18 May 2020 - DNB - Investor relations

18 May 2020

2

Content

• DNB – A Brief Overview

• The Norwegian Economy

• Financial Targets, Performance and Capital

• Loan Book and Asset Quality

• ESG and Sustainability

• Funding

• Appendices: • Cover Pool Portfolio Information and LCR eligibility• The Norwegian Mortgage Market• Capital and Tier 1• Additional slides – Financial Performance and Other information

3

DNB – A Brief Overview

Q1 Highlights

• Continued solid underlying earnings

• Results affected by Covid-19 and high impairment provisions

• Pre-tax operating profit before impairment NOK 10 063 mill

• Profit for the period NOK 4 000 mill

• High impairments in Q1, mainly due to IFRS 9 and oil price effects

• Total impairments NOK 5 771 mill

• Of which Stage 1 and Stage 2 NOK 2 808 mill

• A very solid capital ratio: CET1 Ratio 17.7%

• Capital ratio reduced due to increased RWA

• DNB has currently postponed the dividend decision until late 2020

• The proposed dividend has already been deducted from the capital ratio

• If DNB decides to not pay dividend, the CET1 ratio will increase with 136 bp

• CET 1 Capital Requirement (including Pillar 2 Guidance/Mgt buffer) is 15.6%

• Reduced with 150 bp

• MDA is currently at 12.7%

• DNBs leverage ratio is currently 6.5%

2

5

DNB – Norway’s Leading Financial Services Group

• Approximately 30% market share in Norway

• 34% owned by the Norwegian Government

• Credit Ratings: • Moody's: Aa2 (stable)

• S&P: AA- (stable)

• Sustainability/ESG Ratings: • Sustainalytics: 16.9 (Low Risk) Management Score: 61.7

• ISS QualityScore: 1

• MSCI ESG Ratings: AA

6

The DNB Group

✓ 100% owned by DNB Bank and functionally an integrated part of the parent

✓ Mortgages originated within DNB Bank’s distribution network in accordance with the bank's credit policy

DNB Bank ASA

Aa2/AA-

DNB Life and

Asset Management

DNB ASA

DNB

Boligkreditt AS

(Covered Bonds: AAA/Aaa)

7

The Norwegian Economy

8

Snapshot of the Norwegian Economy

Sources: 1) General Government net lending as percentage of GDP, OECD Economic Outlook No. 106, November 2019

2) Revised National Budget as per 12 May 2020

3) Ministry of Finance (National Budget 2020)

4) DNB Markets, May 5, 2020

5) Central Bank of Norway, 7 May 2020

2018 2019 2020E 2021E

Budget surplus1)/

deficit

8.1% 8.8% -3,9%2)

Oil fund3) EUR 809bn EUR 970bn EUR 995bn

Unemployment4) 3.9% 3.7% 6.7% 5.5%

GDP growth4) +2.2% +2.5% -5.9% +5.0%

Central Bank Rate5) 0.75% 1.5% 0.0% 0.0%

Estimates on future macro developments are currently highly uncertain

9

Solid Government Finances

Annual budget deficit/surplus forecast for 20201) General government net financial liabilities1)

As per cent of nominal GDP 2019

1) Source: OECD Economic Outlook no. 106, November 2019

-300.00

-250.00

-200.00

-150.00

-100.00

-50.00

0.00

50.00

100.00

150.00

200.00

10

0

100

200

300

400

500

600

2006 2008 2010 2012 2014 2016 2018

Annual return, GPFG

Annual net petro cash flow

Annual actual "spending of oil-money"

Government Pension Fund Global2001-2019, NOK billion

Oil income versus spending2006-2019, NOK billion

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Source: Ministry of Finance (National Budget 2019), DNB Markets, NBIM

The Growth of the Sovereign Wealth Fund Adds Flexibility

11

Forecasted unemploymentPer cent

Historically among the lowest unemployment in EuropePer cent

Source: OECD Economic Outlook No. 106 November 2019/DNB Markets (Jan 20)

Unemployment – Among the Lowest in EuropeEstimates on future macro developments are currently highly uncertain

0

2

4

6

8

10

12

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Denmark Finland Norway

Sweden United Kingdom Euro area (17 countries)

6.3 %

5.5 %5.1 %

6.7 %

5.5 %

4.2 %

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

10.0 %

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e

Statistics Norway (24 April 2020) DNB Markets (5 May 2020)

12

Economic Growth in Norway

GDP growthYear on year, per cent

Historical GDP growthPer cent

-2%

0%

2%

4%

2013 2014 2015 2016 2017 2018 2019

Norway Sweden Denmark Finland Euro Area

Source: OECD Economic Outlook No. 106, November 2019

Estimates on future macro developments are currently highly uncertain

-4.0 %

4.8 %

3.3 %

-5.9 %

5.0 %4.2 %

-8%

-6%

-4%

-2%

0%

2%

4%

6%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e

Statistics Norway (April 24, 2020) DNB Markets (May 5, 2020)

13

Oil: Break-even Price North SeaSource: Rystad Energy/Dagens Næringsliv, March 2020

Break-even price for the 10 largest oil fieldsUSD per barrel, Brent Blend

Field Remaining Size in BOE Break-even Price

Troll East (Gas) 5,350 mn USD 5-10

Johan Svedrup – Phase 1 2,326 mn USD 10-15

Snohvit Phase 1 1,113 mn USD 5-10

Oseberg 974 mn USD 15-20

Ekofisk 796 mn USD 35-40

Johan Sverdrup – Phase 2 614 mn USD 15-20

Gullfaks South 571 mn USD 30-35

Snorre 562 mn USD 25-30

Johan Castberg 560 mn USD 15-20

Ormen Lange 547 mn USD 10-15

With an oil price of 20-25 USD/barrel, 55 out of in total 98 oil fields will be profitable or go break-even.

14

Financial Targets, Performance and Capital

15

Financial Ambitions 2019-2022

>12%Return on equity

Overriding target

Payout ratio

>50%Dividend policy

C/I ratio

<40%Key performance indicator

16

- Digital and automatised processes provide scalability and flexibility for quickly adapting to new developments

- Limited impact by pandemic on day-to-day business operations

DNB is a Digital Front Runner

Source: The Economist (August 2019)

Scandinavian countries among the most digitised

societiesInternet users and cash transactions, per cent

Customer interactions are mainly digital – less than 1% of

interactions being physicalPersonal customer interactions by channel, per cent

17

Strong underlying operating performance affected by COVID-19

and high impairment provisions

• Strong increase in both total income and pre-tax operating profit

• Impairment provisions in the quarter absorbed by operating profit

Total incomeNOK million

Pre-tax operating profit before impairmentNOK million

Profit for the periodNOK million

7,5757,085

10,063

1Q19 4Q19 1Q20

7,582

5,945

4,000

1Q19 4Q19 1Q20

13,062 13,199

15,543

1Q19 4Q19 1Q20

18

DNB Delivers Solid Profit

18.7

28.7

34.1

30.8

28.5 28.3

31.7

10.1

7.7

1.62.3

7.4

2.4

(0.1)

2.2

5.8

(5)

0

5

10

15

20

25

30

35

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Jan-Mar20

Pre-tax operating profit before impairment Impairment of loans

Pre-tax operating profit before impairmentNOK billion

Total income split for the year 2019

Net interest income

67%Net commission

and fees14%

Net gains on financial instruments at fair value

21%

Other income

-2%

19

Ongoing uncertainty in economic outlook increases

impairment levels

• Increase in IFRS 9 expected credit losses in stages 1 and 2, mainly driven by forward-looking macro-economic factors

• Assumes a decrease in Norwegian GDP in 2020 compared with 2008-2009, and oil price below the lowest levels in 2016

Impairment of financial instruments

per industry segmentNOK million

Maximum exposure (on and off-balance sheet items),

net of accumulated impairment losses

NOK 2 125 billion

(-0)

Stage 1 Stage 2 Stage 3

NOK 206 billion

(+96)

NOK 27 billion

(+9)

90.1% 8.7%

1Q20 4Q19 1Q19

Personal customers

- Stages 1 and 2 (405) 23 (24)

- Stage 3 (117) (104) (84)

Corporate customers

- Stages 1 and 2 (2 403) 426 92

- Stage 3 (2 847) (522) (300)

Total *) (5 771) (178) (316)

*) Of which Oil, gas and offshore:

- Stages 1 and 2 (1 050) 221 106

- Stage 3 (1 555) (580) (152)

20

Stage 3 Net Loans and Financial Commitments (IFRS) 9)

Figures from 1 January 2020 are recognised excluding loans at fair value. Historical figures have been adjusted accordingly.

