Q2 RESULTS DNB GROUP

SECOND QUARTER 2015

AS OF 10 JULY 2015

INVESTOR MEETINGS

ZÜRICH & GENÈVE Terje Turnes (CRO)

Jan Erik Gjerland (IR)

Second quarter 2015

Pre-tax operating profit before impairment in NOK billion

7.4 (6.7)

Cost/income ratio in per cent

42.8 (43.8)

Return on equity in per cent

12.1 (12.4)

Common equity Tier 1 capital ratio in per cent (transitional rules)

13.0 (12.1)

Figures in parentheses refer to 2Q14

Earnings per share in NOK

3.04 (2.80)

2

Profit figures Pre-tax operating profit before impairment

NOK million

Pre-tax operating profit before impairment

excl. basis swaps NOK million

Profit for the period NOK million

Profit for the period

excl. basis swaps NOK million

3

6 7227 626

6 964

9 273

7 396

2Q14 3Q14 4Q14 1Q15 2Q15

6 6897 177

6 456

7 462 7 450

2Q14 3Q14 4Q14 1Q15 2Q15

4 553

5 6204 965

6 533

5 062

2Q14 3Q14 4Q14 1Q15 2Q15

4 5295 292

4 5945 211 5 101

2Q14 3Q14 4Q14 1Q15 2Q15

Return on equity and cost/income ratio Return on equity excl. basis swaps 1)

Per cent

Return on equity 1)

Per cent

Cost/income ratio Per cent

Cost/income ratio excl. basis swaps Per cent

1) Return on equity is calculated on the assumption that additional Tier 1 capital is classified as a liability

4

12.4

14.8

12.6

16.1

12.1

2Q14 3Q14 4Q14 1Q15 2Q15

12.314.0

11.712.9 12.2

2Q14 3Q14 4Q14 1Q15 2Q15

43.840.4 42.2

37.0

42.8

2Q14 3Q14 4Q14 1Q15 2Q15

43.941.8

44.1 42.2 42.6

2Q14 3Q14 4Q14 1Q15 2Q15

Ratio of deposits to net loans and earnings per share

Earnings per share NOK

Ratio of deposits to net loans Per cent

5

64.4 64.065.4 65.2 65.0

64.3 63.9 63.5 64.1 64.4

30 June

2014

30 Sept.

2014

31 Dec.

2014

31 March

2015

30 June

2015

2.80

3.45

3.05

4.01

3.04

2Q14 3Q14 4Q14 1Q15 2Q15

The ratio of deposits to net loans excl. short-term money market investments

Customer segments

2 363

872

3 371

2 393

869

2 865

2 402

790

2 414

2Q15

1Q15

2Q14

Personal customers Large corporates and

international customers

Small and medium-

sized enterprises

Pre-tax operating profit after impairment NOK million

6

Development in loans

1 330

1 369

1 491

1 3301 358

1 422

30 June 13 30 Sept. 13 31 Dec. 13 31 March 14 30 June 14 30 Sept. 14 31 Dec. 14 31 March 15 30 June 15

Loans at end of period Loans adjusted for exchange rate movements

NOK billion

7

Development in loans and RWA

NOK billion

8

1 330

1 369

1 491

1 098 1 095

1 141

30 June 13 30 Sept. 13 31 Dec. 13 31 March 14 30 June 14 30 Sept. 14 31 Dec. 14 31 March 15 30 June 15

Loans at end of period RWA

Development in deposits – adjusted for short-term money market investments

849

881

960

849873

906

30 June 13 30 Sept. 13 31 Dec. 13 31 March 14 30 June 14 30 Sept. 14 31 Dec. 14 31 March 15 30 June 15

Deposits adjusted for short-term money market investments

Deposits adjusted for short-term money market investments and exchange rate movements

NOK billion

9

Development in average interest rate spreads

2.322.42 2.42 2.42 2.39

2.31 2.32 2.322.21

(0.24) (0.29) (0.30) (0.29) (0.27)(0.17) (0.15) (0.11)

(0.02)

1.28 1.29 1.30 1.25 1.27 1.25 1.27 1.28 1.28

2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Lending spread

Deposit spread

Combined spread

- weighted average

Per cent

10

Development in commissions and fees

NOK million

1 961 2 114 2 113

2 252 2 167 1)

2 482 1)

2Q10 2Q11 2Q12 2Q13 2Q14 2Q15

Sale of insurance products Money transfer and  banking services

Asset management and custodial services Investment banking services

Real estate broking Net commissions and fees

+ 14.5% growth

1) The figures for 2014 and 2015 are adjusted for income from public sector activities within life insurance that are in the

process of being wound up.

