DNB Bank ASA

Earnings Release • Nov 19, 2024

Capital Markets Day

19 November 2024

DNB Capital Markets Day 2024

12:00	DNB towards 2027	Kjerstin Braathen
12:25	Well positioned to deliver on financial targets	Ida Lerner
12:40	Uniquely positioned for continued profitable growth in Personal Banking	Maria Ervik Løvold
12:50	Leverage market leader position for further value creation in Corporate Banking Norway	Rasmus T. Figenschou
13:00	Large Corporates & International provides a strong platform for profitable growth	Harald Serck-Hanssen
13:10	Strong capital markets and investment banking position, further enhanced through the Carnegie acquisition	Alexander Opstad
13:20	Solid growth platform across Wealth Management	Håkon Hansen
13:30	Q&A	Kjerstin Braathen and Ida Lerner

DNB towards 2027

• Consistent track record of execution and delivery on financial targets
• Uniquely positioned in an attractive environment
• Clear priorities and levers to deliver on new financial targets

Strong and consistent track record of delivering on targets and ambitions

1 R12: Rolling twelve months.

2 The Norwegian Financial Supervisory Authority's (FSA's) expectation from year-end 2022.

3 Assets under management in retail customers segment and defined-contribution pensions.

Strong resilience in earnings and profitability

Consistent delivery on dividend policy

25.00

DNBs dividend policy

▪ Payout ratio >50%

100%

• Ambition to increase the nominal dividend per share per year
• Excess capital to be paid to our shareholders over time, through a combination of cash dividends and share buy-backs

A strong Norwegian market leader with an attractive international platform

Consumption expected to fuel future economic growth in Norway

Gross domestic product (GDP) and inflation Actual and Norges Bank forecast, per cent

Improved household purchasing power and house prices set to continued rise Actual and Norges Bank forecast, YOY growth, per cent

Key policy rate expected to remain higher on a relative basis Actual and DNB Markets forecast, per cent

Favourable environment with flexible rates and robust Norwegian households

1 Statistics Norway (2023).

2 Statistics Norway (per September 2024).

Norway has a strong platform for change with ample fiscal room to manoeuvre

1 Source: Økonomiske perspektiver, report from the Norwegian central bank, Norges Bank (2023).

2 Relative to EU member states, Source: The Statistical Reports Committee for county and municipal government finance.

• 3 Source: Norges Bank.
• 4 After management costs.

DNB targets 2025 – 2027

Return on equity Overriding target:

>14%

Key performance indicator

Cost/income ratio

<40%

Capital level

CET1 capital ratio¹ >16.7%

Dividend policy

Payout ratio

>50%

Ambition to increase the nominal dividend per share YoY

DNB 2025–2027

Key priorities and levers to deliver

DNB 2025-2027 Enhanced customer value

Creating enhanced customer value

Strong trust in traditional banking services among Norwegians¹

Traditional banks

Leveraging personalisation and digital sales to increase engagement Several initiatives recently launched

✓ Generating relevant and insight-driven content

✓ Building engaging and easy-to-use features

✓ Creating personalised experiences and decision-making support

Working capital credit in 38 seconds

Overdraft facility for small corporates, with all-digital application and decision process

Revenue-based financing (RBF)

Innovative product with flexible revenue-based repayments for small corporates

Digital mortgage transfer process

Seamless digital process for moving mortgages to and from DNB

DNB 2025-2027 Profitable growth

Leveraging leading positions in Norway for further growth

Building lifetime relationships through strategic positions

Preferred partner across:

Young segment

Growth companies

Startups

Building further on market-leading position in SME segment through new business area

Increasing competitiveness through two complementary brands

1 out of 3 Norwegian SMEs choose DNB as their business partner

Financing growth companies through initiatives such as InvestEU

Attractive and broad product offering

5.5 products used on average by each customer

Universal bank, wide product range

Digital only, self service

Multichannel, advisory services

Mobile only, challenger bank

Positioned for Nordic acceleration with acquisition of Carnegie

• The Nordics is the 11th largest economy in the world¹
• Highest share of multinational companies per capita

