Financial results for 2015 2 February 2016

1 1

0

5

10

15

20

25

A recovery is under way and appears likely to continue

95

100

105

110

Employment

Denmark

Eurozone

USA

Index 2007=100

0

20

40

60

80

100

120

2016 2015 2014 2013

Oil price development Industrial production, China

Annual growth rate (%)

Sources: National statistics via Macrobond, USA’s Engergy Information Administration and China’s statistics agency via Macrobond.

2 2

Sources: Statistics Denmark, central banks

Moderate growth in Denmark – interest rates remained low

-1

0

1

2

3

4

5

2012 2014 2016 2010 2008 2006

Eurozone Denmark

-8

-6

-4

-2

0

2

4

6

8

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

70

75

80

85

90

95

100

105

110

Single-family

houses

Owner-occupied

flats

Index 2006=100

Benchmark interest rates

Consumer spending growth, y/y (%)

Housing prices; actual (dark), adjusted for seasonality

(light)

3 3

2015 2014 Index Net interest income 21,476 22,313 96

Net fee income 12,122 11,154 109

Net trading income 6,933 6,693 104

Other income 1,778 1,344 132

Net income from insurance business 1,892 2,496 76

Total income 44,201 44,000 100

Expenses 21,827 22,641 96

Goodwill impairment charges 4,601 9,099 51

Profit before loan impairment charges 17,773 12,260 145

Loan impairment charges 57 2,788 2

Profit before tax, core 17,716 9,472 187

Profit before tax, Non-core 46 -1,503 -

Profit before tax 17,762 7,969 223

Tax 4,639 4,020 115

Net profit 13,123 3,948 -

Net profit before goodwill impairments 17,724 13,047 136

Return on avg. shareholders' equity (%) 8.5 2.5

ROE before goodwill impairments (%) 11.6 8.6

Common equity tier 1 capital ratio (%) 16.1 15.1

Lending (DKK bn) 1,609 1,564 103

Deposits (DKK bn) 817 763 107

Strong financial results for 2015

11.6%

Return on equity

4 4

2015

6.7

2005

16.1

* Before goodwill impairments.

Trends in ROE and shareholders’ equity

Return on equity (%)

Shareholder’s equity (DKK billions)

Indsæt passende billede

2015

149.5

2005

74.5

+101%

8.6*

11 10

5.0

11.6*

14 13 12

3.6 2.1*

15

3.6

09

1.7

08

1.0

07

15.1

06

17.5

05

18.5

CET 1 capital ratio (%)

Target, at least 13%

5 5

Dividend payout and share buy-back

Proposed dividend of

DKK 8 per share,

or 46% of net profit

Share buy-back programme for

DKK 9 bn in 2016

6 6

Personal Banking

808

7942014

+2%

2015

Lending (DKK billions)

+11%

5,137 2015

2014 4,648

Profit before tax and goodwill (DKK millions) Strong pressure on net interest income because of low interest rates

Strong refinancing activity and demand for investment solutions

Low impairments and reduction of expenses

Increase in customer satisfaction in all markets

7 7

Business Banking

2014 5,733

+32%

2015 7,592

Lending (DKK billions)

Profit before tax and goodwill (DKK millions)

634

663

+5%

2015

2014

Lending growth in all core markets

Increase in customers in Denmark

Rising market shares in Denmark, Sweden and Norway

Large drop in loan impairments, and expenses down 5%

8 8

Corporates & Institutions

Total income (DKK millions)

Profit before tax (DKK millions)

+30%

2015 5,396

2014 4,135

Rise in customer-driven income of 14%

High customer activity – important IPOs, M&As, etc.

Very high customer satisfaction in Nordics, with Corporate Banking, among others

Solid increase in trading activity

9,873

+8%

2015

2014 9,121

9 9

* Mutual funds.

Danske Capital

+17%

2015 1,649

2014 1,406

Market shares, Norway and Sweden

Profit before tax and goodwill (DKK millions) Good growth in the Nordics – 22.8% in market shares measured by net sales

Rise in assets under management in alternative investments

71% of investment products delivered a return above their benchmarks

Named best in equities in Denmark for the seventh year running

8.7

Sweden

2.3

Norway

35.7

6.6

Total market share*

Market share net sales

10 10

Danica Pension

-24%

2015 1,892

2014 2,496

Premiums (DKK millions)

Net income (DKK millions)

29,573

+10%

2015

2014 26,822

The result from insurance business rose 6%

The decline in net income was owing mainly to a lower investment return and lower extraordinary income recognition from the shadow account

Solid trend in Nordics – contributions rose 41% in Sweden and 14% in Norway

11 11 * Before goodwill impairments.

We achieved our financial targets

Financial targets Status, end-2015

Return on equity of 9.5%

Improvement in ratings by at least one notch

Dividend payout of 40-50% of net profit

Common equity tier 1 capital ratio of at least 13%

11.6%*

46%

21% Total capital ratio of at least 17%

16.1%

Stable A ratings

12 12 Source: Danske Bank, Customer Insights.

And customer satisfaction is going in the right direction

No.1 No. 2 No. 3

No. 1 in Nordics in • Corporate Banking • Cash Management • Institutional Banking

No. of Prospera rankings in top 3

Corporates & Institutions Business Banking Personal Banking

38 (37%)

18 (17%)

17 (17%)

Target is top three in 66.6% of surveys – in 2015, we reached 71%

13 13

Good progress in the Nordics

Sweden

Increase in customers and 6% rise in lending

Collaboration with SACO

New customer programme

Bank of the Year for personal customers

New bond programme

Increase in lending of 26%

Large increase in customers because of collaboration with Akademikerne

Best private banking offer in Norway according to Prospera

Launch of MobilePay

Norway

Good foundation for future growth

Increased lending to SMEs

Rise in customer satisfaction among all customer types – especially high among corporate clients

Finland

14 14

Solid progress in Northern Ireland

140

102

+37%

2015

2014

Profit before tax (GBP millions)

+2%

4,300 2015

2014 4,213

Lending (GBP millions)

Increase in both lending and deposits

Strong position in market for corporate clients

Improved credit quality

Separate business unit

15 15

New Wealth Management unit with great potential

800,000 customers in the new business unit

DKK 900 billion in assets under management

Wealth Management gathers our expertise in wealth and asset management and pensions

Improves customer services and accelerates the offering of innovative new solutions and products

16 16

New hedge fund for alternative investments

Innovation throughout our business

TouchID with MobilePay and Mobile Banking

New customer programme in Sweden

Contactless MasterCard and Visa/Dankort

New health package from Danica Pension

Mixopsparing (mixed savings) investment product

New savings accounts in Finland

Digital signature for businesses

Danske In-house Banking – new FX service

Advisory services via chat

MobilePay for Apple Watch

MobilePay launched in Norway

Home and auto loans with fixed interest rates

17 17

Five trends are driving change

Macroeconomics Customer expectations

New competitors Regulations Digitalisation

18 18

Four strategic themes set our future direction

19 19

* Before goodwill impairments.

Outlook 2016

Net profit in line with 2015 level*

20

Financial results for Q1 2013

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.