Financial results for the first half of 2014

Financial results for the first half of 2014 Thomas F. Borgen Chief Executive Officer Henrik Ramlau-Hansen Chief Financial Officer 24 July 2014

Agenda Executive summary and financial results 3 Business unit update 54 Selected topics 7 New initiatives 12 Business review update 13 Outlook for 2014 16 Q&A 17 Appendix 18 2

Executive summary for H1 2014 Key message Executing our strategy; with ROE of 9.2% we continue towards our financial targets Net profit Net profit of DKK 6.9 bn (+88% vs. H1 2013) Income Total income DKK 21.7 bn driven by improvements in most income lines Expenses Continued cost focus lowering expenses by 6% vs. H1 2013, to DKK 11 bn Impairments Reduction in impairments to DKK 1.3 bn down 44% against H1 2013 Non-core Non-core result of DKK -794 m and according to plan Capital Successful capital issues; CET1 of 14.4% and total capital ratio of 18.6% Outlook Improved net profit outlook for 2014 to DKK 10-13 bn (previously high end of DKK 9-12 bn) 3

Net profit: DKK 6.9 bn, up 88% from first half of 2013 incl. Nets Income statement & key figures (DKK m) Key points, H1 14 vs H1 13 H1 2014 H1 2013 Index Q2 2014 Q1 2014 Index Net interest income 11,251 10,876 103 5,900 5,351 110 Net fee income 4,885 4,444 110 2,480 2,405 103 Net trading income 4,061 3,919 104 2,195 1,865 118 Other income 674 675 100 365 309 118 Net income from insurance business 842-5 - 437 405 108 Total income 21,712 19,907 109 11,377 10,335 110 Expenses 11,021 11,747 94 5,589 5,432 103 Profit before loan impairment charges 10,691 8,161 131 5,788 4,903 118 Loan impairment charges 1,267 2,251 56 626 641 98 Profit before tax, core 9,424 5,908 160 5,162 4,262 121 Profit before tax, Non-core -794-1,015 - -162-632 - Profit before tax 8,630 4,893 176 5,000 3,630 138 Tax 1,771 1,237 143 953 818 117 Profit 6,859 3,656 188 4,047 2,812 144 Return on avg. shareholders' equity (%) 9.2 5.2 10.8 7.7 Cost/income ratio 50.8 59.0 49.1 52.6 Common equity tier 1 capital ratio (%) 14.4 15.6 14.4 14.0 EPS 6.8 3.7 4.0 2.8 Lending (DKK bn) 1,566 1,573 100 1,566 1,559 100 Deposits (DKK bn) 764 783 97 764 782 98 Return on equity improved from 5.2% to 9.2% Total income up by 9% driven by NII and fee income NII up 3% driven by deposit repricing, lower funding costs and bond portfolio optimisation Expenses down 6% Impairment charges down 44% Key points, Q2 14 vs Q1 14 NII was up 10% primarily driven by lower funding cost Continued execution on cost-saving initiatives Result from the Non-core activities improved due to one-off s in Q1 and quarterly fluctuations 4

The three banking units: Improvement owing mainly due to lower costs and lower impairments Profit before tax (DKK m) Key points, H1 14 vs H1 13 H1 2013 H1 2014 +88% 2,346 1,248 Personal Income statement (DKK m) +21% 2,813 2,324 Business +3% 1,962 2,022 C&I Personal Banking Slightly lower NII from declining volumes Expenses down 10% owing primarily to tight cost control Loan impairments down 44% Business Banking Stable NII; slightly higher lending volume Loan impairments down 47% C&I Higher NII and net fee income due to volume and activity Trading income negatively affected by lower income from market making Personal Business C&I H1 2014 H1 2013 Index H1 2014 H1 2013 Index H1 2014 H1 2013 Index Net interest income 5,343 5,491 97 4,368 4,382 100 1,288 1,061 121 Net fee income 2,186 2,017 108 1,017 955 106 710 564 126 Net trading income 318 289 110 315 357 88 2,535 2,881 88 Other income 330 330 100 266 265 100 3 8 37 Total income 8,177 8,127 101 5,966 5,959 100 4,535 4,513 100 Expenses 5,278 5,887 90 2,649 2,687 99 2,303 2,240 103 Profit before loan impairment charges 2,899 2,240 129 3,317 3,272 101 2,232 2,273 98 Loan impairment charges 553 992 56 504 948 53 210 311 68 Profit before tax 2,346 1,248 188 2,813 2,324 121 2,022 1,962 103 5

