Investor Presentation - FY 2022

Danske 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

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