Financial results for the first half of 2015

Financial results for the first half of 2015 Thomas F. Borgen Chief Executive Officer Henrik Ramlau-Hansen Chief Financial Officer 22 July 2015

Agenda Executive summary and financial results 3 Business unit update 5 Selected topics 7 Outlook for full-year 2015 12 Q&A 13 Appendix 14 2

Executive summary for H1 2015 Net profit & ROE Net profit of DKK 9.4 bn and ROE of 12.5% Income Total income of DKK 23.2 bn up 6% vs H1 2014 Expenses Expenses of DKK 10.8 bn down 2% vs H1 2014 and cost/income ratio of 46.4% Impairments Impairments of DKK 0.3 bn down 78% vs H1 2014 Capital Common equity tier 1 ratio of 14.3% and total capital ratio of 18.7% Share buy-back DKK 1.9 bn of the 5 bn share buy-back programme completed Rating Moody s upgrade in June to A2/P-1 and stable outlook from S&P in July Outlook Revised guidance of net profit for 2015 of above DKK 16 bn previously above DKK 14 bn 3

Net profit: DKK 9.4 bn, up 36% from first half of 2014 Income statement & key figures (DKK m) Key points, H1 2015 vs H1 2014 H1 2015 H1 2014 Index Q2 2015 Q1 2015 Index Net interest income 10,829 10,836 100 5,516 5,313 104 Net fee income 6,134 5,207 118 3,088 3,046 101 Net trading income 4,240 4,152 102 1,525 2,715 56 Other income 866 674 128 506 360 141 Net income from insurance business 1,110 927 120 333 777 43 Total income 23,179 21,797 106 10,968 12,211 90 Expenses 10,750 11,021 98 5,313 5,437 98 Profit before loan impairment charges 12,429 10,776 115 5,655 6,774 83 Loan impairment charges 283 1,267 22-219 502 - Profit before tax, core 12,146 9,509 128 5,874 6,272 94 Profit before tax, Non-core 30-794 - -60 90 - Profit before tax 12,176 8,715 140 5,814 6,362 91 Tax 2,757 1,791 154 1,346 1,411 95 Net profit 9,419 6,924 136 4,468 4,951 90 Return on avg. shareholders' equity (%) 12.5 9.4 11.8 13.3 Cost/income ratio 46.4 50.6 48.4 44.5 Common equity tier 1 capital ratio (%) 14.3 14.4 14.3 14.0 EPS 9.2 6.9 4.4 4.9 Lending (DKK bn) 1,601 1,566 102 1,601 1,605 100 Deposits (DKK bn) 840 764 110 840 827 102 Return on equity improved to 12.5% from 9.4% Total income up 6%, with gains in all income lines except NII Expenses down 2%, with cost/income ratio of 46.4% Impairments down 78% Lending volume up 2% and deposit volume up 10% Key points, Q2 2015 vs Q1 2015 NII up 4%, owing partly to one-offs and mitigating effects offsetting margin pressure Trading and insurance income down owing to exceptionally strong Q1 Other income up owing to one-off tax refund Expenses down 2% Net reversals in Q2: loan loss ratio of 5 bp in core activities 4

Banking units: Strong performance vs H1 2014 at all units Pre-tax return on allocated capital ex goodwill charge (%) Financial highlights, H1 2015 vs H1 2014 H1 2014 20.6 14.5 Personal H1 2015 21.1 13.1 Business 10.5 C&I 16.7 Personal Banking Lower NII due to substantial pressure on margins High fee income reflecting strong customer activity Impairments down 32% as household finances improved Business Banking Higher total income, with gains in all income lines Net reversals driven by improved collateral values C&I NII up because of higher volumes Trading and fee income up on increased client activity Impairments down owing to net reversals in Q2 Income statement (DKK m) Personal Business C&I H1 2015 H1 2014 Index H1 2015 H1 2014 Index H1 2015 H1 2014 Index Net interest income 4,728 5,343 88 4,537 4,368 104 1,363 1,288 106 Net fee income 2,734 2,186 125 1,139 1,017 112 1,156 1,033 112 Net trading income 416 318 131 442 315 140 2,973 2,212 134 Other income 340 330 103 339 266 127 2 3 88 Total income 8,218 8,177 101 6,457 5,966 108 5,494 4,535 121 Expenses 5,224 5,278 99 2,610 2,649 99 2,284 2,303 99 Profit before loan impairment charges 2,994 2,899 103 3,847 3,317 116 3,210 2,232 144 Loan impairment charges 375 553 68-103 504-11 210 5 Profit before tax 2,619 2,346 112 3,950 2,813 140 3,199 2,022 158 Lending (DKK bn) 806 802 100 652 630 103 179 168 107 Deposits (DKK bn) 353 336 105 259 256 101 230 171 134 5