2,125

110 18

2,125

206

27

0

500

1,000

1,500

2,000

2,500

Stage 1 Stage 2 Stage 3

31.12.2019 31.03.2020

MNOK

Net Loans and Financial Commitments Stage 1-2-3)

Stage 3 Net Loans and Financial Commitments (IFRS)

21

Key Financial Ratios

Jan-Mar

20202019 2018 2017 2016

Return on equity (%) 6.5 11.7 11.7 10.8 10.1

Cost income (%) 35.3 42.2 43.8 44.2 40.9

Comb. weighted total average spread (%) 1.38 1.33 1.30 1.30 1.32

Write down ratio (%) 1.41 0.13 -0.01 0.15 0.48

Common equity tier 1 ratio (%)1) 17.7 18.6 17.2 16.7 17.6

Total capital ratio (%)1) 21.4 22.9 20.8 20.3 21.4

Leverage Ratio (%) 6.5 7.4 7.5 7.2 7.3

1) On 31 December 2019, Norway fully implemented the EU's capital requirements legislation CRR/CRD IV, and the so-called Basel I floor was

removed. The additional capital requirements due to the transitional rules have been removed from the historical figures. The harmonised rules

include the introduction of the SME discount factor.

22

DNB – A Strong Capital Position - CET1 and leverage ratio impacted by currency effects

• CET1 capital ratio based on dividend payout of NOK 9.00 per share and 50 per cent profit from 1Q20

• New CET1 capital ratio requirement reflecting reduced countercyclical buffer requirement

• Leverage ratio impacted by central banks (-47 bps), currency effects on lending (-16 bps), counterparty exposure (-

12 bps) and redemption of AT1 (-26 bps)

1) CET1 capital ratio requirement of 15.6 per cent including management buffer. CCyB reduced by 1.4 percentage points and Pilar II floor reduced by

~0.1 percentage point.

2) Requirement of 6.0 per cent.

17.1

15.6

31 Dec. 2019 31 March 2020 31 Dec. 2020

~15.6

7.0

7.4

6.5

31 March 2019 31 Dec. 2019 31 March 2020

2)

17.1

18.6

17.7

31 March 2019 31 Dec. 2019 31 March 2020

1)

CET1 capital ratio requirement

Per cent

CET1 capital ratio

Per cent

Leverage ratio

Per cent

23

Development in CET1 capital ratio

• CET1 ratio affected by currency effects and counterparty risk

• Temporary increase in counterparty exposure due to changes in exchange rates and interest rates

Development in CET1 capital ratio from 31 Dec. 2019 to 31 March 2020Per cent

18.6

17.7

0.20.1

0.1 (0.2)

(0.4)

(0.4)

(0.3)

31 Dec. 2019 Profit

(50% after tax)

Insurance of

credit risk

Other Fremtind part 2

(investment)

Net exchange

rate effects

Counterparty

exposure

Non-performing

loans

31 March 2020

24

DNB – A Strong Capital Position- Leverage ratio versus Nordic Peers

6.5

4.9

4.3

4.7

4.24.42)

DNB Nordea SEB Swedbank SHB Danske Bank

Per cent, as of 31 March 2020

DNB’s leverage ratio requirement1)6.0

1) The Norwegian leverage ratio requirement for banks is 5% effective as from 30 June 2017. For systemically important banks, such as DNB, the

minimum requirement is 6%. A potential breach of the leverage ratio requirement will not trigger automatic restrictions on AT1 coupon payments.

2) Leverage ratio under fully phased-in rules. Leverage ratio for Danske Bank was 4.5% under transitional rules.

25

DNB – A Strong Capital Position

S&P RAC Ratio versus Nordic PeersPer Cent, 30 Jun 2019

14.8

12.111.6

10.49.9 10.1

DNB Swedbank Nordea Danske

Bank

SEB SHB

S&P RAC Ratios for Top 50 Rated Western European BanksPer Cent, 31 Dec 2018

2

• Equity base is 2.5 times higher than before the financial crisis

• DNB is among the most solid and best-capitalised banks in Europe, confirmed by EU-wide bank stress tests

• Proven ability to build capital through a crisis, substantial loss absorbance through results

Average equityNOK billion

EBA 2018 EU-wide stress testCET1 capital ratio impact under adverse scenario, per cent

DNB - A Strong Capital Position

26

169

184 194

200 211

2015 2016 2017 2018 2019-9

-8

-7

-6

-5

-4

-3

-2

-1

0

DNB European banks

27

101 92

175160

44 -3

40 55

55 89

144

160

202

141 147

240 249

188157

341

2013 2014 2015 2016 2017 2018 2019

Dividends and Buy-backs

CET1 build up

4.5% 4.5% 4.5% 4.5%

2.5% 2.5% 2.5% 2.5%

3.0% 3.0% ~3.0% ~3.0%

2.0% 2.0% 2.0% 2.0%

1.7% ~2.1%~0.8%3) ~0.8%3)

1.8%~2.0%

~1.9%2) ~1.9%2)

YE 2018 YE 2019 31.03.2020 Target 31.12.2020

Pillar 1 Min Requirement Systemic risk Buffer

SIFI Buffer Countercyclical Buffer

Pillar 2 Requirement SREP Requirement

Conservation Buffer Mgt Buffer / Pillar 2 Guidance

DNB CET1 - without trans. rules

SREP15.5%1.0%~14.6%1.0%

SREP16.1%SREP

~14.6%

CET1 Capital Requirements- and Capital Generation

1) In a consultation paper dated 27 April 2018, the Norwegian FSA suggested to include the Pillar 2 requirements in the calculation of the MDA trigger

level. The Ministry of Finance has not yet expressed its view on the proposal, therefore, it is uncertain whether the proposal will be adopted.

2) The Pillar 2 requirement is set to be the higher of (i) 1.8% of RWA and (ii) NOK 19.4bn. As of 31 March 2020, the nominal requirement applies, leading to

an effective Pillar 2 Requirement of ~1.9%.

3) Based on reduced countercyclical buffer (CCyB) rates in relevant countries from March 2020

4) The 2019 figures are calculated on the basis of the implementation of CRR/CRD IV in Norway, which removed the Basel I floor and introduced the SME

discount. The change in methodology had a significant positive impact on the CET1 build up.

• SREP includes Pillar 2 requirements, but they are not included in the MDA trigger level1)

• Management buffer must be seen in connection with DNB’s capital generation abilities

• A systemic risk buffer of 4.5% was imposed on Norwegian exposures from 31 December 2020. Combined

with systemic risk buffers in other countries, this corresponds to approx. 3% of the total RWA.

Capital Generation4)

Basispoints (bps) – transitional rules17.2%

18.6%

139

17.7%

28

MDA – DNB well above CET1 MDA Trigger Level• Pillar 2 requirements in Norway are currently not included in the MDA trigger level

• FSA has proposed to include Pillar 2 in MDA trigger level, but no final decision is taken1)

• MDA buffer must be seen in connection with DNB’s capital generation abilities

YE 2018 YE 2019 31.03.2020 YE 2020

MDA Trigger Level DNB CET1 ratio

13.7% ~14.1%

~12.7%

101 92

175160

44 -3

139

40 55

55 89

144

160

202

141 147

240 249

188157

341

2013 2014 2015 2016 2017 2018 2019

Dividends and Buy-backs

CET1 build up

139

1) In a consultation paper dated 27 April 2018, the Norwegian FSA suggested to include the Pillar 2 requirements in the calculation of the MDA trigger

level. The Ministry of Finance has not yet expressed its view on the proposal, therefore, it is uncertain whether the proposal will be adopted.

2) The 2019 figures are calculated on the basis of the implementation of CRR/CRD IV in Norway, which removed the Basel I floor and introduced the SME

discount. The change in methodology had a significant positive impact on the CET1 build up.

18.6%

Capital generation2)

Basispoints (bps) – transitional rules~12.7%

17.2% 17.5%

29

Latest changes to DNB’s Capital Requirements – Core Tier 1

• On 13 March 2020, the Ministry of Finance announced that the countercyclical buffer (CCyB) would

be reduced from 2.5% to 1% for Norwegian exposures with immediate effect. Taking into account

reduced CCyB in other countries announced in March 2020, DNB’s effective CCyB is now at ~0.75%.

• The systemic risk buffer increased from 3.0% to 4.5% for Norwegian exposures from 31 December

2020. Taking into account systemic risk buffers in other countries, DNB’s effective systemic risk

buffer is now at ~3.0%.

• With the final implementation of CRR/CRD IV in Norway from 31 December 2019, the Basel I floor

was removed and the capital requirements for exposures to Small and Medium sized enterprises

were reduced (SME discount).

30

MREL Requirement – Announced by NFSA 23 December 2019

• DNB ASA (HoldCo) shall hold total MREL capital equal to 36.7% of adjusted (for DNB Boligkreditt)

risk weighted assets based on the balance per 31 December 2018, which leads to a need for MREL

eligible debt of NOK 157 billion.

• The minimum MREL requirement shall be met per 30 June 2020.

