New York, Deutsche Bank

22 May 2012

CFO Bjørn Erik Næss

DNB – The Norwegian bank

2

Agenda

DNB - Q1 results

DNB drivers for successful banking

3

Agenda

Q1 results

DNB drivers for successful banking

Profit per quarter

4

Pre-tax operating profit

before write-downs (NOK million)

Profit for the period (NOK million)

Pre-tax operating profit before

write-downs excl. basis swaps (NOK million)

5 276

4 952

3 837

4 737

5 588

1Q11 2Q11 3Q11 4Q11 1Q12

2 851

3 546

2 493

4 089

1 760

1Q11 2Q11 3Q11 4Q11 1Q12

4 692

5 101 5 235

6 806

3 156

1Q11 2Q11 3Q11 4Q11 1Q12

Business areas

5

1 8821 816 1 843

414

97

1 828

1 415

1 115

666

21

First quarter 2012

First quarter 2011

Pre-tax operating profit after write-downs in the first quarter(NOK million)

Retail Banking

Large Corporates andInternational

DNB Markets Insurance andAsset Management

DNB Balticsand Poland

Development in lending

6

971

1 016

1 192

1 174

1 1151 126

1 170

1 173

1 279 1 285

1 022

1 1211 128

1 1091 117

1 162

1 174

1 268

1 285

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

2007 2008 2009 2010 2011 2012

Lending at end of period

Lending adjusted for exchange rate movements

NOK billion

Development in deposits

7

538

529

597 595 591 586

642678

740

806

532 569575

585579

637

679

734

806

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

30June

30Sept.

31Dec.

31March

2007 2008 2009 2010 2011 2012

Deposits at end of period

Deposits adjusted for exchange rate movements

NOK billion

Development in average interest rate spreads - DNB Group

8

1.58 1.60 1.57

1.671.61

1.55 1.55

1.64

1.83

0.290.32

0.41

0.27 0.29 0.31 0.330.28

0.04

1.12 1.15 1.16 1.171.13 1.10 1.11

1.14 1.16

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Per cent

2)

Lending spread

Deposit spread

Combined spread- weighted average

Net interest income - trailing 12 months

9

23 893

25 252

25 887

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

2011 2012

NOK million

Net interest income 2011

Trailing 12 months

+ 8.3 per cent from

1st quarter 2011

Changes in net interest income

27.04.2012 10

6 018

6 653571

222 57

39

1Q11 Lendingand

depositvolumes

Lendingand

depositspreads

Interest days Equity and non-interest-bearing items

Othernet

interestincome

Long-term

funding

1Q12

From 1st quarter 2011 to 1st quarter 2012NOK million

(24) (229)

Changes in net interest income

27.04.2012 11

6 792

6 653

140 60

4Q11 Lendingand

depositspreads

Lendingand

depositvolumes

Equity and non-interest-bearing items

Interest days Othernet

interestincome

Long-term

funding

1Q12

From 4th quarter 2011 to 1st quarter 2012NOK million

(57)

(75)(146)

(62)

12

Financial targets still apply - but more challenging

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

NOK 30 billion in pre-tax operating

profit before

write-downs

ROE > 14 percent

Cost/income ratio

below 45 per cent

2015 2012

13

Agenda

Q1 results

DNB drivers for successful banking

14

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

15

Private individuals

SME + Corporate

50% 50%

Driver 3:

An international strategy based on key Norwegian

industries

16

Energy Shipping/

Offshore Seafood

17 Source: Fourth quarter report 2011 from the financial institutions

Driver 4:

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”)

18

Improved capitalisation with “Nordic” risk weights

Reported capital adequacy Pro forma full IRB IRB with Nordic risk weights

Adjusted for Nordic risk weights

Adjusted for full IRB

DNB risk weights

Per cent

14.5

11.0

9.3

Equity Tier 1 capital ratio – Q1 2012

Driver 5:

Favourable funding position

19

2012

2011

2010

NOK billion Maturity

Covered bonds 35.5 7.5 71 99

Senior bonds 40.8 6.7 174 196

Total 76.3 7.1 126 bp 151 bp

Subordinated loan 5.7

Total 82.0

In addition: LTRO funding 9.0 3.0

Spread

NOK billion Maturity 3-month Nibor

Covered bonds 98.3 6.5 53 68

Senior bonds 27.8 8.8 108 123

Total 126.1 7.0 65 bp 80 bp

In addition: LTRO funding 15.7 3.0

NOK billion Maturity

Covered bonds 84.4 7.5 49

Senior bonds 32.3 7.3 84

Total 116.6 7.5 59 bp

Spread

3-month Nibor

Spread

3-month Euribor

Spread

3-month Euribor

Spread

3-month Euribor

20

Driver 6:

Competitive on cost efficiency

Cost/income ratio* – Nordic banks 2011

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

21

Driver 7:

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 liabilities

(As a percentage of nominal GDP 2011)

Budget deficit Budget surplus