DNB Bank ASA

Earnings Release • Feb 10, 2021

Extended fourth quarter 2020 presentation 10 February 2021 Q4

Felles mal for CMD 2019

NB: illustrasjoner under oppdatering

DNB Extended Q4 2020

DNB towards 2023 Kjerstin R. Braathen

Reaffirming financial ambitions Ottar Ertzeid

High-quality portfolio and attractive opportunities for further profitable growth

Solid foundation for continued profitable growth Ingjerd Blekeli Spiten

Harald Serck-Hanssen

DNB towards 2023

• Results 2020
• Financial ambitions
• The Norwegian economy
• DNB is well positioned to deliver on financial ambitions

Solid earnings despite impact of the pandemic

• Total income up 2.8 per cent compared with 2019
• Earnings affected by reduced net interest income (NII) due to the lowered NOK key policy rate, and higher impairment provisions
• Return on equity impacted by yet-to-be distributed dividend for 2019

Delivering on our dividend policy reflects our robust capital position

• Cash dividend per share of NOK 8.40 for 2019 to be paid with an ex-dividend date of 24 February
• The Board of Directors will ask the AGM for an authorisation to distribute a dividend per share of up to NOK 9.00 for 2020 between 1 October and the 2022 AGM

Reaffirming our financial ambitions towards year-end 2023

Norwegian society has shown its resilience in handling the pandemic

• Scandinavian countries are among the world's most digitalised societies, which makes the restrictions to limit the spread of the virus more effective
• A high level of trust in authorities among the population has, together with strong welfare policies, led to loyalty in following government guidelines

Sources: World Economic Forum (WEF), the Norwegian Tax Administration, Statistics Norway (SSB), Norges Bank, OECD, the Norwegian Institute of Public Health (FHI), European Centre for Disease Prevention and Control.

Norwegian macro provides a solid backdrop for delivering on financial ambitions

• The recovery of the Norwegian economy continues to progress
• Four 25 basis points key policy rate hikes expected by the end of 2023
• Registered full-time unemployment has fallen by close to two thirds since peaking in April 2020

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Activity expected to pick up with ample fiscal room to manoeuvre if necessary

• Mainland investments expected to increase by 1.3 per cent in 2021 and 2.9 per cent in 2022 compared with 2020
• Expected use of the Norwegian oil fund in the national budget for 2020 is 3.9 per cent and 3.3 per cent for 20211), leaving room for further measures

1) The fiscal rule states that transfers over time from the Norwegian Government Pension Fund Global (the oil fund) to the annual national budget should not be higher than the expected real return of the fund, estimated to 3 per cent p.a. (reduced from 4 per cent in 2017). Sources: DNB Markets, Norwegian Ministry of Finance.

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Our customers are at the centre of our way of doing business

Earning trust from our stakeholders Leading digital customer channels

• Improved our reputation score to an all-time high1)
• Headroom to required capital level at year-end has never been greater
• Credit ratings confirmed at AA- (S&P) and Aa2 (Moody's)

Trust in banks to deliver financial services in Norway has strengthened during the COVID-19 pandemic2)

• Continuously improving our digital customer channels to stay ahead of increasing customer expectations
• 3 of the top 5 financial apps in Norway's App Store originate from DNB
• Acquired Uni Micro, the third largest ERP and accounting vendor in the Norwegian market, with SpareBank 1 to enhance our SME offering

1) According to RepTrak, a score over 70 equals well-liked. DNB scored 76.7 and has scored above 70 for more than two years.

2) Question asked: Which actors do you trust the most when it comes to delivering financial services going forward? Ipsos, >500 respondents, June 2019 and November 2020.

Strengthening our technology platform as a competitive advantage

• Untangling our core and build API layers
• Securing our long-term pace of innovation

• Ensuring stable and secure operations

• Digitalising across our value chain

• Moved our customer channels to cloud to enable faster time-to-market for our applications

Journey towards faster tech-enabled development

2019: First step | Front-end applications

Integrated IT with business units for improved delivery speed and better customer experience

2020: Second step | Infrastructure & applications

Established framework and scaled-up agile technology units with end-to-end responsibility for improved speed and quality in IT delivery

2021 – onwards | Execution

Build and further strengthen our engineering culture to improve efficiency and competitiveness

Continuously improving the stability of our operations Indexed, 2015 as base year

DNB plays a proactive role in the transition to a more sustainable future

• 1) According to the Financial Times ranking of 15 000 employers, with DNB ranking no. 4 among all companies.
• 2) 41.5 per cent female managers at levels 1–3, 39.5 per cent at levels 1–4.
• 3) Green covered bonds issued by DNB Boligkreditt.