• Senior preferred debt issued by DNB Bank per 31 December 2019, with a minimum

remaining tenor of one year, will qualify as MREL capital until 31 December 2022. As of 31

December 2019, qualifying debt with a minimum tenor of one year amounts to NOK 178 billion.

• During the transitional period DNB will gradually replace maturing senior debt with the required

volume of non-preferred senior debt.

• MREL eligible debt shall be issued by DNB (HoldCo) to third party investors. Relevant group units,

including DNB Bank, shall issue internal MREL debt to DNB (HoldCo) in order to establish an

adequate loss absorbing mechanism in the group.

• DNB has initiated a process to merge DNB (HoldCo) and DNB Bank, making DNB Bank the ultimate

parent company of the DNB Group. The intention of the merger, which requires permission from

the Norwegian Ministry of Finance, is to enable DNB to issue non-preferred senior debt from DNB

Bank.

• The MREL requirement will vary over time based on changes in RWA and capital requirements.

• At present, no decision from the Norwegian FSA on postponement of the deadline (due to

the Covid-19 situation) to meet the MREL requirement.

31

IFRS 9 | Basel IV | Risk Weighted Density- DNB is well positioned for future regulatory requirements

• IFRS 9

• IFRS 9 was implemented from 1 January 2018 and reduced the common equity Tier 1 capital ratio by

approximately 28 basis points in Q12018 as a one off effect.

• IFRS 9 is now fully implemented, hence, DNB will not apply for transitional rules.

• Basel IV

• DNB is well positioned due to already high risk weights.

• The implementation of Basel IV is expected to have limited effects for DNB.

• Risk Weighted Density

Risk Weighted AssetsPer cent of total assets, 31 March 2020

32.2%

23.8%25.3%

19.3%

25.8%

20.6%

DNB SEB Nordea Danske Swedbank SHB

32

Future Changes in Regulatory Framework - Capital

Composition of buffers and

Pillar 2 Requirements.

New considerations: Climate Risk.

Stricter requirements on IRB models

Pressure on Pillar 2

New Standard methods

New floor

CRDV/CRR2

2021+

CRR Compensation

2020

Basel IV – CRR3

2022+

• EU Directives and Regulations do not have direct effect

in Norway

• First step: Implementation in the EEC agreement

• Second step: Relevant rules to be implemented in

Norwegian law

• Time lag might vary from months to years

• 5 February 2020: Ministry of Finance requested the

Norwegian FSA to propose relevant changes in

Norwegian law as a result of CRDV/CRR2/BRRD2. The

NFSA has until 1 October 2020 to present the proposals,

suggesting possible implementation in Norwegian law

some time in 2021.

33

Loan Book and Asset Quality

34

Loan BookEAD by Segments as of 31 March 2020

Including net non-performing and net doubtful loans and guarantees. Exposures at default are based on full implementation of IRB.

**) Of which mortgages 45 per cent of total exposure at default.

35

Robust and well diversified credit portfolio going into this

exceptional situation

- Lower oil price and COVID-19 have limited impact on 78% of the portfolio

Total loan portfolio

Net EAD – NOK 2 089 billion

Per cent

5%

17%

78%

Oil price impact

- Oil, gas and offshorePartial COVID-19 impact

- Shipping

- Services

- Tourism and cruise industry

- Hotel and retail-related

commercial real estate

- Retail industries

- Manufacturing

Limited impact

- Personal customers

- Healthcare

- Technology, media and telecom

- Fishing, fish farming and farming

- Commercial real estate excl. Hotel

and retail-related

- Other corporate segments

Limited impact

‒ Solid personal customer portfolio

‒ Sectors within Corporate Banking assessed to be

resilient to both COVID-19 effects and a lower oil

price

Partial COVID-19 impact

‒ Some sub-segments have been negatively

impacted while others have had a positive

development

‒ Compensation schemes will help in the short term

‒ The planned gradual lifting of infection control

measures are positive for these segments

Oil price impact

‒ Offshore remains the most challenging part of

the portfolio

‒ Other oil-related segments are more robust

36

High-quality personal customer portfolio constitute 50%

of total net EAD

Marginal LTV distribution mortgages

Per cent

73

20

6

1

<1

69

21

7

2

<1

0 10 20 30 40 50 60 70 80

0-40

40-60

60-75

75-85

85-100

Norway Oslo

Per cent

Collateral categories

▪ Personal customer portfolio consists of 87 per cent

home mortgages

▪ Loan-to-value (LTV) ratio provides significant

buffer. Average LTV: 60.6 per cent

▪ Limited exposure to consumer finance with

NOK 14 billion in drawn credit card facilities

▪ Strong social security system with significant

additional government initiatives supports

debt-servicing capacity

37

2.7%

7.7%

Currentmortgage rate

Mortgage rateincluding stress

test

Mortgage Lending in DNB is Based on Cash Flow

5%

Willingness to repay the loan

Credit history

Capability of repaying the loanIncluding 5 per cent interest rate stress

Amortization requirement above 60% LTV

Max 5x gross income

CollateralLTV max 85%

Monthly behavior scoring of

borrowers

1.

2.

3.

4.

38

House Prices Fundamental Factors Explaining the Past House Price Increase

Norwegian House Prices

Source: Real Estate Norway, Statistics Norway

Completed housings less

growth in households

Source: Norges Bank, Statistics Norway

Nominal House Prices 2000-2019

Source: Eiendomsverdi AS

(member of the European AVM Alliance)

0

100

200

300

400

500

600

700

800

1985

1988

1991

1994

1997

2000

2003

2006

2009

2012

2015

2018

Nominal prices

CPI-deflated prices

Income per capita-deflated prices

-20,000

-15,000

-10,000

-5,000

0

5,000

2006 2008 2010 2012 2014 2016 2018

0

50

100

150

200

250

300

350

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

Norway UK Sweden

Denmark USA

39

• For Norway; house prices have grown 1.2% the last 12 months.

House Price Development in Norway and Oslo1)

House Price GrowthAs of April 2020All-time High = Feb -20 for Norway,

Feb -20 for Oslo





House Price Growth 1 Jan 2007 = Index 100

1) The methodology for house price data was revised in January 2018, hence there are some differences in data points from previous versions of this

presentation.

-0.9 %

-2.2 %

1.2 %1.6 %

Since all-time-high Last 12 months

Norway Oslo

75

100

125

150

175

200

225

250

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Norway Oslo

40

100

125

150

175

200

2014

2015

2016

2017

2018

2019

2020

Norway Oslo

Mortgage Lending RegulationTightened Regulation from January 2017 has Impacted House Price Growth

• Max 5x gross income

• Max 85% LTV

• 60% for secondary home in Oslo

• Debt servicing capacity

• 5 percentage points interest rate increase

• Amortization requirement above 60% LTV

• 2.5% of approved loan or principal payment as for 30 year annuity

• Banks have some flexibility

• Banks can deviate in 10% of mortgage applications each quarter

• In Oslo this flexibility is limited to 8%

House Price Growth 1 Jan 2007 = Index 100

41

50% 50%44%

49%

29%

0%

20%

40%

60%

2016 2017 2018 2019 1Q2020

A Robust Cover Pool

House Price Decline Current 10% 20% 30%

WA Indexed LTV 55.2% 58.1% 69.0% 78.9%

Eligible OC 27.8% 24.6% 19.5% 11.8%

High OC

LTV around 55%(Weighted average)

Stress test -house price decline

54% 54% 55% 55% 55%

40%

50%

60%

70%

2016 2017 2018 2019 1Q2020

42

• Offshore – outlook uncertain, but manageable number of customers and total exposure

• Offshore – increase in exposure from year end due to currency effects

• Oil and gas – flexible cost base, hedged income stream through 2020 and strong collateral position

Oil-Related Portfolio represents 5.2% of Total Customer EaD

6 %

8 %

7 %

11 %

Total loan portfolio1) – EaD NOK 2 089 billionPer cent, as at 31 March 2020

Oil-related portfolio – EAD NOK 109 billion5.2% of DNB’s total EaD as at 31 March 2020

3.2 %

2.0 %

2.4 %

0.8 %

2.0 %

Oil & Gas 2)

Offshore 3)

• The oil-related portfolio has been reduced significantly:

Down from NOK 167.1bn (8.4% of total EaD) in September 2015

Oilfield services

1) Excluding Credit Institutions

Offshore – EAD NOK 41 billion

2) Oil & Gas: Reserve-based lending, Midstream, Exploration/

Production, Downstream/Petrochemical

3) Offshore: OSV, Rig, Other offshore

43

Split Oil-Related Portfolio- limited oil-related exposure

7 %

17

13

11

23

19

17

6 2

Offshore service vessels

Rig

Other offshore

Exploration/production

Reserve-based lending

Oilfield services

Midstream

Downstream/petrochemical

NOK bn

Oil, gas and offshore portfolio by sub-segments

Net EAD NOK 109 billion – 5 per cent of total

Offshore

Net EAD

NOK 41 billion

as at

31 March 2020

44

4

1311

8413

1410

Low risk Medium risk High risk Net non-performingand net doubtful

commitments

29

12 5

0

31

11 7 2


commitments

7 5 2 0

9 4 4 1


commitments

30.06.2018 30.09.2018 31.12.2018 31.03.2019

30.06.2019 30.09.2019 31.12.2019 31.03.2020

40

29

18

9

44

28 24

14


commitments

Oil-Related PortfolioOffshore the Most Challenging Sector

DNB’s oil-related portfolio split by sub-segment in terms of exposure (EaD) and by risk grade

