Book size: 1800; Redemption: 2033-03-25; Registration: Reg S Only; Comments: USD500m NG PNC7, Hybrid fxd-rate-reset cpn 6.60% at 100, yld 6.60%.Tax Call: Yes. Clean-Up Call: Yes. First Reset Date: 9/25/2033;

Reoffer: 6.60% / 100 Final Books US$1.8bn+. Peak book above US$4.85bn (pre-rec) Launched: PerpNC7: US$500m @ 6.60% - Books above US$4.85bn (pre-rec) Yield set at: PerpNC7: 6.60% IPTs: PerpNC7: 7.125/7.250% - Books above US$2.5bn (pre-rec) Issuer: Danske Bank A/S Notes: Perpetual Non-cumulative Resettable Additional Tier 1 Convertible Capital Notes Issuer Ratings: A1/A+/A+/AA- (Moody's/S&P/Fitch/Scope) Expected Issue Ratings: BBB-/BBB/BBB (S&P/Fitch/Scope) Size: US$500m Timing: PRICED. TOE 13:10 UKT. FTT 13:30 UKT. Today's business. Settlement/Issue Date: 25-Mar-26 (T+5) First Call Date: 25-Mar-33 Maturity: Perpetual First Reset Date: 25-Sep-33 Status: Subject to Condition 7 (Loss Absorption Following a Trigger Event), the Notes constitute direct, unsecured and subordinated debt obligations of the Issuer, and will at all times rank: (i) pari passu without any preference among themselves; (ii) pari passu with any other obligations or capital instruments that rank or are expressed to rank equally with the Notes; (iii) senior to holders of the Ordinary Shares and any other obligations or capital instruments that rank or are expressed to rank junior to the Notes; and (iv) junior to any obligation of the Issuer ranking, or expressed to rank, junior to the Notes (subject in all cases to mandatory provisions of Danish law) Reoffer: 6.60% semi-annual coupon p.a., 100px Margin: 255.1bps Interest and Interest Payment Dates: Fixed until the First Reset Date, thereafter, it resets every 5 years (non-step) to the sum of the relevant 5-year CMT Rate and the Margin, subject to Interest Cancellation. Payable on 25 March and 25 September in each year commencing on 25-Sep-26 Interest Cancellation: Any payment of interest in respect of the Notes shall be payable only out of the Issuer’s Distributable Items and (i) may be cancelled at any time (in whole or in part), at the option of the Issuer in its sole discretion, and (ii) will be mandatorily cancelled (in whole or in part) in certain circumstances (including in the case of a breach of any regulatory restriction or prohibition on payments on Additional Tier 1 Capital instruments relating to any applicable Maximum Distributable Amount) as specified in more detail in the Terms and Conditions and Risk Factors Optional Redemption by the Issuer: Subject to certain conditions (including the prior approval of the DFSA), the Issuer may, at its option, redeem all (but not some only) of the outstanding Notes on (i) any day falling in the period commencing on (and including) the First Call Date and ending on (and including) the First Reset Date or (ii) any Interest Payment Date thereafter at their Outstanding Principal Amounts, together with accrued interest (if any) thereon insofar as it has not been cancelled Optional Redemption by the Issuer upon the Occurrence of a Special Event: Redeemable at their Outstanding Principal Amounts upon a Tax Event, a Capital Event or a MREL Disqualification Event, subject to certain conditions (including the prior approval of the DFSA) Clean-up Call: Subject to certain conditions (including the prior approval of the DFSA), the Issuer may, at its option, if the outstanding aggregate nominal amount of the Notes is 25 per cent. or less of the aggregate nominal amount of the Notes originally issued, redeem all (but not some only) of the outstanding Notes, at any time, at their Outstanding Principal Amounts, together with accrued interest (if any) thereon insofar as it has not been cancelled Substitution and Variation: Following (i) a Tax Event, (ii) a Capital Event, (iii) a MREL Disqualification Event, (iv) an Alignment Event or (v) to ensure the effectiveness or enforceability of Condition 20.6 (Acknowledgement of Danish Statutory Loss Absorption Powers), subject to certain conditions, including that the new terms are not materially less favourable to the Holders and permission from the DFSA Trigger Event: Common Equity Tier 1 Capital Ratio of the (i) Issuer and/or (ii) the Group, at any time, falls below 7.000% Loss Absorption following a Trigger Event: Automatic conversion into ordinary shares upon a Trigger Event at the Conversion Price and the principal amount of the Notes will be written down to zero Conversion Price: The greater of (i) the Current Market Price of an Ordinary Share on the Conversion Date converted into USD at the then Prevailing Exchange Rate and (ii) the Floor Price on the Conversion Date. The Floor Price will be US$23.97 (subject to certain anti-dilution adjustments) Conversion Shares Offer: The Issuer may elect to sell all or some of the Conversion Shares to all or some of its shareholders at the Conversion Shares Offer Price, in which case Holders will receive the cash proceeds to the extent such offer was made (any residual amounts may be paid in Conversion Shares) Conversion Shares Offer Price: The Current Market Price of an Ordinary Share on the Conversion Date, if the Ordinary Shares are then admitted to trading on a Relevant Stock Exchange; otherwise, the Fair Market Value on the Conversion Date Canadian Sales Permitted: Yes (only in British Columbia and Ontario) Documentation: Preliminary Offering Memorandum relating to the Perpetual Non-cumulative Resettable Additional Tier 1 Convertible Capital Notes dated 18-Mar-26 and the final Offering Memorandum (when available) Governing Law: English law, except for certain provisions under Danish law Acknowledgement of Danish Statutory Loss Absorption Powers: Each Holder acknowledges and accepts that any liability arising under the Notes may be subject to the exercise of Danish Statutory Loss Absorption Powers by the FS Form of Notes: Reg S Bearer Notes Target Market: MiFID II and UK MiFIR – professionals/ECPs-only / No PRIIPs or UK PRIIPs KID / UK FCA CoCo restriction: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or United Kingdom. No sales to retail clients (as defined in COBS 3.4) in the UK. Hong Kong sales to Professional investors only. Advertisement: Final Offering Memorandum, when published, will be available on the website of Euronext Dublin (https://euronext.com/en/markets/dublin) Listing: Euronext Dublin (GEM) Denominations: US$200k + 1k Day Count: 30/360 Risk Factors: Investors should read the discussions in the Risk Factors section in the Preliminary Offering Memorandum and the final Offering Memorandum (when available). Any purchase of the Notes should only be based on the information provided in the Offering Memorandum Joint Lead Managers: BNP Paribas (B&D), BofA Securities, Danske Bank, Morgan Stanley, Société Generale and UBS Investment Bank U.S. Selling Restrictions: Reg. S Category 2. TEFRA D ISIN: XS3317583022 Fees: Banks will be paid a fee by the Issuer in respect of the placement of the securities