Danske Capital and Danica Pension: Strong performance continued in H1 2015 Danske Capital: Financial highlights, H1 2015 vs H1 2014 Total income up 12% owing to increased assets under management and a slight rise in margins Assets under management up 4% to DKK 803 bn vs DKK 770 bn in H1 2014 Net sales of DKK 24 bn, with 21% to clients outside Denmark Danske Capital improved its positions in Norway and Sweden, with market shares of net sales increasing to over 20% and 10%, respectively In Q1, DKK 37 bn of assets were transferred to Danica Pension as a result of a new investment strategy in Danica Danica Pension: Financial highlights, H1 2015 vs H1 2014 Result from insurance business up 1% owing to larger business volume Premiums of DKK 15.5 bn, up 8% Risk allowance booked in full for all four interest rate groups Shadow account balance unchanged at DKK 0.6 bn Danske Capital: Income statement (DKK m) Danica Pension: Income statement (DKK m) H1 2015 H1 2014 Index Net interest income -3 1 - Net fee income 1,150 1,023 112 - portion from performance fees 33 28 118 Other income 1-1 - Total income 1,148 1,023 112 Expenses 477 488 98 Profit before tax 671 535 125 Assets under management (bn) 803 770 104 H1 2015 H1 2014 Index Premiums 15,475 14,364 108 Danica Traditionel (insurance result) 672 710 95 Unit-linked (insurance result) 300 302 99 Health and accident (ins. result) -81-128 - Result from insurance business 891 884 101 Return on investments 290 249 116 Financing result -29-74 - Special allotments -42-51 - Net income bef. postponed risk allow. 1,110 1,009 110 Change in shadow account - -82 - Net income 1,110 927 120 6

Expenses: Down 2% vs H1 2014 despite higher activity, bonuses and one-off pension charge Total expenses ex goodwill charge (DKK m) Change in expenses ex goodwill (DKK m) Consultants etc. Severance payments Deposit scheme guarantee / bank packages 23,794 780 22,641 694 542 931 590 762 873 826 Bonuses Other costs H1 2014 11,021 Staff costs 28 Severance payments IT 25 90 20,627 19,810 10,750 164 99 350 387 9,750 Office expenses 171 Depreciation, tangibles 122 Other costs 59 2013 2014 H1 2015 H1 2015 10,750 7

Impairments: Loan loss ratio for Q2 of -5 bp for core activities and -4 bp for the entire Group Group impairments, 2011 to Q2 15 (DKK bn/bp) Impairments (DKK m) 5.0 4.5 4.0 3.5 3.0 Impairments Loan loss ratio* (rhs) H1 15 H1 14 Index Q2 15 Q1 15 Index 59 99 100 90 80 70 60 Personal Banking 375 553 68 130 245 53 Business Banking -103 504 - -194 91 - C&I 11 210 5-153 164 - Other activities 1 - - - 1 - Total core 283 1,267 22-219 502 - Non-core -137 380 - -1-136 - Group 146 1,647 9-220 366-2.5 2.0 1.5 26 50 40 30 Loan loss ratio, annualised (bp) H1 15 H1 14 Index Q2 15 Q1 15 Index Personal Banking 9 14 64 6 12 50 1.0 0.5 0.0 8 20 10 0 Business Banking -3 17 - -12 6 - C&I - 8 - -13 11 - Total core 3 14 21-5 11 - Non-core -89 179 - -1-176 - Group 2 17 12-4 8 - -0.5-4 -10 Q211 Q212 Q213 Q214 Q215 * The loan loss ratio is defined as annualised impairment charges as a percentage of loans and guarantees. 8

