Extended fourth quarter 2021 presentation Q4

10 February 2022

Agenda

Continued profitability and delivery on dividend policy Kjerstin R. Braathen

Financial ambitions and 4Q results Ida Lerner

Solid foundation for continued profitable growth Ingjerd Blekeli Spiten

Savings and pensions Håkon Hansen

Continued profitability and delivery on dividend policy

– Results 2021

– Norwegian macro

– DNB's strategy

Solid performance with low impairment provisions

Strong performance across all product areas with all-time high levels for commissions and fees
Low impairment provisions reflecting improved underlying credit quality and positive macroeconomic conditions
Solid recovery in profitability, well underway towards the goal of at least 12 per cent return on equity

High level of activity across customer segments

Personal customers Highlights of the year

Continued profitable currency adjusted growth in both lending and deposits with 2.7 and 7.1 per cent, respectively
Other operating income up 13.7 per cent, driven by asset management services and sale of insurance products

Corporate customers Highlights of the year

Continued profitable currency adjusted growth in both lending and deposits with 4.5 and 16.7 per cent, respectively
All-time high income from Markets up 23.2 per cent, driven by strong performance across industries, geographies and products

Pre-tax operating profit (NOK million) Pre-tax operating profit (NOK million)

9 660 8 633 8 766

2019 2020 2021 Pre-tax operating profit (before impairment provisions)

Delivering on dividend policy – reflecting a robust capital position

Continued to deliver on long-term dividend policy payout ratio of more than 50 per cent
Proposed cash dividend per share of NOK 9.75 for 2021

Financial ambitions adjusted for new capital expectation

Strong outlook for the Norwegian economy going forward

High activity level in the Norwegian economy with partial reopening after COVID-19 restrictions at the end of 2021
Unemployment back at pre-pandemic level, indicating a positive outlook for the economy
Two rate hikes already implemented, creating room to manoeuvre in the event of further lock-downs

1) Forecast updated in December 2021.

Source: DNB Markets, NAV (the Norwegian Labour and Welfare Administration), Norges Bank (the Norwegian central bank).

Mainland investment activity expected to increase

Increase in consumer price index mainly driven by energy and utility prices
Mainland investment activity expected to increase, shifting away from petroleum investments
Norwegian sovereign wealth fund continues to grow, with lower petroleum dependency

Ample room to manoeuvre if necessary Norwegian sovereign wealth fund, NOK billion

1) Core inflation, excluding energy and utility prices. Source: DNB Markets, Norges Bank, Norwegian Ministry of Finance.

Sustainability is an integrated part of our business and our customer interaction

1) Of which 31 per cent and 44 per cent were sustainability labelled loans in 2020 and 2021 respectively.
2) Of which 83 per cent and 99 per cent were sustainability labelled bonds in 2020 and 2021 respectively.
3) Percentage of the deals where DNB participated.

and investment activities and own operations Recent highlights in the transition

Increase AUM in sustainability themed NOK 100 BN by 2025 and reduce the emissions intensity of DNB Livforsikring's portfolio by 55% by 2030

Market leader in NOK-denominated sustainable bonds in 2021 with a 14 per cent market share
16 per cent of bond transaction volume had a sustainable label, up from 8 per cent in 20203)
Issued first green senior bond for internal funding, 85 per cent taxonomy-aligned, validated by Sustainalytics
Further strengthened sustainability governance through a Group Sustainability Committee – defining, coordinating and prioritising sustainable activities

Leveraging our position in a digital environment

Strong digital ecosystem among top-ranked financial apps in Norway
30 per cent increase in corporates using the corporate app Puls
62 per cent growth in active users of the Spare savings app

DNB has some of the most popular financial apps in Norway

No. 1 savings platform in Norway

~30 per cent of Norwegians use DNBs mobile banking app1)

75 per cent of Norwegian population uses Vipps

Engage and scale Utilising strong digital position to boost sales

Continued strong position for traditional banks in Norway
Vipps, MobilePay and Pivo merging to form one of Europe's largest mobile wallets
98 per cent of savings schemes sold digitally, 38 per cent through the Spare app

Bank-run payment options preferred in Norway2) Per cent

1) Norwegians aged 16 and above, Source: Statistics Norway.

2) Public survey 2021 Ipsos for DNB – "Which of the following payment methods have you used for online purchases in the last six months"

DNB at the forefront in the race for competence and talent

Develop the competence of our people Attract new talent

Leading and managing diversity to add value for stakeholders ranked no. 1 among European financial institutions on D&I1)
Developing a culture for on-the-job training and continuous learning to increase internal mobility and reduce churn
More than 50 per cent of vacant positions are recruited internally

Scandinavian benchmark 77.5 points DNB 86 points

Willingness to recommend own employer2)

Employer branding strategy to attract tech-related engineers
More than 50 per cent of our graduate hires in the past five years have had a technology background
Consistently perceived as one of the most attractive employers in Norway across various educational backgrounds

DNB's score on Universum surveys ranking the most attractive employers

1) Financial Times Diversity Leaders 2022, D&I = Diversity & Inclusion.