Danske Capital and Danica Pension: Satisfactory result Danske Capital: Financial highlights, H1 2014 Total income up 10% driven by higher assets under management and margin improvement Profit before tax up 22% Net sales of DKK 19 bn, of which 65% to non-danish clients Assets under management increased 9%, from DKK 704 bn in H1 2013 to DKK 770 bn in H1 2014 Danica Pension: Financial highlights, H1 2014 Premiums up 2% Result from insurance business up 8%, driven by unitlinked business Danske Bank cross-sales of Danica Pension products of DKK 2.2 bn, up 43% Risk allowance booked in full for three of the four interest rate groups At the end of H1, the shadow account balance was DKK 1.3 bn Danske Capital: Income statement (DKK m) Danica Pension: Income statement (DKK m) H1 2014 H1 2013 Index Net interest income 1-17 - Net fee income 1,023 941 109 - portion from performance fees 28 63 44 Other income -1 5 - Total income 1,023 929 110 Expenses 488 491 99 Profit bef. loan imp. charges 535 438 122 Loan impairment charges - - - Profit before tax 535 438 122 Assets under management (bn) 770 704 109 H1 2014 H1 2013 Index Premiums 14,364 14,025 102 Danica Traditionel (insurance result) 637 609 105 Unit-linked (insurance result) 302 230 131 Health and accident (ins. result) -128-86 - Result from insurance business 811 753 108 Return on investments 237 69 - Financing result -73-87 - Special allotments -51-95 - Net income bef. postponed risk allow. 924 640 144 Change in shadow account -82-645 - Net income 842-5 - 6

Expenses: Positive trend in underlying cost base and small increase Q/Q relating to cost-saving initiatives and IT Total group expenses (DKK m) Quarterly change in expenses (DKK m) Consultants etc. Severance payment Deposit scheme guarantee / bank packages Bonus Write down Sampo name Other costs Q1 2014 5,432 23,958 659 470 629 23,794 780 694 Severance payment 69 901 464 931 762 11,021 241 IT 65 188 20,835 20,627 390 Staff costs 48 407 Other costs 25 9,794 Q2 2014 5,589 Actual 2012 Actual 2013 H1 2014 7

Impairments: Loan loss ratio of 14 bp for core activities and 17 bp for the entire Group Impairments, 2008 to Q2 14 (DKK bn/bp) Impairments (DKK m) 10 9 8 7 Impairments 173 Loan loss ratio* (rhs) 180 150 120 H1 14 H1 13 Index Q214 Q114 Index Personal Banking 553 992 56 216 337 64 Business Banking 504 949 53 205 299 69 C&I 210 311 68 205 5 - Other activities - - - - - - Total core 1,267 2,252 56 626 641 98 Non-core 380 898 42 77 303 25 Group 1,647 3,150 52 703 944 74 6 99 5 90 Loan loss ratio, annualised (bp) 4 3 2 1 11 33 15 60 30 H1 14 H1 13 Index Q214 Q114 Index Personal Banking 14 23 74 11 17 65 Business Banking 17 30 68 13 20 65 C&I 8 12-14 - - Total core 14 23 61 13 14 93 Non-core 179 344 83 77 285 27 Group 17 32 63 15 20 75 0 0 Q208 Q209 Q210 Q211 Q212 Q213 Q214 * Loan loss ratio defined as annualised impairment charges as a percentage of loans and guarantees. 8

Capital: Strong capital ratios from retained earnings and tier 2 issue in Q2 2014 Capital ratios, under Basel II/CRD IV (%) Common equity tier 1 18.1 2.4 1.7 18.6 2.6 1.6 Capital drivers Tier 2 RWA declined DKK 10 bn to DKK 887 bn in Q2 14, Hybrid tier 1 / Additional tier 1 mainly because of portfolio changes CRD IV leverage ratio: 4.0% according to the transitional rules; 3.5% fully phased-in Effect from CRR/CRD IV on fully loaded CET1 of about 1.2 percentage point compared with the Q2 2014 ratio Removing temporary risk weight add-on will increase CET1 by around 0.4 of a percentage point after full implementation later in 2014 Effect of FSA order on corporate risk weights (%) 14.0 14.4 2 3 44 39 Q114 Q214 Corporate risk weight after order Q313 Portfolio changes Q313-Q214 Removal of add-on Pro-forma corporate risk weight Q2 14 9

