#1Investor Presentation Financial results 2023 Danske Bank#2Investor Presentation - FY 2023 Content Danske Bank - brief overview 03-11 Financial highlights - FY 2023 12-17 Business & Product Units 18-21 ESG, Sustainability, Financial Crime Prevention 22-33 Strategy execution 34-37 Credit Quality & Impairments 38-44 Capital 45-48 Funding & Liquidity Credit & ESG Ratings Tax & Material extraordinary items Contact info 49-53 54-57 58-60 61 Danske Bank#3Danske Bank - a brief overview Danske Bank#4Investor Presentation - FY 2023 We are a focused Nordic bank with strong regional roots Danske Bank 3.2m personal and business customers DKK >770bn* Assets under Management Denmark (AAA) Market leader Share of Group lending: 44% GDP growth 2023E: 1.1% Unemployment 2023E: 2.8% Leading central bank rate: 3.6% 2,000+ large corporate and institutional customers >DKK 1,700bn Loans & Mortgages 20,000 employees in 10 countries >DKK 1,100bn Deposits + Finland (AA+) 3rd largest Share of Group lending: 8% GDP growth 2023E: -0.5% Unemployment 2023E: 7.3% Leading central bank rate: 4.0% Norway (AAA)** Challenger position Share of Group lending: 9% GDP growth 2023E: 1.1% Unemployment 2023E: 1.9% Leading central bank rate: 4.25% Northern Ireland (AA) Market leader Share of Group lending: 3% Note: Share of Group lending is before loan impairment charges and excludes Large Corporates & Institutions (17%), Asset Finance (3%) and Global Private Banking (4%) * Asset Management in LC&I. Sweden (AAA) Challenger position Share of Group lending: 11% GDP growth 2023E: -0.2% Unemployment 2023E: 7.6% Leading central bank rate: 4.0% 4#5Investor Presentation - FY 2023 Nordic Outlook December 2023 - Modest economic cooling in the Nordics Danske Bank Denmark Sweden Forecast 2023 2024 2025 Forecast 2023 2024 2025 GDP Growth 1.1% (1.7%) 1.0% (1.2%) 1.6% GDP Growth -0.2% (0.0%) 1.3% (1.7%) 1.8% Inflation 3.3% (4.0%) 2.0% (3.2%) 1.9% Inflation 8.6% (8.4%) 2.3% (1.8%) 1.0% Unemployment 2.8% (2.9%) 3.1% (3.2%) 3.3% Unemployment 7.6% (7.5%) 8.2% (7.8%) 8.0% Policy rate* House prices 3.60% (3.60%) -1.5% 2.85% (2.85%) 1.85% Policy rate* 4.00% (4.00%] 3.25 (3.00%) 2.5% 1.5% 2.0% House prices -7.2% -1.0% 4.0% Parentheses are the old projections (From September 2023) *End of period Source: Danske Bank, Statistics Denmark, Nationalbanken Parentheses are the old projections (From September 2023] *End of period Source: Danske Bank, Statistics Sweden, Riksbanken Norway > Finland Forecast 2023 2024 2025 Forecast 2023 2024 2025 GDP Growth 1.1% (1.2%) 1.1% (1.4%) 2.1% GDP Growth -0.5% (-0.2%) 0.3% (0.8%) 1.9% Inflation 5.6% (5.8%) 3.0% (2.5%) 2.0% Inflation 6.2% (6.5%) 1.9% (2.3%) 1.5% Unemployment 1.9% (1.9%) 2.3% (2.3%) 2.5% Unemployment 7.3% (7.2%) 7.8% (7.0%) 7.2% Policy rate* House prices 4.25% (4.25%) -2.5% 3.25% (3.25%) 2.25% Policy rate* 4.00% (4.00%) 3.25 (3.25%) 2.25% -1.0% 5.0% House prices -6.0% 2.0% 3.0% Parentheses are the old projections (From September 2023) *End of period Source: Danske Bank, Statistics Norway, Norwegian Labour and Welfare Organization (NAV), Norges Bank Source: Danske Bank Research http://www.danskebank.com/danskeresearch Parentheses are the old projections (From September 2023] *End of period Source: Danske Bank, Statistics Finland, EKP 5#6Outlook for Danish housing market Forecast for house prices, Denmark Index [2020:100] 120 110 320 300 100 280 90 260 240 80 220 200 70 180 60 160 140 50 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 House prices Source: Danske Bank Research http://www.danskebank.com/danskeresearch December 2023. Real Estate Prices, Statistics Denmark 2001 2003 2005 Debt burden, LHA 2007 2009 2011 Debt burden (% of disposable income) Household debt and interest payments, Denmark 2013 2015 Interest burden; RHA 2017 2019 2021 2023 6 2025 Interest burden after tax (% of disposable income] 12 10 64 2 O 00 Danske Bank#7Investor Presentation - FY 2023 A year of significant improvement in financial performance and commercial momentum underpinning sustainable profitability 2023 highlights Net profit of DKK 21.3bn Supported by strong NII trend (+39% Y/Y) Core banking income up +20% Underpinned by margin expansion and resilient fee income Improved efficiency Cost/Income 49% despite inflation and elevated remediation costs 2024 outlook Danske Bank Volumes stable Lending stabilised despite economic slowdown and DCM shift Deposits remain elevated supported by recognised savings products Strong capital and liquidity position +450bps CET1 buffer and LCR of 170% Strong credit quality Impairments down 83% Y/Y amounting to 1 bps in 2023 Net profit guidance of DKK 20-22bn Capital distribution H2: DKK 7.5/share; FY 14.5/share 59% dividend payout Share buy-back DKK 5.5bn Total payout 85% Significant milestones for legacy cases GFCP completed and submitted to the FSA, and solution in place for legacy debt collection Forward '28 strategy launched with ambitious 2026 financial targets 7#8Investor Presentation - FY 2023 Danske Bank Better Bank strategy exceeding targets while enhancing the resilience of Danske Bank and laying a strong foundation for Forward '28 execution Our 2023 targets FY2023 Our 2026 targets to measure the success of Forward '28 8.5-9% ROE C/I mid 50s 13% 48% ✓ Personal Customers Number of meetings per adviser (Index: 2023 = 100) 163 13% 16% CET1 19% Net new customer households in growth segments** Return on Equity 31k >16% CET1 Top 2 customer PC BC LC&I satisfaction rank in Customer satisfaction with Mobile Banking 8.5 ~45% Cost/Income each market* ~4 ~3 ~2 Business Customers Income growth mid corporate customers** 800m Capital distribution - Employee 75 71 engagement rank Credit cases with automatic decisioning 50% Nordic average 0221 0423 Achievements in focus areas Increase in customers highly satisfied with advisory*** +15% - Society DKK 365bn in sustainable financing and Paris Agreement aligned targets for our lending portfolio LC&I Number of new customers 40 outside Denmark** Dividend potential from 2023- 2026 of above DKK 50 bn ■ Accelerated dividend by H123 results targeting the higher end of the 40-60% policy range Ambition for further distribution - subject to capital position and market conditions - Compliance under control Annual growth in Daily Banking fees in BC and LC&I 5% - Finalised GFCP plan - Other gains and higher engagement - since 0419 Agile transformation: Delivering on efficiency Group-wide cost programme: 10% FTE reduction *PC and BC: Weighted average based on income per country, LC&I: Weighted average of Prospera metrics. ** Increase vs 2023 baseline. *** Increase vs 2022 baseline. Ranking in Capital Markets advisory fees Top 2 - Increased investments Increase yearly digital and tech investments by DKK 1 bn 8#9Investor Presentation - FY 2023 Danske Bank Danske Bank's strong balance sheet underpins our resilient business model which includes a well-balanced ALM strategy and a very strong liquidity position Danske Bank has a sound funding structure and remains very well capitalised with a prudent CET1 capital buffer to the current regulatory requirements. Further, our liquidity is underpinned by more than DKK 250bn in cash and a liquidity coverage ratio (LCR) of 170%, well above the minimum requirements ■ Diversified and solid deposit mix that includes a retail base where the majority is covered by the Nordic guarantee schemes. Further, the fully-funded pass-through mortgage structure in Denmark provides a structural deposit surplus - We executed DKK 95bn of our total wholesale funding plan of DKK 80-100bn for 2023. Funding plan for 2024: DKK 80 - 100bn Sound funding structure (DKK bn] Diversified and stable deposit base Strong liquidity position 2,306 156 9% 5% % 175 Senior & NPS bonds LCR Retail Nordic Global Private Banking 1,779 19% 1,137 Deposits Retail DK Bank loans 626 8% 150 Northern Ireland 21% Bank mortgages 397 Business Customers 256 Covered bonds Total bank deposits (DKK bn] RD mortgages 756 756 Issued RD bonds of which Stable deposits* Loans Funding of which Operational deposits* Stable & Operational, % of bank deposits 31% 125 LC&I 170% 0421 0422 Q423 1,168 1,170 1,137 100 376 388 373 297 319 307 58% 60% 60% 75 0419 0420 0421 0422 0423 *Based on regulatory definition. E.g., Stable deposits include fully insured retail deposits to customers with full relationship at Danske Bank. Operational deposits is from Corporate depositors maintained to obtain clearing, custody and cash management 9#10Investor Presentation - FY 2023 Important progress achieved across sustainability focus areas as our 2023 strategy comes to a close Sustainable finance Sustainable operations Impact initiatives 2023 targets 2023 results Responsible investing Sustainable financing Å Governance & integrity Employee well- being & diversity Environmental footprint Entrepreneurship Danske Bank Financial confidence DKK 150 bn in funds that have sustainability objectives¹ and DKK 50 bn invested in