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DNB Bank ASA (Incorporated with Limited Liability in Norway) U.S.$10,000,000,000 Medium-Term Note Program

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DNB Bank ASA (Incorporated with Limited Liability in Norway) U.S.$10,000,000,000 Medium-Term Note Program DNB Bank ASA (incorporated with limited liability in Norway) U.S.$10,000,000,000 Medium-Term Note Program Under the Medium-Term Note Program (the “Program”) described in this prospectus (the “Prospectus”), DNB Bank ASA (the “Issuer” or “the Bank”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the “Notes”) denominated in any currency agreed by the Issuer and the relevant Dealer(s) (as defined below). The aggregate nominal amount of Notes outstanding will not at any time exceed U.S.$10,000,000,000 (or the equivalent in other currencies), subject to increase as provided herein. Notice of the aggregate principal amount of the Notes, interest (if any) payable in respect of the Notes, the issue price of the Notes and any other terms and conditions not contained herein which are applicable to each offering of the Notes, will be set out in the relevant Final Terms (the “Final Terms”) or, in the case of Exempt Notes (as defined below), a Pricing Supplement (as defined below). Any Notes issued under the Program on or after the date of this Prospectus are issued subject to the provisions herein. This does not affect any Notes issued prior to the date of this Prospectus. The Notes may be issued on a continuing basis to the Dealers and any additional Dealer(s) appointed under the Program from time to time, which appointment may be for a specific issue or on an ongoing basis (each, a “Dealer” and, together, the “Dealers”). References in this Prospectus to the “relevant Dealer” shall, in relation to any issue of Notes, be to the Dealer agreeing to subscribe for such Notes or, in the case of each issue of Notes syndicated amongst a group of Dealers, the Lead Manager(s) of such issue. Notes will be issued in fully registered form. Global Notes (as defined herein) representing the Notes will be held by or on behalf of The Depository Trust Company (“DTC”) for the benefit of participants in DTC or be registered in the name of a nominee for, and deposited with, a common depositary or common safekeeper for Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”). See “Settlement”. The first trade done off this Program will be settled with DTC on a stand-alone basis. This Prospectus has been approved by the Central Bank of Ireland as competent authority under EU Directive 2003/71/EC, as amended (the “Prospectus Directive”). The Central Bank of Ireland only approves this Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Such approval relates only to the Notes which are to be admitted to trading on a regulated market for the purposes of Directive 2004/39/EC (the “Markets in Financial Instruments Directive”) and/or which are to be offered to the public in any Member State of the European Economic Area (the “EEA”). Application has been made to the Irish Stock Exchange plc (the “Irish Stock Exchange”) for Notes issued under the Program (other than Exempt Notes (as defined below)) within 12 months of the date of this Prospectus to be admitted to the official list of the Irish Stock Exchange (the “Official List”) and to trading on its regulated market (the “Main Securities Market”). This Prospectus constitutes a base prospectus for the purpose of the Prospectus Directive. The Main Securities Market is a regulated market for the purposes of the Markets in Financial Instruments Directive. References in this Prospectus to Notes being “listed” (and all related references) shall mean that such Notes have been admitted to the Official List and to trading on the Main Securities Market. The applicable pricing supplement (the “Pricing Supplement”) in respect of the issue of any Exempt Notes will specify whether or not such Exempt Notes will be admitted to listing or trading on any non-EEA stock exchanges and/or markets, if applicable. The requirement to publish a prospectus under the Prospectus Directive only applies to Notes which are to be admitted to trading on a regulated market in the European Economic Area and/or offered to the public in the European Economic Area other than in circumstances where an exemption is available under Article 3.2 of the Prospectus Directive (as implemented in the relevant Member State(s)). References in this Prospectus to “Exempt Notes” are to Notes for which no prospectus is required to be