Morgan Stanley European Financials Conference

28 March 2012

CEO Rune Bjerke

Creating value in a deleveraging

environment

- Twelve drivers for successful banking

2

Driver 1:

Sustainable achievements – DNB has delivered as promised

Development in pre-tax operating profit before write-downs

(NOK billion)

Driver 2:

A business model shaped for the future

3

Private individuals

SME + Corporate

50% 50%

Driver 3:

A robust and consistent industry strategy

Selective

inter-

national

position

Regional/

global

position

Shipping &

offshore

Telecom Healthcare

products

Forest

industries Media

Comm.

real

estate

Retail

industry

Tech-

nology

Public

sector Service Finance

Seafood

From

Norwegian

to Nordic

position

4

International expansion based on industries with

traditional Norwegian competence

Energy

5

Driver 4:

Competence and experience in cyclical industries

NOK

million

0 % 0 %

7 %

9 %

5 %

0 %

5 %

10 %

15 %

20 %

25 %

-

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

2007 2008 2009 2010 2011

International shipping Total Shipping in % of DNB Group

Write-downs

DNB Group and shipping

Offshore; 27,1 %

Crude oil tankers; 11,5 %

RoRo/PCC; 2,9 %

Container; 12,0 %

Cruise; 3,5 %

Dry; 13,9 %

Chemical & product tankers; 7,2 %

Other shipping;

3,4 %

Other non-shipping; 3,2

%

Gas; 9,4 %

Aviation; 0,3 %

Logistics; 5,7 %

Exposure at default according to sector

29.02.2012

6 Source: Fourth quarter report 2011 from the financial institutions

Driver 5:

Sufficient solidity - DNB is among the most solid banks

2.6 %

3.1 % 3.2 %

3.9 % 4.2 %

4.9 %

Bank 1 Bank 2 Bank 3 Bank 4 Bank 5 DNB

Equity Tier 1/total assets (“leverage ratio”)

7

Well capitalised by any measure

Reported capital adequacy Pro forma full IRB IRB with "Nordic" risk weight

Adjusted for Nordic risk weight for credit cards

Adjusted for Nordic risk weight for corporates

Adjusted for Swedish risk weight for mortgage loans

Adjusted for full IRB

DNB risk weights

9.4

10.8

14.2

EquityTier 1 capital as at 31 December 2011 (CET 1)

Per cent

Driver 6:

Favourable funding position

2012

2011

2010

NOK Spread

Billion Maturity 3-month Euribor

Covered bonds 34.0 7.6 72

Senior bonds 39.2 6.7 175

Total 73.2 7.1 127 bp

Subordinated loan 5.7 10nc5 340

ECB’s Liquidity Facility LTRO2) 9 3,0 i.a

NOK Spread

Billion Maturity 3-month Euribor

Covered bonds 98.3 6.5 53

Senior bonds 27.8 8.8 108

Total 126.1 7.0 65 bp

ECB’s Liquidity Facility (LTRO1) 15.7 3.0 i.a

NOK Spread

Billion Maturity 3-month Euribor

Covered bonds 84,4 7.5 49

Senior bonds 32.3 7.3 84

Total 116.6 7.5 59 bp

8

Driver 7:

High deposit-to-loan ratio

55%

45%

37%

56%

47%

58%

46% 46%

56% 54%

DNB Bank 1 Bank 2 Bank 3 Bank 4

4Q10 4Q11

Deposit-to-loan ratio – Nordic banks

Source: Fourth quarter report 2011 from the financial institutions 9

10

Driver 8:

Competitive on cost efficiency

Cost/income ratio* – Nordic banks 2011

Source: Company reports *All figures are before adjustments for goodwill i.a.

11

Driver 9:

A strong home market

Source: OECD Economic Outlook No. 90, November 2011

Note: Budget surplus/deficit calculated as a percentage share of country GDP; forecasts for 2012

Annual budget deficit/surplus for

2012 (forecast)

General government net financial assets

(As a percentage of nominal GDP 2011)

Budget deficit Budget surplus

12

Driver 10:

Positioned for growth in non-capital intensive areas

Development in income – DNB Markets

2553 3092,5 3183,2

3590,7 3872,5

3216,9

5685

7243,2

5471,3

6159,2

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

NOK

million

13

Driver 11:

Strong growth in housing demand

Net change of new houses in Norway (Completed new dwellings - Rise in number of households)

2004

1H2011

+ 6,240

- 5,327

2007 - 8,720

14

Driver 12:

Positive trend in margins

1.611.58 1.60 1.57

1.671.61

1.55 1.55

1.64

0.230.29

0.320.41

0.27 0.29 0.31 0.330.28

1.13 1.12 1.15 1.16 1.171.13 1.10 1.11

1.14

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Per cent

2)

Lending spread

Deposit spread

Combined spread- weighted average

15

DNB is not in a deleveraging mode - Financial targets 2012 still apply

NOK 22-25 billion in pre-tax operating profit before

write-downs

NOK 2 billion in cost reductions

Cost/income ratio

below 46 per cent