the green transition by Danica Pension DKK 300 bn in sustainable financing - and setting Paris Agreement aligned climate targets for our lending portfolio Over 95% of employees trained annually in risk and compliance More than 35% women in senior leadership positions and an employee engagement score of 77 Reducing CO₂e emissions from own operations 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] DKK 365 bn 97% trained in sustainable financing 34% women in senior leadership - 46% 7,909 DKK 53 bn in sustainable funds (art. 9) DKK 55 bn invested by Danica Pension + Climate Action Plan with targets aligned with the Paris Agreement Engagement score of 75 2 million people supported with financial literacy tools and expertise [since 2018) 2.4 million 1. This is a 2030 target to have at least DKK 150bn in investment funds that have sustainability objectives (article 9 funds] 10#11Investor Presentation - FY 2023 Financial outlook: Net profit for 2024 will reflect progress on financial ambitions for 2026 Income Expenses Impairments Total income is expected to grow in 2024, driven by higher core income, our continued efforts to drive commercial momentum and in line with our financial targets for 2026. Income from trading and insurance activities will be subject to financial market conditions We expect operating expenses in 2024 to be in the range of 26-26.5bn reflecting increased investments in line with our financial targets for 2026 and continued focus on cost management. The outlook includes non-recurring items of approximately DKK 0.6 billion related to the relocation to the new domicile and minor costs for the divestment of PC Norway Loan impairment charges are subject to an elevated level of geopolitical and macroeconomic uncertainty and are expected to reflect our assumptions in our financial targets for 2026 of approximately 8 basis points p.a. Net profit * We expect net profit to be in the range of DKK 20-22bn *Note The outlook is subject to uncertainty and depends on volume growth and financial markets/macroeconomic conditions. **Subject to regulatory approval. Danske Bank 11#12Financial highlights - full year 2023 Danske Bank#13Investor Presentation - FY 2023 Danske Bank Strong income uplift supported by NII; recovery in trading and insurance despite impact from one-offs; strong credit quality underpins low impairments Key points 2023 vs 2022 Strong uplift in profitability (+96%) driven by higher income and lower costs and impairments - - NII up 39% benefiting from higher rate environment Fee income resilient despite normalisation of corporate credit demand and low housing market activity Trading and Insurance income benefited from better financial markets Costs under control as efficiencies mitigate inflationary pressure Strong credit portfolio underpinning low loan impairments Tax rate lower than anticipated due to one-offs during the year Key points 0423 vs 0323 Net profit uplift (+8%) supported by fee income recovery, higher trading and insurance income, and reversals of impairments NII trending up when adjusted for one-offs. Q/Q trend impacted by deposit pass-through and migration effects Fee income recovered further due to DCM activity and investment fees, also benefiting from booking of performance fees in AM Costs increased due to expected seasonality (holiday allowance and bonus] Loan impairments led to reversals based on workout cases while credit quality remained strong Income statement and key figures (DKK m) 2023 2022 Index 0423 0323 Index Net interest income 35,000 25,108 139 9,134 9,326 98 Net fee income 11,707 12,590 93 3,148 2,867 110 Net trading income 3,704 1,875 198 757 174 435 Net income from insurance business 1,472 280 526 550 233 236 Other income 562 1,936 29 238 431 55 Total income 52,445 41,789 125 13,827 13,031 106 Operating expenses 25,414 26,478 96 6,592 6,204 106 Profit before loan impairments 27,031 15,311 177 7,235 6,827 106 Loan impairment charges 262 1,568 17 -32 322 Profit before tax, core 26,769 13,743 195 7,267 6,505 112 Profit before tax, Non-core -87 -13 669 -32 -30 Profit before tax 26,682 13,730 194 7,235 6,475 112 Tax 5,420 2,883 188 1,470 1,156 127 Estonia matter & goodwill impairment 15,427 Net profit (excl. Estonia matter & GW] 21,262 10,848 196 5,765 5,319 108 13#14Investor Presentation - FY 2023 Danske Bank NII: Healthy deposit margin expansion Y/Y while recent pass-through impacts Q/Q development; deposit and lending volumes have stabilised Highlights Net interest income 2023 vs 2022 (DKKm) Deposit margin development (%) 3.0 35,000 -543 -480 2.5 PC - - - Net interest income continued the positive trend despite 04 impacted by migration to savings products and significant deposit pass-through in light of previous hikes Y/Y benefited from deposit margin expansion. Lending margins affected by higher funding costs and lagging effects of repricing. BU margins further impacted Q/Q by allocation of Treasury costs (no Group impact] Q/Q impacted by the significant deposit rate pass- through post the September rate hike. NII affected by tax one-offs in both Q3 (positive) and Q4 (negative) NII sensitivity in year 1: DKK (+/-) 500m (per 25bps move) with assumed migration to savings products. Additional impact in year 2 and 3 of DKK (+/-)300m and DKK (+/-)200m, respectively, all else equal 2.68 $2.50 2.50 14,552 2.18 BC 2.0 25,108 -551 -2,607 71 -551 2.08 2.14 2.13 1.94 1.5 1.49 1.44 1.0 0.88 LC&I 0.5 1 0.40 0.48 0.26 -0.76 0.75 0.82 0.74 0.66 0.51 0.38 0.18 2022 Lending Lending Interest Deposit Deposit Treasury volume margin related volume margin / Other fees FX 2023 0.0 0122 0222 0322 0422 0123 0223 0323 0423 Net interest income 0423 vs Q323 [DKKM] Lending margin development (%) 9,326 Positive tax One-off Negative tax One-off 1.5 307 92 9,219 85 1.15 1.14 1.13 -21 1.09 10 35 1.03 1.02 540 0.96 -124 0.94 -331 1.0 0.93 0.85 0.85 0.84 0.79 0.83 BC 0.72 0.75 0.74 0.68 0.62 0.64 9,134 0.5 0.59 0.59 LC&I PC 9,019 0.0 03 23 Lending Lending Interest Deposit Deposit Treasury volume margin related volume margin / Other fees FX 04 23 0122 0222 0322 0422 0123 0223 0323 0423 14#15Investor Presentation - FY 2023 Danske Bank Fees: Improving trend Q/Q as activity remained solid with recovery in lending and investment fees; Y/Y affected by lower lending activity and reduced AuM Highlights Activity-driven fees (transfers, accounts etc.) Net fee income (DKK m] 12,590 - Resilient income due to good customer activity, incl. retail spending, transaction banking and cash mgmt. Lending and guarantee fees - ■ Y/Y: Lower income from subdued housing market activity and run-off of energy-related liquidity facilities Q/Q: Improvement in housing market activity and healthy underlying corporate credit demand despite normalisation of liquidity facilities and shift towards capital markets Capital markets fees - Capital markets fees solid as DCM traction was supported by slight recovery in M&A and ECM activity in H2 Investment fees ■ Y/Y: Investment fees impacted by reduced customer activity and lower AuM Q/Q: Solid rebound supported by uplift in income due to an increase in assets under management and year- end performance fees 20 -582 36 -357 11,707 2022 Activity-driven Lending & guarantees Capital Markets Investment fees 2023 2,867 -58 101 3,148 238 0323 Activity-driven Lending & guarantees Capital Markets Investment fees 0423 15#16Investor Presentation - FY 2023 Danske Bank Trading income: Continued recovery and less volatility; calibrated risk in fixed income market-making strategy and seasonality in Q4 limit effect from lower rates Highlights Net trading income (DKK m] LC&I Y/Y: New fixed income strategy implemented in 2022 at LC&I has led to recovery and more stable income based on customer flows 1,567 ☐ Q/Q: Seasonal effects caused lower customer activity 1,875 PC and BC ■ Y/Y: Decrease driven by more normalised level of FX trading activity Northern Ireland Affected by valuation effects on the bank's interest rate hedge Group Functions ■ Y/Y: A one-off loss in Q3 trading income from the recycling of DKK 0.8bn from OCI, related to a CET1 FX hedge in Norway, more than offset a one-off gain of DKK 0.3 bn in Q2 from a debt-to-equity transaction Q/Q: Trading income affected by valuation effects of own holdings - -315 3,704 630 69 122 2022 LC&lex.XVA XVA PC & BC Northern Ireland Treasury / Other 2023 Q3: Release of loss from OCI related CET1 FX hedge of PC NO 174 786 32 -55 -111 92 -160 757 0323 One-off LC&I ex.xVA XVA PC & BC Northern Ireland Treasury 0423 / Other 16#17Investor Presentation - FY 2023 Danske Bank Expenses: Dedicated cost management resulting in 4% decline in cost base Y/Y; well on track to deliver on 2026 C/I target Highlights - Total costs down 4% Y/Y. Continued progress on efficiency as underlying costs (adj. for one-offs in 22) were kept flat despite Expenses (DKK m) 26,478 - - - - inflationary pressure Legacy remediation and financial crime costs remained elevated, as