#1Investor presentation UBS FINANCIAL SERVICES - CONFERENCE STOCKHOLM 18 SEP 2014 Per Sagbakken Head of Investor Relations DNB#2DNB - 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 ■DNB ■Other A leading international energy bank DNB 2#3DNB's financial targets towards 2016 Target Return on equity above 12 per cent Requirement CET1 capital ratio 13.5-14.0 per cent Return on equity Per cent 13.6 % 14.1 % 13.2% 10.6 % 11.4 % 11.7% DNB 2009 CET 1 capital ratio- Transition rules Per cent 11.8 % 12.1 % 10.7% 8.5 % 9.2 % 9.4 % 2010 2011 2012 2013 1H 2014 2009 2010 2011 2012 2013 1H 2014 3#4DNB delivers healthy profit growth DNB Pre-tax operating profit before impairments (NOK bn) 24.7 25 20 15 10 5 0 14.1 2.2 0.6 2007 2008 2009 2010 2011 2012 2013 1H 2014 ■■Pre-tax operating profit before impairment Impairment of loans 4#5DNB: Development in 1H 2014 Pre-tax operating profit before impairment excl. basis swaps NOK million Profit for the period excl. basis swaps NOK million 11 505 1H13 14 661 1H14 7 211 1H13 10 584 1H14 Return on equity excl. basis swaps Per cent Cost/income ratio excl. basis swaps Per cent DNB 11.2 1H13 14.7 49.2 41.6 1H14 1H13 1H14 5#6DNB: Development in lending and deposit volumes NOK bn 1 369 1 341 1 312 1 349 1 322 1 298 882 868 881 820 811 861 854 849 797 30 June 30 Sept. 31 31 30 30 31 Dec. March June Sept. Dec. 31 March 30 30 30 31 June June Sept. 31 30 Dec. March June Sept. 30 31 31 30 Dec. March June 2012 2013 2014 2012 2013 2014 Loans at end of period Loans adjusted for exchange rate movements DNB 6 Deposits at end of period Deposits adjusted for exchange rate movements Deposits adjusted for short-term money market investments#7DNB: Development in average interest rate spreads Per cent 2.42 2.42 2.42 2.32 2.39 Lending spread 2.18 2.21 1.98 2.01 1.18 1.18 1.22 1.20 1.28 1.29 1.30 1.25 1.27 Combined spread -weighted average (0.11) (0.13) (0.27) (0.24) (0.30) (0.29) (0.30) (0.29) (0.27) Deposit spread 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 DNB 7#8DNB: Development in commissions and fees + 5% NOK million growth 4426 4 208 4 095 4 048 3 766 3 631 1H09 1H10 ■Sale of insurance products Asset management and custodial services Real estate broking 1H11 1H12 1H13 ■Money transfer and banking services 1H14 ■Corporate finance, credit and securities broking etc. ■Net commissions and fees DNB 8#9DNB: Non-life and new pensions (DC) show improvement DNB Non-life's part of private market (Per cent) Defined contribution PTP-break even after 10 years (NOK million) DNB 4.7 5.3 5.8 62 2003 2005 2007 2009 2011 2013#10DNB: Cost-income ambition maintained Total operating expenses excluding non-recurring effects NOK million, per cent Total operating expenses excluding non-recurring effects www.Non-recurring effects Cost/income ratio - trailing 12 months Continued cost focus to stay in line with amotions Below 45 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 2015 guiding 2016 DNB 10#11DNB: Reduction in new impairments NOK million 1,400 2012 0.24 1,200 1,000 800 600 400 200 2013, 0.17 Bps annualised 0.30 0.25 0.20 0.15 1H14 0.09 0.10 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 —Total impairments in bps Total new individual impairment DNB 0.05#12DNB: Common equity Tier 1 capital ratio 1) CET1 transitional rules Per cent Leverage ratio Basel III ³) Per cent 11.8 10.8 11.0 2) 11.9 12.1 5.3 4.2 4.3 5.3 5.1 30 June 30 Sept. 2013 2013 31 Dec. 31 March 2013 2014 30 June 2014 30 June 2013 30 Sept. 2013 31 Dec. 31 March 30 June 2013 2014 2014 CET1 Basel III estimate Per cent Basel III applying average weights used by Swedish banks 4) Per cent 16.3 17.5 14.2 14.4 14.8 15.2 13.6 12.1 12.5 17.3 30 June 2013 DNB 30 Sept. 31 Dec. 31 March 30 June 2013 2013 2014 2014 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 30 June 2013 30 Sept. 2013 31 Dec. 31 March 30 June 2013 2014 2014 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#13DNB versus Nordic peers: Capital ratios CET1-ratio trans.rules 5.4% 12.1% Simple "Leverage ratio" 11.6% 10.7% 10.3% 9.9% 4.1% 9.0% 3.9% 3.6% 3.7% 3.6% DNB Nordea SHB SEB Swedbank Danske DNB Nordea SHB SEB Swedbank Danske CET1 Basel III 20.9% 20.1% 15.2% 16.0% 14.4% S&P RAC-ratio 10.0% 9.5% 8.9% 8.6% 8.3% 8.1% 14.4% DNB Nordea SHB SEB Swedbank Danske DNB DNB Nordea SHB SEB Swedbank Danske 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#14Avg'07-11 DNB: Stronger earnings and increased solidity Retained earnings (bps) CET1-ratio transition rules 109 128 161 178 73 96 96 2012 2013 * Dividends 25% level DNB Retained earnings 121 YTD 2014 11.8% 12.1% 10.7% 9.2% 9.4% 8.5% 133 2009 2010 2011 2012 2013 1H 2014 Long-term dividend policy intact 50 per cent Long-term policy min 25 2013-2016 per cent during capital build up phase#15DNB: Outlook is firm The build-up of Tier 1 capital is on schedule, and regulatory uncertainty has been reduced DNB 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#16Q&A DNB