UBS - FINANCIAL SERVICES

CONFERENCE

STOCKHOLM 18 SEP 2014 Per Sagbakken

Head of Investor Relations

Investor

presentation

DNB - Norway’s leading financial services group

- Market leader in Norway and leading within selected global industries

Significant market share ~ 1/3 Global leader within selected industries

#1 shipping and offshore bank globally

One of the world’s leading seafood banks

A leading international energy bank

2

8.5 % 9.2 % 9.4 %10.7 %

11.8 % 12.1 %

2009 2010 2011 2012 2013 1H 2014

10.6 %

13.6 %11.4 % 11.7 %

13.2 %14.1 %

2009 2010 2011 2012 2013 1H 2014

DNB’s financial targets towards 2016

above 12 per cent

Return on equity CET1 capital ratio

13.5-14.0 per cent

Requirement Target

Return on equity Per cent

CET 1 capital ratio- Transition rules Per cent

3

Pre-tax operating profit before impairments (NOK bn)

DNB delivers healthy profit growth

4

49.2

41.6

1H13 1H14

11.2

14.7

1H13 1H14

7 211

10 584

1H13 1H14

11 505

14 661

1H13 1H14

DNB: Development in 1H 2014

Cost/income ratio excl. basis swaps Per cent

5

Return on equity excl. basis swaps Per cent

Pre-tax operating profit before impairment

excl. basis swaps NOK million

Profit for the period

excl. basis swaps NOK million

DNB: Development in lending and deposit volumes NOK bn

6

1 298

1 341

1 369

1 312

1 322

1 349

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

2012 2013 2014

Loans at end of period Loans adjusted for exchange rate movements

811

868

882

820

849

861

797

854

881

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

2012 2013 2014

Deposits at end of period Deposits adjusted for exchange rate movements Deposits adjusted for short-term money market investments

DNB: Development in average interest rate spreads Per cent

7

1.98 2.01

2.18 2.212.32

2.42 2.42 2.42 2.39

(0.11) (0.13)

(0.27) (0.30)(0.24) (0.29) (0.30) (0.29) (0.27)

1.18 1.18 1.22 1.201.28 1.29 1.30 1.25 1.27

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Lending spread

Deposit spread

Combined spread- weighted average

3 631 3 766

4 095 4 048

1H09 1H10 1H11 1H12 1H13 1H14

Sale of insurance products Money transfer and  banking services

Asset management and custodial services Corporate finance, credit and securities broking etc.

Real estate broking Net commissions and fees

4 2084 426

+ 5% growthNOK million

8

DNB: Development in commissions and fees

4.7

5.3

5.8

DNB Non-life’s part of private market (Per cent)

DNB: Non-life and new pensions (DC) show

improvement

62

2003 2005 2007 2009 2011 2013

Defined contribution PTP - break even after 10 years (NOK million)

30

35

40

45

50

55

60

2600

3100

3600

4100

4600

5100

5600

6100

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2015guiding

2016

Total operating expenses excluding non-recurring effects Non-recurring effects Cost/income ratio - trailing 12 months

Total operating expenses excluding non-recurring effects NOK million, per cent

Below

45

Continued cost focus to stay

in line with amotions

DNB: Cost-income ambition maintained

10

0.24

0.17

0.09

-

0.05

0.10

0.15

0.20

0.25

0.30

-

200

400

600

800

1,000

1,200

1,400

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Total new individual impairment Total impairments in bps

DNB: Reduction in new impairments

NOK million Bps annualised

2012

2013

1H14

10.8 11.011.8 11.9 12.1

30 June2013

30 Sept.2013

31 Dec.2013

31 March2014

30 June2014

DNB: Common equity Tier 1 capital ratio 1)

Leverage ratio Basel III 3) Per cent

Basel III applying average weights

used by Swedish banks 4) Per cent

CET1 transitional rules Per cent

CET1 Basel III estimate Per cent

3) Calculated according to CRD IV rules

4) Estimated common equity Tier 1 capital ratio according to

Basel III, applying average weights used by Swedish banks

1) Including 50 per cent of profit for the period,

except for the full year figures

2) 12.4 per cent if 75 per cent of profit for the

period is included

12

2)

4.2 4.3

5.3 5.1 5.3

30 June2013

30 Sept.2013

31 Dec.2013

31 March2014

30 June2014

12.1 12.513.6 14.2 14.4

30 June2013

30 Sept.2013

31 Dec.2013

31 March2014

30 June2014

14.8 15.216.3

17.5 17.3

30 June2013

30 Sept.2013

31 Dec.2013

31 March2014

30 June2014

12.1%

10.7%

9.0% 9.9% 10.3%

11.6%

DNB Nordea SHB SEB Swedbank Danske

CET1-ratio trans.rules

All ratios as of 30 June 2014 in per cent excluding S&P RAC-ratio as of 31 Dec 2013. Simple “Leverage ratio” = CET1 / Total assets

DNB versus Nordic peers: Capital ratios

14.4% 15.2%

20.1%

16.0%

20.9%

14.4%

DNB Nordea SHB SEB Swedbank Danske

CET1 Basel III

8.9% 9.5%

8.6% 8.3%

10.0%

8.1%

DNB Nordea SHB SEB Swedbank Danske

S&P RAC-ratio

5.4%

3.6% 3.7% 3.6% 4.1% 3.9%

DNB Nordea SHB SEB Swedbank Danske

Simple "Leverage ratio"

DNB: Stronger earnings and increased solidity

73

96

121 133 109

128

161

178

Avg'0

7-1

1

201

2

201

3

YT

D 2

01

4

Dividends 25% level

Retained earnings

8.5%9.2% 9.4%

10.7%

11.8% 12.1%

2009 2010 2011 2012 2013 1H

2014

Long-term dividend policy intact

min 25 per cent

2013-2016

during capital build up phase

50 per cent

Long-term policy

CET1-ratio transition rules Retained earnings (bps)

DNB: Outlook is firm

The build-up of Tier 1 capital is on schedule, and regulatory uncertainty has

been reduced

The ambition to achieve 3-4 per cent trailing 12-month lending growth and

stable volume-weighted spreads remains firm

High level of activity in all customer segments and a continued increase in

commissions is expected

Underlying nominal costs are expected to be stable in the period up to

2016, and the cost/income ratio will remain highly competitive

Credit quality will improve further, and losses are expected to be well

below normalised levels

15

Q&A