planned, through the year Cost base Q/Q impacted by seasonality effect in staff costs, performance-based compensation and transformation costs Other costs lower due to reduced premises, amortisation and consultancy spend 2024 cost outlook characterised by ramp up in investments 2024 cost outlook [DKK bn] ~0.9 ~-0.8 25.4 FY 23 Cost measures mitigate inflation ~1.2 ~-1.0 26 26.5 ~0.6 Reallocation of resources to invest in growth New HQ and PC NO divestment Inflation Cost Reduced Investment (wage etc.) efficiencies remediation in business -910 -86 27 569 -548 -69 18 25,414 -64 FY22 One-offs Transfor- mation Financial Crime Plan comp. Staff costs Perf. based Legacy Resolution remediation fee Other FY23 32 190 210 27 6,204 190 -199 6,592 One-offs FY 24E 0323 One-offs Transfor- mation Financial Crime Plan Staff costs Perf. based Legacy comp. remediation Resolution fee Other 0423 17#18Business & Product Units Danske Bank#19Investor Presentation - FY 2023 Danske Bank Business units: Growing momentum and enhanced profitability; continued lending uplift for business customers Personal Customers - - - Strong year with significant profit uplift, driven by increased margins, strategic pricing initiatives and low impairment charges Lending in PC DK supported by increase in bank lending market share Significant upgrade of self-service solutions on our digital platforms and enhancement of our advisory capabilities Optimised home finance processes and simplification of product offerings to ensure efficient operations Improving customer satisfaction through the year [scoring 9/10); testament to our committed ambition to stabilise our position as the leading Danish retail bank Global Private Banking momentum underpins market share gains in Danske Invest and uplift in AuM Profit before impairments [DKK m] Business Customers - - - - Good momentum throughout the year: pre-tax profit up 44% Y/Y and strong uplift across main income lines Q/Q Positive trend in lending continues both Q/Q and Y/Y, with uplifts across the Nordic markets Deposits declined Y/Y due to change in strategy in Norway Launch of several new IT solutions throughout the year to enhance digitalisation and security efforts, and District Marketplace now available in DK and FI - Continued commitment to ESG initiatives with 750 advisers completing ESG upskilling training through 2023 - CSAT remains high among our business customers with harmonised customer support setup across all countries LC&I - Strong profit uplift Y/Y driven by solid NII and recovery in trading income - - - Solid market activity throughout the year: we remain the leading Nordic bank in European DCM and the leading ECM adviser in Denmark in 2023 Leader of largest primary bookbuild offering for a Nordic company in 15 years Delivery on green commitment with more than 150 sustainable bonds issued in 2023 Significant AuM uplift; 16% Y/Y and 10% Q/Q; positive inflow trend continues, reflected in performance fee uplift Launch of new, growth-focused Asset Management strategy to create a strong foundation for Forward '28 execution Nominal lending Deposits [index] Profit before impairments Nominal lending Deposits [DKK m] [index] Profit before impairments [DKK m) Nominal lending Deposits (index) PC DK PC Nordic ROAC (%) ROAC (%) ROAC (%) 28% 100 100 100 1 23% 101 101 97 98 110 22% 13%, 8,473 4,836 87 98 99 16% 9,698 7,008 90 16% 8,380 5,861 93 97 2022 2023 Y/Y Q/Q Y/Y Q/Q Y/Y Q/Q 2022 2023 У/У Q/Q Y/Y Q/Q 2022 2023 Y/Y Q/Q Y/Y Q/Q 19#20Investor Presentation - FY 2023 Danske Bank Business units: Improved results in Danica; strong profitability in Northern Ireland driven by higher income Solid uplift in NII and trading income throughout the year. The strong 2023 financial performance reflects business growth in a higher interest rate environment - 2023 profit before tax of DKK 1,917m, compared to DKK 456m in 2022, benefitted lending growth and actions taken in response to higher UK interest rates, supplemented by trading income Northern Ireland - Danica Profit before imp. [DKK m) Lending [index] 1,804 109 99 Net reversal of loan impairments in 2023, reflecting continually strong credit quality despite challenging economic conditions 623 - Continued progress on digitalization journey with 25% increase in customer logons to our digital platforms, with record 7+ million logons for in one month during 2023 0423 0422 Y/Y 0/0 Net income in Danica Pension amounted to DKK 1,472, recovering from the lower level in 2022, driven by positive development in the financial markets Result FY23 vs FY22 [DKK m] FY23 FY22 615 372 - The insurance service result decreased to DKK 779 million as Danica Pension continued to see a rise in new health and accident claims - Assets under management increased DKK 37 billion from the level at the end of 2022 following the positive development in the financial markets in 2023 2 Strong returns on our pension customers' savings, in most cases double-digit returns for the year 0423 0323 Net financial result -1,263 20#21Investor Presentation - FY 2023 Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Portfolio facts, Realkredit Danmark, 0423 - Approx. 304,000 loans (residential and commercial) - Average LTV ratio of 53% (50% for retail, 57% for commercial) We comply with all five requirements of the supervisory diamond for Danish mortgage credit institutions 716 loans in 3- and 6-month arrears (0323: 772) - 14 repossessed properties (0323:14) - Around 2% of the loan portfolio has an LTV above 80% DKK 7bn of the loan portfolio is covered by government guarantee LTV ratio limit at origination (legal requirement] - Residential: 80% ■ Commercial: 60% Total RD loan portfolio of FlexLånⓇ F1-F4 [DKK bn] 142 134 124 113 110 104 95 92 89 84 75 5 72 69 67 93 93 93 660 69 71 73 77 64 Retail loans, Realkredit Danmark, 0423 (%) Fixed rate (10yrs-30 yrs) Variable rate (6m-10 yrs) Danske Bank Interest-only Repayment ( ) = 0323 42% 55% (43%) (55%) 52% (63%) 50% (47%) 58% (57%) 45% (45%) 50% 48% (37%) (53%) Stock of loans: DKK 426 bn (430bn) New lending: DKK 13 bn (11bn) Retail mortgage margins, LTV of 80%, owner-occupied (bps) Adjustable rate¹ 139 134 111 114 106 96 86 68 03 04 Q1 02 03 04 01 02 03 Q4 Q1 02 03 Q4 Q1 02 03 Q4 Q1 Q2 03 04 1-2 yrs 3-4 yrs 5 yrs+ 2018 2019 2020 2021 2022 2023 Fixed rate 1-2 yrs 3-4 yrs 5 yrs+ Fixed rate Repayment Interest-only 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). 21#22ESG, Sustainability, Financial Crime Prevention Danske Bank#23Investor Presentation - FY 2023 Sustainability is an integrated element of our Forward '28 strategy Our starting point Simple, Efficient, Secure Advisory Sustainability Digital What we will do Large Corporates & Institutions Advisory services, transition finance and project finance Personal Customers Housing, investments, pensions, mobility and daily banking Business Customers Advisory services, transition finance and partnerships Asset Mgmt. & Danica Pension ■ Alternative investment products, Danica Balance Responsible Choice Danske Bank Industry leading Climate Action Plan with biodiversity as next priority theme ESG integrated in key processes - Portfolio and capital steering, lending processes, asset management - Strong ESG advisory offerings and #1 Nordic Arranger of Green Bonds Reinforce stronghold in sustainable finance and advisory Sustainable finance 1 #1 ESG advisory 2 #3 Sustainable investing 3 #3 2022 A leader in supporting our customers' green transition 2026 1. Ranking among Nordic banks in the Bloomberg Global Green Bonds (Corporate & Government League Table) 2. Ranking for the Nordics in Sustainability Advisor survey from Prospera (Corporate & institutional clients) 3. Prospera Nordic External Asset Management question: "Has high competence within sustainable investments?" 