Debt Investor Presentation April 2021

Disclaimer & Confidentiality This document contains confidential information and should be kept strictly confidential by the recipient to whom it is exclusively provided. It is expressly forbidden to disclose the information of this document or the fact that this document has been delivered to the recipient to any third party or to publish or disclose all or any part of this document or the information contained herein. This document may not be removed from the location of the related presentation. The information contained in this document has been provided by Danfoss A/S (Danfoss). The information and any opinions or statements made in this document have not been verified by independent third parties and no representation or warranty, express or implied, is made by Danfoss, BNP Paribas, Citigroup Global Markets Europe AG, Danske Bank A/S, Nordea Bank Abp or Skandinaviska Enskilda Banken AB (publ) (together, the Managers) or any of their respective affiliates, directors, partners, employees or advisers or any other person as to the accuracy or completeness of any such information, opinions or statements and nothing contained in this document or any other information discussed orally is, or shall be, relied upon as, a promise or representation by Danfoss or the Managers. Accordingly neither Danfoss, the Managers nor any of their respective affiliates, directors, partners, employees or advisers nor any other person, shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in, or omission from, this document and any such liability is expressly disclaimed. In particular, this document may contain statements, estimates, targets and projections that constitute forward-looking statements. Such statements, estimates, targets and projections reflect significant assumptions and subjective judgments concerning anticipated results. These assumptions and judgments may or may not prove to be correct and there can be no assurance that any estimates, targets or projections are attainable or will be realised and, in any event, are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of Danfoss to be materially different from any future results, performance or achievements of Danfoss that may be expressed or implied by such forward-looking statements. Danfoss and its affiliates do not assume responsibility for the accuracy of any of such forward-looking statements, targets, estimates and projections. This document is provided for information purposes only and does not constitute, nor must it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the companies mentioned herein anywhere in the world. This document is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the Prospectus Regulation) or Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the UK Prospectus Regulation), and does not disclose all the risks and other significant issues related to an investment in securities issued by Danfoss, Danfoss Finance I B.V. (DF I) or Danfoss Finance II B.V. (DF II and, together with Danfoss and DF I, the Issuers), nor does it propose to do so. Potential investors should ensure that they fully understand the terms of any securities and any applicable risks. Any decision to purchase securities in any offering should be made solely on the basis of the information to be contained in the base listing particulars dated 26th March 2021 and published on the website of the Luxembourg Stock Exchange at www.bourse.lu. No securities of the Issuers have been or will be registered under the U.S. Securities Act of 1933, as amended (the Securities Act). Subject to certain exceptions, neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States, or outside the United States to any "U.S. Person" as that term is defined in Regulation S under the Securities Act. Neither this document nor any part or copy of it may be taken or transmitted into Australia, Canada, South Africa, Hong Kong or Japan, or distributed directly or indirectly in Canada, Australia, South Africa, Hong Kong or Japan, or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian, South African, Hong Kong or Japanese securities laws, as applicable. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. The Issuers do not accept any liability to any person in relation to the distribution or possession of this presentation in or from any jurisdiction. This presentation and the information contained herein are delivered and speak as of the date hereof and there shall be no implication that there has not been a change in the affairs of Danfoss or its affiliates or other matters that have occurred since such date rendering any of the information set out in this presentation inaccurate. Neither Danfoss nor its affiliates nor its advisers assumes any responsibility for updating this presentation or any of the information contained herein. No person has been authorised to give any information other than that contained in this presentation, or to make any representations in connection with the offering of securities by Danfoss, and, if given or made, such other information or representations must not be relied upon as having being authorised by Danfoss or its affiliates. You shall be entitled to rely solely on those representations and warranties that may be made to you in any final purchase or subscription agreement relating to the relevant securities. The recipient understands that in order to be eligible to view the information, the recipient must be a non-U.S. person that is outside the United States (within the meaning of Regulation S under the Securities Act) and by accessing this document or attending any presentation, you warrant that you are a non-U.S. person that is outside the United States (within the meaning of Regulation S under the Securities Act). You further understand that in order to be eligible to view the information contained herein, you must be a person: (i) who has professional experience in matters relating to investments being defined in Article 19(5) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the FPO), (ii) who falls within Article 49(2)(a)-(d) of the FPO, (iii) who is outside the United Kingdom, or (iv) to whom an invitation or inducement to engage in an investment activity (within the meaning of section 21 of the United Kingdom Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise be lawfully communicated or caused to be communicated (all such persons together being referred to as relevant persons), and by accepting to view the information contained within, the recipient warrants that it is a relevant person. This document is only directed at relevant persons and any investment or investment activity in connection with this document and the related presentation is only available to relevant persons or will be engaged in only with relevant persons. Solicitations resulting from this document will only be responded to if the person concerned is a relevant person. Other persons should not rely or act upon this document or its contents. The information contained in this presentation is given in confidence and you should not engage in any behaviour which would or might amount to market abuse for the purposes of the Market Abuse Regulation ((EU) 596/2014), including as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. MiFID II and UK MiFIR eligible counterparties and professional clients only; no PRIIPS or UK PRIIPS key information document will be prepared. By receiving this presentation you agree to be bound by and subject to the foregoing limitations. 2 Danfoss Debt Investor Presentation April 2021 Confidential ENGINEERING TOMORROW Danfoss