Impairments (continued): Improved credit quality and higher collateral values result in net reversals in Q2 Individual loan impairment charges* (DKK bn) New 0.9 Increased 0.8 Reversal 0.8 Impairment drivers, Q2 2015 vs Q1 2015 Impairments decreased at all business units, with lower charges at Personal Banking and net reversals at Business Banking and C&I The lower impairment level at Personal Banking was driven by housing price increases in major Danish cities Reversals at Business Banking related mainly to commercial property, where residential rental property prices improved in Copenhagen Impairments at C&I relate to a few individual exposures 1.5 Allowance account by business unit (DKK bn) -2.5 Personal Banking Business Banking 45.7 44.5 Corporates & Institutions Non-core -11% 40.9 40.9 36.3 8.2 Q214 Q314-0.1 Q414 0.0 Q115-0.3 Q215 20.0 5.1 3.1 Q214 Q314 Q414 Q115 Q215 * Excludes Baltics. 9

Capital: Solid capital base, CET1 ratio of 14.3%, and Non-core deleveraging reduces REA CET1 ratio, Q1 15 to Q2 15 (%) Capital highlights 14.0 0.6 0.3 0.0 14.3 Tier 1 capital ratio and total capital ratio of 16.5 % and 18.7 %, respectively Effect of CRR/CRD IV on fully loaded CET1 ratio is a decline of about 1 percentage point from the Q2 2015 ratio level CRD IV leverage ratio: 4.2% according to the transitional rules; 3.8% fully phased-in Q1 2015* Net profit Expected dividends** REA impact Q2 2015 REA, Q1 2015 to Q4 2015 (DKK bn) Non-core Core 895 6-15 -4 10 892? Q1 2015* Credit risk Market and CCP models Market and CCP risk Q2 2015 Optimisation incl. Non-Core approx. 5-15 FSA orders and approvals approx. 0-5 Pro forma Q4 2015 ex. growth Growth * Adjusted for change in accounting for pension schemes at Danica Pension. ** 50% dividend accrual. 10

Business review: New operating model for Danske Bank Northern Ireland Business review findings Our Northern Irish branch network Beginning in January 2016, Danske Bank Northern Ireland will operate as a separate business unit 46 branches Only limited operational synergies and customer interactions with the rest of the Group 20 % market share by lending More efficient operation as a stand-alone business Enables local management to develop and protect the franchise for the benefit of customers Continues to benefit from group cost efficiency Strengthens the Nordic universal bank organisation 11

Outlook for full-year 2015: Net profit of above DKK 16 bn Total income Income is expected to increase from the level in 2014 Expenses Expenses are expected to be below DKK 22 bn Impairments Impairment charges in our core activities are expected to decline to a level significantly lower than in 2014 Non-core Non-core pre-tax result is expected at around DKK 0 million Net profit Net profit of above DKK 16 bn Note: This guidance is subject to uncertainty and depends on economic conditions, including developments in monetary policy at central banks. 12

Q&A session Press * then 1 to ask a question Press * then 2 to cancel Press Ask a question in your webcast player www.danskebank.com/ir 13

Appendix Business units 15 Special topics: NII, trading income, expenses and allowance account 20 Macro, credit quality and portfolio reviews 25 Funding, liquidity and ratings 30 Tax 33 Contact details 34 14