Strong profitable growth in attractive Nordic region Further accelerating pan-Nordic ambitions by acquiring Carnegie²

Private banking	Asset management	Investment banking
-----------------	---------------------	-----------------------

1 World Economic Outlook Databases (IMF, per 2023).

2 Subject to regulatory approval.

Potential for further growth in a structurally attractive savings market

Strong integrated coverage model in

Norway Structural drivers for further growth Ongoing trend already yielding results

Several pension reforms in recent years Driving need for and increasing attractiveness of pension savings

Increased disposable income and higher public awareness

Stimulating growth in savings rate across the population

Further potential as Norwegians save

substantially less than people in neighbouring countries

Household saving rate compared to Norway³

86% Growth in AUM 2019–3Q 2024²

DNB 2025-2027 Profitable growth

79% Growth in recurring annual savings 2019-3Q 2024

Share of mutual funds sold digitally - Leading scalable digital platforms for profitable growth

1 Source: The Norwegian Fund and Asset Management Association (VFF): Market share domestic market.

2 Assets under management in retail customers segment and defined-contribution pensions.

3 Per 2Q 2024, seasonally adjusted data. Source: Eurostat and Statistics Norway.

DNB 2025-2027 Culturally driven digital leader

Further developing our position as a digital leader

DNB 2025-2027 Culturally driven digital leader

Striving to make real societal impact

A driving force and accelerator in the sustainable transition

• Transition plan with targets for 2030¹
• Net-zero emissions by 2050²
• On track towards our financing target

for sustainable activities of NOK 1 500 billion by 2030³

Stopped digital fraud attempts against

customers to the value of NOK 1 500 million in 2023

The DNB Savings Bank Foundation – our second largest owner

• Independent Norwegian foundation using share dividends to finance efforts to benefit society4
• Received NOK >2 billion in dividends from DNB in 2023
• Financed projects worth NOK 8.5 billion since 2004

DNB's profits benefit Norwegian society

- 2023 figures

• 13.1 billion in taxes
• 24.2 billion in dividends

~50% of which are paid to the Norwegian government, Folketrygdfondet ⁵ and the DNB Savings Bank Foundation

• 1 With specific targets within lending, investments and own operations.
• 2 From our financing and investment activities and own operations.
• 3 As of 10 October 2024.

4 Ownership interest of 8.8 per cent.

5 Manager of the Government Pension Fund Norway.

Our people remain the most important foundation for success

Attractive employer

• Ranked most attractive employer within business for students in Universum survey
• Included in prestigious Forbes ranking of world's best employers 2024

Highly engaged workforce

• Strong culture for improvement through teamwork with high level of engagement 85% respond to employee surveys
• 83% of employees recommend DNB as an employer

Driving force for diversity and inclusion

• No. 2 European bank for gender equality at top management level¹
• 94% of employees feel included in their unit and 92% believe DNB is a driving force for equality in society

DNB towards 2027

Consistent track record of execution and delivery on financial targets

Uniquely positioned in an attractive environment

Clear priorities and levers to deliver on new financial targets

Well positioned to deliver on financial targets

• Strong foundation for continued profitable growth and increase in other customer income
• Implementing cost-efficiency measures to ensure continued competitiveness
• Strong profitability and solid capital position supporting delivery on our dividend policy

Financial targets 2025-2027

1

Strong development in income driven by high activity in all customer segments and increased interest rates

1 Adjusted for one-off reduction in pension costs of NOK 1 969 million in 2015 relating to change in pension scheme.

Income

Increase in net interest income (NII) driven by growth in deposit and loan volumes and higher interest rates

Margin income driven by customer reprising and volume growth

Strong foundation for continued profitable loan growth

Income

• Market leading positions in Personal customers, Corporate customers Norway and in growth industries within Large corporates and international customers
• Strong but rational competition in a higher-for-longer interest rate environment
• Real wage growth, GDP growth and investments in transition activities expected to support loan growth in time ahead – maintaining long-term ambition of annual profitable loan growth of 3–4 per cent

Diversified product platform and enhanced potential in other customer income

1 IFRS 17 – new reporting standard for insurance contracts, implemented from 1 January 2023. Figures for 2022 have been restated, where relevant.

