IMPORTANT NOTICE

NOT FOR DISTRIBUTION TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) (“U.S. PERSON”) OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (TOGETHER, THE “UNITED STATES”) OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

IMPORTANT: You must read the following before continuing . The following disclaimer applies to the attached Exchange Offer Memorandum (the “Exchange Offer Memorandum”) and you are therefore required to read it carefully before reading or making any other use of the Exchange Offer Memorandum. By accepting the email to which this disclaimer and the Exchange Offer Memorandum were attached and by accessing the Exchange Offer Memorandum, you shall be deemed (in addition to giving the representations below) to agree to be bound by all of the following terms and conditions, including any modifications to them from time to time, each time you receive any information from Danske Bank A/S (the “Offeror”) and/or BNP Paribas, BofA Securities Europe SA, Danske Bank A/S in its capacity as a dealer manager and J.P. Morgan Securities plc (together, where the context so requires, with their respective affiliates, the “Dealer Managers” and each a “Dealer Manager”) and/or D.F. King Ltd (the “Information and Exchange Agent”) as a result of such acceptance and access. Capitalised terms used but not otherwise defined in this disclaimer shall have the meanings given to them in the Exchange Offer Memorandum.

Confirmation of your representation: Subject as set out in the Exchange Offer Memorandum, the Exchange Offer Memorandum contains an invitation by the Offeror to the holders and beneficial owners of the EUR 1,250,000,000 1.375 per cent. Non-Preferred Senior Notes due 2022 issued by the Offeror (the “Existing Notes”) as further described in “Details of the Existing Notes” in the Exchange Offer Memorandum to make offers to exchange any and all of their outstanding Existing Notes for new euro-denominated Non-Preferred Senior Fixed Rate Resettable Notes due 2023 (the “New Notes”) to be issued by the Offeror (the “Exchange Offer”). The Exchange Offer Memorandum was sent at your request and, by accepting the email to which the Exchange Offer Memorandum was attached and accessing the Exchange Offer Memorandum, you shall be deemed (in addition to the above) to have represented to the Offeror, the Dealer Managers and the Information and Exchange Agent that:

(i) you are a holder or a beneficial owner of the Existing Notes;

(ii) you are, and (if you are acting as an intermediary) each person for whom you are acting as intermediary and who is making an investment decision in respect of the New Notes is, an Eligible Person (as defined below);

(iii) neither the electronic mail address which you have given to us and (if applicable) to which the Exchange Offer Memorandum has been delivered nor the location from which you otherwise access the Exchange Offer Memorandum is located in the United States;

(iv) neither you nor any beneficial owner of the Existing Notes nor any other person on whose behalf you are acting, either directly or indirectly, is located or resident in the United States or is a U.S. person; and

(v) you consent to the delivery of the Exchange Offer Memorandum to you by electronic transmission.

An “Eligible Person” is a person that, if such person were receiving services in the course of a firm carrying on a regulated activity, would be a client who is either a professional client or an eligible counterparty, each as defined in Directive 2014/65/EU (as amended) (“MiFID II”).

You are otherwise reminded that the Exchange Offer Memorandum has been delivered to you on the basis that you are a person into whose possession the Exchange Offer Memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located or resident. If you have recently sold or otherwise transferred your entire holding of Existing Notes, you should immediately inform the Information and Exchange Agent. The Exchange Offer Memorandum should not be forwarded or distributed to any other person and should not be reproduced in any manner whatsoever.

Any materials relating to the Exchange Offer do not constitute, and may not be used in connection with, any form of offer or solicitation in any place where such offers or solicitations are not permitted by law. If a jurisdiction requires that the Exchange Offer be made by a licensed broker or dealer and any of the Dealer Managers or any of their affiliates is such a licensed broker or dealer in that jurisdiction, the Exchange Offer shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of the Offeror in such jurisdiction.

The Exchange Offer Memorandum has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Offeror, the Dealer Managers or the Information and Exchange Agent nor any person who controls any of them nor any of their respective directors, officers, employees, agents or affiliates accepts any liability or responsibility whatsoever in respect of any difference between the Exchange Offer Memorandum distributed to you in electronic format and the hard copy version available to you on request from the Information and Exchange Agent.

Restrictions

If the Exchange Offer Memorandum is communicated to persons in the United Kingdom, it may only be so communicated in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply.

Nothing in the Exchange Offer Memorandum constitutes an offer of securities for sale in: (a) the United States; (b) Belgium (other than (i) to “qualified investors” in the sense of Article (2)(e) of Regulation (EU) 2017/1129, acting on their own account and that are not Belgian Consumers (as defined below); or (ii) in any other circumstances set out in Article 6, §4 of the Belgian Law of 1 April 2007 on public takeover bids as, amended or replaced from time to time); (c) France (other than to qualified investors (investisseurs qualifiés) as defined in Article (2)(e) of Regulation (EU) 2017/1129; (d) Italy (other than in circumstances where an express exemption from compliance with the restrictions on public purchases or exchange offers applies pursuant to the Financial Services Act or the CONSOB (as defined in the attached Exchange Offer Memorandum) regulations), (e) the United Kingdom (other than to a person (i) falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Promotion Order) or to whom this Exchange Offer Memorandum may otherwise lawfully be communicated in accordance with the Financial Promotion Order, and (ii) whom if it were a client of the Offeror, would be eligible to be categorised (pursuant to the United Kingdom Financial Conduct Authority’s rules) as a per se professional client or a per se eligible counterparty and not a retail client), (f) Denmark unless in compliance with, as applicable, the Prospectus Regulation, the Danish Consolidated Act no. 377 of 2 April 2020 on Capital Markets, as amended, and Executive Orders issued thereunder and in compliance with Executive Order No. 1580 of 17 December 2018, as amended, supplemented or replaced from time to time, issued pursuant to the Danish Consolidated Act no. 937 of 6 September 2019 on Financial Business, as amended or (g) any other jurisdiction in which such offer would be unlawful.

MiFID II product governance / Professional investors and eligible counterparties only target market – Solely for the purposes of the manufacturers’ product approval process, the target market assessment in respect of the New Notes described in the Exchange Offer Memorandum has led to the conclusion that: (i) the target market of the New Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the New Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the New Notes (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the New Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

PROHIBITION OF SALES TO EUROPEAN ECONOMIC AREA AND UNITED KINGDOM RETAIL INVESTORS – The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area or in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129. Consequently, no key information document required by Regulation (EU) No. 1286/2014 (as amended) (the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the European Economic Area or in the United Kingdom has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the European Economic Area or in the United Kingdom may be unlawful under the PRIIPs Regulation.

Prohibition of sales to consumers in Belgium – The Exchange Offer is not extended to, and the New Notes are not intended to be offered, sold or otherwise made available and should not be offered, sold or otherwise made available to, Belgian Consumers. For these purposes, a “Belgian Consumer” has the meaning provided by the Belgian Code of Economic Law, as amended from time to time (Wetboek van 28 februari 2013 van economisch recht / Code du 28 février 2013 de droit economique), being any natural person habitually resident in Belgium and acting for purposes which are outside his/her trade, business or profession.

The Exchange Offer Memorandum contains and incorporates by reference important information which should be read carefully before any decision is made with respect to the Exchange Offer. If any holder or a beneficial owner of Existing Notes is in any doubt as to the action it should take, it is recommended to seek its own financial and legal advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent financial adviser or legal adviser. Any individual or company whose Existing Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to Offer to Exchange (as defined in the Exchange Offer Memorandum) Existing Notes in the Exchange Offer.