11

Income statement

12

1st half 1st half

Amounts in NOK million 2Q15 1Q15 4Q14 3Q14 2Q14 2015 2014

Net interest income 8 728 8 587 8 700 8 228 7 867 17 315 15 559

Net commissions and fees 2 489 2 212 2 313 2 229 2 242 4 701 4 426

Net gains on financial instruments at fair value 1 174 3 400 279 1 817 1 132 4 574 3 221

Net financial and risk result, DNB Livsforsikring 158 52 185 136 183 209 288

Net insurance result, DNB Forsikring 153 99 129 121 139 252 241

Other operating income 221 361 446 256 391 582 788

Net other operating income, total 4 194 6 124 3 352 4 560 4 087 10 318 8 965

Total income 12 923 14 711 12 052 12 788 11 954 27 633 24 523

Operating expenses 5 312 5 215 5 045 5 088 5 150 10 527 10 318

Restructuring costs and non-recurring effects 215 223 42 74 83 438 106

Pre-tax operating profit before impairment 7 396 9 273 6 964 7 626 6 722 16 668 14 099

Net gains on fixed and intangible assets 45 12 42 13 (3) 56 (3)

Impairment of loans and guarantees 667 575 821 183 554 1 241 634

Pre-tax operating profit 6 774 8 710 6 184 7 456 6 165 15 483 13 462

Tax expense 1 695 2 130 1 236 1 828 1 600 3 825 3 399

Profit from operations held for sale, after taxes (17) (47) 16 (8) (11) (64) (30)

Profit for the period 5 062 6 533 4 965 5 620 4 553 11 594 10 032

Profit attributable to shareholders 4 952 6 519 4 965 5 620 4 553 11 471 10 032

Net gains on financial instruments

13

1Q15 - 2Q14 -

Amounts in NOK million 2Q15 1Q15 2Q14 2Q15 2Q15

Customer revenues in DNB Markets 573 622 446 (49) 127

Trading in foreign exchange/fixed income/equities in

DNB Markets713 468 337 245 376

Changes in credit spreads on bonds in DNB Markets (132) 140 150 (272) (282)

The bank's own equity investments 12 (193) (29) 206 41

Exchange rate effects, additional Tier 1 capital (191) 170 - (361) (191)

Other mark-to-market adjustments 252 384 195 (132) 57

1 228 1 590 1 099 (362) 128

Basis swaps (54) 1 810 33 (1 864) (87)

Net gains on financial instruments at fair value 1 174 3 400 1 132 (2 226) 42

Change

Net gains on financial instruments at fair value, excl.

basis swaps

7 867

8 728

442

322 90

58 21 (72)

2Q14 Exchange

rate

effects

Lending

and

deposit

volumes

Interest

rate

instruments

Commitment

fees etc.

Lending

and

deposit

spreads

Other

net

interest

income

2Q15

Changes in net interest income

14

From 2nd quarter 2014 to 2nd quarter 2015 NOK million

Changes in net interest income

15

8 587

8 728154 88 24 14 (14) (126)

1Q15 Lending

and

deposit

volumes

Interest

days

Interest

rate

instruments

Other

net

interest

income

Exchange

rate

effects

Lending

and

deposit

spreads

2Q15

From 1st quarter 2015 to 2nd quarter 2015 NOK million

16

Continued growth in net interest income

15,000

20,000

25,000

30,000

35,000

2010 2011 2012 2013 2014

Net interest income

NOK million

Expected lending growth of 3-4

per cent

Stable development in volume-

weighted spreads

Net interest income expectations for 2015

CAGR

8.5%

17 * Personal customers and SMEs, ** Large Corporates and International

Deposit repricing potential across customer

segments

Total = NOK 522 billion

Deposits in retail banking* LCI** maturing volumes and spreads public clients NOK billion, bps

62%

38%

Deposits with repricing potential

Low-yielding deposits / other

7

15

22

-99

-110

-136

2015 2016 2017

Volume Average spread

Total

NOK 536 billion

May March April Average

maturity

4 087 4 194

247 128 (25) (49) (87)

(108)

