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Investor presentation UBS - FINANCIAL SERVICES CONFERENCE STOCKHOLM 18 SEP 2014 Per Sagbakken Head of Investor Relations DNB - Norways leading financial services group - Market leader in Norway and leading within selected global industries

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UBS - FINANCIAL SERVICES CONFERENCE STOCKHOLM 18 SEP 2014

Per Sagbakken Head of Investor Relations

Investor presentation

SLIDE 2

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

SLIDE 3 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

SLIDE 4

Pre-tax operating profit before impairments (NOK bn)

DNB delivers healthy profit growth

SLIDE 5 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

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DNB: Development in lending and deposit volumes

NOK bn 6 1 298 1 341 1 369 1 312 1 322 1 349 30 June 30 Sept. 31 Dec. 31 March 30 June 30 Sept. 31 Dec. 31 March 30 June 2012 2013 2014 Loans at end of period Loans adjusted for exchange rate movements 811 868 882 820 849 861 797 854 881 30 June 30 Sept. 31 Dec. 31 March 30 June 30 Sept. 31 Dec. 31 March 30 June 2012 2013 2014 Deposits at end of period Deposits adjusted for exchange rate movements Deposits adjusted for short-term money market investments

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DNB: Development in average interest rate spreads

Per cent 7 1.98 2.01 2.18 2.21 2.32 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 1.20 1.28 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

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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

4 208 4 426

+ 5% growth NOK million 8

DNB: Development in commissions and fees

SLIDE 9

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

2003 2005 2007 2009 2011 2013

Defined contribution

PTP - break even after 10 years (NOK million)

SLIDE 10 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 2015 guiding 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

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0.24 0.17 0.09

0.05

0.10 0.15 0.20 0.25 0.30

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

SLIDE 12 10.8 11.0 11.8 11.9 12.1 30 June 2013 30 Sept. 2013 31 Dec. 2013 31 March 2014 30 June 2014

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 June 2013 30 Sept. 2013 31 Dec. 2013 31 March 2014 30 June 2014 12.1 12.5 13.6 14.2 14.4 30 June 2013 30 Sept. 2013 31 Dec. 2013 31 March 2014 30 June 2014 14.8 15.2 16.3 17.5 17.3 30 June 2013 30 Sept. 2013 31 Dec. 2013 31 March 2014 30 June 2014

SLIDE 13 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"

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DNB: Stronger earnings and increased solidity

73 96 121 133 109 128 161 178 Avg'07-11 2012 2013 YTD 2014

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)

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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

SLIDE 16

Q&A