Personal Banking: Positive momentum in fees, impairments and costs in Q2; good trend in Norway continues Income statement & key figures (DKK m) Lending volume by country,* Q1 2014 = Index 100 Q2 2015 Q1 2015 Index Net interest income 2,330 2,398 97 Net fee income 1,383 1,351 102 Net trading income 148 268 55 Other income 187 153 122 Total income 4,048 4,170 97 Expenses 2,597 2,627 99 Profit before loan impairment charges 1,451 1,543 94 Loan impairment charges 130 245 53 Profit before tax 1,322 1,298 102 Lending (DKK bn) 806 808 100 Deposits (DKK bn) 353 335 105 FTE 6,695 6,713 100 Denmark Sweden Finland Norway 130 120 110 100 90 Q1 2014 Q2 2014 Q3 2014 Northern Ireland Q4 2014 Q1 2015 Q2 2015 Profit before tax by country (DKK m) Personal Banking NII bridge (DKK m) Other Northern Ireland Norway Sweden Finland Denmark 5,343 4 77 4 1,315 1,373 929 1,298 1,322 707 7 4,728 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 H1 14 Lending volume Lending margin Deposit volume Deposit margin Other** H1 15 * Based on local currency lending volumes. ** Includes day effect, FX effect, capital costs and off-balance-sheet items 15

Business Banking: Positive trend in income, costs and impairments in Q2; good momentum in Nordic lending Income statement & key figures (DKK m) Lending volume by country,* Q1 2014 = Index 100 Q2 2015 Q1 2015 Index Net interest income 2,313 2,224 104 Net fee income 567 572 99 Net trading income 230 212 108 Other income 165 174 95 Total income 3,275 3,182 103 Expenses 1,288 1,322 97 Profit before loan impairment charges 1,988 1,860 107 Loan impairment charges -194 91 - Profit before tax 2,182 1,769 123 Lending (DKK bn) 652 644 101 Deposits (DKK bn) 259 262 99 FTE 3,065 3,115 98 Denmark Sweden Northern Ireland Finland Norway 130 120 110 100 90 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Profit before tax by country (DKK m) Business Banking NII bridge (DKK m) Other Baltics 1,541 Northern Ireland Norway 1,455 1,465 Sweden Finland 1,769 Denmark 2,182 4,368 143 9 253 334 99 4,537 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 H1 14 Lending volume Lending margin Deposit volume Deposit margin Other** H1 15 * Based on local currency lending volumes. ** Includes day effect, FX effect, capital costs and off-balance-sheet items 16

Corporates & Institutions: NII up 6%; trading income down after exceptional Q1 Income statement & key figures (DKK m) Key points, Q2 15 vs Q1 15 Q2 2015 Q1 2015 Index Net interest income 703 660 106 Net fee income 580 577 100 Net trading income 1,240 1,732 72 Other income - 2 - Total income 2,523 2,971 85 Expenses 1,126 1,158 97 Profit before loan impairment charges 1,398 1,813 77 Loan impairment charges -153 164 - Profit before tax 1,551 1,649 94 Lending (DKK bn) 179 190 94 Deposits (DKK bn) 230 230 100 FTE 1,832 1,826 100 Profit before tax down 6% after exceptionally strong Q1 Trading income in Q2 in line with expectations as we managed the risks from interest rate increases Expenses down 3% Impairments driven by reversals The expected decline in capital consumption was delayed slightly as volatile market conditions continued Income breakdown (DKK m) Corporates & Institutions NII bridge (DKK m) FICC 2,201 Capital Markets 2,483 2,103 General Banking 2,971 2,523 1,288 141 25 90 77 105 1,363 Q214 Q314 Q414 Q115 Q215 H1 14 Lending volume Lending margin Deposit volume Deposit margin Other** H1 15 * Based on local currency lending volumes. ** Includes day effect, FX effect, capital costs and off-balance-sheet items 17

Danske Capital: AuM down 1% in Q2 because of value adjustments despite good inflow Income statement (DKK m) Q2 2015 Q1 2015 Index Net interest income -1-2 - Net fee income 583 567 103 - portion from performance fees 19 14 136 Other income -1 2 - Total income 581 567 102 Expenses 233 244 95 Profit before tax 349 323 108 Key points, Q2 15 vs Q1 15 Non-performance-based income up 2% Performance fee income of DKK 19 m vs DKK 14 m in Q1 15 Expenses down 5% because of lower staff costs Assets under management down 1% to DKK 803 bn Assets under management (bn) 803 813 99 Net inflow AuM (DKK bn) AuM customer breakdown (DKK bn) Net inflow Net inflow as % of AuM (rhs) 15 2.5 Private Equity Institutions Retail* Life insurance 16 10 5 0 1.0% 7.7 Q214 1.1% 8.5 Q314 0.8% 6.2 Q414 1.4% 11.4 Q115 1.5% 12.3 Q215 2.0 1.5 1.0 0.5 0.0 Q214 Q314 Q414 Q115 288 340 159 Q215 * Retail includes Danske Invest. 18