Advising and mobilising capital for our customers in the ongoing transition

DNB has the customers, competence, ambition and products to play a proactive role

• Develop our competence and products while working together with our customers to find new solutions
• DNB actively engages in new regulatory frameworks, such as the EU Action Plan on Sustainable Finance
• Innovative sustainable financing solutions and strategies

Odfjell's NOK 850 million Sustainability-Linked Bond (SLB)

• First SLB in the Nordics and the global shipping industry
• Financial terms of the bond are linked to Odfjell's target of reducing the carbon intensity of their controlled fleet by 50 per cent by 2030, compared to 2008-levels
• DNB acted as the Joint Lead Manager and Sustainability Structuring Advisor

1) Volume represents only public transactions listed in Bloomberg, and does not accurately describe market growth as many loan transactions are not public.

2) Transaction volume, not adjusted for the number of participating banks in each transaction.

Sources: Bloomberg, DNB Markets

DNB towards 2023

• Results 2020
• Financial ambitions
• The Norwegian economy
• DNB is well positioned to deliver on financial ambitions

Ottar Ertzeid – CFO

Results DNB Group

Fourth quarter 2020

Solid quarter with strong underlying performance

Financial summary NOK billion
	4Q20	3Q20	4Q19
Total income	13.3	13.4	13.2
Total operating expenses	(6.5)	(5.7)	(6.1)
Pre-tax operating profit before impairment	6.8	7.7	7.1
Profit for the period	5.3	5.5	5.9

Total income

Strong development. Net interest income (NII) and net commissions and fees (NCF) increased from 3Q20, by 1.9 and 5.1 per cent respectively

Total operating expenses

Operating expenses affected by non-recurring items (NOK 400 million AML-related administrative fine) and seasonal high activity

Profit for the period

Positively affected by low tax rate in the quarter, partly offset by impairment provisions primarily in the offshore portfolio

Capital

270 basis points headroom to supervisory authorities' expectation, despite dividend of NOK 8.40 for 2019 and NOK 9.00 authorisation for 2020

Return on equity 8.9 per cent

Negatively effected by M-t-M1) adjustments, non-recurring expense items, impairment provisions and deferred dividends, partly offset by low tax rate

Increased loans to personal and SME customers and growth in deposits

• Loan growth in the quarter was -1.1 per cent (+0.3 currency adjusted)
• ‒ Personal customers: +0.8 per cent
• ‒ Corporate customers: -3.1 per cent (-0.2 currency adjusted), of which SME +1.3 and large corporates -6.7 (-1.8 currency adjusted)
• Deposit growth in the quarter was 0.7 per cent (2.2 currency adjusted)

Increased net interest margin

• Increased net interest margin (NIM) and stable combined spreads, despite portfolio mix effects from increased deposit-to-loan ratio and loans to personal customers growing more than loans to corporate customers
• Changes in spreads reflecting the 11 basis points increase in average NOK money market rates

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

2) Norges Bank reduced the key policy rate from 1.50 to 0.25 per cent in March and to 0 per cent in May.

Increase in net interest income driven by volume growth

• Funding costs positively impacted by higher deposit-to-loan ratio
• Loan volume at year-end is 1.2 per cent lower than the average for the quarter

Net interest income from 3Q20 to 4Q20 NOK million

Income from commissions and fees – strong performance despite COVID-19

Commissions and fees NOK million
	2 636 281	2 372	2 494	Real estate broking Continued solid development in a seasonally slow quarter – income up 10 per cent from 4Q19
	644	347 436	310 633	Investment banking services High activity in ECM, M&A1) and brokerage – income in line with strong 4Q19
	406 211	424	449	Asset management and custodial services Increased asset values and net inflow – income up 11 per cent from 4Q19 Guarantee commissions
	510	222 355	220 306	Up 4 per cent from 4Q19 Money transfer and banking services
	585	588	577	Affected by low international travel activity – income down 40 per cent from 4Q19 Sale of insurance products
	4Q19	3Q20	4Q20	Positive underlying performance2)

1) ECM: Equity capital markets. M&A: Mergers and acquisitions.

