3 February 2015

FINANCIAL RESULTS FOR 2014

Thomas F. Borgen Chief Executive Officer

PRESS CONFERENCE

2

Agenda

Financial highlights 2014

Outlook for 2015

Macroeconomics

The way forward

3

Best financial results since 2007

Income statement and key figures (DKK millions)

2014 2013 Index Q4 2014 Q3 2014 Index

Net interest income 23,107 22,077 105 5,880 5,976 98

Net fee income 10,491 9,468 111 2,966 2,640 112

Net trading income 6,562 5,799 113 977 1,525 64

Other income 1,344 1,308 103 366 304 120

Net income from insurance business 2,362 1,088 217 1,032 488 211

Total income 43,866 39,740 110 11,221 10,933 103

Expenses 22,641 23,794 95 6,090 5,530 110

Goodwill impairment charges 9,099 - - 9,099 - -

Profit before loan impairment charges 12,126 15,947 76 -3,968 5,403 -

Loan impairment charges 2,788 4,111 68 853 668 128

Profit before tax, core 9,338 11,836 79 -4,821 4,735 -

Profit before tax, Non-core -1,503 -1,777 - -477 -232 -

Profit before tax 7,835 10,059 78 -5,298 4,503 -

Tax 3,989 2,944 135 987 1,231 80

Net profit 3,846 7,115 54 -6,285 3,272 -

Net profit before goodwill impairments 12,945 7,115 182 2,814 3,272 86

Return on avg. shareholders' equity (%) 2.4 5.0 -16.9 8.5

ROE before goodwill impairments (%) 8.5 5.0 7.1 8.5

Cost/income ratio* 51.6 59.9 54.3 50.6

Common equity tier 1 capital ratio (%) 15.1 14.7 15.1 15.0

EPS 3.6 7.1 -6.4 3.2

Lending (DKK bn) 1,564 1,537 102 1,564 1,582 99

Deposits (DKK bn) 763 776 98 763 761 100

4

Strengthened topline despite weak macro

Totale income

23,107

Net fee inc.

43,866 39,740

Net interest inc. 22,077

10,491 9,468

2,362 Insurance

6,562

1,088

1,308

Net trading inc.

Other income 1,344

5,799

2014 2013 Income (DKK millions)

5

Expenses reduced according to plan

Expenses, 2013- 15 (DKK billions) Cost/income ratio, 2013 -14 (%)

-5%

2014

22.6

23.8

2013 2014

59.9

-8.3%-point

2013

51.6

6

Impairment charges remain low

* The loan loss ratio is defined as yearly impairment charges as a percentage of loans and guarantees.

Loan impairment charts,* 2008-14 (DKK billions)

1,4

1,2

1,0

0,8

0,6

0,4

0,2

0,0

26

24

22

20

18

16

14

12

10

8

6

4

2

0

0,2

4

2013 2014

0,3

5

2012

0,6

13

2011

0,7

13

2010

0,7

14

2009

1,4

26

2008

0,6

12

Loan loss rations *(rhs) Impairments

7

Good progress winding up Non-core activities in Ireland

Credit exposure,* 2014 (DKK billions)

2014 2013

42.8

-42%

31.3

53.7

2012 * Excluding the allowance account.

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Ratings upgrades in 2014

2014

A

Negative outlook

A3

Stable outlook

A

Stable outlook

2013

A-

Stable outlook

Baa1

Positive outlook

A

Stable outlook

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11.7%

Danske Bank is sound and well-capitalised

Minimum requirement: 5.5% Danske Bank: 11.7 %

Common equity tier 1 capital ratio in the EBA’s most severe stress test scenario

10

Strong capital position makes it possible to pay a dividend and adjust the capital structure

Total capital ratio* (%) Dividend and share buy-back

Proposal to pay a dividend of DKK 5.5 per share, or 43% of the profit for the year

Share buy-back of DKK 5 billion in 2015

Target: >13%

19.3

2014

15.1

1.6

2.6

2013

21.4

14.7

2.8

1.5

2.4

Common equity tier 1 Tier 2

Additional tier 1

State hybrid

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Personal Banking – positive developments and good earnings

2013 2,899

+60%

2014 4,648

2014

-25%

2013 1,887

1,412

Impairments (DKK millions)

Profit before tax & goodwill (DKK millions)

Strong gains in financial results

Stable income Reduction of expenses Continued decline in impairments

Focus on innovation

MobilePay in Denmark and Finland – 1.9 million users in Denmark

Mobile and tablet solutions in every country Launch of customer programme in Finland Expansion of customer programme in