% change in equities Financial results for Q1 H1 2013 2015 Danica Pension: Full risk allowance booked for all four interest rate groups; investment return down owing to volatile market Income statement (DKK m) Investment allocation for Danica Traditionel, end-q2 15 (%) Q2 2015 Q1 2015 Index Premiums 7,122 8,353 85 Danica Traditionel (insurance result) 339 333 102 Unit-linked (insurance result) 147 153 96 Health and accident (ins. result) -45-36 - Result from insurance business 441 450 98 Return on investments -70 360 - Financing result -17-12 - Special allotments -21-21 - Net income bef. postponed risk allow. 333 777 43 Change in shadow account - - - Net income 333 777 43 Equities Credit bonds Alternative investments Bonds Property 9 2 10 3 49 66 65 60 Possibility of booking risk allowance in 2015 (%) 25% Full risk allowance Partial risk allowance -25% -1,00% 0,00% 1,00% Percentage point change in interest rates 21 11 7 10 8 14 16 9 14 11 7 8 New schemes Low Medium High 19

Non-core: Commercial portfolio is almost run down; REA decline owing mainly to the sale of the SME portfolio Key points Profit before tax rose to DKK 30 m in H1 2015 compared with a loss before tax of DKK -794 m in H1 2014 Deleveraging of the commercial portfolio is almost complete, with DKK 2 bn left in net credit exposure Total loans decreased DKK 12 bn since H1 2014, although exposure to Personal Banking Baltics was transferred to the book in Q1 15 REA fell DKK 15 bn from the level in Q1 15 owing to the sale of the SME portfolio and continuing deleveraging of the portfolio Non-core loan portfolio, Q2 2015 (DKK bn) Allowance account Non-performing credit exposure 29 21 Personal customers (incl. Baltics) 4 1 Commercial portfolio Performing credit exposure 9 8 Conduits etc. 42 5 7 30 Total Property pipeline and sales (No. of properties) Total REA (DKK bn) 2013 2014 H1 2015 1,634 1,423 908 789 626 523 405 470 348 Non-core conduits, etc. Non-core Banking 45 42 42 41 8 9 8 8 37 35 34 33 33 36 31 28-33% 30 7 27 23 Sold Agreed to sale On the market Q214 Q314 Q414 Q115 Q215 20

Net interest income: Flat vs. H1 2014 as lending effects and repayment of the state hybrid offset deposit margin pressure Quarterly net interest income (DKK m) Changes in net interest income (DKK m) -3% 5,681 5,735 5,742 H1 14 10,836 5,516 Lending volume 288 5,313 Lending margin 355 Q214 Q314 Q414 Q115 Q215 Deposit volume 103 Balance sheet items (DKK bn) Loans and advances Deposits (rhs) Deposit margin 1,118 1,610 1,600 840 820 State hybrid 271 1,590 1,580 1,570 800 780 760 Other* 94 0 0 H1 15 10,829 Q214 Q314 Q414 Q115 Q215 * Contains FX effect, hold-to-maturity portfolio and a DKK 77 m one-off income in Q2 15 related to interest on a refund of payroll tax 21

Trading income: Lower customer activity in financial markets and negative value adjustments in Q2 Trading income by business unit (DKK m) Key points Other incl. Treasury C&I Business Personal 2,715 Trading income down in Q2 owing to lower customer activity in financial markets 2,251 Income from Treasury lower because of unrealised negative value adjustments on bonds 1,613 1,525 Personal Banking and Business Banking benefitted from DKK 141 m in refinancing fees in Q1 928 Refinancing income (DKK m) 242 186 138 148 141 Q214 Q314 Q414 Q115 Q215 Q1 2013 Q4 2013 Q1 2014 Q4 2014 Q1 2015 22