Total Oil related segmentsEaD in NOK billion Offshore

EaD in NOK billion

Oil and GasEaD in NOK billion

Oilfield ServiceEaD in NOK billion

Probability of default (per cent)

Low risk 0.01 – 0.75

Medium risk 0.75 – 3.00

High risk 3.00 - impaired

45

3.2 %

Shipping Exposure is 3.2% of DNB’s Total Loan Portfolio- Shipping portfolio of large companies with financially strong owners

8 %

Total loan portfolio1) – EaD NOK 2,089 billionPer cent, as at 31 March 2020

Shipping portfolio2) – EaD NOK 67 billionPer cent of DNB’s total EAD, as at 31 March 2020

0.8 %

0.7 %

0.3 %

0.3 %

0.8 %

0.3 %

Crude oil tankers

Dry bulk

Gas

Container

Other shipping

Chemical and product tankers

1) Excluding Credit Institutions

2) Excluding offshore portfolio. Offshore is included in oil-related portfolio.

• The shipping portfolio has been reduced significantly

• Down from NOK 138.1bn (6.9% of total EAD) in September 2015

• Dry bulk and container segments particularly impacted by lower international trade and demand

• Dry bulk rates now close to 2016 levels compensated by stimulus packages from China

• The exposure towards Container segments has been reduced by 70% since 2015

46

5

14

2 1

Low risk Medium risk High risk Net non-performing and netdoubtful commitments

30.06.2018 30.09.2018 31.12.2018 31.03.2019 30.06.2019 30.09.2019 31.12.2019 31.03.2020

Dry bulk and ContainerEaD in NOK billion

Risk Classification and Migration DNB’s Shipping Book(Excluding Offshore)

Shipping1) – EaD distribution by PD bracketNOK billion

14

47

51

Low risk Medium risk High risk Net non-performing and net

doubtful commitments

30.06.2018 30.09.2018 31.12.2018 31.03.2019 30.06.2019 30.09.2019 31.12.2019 31.03.2020

1) Numbers for the Shipping Offshore and Logistics Division excluding offshore portfolio. Offshore is included in oil-related portfolio.

Probability of default (per cent)

Low risk 0.01 – 0.75

Medium risk 0.75 – 3.00

High risk 3.00 - impaired

47

Robust portfolio in Commercial Real Estate with considerablebuffers

• High occupancy rates and sound loan-to-value

• Government compensation scheme, which includes rent payments, together with lower interest

rates supports all sub-segments

• Hotel, retail store facilities and shopping centres most impacted sub-segments – 83% low risk

Hotels

Retail store facilities

Shopping centres

Office premises

Warehouse and logistics

Other

54

10

1 0

PD 0.01% - PD 0.75% - PD 3.00% - Net commitments

in stage 3

31 March 2019 31 Dec. 2019 31 March 2020

Commercial real estate by sub-segments


Hotels, retail store facilities and shopping centres by risk

classification

Net EAD

NOK 65

billion

as at

31

March

2020

Oil price impact

5%

Limited impact

78%

Services

Tourism and cruise

industry

Manufacturing

Retail industries

Shipping

Hotels and retail-

related commercial

real estate

Services, Tourism and cruise industry, Manufacturing and Retail industries segments


1) B2C: Business to consumer. B2B: Business to business.

Other identified segments affected to a varying degree – companies eligible for compensation schemes will benefit from gradual lifting of

infection control measures

48

▪ Services (net EAD NOK 70 billion)‒ Diverse service portfolio with good mix of B2C and B2B 2) customers,

predominantly Nordic

‒ Decreased activity in some smaller sub-segments such as restaurants, fitness

centres and facility management

▪ Tourism and cruise industry (net EAD NOK 27 billion)‒ Tourism segment mainly includes large Nordic hotel operators with

acceptable liquidity reserves and adequate actions taken

‒ Cruise segment mainly includes large cruise companies/lines where approx. 50

per cent of exposure is covered by Export Credit Agency guarantees

▪ Manufacturing (net EAD NOK 78 billion)‒ Affected by negative development in demand and challenges in supply chains,

benefits from lower oil price

‒ Diverse portfolio – 77 per cent low risk exposure

▪ Retail industries (net EAD NOK 54 billion)‒ Fashion is the most impacted sub-segment. Government compensation

scheme and reduction of infection control measures will support this sector

medium term

‒ Fast-moving consumer goods, incl. groceries, home improvement products

and electronics, holding up well

Net EAD

NOK 230

billion

as at

31 March

2020

49

Helping authorities combat financial crime is at the top of the management’s agenda

• DNB uses a considerable amount of resources on supporting authorities in the fight against financial crime

• Anti-money laundering is high on the agenda at all levels of our organisation, and a regular topic in management

meetings and board meetings

• DNB has over the last years made organisational changes to further strengthen the AML routines in the first and

second lines of defence

• The fight against money laundering is a fight against criminal networks constantly developing new methods

• Combatting financial crime is complex, and the regulatory frameworks have changed over time – no bank can ever

guarantee that suspicious transactions that should have been examined more carefully do not exist

• Our systems and procedures detect a large number of cases that are further investigated and reported to the

authorities each year, and DNB is working continuously to develop and improve our systems and analyses

• All information gathered from regulators and other institutions strengthens the ability to detect suspicious

transactions and subsequently report these to authorities

Commitment to compliance excellence

50

Samherji case/Iceland

• 12 November 2019, allegations were published in the Icelandic media that funds from Samherji (Icelandic fisheries

company) were used for illegal payments.

• 28 November 2019, the Norwegian National Authority for Investigation and Prosecution of Economic and

Environmental Crime (Økokrim) announced that they had opened investigation of DNB related to the matter1). The

same day, DNB released the following statement:

• "We have had a good dialogue with Økokrim all the way and the fact that they are now opening an

investigation means that we have the opportunity to share with them everything we know in the Samherji case,

including confidential client information. We have been prevented from doing so thus far due to a duty of

confidentiality.”

• “In a case like this, as one of the banks of the company in question, we play an important role in contributing to

establishing all the facts of the case.”

• “We are committed to getting to the bottom of this, for own learning as well. Therefore, this does not change

anything with regard to our ongoing efforts to investigate all aspects of this matter.”

• “We cannot rule out that our own assessment of this case will identify potential improvements of our efforts in

this area. At the same time, it is important to remember that the one accused of corruption or money

laundering in this matter is not a Norwegian bank, but an Icelandic fisheries company.”

1) Press release from Økokrim (in Norwegian only): https://www.okokrim.no/etterforsker-dnb-bank-asa.6266753-411472.html

https://www.okokrim.no/etterforsker-dnb-bank-asa.6266753-411472.html

• 20% ownership in Luminor, a joint venture with Blackstone and

Nordea1)

• Blackstone acquired 60% of Luminor in September 2019

• DNB’s strategy in the Baltics has been to serve the local personal

customers and SME segments – non-resident customers (outside

EEA) have been out of scope

• Two due diligence processes completed the last few years, in

connection with:

1. The merger between Nordea’s and DNB’s Baltic units (completed

2017)

2. The sale to Blackstone (completed 2019)

• Luminor has not been subject to AML sanctions or regulatory fines

511) Nordea and Blackstone have entered into a forward sale agreement for the sale of Nordea’s remaining 20 per cent stake. The forward sale is

subject to certain conditions but is expected to complete over the next three financial years

Luminor – a Joint Venture with Nordea and Blackstone

52

ESG and Sustainability

Strategic measures

• Anchored in corporate governance and top

management

• Sustainability/ESG disclosures in accordance with

standards (GRI, SASB, TCFD) assured by EY

• Signatory to global sustainability initiatives

• Strong ESG rating by Sustainalytics, ISS and MSCI

• Climate risk as part of risk management

ESG and Sustainability is linked to Long-Term Value Creation

Four core topics define DNB’s sustainability strategy:

• DNB is a driving force for equality and diversity

• DNB finances sustainable growth through loans

and investments

• DNB fights financial crime and promotes a safe,

digital economy

• DNB helps its customers manage and understand

their own finances

53

- Preventing financial crime and corruption

- Open and ethical business management

- Information secyrity and stable IT systems/

financial infrastructure

- Pricing of products and services - Privacy protection

- Equality and diversity - Responsible lending and investment

- Innovative business model and product

development

- View risks and opportunities in a long-term

perspective

- User-friendly products and services

- Working conditions - Restructuring and skills enhancement

- Responsible purchasing

- Helping startups succeed

- Financial literacy

Impact on DNB's long-term value creation

Imp

ort

an

ce t

o D

NB

's s

takeh

old

ers

• DNB’s approach to sustainability is based on methodology from the leading ESG reporting frameworks1)

• Using a materiality analysis, we have identified the topics most material when it comes to our ability to deliver on financial

commitments and long term value creation, as well as the topics that are seen as most material from our stakeholders

perspective (see matrix on next slide)

• Most material ESG topics are addressed in strategy and followed up with KPIs or metrics. The approach ensures prioritization

of the most important ESG topics, and make sure these are incorporated in business processes and governance structure.