Denmark

Customer satisfaction improving

Increases in Denmark, Sweden and Finland High satisfaction with digital solutions Desire for more individual advisory services

12

Business Banking – solid developments and progress

+18%

2014 5,733

2013 4,838

2013

1,007

-42%

2014

1,751

Impairments (DKK millions)

Profit before tax & goodwill (DKK millions)

Growth in all primary markets

Increase in lending in Denmark, Norway, Sweden and Finland

Change from customer outflow to customer inflow in Denmark

More satisfied customers

Positive trends in Denmark In the top 2 in Sweden, Norway, Finland and

Northern Ireland Business bank of the year in Sweden

Strong digital platform

MobilePay Online and MobilePay Business MobilePay Business at about 5,000

businesses and 30 local authorities

13

Corporates & Institutions – a year of many changes

3.374

+23%

2014 4.135

2013

Client-driven income (DKK millions)

Profit before tax (DKK millions)

Strengthened customer relations

More good mandates at Corporate Finance Prize-winning euro issuances from Debt

Capital Markets

Strong position

In the top 3 in 57 of 84 Prospera surveys No. 1 in Institutional Banking, Nordics No. 1 in Corporate Banking, Denmark

Rise in client-driven income

Focus on stable, diversified income Gains at Transaction Banking and Capital

Markets Client-focused organisation and approach

based on advisory services

8.2

7.0

+17%

2014

2013

14

Danske Capital – solid advance in focus areas

+24%

2014 1,406

2013 1,131

795

727

+9%

2014

2013

Assets under management (DKK billions)

Profit before tax (DKK millions)

Focus on alternative investments

Increase in alternative investments of 23% Alternative investments now make up 7% of

all assets under management

Strengthened international position

59% of net sales outside of Denmark Growth of 22% in assets under

management in Sweden

Managed accounts for personal

customers

Increasing activity in managed accounts Assets under management rose 19%

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Danica Pension – strong results

+117%

2014 2,362

2013 1,088

Income (DKK millions)

26,822 2014

2013 26,808

Premiums (DKK millions)

Increased customer focus

Close collaboration between Danica Pension and Danske Bank

Development of digital platform and digital tools

Pension Check gives clear

recommendations

More than 25,000 customers took the Pension Check

Almost half were not adequately covered

Risk allowance and shadow account

booked to income

Full risk allowance booked Transfer of DKK 611 million from shadow

account

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Outlook for 2015

Macro Economic growth remains fragile, with low interest rates

Total income Income is expected to be around the same level as in 2014

Expenses Expenses are expected to be below DKK 22 billion

Impairments Impairment charges expected to remain low

Net profit Net profit above 14 DKK billion

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Europe is improving, but still has problems

Source: Danske Bank’s forecast.

GDP growth (%) GDP growth, est. (%)

USA

Euro zone

Denmark

Sweden

Finland

Norway

China China

Euro zone

Denmark

Norway

Sweden

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Historically low interest rates

Source: Danmarks Nationalbank.

Yield, %.

10 year government bond

3-month Cibor

2014

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The way forward

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Digitalisation creates new opportunities

0

500,000

1,000,000

1,500,000

2,000,000 o

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ebanking (1 logon within last 3 months)

Mobile Banking DK (Activated modules/agreements)

MobilePay DK (Registrations)

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Continued focus on innovation and good customer experience

Managed accounts

Hedge funds

Personal Banking Business Banking Corporates & Institutions

Danske Capital Danica Pension

Specialised advisory

services for young people

Danske Guide in online

channels

Expansion of the customer

programme

New customer packages

for SMEs

Better advisory services for

startup businesses

MobilePay Online and

MobilePay Business

New post-trade service for

large corporates

Advanced supply chain

finance solution

Danske One Trader foreign

exchange trading platform

Danica Pension Check

Danica Health Check

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Minimum 12.5% in 2018

Key building blocks

* Baseret på vores eksterne ROE mål på 9% justeret for goodwill nedskrivninger på 9,1 mia. kr.

‘14

8.5

‘13

5.0

‘12

3.6

‘11

2.1

‘18E

Above 12.5

‘15E

9.5*

Improved ratings and lower

funding costs

Gradual efficiency gains

Growth in business volume

Rising income

Lower impairments/non core

Capital structure

ROE (%, after tax, before goodwill impairments)

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A strong platform as a Nordic universal bank

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Please use the microphones beside your seats

www.danskebank.com/ir

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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, and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements. References to a potential share offering by Danske Bank are included herein pursuant to Rule 135c of the Securities Act of 1933, as amended. 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.