Strong platform in Norway. Untapped opportunities for profitable growth

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2 Strong platform in Norway Untapped opportunities for profitable growth 2

3 Strong market shares Well positioned in home market product areas and customer segments Retail market Lending Deposits Policyholders funds Mutual fund assets 28 % 32 % 51 % 29 % Corporate market Lending* Deposits Policyholders funds Mutual fund assets 24 % 35 % 26 % 22 % 3 1Q 2011 * = share of lending from credit institutions

4 Stable total income and high return on allocated capital NOK billion Development in total income and return on allocated capital in Retail Banking 6 50 % % 40 % 35 % % 31 % 27 % 26 % 25 % 23 % 25 % 23 % 25 % 30 % 25 % 20 % 15 % 2 10 % 5 % 1 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 Total income Return on allocated capital (annualised) 0 % 4 ROAC is calculated on the basis of internal measurement of risk-adjusted capital.

5 Increasing growth relatively stable interest spreads Volume growth (annualised) Development in spreads 8.0 % 7.7 % 1.67% 1.67% 1.61% 1.69% 1.63% 1.24% 1.26% 1.24% 1.24% 1.21% 4.9 % 4.2 % 3.7 % 4.2 % 4.2 % 1.2 % 1.1 % 2.3 % 0.42% 0.44% 0.53% 0.37% 0.40% 1Q 10 2Q 10 3Q 10 4Q 10 YTD* Growth lending volumes Growth deposit volumes 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 Lending spread Deposit spread Weighted spread 5 Lending to and deposits from customers. Nominal values, excluding impaired loans. * Volume growth in Retail Banking in the period Jan-May 2011 (annualised)

6 Income is well balanced between products and segments Net interest income % 10% 23% Mortgages lending Corporate long term lending Consumer finance/ short-term credit Car finance 9% 7% Investment and equipment finance Autolease/factoring Other loans 12% 2% 5% 10% 13% Current account Demand deposits Other deposits 6 Excluding interest on allocated capital

7 Improved portfolio quality Exposure at default (NOK billion) Corporate customers Exposure at default (NOK billion) Personal banking customers PD 0.01% % PD 0.75% - 2.0% PD 2.0% - Low risk Medium risk High risk 31 Dec March 2011 Net non performing and net doubtful commitments PD 0.01% % PD 0.75% - 2.0% PD 2.0% - Low risk Medium risk High risk 31 Dec March 2011 Net non performing and net doubtful commitments PD = Probability at default 7

8 Sound asset quality in mortgage loan portfolio in Retail Banking Mortgage loans (NOK billion) Mortgage within 60 per cent of collateral value Mortgage between 60 and 80 per cent of collateral value 31 Dec March 2011 Mortgage above 80 per cent of collateral value 8 Mortgage loans based on actual collateral categories

9 Actual write-downs on loans significantly below normal levels NOK million Q Q Q Q Q 2011 Write-downs on loans and guarantees Normalized write-downs on loans and guarantees 9 Corporate and personal customers - Retail Banking

10 Total customer base represents nearly half of the market Out of inhabitants: 2.1 million personal customers corporate customers 1 million insurance policyholders non-life insurance policyholders mutual fund customers mortgage loan customers Estimated 40% of customers uses additional banks 10

11 Strong and unique distribution power in Norway 218 branch offices 50 corporate advisory services centres 208 post offices 13 regional Markets sales desks 2165 in-store banking and postal outlets 112 real estate offices Only bank in Norway with services available on Saturdays 11

12 Strong and unique distribution power in Norway High Internet and broadband penetration* 1.6 million online banking customers 24/7 telephone banking daily calls and s from customers More than 4 million SMS per month 0.8 million mobile banking users Share of households with Internet access and broadband connection >= 70% 50 - < 70% < 50% 37 million debit card transactions per month 12 *Source: European Commission Eurostat Only bank in Norway with customer service open 24 hours a day, every day

13 Having satisfied customers leads to long-term profitability DnB NOR customer satisfaction personal banking customers RepTrak reputation survey - DnB NOR

14 Ambitions in Norway Lending growth > national credit growth rate Stable and high return on equity Low and stable losses 14

15 Strong platform in Norway Untapped opportunities for profitable growth 15

16 Opportunities for profitable and sustainable growth 16

17 Regional variations in growth rates High growth rate in the four largest cities in Norway Growth of new enterprises Source: Statistics Norway Source: The Confederation of Norwegian Enterprises (NHO) 17

18 We are well positioned for further growth High market share Smaller cities East and North Oslo Low market share West coast Smaller cities West Bergen Trondheim Stavanger Low growth rate High growth rate 18 Source: Statistics Norway number of citizens

19 Growth on schedule in the four largest cities Lending Deposits Personal Banking customers Banking market = 5.7% Banking market = 6.4% Corporate customers Banking market = 3.8% Banking market = 9.1% 19 Volume growth in Retail Banking in the period Jan-May 2011 (annualised) Banking market annualised based on 1Q 2011