23#24Investor Presentation - FY 2023 The disclaimer for the Climate Action Plan Progress Report 2023 applies to all information shown on this slide (see slide 62) Danske Bank Climate Action Plan aligned with Paris Agreement launched in January 2023 Danske Bank's Climate Action Plan Our Roadmap to Net Zero January 2023 Danske Bank 1. Latest status as described in the Climate Action Plan Progress Report Link /I\ CO2 /|\ 樂 Carbon footprint of 13.3 million tCO₂e across the Group, with >99% related to financed emissions 1 2030 targets based on SBTi guidance to align with the goals of the Paris Agreement - status provided in Climate Action Plan Progress Report published on 2 February 2024 Activities in Asset Management and Danica Pension subject to temperature rating 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 by end of 2021 24#25The disclaimer for the Climate Action Plan Progress Report 2023 applies to all information shown on this slide (see slide 62) Investor Presentation - FY 2023 Danske Bank Our Climate Action Plan Progress Report shows positive traction across our climate targets, though some sector targets do not follow the linear trajectory Below or within 5% above linear trajectory Lending 2030 sector emission intensity reduction targets 1 More than 10% above linear trajectory Life insurance & pension 5-10% above linear trajectory Asset management 2030 temperature rating reduction targets 6 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) 2030 temperature rating reduction targets 6 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) Own operations 2030 emission reduction targets 7 Carbon emissions in scope 1 and 2 80% Carbon emissions in scope 1, 2 and currently measured scope 3 categories 60% 20% 20% Highlights from Progress Report 2023 ☐ Decreasing absolute financed emissions - Measured emissions from our lending activities and investee companies (scope 1 and 2) have decreased from 16.2 million to 13.3 million tCO2e, corresponding to a ~18% reduction since 2020 Solid progress on lending emission reduction targets - Among our nine sector targets, five are transitioning faster than a linear trajectory towards our 2030 targets, whereas four are transitioning slower Some challenges in meeting Danica Pension's 2025 sector targets - Energy, transportation and utilities transitioning slower than expected; mitigating actions initiated in line with fiduciary duties Solid reduction of weighted average carbon intensity for investment products - We have seen a 46% reduction since 2020 and a decrease in our temperature rating scores across our Asset Management and Danica Pension portfolios Updated baseline - Due to updated methodologies, improved data and scope 3 emissions of investee companies not being included in this reporting due to large fluctuations that challenge the comparability of historical data, our 2020 baseline is 16.2 million tCO2e compared to the 41.1 million tCO2e reported in the Climate Action Plan from January 2023 10 1. Baseline year 2020, 2. Absolute emission reduction targets set, 3. Absolute emission reduction and carbon intensity targets, 4. Based on a weighted portfolio exposure across Denmark, Sweden, Norway and Finland. For activities in Denmark, the target corresponds to a 75% reduction by 2030, 5. Based on Poseidon Principles methodology, 6. Differences in targets between asset management and life insurance & pension reflect different starting points of the portfolios, 7. Baseline year 2019,8. 2030 target, 9. Automotive, aviation and shipping 10. See the Climate Action Plan Progress Report 2023 for details on not including the investee scope 3 emissions, methodology and data changes. 25 Oil and gas - exploration & 50% production 2 A Oil and gas. 25% downstream refining 3 Power 50% generation Steel 30% Cement 25% 2030 carbon intensity reduction target 1 2025 sector emission intensity reduction targets 8 Commercial 55% Weighted 50% Real estate 8 69% real estate 4 average Energy 15% Personal 55% carbon intensity 4 mortgages of investment Transportation 9 20% products 2030 sector alignment delta targets 1 Utilities 35% 2025 engagement target 1 Cement Engagement with the Shipping 5 0% 100 largest emitters Steel#26Danske Bank Recent highlights on sustainability agenda contributing to strong performance Investor Presentation - FY 2023 الشر Sustainable finance volume targets reached Since 2020, Danske Bank has increased its sustainable financing to DKK 365 bn, invested DKK 53 bn in funds with sustainability objectives, while Danica Pension has invested DKK 55 bn in the green transition. Hence, we have reached our sustainable finance volume targets for 2023. Climate Action Plan & Progress Report In January 2023, Danske Bank launched its Climate Action Plan, which sets targets for high-impact sectors and details our approach to engaging with customers on their transition plans. And in February 2024, we published the first Progress Report on our Climate Action Plan. Increased focus on human rights due diligence In May 2023, Danske Bank published its updated Position Statement on Human Rights to clarify its commitment to respect human rights and to implement human rights due diligence. To increase the transparency of our approach and efforts, we also published our first Human Rights Report. Launch of biodiversity engagement targets In September, based on an analysis of portfolio data, Danske Bank set targets to engage with more than 300 lending customers within three key sectors before the end of 2024 and with 30 large, global investee companies before the end of 2025. #1 Nordic Green Bond Arranger ■ Danske Bank continues to rank #1 among Nordic arrangers in the Bloomberg Global League Table ■ Danske Bank is the leading Nordic arranger of Sustainable Bonds across issuers and the leading arranger of Sustainable Bonds from Nordic issuers Updated strategic approach to sustainability In Danske Bank's Forward '28 strategy, sustainability is one of four strategic focus areas, and we have an overall ambition to be a leading Nordic bank in supporting the sustainability transition. We will soon publish more information about our sustainability approach and priorities towards 2028. 26#27Investor Presentation - FY 2023 Danske Bank Deep dive - Overview of ESG integration in Danske Bank's lending operations 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 Our position statements currently cover the following themes and sectors: Climate change 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: יון 3. Portfolio-level ESG analysis ◉ - - Carbon disclosures for business areas and key sectors published in Danske Bank's Climate Action Plan Progress Report from February 2024 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 Agriculture Arms and defence C - Agriculture Arms & defence Climate change Forestry Human rights Mining and metals - Position Statement on Fossil F Fossil fuels Human rights SASB INSIDE Financially material ESG factors Mining & metals 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 Danske Bank's Climate Action Plan Our Post Zan January 2003 Climate Action Plan Progress Report 2023 Там Поетики Прик Санкт PF 2004 Danske Bank Danske Bank 27#28Investor Presentation - FY 2023 Danske Bank is committed to a range of sustainability initiatives -including these key examples Danske Bank UNEP PRINCIPLES FOR FINANCE RESPONSIBLE INITIATIVE BANKING Principles for Responsible Banking Provide the framework for a sustainable banking system. They embed sustainability at the strategic, portfolio and transactional levels, across all business areas EPRI Principles for Responsible Investment 1 net-zero banking alliance Principles for Responsible Investment An international investor network that supports the implementation of ESG factors into investment and ownership decisions 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 PRITENANCE THE NET-ZERO ASSET OWNER ALLIANCE The Net Zero Asset Managers initiative 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 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 Finance for Biodiversity Pledge SCIENCE BASED TARGETS ORMING AMBITIOUS CORPORATE CLIMATE ACTION UN GLOBA COMPACT ✓ PCAF Partnership for Carbon Accounting Financials TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Finance for Biodiversity Pledge A collaboration of 150+ financial institutions from 24 countries, committing to protect and restore biodiversity through their finance activities and investments Science-Based Targets initiative (SBTi) An organisation that aims to drive ambitious climate action in the private sector. Danske Bank has set climate targets in line with SBTi criteria and recommendations 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 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 (now part of ISSB) More information available at https://danskebank.com/sustainability/our-approach 28#29Investor Presentation - FY 2023 Our Path to Financial Crime Transformation 2022 We take a number of specific and extraordinary decisions and actions to aid compliance with the newly imposed sanctions against Russia and Belarus We incorporate all core scenarios into our enhanced transaction monitoring platform. All scenarios have been specifically tailored to Danske Bank's risk appetite We analyse 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" con H kr 88 #] Qo 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 centralise financial crime data and analytics teams to provide an enhanced and holistic view of what we know about our customers, their counterparties and the risk they pose to us We deploy the first version of our new supervised machine learning hibernation model, which enables us to reduce the number of false positive alerts and thereby scrutinise 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* The Group has now completed its Financial Crime Plan** * 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. We will continue testing our controls, to ensure that what we have implemented is fully embedded and operating effectively. Should the outcome of the testing require further improvements, those will be addressed as part of normal procedure. 