Expenses: Down 2% because of continued cost focus and lower bonuses in Q2 Total expenses ex goodwill charge (DKK m) Consultants etc. Severance payments Deposit guarantee scheme/bank packages Bonuses Other costs Change in expenses ex goodwill (DKK m) Q1 2015 5,437 6,090 Staff costs ex. bonuses and severance 108 Bonuses 102 5,589 5,530 5,437 Severance payments 45 5,313 IT 82 4,921 Q2 14 4,861 Q3 14 5,174 Q4 14 4,867 Q1 15 4,882 Q2 15 Other costs 41 Q2 2015 5,313 23

Allowance account: Commercial property and personal customers make up 52% of the individual allowance account Individual allowance account by industry* (DKK bn) Gross non-performing loans, ex Non-core (DKK bn) Personal customers Commercial property 7.6 8.3 Individual allowance account Net exposure, Not in default Net exposure, In default Agriculture 2.6 60 60 58 59 56 Consumer discretionary 2.4 Shipping Construction & building products 2.0 1.8 31 31 29 30 27 Industrial services etc 1.5 Materials 1.2 Non-profit & associations Investment funds 0.4 1.0 19 19 19 19 18 Consumer staples Transportation 0.3 0.2 9 9 11 11 11 Other 1.4 Q214 Q314 Q414 Q115 Q215 * In addition, the Group has booked DKK 5.7 bn in collective impairment charges. Note: Non-performing loans are loans in rating categories 10 and 11 against which individual impairments have been made. 24

Nordic macro Real GDP (constant prices, index 2005 = 100) Inflation (%) Denmark Sweden Norway Finland Denmark Sweden Norway Finland 130 6 120 5 4 110 3 100 2 1 90 0 2006 2008 2010 2012 2014-1 2006 2008 2010 2012 2014 Interest rates (lending, %) Unemployment (%) Denmark Sweden Norway Euro Area Denmark Sweden Norway Finland 6 10 5 4 3 2 1 8 6 4 2 0 0-1 2006 2008 2010 2012 2014 2006 2008 2010 2012 2014 25

Nordic housing market Property prices (index 2005 = 100) House prices/nom. GDP (index 2005 = 100) Denmark Sweden Norway Finland 200 180 160 140 120 100 Denmark 130 120 110 100 90 Sweden Norway Finland 2006 2008 2010 2012 2014 2006 2008 2010 2012 2014 Apartment prices (index 2005 = 100) Apartment prices/nom. GDP (index 2005 = 100) Denmark 250 Sweden Norway Finland Denmark Sweden Norway Finland 180 200 160 140 150 120 100 100 80 2006 2008 2010 2012 2014 2006 2008 2010 2012 2014 26

+ refinancing fee* + refinancing fee* Financial results for Q1 H1 2013 2015 Realkredit Danmark and the Danish housing market: Portfolio overview Portfolio facts, Realkredit Danmark, end-q2 15 Stock of retail loans, Realkredit Danmark, end-q2 15 (%) Approx. 377,000 loans (residential and commercial) 2,131 loans in 3- and 6-month arrears 67 repossessed properties DKK 14 bn of loans with LTV ratio > 100%, including DKK 6 bn with public guarantee Average LTV ratio of 68% Variable rate instalments Fixed rate instalments 26% Variable rate interest-only Fixed rate interest-only 41% LTV ratio at origination (legal requirement) Residential: max. 80% Commercial: max. 60% 25% 8% Unemployment and foreclosures (%) Trend in mortgage margins, 80% LTV, owner-occupied (bp) 10Y swap rate Unemployment 10 No. of forced sales (rhs) 1,500 All products Fixed rate 86 Adjustable rate 101 118 5 1,000 500 52 68 0 0 1993 1997 2002 2006 2010 2015 2011 Jan13: with amortisation Jan 13: interest-only * We charge a fee of 30 bp of the bond price for refinancing of 1- and 2-year floaters and a fee of 20 bp for floaters of 3 or more years. 27