2 FICC: Fixed Income Currency Commodities.

Income

Substantial revenue synergies through Carnegie acquisition

• Acquisition of Carnegie substantial income synergies through the complementarity of business models within Markets and Wealth management
• Stronger geographical footprint, broader sector expertise and product offering
• Strengthening Nordic market position within investment banking and wealth management, and further upside potential for corporate banking

Continuous focus on cost efficiency has partly curtailed inflationary pressure and enabled strategic investments

Cost

1 Adjusted for one-off reduction in pension costs of NOK 1 969 million relating to change in pension scheme.

Delivered on gross cost reductions communicated at CMD in 2022

Gross cost reductions 2023–2024 NOK billion

Sbanken

▪ Decommissioned IT systems, realised synergies and leveraged scale

Automation and operational efficiency

• Reduced use of external consultants
• Modernised and optimised IT systems

Supplier cost

• Improved supplier cost control through implementation of new sourcing system
• Renegotiated and optimised supplier agreements

Cost

Additional cost measures to ensure efficiency and competitiveness

Leveraging a diverse toolbox to increase cost efficiency towards 2027 – C/I <40%

Digitalise and automate

• Modernise and decommission IT-systems
• Utilise AI and data insight tools
• Increase straight-through processing

• Streamline product range
• Structural efficiency
• Leverage new tools and technology

Leverage scale

• Scale position within retail
• Standardise systems and processes
• Leverage position and size within procurement

Gross cost reduction ~ NOK 3.0 billion

Cost

Solid and well-diversified portfolio with proven resilience through cycles

• Portfolio rebalancing has resulted in reduced exposure towards cyclical industries
• Solid and diversified portfolio across industry segments

Strong capital position and proven ability to deliver shareholder return

• Solid performance has generated capital of NOK 232 billion from 2015 average increase of 9.5 per cent per year
• Near 70 per cent of total capital generation has been distributed to owners through dividends and share repurchases retained profit invested in growth and strategic investments
• Earnings per share (EPS) almost doubled from 2015, average annual increase of 6.8 per cent

DNB Livsforsikring in solid position for dividend payout and capital repayment

Capital

32

• Strengthened market position within defined-contribution pension schemes in the corporate market
• Capital-intensive guaranteed products in run-off with reduced interest rate sensitivity – return from held-to-maturity bonds fulfils 90 per cent of interest guarantee

Capital repayment and ordinary dividend

• Total payout potential (ordinary dividend and repayment of capital) of NOK 30 billion over the next 10 years – repayment subject to approval from the FSA
  • Dividend payout ratio of 100 per cent of net profits when the solvency ratio is above 140 per cent

Solid capital position enabling continued delivery on our dividend policy

Per cent

Strong solidity and profit generation supports dividend policy

• CET1 capital ratio of 19.0 per cent as of 30 September 2024 – solid headroom of ~230 bps above FSA's expectations from 31 December 2024¹
• Strong profitability builds capital average past three years ~350 bps in CET1 capital ratio per year before dividend
• Ordinary dividend and repayment of excess capital in DNB Livsforsikring²expected to contribute to upstreaming of capital
• A strong capital position and solid profitability ahead expected to absorb growth ambitions and non-recurring effects of Carnegie merger (~120 bps)

1 The SREP, received from the FSA on 7 November 2024, states a capital requirement of 15.4 and an expectation of 16.7 per cent from 31 December 2024, a reduction of 17 bps from current requirement and expectation.

