DNB GROUP Rune Bjerke (CEO) 16 May 2014

Bond Investor presentation

Requirement

Setting direction towards 2016

Return on equity

above12 per cent

CET1 capital ratio

13.5-14.0

per cent

Target

2

Our portfolio is well diversified

3

Pre-tax operating profit before impairment (NOK bn)

DNB delivers healthy profit

4

Pre-tax operating profit before impairment in NOK billion 7.4 (5.1) Cost/income ratio in per cent 41.3 (52.0)

Return on equity in per cent

15.5 (10.0)

Common equity Tier 1 capital ratio in per cent (transitional rules) 11.9 (10.6)1)

Figures in parentheses refer to 1Q13 1) Including 50 per cent of profit for the period 5

Results from first quarter of 2014 confirm the positive trend

Earnings per share 3.39 (1.96)

Growth in all customer segments

6 08.05.2014

Annualised 1Q growth of 2.5% for lending and 9% for deposits NOK billion

7

Lending Deposits

1 298

1 341 1 344

1 306

1 315 1 324

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

2012 2013 2014 Loans at end of period Loans adjusted for exchange rate movements

811

868900

816845

881

797

854874

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

2012 2013 2014 Deposits at end of period Deposits adjusted for exchange rate movements

Ambition of 3-4 per cent annual lending growth maintained

Combined spread down due to higher volume growth in deposits than lending Per cent

8

1.831.98 2.01

2.18 2.212.32

2.42 2.42 2.42

0.04(0.11) (0.13)

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

1.16 1.18 1.18 1.22 1.201.28 1.29 1.30 1.25

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

Lending spread

Deposit spread

Combined spread- weighted average

DNB expects stable combined spreads

1,757 1,806 1,981 1,935

1Q09 1Q10 1Q11 1Q12 1Q13 1Q14Net commissions and fees Corporate finance, credit and securities broking etc.

Asset management and custodial services Real estate broking

Money transfer and banking services Sale of insurance products

1 9562 185

Upward trend in commissions & fees – especially the “capital light” products/services are growing

9

NOK million

+12% growth

The cost-income-ratio is now below 45 per cent

10

48,3 47,6 47,1

49,1

45,7

41,3

2009 2010 2011 2012 2013 1Q 2014

Underlying nominal costs are expected to be stable in the period up to 2016, and the Group’s cost/income ratio will remain highly competitive

Positive development in asset quality – decline in net non-performing and net doubtful loans and guarantees 1)

11

19.1 18.419.5 19.7 19.9

23.3 22.920.7

16.4

1.711.55 1.50 1.50 1.48

1.71 1.701.38

1.19

1.050.88

1.10 1.16 1.101.37 1.39

1.100.91

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

2009 2010 2011 2012 2013 2014

Baltics and Poland

DNB Group excl. Baltics and Poland

As a percentage of net loans

As a percentage of net loans excl. Baltics and Poland

Per cent

NOK billion

1) Includes non-performing loans and guarantees and loans and guarantees subjectto individual impairment. Accumulated individual impairment is deducted.

Positive development in impairment levels driven by shipping recoveries and strong underlying development

12

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

NOK millions.

Positive development in impairment levels driven by shipping recoveries and strong underlying development

13

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

NOK millions. Per cent

On track to reach all required capital levels - Comparison with Nordic Peers

14

5.2

3.8 4.3

3.7 3.7 3.8

9.7

7.6

6.4 5.5

6.7 6.8

11.9 10.8 10.3

8.9

10.5 11.3

14.2

15.7

18.3 19.5

14.6 14.0

Common equi ty tier1 /total assets ("leverage ratio") Common equity tier1 /to tal lending Common equity tier1 ratio transitional rules Common equity tier1 ratio Basel III

Per cent

1) DNB's risk weights are conservative set due to requirements from the Norwegian FSA. Applying average risk weights on mortgages and corporate portfolio as used by Swedish peers, the CET1-ratio would increase by approximately 3.3%-points.

17.51)

DNB SEB Swedbank Handelsbanken Nordea Danske bank

75%

85%

95%

105%

115%

125%

135%

2003 2005 2007 2009 2011 2013

DNB has Significantly Improved The Long Term Funding Structure Since the Financial Turmoil Started in 2007

Average life of long term funding (Senior debt and covered bonds)

Share of stable long-term funding*

* Deposits from customers, subordinated debt, covered bonds and senior debt > 12 months residual maturity.

128%

2,4

4,4

1

2

3

4

5

2008 2009 2010 2011 2012 2013 2014

15

Strong Growth in Deposits

Percent

16

Issuance of Long Term Debt - Significantly reduced needs compared with 2011 / 2012

17

2014 NOK mrd Løpetid

OMF / Covered Bonds 14,5 7,2Senior 14,6 5,4Sum 29,1 6,3

Ansvarlig lån 0,0 0,0Totalt 29,1 6,3

2013 NOK mrd Løpetid

OMF / Covered Bonds 59,7 6,3Senior 12,6 5,6Sum 72,3 6,2

Ansvarlig lån 7,5 5,0Totalt 79,8 6,1

2012 NOK mrd Løpetid

OMF / Covered Bonds 60,1 8,0Senior 42,2 6,9Sum 102,3 7,6

Ansvarlig lån 5,5 5,0Totalt 107,8 7,4

LTRO 9,0 3,0

2011 NOK mrd Løpetid

OMF / Covered Bonds 98,3 6,5Senior 27,8 8,8Sum 126,1 7,0

LTRO 15,7 3,0

10.6 %13.6 %

11.4 % 11.7 % 13.2 %15.5 %

2009 2010 2011 2012 2013 1Q 2014

8.5 % 9.2 % 9.4 %10.7 % 11.8 % 11.9 %

2009 2010 2011 2012 2013 1Q 2014

On track towards 2016 targets

Target Return on equity

> 12 per cent

Return on equity

CET 1 capital ratio (transition rules)

