments: Continually strong credit quality and individual reversals, while macro model adjustments and prudent buffers led to a loan loss ratio of 8bps* in 2022 Highlights • Credit quality remains strong and the implications of the worsening macro backdrop have not led to any material downward migration in the portfolio with single-name impairments resulting in net reversals As the macro outlook has been updated to reflect the uncertainty and increased downside risk from inflation and interest rates, the macro model charges resulted in additional DKK 0.8bn booked in Q4 Total allowance stands at DKK 19.6bn and includes PMAs of DKK 6.6bn, as additional overlays of DKK 0.6bn were added in Q4 to mitigate any tail risks not evident in the portfolio or captured through our macro models Impairment charges by category (DKK bn] 4.3 Credit quality deterioration: oil & gas Credit quality deterioration: outside oil & gas PMAS Debt collection one-off Macro models 1.4 0.7 1.0 0.5 1.1 0.8 1.7 0.5 0.2 0.8 0.2 0.4 0.6 0.2 0.8 -0.4 -0.2 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q321 -0.2 Q421 Q1 22 Q2 22 Q3 22 Q4 22 Post Model Adjustments (PMAs) 4.0 2019 Allowance account by stages (DKK bn] Stage 1 ECL Stage 2 ECL Stage 3 ECL Stage 3 net exposure, % of total (rhs) 6.6 6.4 6.3 DKK bn % 0.8 Agriculture 30 1.36 0.9 CRE 1.8 25 1.34 22.6 1.5 Construction & 21.9 20.4 Building materials 2.3, 19.8 19.8 19.6 20 2.7 18.8 1.3 1.32 0.2 0.5 3.1 3.1 3.3 3.0 Oil & Gas 5.9 7.4 6.8 15 1.30 1.7 1.4 6.7 6.8 Personal Customers 7.1 8.1 10 Others 1.1 13.2 12.9 12.4 2.1 Model changes 5 9.9 9.9 0.96 8.7 8.3 0.9 о 0.00 2020 2021 2022 2019 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 31 * Including DKK 650m related to the accelerated solution of the debt collection case.#33Investor Presentation - FY 2022 Strong footprint within retail lending Lending by segment¹ 04 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 Q4 22 (%) Personal customers Commercial property 35.7 11.9 Public institutions 9.0 Co-ops & Non-profit 7.6 Financials 4.8 Utilities and infrastructure 4.3 0% 2% Capital goods 3.9 3% Consumer goods 3.2 15% 26% Services 2.6 Agriculture 2.5 Construction and building 2.1 Pulp, paper and chemicals 2.0 Pharma and medical devices 1.8 Shipping, oil and gas 1.6 Retailing 1.4 18% Automotive 1.1 Social services 1.1 32% Telecom and media 1.0 Transportation 0.7 Other commercials 0.6 Hotels and leisure 10.6 Total lending Metals and mining 0.6 Total credit exposure of DKK 1,804 bn of DKK 2,512 bn 32#34Danske Bank Investor Presentation - FY 2022 Overall strong credit quality in portfolios exposed to macro cyclicality CRE: Well diversified and prudently managed growth Agriculture: Well-provisioned agriculture book Housing: Low leverage and strong household finances DKK 301bn in gross exposure and ECL ~1% DKK 64bn in gross exposure of which 50% RD +80% of RD back-book are 5-30yr fixed-rate Segment gross exposure ■ Non-residential ■ Residential Property dev. Crops Segment gross exposure Dairy Pig breeding RD back-book Avg. LTV RD-retail ■ Mixed operations 54% 55% 41% 4% 32% 18% 14% 36% 43% 38% Country gross exposure Country gross exposure 46% 0% 48% 26% 12% 7% 7% 58% 14% 25% 0% 50% 100% 2% ■ DK Fixed F5s Other ■LTV Home equity • ■ DK ■ SE ■ NO ■ Fl ■LC&I / Other Conservative lending growth (-4% 3Y-CAGR in non- resi. since 2019) given caps and concentration limits within sub-segments and markets, as well as for single-names, limiting downside risks Due to our conservative approach, our SE exposure has remained stable, despite market growth, and book is well-diversified with lower concentration risk over the past years • The group's credit underwriting standards maintain strong focus on cash flows, interest rate sensitivity, LTV and the ability to withstand significant stress. PMAs of DKK 1.8 bn made to cover uncertainties regarding the affect of rapid interest rate increases and macroeconomic situation • • ■ SE ■ NO ■ Fl 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 33#35Investor Presentation - FY 2022 Danske Bank Commercial real estate portfolio; prudently managed and adequately provisioned Lending