2 Repayment of capital pending FSA's approval.

Capital

Strong foundation to deliver on financial targets

Key drivers for achieving financial ambitions 2025–2027

Market leading positions in personal and corporate customer segments and strengthened position within strategic products provide solid foundation for income growth

Continuous cost measures to ensure competitiveness and efficiency

Solid and well-diversified portfolio with majority of exposure towards customers in a strong Norwegian economy

Strong profitability and solid capital position – well positioned to deliver on dividend policy

Uniquely positioned for continued profitable growth in Personal Banking

• Unique market position with a solid portfolio and two strong brands
• Track record for profitable growth and for building customer loyalty
• Market-leading digital platform well positioned for future growth

DNB Personal Banking - Unique position in the Norwegian market

1 Visits to dnb.no, sbanken.no, logins to mobile banking apps and Spare savings app.

2 Including estimated merger effect, end 2024.

Track record for profitable growth

Development in deposit volume NOK billion

Solid financial performance

Pre-tax operating profit and return on allocated capital NOK million, per cent

30 000

27.0

Proven success in building loyalty and customer value

Products per mortgage customer¹ Numbers from end-September

Cards, salary accounts and savings schemes¹ Per cent of mortgage customers end-September

Number of banking relationships² Average per customer

98% have a debit or credit card 1.8¹

85% have salary accounts

59% have savings schemes in accounts or mutual funds

1 Excluding Sbanken.

2 Source: Norstat survey among the Norwegian population in 3Q 2024.

Greater market reach and competitive edge with two strong brands

Clear no. 1 in digital services – strong foundation for further growth

Growth in active users in our mobile channels

Share of population actively using

Number of unique customer logins, July–September Strong engagement and usage of DNB's mobile banking apps

DNB's digital channels 46% ¹ 34% Share of population actively using the DNB/Sbanken mobile banking apps¹

Active users log in on average more than 7 times per week

80% of payments and transfers via mobile banking apps

1 Norwegian population above the age of 17 who have logged in during the past three months..

2 Excluding Sbanken.

Increased digital sales and personalised digital communication

Continuously transforming to improve efficiency and enhance customer experiences

Leveraging new technologies, solutions and ways of work to better serve our customers

• Standardising processes
  • Optimising customer traffic
    • Increasing efficiency
• Creating new digital solutions
• Leveraging AI technology

Reducing incoming traffic, average handling time and FTEs¹ in customer service centre

1 FTE: Full-Time-Equivalent.

2 Share of customers giving customer service interaction score of 5 or 6, scale of 1-6.

Personal Banking has a strong foundation for continuing to deliver profitable growth

Key drivers for further profitable growth 2025–2027

Market leader expanding market reach through two strong brands

No. 1 in digital services driving further digital and personalised sales

Leveraging technology to meet future customer needs and ensure cost efficiency

Leverage market leader position for further value creation in Corporate Banking Norway

• Build further on market-leading position in SME segment
• Leverage product offering and industry knowledge for further growth
• Continue to develop profitable positions relating to digital solutions

Corporate Banking Norway: SMEs, real estate and public sector

Total income by industry segment No. 1 position in public sector, real estate and SME segment

Robust real estate portfolio

Market leader in financial services for commercial real estate, residential property and construction in Norway¹

~30 per cent of municipalities choose DNB

Municipalities, the central government, health authorities and publicly-owned companies driving deposits and payment transactions

Market-leading position among SMEs

Highly diversified portfolio for the SME segment that utilises a wide range of financial products and services.

1 DNB Factbook, Statistics Norway (SSB). Source: BankShift survey among municipalities in 3Q24.

Other

Strong no. 1 position as platform for further profitable growth

• Strong profit growth driven by positive development in lending, deposits and non-lending income
• Solid development in return on allocated capital through growth in non-lending income

1 Figures prior to 2023 are estimated to reflect the new organisation with the split of Corporate customers into two customer segments; Corporate customers Norway and Large corporates and international customers.