Realkredit Danmark: Increase in fixed-rate loans driven by very low interest rates Key points Expected trend in RD portfolio* (%) Trend away from short-term Flexlån continued in Q2 2015 The share of total new mortgages represented by fixedrate instalment loans increased to 57% in Q2 2015 from 36% in Q2 2014 Since end-q4 2012, the amount of Flexlån F1 and F2 loans has been reduced by DKK 111 bn, or 58% Interest-only Amortising 50 50 49 48 47 46 44 Loan portfolio, FlexLån F1 and F2 (DKK bn) -58% 191 169 160 161 130 111 109 107 99 90 80 50 50 51 52 53 54 56 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 2014 2015E 2016E 2017E 2018E 2019E * Based on the assumption that the portion of interest-only mortgages of new loans is unchanged and that the observed trend in customers who start to amortise at the end of the IO period continues. 2020E 28

Credit exposure: Limited agriculture and shipping/oil exposure Agriculture exposure Market conditions remain weak; pig prices have increased since Q1, but milk prices have fallen back to the level in January RD represents 69% of total gross exposure and 10% of total accumulated impairment charges to agriculture at Business Banking Agriculture accounts for 2.7% of total Group exposure Shipping- and oil-related exposure The shipping portfolio is booked mainly at C&I, and the coverage ratio is generally high Oil-related exposure amounts to DKK 19bn and relates to offshoring (DKK 10bn), oil majors (DKK 3bn) and oil service providers (DKK 6bn; credit quality is generally good, and no impairment charges were booked in this segment in 2015 74% of oil-related exposure is denominated in USD The Group s shipping exposure is managed by specialist teams for customer relationships and credit management Shipping and oil accounts for 2.5% of total Group exposure Agriculture by segments, Q2 2015 (DKK m) Shipping exposure, Q2 2015 (DKK m) Gross credit exposure* Portion from RD Acc. individual impairment charges Net credit exposure NPL coverage ratio Business Banking 60,845 42,321 2,512 58,334 78% Growing of crops, cereals, etc. 17,454 13,998 405 17,049 74% Dairy 13,945 7,483 848 13,097 81% Pig breeding 13,323 10,415 1,089 12,234 77% Mixed operations, etc. 16,123 10,425 170 15,954 65% C&I 5,978 2,698 0 5,978 100% Others 321 5 80 242 Total before collective impairments 67,144 2,591 64,553 78% Collective impairment charges 724 198 Total gross exposure 67,868 Gross credit exposure* Acc. individual impairment charges Net credit exposure NPL coverage ratio C&I 42,223 1,917 40,307 71% Offshore 11,132 0 11,132 - Tank 8,441 1,523 6,917 66% Container 7,405 37 7,368 87% LNG/LPG 4,438 0 4,438 - Dry bulk 2,838 15 2,823 99% Car carriers 1,754 0 1,754 - Others 6,215 341 5,874 100% Personal & Business Banking 1,513 67 1,447 93% Total 43,737 1,984 41,753 72% * Gross credit exposure excludes accumulated collective impairment charges. 29

Funding and liquidity: 36 bn of long-term funding issued in H1; 45 bn of funding up for redemption in H2 Changes in funding, 2015 (DKK bn and bp*) Long-term funding ex RD (DKK bn) Cov. bonds 107bp Senior Tier 2 Tier 1 Funding plan Completed 51bp 95 26 33 80bp 62bp 13 55bp 73bp 6 0 5 2 0 11bp 10 37bp 21 574bp 6 73 39 64 50-70 36 Redemptions 2015: DKK 65bn Redeemed H1 2015: DKK 20bn New H1 2015: DKK 36bn 2011 2012 2013 2014 2015E Maturing funding, 2016-18 (DKK bn and bp*) Liquidity coverage ratio** (%) Cov. bonds 93bp 97bp Senior Tier 2 Tier 1 103bp 42bp 150 29 32 0 0 2016: DKK 60 bn 49bp 27 65bp 18 13 0 2017: DKK 58 bn 26 54bp 191bp 15 12 0 2018: DKK 52 bn 125 100 133 Q2 14 125 Q3 14 129 131 130 Q4 14 Q1 15 Q2 15 110*** * Spread over 3M EURIBOR. **LCR is calculated in accordance with the Danish FSA s specifications and includes holdings of covered bonds and Danish mortgage bonds, including own issued bonds. ***Minimum requirement of the Danish FSA. 30

