18 March 2013

Ole Andersen Chairman, Board of Directors Directors

The Board of Directors' report

Danske Bank’s Annual General Meeting 2013

2

General meeting 2013

3

We are following our plans for increased customer focus and efficiency

New Standards strategy launched

October

New customer programme in Denmark

January

From country organisations to business units

June

Name changed to Danske Bank in seven countries

November

Credit decisions closer to the customer

July

Decentralised business decisions

New CEO

February

4

Economic growth remained slow in Europe in 2012

-1.10%

-0.60%

-0.01%

0.90%

-2.40%

Annual growth

5

Highlights of the 2012 financial statements

Net profit improved DKK 3 billion to DKK 4.7 billion

Loan impairment charges fell to the lowest level since the beginning of the crisis

ROE of 3.7% is still far below our target

Capital ratios and liquidity strengthened significantly in 2012

6

Income generally grew

Income breakdown (DKK millions )

Insurance bus. income 2,263

569

Other income 2,951

3,648

Net trading income 8,901

7,325

Net fee income 8,782

8,298

Net interest income 24,788

23,537

2012 2011

7

Rise in income at Danske Bank Markets and Danske Capital

Danske Bank Markets & Group Treasury Danske Capital

4.097 4.487

+10%

2012 2011

910

1.094

2012

+20%

2011

Profit before tax (DKK millions)

8

Expenses affected by restructuring, but were as planned

Expenses (DKK billions)

23,6 23,2

26.0

2012

Underlying expenses

Extraordinary expenses

3.4

2011

26.0

2.4

9

Lowest impairment charges since the beginning of the financial crisis

1% = 100 bp

10

9

8

7

6

5

4

3

2

1

0

Impairment ratio

Impairment charges

10 bp

173 bp

57 bp

99 bp

52 bp

2010 2009 2008 2011 2012

Loan impairment charges, 2008 - 2012 (DKK billions)

10

Overall, a sound rise in profit despite difficult conditions

Income statement (DKK millions)

Income up 10%

Expenses slightly higher

Impairment charges down 5%

Net profit up DKK 3 billion

ROE of 3.7% is low and below 2015 target

2012 2011 Index

Net interest income 24,788 23,537 105

Net fee income 8,782 8,298 106

Net trading income 8,901 7,325 122

Other income 2,951 3,648 81

Income from insurance bus. 2,263 569 -

Total income 47,685 43,377 110

Operating expenses 26,588 25,987 102

Profit bef. loan imp. charges 21,097 17,390 121

Loan impairment charges 12,529 13,185 95

Profit before tax 8,568 4,205 204

Tax 3,819 2,482 154

Net profit 4,749 1,723 276

RoE (%) 3.7 1.4 -

11

New strategy launched — clear goals for 2015

New mission for 2015

Setting new standards

in financial services

Top 3:

Financial

results

2015

Top 1-2:

Customer

satisfaction

2015

New vision for 2015

Recognised as the most trusted

financial partner

12

New organisation moves decisions closer to the customer

Personal Banking

Business Banking

Corporates

& Institutions

Danica

Pension

Danske Capital

CEO

Support functions

13

New customer programme launched in Denmark

Simple and

transparent

Fair

More benefits

Three overall objectives

14

Good results in the first months of the customer programme

Almost 450,000 customers have registered

Net outflow of about 10,000 customers in January and February

Inflow of business has risen more than 25%

The number of insurance referrals has doubled

15

Customers use the Bank in new ways

Electronic logons (millions) Teller transactions (millions)

20

16

12

8

4

+79%

2013 2009

3

2

1

0

-74%

2013 2009

16

Strong focus on customised solutions for business customers

17

No. 1 with Corporate & Institutions customers in Denmark

154

0

165

352

682

649

88

176

374

671

704+8%

Peer 5

Peer 4 88

Peer 3

Peer 2

Peer 1

Danske Bank

Points 2011 Points 2012

Source: Prospera — Large Corporates & Institutions Surveys 2012

18

The Bank’s ratings must improve

2008 2007 2006 2013 2012 2011 2010 2009

Fitch Moody’s S&P

BBB+

AAA

BBB-

AA+

AA

AA-

A+

A

A-

BBB

Aaa

Baa3

Aa1

Aa2

Aa3

A1

A2

A3

Baa1

Baa2

S&P/Fitch scale Moody’s scale

19

Core tier 1 capital ratio

Tier 1 capital ratio

Total capital ratio

Q4 2012

14.5

18.9

21.3

Q4 2011

11.8

16.0

17.9

Capital increase the first step towards higher ratings

20

Board of Directors

Chairman Ole Andersen

Vice Chairman Niels B. Christiansen

Elected by employees

Susanne Arboe Helle Brøndum Carsten Eilertsen Charlotte Hoffmann Per Alling Toubro

Elected by annual general meeting

Urban Bäckström Michael Fairey Mats Jansson Jørn P. Jensen Majken Schultz Trond Ø. Westlie

21

New targets for more women in Danske Bank’s top management

2013

Executive

Board

0% 12.5%

Board of

Directors

12.5% 25%

2017

22

Remuneration

policy

23

Focus areas for the Board of Directors in 2013

Increase customer satisfaction

Increase earnings

Raise ratings

Regulations

Strategy execution

24

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.