Broad product platform enables increased income over and above lending growth

• Strong growth in loans and deposits, underpinning attractive customer offering in competitive market
• Broad-based product offering ensuring recurring income from money transfer and banking services, guarantee commissions, sale of insurance products, pensions and asset management

Corporate Banking Norway moving forward, strengthened by strategic synergies with Large Corporates & International

DNB Markets customer income

Building on successful collaboration and leveraging strengths from previous organisational setup

Leading arranger of debt in the seafood sector, offering full range of Investment Banking services

Leading Nordic bank for financial advisory services relating to commercial real estate acquisitions, sales and mergers

Leading position in trade finance, optimising cash flow and securing domestic and international trade with innovative Secure Trade solutions

Small and medium-sized enterprises – a highly attractive segment for banks

SMEs – a cornerstone of the Norwegian economy

99 per cent of Norwegian companies are SMEs

56 per cent of private sector workforce is employed by SMEs

54 per cent of value creation comes from SMEs

DNB has a unique position in the Norwegian corporate segment

5.5 products used on average by our customers2

1 out of 4 new businesses use DNB

• 1 Share of active DNB customers compared with total number of companies in Norway in September 2024.
• 2 Average number of unique banking products used by each customer.

Sources: The Confederation for Norwegian Enterprise (NHO), Statistics Norway (SSB), Finance Norway, The Brønnøysund Register Centre, NyAnalyse.

The largest bank servicing SMEs across all geographical locations and segments

A local partner – leveraging our size and reach … … with a digital service model across all segments Service model Customer split Self-employed & startups Effortless, on-demand digital banking ~73% Small & mediumsized enterprises ~15% Seamless digital banking and eventtriggered remote or F2F advisory services¹ Mid-corporates ~12% Personalised banking with customised solutions and advisory services 48 offices, shared with Personal Banking

Leveraging expertise and product range to deliver customer value

• Local account officers with global industry knowledge
• Corporate customer service centre available six days a week
• Advisory services for startups and growth companies
• Only Norwegian bank with InvestEU partnership
• All employees are ESG certified¹

Industry knowledge across segments Full-scale product and service offering

• Financing, investment and savings
• Accounts, cards and payments
• Pensions and insurance
• Liquidity management
• Treasury Management

Leading the way in digital banking for day-to-day business operations

High customer satisfaction rating in App Store 4.6 ¹

111% Increase in total number of active users since 2022

23% Customers using the app actively every day

1 in 2 corporate customers use our app Strengthening digital offering through API integrations and partners

Accounting Tax Insurance Payments Financing/ liquidity Investment Pensions Accounts

Delivering customer value through scalable and innovative solutions

Data-driven credit and revenue-based finance launched for small corporates

• Digital and effortless application process
• Quick response and lending via automation and digital delivery – answer in 38 seconds

Drive engagement and satisfaction with enhanced personalised experience

• Accelerate customer growth through a state-of-the-art digital onboarding journey
• Revamped online banking experience to be launched for selected customers in 4Q24

Enhancing service efficiency with digital solutions for corporate customers

• Removing customer friction, reducing inbound contact frequency 90 per cent of enquiries solved in first point of contact
• Seamless mobile experience enabling self-serviced customers with easy biometric login, real-time accounting figures and liquidity overview

1 Contact frequency: number of manually handled inbound contacts in our corporate customer service center.

2 2022: Uptick in inbound traffic due to customer ID compliance efforts in addition to replacement of card systems.

Corporate Banking Norway is well positioned for further profitable growth

Key drivers for further profitable growth 2025–2027

Leverage leading market position to increase cross-selling opportunities for capital-light products

Continue to develop digital solutions that ensure efficiency, enhance engagement and exploit opportunities for digital sales

Continue to leverage industry competence and collaboration with Large Corporates & International

Large Corporates & International provides a strong platform for profitable growth

• Leading position in Norway and selected industries internationally
• Exploit opportunities from a growing customer base and a broader product range
• Accelerate Nordic growth in close collaboration with DNB Markets and Wealth management

Demonstrated ability to deliver profitability over time

• Profitable lending growth and strong credit quality across entire portfolio
• Increase in non-lending income has strengthened our income base
• Efficient use of capital proving the value of the Originate and Distribute model

1 Figures prior to 2023 are estimated to reflect the new organisation with the split of Corporate customers into two customer segments; Corporate customers Norway and Large corporates and international customers.