Capital: Successful series of capital issues since late 2013 New capital issues, Sept 2013 May 2014 EUR 500 m - tier 2 12NC7 EUR 3M +165 bp* May 14 EUR 750 m - additional tier 1 PerpNC6 coupon: 5.75% - Apr 14 DKK 1,150 m - tier 2 12NC7 - EUR 3M +271 bp* Dec 13 DKK 1,700 m tier 2 10½NC5½ EUR 3M +251 bp* Dec 13 SEK 1,600 m - tier 2 10½NC5½ - EUR 3M +250 bp* Dec 13 SEK 900 m - tier 2-10½NC5½ - EUR 3M +249 bp* Dec 13 NOK 700 m - tier 2 10NC5 - EUR 3M +242 bp* Dec 13 CHF 150 m - tier 2-12NC7 EUR 3M +255 bp* Dec 13 EUR 1,000 m - tier 2 10NC5 EUR 3M +276 bp* Sep 13 *Equivalent spread to 3M EURIBOR at the time of issue 10

Non-core: Unwinding of Irish assets proceeding as planned Key points Loss before tax reduced by DKK 221 m, from DKK -1,015 m in the first half of 2013 to DKK -794 m in the first half of 2014 Sales in the first half of 2014 equalled about 70% of the total sales in 2013 Irish property disposals progressing well, with an agreement to sell a portfolio of almost 700 properties effective in Q3 Guidance for 2014 impairments in Non-core Ireland remains up to DKK 1.5 bn Property pipeline and sales (No. of properties) New Non-core loan portfolio*, Q2 2014 (DKK bn) Allowance account Impaired credit exposure Non-impaired credit exposure 22 15 Personal customers RWA (DKK bn) 8 1 CRE 7 3 Other 12 11 Non-core conduits etc. 49 11 8 29 Total 2013 Non-core conduits etc. H1 2014 523 364 1,423 879 214 247 575 1,345 Non-core Ireland 62 66 59 17 21 19 44 42 9 9 37 35 31 44 45 41 35 34 28 27 Sold On the market Under offer Under contract Q213 Q313 Q413 Q114 Q2 14 * Gross credit exposure. 11

New market initiatives in H1 Danske Guide Mobile Pay Business & Online Post-trade integrated solution International Banking unit for BB and C&I Advisory services easy banking Ung Direkte Danske One Trader Danske Business One, Plus and Pro 12

Business review: Danske is a Nordic universal bank Nordic Universal Bank Strong strategic and economic rationale, with solid footprint across Nordic region today Attractive markets Stable Triple-A economies offering value and attractive market opportunities Economies of scale Benefits from shared costs associated with critical mass in technology, knowledge sharing, product development and general overhead costs. Diversification Diversification of our business and geographical footprint Synergistic opportunities Cross-border, intra-country and cost synergies; synergies between Personal Banking, Business Banking, Danske Capital and C&I enhancing customer offerings 13

Personal Banking in Sweden: Business turnaround for innovative challenger Personal Banking in Sweden Today Market share of 4% skewed towards high net worth segment Successful Private Banking unit and strong virtual bank set-up Challenges in certain areas from scale, inoptimal pricing, low awareness and underdeveloped digital offering have resulted in unsatisfactory profitability Financial highlights, DKKm H1 H1 2014 2013 Index Net interest income 293 265 111 Net fee income 145 151 96 Net trading income 9 8 113 Other income - - - Total income 447 424 105 Expenses 364 372 98 Profit before loan impairment charges 83 52 160 Loan impairment charges 49-5 - Profit before tax 34 57 60 Recapturing challenger position to enhance profitability Strengthened and best in class value proposition on key parameters such as clear advisory services, enhanced digital offering and competitive and fair pricing Investing in people, marketing and leverage of digital platform Loans and advances before impairments 70,008 77,927 90 Allowance account, loans 209 295 71 Deposits 28,157 32,304 87 NII as % p.a. of loans and deposits 0.60 0.48 125 Cost/income ratio (%) 81 88 92 14

Personal Banking in Norway: Fine-tuning a profitable bank Personal Banking in Norway Today Focused footprint with 4% share in a consolidated market Concentration on strong regional footprint and focus on high-net worth customer segments Challenge from lower awareness and lower geographical diversification Securing today s attractive level of profitability Defend and further develop challenger position Optimising scale and customer product offering, including leverage of digital platform Further geographical expansion Financial highlights, DKKm H1 H1 Index 2014 2013 Net interest income 546 566 96 Net fee income 74 75 99 Net trading income -4-18 - Other income 230 235 98 Total income 846 858 99 Expenses 575 601 96 Profit before loan impairment charges 271 257 105 Loan impairment charges 23-17 - Profit before tax 248 274 91 Loans and advances before impairments 73,062 77,594 94 Allowance account, loans 164 127 129 Deposits 27,669 27,859 99 NII as % p.a. of loans and deposits 1.09 1.07 102 Cost/income ratio (%) 68 70 97 15