2Q14 Net

commissions

and fees

Net gains on

other financial

instruments

Net financial

and risk result

from DNB

Livsforsikring

Other

operating

income

Basis

swaps

Profit

from

associated

companies

2Q15

From 2nd quarter 2014 to 2nd quarter 2015

Changes in net other operating income

18

NOK million

6 124

4 194

277 106 17 (104)

(362)

(1 864)

1Q15 Net

commissions

and fees

Net

financial and

risk result from

DNB

Livsforsikring

Other

operating

income

Profit

from

associated

companies

Net

gains on other

financial

instruments

Basis

swaps

2Q15

From 1st quarter 2015 to 2nd quarter 2015

Changes in net other operating income

19

NOK million

20

Sound growth in other quality earnings

Corporate finance

Revenues in NOK million

344 340

551

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

Expect underlying growth of 5% in net commissions and fees

35

46

10

27

2012 2013 2014 Q115

CAGR

55%

22

30

20

27

34

37

2012 2013 2014 Q215

Private banking

Assets under management, NOK billion

New pension products

Assets under management, NOK billion

Investments Deposits

Changes in operating expenses

21

Change in

Amounts in NOK million 2Q15 Change 2Q14 per cent

Total adjusted operating expenses 5 312 162 5 150 3.1

Of which :

Exchange rate effects for units outside Norway 86

Currency-adjusted operating expenses 5 226 76 5 150 1.5

Total adjusted operating expenses 5 312 162 5 150

Income-related costs

Ordinary depreciation on operational leasing 15

Expenses directly related to operations

IT expenses 124

Pension expenses 23

Fees 21

Properties and premises (57)

Other costs 37

Non-recurring effects 215 132 83

Restructuring costs, employees 134 59 75

Other restructuring costs and non-recurring effects 3 (5) 8

IT restructuring 78 78 0

Operating expenses 5 527 294 5 233 5.6

Changes in operating expenses

22

Change in

Amounts in NOK million 2Q15 Change 1Q15 per cent

Total adjusted operating expenses 5 312 97 5 215 1.9

Expenses directly related to operations

IT expenses 100

Properties and premises (17)

Other costs 15

Non-recurring effects 215 (8) 223

Restructuring costs, employees 134 83 50

Other restructuring costs and non-recurring effects 3 (62) 64

IT restructuring 78 (30) 108

Operating expenses 5 527 89 5 438 1.6

Our customers prefer digital banking

Digital 86%

Manual 14%

Savings agreements

Digital, 64%

Manual, 36%

Consumer loans

Digital, 50%

Manual, 50%

Car loans

Digital 11%

Manual 89%

Insurance

Sales digital vs. traditional Share of customer traffic

23

Text message banking:

25 %

Online banking:

30%

Branch office: 1%

Call Center: 2%

Mobile banking:

42%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2013 2014 2015

24

Key takeaways Number of manual transactions in branches

Modernising the way we do banking

• Fundamentally changing the way we

operate our branches:

o Eliminated manual cash handling

o Moving manual banking transactions to digital

channels

• Continued reduction in number of branches

Reduction so far:

67%

Goal:

75%

25

Keeping our best-in-class cost-efficiency position

40

45

50

55

60

65

70

75

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

European banks (top 50)* Nordic peer group DNB

Cost/income DNB vs peer groups Per cent

C/I ambition for 2017

~40%

Combination of

top-line growth and

cost focus

* Based on total assets Source: SNL Financial

26

DNB’s Exposure (EAD*) as of 30 June 2015 =

NOK1912bn**

Commercial real estate 11%

Shipping 7% Logistics

1%

Oil, gas and offshore

7%

Energy 3%

Other corporate customers

6%

Public sector 1%

Fishing and fish farming

2% Trade 3% Manufacturing

5%

Telecom and media

2%

Services 2%

Residential mortgages

43%

Private individuals 7%

*EAD = Exposure at Default

**NOK1912bn is excluding NOK 27.3bn of credit inst exposure

Impairment of loans and guarantees

27

1st half 1st half

Amounts in NOK million 2Q15 1Q15 4Q14 3Q14 2Q14 2015 2014

Personal customers 58 (34) (67) 84 53 24 101

- Mortgage loans (17) (81) (141) 33 (5) (98) (21)