2 Return on allocated capital 3Q24 R12.

Leading position in Norway and selected industries internationally

▪ Strong focus on industry strategies and a diversified industry mix

Strategically positioned in relevant geographical locations

• In-depth industry knowledge and organisation oriented towards long-term customer relationship
• Strategic advisers to owners and top management across a broader range of industries

Strong increase in cross-sales due to broadening of product base

• Large Corporates & International, Wealth Management and DNB Markets provide a holistic set of solutions for customers
• Combining strong cross-selling capabilities with an Originate and Distribute model continue to ensure continued efficient capital use and prudent risk management
• Carnegie merger will create a unique position for further advancements

Leveraging the modernisation of our payment platform

• Leading transaction bank in Norway in terms of volume, and no. 1 on Prospera
• Treasury management products serve as a platform for growth and increased cross-sales
• Improved products and refined customer focus has resulted in a significant up-lift in win rate of new strategic treasury management customers

Our international presence gives us a robust platform for growth

• Risk-adjusted return on allocated capital in line with our Norwegian portfolio
• Creates flexibility in overall volume growth
• International network builds deeper industry expertise, access to new talents and customers access to important capital markets

1 Risk-adjusted return on allocated capital year-to-date 3Q24.

Our success in Sweden and the Carnegie acquisition create a unique competitive advantage in the Nordics

• Building a larger Nordic customer base will diversify and increase business opportunities regionally
• Together with DNB Markets and Wealth Management, the acquisition of Carnegie will accelerate growth opportunities

1 Figures excl. DNB Finans.

2 Comparable figures before 2020 not available due to organisational changes. Comparable figures for Denmark and Finland not available before 2022.

A driving force for sustainable transition – together with our customers

Accumulated, NOK billion Solid position as a preferred sustainable banking partner

No. 1 adviser in the Norwegian sustainable bond market and energy sector

Celebrated 10 active years in the sustainable bond market with 300+ transactions, helping customers raise EUR 50+ billion

Expanded our sustainable finance advisory offering from bonds and loans to include IPOs and M&A

First transition finance transaction in the Nordics

1 Finance and facilitate sustainable activities worth NOK 1 500 billion by 2030. Source: Prospera benchmark.

Our global positions enable profitable opportunities across transforming and converging industries

From a leading global ocean/maritime bank for traditional industries …

Global ocean industries¹ ECM² and DCM² last 24 months

Global ocean industries (excl. offshore E&P) syndicated loans past 24 months³

#	Bookrunner	Volume USD million	# of deals	Market share Per cent
1	DNB Markets	7.696	35	12.1
2	Bank #2	6.405	22	10.1
3	Bank #3	5.503	21	8.7
4	Bank #4	4.788	28	7.5
5	Bank #5	3.211	15	5.0
6.0 billion Cross-sales2		22 per cent RAROAC2

• 1 Ocean industries includes; offshore E&P, offshore drilling & service, shipping, fish farming.
• 2 ECM: equity capital market DCM: dept capital market Cross sales past 24 months RAROAC: Risk-adjusted return on allocated capital 3Q24 R12.
• 3 Source: DNB Markets, Dealogic.