2) 4Q20 income includes a negative NOK 29 million one-off adjustment related to the acquisition of KLP Bedriftspensjon.

Q4 results

Operating expenses affected by non-recurring items and seasonally high activity

• 1) Possible administrative fine from Finanstilsynet (the Financial Supervisory Authority of Norway) following supervisory inspection.
• 2) The scheme is partly hedged, a gain of NOK 101 million recognised in mark-to-market adjustments in net gains on financial instruments. The pension expenses in the quarter estimated to approx. NOK 60 million above normal level.

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Q4 results

Q4 results

Overall robust and well-diversified portfolio, impairment provisions mainly within the offshore segment

• Solid portfolio quality with 98.9 per cent in stages 1 and 2
• Further reversals of impairment provisions in the personal customers industry segment reflected the robust portfolio and a more positive development than expected

Impairment of financial instruments per industry segment NOK million				Maximum exposure (on- and off-balance sheet items), net of accumulated impairment provisions
	4Q20	3Q20	4Q19	Stage 1 NOK 2 139 billion	Stage 2 NOK 172 billion	Stage 3 NOK 25 billion
Total	(1 250)	(776)	(178)	(+31)	(-48)	(-5)
Of which:
Personal customers
- Stages 1 and 2	175	380	23
- Stage 3	(36)	(20)	(104)
Corporate customers*)					7.4%
- Stages 1 and 2	389	636	426	91.5%
- Stage 3	(1 777)	(1 773)	(522)			1.1%
*) Of which oil, gas and offshore:
- Stages 1 and 2	125	294	221
- Stage 3	(1 465)	(1 331)	(580)

Q4 results

Strong underlying operating performance

• Tax rate for the quarter ended at 10.3 per cent and full-year 2020 ended at 17.7 per cent
• Expected tax rate for 2021 and 2022 reduced to 22 per cent

Reaffirming financial ambitions

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

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

The continued positive development in ROE is temporarily affected by COVID-19…

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COVID-19 effects

Positive jaws, lower cost of risk and efficient use of capital to deliver on our financial ambitions

Further NII growth driven by volumes and increase in NOK interest rates

^34.1 35.4 36.8 39.2 38.6 1.50 0.93 2016 2017 2018 2019 2020 2021e 2022e 2023e NII Key policy rate²⁾ 1) 1) NOK rate changes impact NII NOK billion

Key points moving forward

• Annual loan growth of 3–4 per cent while maintaining a sound deposit-to-loan ratio
• NOK key policy rates expected to increase from first half of 2022 (four interest rate hikes of 25 basis points through 2022 and 2023)
• Historically a 25 basis-point change in key policy rate and subsequent repricing has impacted NII by approx. NOK 1 billion annually

• Lower spreads on funding expected to compensate for MREL3) costs

• 1) Excluding the Baltics.

• 2) Source: Norges Bank.
• 3) MREL: Minimum Requirement for own funds and Eligible Liabilities.

Return Equity >12%

Growth in NII

Resilient NCF performance during the pandemic, stronger growth expected with rebound of the economy

2) Excluding the Baltics.

Strong momentum in commissions and fees in key product areas

Return Equity >12%

Growth in NCF

Continued positive development in cost/income and our ambition stands

Return Equity >12% Cost control

Cost initiatives and positive jaws to improve cost/income level

Operating expenses adjusted for large oneoffs. Committed to delivering on cost control

• Digitalisation and other cost initiatives to contain wage and cost inflation, including IT development and compliance
• In combination with income growth this will ensure positive jaws

Strong cost control with cost initiatives to contain wage and other cost inflation

Accumulated cost initiatives 2020–2022 communicated at CMD 2019 NOK million, not adjusted for inflation

Ongoing cost initiatives

Finalised in 2020

• Discontinued agreement with Norwegian postal service to provide banking services
• Automated mortgage loan process
• Successfully completed structural changes

Planned for 2021–2022

• Structural changes
• Automation
• Distribution
• IT new ways of working

Stronger Norwegian macro and solid portfolio expected to reduce cost of risk

• Stronger Norwegian macro backdrop
• Solid and diversified portfolio
• Reduced exposure to cyclical industries
• Shipping
• Oil, gas and offshore
• Increased share of loans to personal customers and SMEs from 2019 to 2020
• Personal customers up from 51.0 to 51.3 per cent
• SMEs up from 21.4 to 23.0 per cent