20 Opportunities for profitable and sustainable growth 20

21 High focus on selected segments with substantial potential 1 Young adults: Academics: 2 High net present value High potential segment 3 4 Affluent: SME: Business Very high offering potential tailored to segment industry needs 21

22 Population growth among young adults increasing need for new housing Development in young population vs completed homes Highly competitive mortgage loan interest rates NOK 33 billion in BLU loans Cross-selling between a number of products Distribution advantages home-university-work Population 20-34: y/y Completed homes Marketing and sponsorships 22 Source: Statistics Norway /DnB NOR Markets

23 Exclusive distribution to academics attractive customer segment with high growth 2 Increasing number of members joining the Federation of Norwegian Professional Associations (in 1000) Exclusive distribution agreement with the Federation of Norwegian Professional Associations Best market terms also for self-employed persons and SMEs Product range to suit both professional and private needs 23 Source: Norwegian Professional Associations

24 Well positioned to be the natural choice for Norway s most affluent bank customers 3 Assets under management 33% annual growth rate Proven excellent quality of management of proprietary mutual funds Wide product range including non-proprietary products 24

25 The number of newly established enterprises increased over the last 12 months 4 Corporate and personal needs Entrepreneurs Franchises Academics 25 Source: Statistics Norway

26 Export industries are generating growth in the SME segment 4 Norwegian exports by sector in % 50 % 9 % 7 % 6 % Oil/gas Shipping Other Food/seaf ood Other commodities Source: Statistics Norway Source: The Confederation of Norwegian Enterprises (NHO) 26

27 We are the preferred bank for CM solutions in Norway important driver for stable funding 4 Use bank for domestic cash management Use bank for overall international cash management Products tailored to customer size and growth DnB NOR (116) (88) (76) (60) Bank #2 Bank #3 Bank #4 (110) (91) (70) (53) (66) (59) (73) (63) (46) (37) (47) (39) Services available on Saturdays through post offices Bank #5 (48) (39) (34) (22) Bank #6 (27) (26) (19) (22) Local and national bank 27 Source: Large Corporate Banking Survey, Norway

28 Growth in demand and rising interest rates will reduce pressure on spreads Jan 09 Growth in corporate lending - credit indicator C2 Apr Jul Oct Jan 10 Apr Jul Oct Jan Apr Jul Oct Stable interest rates generate pressure on spreads. Rising interest rates give opportunities over time International spread adjustment not fully implemented in the Norwegian corporate market due to slack in demand Competitive funding terms compared to local savings banks 28 Source: Statistics Norway

29 Opportunities for profitable and sustainable growth 29

30 Product penetration leading position compared to European peers Average number of products per customer 4.00 DnB NOR Average West European Peers 30 Source: Finalta and DnB NOR

31 Still untapped potential pricing scheme encourages greater product penetration Average number of products per customer DnB NOR loyalty programme customers DnB NOR Average West European Peers 31 Source: Finalta and DnB NOR

32 Innovative products increase sales Buy a car app easier and more efficient Find your home app Start-up enterprise app 32

33 New pension reform requires more private savings Example: Pension payment for a person born in 1963, 40-year service period, retirement at 67 Pro-active offering of professional advice and savings solutions NOK New product range and good track record Discretionary asset management Former national insurance scheme New national insurance scheme More than 45% of top-rated mutual funds (Morningstar) 33 Source: Finance Norway (FNO)

34 Brisk sales of insurance products Development in number of insurance policies sold Non-life insurance market share up almost 50% in two years* Number of life insurance policies up from in 1Q 2010 to in 1Q Jan-May 2010 Jan-May 2011 More than 90% of our sales people are certified 34 * Source: Finance Norway (FNO)

35 Strong foothold in the market and high market share within consumer finance, with further growth potential Pay Later Card Market Forecasted compound growth rates until 2013 Turkey Netherlands Finland Austria Norway Belgium Spain Italy Portugal Germany France Denmark Switzerland Sweden Ireland Greece UK 9.3 % 8.8 % 7.9 % 7.8 % 7.6 % 6.7 % 6.7 % 6.4 % 6.1 % 6.0 % 5.7 % 4.0 % 3.4 % 1.6 % 1.6 % 1.0 % 16.3 % Substantial growth in credit card usage in Norway Increasing market share within car financing and credit cards Strong sales from distribution through other retailers Wider presence in neighbouring countries 35 Source: Datamonitor

36 Close integration between real-estate business and home loan sales, with further growth potential Increase in number of real estate sales through our real estate agents. Leads to home loan sales six times greater than actual housing sales: Market leader in Norway strategy for growth Increasing hit rate on mortgage leads leads yearly New projects cooperation between brokers, private and corporate sales Most satisfied and most loyal customers 1Q Q Q Q 2011 Front runner in online solutions 36

37 Four drivers for sustainable growth in the Norwegian market 37

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