Outlook for 2014: Lifting net profit to DKK 10-13 bn Macro Economic growth remains slow and fragile, with low interest rates NII Lower funding costs are likely to more than compensate for weak demand for loans Trading and insurance Income from market making may remain low, but total trading income and insurance income are expected to be above 2013 levels (DKK 5.8 bn and DKK 1.1 bn) Total income Total income expected to exceed the level in 2013 (DKK 39.7 bn) Expenses Expenses below DKK 23 bn in 2014 (DKK 23.8 bn in 2013) Impairments Impairments in core activities expected to be below the level in 2013 (DKK 4.1 bn) and up to DKK 1.5 bn at Non-core Ireland Net profit Net profit in the range of DKK 10-13 bn This guidance is subject to uncertainty and depends on economic conditions. Comparables for 2013 are adjusted for the transfer of Personal Banking and Business Banking customers in Ireland to Non-core on 1 January 2014. 16

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Appendix Business units 19 Special topics: NII, trading income and expenses 24 Impairments 27 Macro, credit quality and portfolio reviews, including Ireland 29 Funding, liquidity and rating 35 Financial targets 39 Danica s profit model and tax 40 Contact details 42 18

Personal Banking: Higher income and positive trend in impairments Income statement & key figures (DKK m) Key points, Q2 14 vs Q1 14 Q2 2014 Q1 2014 Index Net interest income 2,728 2,615 104 Net fee income 1,124 1,062 106 Net trading income 113 205 55 Other income 192 138 139 Total income 4,157 4,020 103 Expenses 2,626 2,652 99 Profit before loan impairment charges 1,531 1,368 112 Loan impairment charges 216 337 64 Profit before tax 1,315 1,031 128 Lending 801,985 804,827 100 Deposits 335,724 329,959 102 FTE 6,813 6,780 100 Loan impairment charges (DKK m) Profit before tax up 28% to DKK 1.3 bn. Total income increased 3%, mainly because of higher net interest income and fee income resulting from higher customer activity Trading income fell 45% because Q1 14 benefitted from RD refinancing fee Impairment charges down 36% as credit quality improved further across all markets Expenses (DKK bn) 442 442 453 337 216 3,004 2,821 3,030 2,652 2,626 Q213 Q313 Q413 Q114 Q214 Q213 Q313 Q413 Q114 Q214 19

Business Banking: Positive NII development, lower expenses and continued drop in impairments Income statement & key figures (DKK m) Key points, Q2 14 vs Q1 14 Q2 2014 Q1 2014 Index Net interest income 2,283 2,085 109 Net fee income 510 507 101 Net trading income 120 195 62 Other income 134 132 102 Total income 3,047 2,919 104 Expenses 1,301 1,348 97 Profit before loan impairment charges 1,746 1,571 111 Loan impairment charges 205 299 69 Profit before tax 1,541 1,272 121 Lending 630,075 622,318 101 Deposits 255,999 259,040 99 FTE 3,670 3,688 100 Loan impairment charges (DKK m) Total income up 4% mainly due to higher net interest income because of income initiatives and slightly higher lending volumes Trading income fell 38% mainly because Q1 14 benefitted from RD refinancing fee Expenses was 3% lower du to tight cost control Impairments down 31%, because of improved credit quality Expenses (DKK bn) 350 378 425 299 205 1,350 1,271 1,524 1,348 1,301 Q213 Q313 Q413 Q114 Q214 Q213 Q313 Q413 Q114 Q214 20

Corporates & Institutions: Strong improvement in NII, market making remains weak and higher impairments Income statement & key figures (DKK m) Key points, Q2 14 vs Q1 14 Q2 2014 Q1 2014 Index Net interest income 689 599 115 Net fee income 356 354 100 Net trading income 1,155 1,380 84 Other income 2 1 150 Total income 2,201 2,334 94 Expenses 1,177 1,126 105 Profit before loan impairment charges 1,024 1,208 85 Loan impairment charges 205 5 - Profit before tax 819 1,203 68 Lending 167,608 169,028 99 Deposits 171,033 189,398 90 FTE 1,532 1,562 98 Loan impairment charges (DKK m) Profit before tax fell 32%, mainly because of a small increase in impairments from a very low level in the first quarter of 2014 Income from General Banking continued to improve because of higher net interest income Capital Markets saw high bond issuance activity, and Corporate Finance saw a slight rise in fees Income from Market Making remained difficult due to lower volatility and lack of trends in the market. Expenses increased mainly because of staff reduction costs Income breakdown (%) 205 Market Making Capital Markets Sales and Research General Banking 124 2,131 1,564 2,358 2,334 2,201 20 38 5 Q213 Q313 Q413 Q114 Q214 Q213 Q313 Q413 Q114 Q214 21