2) Average rating (0-100 scale) on "willingness to recommend own employer externally", Rambøll client database 2021.

Financial ambitions

KEY PERFORMANCE INDICATOR: Cost/income ratio < 40 per cent

– OVERRIDING TARGET: Return on equity > 12 per cent – CAPITAL LEVEL: CET1 capital ratio > supervisory authorities' long-term expectation – DIVIDEND POLICY: Payout ratio > 50 per cent

On track to deliver on ambition by year-end 2023

Delivering on ambitions through volume growth, increased income and cost control

Annual loan growth of 3–4 per cent and increased NOK interest rate will lay the foundation for net interest income (NII)
Strong performance and high activity support the ambition of a through-the-cycle growth rate of 4–5 per cent in net commissions and fees
Remain committed to meeting our cost/income ratio target of below 40 per cent

Strong Norwegian macroeconomic situation and well-diversified portfolio

Healthy asset quality 98.9 per cent of exposure in stages 1 and 2
Reduced exposure towards cyclical industries and high-quality personal customer portfolio constitute >50 per cent
Marginal loan-to-value distribution 98.6 per cent of mortgage portfolio below 75 per cent

Solid CET1 capital and leverage ratio – well positioned to deliver on dividend policy

Leverage ratio vs. Nordic peers at year-end 2021 Per cent 5.4 5.4 5.0 5.0 4.9 DNB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 2)

Key points moving forward

Update from Supervisory Review and Evaluation Process (SREP):
Pillar 2 Requirement 1.9 per cent
Pillar 2 Guidance 1.5 per cent (up 50 bps)

Norwegian implementation of CRR II/ CRD V3) and impact from CRR III/CRD VI output floor expected to be limited
Decision on Sbanken appeal still pending
Dividend policy stands
Expected tax rate for 2022 : 23 per cent

CET1 capital ratio

FSA's current expectation

FSA's expectation incl. pre-pandemic CCyB requirements 1)

1) CCyB: Counter-cyclical capital buffer.
2) Current regulatory requirement.
3) CRR = Capital Requirements Regulation. CRD = Capital Requirements Directives.

Ida Lerner - CFO

Results DNB Group

Fourth quarter 2021

Continued strong performance and solid asset quality

Return on equity (ROE) of 10.3 per cent in 4Q21 Solid performance across customer segments Return on equity

Net interest income up 5.3 per cent from the last quarter Driven by volume growth and repricing

High activity – net commissions and fees up 22.2 per cent from 4Q20 All-time high result mainly from investment banking and asset management

Low impairment provisions in the quarter Reflecting the robust portfolio and improved macroeconomic outlook

Strong earnings per share (EPS) – basis for delivering on dividend policy EPS of NOK 3.79 for the quarter, up 15.6 per cent from 4Q20 EPS of NOK 15.74 for the year, up 30.8 per cent

Solid growth within loans and deposits

For the year (currency-adjusted): loans and deposits in customer segments up 3.6 per cent and 12.7 per cent, respectively
For the quarter (currency-adjusted):
loans in customer segments up 1.1 per cent healthy growth in Corporate customers and stable volumes in Personal customers
deposits in customer segments up 1.5 per cent solid growth in both segments

Increased net interest margin

Net interest margin reflected the repricing of loans and deposits with effect from mid-November
Spreads on loans and deposits affected by increased money market rates and lag effects from notice period for customer repricing

1) Total net interest income relative to average loans and deposits in the customer segments.

Net interest income driven by volume growth and repricing effects

Norges Bank increased the key policy rate from 0 to 0.25 per cent in September and to 0.50 per cent in December
DNB implemented an increase in customer interest rates with effect from mid-November
A second repricing with effect from February 2022 has been announced by DNB

Commissions and fees – strong deliveries across product areas

Operating expenses affected by high activity

Increase in fixed salaries as a result of consolidation of Uni Micro and investments in technology and compliance competence
Growth in variable salaries driven by high activity reflected in all-time high commissions and fees

Operating expenses from 3Q21 to 4Q21 NOK million

Low impairment provisions reflecting robust portfolio

98.9 per cent of the portfolio in stages 1 and 2
Reversals in stages 1 and 2 reflected improved underlying credit quality and macroeconomic outlook

Impairment of financial instruments by industry segment NOK million
	4Q21	3Q21	4Q20
Total	(275)	200	(1 250)
Of which:
Personal customers - Stages 1 and 2 - Stage 3	(2) (62)	25 (51)	175 (36)
Corporate customers*) - Stages 1 and 2 - Stage 3	177 (388)	289 (62)	389 (1 777)
*) Of which oil, gas and offshore: - Stages 1 and 2 - Stage 3	41 92	82 8	125 (1 465)

Maximum exposure (on- and off-balance sheet items), net of accumulated impairment provisions

Solid capital position and strong earnings per share

Return on equity compared with previous year positively affected by increased income and low impairment provisions
Earnings per share of NOK 15.74 for the year, up 30.8 per cent from 2020
Proposed dividend per share of NOK 9.75
1) FSA's expectation including pre-pandemic counter-cyclical buffer requirements.
2) FSA's current expectation.
3) FSA's current requirement.