29#30Investor Presentation - FY 2023 Completion of our Financial Crime Transformation Programme Danske Bank Establishing a robust compliance function In the recent years, the Bank has made significant investments to ensure that a robust, well-resourced and expert compliance function is in place across our operations to effectively combat financial crime. The Bank has made significant changes to ensure that it has the right people, structures and controls in place to continue to achieve and maintain a culture of integrity in everything it does, deliver on the financial crime transformation and manage compliance issues that arise in the future. In designing the Group Financial Crime Plan, Danske Bank has, to the extent possible, sought to execute the programme in a risk-prioritised way. Wherever possible, the Bank has been adopting an approach of trying to mitigate the most material residual risks first. The completion of the Group Financial Crime Plan was one of the bank- wide objectives set by the ELT for 2023. Completion of the Group Financial Crime Plan The purpose of the Financial Crime Plan has been to design and implement a financial crime control framework that (i) meets the regulatory requirements applicable to the Group; and (ii) is reasonably designed to manage the Group's inherent financial crime risk in line with the Group's risk tolerance - by harnessing global best practice as appropriate. The Bank has now completed its Financial Crime Plan and sees this as a significant achievement. We will continue testing our controls, to ensure that what we have implemented is fully embedded and operating effectively. Should the outcome of the testing require further improvements, those will be addressed as part of normal procedure. The Bank also intends to enhance its controls to make them more customer-centric whilst maintaining risk management effectiveness as well as introducing greater automation which will reduce operational risk and increase cost effectiveness. 30#31Investor Presentation - FY 2023 Regulatory Engagements Ongoing Dialogue Danske Bank We engage in ongoing dialogue with our regulators through regular meetings with the Financial Supervisory Authorities ("FSAs") and Supervisory College to ensure aligned expectations and transparency between our regulators and the Bank We provide regular updates and engage in frequent interactions with the Danish FSA on our financial crime transformational progress and remediation work and proactively share information on the progress of our remediation program with other Nordic regulators Regulatory Inspections Supervisory Oversight Π - We track all regulatory inspections closely and continue to address regulatory orders we receive from our regulators in an open and transparent way. Regulatory deliverables are formally documented, and progress is frequently communicated to relevant regulators The Bank has completed and closed a number of orders received from inspections following the Estonia matter and is progressing in addressing orders received in relation to subsequent AML inspections In the past year, the Danish FSA published the outcomes of two inspections at Danske Bank focusing on money laundering and terrorist financing, and our management of EU sanctions against Russia and Belarus. The reviews did not give rise to any supervisory reactions, which we believe reflects the progress we have made in the implementation of our Financial Crime Plan* All remaining orders and recommendations from regulators have been incorporated and prioritised in our Group Financial Crime Plan. We have carried out targeted actions to rectify these issues and track them closely to completion. The Bank also addresses topics that are not highlighted in the inspection findings but noted by the Danish FSA The Danish FSA, as well as other relevant FSAs, carry out supervisory oversight of the Bank's remediation work The Group Financial Crime Plan was submitted to the Danish FSA in May 2020. In November 2021, we submitted our recalibrated Financial Crime Plan, and the Danish FSA, and other regulators, have been following its implementation closely 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 Danish FSA has extended the appointment of the Independent Expert for an additional period to monitor the further embedding and testing of operational effectiveness of the Group Financial Crime Plan. * https://danskebank.com/investor-relations/regulation/the-danish-fsa The Danish FSA (danskebank.com] 31#32Danske Bank Danske Bank Danske Bank Committee Governance for Compliance Risks 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 Head of Personal Customers and Financial Crime Risk & Prevention 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 32#33Danske Bank The Resolutions with the Danish and U.S. Authorities In December 2022, Danske Bank reached the final resolutions with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations in relation to the non-resident portfolio at Danske Bank's former branch in Estonia. The resolutions marked an end to the investigations, while also emphasising the importance of the journey ahead. Pre-Resolution Already during the investigations, Danske Bank: Made significant investments in building systems and upgrading our compliance, risk and control capabilities Started implementing a comprehensive transformation program, the Financial Crime Plan (FC Plan), which has now been completed Provided full cooperation with the investigation, which has been acknowledged by the U.S. authorities in the form of a cooperation credit The Plea Agreement Danske Bank's Plea Agreement with the DOJ sets out a number of obligations, including: - - Broad disclosure obligations (§11, 13 and 30 of the Plea Agreement and § 13 of Appendix D) Compliance Commitments and Compliance Reporting Requirements (Appendices C and D) Obligations to meet with U.S. authorities quarterly to discuss progress of the remediation (Appendix D) ■ Certification requirements (Appendices E and F) As part of the Plea Agreement, Danske Bank is placed on corporate probation for three years, which is a period of supervision by the U.S. court. Danske Bank will comply with all terms of corporate probation Post-Resolution Danske Bank has set up a comprehensive program to manage the post-resolution obligations in three phases: 1. Addressing immediate disclosure obligations and escalation procedures [completed] 2. Submitting work plan outlining how current gaps against obligations will be addressed [completed] 3. Executing on the commitments made to the U.S. Authorities under the Plea Agreement [ongoing] 33#34Strategy execution Danske Bank#35Investor Presentation - FY 2023 Danske Bank Better Bank strategy is now finalised - we have mostly achieved what we set out to do Financial targets Achievements in focus areas Select performance indicators 8.5-9% ROE 13% C/I mid 50s 48% FY2023 Society Compliance under control - Robust control environment at all levels of the bank Other 16% CET1 19% 8bps impairments charges 1bp Dividends of 40- 60% 59% - Solution for debt collection case in progress Customer satisfaction PC BC LC&I ~4 ~3 ~2 Finalised financial crime plan Resolution of Estonia matter with US and Danish authorities Employee engagement¹ Group-wide cost programme 10% FTE reduction since 0419 Ongoing product simplification with 500+ products removed Agile Transformation Agile front-runner on par with leading financial institutions Increased employee satisfaction despite cost base reductions 71 75 Benchmark Nordic peers Q2 21 04 23 Society 1. Ennova; 2.2023 ranking among Nordic banks in the Bloomberg Global Green Bonds (Corporate & Government League Table); 3. 2022 ranking in the Nordics in Sustainability Advisor survey from Prospera (Corporate & institutional clients]; 4. 