All time high capital headroom

Key points moving forward

• Increased Norwegian Systemic Risk Buffer Requirement from 31 December 2020: Net impact +20 basis points
• Pillar 2 Requirement (1.8 per cent, minimum NOK 19.4 billion) and Pillar 2 Guidance (1.0 per cent) unchanged in 2021
• Full Norwegian CCyB3) (from 1 to 2.5 per cent) assumed in capital planning – first increase expected to take effect in 2022
• CRR II/CRD V expected implemented second half of 2021 with a minor net positive effect

• Limited impact from Basel IV output floor expected

• Expectation incl. full CCyB in Norway

• 1) Proposed NOK 9.00 dividend per share authorisation for 2020 is not included in the ratios.
• 2) Requirement at 6 per cent.
• 3) CCyB: Countercyclical capital buffer.

Profitability and solid capital position enable delivery on our dividend policy

Key points

• Dividend policy still stands: Excess capital will be distributed through dividends and share buy-backs
• Dividend policy: Payout ratio >50 per cent in cash dividends
• Ambition of annual increase in DPS
• Prioritise delivering on dividend policy of more than 50 per cent in cash dividend before considering share buy-backs
• 2019 dividend: NOK 8.40 per share Ex-date 24 February 2021
• 2020 dividend: The Board of Directors to ask the 2021 AGM for authorisation to distribute up to NOK 9.00 per share between 1 October 2021 and the 2022 AGM

Long-term financial ambitions reaffirmed

1) Approximate expectation from supervisory authorities as at 31 December 2020 including full Norwegian counter cyclical buffer requirement.

Reaffirming financial ambitions

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

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

High-quality portfolio and attractive opportunities for further profitable growth

• High-quality portfolio
• Continued profitable growth within:
• SME
• Large corporates
• Renewables and the green transition

Corporate Banking has consistently delivered profitable growth

Diversified and high-quality portfolio

• Corporate customers portfolio accounting for 47 per cent of DNB's net EAD
• Diversified industry mix

Corporate customer portfolio by risk classification Net EAD, NOK billion

• 90 per cent low and medium risk in corporate customers portfolio
• No significant changes in risk profile from 2019

Oil-related industries limited to less than 4 per cent of total net EAD in DNB

Oil, gas and offshore – small and decreasing proportion of the total DNB portfolio Oil-related net EAD of total DNB portfolio (NOK billion and per cent)

• More than 2/3 of oil and gas exposure in low-risk category
• 2/3 of oil and gas exposure related to the North Sea, with robust structures
• Income generation from the oil-related industries remain stabile

Oil, gas and offshore – net EAD NOK 78 billion Net EAD, NOK billion

Offshore Oil and gas Oilfield Services Midstream

• Offshore most challenging segment only 1.4 per cent of net EAD
• Stage 3 coverage ratio of 39 per cent in offshore
• Improving supply/demand balance expected

SME segment an important driver for further profitable growth

Steady growth and high profitability in SME segment

NOK billion and per cent Key drivers for further profitable growth

• Norway's leading start-up bank 40 per cent market share
• Expanding product range and penetration growth in IBD/FICC, pensions, and non-life insurance
• 11 regional hubs in Norway
• Modernising key digital channels
• DNB Finans: revenue up 12 per cent and profits up 15 per cent in 2020

SME

Significant potential as we scale the accounting offering for SMEs

Partnering with SpareBank 1 to acquire 67 per cent of Uni Micro – third largest ERP and accounting system provider in Norway

Existing cash-flow and costumer base (~9 per cent market share)

Customised for DNB's SME customers – simplifying banking and accounting

Partnership representing considerable distribution power and strategic opportunities in the increasing industry convergence; ERP vs. banking

Strengthening DNB's digital channels, customer acquisition, and cross-selling opportunities

SME

Large Corporates

Well positioned for profitable growth within large corporates

Stabile LC portfolio while increasing income

Annual average, NOK billion Attractive opportunities for profitable growth

• Geographical: The Nordics and particularly in Sweden where we grew operating income by 6 per cent in 2020
• Products: Further capitalisation on product platform – IBD/FICC and pension in particular
• Industries: healthcare, technology, and seafood
• Renewables and the transition to a low-carbon economy