Solid foundation for continued profitable growth

Market leader well positioned for continued growth
Leveraging our digital platforms to increase sales

Maintaining our solid position as market leader

Profitable growth in mortgages and deposits

Profitable growth in Norwegian mortgage portfolio NOK billion

Consistent organic growth over time
High flexibility with floating interest rates for >90 per cent of loans
Robust portfolio with low risk and low losses

Strong growth in deposit portfolio NOK billion

7.1 per cent growth in deposits last 12 months
Increasing profitability
Deposits are the foundation for long-term savings

The preferred digital banking platform in Norway

Successful merger – positioned for growth in insurance

Ambitions communicated in 4Q20 presentation Achievements on target

Achievements in 2021 All customers transferred to Fremtind system Improved pricing models 41 per cent increase in commissions 20 per cent increase in sales volume

Ambitions for 2022

Increase digital sales to personal and corporate customers
Profitable growth for major product categories

Leveraging the Spare savings platform to increase sales

The Spare savings platform – an important channel for customer recruitment and sales

share of mutual fund net flow in personal customer segment

share of savings schemes sold

+62%

increase in active users

No.1 savings platform

Savings and pensions

Profitable growth and growth drivers

No. 1 choice for Norwegian savers and investors

1) AUM = assets under management.

Source market shares: Fund and Asset Management Association, Norway.

Regulatory changes driving growth in savings and pensions – fuelling demand for sustainable investments

2022 Pension will be calculated from the first krone
2021 SFDR1) and own pension account scheme
2017 Share savings and personal pensions account
2011 Pension reform
2006 Mandatory occupational pension
2001 Structural change from defined-benefit to defined-contribution pensions

Growth driven by regulatory changes Systematic approach to build products for the future2) DNB ESG Lab

1) SFDR = Sustainable Finance Disclosure Regulation.

2) All mutual funds produced or distributed by DNB fulfil DNB's standard for responsible investments. Additional criteria to obtain higher ESG classifications.

Current position driving future growth in defined-contribution pensions

Growth in defined-contribution pensions with recurring new savings schemes expected to increase AUM up to NOK 250 billion over next five years
Proportion of shares in employees' pension savings up from 44 per cent in 2012 to 60 per cent in 2021

Retail segment driving income growth for DNB Asset Management

Retail customers' share of net commissions and fees has increased from 35 to 55 per cent over the last decade

Net commissions and fees in DNB Asset Management NOK million

Well positioned for future growth

Strong growth in saving schemes increasing recurring volume
Traditionally strong footprint within wealthy higher age groups now successfully attracting new customers in younger population groups
Scalable platform with leading in-house production and distribution supported by human expertise

Appendix

Income statement

NOK million	4Q21	3Q21	4Q20	Change from 3Q21	Change from 4Q20
Net interest income	10 285	9 766	9 479	519	806
Other operating income	4 348	4 577	3 847	(229)	501
Total income	14 633	14 343	13 326	291	1 308
Operating expenses	(6 427)	(5 752)	(6 509)	(675)	82
Pre-tax operating profit before impairment	8 206	8 591	6 816	(385)	1 390
Impairment of loans and guarantees and gains on assets	(251)	200	(1 265)	(451)	1 013
Pre-tax operating profit	7 955	8 791	5 552	(836)	2 403
Tax expense	(2 025)	(1 934)	(570)	(91)	(1 456)
Profit from operations held for sale, after taxes	225	26	292	199	(67)
Profit for the period	6 155	6 883	5 274	(728)	881
Portion attributable to shareholders	5 875	6 657	5 083	(783)	791

Other operating income

NOK million	4Q21	3Q21	4Q20	Change from 3Q21	Change from 4Q20
Net commissions and fees	3 049	2 448	2 494	601	555
Customer revenues in DNB Markets	653	558	559	95	94
Trading revenues in DNB Markets	2	81	32	(79)	(30)
Hedging of defined-benefit pension scheme	76	9	101	67	(25)
Credit spreads on bonds	(75)	86	92	(161)	(167)
Credit spreads on fixed-rate loans	(67)	47	84	(114)	(151)
CVA/DVA/FVA	1	(9)	238	10	(237)
Other mark-to-market adjustments	(110)	392	738	(502)	(848)
Basis swaps	100	147	(152)	(47)	252
Exchange rate effects on additional Tier 1 capital	125	274	(1 508)	(149)	1 633
Net gains on financial instruments at fair value	704	1 585	184	(881)	520
Net financial and risk result, life insurance	203	147	474	56	(271)
Profit from investments accounted for by the equity method	(6)	185	264	(191)	(270)
Other	397	212	431	186	(33)
Net other operating income, total	4 348	4 577	3 847	(229)	501

Solid CET1 capital ratio

Profit for the period offset by payout ratio of more than 50 per cent
Underlying volume growth offset by change in classification (from standard to IRB1) method)
Other includes exchange rate effects, counterparty risk, exposure in Luminor and reduced deferred tax assets (a result of annual assessment)

Development in CET1 capital ratio from 30 September 2021 to 31 December 2021

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.