2023 ranking on Prospera Nordic External Asset Management question: "Has high competence within sustainable investments?" DKK 365bn in sustainable financing and Paris Agreement aligned targets for our lending portfolio DKK 55bn invested in the green transition by Danica Pension 35#36Our commitments for 2026 Growth in focus segments ■ Leading wholesale and business bank in the Nordics - Leading retail bank in Denmark and Finland Grow share of wallet and market share with most attractive segments How we measure progress¹ Disciplined capital return & cost Capital allocation towards most profitable areas that meet our hurdle rates - Drive productivity and cost takeouts Normalise FCRP and remediation cost Strong capital generation & low risk ☐ Strong capital generation with ability to distribute consistently over time Maintain low and stable risk levels through the cycle * Increase vs. 2023 baseline. ** Increase vs. 2022 baseline. Danske Bank Financial targets for '26 Personal Customers Number of meetings per advisor (Index: 2023 = 100) 163 13% Net new customer house- holds in growth segments* Return on Equity 31k >16% CET1 Customer satisfaction with Mobile Bank 8.5 ~45% Cost to Income Business Income growth mid 800m Capital distribution Customers corporate customers Credit cases with automatic decisioning 50% Increase in customers highly satisfied with advisory** +15% LC&I Number of new customers 40 outside Denmark** Annual growth in Daily 5% Banking fees in BC & LC&I Ranking in Capital Markets advisory fees Top 2 Dividend potential from 2023- 26 of above DKK 50 bn ■ Accelerated dividend by H1 result targeting the higher end of the 40-60% policy range ■ Ambition for further distribution subject to capital position and market conditions Increased investments ■ Increase yearly digital and tech investments by DKK 1 bn 36#37Investor Presentation - FY 2023 Ongoing cost discipline to reach out targets for 2026 Reminder from our investor day DKK bn Our execution plan 2023-2026 2022 2023E 25-25.5 Inflation Remediation FCRP Other cost efficiencies Reinvested savings Increased investments Cost of growth 26.5 2026T ~26 Focus FCRP cost and completion of remediation programmes Improving advisory and engagement model across business units Danske Bank Digitising customer and advisor journeys building on foundational investments into data and tech Simplifying operating model across group functions and business units 37#38Credit quality & Impairments Danske Bank#39Investor Presentation - FY 2023 Danske Bank Impairments: Continually strong credit quality resulted in reversals in Q4 and full- year impairments well below normalised level Highlights Credit quality remained strong with full-year impairment charges of DKK 0.3 bn, closing the year well below normalised through-the-cycle level ■ The macro environment has developed more favourably recently, and reversals in 04 were driven by improved macro models. However, uncertainty persists, and we remain watchful of any possible credit deterioration Significant PMA buffers remain in place to mitigate any tail risks not evident in the portfolio or captured by our macro models Impairment charges by category [DKK bn] Credit quality deterioration PMAS Macro models 0.8 Debt collection one-off 0.4 0.2 0.2 0.3 0.1 -0.2 Post Model Adjustments (DKK bn] -0.03 -0.2 0421 0122 0222 0322 0422 0123 0223 0323 0423 Allowance account by stages (DKK bn] Stage 1 ECL Stage 2 ECL Stage 3 ECL Stage 3 net exposure, % of total (rhs] 6.7 DKK bn % 0.8 Agriculture 30 CRE 25 22.6 1.9 21.9 Construction & 20.4 2.3 19.6 19.9 20.2 Building materials 20 2.7 1.3 3.3 3.4 3.6 6.4 6.3 6.6 6.7 1.0 Personal Customers 5.9 7.4 15 6.8 Others 8.1 7.9 7.5 1.6 4.0 10 13.2 12.9 12.4 5 8.3 8.7 9.1 1.4 2019 2020 2021 2022 0323 0423 о 2019 2020 2021 2022 0323 0423 39#40Investor Presentation - FY 2023 Danske Bank Strong footprint within retail lending Lending by segment ¹ 04 23 (%) 15% 3% LC&I Other LC&I General Banking 3% Asset Finance 3% Northern Ireland Total lending DKK 1,956 bn 24% Personal Customers DK Credit exposure by industry 04 23 (%, rounded) Personal customers Public institutions Commercial property Co-ops & Non-profit Financials Capital goods Utilities and infrastructure Consumer goods Services Pulp, paper and chemicals Agriculture נס 6 4 3 3 3 J M M M N22 00 12 11 of which residential (5%) 33% Business Customers 1Total lending before loan impairment charges. 34 Construction and building 15% Pharma and medical devices 2 Personal Customers Nordic Shipping, oil and gas Retailing 1 Social services Automotive Telecom and media 1 Transportation Metals and mining 4% Total credit exposure Hotels and leisure <1 Private Banking Other commercials <1 DKK 2,548 bn 40#41Investor Presentation - FY 2023 Danske Bank Overall strong credit quality in portfolios exposed to macro cyclicality CRE: Well diversified and prudently managed growth Housing: Low leverage and strong household finances ~80% of RD lending are 5-30yr fixed-rate Agriculture: Well-provisioned agriculture book DKK 295 bn in gross exposure and ECL ~1% DKK 62bn in gross exposure of which 51% RD Segment gross exposure Segment gross exposure RD lending ■Non-residential ■ Residential Property dev. Crops Dairy Pig breeding ■Mixed operations 52% 45% 3% 42% 36% 22% 35% 32% Avg. LTV RD-retail 50% - Country gross exposure 49% ■ DK ■ SE 25% 13% 8% 6% ■ NO ■ Fl ■LC&I / Other Conservative lending growth (-4% 4Y-CAGR in non- resi.] given caps and concentration limits within sub- segments and markets, as well as for single-names, limiting downside risks Due to our conservative approach, our SE exposure has remained stable, despite market growth, and book is well-diversified with lower concentration risk over the past years The Group's credit underwriting standards maintain strong focus on cash flows, interest rate sensitivity, LTV and the ability to withstand significant stress PMAs of DKK 1.9 bn made to cover uncertainties regarding the effect of rapid interest rate increases and macroeconomic situation - - - 18% 14% Country gross exposure 50% 0% 57% 13% 28% 0% 50% 100% 1% ■Fixed F5s Other LTV Home equity ■ 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 PMAs of DKK 0.8 bn have been made for potential future portfolio deterioration due to uncertainties such as African Swine Fewer (ASF) and the RU/UA war Avg. LTV remains at moderate level and have been supported over the past years by increasing house prices along with the 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 PMAs related to personal customers total DKK 1.6 bn 41#42Investor Presentation - FY 2023 Danske Bank Commercial property; prudently managed and cash-flow based underwriting standards; sound credit quality and adequate buffers in place to mitigate tail risks Highlights CRE share of total portfolio by major peer banks* Lending to CRE segment by major peer banks (index)* Danske Bank Danske Bank has a relatively low concentration to CRE compared with Nordic peers. The portfolio has been slightly declining due to concentration limits and stringent underwriting standards, particularly towards non-residential segment 150 Peer bank 1 Peer bank 4 Peer bank 5 Commercial Residential 140 Peer bank 2 Peer bank 3 Peer bank 6 130 14% 12% 120 110 5% 6% - Of the CRE portfolio, 25% is to Sweden, lowest ratio among all Nordic banks active in Sweden. As such, customers with dependence on refinancing of bonds are thus manageable In addition to conservative underwriting, we perform rigorous monitoring of exposures, incl. stress tests: ✓ An interest rate stress of 3%-pts on top of the borrower's current avg. interest rate for debt not hedged ✓ Significant stress assessment of rent and vacancy rates ✓ Liquidity stress measuring ability to repay maturing bond debt etc. in the coming 18 months The portfolio is well diversified and well provisioned to mitigate a potential material correction in the sector 6% 100 5% 5% 17% 12% 11% 10% 90 6% 7% 7% 80 0417 Q418 0419 0420 0421 0422 0423 Danske Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Danske Bank's CRE portfolio avg. LTVs Danske Bank's CRE allowance account, core [DKKbn] Residential Non-residential Allowance account Of which PMAS сл 5 60% 56% 51% 58% 54% 4 50% 48% 47% 3 3.5 2 T 1 0 Denmark Sweden Norway Finland 2019 2020 2021 2022 0123 0223 0323 0423 42 *Source: Companies' interim report. Exposure definitions differ among banks between total lending, credit exposure and EaD.#43Investor Presentation - FY 2023 Fossil fuels (coal, oil and gas) exposure Key points 0423 - - Danske Bank Exposure towards oil majors (upstream oil and gas) has been stable during 2023 and exposure is down by 63% compared to end 2020. The exposure development is aligned with the Group's 2030 climate target of reducing financed emissions by 50% from oil majors. The main risk on oil related exposures lies with exposures other than oil majors, and net exposures are down by 34% from end 2020 Exposures shown on this page is to utility customers with any coal-based power production [DKK 27 bn.] and hereof more than 5% of revenues from coal fired power production [2.5 bn.). Exposure decreased and stabilized throughout the year, and net exposures is now 42% lower than a year ago Customers' transition plans are continually being assessed as part of the credit process, and customers in the distribution and refining segments and utility customers are generally progressing well on the transition. For instance, by refineries switching to biofuels or by gas stations investing in infrastructure for charging of electric vehicles. Also, for most customers, the use of coal is limited to a few remaining production facilities which are expected to phase-out towards 2030 Group gross credit exposure (DKK 2,548 bn] Fossil fuels exposure Oil-related net credit exposure development [DKK bn] O 2% Segment Crude, gas and product tankers Distribution and refining Oil-related exposure Oil majors Net exposure (DKK m] 5,485 36% 7.1 9,648 