Investor Presentation - FY 2023

Speculative 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

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