to CRE segment by major Nordic banks (index) Lending to CRE by geography Sweden Other Danske Bank has the second lowest concentration to CRE as a percentage of the total corporate portfolio (29%) among Nordic peers and the portfolio has been stable/slightly declining in the last few years. Out of the Danske Bank CRE portfolio, 26% is to Sweden, lowest ratio among all Nordic banks active in Sweden. In addition to conservative underwriting, we perform rigorous monitoring of individual names incl. stress tests: ✓ An interest rate stress of 5% on all debt not currently hedged ✓ Rent level stress, including vacancy ✓ Liquidity stress measuring borrower's ability to refinance/ repay bond and commercial paper redemptions in the coming 18 months The portfolio is well diversified and provisioned to mitigate a potential material correction in the sector 140 Danske Bank 130 Peer Bank 1 Peer Bank 2 Peer Bank 3 Peer Bank 4 Peer Bank 5 120 110 100 90 80 Q117 Q118 Q119 Q120 Q121 Q122 CRE portfolio avg. LTVs 56% 8 Resi Non-resi 56% 50% 50% 48% 47% 46% 6 44% Denmark Sweden Norway Finland 4 2 19% 22% 60% 58% 73% 26% 81% 78% 40% 42% Danske Bank Peer Bank 1 Peer Bank 2 Source: Company financial statements Peer Bank 3 Peer Bank 4 Total CRE allowance account [DKK bn] 8.1 Allowance account Hereof PMAS 3.3 0 2008 2010 2012 2014 2016 2018 2020 2022 Underwriting and subsequent monitoring based on cash flow and a clear focus on structural risk Cash flow test • A key part of the underwriting process is a cash flow test prescribed by the Danish FSA, requiring that cash flow from the financed properties is sufficient to fully amortise our loan over maximum 30 years using a 10/30 year fixed interest rate. • The test ensures that all lending is similarly benchmarked irrespective of actual credit terms (amortisation, hedging requirements] and thus serves as a sanity check/upper limit in a growing market. Stress test ⚫ In addition to the FSA cash flow test, it is a requirement that all new lending is subjected to a standardised set of stress tests. The stress tests cover both lower rent income due to a combination of lower rent levels and higher vacancy, higher interest rate costs and lower property values through higher investor yield requirements. • To capture the difference in cash flow risk from different property types, the stress test on rent income varies across property types, reflecting the generally higher volatility/cyclicality in e.g. industrial and retail properties compared to e.g. residential properties. Structural risk ⚫ In addition to the two types of stress tests, significant effort is spent on ensuring the best possible structural position for the bank, and best practice across transactions. • A key focus is to make sure the cash flow is diversified to the extent possible e.g. through recourse to other cash flow generating properties, alternatively ensure that cash flow is ring fenced within our legal reach. For large clients with enhanced risk, a full portfolio review is conducted to make sure our structural position is satisfactory and the cash flow from the financed properties is sufficient to service debt including under additional interest rate stress.#36Investor Presentation - FY 2022 Fossil fuels (coal and oil) exposure • Key points, Q4 22 Danske Bank The exposure to fossil fuels includes customers involved in production, refining, and distribution (including shipping) of oil as well as utilities producing heat or power with coal. The Group has updated it's 2030 climate target on oil majors, i.e. a 50% reduction target on absolute financed emissions, which reflects the decline in investment needs of the Nordic oil and gas production companies. New targets set on downstream refining, i.e. a 25% reduction in scope 1 and 2 financed emissions and in scope 3 emission intensity. Climate target for power utilities has also been further tightened from 30% to 50% emission reduction per unit of energy produced by 2030 against 2020 levels. Exposure towards oil majors has decreased during the year, and is now below 3 DKK bn. The main risk on oil related exposures lies with exposures other than