Deposits credit inst. CD & CP Repos Deposits Senior unsecured Covered bonds Subord. debt Equity Financial results for Q1 H1 2013 2015 Funding: Structure and sources; Danish mortgage system is fully pass-through Loan portfolio and long-term funding, Q2 15 (DKK bn) Funding sources (%) 1,886 Q1 2015 Q2 2015 114 Senior debt 47 1,601 Bank loans 542 840 Deposits Bank mortgages 319 192 Covered bonds 6 18 6 11 9 1 2 RD mortgages 740 740 Issued RD bonds Loans Funding Short-term funding Long-term funding 31

Three distinct methods of rating banks Rating methodology Danske Bank s rating Anchor SACP* Extraord. Add. + 1 + 2 + 3 + 4 = SACP + + ALAC + = Support factors Issuer Rating bbb+ +1 0 0 0 a- 0 +1 0 A (Stable) 1=Business Position 2=Capital & Earnings 3=Risk Position 4=Funding & Liquidity Macro Profile + 1 + 2 + 3 + 4 + 5 + Quali- Affiliate Gov. = BCA** + + LGF*** + = tative Support Support Factors Issuer Rating Strong Plus baa1 a1 baa2 ba1 a3 0 Baa1 0 +1 +1 A2 (Stable) 1=Asset Risk 2=Capital 3=Profitability 4=Funding Structure 5=Liquidity Resources Individual Rating/Viability Rating Support Rating/Support Rating Floor a A- Issuer Default Rating (IDR) IDR is the higher of the Viability Rating and the Support Floor A (Stable) * Stand-Alone Credit Profile. ** Baseline Credit Assessment. *** Loss Given Failure. 32

Tax Actual and adjusted tax rates (DKK m) Q22015 Q12015 Q42014 Q32014 Q22014 Profit before tax 5,814 6,362-5,298 4,503 5,000 Ireland core and non-core -206-433 434 79 87 Permanent non-taxable difference -278 20 8,969 45-1,240 Adjusted pre-tax profit, Group 5,330 5,949 4,105 4,627 3,847 Tax according to P&L 1,346 1,411 987 1,231 953 Taxes from previous years -107 33 44-60 -5 Adjusted tax 1,240 1,445 1,031 1,171 948 Tax drivers The difference between profit before tax and adjusted pre-tax profit relates mainly to previous years losses in Ireland Further, permanent non-taxable difference derives mainly from taxexempt dividends and value adjustments of shares Adjusted tax rate 23.3% 24.3% 25.1% 25.3% 24.6% Actual tax rate 23.2% 22.2% N/A 27.3% 19.1% 33

Contacts Henrik Ramlau-Hansen Direct: +45 45 14 06 66 Chief Financial Officer Mobile: +45 22 20 73 10 hram@danskebank.com Claus Ingar Jensen Direct: +45 45 12 84 83 Head of IR Mobile: +45 25 42 43 70 clauj@danskebank.dk John Bäckman Direct: +45 45 14 07 92 Chief IR Officer Mobile: +45 30 51 46 85 jbc@danskebank.dk Robin Hjelgaard Løfgren Direct: +45 45 14 06 04 IR Officer Mobile: +45 24 75 15 40 rlf@danskebank.dk Louisa Grue Baruch Direct: +45 45 13 92 34 IR Officer Mobile: +45 21 56 19 35 lobar@danskebank.dk 34

Disclaimer Important Notice This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S in any jurisdiction, including the United States, or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended ( Securities Act ), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This presentation contains forward-looking statements that reflect management s current views with respect to certain future events and potential financial performance. Although Danske Bank believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors many of which are beyond Danske Bank s control. This presentation does not imply that Danske Bank has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 35