Danske Capital: Positive trend in AuM continues Income statement (DKK m) Q2 2014 Q1 2014 Index Net interest income 1 - - Net fee income 529 494 107 - portion from performance fees 8 20 40 Other income - -1 - Total income 530 493 108 Expenses 260 228 114 Profit bef. loan imp. charges 270 265 102 Loan impairment charges - - - Profit before tax 270 265 102 Assets under management (bn) 770 748 103 Key points, Q2 14 vs Q1 14 Total income was up 8% from the first quarter of 2014 Performance fees fell from DKK 20 million to DKK 8 million Non-performance-based income was up 10 % Expenses rose 14% due to higher marketing expenses in the second quarter Assets under management increased 3%, from DKK 748 bn in Q1 2014 to DKK 770 bn in Q2 2014 Net inflow in AuM (DKK bn) AuM customer breakdown (DKK bn) Net inflow Net inflow as % of AuM (rhs) Private equity Institutions Retail* Life insurance 15 10 5 0-5 1.3% 8.9 Q213-0.4% -3.0 Q313 0.4% 2.9 Q413 1.5% 11.4 Q114 1.0% 7.7 Q214 2 1 0-1 Q213 Q313 Q413 Q114 13 266 304 187 Q214 * Retail includes Danske Invest. 22

Danica Pension: Improved net income Income statement (DKK m) Investment allocation for Danica Traditionel, end-q2 14 (%) Q2 2014 Q1 2014 Index Premiums 6,519 7,845 83 Danica Traditionel (insurance result) 333 304 110 Unit-linked (insurance result) 155 147 105 Health and accident (ins. result) -96-32 - Result from insurance business 392 419 94 Investment result 127 110 115 Financing result -24-49 - Special allotments -27-24 - Net income bef. postponed risk allow. 468 456 103 Change in shadow account -30-52 - Net income 437 405 108 Possibility of booking risk allowance in 2014 (%) Equities Credit bonds Alternative investments Bonds Property 1 10 10 5 56 45 69 67 % change in equities 25% Full risk allowance Partial risk allowance -25% -1,00% 0,00% Percentage point change in interest rates 1,00% 16 20 15 11 15 12 New schemes Low 11 9 3 Medium 12 12 3 High 23

Net interest income: Improvement from lower capital cost Quarterly net interest income (DKK m) Quarterly changes in net interest income (DKK m) +8% 5,900 Q1 14 5,351 5,464 5,561 5,640 5,351 Lending effect 43 Deposit effect 129 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Capital cost 216 Balance sheet items (DKK bn) Loans and advances Due to customers Shareholders equity 35 1,700 1,600-7bn Number of days 61 1,500 1,400 Other interest 65 900 800-19bn Q2 14 5,900 700 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 24

Trading income: Positive trend in customer-driven income but market making remains weak Trading income by business unit (DKK m) Key points Other incl. Treasury 2,148 C&I 413 Business 1,467 Personal 1,865 2,195 Trading income at Group Treasury included the positive effect of DKK 1 bn relating to Nets Income from Market Making at C&I was lower as market activity remained low in Q2 Q213 Q313 Q413 Q114 Q214 In Q1 Personal Banking and Business Banking benefitted from DKK 147 m in RD refinancing fees at the refinancing auction. Trading income from C&I (DKK m) Trading income split, Q2 2014 (%) Market Making Customer-driven 1,300 671 1,342 1,380 1,155 FX & money market 29 Repos & derivatives 12 16 Bonds Equities 14 29 Q213 Q313 Q413 Q114 Q214 DCM 25

Expenses: Reduced by 6% compared to H1 2013 Total expenses (DKK m) Change in expenses, (DKK m) Consultants etc. Severance payments Deposit guarantee scheme /bank packages Bonus Other costs YTD 2013 11,747 6,587 Severance payments 46 IT 49 5,943 Staff costs 329 5,460 5,432 5,589 Property, rent etc. Consultants etc. 59 141 5,208 4,847 5,531 4,859 4,929 Bank package 3 etc. Other costs 82 20 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 YTD 2014 11,021 26