oil majors, and since the end of 2019, these net exposures have been brought down 53% and have been stable the past year. Exposures shown on this page is to utility customers with any coal-based power production (DKK 46.7 bn.) and hereof more than 5% of revenues from coal fired power production (2.5 bn.). Exposures increased in the beginning of 2022 and again during last quarter due to short-term facilities to help customers manage market risk due to energy price volatility. For most customers, the use of coal is limited to a few remaining production facilities which are expected to phase-out in the longer term. Customers' transition plans are continually being assessed, and our utility customers and customers in the distribution and refining segments are generally progressing well on the transition. For instance by refineries switching to biofuels or by gas stations investing in infrastructure for charging of electric vehicles. Group gross credit exposure [DKK 2,535 bn.) Fossil fuels exposure (coal and oil) Oil-related net credit exposure, DKK bn.: Development (excl. oil majors) Segment Net exposure [DKK m) -53% G ■ Fossil fuels exposure Other Crude and product tankers Distribution and refining 2,516 15.1 8,728 Oil-related exposure 9,907 8.4 6.9 7.2 Oil majors 2,741 2.7% Offshore and services 7,166 Power and heating utilities 46,695 3.9 with any coal-based production 2019 04 2020 04 Hereof customers with more 2,475 than 5% revenue from coal 2021 04 ■Of which covered by collateral Net credit exposure 2022 04 Total fossil fuel exposure 67,846 35#37Investor Presentation - FY 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 4 Stage 2 net exposure (% of Total, lhs] PC BC LC&I N.I. Other (Non-core] 10 69 Stage 3 net exposure (% of Total, rhs] 22.8 23.3 23.3 23.0 22.7 20.6 3 19.8 19.6 0 2653210 8 7 6.08 18.8 6.70 5.5 5.5 5.4 5.8 5.2 3.6 3.4 3.1 3.6 2 טו 4 1.20 10.1 10.3 10.4 10.2 9.8 9.8 10.2 10.0 9.6 0.95 1 5.1 5.9 5.7 5.6 5.7 5.5 5.8 4.8 5.4 0 Q4 Q1 02 03 04 Q1 02 03 Q4 Q1 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 02 03 Q4 2022 2022 04 2020 01 2021 02 2021 03 2021 04 2021 Q1 2022 Q2 2022 03 2022 04 2022 Breakdown of stage 2 allowance account and exposure [DKK bn] Gross stage 3 loans (DKK bn] Allowance account Gross credit Allowance as % of Individual allowance account Net exposure 54.3 exposure gross exposure 52.6 48.8 Personal customers 2.0 902 0.23% 47.4 46.0 13.3 13.3 Agriculture 0.9 64 1.35% 12.9 13.4 12.4 35.8 34.9 33.4 32.2 Commercial property 2.2 301 0.73% 9.9 9.9 8.7 8.3 Shipping, oil and gas 0.0 41 0.07% 41.0 Services 0.2 67 0.30% 39.3 35.9 33.9 33.6 25.9 25.0 24.7 Other 2.7 1,156 0.24% 23.9 Total 8.1 2,532 0.32% 04 2020 Q1 2021 02 2021 03 2021 04 2021 01 2022 02 2022 03 2022 04 2022 36#38Capital Danske Bank#39Investor Presentation - FY 2022 Danske Bank Capital: Prudent CET1 ratio at 17.8%; comfortable buffer to current regulatory requirements and uncertainties Capital ratios, under Basel III/CRR (%) Current capital buffer structure (%) Tier 2 Pillar Il component (total 2.6%) 23.0 22.4 22.1 21.7 Hybrid T1/AT1 CET1 2.4 2.4 2.5 2.5 2.2 2.3 1.8 1.8 18.2 2.6 2.0 1.9 1.5 Countercyclical capital buffer Capital conservation buffer SIFI buffer (O-SII) CET1 Pillar II requirement CET1 minimum requirement CET1 target (above 16%) CET1 Q4 2022 (17.8%) 13.1 1.5 2.5 3.0 18.3 17.7 17.8 17.4 13.6 12.0 1.62 At the end of 2022, the trigger point for MDA restrictions was 13.1% 4.5 2020 reported 2021 reported 2022 reported 2022 fully loaded* Fully phased-in reg. requirement** 04 2022 CET 1 development (%) CET1 cap.req. CET1 buffer 16.9 0.1 4.4 12.4 Q3-22 REA 17.8 0.5 0.2 0.0 4.7 Net profit Danica deduction FX & Other 13.1 Q4-22 Total REA (DKK bn] 845 12 6 838 Q3 2022 Credit risk Counterparty risk Market risk 04 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 Il requirement. 