DNB aims to play a leading role in the transition to a more sustainable future

Nordic players well positioned and making significant investments to transition

Norway and the Nordics to play a key role in the green transition

Energy companies increasing investments substantially

Significant investments in real estate energy efficiency

Electrification of the transport and construction sector

CB well positioned throughout the whole value chain

Building on a strong and diversified renewables portfolio

OaD model applied Income split, power and renewables

Diversified and based on proven technology Energy mix, per cent of net EAD

• Hydro Solar Wind Infrastructure Other
• Lending IBD FICC Deposit Other

Advising on and enabling client transitions

DNB proactively capitalising on green investment wave

• Utilising industry expertise within selected industries
• 40 per cent of cars financed in Norway is electric
• Maritime sector: ship recycling and the Poseidon Principles

Utilising an established market position

• Arranged green and sustainability linked debt transaction of almost NOK 100 billion in 2020
• More than NOK 10 billion in equity transactions within renewable energy and clean technology

Delivering on targets by 2025

• NOK 450 billion in renewables financing
• NOK 130 billion in 'green real estate' financing

High-quality portfolio and attractive opportunities for further profitable growth

• High-quality portfolio
• Continued profitable growth within:
• SME
• Large corporates
• Renewables and the green transition

Solid foundation for continued profitable growth

• Market leader delivering profitable growth
• Digital leader leveraging omnichannel capabilities
• Strategic partnerships as part of our business model to grow net commission and fees

Strong performance in a challenging year

Profitable growth in high-quality mortgage portfolio

Growth in mortgage portfolio1)

End of year, NOK billion Solid base for continued profitability

• Maintained our leading position, despite being frontrunner on pricing in a zero-interest-rate environment
• Highly flexible portfolio with >90 per cent floating interest rate – increased YoY
• Solid portfolio quality:
• ‒ Marginal LTV distribution: 98 per cent of our total portfolio below 75 per cent loan-to-value
• ‒ Consistently low loan losses, stable throughout 2020

Foundation for long-term profitable growth through savings agreements

Growth in savings and deposits1) End of year, NOK billion Growth in all product areas

• 9.5 per cent growth in deposits
• 24.2 per cent volume growth in Assets under Management (AUM)
• 105 per cent increase in number of sold mutual fund savings agreements as in 2019
• 36 per cent increase in volume from mutual fund savings agreements in 2020

Well positioned as preferred savings and pension provider in a fast-growing market

One-stop-shop: Synergies in overlapping customer base Market shares per 3Q20

Market leader positions in corporate pensions, life insurance, asset management and personal banking

Growing the overall market

Award-winning marketing power – stimulating public dialogue to achieve all-time-high numbers of new savings customers

Increase in number of mutual fund savings agreements:

51

Profitable growth

Market leading distribution – Spare no. 1 savings app in Norway

31% of mutual fund savings agreements sold through Spare

1) Defined-contribution pensions.

2) Statistics by the Norwegian Fund and Asset Management Association (VFF).

Digital leader

World-class digital distribution channels

Cloud flexibility enables speed and scalability Capitalising on data investments

842) 4.71) 4.71)

Machine learning algorithms enhance digital sales

Advanced segmentation rules increase conversion rate

Personalised and event-driven CRM triggers more engagement

2) Above 80 equals highly satisfied customers.

Continuous development of customer-centric, scalable and cost-efficient distribution

Main drivers of increased efficiency

• 66 per cent of mortgage applications submitted digitally in 2020
• 29 per cent of digitally submitted mortgage refinancing applications handled automatically
• 16 per cent reduction in incoming service inquiries to call centre
• 23 per cent of total inquiries handled by chatbot

Digital leader

On track to leveraging Fremtind's full range of offerings

Leveraging Fremtind's infrastructure to boost sales and profitability

Steep increase in Vipps eCommerce – increasing use of DNB cards and accounts

Volume A strategic partner for growth in net commissions and fees

• Norway's most preferred brand
• ~85 per cent of the Norwegian population use the Vipps app1)
• ~40 per cent growth in Vipps eCommerce users
• ~150 per cent growth in active Vipps eCommerce points-of-sale

DNB's ownership interest in Vipps 45% 33%

DNB's share of accounts registered in Vipps

DNB leads the way with more digitalised and efficient real estate services

Digitalisation well underway pre-COVID-19 Permanent positive COVID-19 effects All-time-high results

Samsolgt – DNB's digital real estate brokerage. Developed functionality reused in DNB Eiendom

All agreements, contracts etc. to be signed digitally

Bidding, acceptance and contract meetings via mobile

Welcome to house viewing!