- Consumer finance 75 46 74 51 58 122 122

Small and medium-sized enterprises 284 308 450 165 157 592 222

Large corporates and international customers 425 256 496 18 292 682 511

- Nordic Corporates Division (5) (15) 333 (3) 97 (20) 40

- International Corporates Divison 93 (39) 166 86 (17) 54 39

- Shipping, Offshore and Logistics Division 302 242 (21) (116) 152 544 304

- Energy Division 43 12 5 5 (2) 56 22

- Baltics and Poland 47 50 1 39 53 98 84

- Other units (56) 7 13 8 9 (50) 22

Total individual impairment 767 530 879 267 502 1 298 834

Total collective impairment of loans (101) 44 (58) (84) 52 (57) (200)

Impairment of loans and guarantees 667 575 821 183 554 1 241 634

Total impairment in relation to average volumes

(annualised) 0.18 0.16 0.23 0.05 0.16 0.17 0.10

18.419.5 19.7

20.7

16.4 16.114.9

17.3

13.913.1

1.55 1.50 1.501.38

1.19

1.05 1.01 0.960.83

0.77

31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 March 30 June 30 Sept. 31 Dec. 31 March 30 June

2010 2011 2012 2013 2014 2015

DNB Group As a percentage of net loans

Per cent

NOK billion

1) Includes non-performing commitments and commitments subject to individual impairment.

Accumulated individual impairment is deducted.

Net non-performing and net doubtful loans and

guarantees 1)

28

No visible effect on credit card defaults

29

8.0 %

6.1 %

4.6 %

0%

2%

4%

6%

8%

10%

12%

DNB has a well-diversified oil-related portfolio ~8% of total Group EaD to oil-related portfolios

30

Investment

grade or

similar

20.1

60%

Sub-IG or

similar

5.3

16%

Seismic

1.4

4%

Leveraged

Buyout

(LBO)

6.8

20%

Other

0.1

0%

OSV

23.5

42.6%

Rig

18.0

32.7%

FPSO/FSO

5.2

9.8%

Subsea

constructi

on

4.2

7.9%

Other

3.5

6.6%

OSV: Offshore Service Vessels, F(P)SO: Floating (Production) Storage Offloading.

LNG: Liquid Natural Gas. IG: Investment grade. All figures as at 30 June 2015.

Oilfield Services –

NOK 34bn

(1.7% of total Group EaD)

NOK bn and per cent of NOK 34bn

Oil & Gas exposure –

NOK 74bn

(3.8% of total Group EaD)

NOK bn and per cent of NOK 76bn

Offshore exposure –

NOK 55bn

(2.8% of total Group EaD)

NOK bn and per cent of NOK 55bn

Exploration

&

Production

IG

23.6

32%

Exploration

& Prod.

Sub-IG

4.0

5%

Reserve

Based

Lending

(RBL)

10.1

14%

Exploration

Financing

(EFF)

2.9

4%

Midstream

incl LNG

21.1

28%

Refining &

petchem

11.7

16%

Other

0.9

1%

Oil-related portfolio

- 59% of portfolio is low risk and 37% is medium risk

31

DNB’s oil-related portfolio split by sub-segment in terms of exposure (EaD) and by risk grade

NOK 153bn as at 30 June 2015 (and NOK 160bn as at 31 Mar 2015)

56 63 62 58

14 10 15 14

0.26 0.27 0.26 1.03 0.05 0.02 0.02 0.02

18

18 16

16

25 32

40 35

1.47 0.31 0.30 3.96 0.00 1.17 1.29 1.20

16

20 18

16

6 7

7 6

0.10 0.11 0.75 0.63 0.04 0.00 0.00 0.01

0

20

40

60

80

100

120

140

Sep-14 Dec-14 Mar-15 Jun-15 Sep-14 Dec-14 Mar-15 Jun-15 Sep-14 Dec-14 Mar-15 Jun-15 Sep-14 Dec-14 Mar-15 Jun-15

Grade 1-4 "Low risk" Grade 5-7 "Medium" Grade 8-10 "High" Grade 11-12 "Doubtful & NPL"

Oilfield Services Offshore Oil & Gas

EaD: Exposure at Default, PD: Probability of default. Risk grade system, please see backup slide for details.