38#40Investor Presentation - FY 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 (DKK bn] 77 44 +72bn 152 149 144 126 130 134 133 133 133 127 119 107 85 79 REA, CET1, profit and distribution (DKK bn; %) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20181 2019 2020 2021 2022 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 REA 960 834 844 906 819 852 865 834 815 753 748 767 784 860 838 CET1 ratio 8.1% 9.5% 10.1% 11.8% 14.5% 14.7% 15.1% 16.1% 16.3% 17.6% 17.0% 17.3% 18.3% 17.7% 17.8% Net profit 1.0 1.7 3.7 1.7 4.7 7.1 13.02 17.72 19.9 20.9 15.0 15.1 4.6 12.9 -5.1 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 3,763 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. 39#41Investor Presentation - FY 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; Q4 2022; Comments DKK bn (% of Group REA] +19 (+2.2%) 306 (36.5%) 288 (34.3%) 44 MREL requirement incl. CBR (5.2%) 77 (9.2%) 185 (22.1%) MREL funds PS > ly NPS > ly CET1, AT1, T2 +29 (+3.4%) 262 [31.3%) 233 (27.8%) 77 (9.2%) Subordination requirement *Including Realkredit Danmark's (RD) capital and debt buffer requirements 185 (22.1%) 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 288bn incl. RD's capital and debt buffer requirement (DKK 43bn) and the combined buffer requirement (DKK 51bn). Excess MREL funds are DKK 19bn The Group's subordination requirement is DKK 233bn incl. RD's capital requirement (DKK 29bn). Excess subordinated MREL funds are DKK 29bn This figure shows the Group's MREL and subordination requirement as of end 2022, which constitutes the fully-phased in requirements, i.e. no interim target. Requirements will, however, be impacted by any changes to the CCyB. 40#42Funding & Liquidity Danske Bank#43Investor Presentation - FY 2022 Funding structure and sources: Danish mortgage system is fully pass-through Danske Bank Loan portfolio and long-term funding, 04 22 (DKK bn] 1,803 Funding sources* (%) 2,297 145 03-22 Senior & Q4-22 NPS bonds 1,170 Deposits Bank loans 685 14% 13% 391 Bank mortgages 255 Covered bonds 62% 60% ..... 9% 9% 8% 8% 2% 2% 0% 1% -3% -5% RD mortgages 727 727 Issued RD bonds Deposits CD & CP credit inst. Repos, Deposits net Loans Funding Short-term funding * Figures are rounded 10% 10% Covered Subord. Equity debt Senior & NPS bonds Long-term funding 42#44Investor Presentation - FY 2022 Funding programmes and currencies Covered bonds by currency, end-04 2022 EUR SEK NOK 26% 29% Senior debt¹ by currency, end-04 2022 Largest funding programmes, end-04 2022 EMTN Programme - Limit EUR 35bn Danske Bank Utilisation 40% Global Covered Bond 73% Limit - EUR 30bn 45% ECP Programme 7% Total DKK 156 bn - Limit EUR 13bn 4% 8% 4% 2% 44% USD EUR NOK SEK GBP Other 38% 1. Including senior preferred and non-preferred debt US MTN (144A] Limit 50% USD 20 bn US Commercial Paper 0% Limit USD 6bn UK Certificate of Deposit 1% Limit USD 15bn NEU Commercial Paper 2% Total DKK 182 bn Limit EUR 10bn 43#45Investor Presentation - FY 2022 Funding and liquidity: LCR compliant at 151% Changes in funding,* 2022 (DKK bn and bp) Cov. bonds Senior Non-Preferred Senior 16bp 13bp 54bp 36bp 156bp 69bp 114bp 40 31 32 28bp 31 29 24 14 Redemptions 2023: DKK 84 bn 20 45bp Redeemed 2022: DKK 77 bn New 2022: DKK 61 bn Long-term funding excl. RD [DKK bn]*** Funding plan 100 Completed 79 75 61 2019 2020 2021 *** Includes covered bonds, senior, non-preferred senior and capital instruments, excl. RD. Danske Bank 80-100 24 2022 2023E Maturing funding,* 2024-2026 (DKK bn and bp) 10bp Cov. bonds 172bp 31 12bp 34 Senior Non-Preferred Senior ULL 24 40bp 10 Liquidity coverage ratio (%) 164 161 159 159 154 155 155 151 151 12bp 100bp 11 109bp 7 21 54bp 89bp 8 2024: DKK 65 bn 2025: DKK 52 bn 2026: DKK 35 bn 04 2020 01 2021 02 2021 03 2021 04 2021 01 2022 02 2022 03 2022 04 2022 Spread over 3M EURIBOR. 44 100#46Investor Presentation - FY 2022 Danske Bank covered bond universe, a transparent pool structure¹ Danske Bank Residential mortgages . Denmark, D-pool • Norway, l-pool • Sweden, Danske Hypotek AB • Finland, Danske Mortgage Bank Plc Commercial mortgages • Sweden and Norway, C-pool Residential and commercial mortgages Danske Bank REALKREDIT Danmark Π . Capital Centre T (adjustable-rate mortgages) Capital Centre S (fixed-rate callable mortgages) Danske Bank A/S C-pool S&P AAA Fitch AAA + + Danske Bank A/S I-pool S&P AAA Fitch AAA + Norway Sweden + Danske Hypotek AB S&P AAA Nordic Credit Rating 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. Finland Danske Mortgage Bank Plc Moody's Aaa 45#47Credit & ESG Ratings Danske Bank#48Investor Presentation - FY 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 Credit ratings remain unchanged in Q4 2022 Credit ratings remain unchanged in Q4 2022. Danske Bank On 16 December 2022, S&P revised the outlook on Danske Bank to Stable from Negative as a consequence of the resolution of the Estonia case. Subsequent to the announcement of the resolution, also Fitch and Moody's affirmed their ratings and outlooks on Danske Bank Group. 