• All ESG data reported on an annual basis are verified by DNB’s financial auditor (EY) according to the GRI standards, and

included in the integrated annual report.

ESG Approach based on Leading Reporting Framework

1) GRI, SASB and TCFD54

The topics that ended at the bottom and at the far left have been taken out of the matrix.

The topics that remain in the matrix are considered the most material and shall be reported in accordance with GRI.

Sources of information

▪ Customer interactions

▪ Meetings and negotiations

ESG - a Part of all Credit and Business Decisions

Sources of information:

• Customer interactions

o Meetings

o Transactions and negotiations

• Customers’ ESG reports,

policies or similar

o Strategy

o Goals

• Customers’ business practices

o Actions

o Collaborations

o Incidents

• Third party ESG rating

Implications for DNB:

• Customer selection

o Who we bank with

• Capital allocation

o Who gets priority

• Credit decisions

o What we will finance

• Customer monitoring

o Low, medium or high risk

55

Examples of Sustainability Measures

• ESG integrated in all industry strategies and credit rules throughout the organisation.

• All credits above NOK 8 million include an ESG evaluation.

• Developed sustainable product framework.

• Towards 2025, DNB will contribute with a total of NOK 450 billion to the financing of

renewable energy and infrastructure.

• Towards 2025, DNB will contribute with a total of NOK 130 billion to the financing of green

property development.

• ESG integrated in equity research.

• In 2020, all new and refinanced shipping loans shall include a clause about responsible ship

recycling.

• DNB was one of the initiators behind the Poseidon Principles, aiming to drive sustainable

development in Shipping. Includes measuring carbon intensity of our shipping portfolios on

an annual basis and assess climate alignment relative to established de-carbonization

trajectories.

56

• During 2019, we experienced a large increase in the

interest for ESG and Sustainable Finance related

products in Norway and we expect volumes, both in

sustainable bonds and loans, to increase significantly

going forward.

• Sustainable Bonds are becoming more mainstream,

while different forms of green and sustainability

linked loans are gaining strong momentum across

our global offices and across sectors. Especially

sustainability linked loans is a growing theme and

where we work together with our clients to find

relevant and ambitious KPIs.

• We are closely following the regulatory

developments within EU and advise our clients

accordingly. As reporting requirements for investors

increase, we expect further demand for

transparency which in turn should further increase

the demand for green bonds given the extra layer of

transparency included in these products.

Strong development within Sustainable Finance

2014DNB’s first Green Bond

Advisory role for Swedish

wind power company

Arise

30% Market share in NOK -

market leader EUR 4 bnVolume contributed in the

global sustainable bond

market 201922%Market share in Norway

– market leader

57

DNB Sustainability – Online Resources

58

▪ DNB and Society:

https://www.dnb.no/en/about-us/corporate-social-responsibility.html?la=EN&site=DNB_NO

▪ DNB’s Sustainability Library – reports and results:

https://www.dnb.no/en/about-us/csr/sustainability-library.html?la=EN&site=DNB_NO

▪ Sustainability Fact Book for DNB:

https://www.ir.dnb.no/sites/default/files/Sustainability%20Factbook%20DNB%202019.pdf

https://www.dnb.no/en/about-us/corporate-social-responsibility.html?la=EN&site=DNB_NO

https://www.dnb.no/en/about-us/csr/sustainability-library.html?la=EN&site=DNB_NO

https://www.ir.dnb.no/sites/default/files/Sustainability%20Factbook%20DNB%202019.pdf

59

Funding

60

DNB Funding Structure

79%

110%

2012 2013 2014 2015 2016 2017 2018 2019 2020

Net Stable Funding Ratio (NSFR)

2.4

3.7

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Average Life of Long-term Funding

Senior debt and covered bonds, years

Ratio of Deposits to Net Loans

Per Cent

5053

5558

6365 65

61 62 63

58 5861

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

61

Issuance of Long Term Debt

2020 EURO bill Tenor

Covered Bonds 0,0 0,0

Senior Bonds 0,0 0,0

Sum 0,0 0,0

Tier 1 / Tier 2 0,0

Total 0,0




Sum 13,2 4,8

Tier 1 / Tier 2 1,0

Total 14,2




Sum 9,2 7,0

Tier 1 / Tier 2 1,0

Total 10,2

62

A Well Established International Covered Bond Issuer

Volume Tenor MaturityEUR 1,250 mn 5 years 2020 – Oct

EUR 1,500 mn 5 years 2021 – Jan

EUR 1,500 mn 10 years 2021 – Jun


EUR 2,000 mn 10 years 2022 – Mar

EUR 1,000 mn 10 years 2022 – Nov


EUR 1,500 mn 7 years 2023 – Apr



EUR 1,500 mn (Green ) 7 years 2025 – Jun


EUR 1,500 mn 10 years 2026 – Sep

EUR 1,000 mn (FRN) 7 years 2021 – Nov

USD 1,250 mn 5 years 2020 – May

USD 1,500 mn 5 years 2022 – Mar

USD 1,000 mn 5 years 2023 – Jun

Best Euro Deal 2018

DNB Boligkreditt - Green Covered Bonds

• EUR 1,500,000,000 7 years 2025 Fixed

• SEK 9,700,000,000 5 years 2024 Fixed

58

64

DNB Green Covered Bonds

• An aggregated portfolio approach has been used to manage the green assets

• Eligible green assets at all times exceeds all outstanding green liabilities

Eligibility criteria for DNB’s green covered bonds:

• Residential buildings completed in 2012 or later

• (derived from the implementation of the TEK10 and TEK17 building codes)

~NOK 85 bn eligible green assets

(within 15% of the most energy efficient residential buildings in Norway)

For further information, see

https://ir.dnb.no/funding-and-rating/green-covered-bonds

65

DNB Senior Curve

Volume Tenor Maturity

EUR 1,000 mn 10 years 2020 – Jun

EUR 2,000 mn 10 years 2021 – Feb


EUR 750 mn 7 years 2023 – Mar

EUR 750 mn 5 years 2023 – Sep


EUR 750 mn 5 years 2024 – Mar

EUR 650 mn (FRN) 5 years 2020 – Aug

EUR 1,000 mn (FRN) 3.5 years 2022 – Jul

GBP 300 mn

GBP 500 mn

4.7 years

3.5 years

2023 – Dec

2023 – Jun

USD 1,250 mn 3 years 2020 – Oct

USD 1,250 mn 5 years 2021 – Jun

USD 1,400 mn 3 years 2022 – Nov

USD 500 mn (FRN) 3 years 2020 – Oct

USD 250 mn (FRN) 5 years 2021 – Jun

USD 600 mn (FRN) 3 years 2022 – Nov

66

Funding Contacts

Long Term Funding: Short Term Funding:

• Thor Tellefsen

Senior Vice President, Head of Long Term Funding

Phone direct: + 47 24 16 91 22

Mobile: + 47 915 44 385

E-mail: [email protected]

• Magnus Midtgård

Senior Vice President, Long Term Funding

Phone direct: + 47 24 16 91 25

Mobile: + 47 402 22 087


• Lene Bergwitz-Larsen

Senior Vice President, Long Term Funding

Phone direct: + 47 24 16 91 27

Mobile: + 47 402 20 140


• Åsmund Midttun

Senior Dealer, Rates, FICC

Phone direct: +47 24 16 90 28

Mobile: +47 901 13 559


[email protected]

• Erik Brække

Senior Vice President, Rates, FICC

Phone direct: +47 24 16 90 31

Mobile: +47 930 47 504


[email protected]

• Stephen Danna

First Vice President, FX/Rates/Commodities, New York

Phone direct: +1 212 681 2550

Mobile: +1 646 824 0072


[email protected]

Online Resources:

Funding and Rating: https://www.ir.dnb.no/funding-and-rating

Fact Book: https://vp267.alertir.com/afw/files/press/dnb_asa/202002058854-2.pdf

Pillar 3 Report: https://vp267.alertir.com/afw/files/press/dnb_asa/202003043677-2.pdf

mailto:[email protected]









https://www.ir.dnb.no/funding-and-rating

https://vp267.alertir.com/afw/files/press/dnb_asa/202002058854-2.pdf

https://vp267.alertir.com/afw/files/press/dnb_asa/202003043677-2.pdf

67

Appendix

Appendix A:

Cover Pool Portfolio Information and LCR

eligibility

68

Future Updates On Cover Pool Developments

DNB has implemented the common Harmonised Transparency Template of

the European Covered Bond Council which is available on the DNB website.

