Barclays Global Financial Services Conference 12 September 2017 New York

Kjerstin Braathen, CFO

2

DNB is in a new phase, after years of capital build-up - increased dividend

16% 9.3%

260

112

NOK Billion

7.2

5.0 4.7

4.4 4.1

4.8

Stable and increasing cash dividend going forward - combined with share buybacks to distribute excess capital

3

Dividend per share NOK

2.10

2.70

3.80

4.50

5.70

2012 2013 2014 2015 2016

1) According to an agreement, the Norwegian government will redeem shares on a proportionate basis so that its current holding will remain unchanged at 34 per cent 2) The Norwegian FSA has approved the authorisation, provided that the targeted capital level is met and that the sum of the amounts spent on dividends and the

repurchase of shares does not exceed 75 per cent of the annual profit for 2016

Dividend policy: > 50 per cent payout ratio Stable and increasing cash dividend per share

Buybacks: Completed 0.5 per cent of registered shares 1) 2) DNB may decide to initiate further buybacks up to the

approved limit of 1.5 per cent

Return on Equity above 12 per cent remains our main priority

4

NOK Billion

1)

1) Peer average equity is calculated using peer leverage ratio.

90

58

51

46

Norway

United Kingdom

Germany

EU

Percentage of population using online banking

Fewer branch offices Number of branches per year

Transforming the way we do business - digitalisation and automation

More visits to our mobile banking platform Million visits per year

7

22% of all new savings agreements

300 000 daily transactions

59% of population users*

June Jan. Feb. Mar. Apr.

22% fee-based transactions

180 000 users

Savings app

57 million mobile bank logins (2Q17)

2010 2015 2016 2017 annualised

2011 2012 2013

Transforming the way we do business – building future mobile platforms

2014

*Norwegian population > age 15

July

Growth in personal customer and SME segments - despite changes in distribution network

8

200

225

250

275

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Small and medium-sized enterprises Average loan volumes, NOK billion

46 %

54 %

2Q 2015

Mortgages and other exposures, personal customers corporate loans

Aiming to reduce volatility and increase profitability - through rebalancing of the portfolio

9

50 % 50 %

2Q 2017

Reducing exposure in cyclical industries USD billion

Rebalancing between LCI and PC

Corporate loans

19 19

20 19

16

15

21

19 18

15

13 12

8

10

12

14

16

18

20

22

2012 2013 2014 2015 2016 1H2017

Oil, gas and offshore Shipping

1) Reduction of Oil, gas and offshore started in 2015

1)

Efficiency is key – automation gives further potential

10

34 38

40 42 42

47 49

54 52

50

19 19 19 20 21 22 21 22 21 21

43%

46%

30%

40%

50%

60%

0

20

40

60

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Cost/Income NOK billion

Income bNOK (lhs) Costs bNOK (lhs) C/I (rhs) Avg Peer C/I1) 12 month rolling average for 2017 numbers 2) Adjusted for one-time effect of NOK 1969 million related to change of the Group’s pension scheme

1) 2)

Asset quality is improving – no spillover effects

11

NOK million

Per cent

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

-200

300

800

1300

1800

2300

2800

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

Total new/increased individual impairment Change in collective impairment of loans

Total impairment in relation to average volumes, annualised (rhs)

Unemployment is down and is expected to decrease further Interest rates are expected to remain low Growth in housing market is levelling off

Norwegian macro is improving

12 Source: SSB/Norwegian Labour and Welfare Administration/DNB Markets

Index (2006=100)

NOK Billion

Unemployment rate by county July 2017 vs July 2016

Significant increase

Slight increase

Lower

Norwegian GDP is picking up - Sovereign Wealth Fund – an important stabilising mechanism

13 Source: Ministry of Finance (Revised National Budget 2017), DNB Markets, NBIM

Norwegian Sovereign Wealth Fund 2001 – 2017, NOK billion

-2

-1

0

1

2

3

4

5

6

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

e

2019

e

2020

e

Mainland-GDP, YoY Unemployment rate

Per cent

Main messages

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ROE> 12%

INCREASED DIVIDEND

IMPROVING NORWEGIAN

MACRO

IMPROVING ASSET QUALITY

REDUCED VOLATILITY

DIGITALISATION AND AUTOMATION

FURTHER COST- EFFICIENCY POTENTIAL FEE GENERATION

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DISCLAIMER - CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The statements contained in this presentation may include forward-looking statements such as statements of future expectations. These statements are based on the management’s current views and assumptions and involve both known and unknown risks and uncertainties. Although DNB believes that the expectations reflected in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. Important factors that may cause such a difference include, but are not limited to: (i) general economic conditions, (ii) performance of financial markets, including market volatility and liquidity (iii) the extent of credit defaults, (iv) interest rate levels, (v) currency exchange rates, (vi) changes in the competitive climate, (vii) changes in laws and regulations, (viii) changes in the policies of central banks and/ or foreign governments, or supra-national entities. DNB assumes no obligation to update any forward-looking statement.

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