5.6 8,197 2,615 Offshore and services 5,582 2.6 Power and heating utilities 27,134 - 61% with any coal-based production Hereof customers with more 2,487 than 5% revenue from coal 2020 Q4 2022 2022 2022 01 02 03 2022 04 Fossil fuels exposure ■ Other Total fossil fuel exposure 50,463 Of which covered by collateral 2023 2023 2023 Q1 02 Q3 Offshore and services 2023 Q4 Oil Majors 43#44Investor Presentation - FY 2023 Credit quality: Low level of actual credit deterioration Stage 2 and 3 as % of net exposure Allowance account by business unit (DKK bn] 9 HOOD 876543210 11 10 6% 1.2% 0419 0420 0421 Danske Bank 4 PC BC LC&I N.I. Other (Non-core] Stage 2 net exposure (% of Total, Ihs] 23.0 Stage 3 net exposure (% of Total, rhs] 22.7 20.6 3 19.8 19.6 19.7 18.8 19.4 19.9 20.1 5.4 5.2 3.6 3.4 3.1 2.9 2.9 3.3 3.3 3.6 0422 5% 2 10.4 10.2 9.8 9.8 10.2 10.3 10.2 10.5 10.7 9.6 0.9% 1 5.6 5.7 5.5 5.8 4.8 5.4 5.6 5.4 5.3 5.3 0 0423 0321 0421 0122 0222 0322 0422 0123 0223 0323 0423 Stage 2 allowance account and exposure (DKK bn] Gross stage 3 loans (DKK bn] Allowance account Gross credit exposure Allowance account as % of gross exposure Individual allowance account Net exposure 52.6 Personal customers 1.6 867 0.18% 46.0 13.3 Agriculture 0.7 62 1.07% 12.4 35.8 34.9 35.8 33.4 32.2 32.7 31.0 29.9 Commercial property 1.8 295 0.61% 9.9 8.7 9.9 8.7 8.3 8.1 9.1 8.0 Shipping, oil and gas 0.1 41 0.18% 39.3 33.6 Services 0.3 72 0.42% 25.9 25.0 24.7 27.1 23.9 22.9 21.9 23.6 Other 3.0 1,232 0.25% Total 7.5 2,568 0.29% Q321 0421 0122 0222 0322 0422 0123 0223 Q323 0423 44#45Capital Danske Bank#46Investor Presentation - FY 2023 Capital: Strong capital base with CET1 ratio of 18.8% Capital ratios under Basel III/CRR (%) Tier 2 Hybrid T1/AT1 Pillar II component (total 2.7%) CET1 23.1 22.9 22.4 22.1 2.5 2.4 2.5 1.8 2.5 1.8 2.3 1.8 18.7 2.6 2.0 2.0 1.5 17.7 17.8 18.8 18.6 14.2 12.5 2021 reported 2022 reported 04 2023 reported Q4 2023 fully loaded* CET1 development (%) 18.8 4.5 -0.2 14.3 Current capital buffer structure (%) Norwegian systemic risk buffer Countercyclical capital buffer Capital conservation buffer SIFI buffer (O-SII) CET1 Pillar Il requirement CET1 minimum requirement CET1 target (above 16%) CET1 04 2023 (18.8%) At the end of December 2023, the trigger point for MDA restrictions was 14.2% Fully phased-in regulatory requirement** Total REA (DKK bn] CET1 buffer CET1 cap. req. 18.8 0.3 -0.2 14.2 0.5 2.0 2.5 €3.0 1.7 4.5 0423 Danske Bank 1 6 -3 3 821 4.6 14.2 828 Market risk Operational risk 0423 0323 REA Net profit after dividend FX & Deductions 0423 0323 Credit risk Counterparty risk *Based on fully phased-in rules including fully phased-in impact of IFRS 9. ** Fully phased-in minimum CET1 requirement in December 2024 of 4.5%, capital conservation buffer of 2.5%, SIFI buffer of 3%, countercyclical buffer of 2.0%, systemic risk buffer of 0.5% (on Norwegian exposures), and CET1 component of Pillar Il requirement. 46#47Investor Presentation - FY 2023 Danske Bank Strong CET1 capital build-up since 2008; Available Distributable Items (ADI) well in excess of DKK 100 bn Common Equity Tier 1, 2008 - 2023 (DKK bn] 77 79 J +78 bn 152 155 149 144 126 130 134 133 133 133 127 119 107 85 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018¹ 2019 2020 2021 2022 2023 REA, CET1, profit and distribution (DKK bn; %] REA CET1 ratio 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 960 834 844 906 819 852 865 834 815 753 748 767 784 860 838 828 8.1% 9.5% 10.1% 11.8% 14.5% 14.7% 15.1% 16.1% 16.3% 17.6% 17.0% 17.3% 18.3% 17.7% 17.8% 18.8% 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 21.2 Net profit 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 18.0 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 3,771 1. The decline in CET1 capital in 2018 is due mainly to Danica Pension's acquisition of SEB PensionDanmark 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. 47#48Investor Presentation - FY 2023 Danske Bank Fully compliant with MREL and subordination requirement; expect to cover MREL need with both preferred and non-preferred senior MREL and subordination requirement* and eligible funds Q423 DKK bn (% of Group REA] PS > ly NPS > ly CET1, AT1, T2 +49 [+5.9%) 334 (40.4%) 285 (34.5%) 65 [7.8%] MREL requirement incl. CBR 227 79 (27.5%) 79 (9.5%) 191 [23.1%) MREL funds Subordination requirement *Including Realkredit Danmark's [RD] capital and debt buffer requirements Comments - The Group has to meet a MREL requirement +42 (+5.1%) 270 (32.6%) (9.5%) 191 (23.1%) Subordinated MREL funds - 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 285bn incl. RD's capital and debt buffer requirement [DKK 46bn] and the combined buffer requirement (DKK 55bn). Excess MREL funds are DKK 49bn ■ The Group's subordination requirement is DKK 227bn incl. RD's capital requirement [DKK 31bn). Excess subordinated MREL funds are DKK 42bn ▪ This figure shows the Group's MREL and subordination requirement as of end Q4 2023, which constitutes the fully-phased in requirements, i.e. no interim target - Requirements will, however, be impacted by any changes to the CCyB 48#49Funding & Liquidity Danske Bank#50Investor Presentation - FY 2023 Danske Bank Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding 0423 [DKK bn] Funding sources* (%) 60% 2,306 0323 59% Senior & 156 0423 NPS bonds 1,779 1,137 Deposits Bank loans 626 14% 12% Bank mortgages 397 256 Covered bonds 2% 2% 9% 9% 9% 9% 2% 2% 10% 10% -4% -4% RD mortgages 756 756 Issued RD bonds Deposits credit inst. CD & CP Repos, net Deposits Senior & NPS Covered bonds Subord. debt Equity * Figures are rounded Loans Funding Short-term funding Long-term funding 50#51Investor Presentation - FY 2023 Funding programmes and currencies Covered bonds by currency 0423 SEK 47% EUR 31% Senior debt¹ by currency 0423 40% USD NOK Total DKK 155 bn Total 7% DKK 167 bn SEK 4% 1 Including senior preferred and non-preferred debt 21% NOK CHF Largest funding programmes 0423 EMTN Programme Limit EUR 35bn Danske Bank Utilisation 44% Global Covered Bond 69% Limit EUR 30bn 1% ECP Programme 18% Limit EUR 13bn US MTN (144A] 50% Limit USD 20 bn 10% GBP US Commercial Paper 3% Limit - USD 6bn 1% UK Certificate of Deposit Limit USD 15bn 3% Other NEU Commercial Paper 10% Limit - EUR 10bn 38% EUR 51#52Investor Presentation - FY 2023 Funding plan Danske Bank Changes in funding* 2023-2024 [DKK bn and bp) Long-term funding excl. RD [DKK bn]*** Completed Funding plan Cov.bonds Senior Non-Preferred Senior 16bp 97bp 162bp 32bp 56bp 18bp 68bp 162bp 47 40 35 33 38bp 28 23 23 22 12 Redemptions 2024: DKK 105 bn Redeemed 2023: DKK 74 bn New 2023: DKK 95 bn Maturing funding* 2025-2027 [DKK bn and bp) Cov.bonds Senior Non-Preferred Senior 100 79 75 61 95 80-100 ull 8bp 87bp 13bp 80bp 23bp 133bp 139bp 28 24 25 23 16 90bp 6 18 19 104bp 2025: DKK 82 bn 2026: DKK 65 bn 2027: DKK 41 bn 2019 2020 2021 2022 2023 2024E *Spread over 3M EURIBOR. *** Includes covered bonds, senior, non-preferred senior and capital instruments, excl. RD. 52#53Investor Presentation - FY 2023 Danske Bank EUR¹ issuance: Danske Mortgage Bank & Danske Bank A/S "D-pool" and "C-pool" www Danske Bank Residential mortgages ■ Denmark, D-pool - - Norway, I-pool (to be sold to Nordea] Sweden, Danske Hypotek AB Finland, Danske Mortgage Bank Plc Commercial mortgages ■ Sweden and Norway, C-pool REALKREDIT Danmark Residential and commercial mortgages - Capital Centre T (adjustable-rate mortgages) B - Capital Centre S (fixed-rate callable mortgages] 1 The migration of Swedish mortgage loans from Danske Bank's C-poolto Danske Hypotek AB is ongoing. Danske Bank A/S I-pool S&P AAA Fitch AAA Norway Danske Bank A/S C-pool¹ S&PAAA Fitch AAA Realkredit Danmark A/S S&P AAA Fitch AAA Scope AAA Denmark Danske Bank A/S D-pool S&P AAA Fitch AAA Sweden Finland Danske Mortgage Bank Plc Moody's Aaa Danske Hypotek AB¹ S&P AAA Nordic Credit Rating AAA Details of the composition of individual cover pools can be found on the respective issuers' websites. 