Information about the cover pool of DNB Boligkreditt may be accessed via

DNB’s web page:

https://www.ir.dnb.no/funding-and-rating/cover-pool-data

Contacts DNB Boligkreditt AS:

- Per Sagbakken, CEO: [email protected] +47 906 61 159

Portfolio information is updated when DNB quarterly results are released

https://www.ir.dnb.no/funding-and-rating/cover-pool-data

69

Cover Pool

Data

DNB Boligkreditt Covered Bonds – Cover Pool Data

Rating (Moody’s/S&P) Aaa/AAA

Cover Pool Size (million) 655,821

No. of Mortgages in the Cover Pool 383,996

Average Loan Balance (thousands) 1,708

Regulatory Overcollateralisation Requirement 2.0%

Overcollateralisation 28.6%

Weighted Average LTV (Indexed) 55.2%

Pool statistics as of 31 March 2020. Cover pool reporting coincides with DNB quarterly financial reporting.

Stresstest

Cover Pool Sensitivity Analysis

House Price Decline Current 10% 20% 30%

WA Indexed LTV 55.2% 58.1% 69.0% 78.9%

Eligible OC 27.8% 24.6% 19.5% 11.8%

70

Well diversified residential mortgage book within Norway

DNB Boligkreditt cover pool as of 31 December 2019

5.9%

2.8%

1.8 %

Eastern Norway 69 %

Western Norway 15 %

Northern Norway 8 %

Southern Norway 3 %

Mid-Norway 5 %

71

Portfolio Characteristics

Overcollateralisation

Cover pool size:

Residential mortgages, loan balance (mill.) 655 821

Covered bonds outstanding (mill.) 509 839

Overcollateralisation 28,6 %

Maturity Structure Covered Bonds

Extended maturity (years) Loan balance (mill.) %

≥ 0 ≤ 1 7 648 1,5 %

1 ≤ 2 69 279 13,6 %

2 ≤ 3 175 566 34,4 %

3 ≤ 5 123 815 24,3 %

5 ≤ 10 98 864 19,4 %

> 10 34 668 6,8 %

Total 509 839 100,0 %

Expected maturity (years) Loan balance (mill.) %

≥ 0 ≤ 1 73 123 14,3 %

1 ≤ 2 176 045 34,5 %

2 ≤ 3 54 840 10,8 %

3 ≤ 5 96 336 18,9 %

5 ≤ 10 75 129 14,7 %

> 10 34 366 6,7 %

Total 509 839 100,0 %

72

Portfolio Characteristics cont.

Loan Size

Private individuals Loan balance (mill.) Number of loans

≤ 1,000,000 65 667 147 604

> 1,000,000 ≤ 2,000,000 167 890 112 557

> 2,000,000 ≤ 3,000,000 163 534 66 845

> 3,000,000 ≤ 4,000,000 100 536 29 190

> 4,000,000 ≤ 5,000,000 57 755 12 986

> 5,000,000 80 988 12 066

Total 636 370 381 248

Housing Cooperatives Loan balance (mill.) Number of loans

≤ 5,000,000 3 077 1 746

> 5,000,000 ≤ 10,000,000 3 203 451

> 10,000,000 ≤ 20,000,000 4 690 340

> 20,000,000 ≤ 50,000,000 5 345 172

> 50,000,000 ≤ 100,000,000 2 034 31

> 100,000,000 1 102 8

Total 19 451 2 748

LTV buckets

Indexed LTV Loan balance (mill.) %

≥ 0 ≤ 40 129 948 19,8 %

40 ≤ 50 88 202 13,4 %

50 ≤ 60 144 250 22,0 %

60 ≤ 70 142 125 21,7 %

70 ≤ 80 135 320 20,6 %

80 ≤ 90 10 175 1,6 %

90 ≤ 100 3 054 0,5 %

>100 2 747 0,4 %

Total 655 821 100,0 %

Concentration Risk

%

10 largest exposures 0,2 %

10 largest exposures excl. housing cooperatives 0,1 %

Property Types

Loan balance (mill.) %

Residential 655 821 100,0 %

Commercial 0 0,0 %

Other 0 0,0 %

Total 655 821 100,0 %

o/w Housing Cooperatives / Multi-family assets 19 451 3,0 %

o/w Forest & Agriculture 0 0,0 %

Occupancy Type

%

Owner occupied 70,9%

Second homes / Holiday houses 0,2%

Buy to let / Non owner occupied houses 0,1%

Other 28,8%

Total 100,0%

Repayment Type

%

Amortization 74,1 %

Interest only* 25,9 %

Total 100,0 %

*No principal payments for a limited period of time.

73

Portfolio Characteristics cont.

Seasoning

%

Up to 12months 18,2 %

≥ 12 - ≤ 24 months 14,2 %

≥ 24 - ≤ 36 months 11,8 %

≥ 36 - ≤ 60 months 19,0 %

≥ 60 months 36,8 %

Total 100,0 %

Interest Rate Type

Fixed Rate 6,2 %

Floating Rate 93,8 %

Geographical Distribution

Loan balance (mill.) %

VIKEN 207 754 31,7 %

OSLO 164 294 25,1 %

INNLANDET 28 485 4,3 %

VESTFOLD OG TELEMARK 53 176 8,1 %

AGDER 17 702 2,7 %

ROGALAND 39 373 6,0 %

VESTLAND 50 434 7,7 %

MØRE OG ROMSDAL 9 742 1,5 %

TRØNDELAG 34 530 5,3 %

NORDLAND 23 683 3,6 %

TROMS OG FINNMARK 26 640 4,1 %

SVALBARD 8 0,1 %

Total 655 821 100 %

Non Performing

Non performing loans 0,11 %

Arrears

≥ 30 - < 60 days 0,13 %

≥ 60 - < 90 days 0,04 %

≥ 90 - < 180 days 0,04 %

≥ 180 days 0,07 %

Eastern Norway: 69 %

Western Norway: 15 %

Northern Norway: 8 %

Southern Norway: 3 %

Mid-Norway: 5 %

74

Cover Pool Sensitivity Analysis and Overcollateralisation History

Cover Pool Overcollateralisation History

Latest over-collateralisation requirement for AAA/Aaa rating (as per 31 March 2020):

• S&P: 4.16 %

• Moody’s: 0 %

Stresstest - House price decline

House price decline Current 10 % 20 % 30 %

Total cover pool balance (nominal, NOKbn) 655 821 655 821 655 821 655 821

WA indexed LTV (%) 55,2 61,1 68,7 78,5

Eligible cover pool balance (nominal, NOKbn) 651 492 635 068 609 252 570 105

Total outstanding covered bonds (nominal, NOKbn) 509 839 509 839 509 839 509 839

Eligible overcollateralization 27,8 % 24,6 % 19,5 % 11,8 %

75

Non Performing Loans in DNB Boligkreditt AS90+ days in arrears

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.40%

90+ days arrears

11 bp

76

A Very Robust Residential Loan Portfolio

15%

33%

28%

17%

7%

0-40 40-60 60-75 75-85 >85

Loan-to-Value (LTV)Per Cent of Residential Mortgage Book, 31 March 2020

Includes mortgages in DNB Bank and DNB Boligkreditt

77

Green Bond Allocation Report

78

Green Bond Impact Report August 2019

79

Covered Bonds Issued by DNB Boligkreditt AS Qualifies for Level 1-Assets Pursuant to LCR-regulation (Slide 1 of 2)

Covered bonds issued by DNB Boligkreditt AS fulfil the requirements to qualify as

Level 1-assets pursuant to Commission Delegated Regulation (EU) 2015/61

regarding liquidity coverage requirement for credit institutions (“LCR-regulation”).