… to preferred partner for transforming and converging ocean/maritime industries

Large Corporates & International is well positioned for further profitable growth

Key drivers for further profitable growth 2025–2027

Leverage our global leading positions and competitive edge through developing our industry positions, deep relationships and strong competence

Strengthen our income by cross-selling our wider product mix to a growing customer base

Accelerate the Nordic position in close collaboration with DNB Markets and Wealth Management

Strong capital markets and investment banking position, further enhanced through the Carnegie acquisition

• A leading regional provider, with the toolbox of a global investment bank
• Proven track record showing sustained, organic growth in customer income
• Subject to regulatory approvals significant potential for additional growth with the new DNB Carnegie platform

Full-service investment bank with a well-diversified business mix

Key figures DNB Markets 3Q24 rolling twelve months NOK million, per cent Balanced customer income mix from a broad product portfolio

DNB Markets – organic growth with a focus on capital-light customer income

NOK million Markets customer income generated for business areas

Building global sector positions together with Large Corporates & International

Unrivalled market standing in Shipping ²⁰¹⁶–2024 YTD¹ Renewables & infrastructure Healthcare

	#	Advisor	USD million	# deals
	1	DNB Markets	24 314	21
M&A	2	Bulge bracket	21 567	6
	3	Bulge bracket	17 534	5
	4	M&A boutique	8 800	2
	5	M&A boutique	6 481	9

	#	Bookrunner	USD million	# deals
	1	DNB Markets	6 093	57
ECM	2	Nordic peer	4 760	52
	3	Nordic peer	3 850	40
	4	Nordic peer	2 445	26
	5	Nordic peer	2 182	23

	#	Arranger	USD million	# deals
	1	DNB Markets	2 142	59
High yield	2	Nordic peer	1 300	51
bonds	3	Nordic peer	947	32
	4	Nordic peer	857	25
	5	Nordic peer	828	37

• Have positioned our capital markets and investment banking services to benefit from decarbonisation trends past 10+ years
• Grown advisory team across geographical locations, with a strong track record of transactions way beyond Nordic stronghold

Buy-side M&A of	Sell-side M&A
renewables platform	30MW Hydro
Hydro REIN	Plant
USD 332 million	Undisclosed
2024	2024
Sole financial	Exclusive financial
adviser	adviser

• Ambition to grow our position within healthcare, capitalising on our position in large corporates and international customers segment
• DNB Back Bay partnership strategic investment by DNB Markets in Back Bay Life Science Advisors yielding results

DNB Carnegie – new Nordic platform to accelerate further growth

Positioned as a leading pan-Nordic investment bank with globally leading positions in selected sectors

2

Ranked no. 1 in the Nordics by customers across products, offering the best expertise and research

4

Combining advisory services with products for deal facilitation and derisking

The preferred bridge between Nordic and global markets with the strongest distribution network

6

At the front of capital markets with continuous deal flow securing unique insights for all capital sources

Agile and customer-centric, and the employer of choice

DNB Carnegie ambitions DNB Carnegie will benefit from enhanced scale Total income in NOK million

DNB Markets Carnegie Securities & Investment Banking

Highly complementary across geographical locations and sector expertise

FTEs			Sector expertise
		Sector
	>950	Asset-heavy		✓ ✓ ✓	✓
	front office professionals	Asset-light		✓ ✓	✓ ✓ ✓

Transaction intended to deliver customer value and income synergies

Product offering
Products
ECM	✓ ✓	✓ ✓ ✓	advisory mandate
DCM and debt advisory	✓ ✓ ✓	✓
M&A	✓ ✓	✓ ✓✓	▪	Some efficiency gains expected over time
Securities sales and research	✓ ✓ ✓	✓ ✓ ✓
Commissioned research		✓ ✓ ✓
Securities finance	✓ ✓ ✓	✓		1.6x
FX, commodities and rates	✓ ✓ ✓
Securities services	✓ ✓ ✓
Underwriting capabilities	✓ ✓ ✓	✓
Bridge financing	✓ ✓ ✓

• Combined competitiveness will lead to incremental mandates
• Some efficiency gains expected over time

No.1 No. 1 positions Exponentially more profitable

Strong combined starting point for DNB Carnegie

1 Prospera 2023.

2 Source: Dealogic from 1 October 2019 to 30 September 2024 (a. M&A excludes PwC, Deloitte, KPMG, E&Y and BDO, b. ECM and HY DCM include deals with role as bookrunner).