published under the Prospectus Directive. The Central Bank has neither reviewed nor approved any information in this Prospectus pertaining to Exempt Notes. Prospective investors should have regard to the factors described under the section headed “Risk Factors”, beginning on page 1 of this Prospectus. The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold directly or indirectly within the United States or to or for the account or benefit of U.S. persons, as defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Notes may be offered for sale only (i) in the United States, to qualified institutional buyers (“QIBs”) within the meaning of, and in reliance on, Rule 144A under the Securities Act (“Rule 144A”), or in a transaction not subject to the registration requirements of the Securities Act; or (ii) outside the United States in offshore transactions to persons other than U.S. persons in reliance on, and in accordance with, Regulation S, in each case, in compliance with applicable laws and regulations. Prospective purchasers are hereby notified that sellers of the Notes may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. See “Plan of Distribution and Transfer Restrictions—Selling Restrictions”. EACH INITIAL AND SUBSEQUENT PURCHASER OF THE NOTES OFFERED HEREBY IN MAKING ITS PURCHASE WILL BE DEEMED TO HAVE MADE CERTAIN ACKNOWLEDGMENTS, REPRESENTATIONS AND AGREEMENTS INTENDED TO RESTRICT THE RESALE OR OTHER TRANSFER OF SUCH NOTES AND MAY IN CERTAIN CASES BE REQUIRED TO PROVIDE CONFIRMATION OF COMPLIANCE WITH SUCH RESALE OR OTHER TRANSFER RESTRICTIONS. SEE “PLAN OF DISTRIBUTION AND TRANSFER RESTRICTIONS—U.S. TRANSFER RESTRICTIONS”. The Program provides that Notes may be listed or admitted to trading, as the case may be, on such other or further stock exchanges or markets as may be agreed between the Issuer and the relevant Dealer. The Issuer may also issue Notes which are not listed or admitted to trading on any market. The Program has been rated “A+” (senior unsecured) by Standard & Poor’s Credit Market Services Europe Limited (“S&P”) and “(P)Aa2” (senior unsecured)/“(P)Baa1” (subordinated) by Moody’s Investors Service Limited (“Moody’s”). Subordinated Notes issued under the Program are expected to be assigned an “A-” rating by S&P. The Issuer’s long-term senior unsecured debt has been rated “AA (low)” by DBRS Ratings Limited (“DBRS”). Each of S&P, Moody’s and DBRS is established in the European Union and is registered under the Regulation (EC) No. 1060/2009 (as amended) (the “CRA Regulation”). Notes issued pursuant to the Program may be rated or unrated. Where a Tranche (as defined below) of Notes is rated, its rating will be specified in the applicable Final Terms, or, as the case may be, the applicable Pricing Supplement and will not necessarily be the same as the rating applicable to the Program. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Arranger Barclays Dealers Barclays Goldman, Sachs & Co. The date of this Prospectus is May 26, 2016 ii IMPORTANT INFORMATION This Prospectus constitutes a base prospectus in respect of all Notes other than Exempt Notes issued under the Program for the purposes of Article 5.4 of the Prospectus Directive. The Issuer accepts responsibility for the information contained in this Prospectus and the Final Terms or, as the case may be, the Pricing Supplement relating to any Tranche of Notes issued under the Program. In the case of a Tranche of Notes, which is the subject of a Pricing Supplement, each reference in this Prospectus to information being specified or identified in the relevant Final Terms shall be read and construed as a reference to such information being specified or identified in the relevant Pricing Supplement (in the case of Exempt Notes) unless the context requires otherwise. To the best of the knowledge and belief of the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. This Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference. See “Documents Incorporated by Reference”. This Prospectus shall be read and construed on the basis that such documents are incorporated and form part of this Prospectus. Neither the Arranger, the Dealers nor the Trustee (as defined below) have separately verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Arranger, the Dealers or the Trustee as to the accuracy or completeness of the information contained or incorporated by reference in this Prospectus or any information provided by the Issuer in connection with the Program, the Notes or their distribution.
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