With reference to Article 10(1)(f) of the LCR-regulation, DNB Boligkreditt AS

confirms the following:

• Covered bonds issued by DNB Boligkreditt AS meet the requirements to be

eligible for the treatment set out in Article 129(4) of Regulation (EU) No

575/2013 (“CRR”) and the requirements referred to in Article 52(4) of Directive

2009/65/EC, cf. the European Commission’s website:

http://ec.europa.eu/finance/investment/legal_texts/index_en.htm

• The exposures to institutions in the cover pool meet the conditions laid down

in Article 129(1)(c) and in Article 129(1) last subparagraph of CRR

http://ec.europa.eu/finance/investment/legal_texts/index_en.htm

80

Covered Bonds Issued by DNB Boligkreditt AS Qualifies as Level 1-Assets Pursuant to LCR-regulation (Slide 2 of 2)

With reference to Article 10(1)(f) of the LCR-regulation, DNB Boligkreditt AS

confirms the following (cont.):

• DNB Boligkreditt AS gives the information required in Article 129(7) of CRR

to its investors

• Covered bonds issued by DNB Boligkreditt AS are assigned a credit

assessment by a nominated ECAI which is at least credit quality step 1 in

accordance with Article 129(4) of CRR, and the equivalent credit quality step

in the event of short term credit assessment

• The cover pool does at all times meet an asset coverage requirement of at

least 2% in excess of the amount required to meet the claims attaching to

the covered bonds issued by DNB Boligkreditt AS

81

ECB Eligibility and CRD-Compliance of Covered Bonds Issued by DNB Boligkreditt AS

• All covered bonds issued by DNB Boligkreditt AS fulfil the eligibility criteria for

marketable assets set by the Eurosystem and are thus eligible for Eurosystem monetary

policy operations.

• The Eurosystem set additional criteria for own use of eligible instruments in the

Eurosystem monetary policy operations. In the case of covered bonds, the instruments

must be issued in accordance with the criteria set out in Part 1, points 68 to 70 of Annex

VI to Directive 2006/48/EC. The covered bonds issued by DNB Boligkreditt AS fulfil these

criteria, but the Eurosystem has not checked the fulfilment of these conditions for

Norway, since Norway is not part of the EU. Therefore, covered bonds issued by DNB

Boligkreditt AS are marked with a "N/A" what regards ‘own-use covered bonds’ in ECB's

eligible asset database.

• DNB Boligkreditt AS confirms that the covered bonds it issues are compliant with

the CRD-requirement set forth in the Eurosystem guidelines. In addition, DNB

Boligkreditt AS confirms that it gives the information required in Regulation (EU) No

575/2013 ("CRR") article 129 (7) to its investors, so that the covered bonds issued by DNB

Boligkreditt AS are eligible for the preferential treatment set out in CRR article 129 (4).

82

Appendix

Appendix B:

The Norwegian Mortgage Market

83

The Norwegian Residential Mortgage Market

• Nearly 80% of Norwegians own their home:• Few mortgages are buy-to-let.

• Norway is primarily a floating interest rate market:• The large majority of mortgages originated by DNB are floating rate.

• Rates on floating rate mortgages can be reset at any time and at the bank’s own

discretion, by giving debtors six weeks notice.

• Loans are normally underwritten with a term of 15-25 years:• Average size for new mortgages originated by DNB is approximately NOK 1,000,000

(EUR 110,000).

• In Norway, all borrowing costs are deductible from taxable income at

the current rate of 23%:• Households are therefore better able to withstand an increase in interest rates.

Source: Finance Norway - FNO

84

Appendix

Appendix C:

Capital and Tier 1

85

Capital Adequacy Across the Key Relevant Entities

DNB has to meet all capital requirements on DNB ASA group level (“DNB”), DNB Bank Group level

(“DNB Bank Group”) and DNB Bank ASA solo level (“DNB Bank”)

CET1 and Total Capital RatioPer 31.03.2020

17.7 % 17.5 %18.2 %

21.4 %22.9 %

24.5 %

DNB DNB Bank Group DNB Bank ASA

CET1 Total Capital Ratio

86

Overall Capital Requirements under SREP

• Pillar 1 capital requirements in Norway consist of minimum requirements and

combined buffer requirements.

• As a result of the SREP, the supervisors may decide on additional capital add-on (Pillar

2), which together with the Pillar 1 requirements form the Overall capital

requirement.

• If there is a breach of the combined buffer requirements under Pillar 1, there will be

automatic restrictions on dividends etc. (ref. CRD IV article 141).

• However a breach of the overall capital requirements under SREP will not cause

automatic restrictions1):

• The Bank will have to present a plan to the NFSA how to restore the capital ratios

• If the plan is not sufficient, the NFSA will consider other measures.

• The measures will depend on the reasons behind the breach

1) In a consultation paper dated 27 April 2018, the Norwegian FSA suggested to include the Pillar 2 requirements in the calculation of the MDA

trigger level. The Ministry of Finance has not yet expressed its view on the proposal, therefore, it is uncertain whether the proposal will be

adopted.

87

Pillar 2 requirements in Norway not included in the MDA Trigger Level

• MDA restrictions will only apply if there is a breach of the Pillar 1 requirements

(Minimum capital requirements + Combined buffer requirements)

• Pillar 2 requirements in Norway currently do not influence the MDA trigger level

• Stated in a letter from the Ministry of Finance dated 15 January 2016

• Confirmed by the Norwegian Financial Supervisory Authority (NFSA) in a response letter dated

15 February 2016, and stated in a circular from the NFSA dated 27 June 2016

• In a consultation paper dated 27 April 2018, the NFSA suggested to include the Pillar 2

requirements in the calculation of the MDA trigger level. The Ministry of Finance has

not yet expressed its view on the proposal, therefore, it is uncertain whether the

proposal will be adopted.

88

Implementation of BRRD and change in creditor hierarchy

• The legislation implementing BRRD in Norway, entered into force 1 January 2019.

• The legislation sets forth that the resolution authorities shall establish a resolution plan for each

institution with specific description of the tools available in a crisis situation. The resolution plan for

DNB is not yet in place.

• In line with the BRRD, the creditor hierarchy is now changed so that deposits that are guaranteed

by the Norwegian deposit guarantee scheme, as well as deposits from private individuals and small

and medium sized enterprises, have priority before deposits from large corporates and unsecured

senior debt, which again has priority before senior non-preferred debt and own funds instruments.

• One of the tools contemplated under the BRRD is the bail-in tool. According to the Norwegian

legislation, any unsecured debt, except guaranteed deposits, may in principle be bailed in. The

resolution authorities will however respect the hierarchy of claims.

• The introduction of the MREL requirement, including the subordination requirement, shall make

sure that no creditor will be worse off than it would have been in liquidation.

• DNB expects more clarity when the resolution authorities present the resolution plan for DNB some

time in 2020.

89

DNB’s Solid Profitability Should Ensure AT1 Coupon Payments

Dividend payments on ordinary shares and coupon

payments on Additional Tier 1 (AT1) instruments are at the

discretion of the issuer

* Share buy-back in 2019

Dividend for 2019, to be paid in 2020

DNB will give due consideration to

the capital hierarchy and look to

preserve the seniority of claims

going forward**

** Statement given at the DNB Capital Markets Day 27 November 2014

31.9

23.4

26.9

29.031.2

2.9

7.3

9.3

11.413.2

14,1

3.8

3.9

5.2

0.1 0.5 1.0 1.0 1.1

0

5

10

15

20

25

30

35

40

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Profit Before Tax Dividend Share buy-back AT1 Coupon Payments

15,2

17,1

19,3

90

Leverage Ratio Requirement

• Norwegian leverage ratio requirement effective as from 30 June 2017:

• Minimum leverage ratio 3% 1)

• Bank requirement 2%

• SIFI requirement 1%

Total SIFI/DNB requirement 6%

• As at 31 March 2020, DNB Group reported a leverage ratio of 6.5 %

Well above regulatory requirement

• A breach of the leverage ratio requirements will not trigger automatic

restrictions on AT1 coupon payments.

• If there is a breach of the leverage ratio requirement, the financial

institution will have to present to the NFSA a plan how to restore the

leverage ratio.

Regulation dated 20 December 2016

1) Requirement for credit institutions such as DNB Boligkreditt AS.

91

ADI – Available Distributable Items

• Items available for distribution is defined in the Norwegian Public Limited

Company Act1):

Following this definition, the ADI level is calculated as follows:

ADI = total equity – share capital – fund for unrealized gains

• For 2018 DNB has decided also to deduct additional tier 1 capital

from the ADI.

DNB Bank ASA (31 December 2018):

ADI = NOK 177bn – 18bn – 2bn – 16bn (AT1) = NOK 141bn

=> Due to the significant amount available for distribution, we don’t assess the

ADI as a potential restriction for coupon payments.

1) The Norwegian CRD IV Regulation does not include any definition of ADI

92

Appendix

Appendix D:

Additional Slides

- Financial performance and Other information

1,4341,467 1,476

1,5001,524 1,536 1,554 1,570

936 948 927 927 941 956 974 994

2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

Performing loans Deposits

▪ Loan growth from year-end 4.8 per cent (0.9 per cent currency adjusted)

▪ Growth in loans to Personal customers 0.6 per cent and to Corporate customers 9.3 per cent (1.6 per cent currency adjusted)

▪ Deposit growth from year-end 8.5 per cent (4.9 per cent currency adjusted)

▪ Growth in deposits from Personal customers 5.3 per cent and from Corporate customers 11.0 per cent (5.3 per cent currency adjusted)

Loans per customer segmentNOK billion

Average loans and deposits in the customer segmentsNOK billion

1) NOK 59 billion growth due to currency effects.

