6 February 2014

Thomas F. Borgen Chief Executive Officer

Financial results for 2013

PRESS CONFERENCE

2

Financial results for 2013

Strategy and market developments

Outlook for 2014

Agenda

3

2013 2012 IndexNet interest income 22,245 22,778 98Net fee income 9,525 8,866 107Net trading income 5,818 10,562 55Other income 1,328 1,285 103Net income from insurance business 1,088 2,171 50Total income 40,004 45,662 88Expenses 24,343 24,642 99Profit before loan imp. charges 15,661 21,020 75Loan impairment charges 4,187 7,680 55Profit before tax, core 11,474 13,340 86Profit before tax, Non-core -1,415 -4,801 -Profit before tax 10,059 8,539 118Tax 2,944 3,814 77Profit 7,115 4,725 151

Return on shareholders' equity 5.0 3.6Total capital ratio (%) 14.7 14.5Lending, DKK bn 1,553 1,641Deposits, DKK bn 788 784

Income statement & key figures (DKK millions)

Improvement, but still unsatisfactory

4

Expenses declined slightly in 2013 – substantial reductions going forward

Trend in expenses from 2012 to 2014 (DKK billions)

Expected in 2014

-1% -5%

About DKK 23 billion

2013

24.3

2012

24.6

5

Impairment charges return to normal

Loan impairment charges, 2008-13 (DKK billions)

* The loan loss ratio is defined as the Group’s quarterly impairments (annualised) as a percentage of loans and guarantees.

0

30

60

90

120

150

18010

9

8

7

6

5

4

3

2

1

0 23

Q2 13

Q2 12

Q2 11

Q2 10

Q2 09

33

Q2 08

11

Loan loss ratio* (rhs) Impairments

6

Winding up of Non-core Ireland proceeding as planned

-23%

Q4

13.6

Q3

15.9

Q2

16.9

Q1

17.6

Credit exposure,* 2013 (DKK billions) Status of property sales, 2013 (No. properties)

• * Excluding the allowance account.

40106 95

707

95

886

293

Sold For sale

1,423

Q413 Q313 Q213 Q113

7

Capital base* (%)

21.4

State hybrid

2013

14.7

2.8

1.5

2.4

2012

21.3

14.5

4.4

2.4

Core tier 1

Hybrid tier 1 (incl. state hybrid)

Tier 2

* CRD/Basel II.

Board of Directors is proposing a dividend of DKK 2 per share, or 28% of the net profit for the year

Solid capital base; outlook for dividend for first time in six years

8

2012 2013

A-

Stable outlook

A-

Positive outlook

Baa1

Positive outlook

Baa1

Stable outlook

A

Negative outlook

A

Stable outlook

Stable ratings with a positive underlying trend

5Y CDS spread, July 2012 - Dec 2013 (bp)

0

50

100

150

200

250

300

350

Dec-13

Jun-13

Sep-13

127

Dec-12

Sep-12

1

Mar-13

Danske Bank Swedbank Nordea

9

Our vision and mission stand firm, and we are accelerating the execution of our strategy

Vision

“Recognised as the most trusted financial partner”

Customer satisfaction

Financial results

Mission

“Setting new standards in financial services”

Advisory services

Openness & Transparency

Digitalisation

Priorities

Simplicity Customer attention

Efficiency

10

Personal Banking: Significant improvement

Proactive advice

Tailor-made solutions

Easy banking

2012 1,650 +64%

2013 2,698

2013

-30% 2012 2,749

1,935

Losses and impairments (DKK millions)

Profit before tax (DKK millions)

11

Initiatives

Customer programme in DK: 1.2 million customers

MobilePay :1 million downloads, 33,000 transfers per day

Online meetings: 13% of meetings held in Denmark and Finland

360-degree service review

New products – e.g., FlexKort

Personal Banking

Increase in market shares for bank lending and Realkredit Danmark

Higher customer satisfaction in Norway and Sweden

Very high customer satisfaction in Northern Ireland, but low customer satisfaction in Finland

12 * Source: GMI and external Benchmark (6-month rolling data).

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Feb Jan Dec Nov Oct Sep Aug July June May Apr Mar

Customer satisfaction (1-10, rhs)

Customer outflow (lhs)

Sharp decline in customer outflow and increased customer satisfaction

7.5

7.0

6.5

6.0

13

Business Banking: Sharp drop in impairments

Specialised advice and targeted solutions

Faster, uniform credit processing

Easy banking

+55%

2013 4,752

2012 3,061

-53%

2013 1,779

2012 3,825

Losses and impairments (DKK millions)

Profit before tax (DKK millions)

14

Initiatives

Specialist centres in all the capitals

International banking organisation

Corporate bonds

Mobile and tablet apps – MobilePay Business on the way

Regional credit departments

Business Banking

• High customer satisfaction in Sweden, Norway and Northern Ireland

• Still a way to go in Denmark and Finland

• ROE rose from 7.2% to 10.6%

15

Corporates & Institutions: “Best in Nordic region”

Best bank in Nordic region for large corporates and institutional clients*

Investment in corporate finance, transaction banking and bonds,

• New trading platform: One Trader

* Prospera 2013.

-43%

2013 3,374

2012 5,929

Profit before tax (DKK millions)

Client-driven income (DKK millions)

2012 6,378 +9%

2013 6,978

16

Danske Capital: Strong market position

* Morningstar. ** Prospera.

935+21%

2012

2013 1,131

687

727

+6%

2013

2012

Assets under management (DKK billions)

Profit before tax (DKK millions) Rising sales and higher market shares in all markets

Excess returns for investors

Stronger position in alternative investments

Danske Invest named the best in Danish equity mutual funds*

No. 2 in customer satisfaction in the Nordic region**

17

Danica: Weak result, but increase in customer satisfaction

2,171 -50%

2013 1,088

2012

Profit before tax (DKK millions)

24,649 +9%

2013 26,808

2012

Premiums (DKK millions)

• Higher customer satisfaction

• Inflow of new customers in Norway and Sweden

• No. 2 in Nordic region as measured by contributions

• Enhanced collaboration across the Group – sales up 30%

• Launch of Danica Health Check and Pension Check

18

Macro and outlook

19

Weak economic growth Consumer confidence GDP

Source: MacroBond. Eurostat data for Denmark, Sweden, and Finland. For Norway, the indicator compiled by Finance Norway. Norwegian data is quartlerly; others are three- month moving averages.

20

Outlook for 2014

Macro Slightly increasing but fragile economic growth, with interest rates

remaining low

Income Total income is expected to be above the level in 2013

Expenses Expenses to be reduced to around DKK 23 billion

Impairments Impairments likely to be stable at all business units

Net profit Net profit for 2014 of DKK 9-12 billion

21

Financial targets: On track to meet our targets for 2015

Return on equity

Ratings

Core tier 1 ratio Total capital ratio

Nominal costs Cost/income ratio

Dividend

Ambition Status on 31 December 2013

9%

Improve ratings by at least one notch

Minimum 13% Minimum 17%

Under DKK 23 billion Under 50%

About 40% of net profit

5.0%

S&P/Moody’s/Fitch A-/Baa1/A Stable/Positive/Stable

14.7% 21.4%

DKK 24.3 billion 60.9%

28% dividend for 2013

22

Please use the microphones beside your seats

www.danskebank.com/ir

23

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.