53#54Credit & ESG Ratings Danske Bank#55Speculative grade Investment grade Investor Presentation - FY 2023 Danske Bank's credit ratings Long-term instrument ratings Fitch Moody's Scope S&P AAA Aaa AAA AAA AA+ Aal AA+ AA+ AA Aa2 AA AA AA- Aa3 AA- AA- A+ A1 A+ A+ A A2 A A A- A3 A- A- BBB+ Baal BBB+ BBB+ BBB Baa2 BBB BBB BBB- Baa3 BBB- BBB- BB+ Bal BB+ BB+ Fitch rated covered bonds - RD, Danske Bank Moody's rated covered bonds - Danske Mortgage Bank Scope rated covered bonds - RD S&P rated covered bonds - RD, Danske Bank, Danske Hypotek Counterparty rating Senior unsecured debt Non-preferred senior debt Tier 2 subordinated debt Additional Tier 1 capital instruments Danske Bank No credit rating changes in Q4 2023 There were no credit rating changes on Danske Bank in Q4 2023. In Q3 2023, Fitch Ratings (Fitch) upgraded Danske Bank's issuer rating to A+ from A. The outlook is Stable. Consequently, all debt ratings were raised one notch. Key drivers were the Group's capitalisation, improved earnings metrics and Fitch's view on the closure of the Estonia case. In Q2 2023, Moody's Investors Service (Moody's] revised the outlook for Danske Bank Group to Positive from Stable, while affirming all ratings. S&P have a Stable outlook on Danske Bank. 55#56Investor Presentation - FY 2023 Danske Bank's ESG ratings - No change in Q4 2023 We have chosen to focus on five providers based on their importance to our investors 04 2023 CDP1 B ISS ESG C+ Prime 283 companies, out of the 18,700 analysed, made the Climate Change A List in 2022 Decile rank: 1 [299 banks rated) C+ is the highest rating assigned to any bank by ISS ESG Moody's ESG Solutions 60 N/A Danske Bank Q3 2023 Q2 2023 Q1 2023 End End 2021 End 2020 Range 2022 B B B B B B A to F (A highest rating) C+ Prime C+ Prime C+ Prime C+ Prime C Prime C+ Prime A+ to D- [A+ highest rating) 60 60 60 61 61 61 64 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] MSCI BBB MSCI rates 196 banks: BBB BBB BBB BBB BBB BB AAA to CCC (AAA highest rating) AAA 6% AA 32% A 30% BBB 22% BB 9% B 1% CCC 2% Sustainalytic S Medium Risk Rank in Diversified Banks 141/360 Rank in Banks Medium 390/1006 Risk Medium Risk Medium Risk Medium Risk Medium Risk High Risk Negligible to Severe risk (1 = lowest risk] 1 Carbon Disclosure Project - primary focus is on climate change/management, also linked to TCFD 56#57Investor Presentation - FY 2023 Danske Bank's credit ratings Rating methodology Anchor SACP1 1 2 3 S&P Global Ratings bbb+ +1 +1 -1 + 1 Business Position, 2=Capital & Earnings, 3=Risk Position, 4=Funding & Liquidity Potential CRA* adjustment Danske Bank Danske Bank's rating Extraordinary SACP** + external support + ALAC = Issuer rating 0 a- +2 A+ [Stable) Macro profile + 1 + 2 + 3 + 4 + 5 Quali- + tative factors = BCA*** + Affiliate support + LGF**** + Gov. support = Issuer rating MOODY'S Strong Plus baal al baa2 baa2 baal -1 baa2 +1 +1 A3 (Positive) 1=Asset Risk, 2-Capital, 3-Profitability, 4-Funding Structure, 5-Liquid resources Operating environment Business Profile + Risk Profile + Asset Quality + Earnings & Profitability Capitalisation + + & Leverage Funding & Liquidity Viability Rating + Government Support Issuer rating Fitch Ratings aa- a+ a+ a a a+ a+ a+ No Support A+ (Stable) * Comparable Ratings Analysis ** Stand-Alone Credit Profile *** Baseline Credit Assessment **** Loss Given Failure 57 57#58Tax & Material one-offs Danske Bank#59Investor Presentation - FY 2023 Tax Actual and adjusted tax rates [DKK m) 2023 04 2023 Q3 2023 Q2 2023 Q1 2023 Profit before tax according to P&L 26,682 7,235 6,475 6,018 6,954 Permanent non-taxable difference 1,094 -473 223 798 547 Adjusted pre-tax profit, Group 27,776 6,762 6,698 6,815 7,501 Tax according to P&L 5,420 1,470 1,156 1,007 1,787 Taxes from previous years etc. 1,477 251 503 652 71 Adjusted tax 6,898 1,721 1,660 1,658 1,858 Adjusted tax rate 24.8% 25.5% 24.8% 24.3% 24.8% Actual-/Effective tax rate 20.3% 20.3% 17.9% 16.7% 25.7% Actual-/Effective tax rate exclusive prior year 25.9% 23.8% 25.6% 27.6% 26.7% regulation Danske Bank Tax drivers, Q4 2023 ■ The actual tax rate of 23.8% (excluding prior- year's adjustments) is lower than the Danish rate of 25.2% due to the tax effect from tax exempt income/expenses - The Danish financial sector is subject to a statuary corporate tax rate of 25.2% in 2023 and 26% from 2024 onwards Adjusted tax rate of 25.5% is higher than the Danish rate of 25.2% due to the differences in statuary tax rates in the various countries in which we operate ■ The permanent non-taxable difference derives from tax-exempt income/expenses, such as value adjustments on shares 59#60Investor Presentation - FY 2023 Material extraordinary items in 2023 One-offitems 0123 None Effect P&L line affected [DKK m) Transaction costs and prudent valution related to Personal Customers Norway -693 Other income Gain from sale of shares taken over in connection with a loan 327 Trading 0223 Reversal of provision following a decision from tax auth.rgd. exit of an international joint taxation scheme 576 Tax interest compensation: Final tax decision regarding tax paid in previous years 307 NII Release of loss from OCI related to the CET1 FX hedge attributable to PC in Norway -786 Trading Q323 Provision for potential customer compensation case in Danica -250 Net income from insurance Sale of Danske IT to Infosys 104 Other Income Correction of tax paid in previous years 670 Tax 0423 One-off related to interest on tax related for previous years -85 NII Danske Bank 60#61Investor Presentation - FY 2023 Contacts Investor Relations Claus Ingar Jensen Head of IR Mobile +45 25 42 43 70 [email protected] Group Treasury and Funding Danske Bank Kasper Refslund Kirkegaard Head of Group Treasury Mobile: +45 23 82 94 88 [email protected] Nicolai Brun Tverno Head of Debt IR Mobile +45 31 33 35 47 [email protected] Bent Callisen Head of Group Funding Mobile: +45 30 10 23 05 [email protected] Olav Jørgensen Chief IR Officer Mobile +45 52 15 02 94 [email protected] Thomas Halkjær Jørgensen Chief Funding Manager Mobile +45 25 42 53 03 [email protected] Katrine Lykke Strøbech IR Officer Mobile +45 22 43 19 11 [email protected] Rasmus Sejer Broch Chief Funding Manager Mobile +45 40 28 09 97 [email protected] 61#62Investor Presentation - FY 2023 Disclaimer for Danske Bank's Climate Action Plan Progress Report 2023 Danske Bank Danske Bank's Climate Action Plan Progress Report 2023 has been prepared by Danske Bank A/S ("Danske Bank"). Danske Bank is under supervision by the Danish Financial Supervisory Authority [Finanstilsynet]. The publication includes information that is subject to uncertainties arising from limitations in underlying methodologies and data. In our analysis and target-setting, we have used estimates based on various recognised frameworks and methodologies, as described in the appendices. Because methods and data availability are constantlyevolving, updates to methodologies and assumptions may result in different conclusions. In alignment with net-zero recommendations, our climate-related targets, actions and initiatives require forward-looking parameters and long time horizons in order to account for the nature of climate change. The forward-looking statements made in this update reflect our current view of future events and are based on expectations, projections and estimations. These encompass a large degree of uncertainty and risk due to, but not limited to, future market conditions, technological developments, changes in regulationand realisation of government plans and strategic objectives. The forward-looking assessments may therefore be subject to change and should not be viewed as reliable indicators of future performance or as complete or accurate accounts of actual performance. Caution must therefore be exercised when interpreting this progress report. The achievement of our targets is dependent on the collaboration with and the initiatives of our customers, investee companies, international governing bodies and national governments. The trajectories towards our sector-specific targets may not be linear because development in technologies and other circumstances may affect individual sectors year-on-year. The publication has been prepared for information purposes only and is not to be relied upon as investment, legal, tax or financial advice. We expect data quality and coverage to increase over the coming years, driven by increased reporting and disclosure obligations. New and improved guidance and scientific research is also expected, and Danske Bank reserves the right to update targets, methodologies and approaches and to perform relevant restatements of baselines as relevant. Reasonable care has been taken to ensure that the content is fair, true and not misleading. Danske Bank makes no representation to the content's accuracy or completeness, including information obtained from a third party, and accepts no liability for any loss arising from relying on the information provided. The forward-looking statements in the publication reflect Danske Bank's current view of future events and are based on expectations, projections and estimations, which involves uncertainties and risks, including, but not limited to, future market conditions, changes in regulation and realisation of plans and strategic objectives. The forward-looking statements should not be viewed as reliable indicators of future performance or as complete or accurate accounts of actual performance. Caution must therefore be exhibited when interpreting the publication. Copyright © Danske Bank A/S. All rights reserved. The publication is protected by copyright and may not be reproduced in whole or in part without permission. You can read more in Danske Bank's Climate Action Plan Progress Report 2023. 62#63Investor Presentation - FY 2023 Disclaimer Important Notice Danske Bank 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.