18

Requirement CET1 capital ratio

13.5-14.0 per cent

Long term dividend policy 50 per cent

Temporary pay out ratio during capital build up period:

Minimum 25 per cent

DNB’s Large Corporates & Institutions Harald Serck-Hanssen (LCI) 16 May 2014

Investor presentation

Large corporates and international (LCI)

Nordic Corporates

Business Management and Products

SOL International Corporates

Energy

Industries

Geographies

Central Europe Middle East & Africa

Baltic Division

Americas

Asia

Northern Europe 20

Exposure at Default Profit

LCI - Creating more with less

21

Employees Full Time Equivalents* NOK Billion* NOK Million*

3 000

3 500

4 000

4 500

5 000

1Q12 1Q13 1Q14500

600

700

800

900

1Q12 1Q13 1Q14800

1 200

1 600

2 000

2 400

1Q12 1Q13 1Q14

2 4372 610

2 789 2 7422 629

1 8442 028

2 474

2 8552 739

10,0 % 10,4 %12,7 %

14,5 % 13,7 %

1Q13 2Q13 3Q13 4Q13 1Q14

Pre-tax operating profit before impairment

Pre-tax operating profit

REKA

LCI - With steady increase in pre-tax operating profit

BNO

K

22

LCI - Increasing lending margins

Lending = performing loans to customers. Deposits = deposits from customers, principal amount

441 445 454 461 459

331 338 354 361379

2,13 % 2,14 % 2,15 % 2,16 % 2,20 %

-0,17 % -0,19 % -0,19 % -0,17 % -0,17 %

1Q13 2Q13 3Q13 4Q13 1Q14

Lending Deposits Margin Lending Margin Deposits

BNO

K

23

LCI - Stable portfolio quality with reduced concentration of risk

24

376

271

32 17

369

239

40 17

409

245

28 12

050

100150200250300350400450

PD 0.01% - PD 0.75% - PD 3.00% - Net non-perfoming and

net doubtfulcommitments1Q 2012 1Q 2013 1Q 2014

Distribution by Probability of Default Large Corporates and International, NOK billion

Exposure at Default, 30 largest corporates Per cent of large corporates (EAD)

LCI - Reducing net non-performing and net doubtful commitments

25

LCI - Industry sector strategies

26

Shipping, offshore & logistics Energy Seafood

Healthcare Media Telecoms Technology

Retail industries Public sector Service Real estate and construction Finance Manufacturing

industries

Packaging

Global scope

Selective international scope

Norwegian/Nordic/ North European scope

DNB Group with a diversified corporate banking portfolio

27

Commercial real estate 11.8% (11.1%) Shipping

6.3% (7.0%)

Logistics1.0% (1.1%)

Oil, gas and offshore6.2% (6.5%)

Energy3.3% (3.0%)

Other corporate customers

5.2% (6.1%)

Public sector1.5% (1.6%)

Fishing and fish farming

2.4% (2.4%)

Trade2.7% (2.5%)

Manufacturing4.6% (4.2%)

Telecom and media1.7% (1.5%)

Services2.2% (1.9%)

Residential mortgages44.6% (44.6%)

Private individuals6.4% (6.4%)

1) Distribution of exposure at default based on internal segmentation of customers, including net non-performing and net doubtful loans and guarantees. Comparable figures as at 31 March 2013 in parentheses.

Shipping and commercial real estate portfolio is reduced

28

• Rebalancing targets achieved

• Commercial real estate exposure reduced. • Exit from Sweden, Finland and Denmark on track

• Shipping exposure reduced – on track for the 6 per

cent limit in 2015

• Market positions still strong

Shipping and commercial real estate portfolio Per cent of group EAD*

Execution on 2012 guiding

16,5

17,0

17,5

18,0

18,5

19,0

19,5

20,0

DNB’s maritime business is profitable - shipping losses on the way down

29 Maritime business = The LCI division Shipping, Offshore and Logistics (SOL)

SOL’s Pre-tax operating profit Shipping, Offshore and Logistics, NOK million

LCI - The shipping, Offshore and Logistic (SOL) portfolio is diversified

30

Chemical and product tankers; 7,4%

Container; 12,8%

Crude oil tankers; 9,8%

Cruise; 4,1%

Dry cargo; 10,7% Gas; 13,4%

Logistics; 4,3%

Offshore; 23,9%

Other non-shipping; 7,3%

Other shipping; 3,0% RoRo/PCC; 3,3%

Exposure at default according to sector1)

And from a macro perspective, things are looking better

31

LCI - Robust Energy Portfolio

• Total DNB Group exposure (EAD) to the energy sector per 1Q14 is NOK 131,9 billion

• Our portfolio is well diversified, has high credit quality and is profitable

• DNB’s oil and gas related portfolio is robust enough to tolerate oil prices well below current forward curve levels

• Consistent high return on allocated capital • Globally, the energy outlook is positive with

significant levels of investments expected in the coming years

Midstream

Oil and gas

Oilfield services

Power and heat

Other energy

Capital efficient with high returns Well diversified portfolio Energy EAD split per 1Q14, NOK billions

32

LCI - The Baltics and Russia on good track

33

Large corporates and international (LCI) going forward

• Increase customer profitability

– prioritising the right customers

• Increase sale of capital efficient products

• Leverage on industry expertise

34