Investor Presentation - FY 2023

Investor 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

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