Impairments: Improvement in core activities continues Impairments by business unit (DKK bn) Impairment drivers Non-core 1.2 C&I 1.2 Business Personal 1.1 0.9 0.7 Personal Banking: Lower impairments supported by improving macroeconomic conditions on most markets Business Banking: Improved credit quality across markets and segments C&I: Impairments related to a few customers Non-core: Impairments related to Ireland only 0.1 Impaired loans* (DKK bn) 0.2 Defaulted Performing 28.9 31.3 30.1 0.2 9.8 9.4 10.0 0.2 19.1 21.9 20.2 Q213 Q313 Q413 Q114 Q214 Q4 13 Q1 14 Q2 14 Note: Impaired loans are loans in rating categories 10 and 11 on which individual impairments have been made. *Excludes Non-core. 27

Group impairments: Individual charges continue to decline; DKK 45.7 bn in the allowance account Individual loan impairment charges,* ex Baltics (DKK bn) Change in allowance account* (DKK m) New Increased Reversals 1.4 1.1 1.2 0.8 0.9 Allowance, end-2007 4,900 1.1 Gross impairments 135,948 1.8 Reversals 42,173 Write-offs 52,952-2.0 Allowance, end-q2 14 45,722 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 * Includes Non-core activities. 28

Macro: Trends in the Nordics Bankruptcies (index 1996 = 100) Rating upgrades,* 12-month moving average (%) Denmark Finland Norway Sweden Business Banking C&I (incl. Financials) 500 100 400 Upgrades > downgrades 300 200 100 1996 1999 2002 2005 2008 2014 50 0 Downgrades > upgrades 2009 2010 2011 2012 2013 2014 Property prices, Nordic countries (index 2003 = 100) House prices/nom. GDP, Nordic countries (index 2005 = 100) Denmark 220 Finland Norway Sweden Denmark 130 Finland Norway Sweden 180 120 110 140 100 100 2004 2006 2008 2010 2012 2014 * The relation between upgrades and total rating changes. Ratings since Q4 11 reflect recalibration. 90 1995 2000 2005 2010 2014 29

Denmark: Housing remains affordable as prices stabilise Danish house prices by region (%) Change in Region Prices Change q/q Preview* peaked since peak Q1 2014 Q2 14 Copenhagen Q3 2006-21.1 0.0 3.3 Zealand Q2 2007-27.5 0.7 7.3 Affordability index, quarterly data from1988 2012 Fixed rate Mixed rate Average 140 120 Above average = expensive 100 South Denmark Q2 2008-19.8 0.3 2.0 80 Central Jutland Q2 2008-13.5 0.7 0.8 Northern Jutland Q1 2008-11.3 0.6 4.2 Nationwide Q3 2007-16.7 0.3 1.5 60 40 1988 1992 1996 Below average = cheap 2000 2004 2008 2012 Danish housing market (000s) Unemployment and foreclosures (%) No. housing units for sale House price per m 2 (rhs) 10Yswap rate Unemployment No. of forced sales (rhs) 80 14 15 1,500 70 60 50 40 12 10 5 1,000 500 30 10 0 0 2009 2010 2011 2012 2013 2014 1989 1994 1999 2004 2009 2014 * Leading indicator based on monthly statistics from home (Danske Bank s real estate agency) that cover about one-third of the market. Sources: Danske Research, Statistics Denmark, Assoc. of Danish Mortgage Banks, home, Adam, Danish central bank, SKAT (tax authority) and own calculations. 30

Realkredit Danmark: Portfolio overview Portfolio facts, Realkredit Danmark, end-q2 14 Approx. 383,000 loans (residential and commercial) 2,439 loans in 3- and 6-month arrears 91 repossessed properties DKK 11 bn of loans with LTV > 100%, including DKK 3bn with public guarantee Average LTV ratio of 71% LTV ratio at origination (legal requirement) Residential: max. 80% Commercial: max. 60% 1-month arrears, Realkredit Danmark (% of stock) Loans by LTV ratio and rating, RD, end-q2 14 (DKK bn) LTV ratio (%) 1-3 4-7 8-11 Total Pub. guarantee 0-20 51 190 21 262 3 20-40 34 163 19 216 3 40-60 22 120 16 158 3 60-80 10 60 10 80 4 80-100 3 13 3 20 2 >100 3 6 2 11 3 Total 123 553 71 747 17 Trend in mortgage margins, 80% LTV, owner-occupied, (bp) 0.8 All products Fixed rate Adjustable rate 101 118 86 0.6 0.4 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 68 52 + refinancing fee* + refinancing fee* 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. 31