DNB Markets' growth trajectory will continue supporting commission & fee growth

Key drivers for further profitable growth 2025–2027

A well-diversified business across products and sectors create a stable and robust business in close collaboration with the other business areas

Competitive moat growing wider due to improved local market positions and regional scale

Ample growth opportunities for DNB Carnegie based on combined strengths and goal to become the leading Nordic investment bank

Solid growth platform across Wealth Management

• Leading wealth manager in Norway with high performance across all product areas
• Capitalise on scalability, internal corporation and robust underlying growth
• Future growth opportunities

Leading wealth manager in Norway

• 1 VFF: Share savings accounts (ASK).
• 2 3Q24 presentation closest peer.
• 3 VFF: Market share domestic market.
• 4 Finans Norge: Number of customers, own pension account 3Q24.
• 5 Return on allocated capital, 3Q24 R12.

Strong growth in defined-contribution pensions driving recurring fee growth

-

50

100

150

200

250

Defined-contribution pensions with attractive margins

Leveraging DNB's strong position in the corporate banking customers segment for efficient distribution

NOK 15 billion in annual pension savings create a platform for recurring fee growth

Wage growth and new customers will contribute to increased growth going forward

Well positioned for further growth in Norway

NOK 25 billion in annual recurring inflows from saving agreements and pension schemes

Recurring annual inflow from existing definedcontribution pension schemes

30 000 active pension agreements

600 000 individual customers from active pension schemes

Recurring annual inflow from existing mutual fund savings agreements

360 000 customers with active savings agreements in mutual funds

750 000 recurring savings agreements in mutual funds

Leading Private Banker in Norway, more than twice the size of closest peer

Growing volumes NOK billion	Solid growth in income NOK million	Carnegie – growth through complementarities and product breadth
800,00	3800
>2 x 700,00 Closest	26.2 per cent return2 3300	Geographical locations
peer1 600,00	2 851 2 842	Discretionary portfolios ✓ ✓ ✓ ✓
500,00	2800 2 512	✓ ✓ ✓ ✓ Advisory solutions
420 401 374 371 400,00	2300 1 885	✓ ✓✓ ✓ ✓ ✓ Securities
302 272	1 640 1 635 1800	Securities finance ✓ ✓ ✓
300,00	1300	✓ ✓ ✓ Deposits
200,00		✓ ✓ Mortgages
100,00	800	Second home financing ✓ ✓ ✓
	300	✓ ✓ ✓ ✓ ✓ Insurance
- 2019 2020 2021 2022 2023 3Q24	2019 2020 2021 2022 2023 2024 -200	✓ ✓ ✓ ✓ ✓ ✓ Wealth planning
Loans and Deposits Asset management Securities Securities finance	R12	✓ Pension advisory ✓ ✓ ✓ ✓
Carnegie		Family office ✓ ✓ ✓ ✓ ✓

1 3Q24 presentation, closest peer.

2 Return on allocated capital, 2024 R12.

Asset management – scalable platform

1 Per 3Q24. 2 Return on allocated capital, 2024 R12.

Spare – the engaging investment platform

No.1 savings app with 730 000 total users

Spare ambition – "Preferred by active retail investors, but easy enough for everyone to use"

Engagement and ease of use drive sales

3/4

Share of one-time mutual fund purchases made in app

55 per cent

Share of new mutual fund customers onboarded in Spare

actively every week

High user satisfaction – 4.7 app-store rating

Smarter after every visit

Tap, tap, buy

Leading wealth manager for the Nordic market

Key drivers for further profitable growth 2025–2027

The leading position for Norwegian savers and investors, with a robust and well proven integrated business model

Leading digital distributor in Norway through SPARE and dnb.no, with attractive and scalable growth opportunities

Leveraging the Carnegie acquisition for Nordic growth in private banking and asset management

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 implied in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be 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 supranational entities.

DNB assumes no obligation to update any forward-looking statement.

This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented on ir.dnb.no.

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