47#49Investor Presentation - FY 2022 Danske Bank's ESG ratings We have chosen to focus on five providers based on their importance to our investors CDP1 B Q4 2022 283 companies, out of the 18,700 analysed, made the climate change A List in 2022 Decile rank: 1 [302 banks rated) ISS ESG C+ Prime C+ is the highest rating assigned Q3 2022 Q2 2022 Q1 2022 End 2021 End 2020 Range B B B B B C+ Prime C+ Prime C Prime C Prime C+ Prime Danske Bank A to F (A highest rating) A+ to D- (A+ highest rating) Decile rank of 1 indicates a higher ESG performance, while decile rank of 10 indicates a lower ESG performance 100 to 0 [100 highest rating)] Moody's ESG Solutions 61 Rank in Sector Rank n Region 10/30 178/1618 61 61 61 61 64 Rank in Universe 200/4847 MSCI BBB MSCI rates 197 banks: BBB BBB BBB BBB BB AAA to CCC (AAA highest rating) AAA 5% AA 34% A 27% BBB 20% BB 11% B 3% CCC 0% Sustainalytics Medium Risk Rank in Diversified Banks 98/405 Rank in Banks 277/1011 Medium Risk Medium Risk Medium Risk Medium Risk High Risk (1= Negligible to Severe risk = lowest risk) 1 CDP: Carbon Disclosure Project - primary focus is on climate change / management, also linked to TCFD 48#50Investor Presentation - FY 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 0 a- +2 A+ (Stable] Quali- Macro profile + 1 + 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 +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 ns No support 1 Stand-Alone Credit Profile. 2 Comparable ratings analysis. 3 Baseline Credit Assessment. 4 Loss Given Failure. 5 No support. ns5 A [Stable] 49#51Tax & Material one-offs Danske Bank#52Investor Presentation - FY 2022 Тах Actual and adjusted tax rates (DKK m) Profit before tax 2022 04 2022 Q3 2022 Q2 2022 Q1 2022 -2,284 4,877 -13,032 2,164 3,707 Permanent non-taxable difference 16,282 -1,119 16,559 408 435 Adjusted pre-tax profit, Group 13,998 3,758 3,527 2,572 4,142 Tax according to P&L 2,784 704 760 458 862 Taxes from previous years etc. 346 158 25 106 57 Adjusted tax 3,131 862 785 565 919 Adjusted tax rate 22.4% 22.9% 22.3% 22.0% 22.2% Actual-/Effective tax rate -121.9% 14.4% -5.8% 21.2% 23.2% Actual/-Effective tax rate exclusive prior year -137.1% 17.7% -6.0% 26.1% 24.8% regulation Danske Bank Tax drivers, Q4 2022 The actual tax rate of 17.7% (excluding prior-year's adjustments) is lower than the Danish rate of 22% - due tothe tax effect from tax exempt income/expenses and regulations to prior years tax Adjusted tax rate of 22.9% is higher than 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 51#53Investor Presentation - FY 2022 Material extraordinary items in 2022 Effect One-off items P&L line affected [DKK m) Q1 Gain from sale of international private banking activities in Luxembourg 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 -650 Impairments 03 Compensation: Debt collection case -600 Expense Impairment charges on goodwill in Danica Pension -1,627 Impairments Provision for Estonia matter -14,000 Expense Gain from sale of shares in MobilePay Q4 Gain from sale of shares in Sanistål Reduction of provision for Estonia settlement Increased Compensation: Debt collection case 415 Other income 170 Trading income 200 Expense -310 Expense Danske Bank 52#54Investor Presentation - FY 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 Head of Debt IR 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 Jørgensen 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] 53#55Investor Presentation - FY 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. 54

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