Realkredit Danmark: Good preference for longer term variable rate loan driven by flat yields and fee structure Key points Trend away from short term Flexlån, continued in H1 2014 Extension into FlexKort and RD Cibor 6 / Euribor 3 loans during the refinancing auctions accounted for approx 50% of the gross lending in Q4 13 and Q1 14 The outstanding amount of the new FlexKort product rose from DKK 12bn in Q4 13 to DKK 20 bn Since end-q2 2012, the amount of Flexlån F1 and F2 loans has been reduced by DKK 108 bn, or 50% Gross lending (DKK bn) Fixed rate loans Variable rate loans, short-term* Variable rate loans, long-term* Loan portfolio, FlexLån F1 and F2 (DKK bn) -50% 35 19 217 211 191 169 160 161 130 111 109 15 3 5 11 3 6 13 3 5 1 8 1 11 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 *Short term: 2 year, long term: 3 year 32

Impaired exposure: Limited agriculture and shipping exposure Agriculture, breakdown of loan portfolio*, Q2 14 (%) Shipping, breakdown of loan portfolio*, Q2 14 (%) Other Horticulture 12 Mixed operations 1 26 Agriculture 6 Chemicals and feeds 13 1 Poultry 20 Pig breeding 20 Cattle breeding Agriculture, exposure and allowance, Q2 14 (DKK bn) Other RO-RO Product tanker 8 2 6 Offshore supply 13 Car carrier Chemical tanker 5 8 18 Container 8 Offshore rig 6 11 Crude tanker 9 6 Gas tanker Cruise/Ferry Dry bulk Shipping, exposure and allowance, Q2 14 (DKK bn) Business unit Gross exposure Allowance Coverage Business unit Gross exposure Allowance Coverage Personal Banking 0.4 0.0 10.0% Business Banking 59.0 3.0 5.1% Corporates & Institutions 7.1 0.0 0.0% Total exposure, ex. Non-core 66.5 3.0 4.6% Personal Banking 0.1 0.0 15.7% Business Banking 1.4 0.1 6.3% Corporates & Institutions 34.7 1.6 4.5% Total exposure 36.2 1.7 4.7% Portion from RD 45.8 0.3 0.8% Gross impaired loans: DKK 3.6 bn (5.4%) Gross impaired loans: DKK 4.3 bn (11.9%) * Excluding Non-core 33

Ireland: House price trends and arrears Irish house price indices (index 100 = January 2005) CSO index,* houses Internal price index for houses in Dublin Internal price index for houses outside Dublin Fall from peak (%) Residential real estate Dublin 55 140 Non-Dublin 62 120 100 80 60 Commercial real estate Ireland, total Arrears** (%) 91-180 days 180+ days Market 63 12.2 40 5.7 20 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q110 Q111 Q112 Q113 * The general Irish house price index. ** Number of arrears, personal customers, excluding buy-to-let financing. Based on Q2 2013. Q114 34

Funding and liquidity: Successful capital issues and high issuance activity in first half of 2014 Changes in funding, 2014 (DKK bn and bp*) Cov.bonds 56bp 5 133bp 29 28 28 24 108bp 2 587bp Redemptions 2014: DKK 65 bn Senior 0 0 Tier 2 145bp 112bp 1 587bp Redeemed H114: DKK 53 bn Tier 1 27bp Maturing funding, 2015-17 (DKK bn and bp*) 7 42bp 11 478bp 165bp 6 4 New H1 14: DKK 28 bn Long-term funding ex RD (DKK bn) Funding plan Completed 95 73 39 40-60 28 2011 2012 2013 2014 Liquidity coverage ratio** (%) Cov.bonds 51bp 110bp Senior Tier 2 95bp 105bp Tier 1 150 142bp 30 26 55bp 5 0 2015: DKK 61 bn 28 26 0 0 2016: DKK 55 bn 65bp 65bp 19 12 12 0 2017: DKK 43 bn 125 100 132 132 127 133 119 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 110*** * Spread over 3M EURIBOR. **LCR is calculated in accordance with Danish FSA s specifications and includes holdings of covered bonds and Danish mortgage bonds, including own issued bonds.. ***Minimum requirement of the Danish FSA. 35

