Investor Presentaiton

Investor Presentation - First half 2022 Danske Bank's credit ratings Long-term instrument ratings Speculative grade Investment grade 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 Credit ratings remain unchanged in Q2 2022 Credit ratings remain unchanged in Q2 2022, and include the first round of fallout from the Russia/Ukraine war. S&P's Negative outlook on Danske Bank reflects S&P's concern about the fallout from the Estonia case. Fitch and Moody's have Stable outlooks on Danske Bank, which incorporate the economic uncertainty relating to the fallout from the corona crisis and the financial uncertainty relating to the Estonia case. 48

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