COVID-19 precautions:

We greet you with a smile instead of a handshake

Appointment required – please book online

2019 vs. 2020

Income

+7.7%

+32% Profit

+17% Sale per broker

Solid foundation for continued profitable growth

• Market leader delivering profitable growth
• Digital leader leveraging omnichannel capabilities
• Strategic partnerships as part of our business model to grow net commission and fees

Appendix

Income statement

NOK billion	4Q20	3Q20	4Q19	Change from 3Q20	Change from 4Q19
Net interest income	9.5	9.3	10.3	0.2	(0.9)
Other operating income	3.8	4.1	2.9	(0.3)	1.0
Total income	13.3	13.4	13.2	(0.1)	0.1
Operating expenses	(6.5)	(5.7)	(6.1)	(0.8)	(0.4)
Pre-tax operating profit before impairment	6.8	7.7	7.1	(0.9)	(0.3)
Impairment of loans and guarantees and gains on assets	(1.3)	(0.8)	(0.2)	(0.5)	(1.1)
Pre-tax operating profit	5.6	6.9	6.9	(1.4)	(1.4)
Tax expense	(0.6)	(1.4)	(1.0)	0.8	0.5
Profit from operations held for sale, after taxes	0.3	0.0	0.1	0.3	0.2
Profit for the period	5.3	5.5	5.9	(0.3)	(0.7)
Portion attributable to shareholders	5.1	5.3	5.6	(0.2)	(0.5)

Other operating income

NOK million	4Q20	3Q20	4Q19	Change from 3Q20	Change from 4Q19
Net commissions and fees	2 494	2 372	2 636	122	(142)
Customer revenues in DNB Markets	559	546	555	14	4
Trading revenues in DNB Markets	32	55	180	(23)	(147)
Hedging of defined-benefit pension scheme	101	41	0	59	101
Credit spreads on bonds	92	211	33	(119)	59
Credit spreads on fixed-rate loans	84	133	0	(49)	84
CVA/DVA/FVA	238	138	212	100	26
Other mark-to-market adjustments	738	448	(324)	290	1 061
Basis swaps	(152)	(363)	(361)	211	209
Exchange rate effects on additional Tier 1 capital	(1 508)	(391)	(742)	(1 117)	(766)
Net gains on financial instruments at fair value	184	819	(447)	(635)	630
Net financial and risk result, life insurance	474	299	216	175	258
Profit from investments accounted for by the equity method	264	310	52	(46)	212
Other	431	309	394	122	36
Net other operating income, total	3 847	4 109	2 852	(262)	994

Customer segments

Personal customers Highlights in the quarter

• Loans to customers up 0.8 per cent from 30 September 2020
• Reversals of impairment provisions reflecting the robust portfolio
• Net interest income negatively impacted by increased NOK money market rates

Corporate customers Highlights in the quarter

• High capital markets activity
• Sound asset quality and lower impairment provisions in the portfolio except for offshore
• Increased profitable lending to small and medium-sized enterprises (SMEs)

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

Strong CET1 capital ratio

1) Proposed NOK 9.00 dividend per share authorisation for 2020 is not included in the CET1 capital ratio.

2) In 4Q20, the Norwegian financial supervisory authorities approved a change in the classification of mortgages in Private Banking to IRB.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The statements contained in this presentation may include forward-looking statements, such as statements of future expectations. These statements are based on the management's current views and assumptions and involve both known and unknown risks and uncertainties.

Although DNB believes that the expectations reflected in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. Important factors that may cause such a difference include, but are not limited to: (i) general economic conditions, (ii) performance of financial markets, including market volatility and liquidity, (iii) the extent of credit defaults, (iv) interest rate levels, (v) currency exchange rates, (vi) changes in the competitive climate, (vii) changes in laws and regulations, (viii) changes in the policies of central banks and/or foreign governments, or 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 in our quarterly reports.

Extended fourth quarter 2020 presentation

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