Capital & Funding: Good performance for Danske Banks capital and debt issues AT1: 5.75% PerpNC6 (ASW spread, bp) 460 440 420 400 LT2: 3.875% 10NC5 (ASW spread, bp) 240 220 200 180 160 140 0 Mar 14 May 14 Jul 14 0 Oct13 Mar14 Jul 14 Senior: 3.875 Feb 2017 (ASW spread, bp) 60 40 Covered: 4.125 Nov 2019 (ASW spread, bp) 14 12 10 8 6 4 0 Jan 14 Apr14 Jul 14 0 Jan14 Apr14 Jul 14 36

Funding: Structure and sources Loan portfolio and long-term funding, Q2 14 (DKK bn) Funding sources (%) 1,767 Q1 2014 Q2 2014 89 Senior debt 44 1,567 Bank loans 510 764 Deposits 22 Bank mortgages 314 171 Covered bonds 7 1 5 11 2 8 RD mortgages 743 743 Issued RD bonds Deposits credit inst. CD & CP Repos Deposits Senior unsecured Covered bonds Subord. debt Equity Loans Funding Short-term funding Long-term funding 37

Three distinct methods of rating banks Rating methodology Danske Bank s rating Anchor SACP* Extraord. Add. + 1 + 2 + 3 + 4 = SACP = + = Support factors Issuer Rating bbb+ +1 0 0 0 a- +2-1 A (Negative) 1=Business Position 2=Capital & Earnings 3=Risk Position 4=Funding & Liquidity Bank Financial Strength Rating Baseline Credit Assessment (BCA) Parental and Adjusted Systemic + Cooperative = + = BCA Support Support Issuer Rating C- Baa2 0 notches Baa2 1 notch Baa1 (Positive) 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. 38

Financial targets: Further progress towards 9% ROE in 2015 Target Year to be achieved Status at 30 June 2014 Comments Return on equity 9% 2015 Above 12% Long-term 9,2% Initiatives progressing as planned Ratings Improve ratings by at least one notch 2015 S&P/Moody s/fitch A/Baa1/A Negative/Positive/Stable Core tier 1 ratio Minimum 13% 14,4% Met since end-2012 End-2013 Total capital ratio Minimum 17% 18,6% Met since end-2012 Nominal costs Below DKK 23 bn DKK 11.0 bn 2015 Cost/income ratio Below 50% 50,8% In progress, upgrade from S&P in April 2014 Initiatives progressing as planned Dividend payments About 40% of net profit 2015 For 2013: dividends of 28% of net profit On track 39

Danica Pension s profit model Profit model Condition/ sensitivity H1 2014 DKK m 1 + 2 + 3 + 4 + 5 + 6 + 7 = Danica Traditionel. Mainly risk allowance 75 bp p.a. of technical provisions (DKK 157 bn) Unit-linked business. Long-term: approximately 0.4% of AuM Can be booked only if investment return is high enough and if no use of bonus potential of paid-up policies Prices and volume Risk allowance Other Solid income base but also price competition Health and accident business Combined ratio Price competition -128 Return on investment portfolio at shareholders risk Financing result Special allotments, depending on profit and business volume Shadow account 687-50 302 Equity markets, interest rates Investment return: 1.3 % 237 S-T interest rate (equity allocated capital) Uncertainty because of dependency on investment return for the rest of the year Low short-term interest rate -73 Transferred to shadow account, primarily from one interest rate group Total Danica Pension 842-51 -82 40

Tax development Actual and adjusted tax rates (DKK m) Q2 14 Q1 14 Q4 13 Q3 13 Q2 13 Profit before tax 5,000 3,630 2,862 2,304 2,677 Pre-tax loss, Ireland core and non-core 87 140 206 103 372 Permanent non-taxable difference -1,240-100 -366 248-292 Tax drivers The actual tax rate is relative low, due to permanent non-taxable share price adjustments and dividends Adjusted pre-tax profit, Group 3,847 3,670 2,702 2,655 2,757 Tax according to P&L 953 818 939 768 493 Taxes from previous years -5 53-296 -120 181 Adjusted tax 948 871 642 648 674 Adjusted tax rate 24.6% 23.7% 23.8% 24.4% 24.4% Actual tax rate 19.1% 22.5% 32.8% 33.3% 18.4% 41

Contacts Henrik Ramlau-Hansen Direct: +45 45 14 06 66 Chief Financial Officer Mobile: +45 22 20 73 10 hram@danskebank.com Julie Quist Direct: +45 45 14 07 92 Head of IR Mobile: +45 40 49 78 93 jqu@danskebank.dk Claus Ingar Jensen Direct: +45 45 12 84 83 Chief IR Officer Mobile: +45 25 42 43 70 clauj@danskebank.dk 42

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. 43