Underlying growth in the segments in line with expectations

93

778

795 800

749

764

835

Personal customers Corporate customers

1)

31 March 2019 31 Dec. 2019 31 March 2020

42.0

46.3

35.3

1Q19 4Q19 1Q20

▪ Cost/income ratio of 35.3 per cent affected by net gains on financial instruments

▪ Dividends for 2019 and share buy-back authorisation to be decided at an Annual General Meeting no later than December 2020

▪ 2019 share buy-back programme completed in March with a total buy-back of 1.89 per cent

Return on equityPer cent

Cost/income ratioPer cent

Earnings per shareNOK

Strong underlying operating performance in a quarter affected by COVID-19

and high impairment provisions

94

12.9

10.9

6.5

1Q19 4Q19 1Q20

4.61

3.57

2.28

1Q19 4Q19 1Q20

▪ Good mix of B2B (business to business) and B2C (business to consumer)

▪ Predominantly Nordic

▪ Decreased activity in some sub-segments (restaurants, fitness centres, facility management), increased risk limited by Government support packages

Services

Net EAD NOK 70 billion – 3 per cent of totalRisk classification

NOK billion

Services – diverse portfolio

95

Oil price impact

5%

Limited impact

78%

Services

Tourism and cruise industry

Manufacturing

Retail industries

Shipping

Hotels and retail-related


36

25

8

2


in stage 3

31 March 2019 31 Dec. 2019 31 March 2020

Net EAD

NOK 70

billion

as at

31 March

2020

▪ ~50 per cent of the exposure towards each of the two sub-segments

▪ Tourism segment mainly includes large Nordic hotel operators with acceptable liquidity reserves

▪ Cruise segment mainly includes large cruise companies/lines where ~50 per cent of the exposure is covered by Export Credit Agency guarantees



NOK billion


96

Oil price impact

5%

Limited impact

78%

Services


Manufacturing

Retail industries

Shipping



8

16

3

1


in stage 3

31 March 2019 31 Dec. 2019 31 March 2020

Net EAD

NOK 27

billion

as at

31 March

2020

▪ Affected by negative development in demand and challenges in supply chains

▪ Benefits from lower oil price

▪ Diverse portfolio – 77 per cent low risk exposure

Manufacturing


NOK billion

Manufacturing – diverse and low-risk portfolio

97

Oil price impact

5%

Limited impact

78%

Services


Manufacturing

Retail industries

Shipping



60

12

6

1


in stage 3

31 March 2019 31 Dec. 2019 31 March 2020

Net EAD

NOK 78

billion

as at

31 March

2020

97

▪ Fashion is the most impacted sub-segment. Government compensation scheme and reduction of infection control measures will support this sector

medium term

▪ Fast-moving consumer goods, incl. groceries, home improvement products and electronics, holding up well

Retail industries


NOK billion

Retail industries

Oil price impact

5%

Limited impact

78%

Services


Manufacturing

Retail industries

Shipping



31

16

43


in stage 3

31 March 2019 31 Dec. 2019 31 March 2020

Net EAD

NOK 54

billion

as at

31 March

2020

98

▪ Targeted stimulus packages aimed at members of the working population and corporate segments

▪ Significant packages negotiated and agreed upon by a broad coalition and strong majority in parliament (Stortinget)

▪ Banks highlighted by the Ministry of Finance as ‘part of the solution’ and acting as distributor of Government funds

Measures aimed at businessesMeasures aimed at members of the working population

and personal customers

Government measures counter negative effects on the economy

▪ Government loan programme

‒ NOK 50 billion enabling loan financing to businesses. The

Government guarantees 90 per cent of each bank loan

▪ Government Bond Fund

‒ The Government Bond Fund has been reinstated with an

investment budget of NOK 50 billion to increase liquidity

and access to capital in the Norwegian bond market

▪ Government compensation scheme for businesses

‒ Offers compensation to cover fixed costs for businesses

losing revenue due to COVID-19 – up to NOK 20 billion per

month

▪ Reduced countercyclical buffer from 2.5 to 1.0 per cent

‒ Allows for higher lending capacity in the banking sector

▪ Changes in benefit schemes for unemployed/temporarily laid-

off members of the working population

‒ An extension of the scheme by granting benefits from the

first day and increasing the daily allowance, and offering

80 per cent compensation to self-employed entrepreneurs

‒ The scheme leads to higher registered unemployment as

businesses lay off employees to save costs

▪ Temporary changes in the Home Mortgage Regulation

‒ More flexibility for banks to deviate from the regulation,

allowing increased use of deferred amortisation

▪ Lowered key policy rate

‒ Lower loan costs for personal customers and businesses

99

100

51%49%

Rebalancing of the Shipping and Oil Portfolio

Reducing Exposure in Cyclical IndustriesUSD billion

Rebalancing Between Large Corporates

and Personal Customers

21

8

2012 Q1 2020

Shipping

20

12

2014 Q1 2020

Oil, gas and offshore

46%54%

Mortgages and other exposures, personal customers

Corporate loans

3Q 2015 1Q 2020

101

Disclaimer (1/2)

NOT FOR DISTRIBUTION IN THE UNITED STATES, EXCEPT PURSUANT TO APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS

OF THE U.S. SECURITIES ACT OF 1933.

This presentation (hereinafter referred to as the “Presentation”) has been prepared by DNB Bank ASA (the “Company” or the “Issuer” and together with its

consolidated subsidiaries the “Group”) solely for the purpose of providing introductory information in connection with the contemplated offering of bonds by the Issuer

(the “Transaction”).

This Presentation is strictly confidential and may not (in whole or in part) be reproduced, distributed, passed on, or the contents otherwise divulged, directly or

indirectly, to any other person (excluding an investment professional’s advisers) without the prior written consent of the Issuer. This Presentation is for information

purposes only and is not meant to be complete or exhaustive. This Presentation does not in itself constitute an offer to sell or a solicitation of an offer to buy any of

the securities described herein. This Presentation has not been reviewed or approved by any regulatory authority or stock exchange. The distribution of this

Presentation into jurisdictions other than Norway may be restricted by law. This Presentation does not constitute or form part of any offer or invitation to sell or issue,

or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this

Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this Presentation comes

should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any

such jurisdiction.

This Presentation contains information obtained from third parties. As far as the Issuer is aware and able to ascertain from the information published by that third

party, no facts have been omitted that would render the reproduced information to be materially inaccurate or misleading. This Presentation contains certain forward-

looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. Forward-looking statements

concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”,

“intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this

Presentation, including assumptions, opinions and views of the Issuer or cited from third party sources are solely opinions and forecasts which are subject to risks,

uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither the Issuer nor any of its advisors, parent

or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are

free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the

forecasted developments. The Issuer does not assume any obligation, except as required by law, to update any forward-looking statements or to confirm these

forward-looking statements to the Issuer’s actual results.

AN INVESTMENT IN THE ISSUER INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR

ACHIEVEMENTS OF THE ISSUER TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE

EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES

ASSOCIATED WITH THE ISSUER’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND

RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND

FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE

RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD

UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION.

102

Disclaimer (2/2)

To the best of the knowledge of the Issuer, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof.

However, no independent verifications have been made. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any

information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or

misstatements contained herein, and, accordingly, none of the Issuer, any of its parent or subsidiary undertakings or any such person’s advisors, officers or

employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. By attending or receiving this Presentation you

acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Issuer and that you will conduct your own

analysis and be solely responsible for forming your own view of the potential future performance of the Group’s business.

In the event this Presentation is distributed in the United Kingdom, it shall only be communicated to persons who have professional experience, knowledge and

expertise in matters relating to investments and are "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000

(Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 86(1) of the Financial and Services Markets Act 2000 ("FSMA") the

requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply. Consequently, the Investor understands

that the offering of bonds may only be made to "qualified investors" for the purposes of sections 86(1) and 86(7) FSMA, or to limited numbers of UK investors, or only

where minima are placed on the consideration or denomination of securities that can be made available (all such persons being referred to as "relevant persons").

This Presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon this Presentation or any of its

contents. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with investment professionals.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED SOLELY IN

RELIANCE ON APPLICABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE

BONDS HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE

OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN EXEMPTION FROM THE

REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF BONDS WILL ONLY BE

OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED

INSTITUTIONAL BUYERS (“QIBs”) IN OFFERING TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN

OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF BONDS IN THE UNITED STATES, OR TO OR FOR THE

ACCOUNT OF U.S. PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT

LIMITATION THAT THE PURCHASER IS A QIB.

There may have been changes in matters which affect the Issuer subsequent to the date of this Presentation. Neither the delivery of this Presentation nor any further

discussions of the Issuer with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Issuer

since such date. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of

Norwegian courts with Oslo city court (Nw: Oslo tingrett) as exclusive venue.

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