DNB's risk classification system, where 1 represents the lowest risk and 10 the highest risk. Figures from Fact book as at

30 June 2015.

30 June 31 Dec. 30 June 31 Dec.

Amounts in NOK billion 2015 2014 2015 2014

Deposits with central banks 159 59 156 54

Due from credit institutions 248 373 545 608

Loans to customers 1 491 1 439 710 723

Other assets 744 779 585 613

Total assets 2 642 2 649 1 996 1 998

Due to credit institutions 229 214 308 269

Deposits from customers 970 942 923 903

Short-term debt securities issued 172 207 172 207

Long-term debt securities issued 604 605 165 160

Other liabilities and provisions 494 523 286 332

Additional Tier 1 capital 8 8

Other equity 166 159 135 128

Total liabilities and equity 2 642 2 649 1 996 1 998

Ratio of deposits to net loans (%) 65.0 65.4 130.0 124.8

Adjusted ratio of deposits to net loans (%) 1) 64.4 63.5 128.7 121.0

Total combined assets 2 939 2 936 1 996 1 998

Currency-adjusted loans to customers 1 479 702

Currency-adjusted deposits from customers 961 913

DNB Group DNB Bank ASA

Balance sheets

32

1) Excluding short-term money market deposits

1) Common equity Tier 1 capital includes 50 per cent of interim profits in all quarters, apart from the leverage ratio figures. Annual figures

are exclusive of dividend payments. A 10 percentage point change in retained earnings corresponds to a 10 basis point change in the

CET1 ratio at end-June 2015

2) The calculations at end-June 2015 have been altered in accordance with the proposed new rules

3) Average weights used by Swedish banks on corporate loans and loans secured by real estate

Common equity Tier 1 capital ratio 1)

33

Leverage ratio Per cent

Estimate applying average weights

used by Swedish banks 3) Per cent

Transitional rules Per cent

Future Basel III estimate Per cent

12.1 12.6 12.7 12.7 13.0

30 June

2014

30 Sept.

2014

31 Dec.

2014

31 March

2015

30 June

2015

5.35.7 6.0 5.7 5.8

30 June

2014

30 Sept.

2014

31 Dec.

2014

31 March

2015

30 June

2015

14.415.0 15.1 14.6 15.0

30 June

2014

30 Sept.

2014

31 Dec.

2014

31 March

2015

30 June

2015

17.318.0 18.3 18.8 19.4

30 June

2014

30 Sept.

2014

31 Dec.

2014

31 March

2015

30 June

2015

2)

2)

Changes in the common equity Tier 1 capital ratio

34

Per cent From 31 Dec 2014 to 30 June 2015

12.7

13.00.5

0.20.1 (0.1)

(0.3)

31 Dec .

2014

50% of profit for

the period

Volume reducing

measures

Other effects Exchange rate

effect on

existing portfolio

Lending growth 30 June

2015

The minimum 14% common equity Tier 1 capital

target by year-end 2016 remains firm

35

Financial restructuring Realisation of capital gains

IRB approvals

(does not apply

under transitional

rules)

Capital-efficient

products Asset disposal

CET 1 ratio CET 1

RWA

Active portfolio

management

The Group’s financial ambitions stay firm

36

Build-up of

adequate

common equity

Tier 1 capital

through dynamic

management of

balance sheet

items

Stable volume-

weighted spreads

Commissions and

fees – underlying

growth of 5 per

cent

Flat nominal costs

in the period

ahead (excluding

restructuring costs

and exchange rate

effects)

Impairment

expected to stay

below NOK 3

billion

– no noticeable

effects from oil

and gas thus far

Q2 APPENDIX

Economic growth in Norway is slowing down

- but the landing is soft and at a comfortable level

38

1.2 %

2.4 %

3.5 %

4.5 %

2010 2011 2012 2013 2014 2015e 2016e 2017e 2018e

Mainland GDP growth Unemployment rate

1) Source: Statistics Norway/DNB Markets forecasts.

Consensus’ forecast GDP’15=1.6%, GDP’16=2.0, GDP’17=2.1%, Consensus’ unemployment 2015e=4.0%, 2016e=4.0%,

2017e=4.3% as of June 2015

GDP growth and unemployment Year on year, per cent

Fiscal policy

Large public wealth gives ample leeway to

smooth business cycles

39 Source: Thomson Datastream, DNB Markets, Norges Bank

Two powerful tools to ensure a stable

macroeconomic development

0

50

100

150

200

250

300

2001 2003 2005 2007 2009 2011 2013 2015e

Structural, non-oil deficit

4 per cent return on the fund

capital

88

National budget structural, non-oil deficit 2015 prices, NOK billion

Monetary policy

Higher interest rates in Norway

than in the rest of Europe

-1

0

1

2

3

4

5

6

7

2008 2010 2012 2014 2016 2018

ECB Sweden Norway

Central bank rates Per cent

Houseprice inflation – Norway - deflated at different levels

40

Houseprice inflation – main cities and Norway - in NOK1000/square meter

41