FINANCIAL INSTITUTIONS

CREDIT OPINION DNB Bank ASA 30 January 2018 Update to credit analysis

Update Summary We assign a baseline credit assessment (BCA) of a3 to DNB Bank ASA (DNB), an adjusted BCA of a3, a long-term deposit rating of Aa2 and senior unsecured debt rating of Aa2. We also assign a long- and short-term Counterparty Risk Assessment (CRA) of Aa1(cr)/ Prime-1(cr) to the bank. The outlook on the bank’s long-term senior ratings is negative.

RATINGS DNB's a3 baseline credit assessment (BCA) reflects the bank's strong capital and good level DNB Bank ASA Domicile of profitability, balanced against weakening asset quality and high reliance on international Long Term Debt Aa2 capital markets, which renders the bank susceptible to investor sentiment. DNB's Aa2 long- Type Senior Unsecured - Fgn term deposits and senior unsecured debt ratings include a two-notch uplift resulting from Curr our advanced Loss Given Failure (LGF) analysis, reflecting our view that the bank’s junior Outlook Negative Long Term Deposit Aa2 depositors and senior creditors face a very low loss given failure. In addition, our assessment Type LT Bank Deposits - Fgn of government support translates into a further two notch uplift included in these ratings. Curr Outlook Negative The negative outlook on DNB's senior unsecured debt and deposit ratings primarily reflects the potential rating pressure from the upcoming implementation of BRRD in Norway which Please see the ratings section at the end of this report for more information. The ratings and outlook shown will trigger a reassessment of our government support assumptions, and receding negative reflect information as of the publication date. pressure on DNB's asset risk profile.

Exhibit 1 Rating Scorecard- Key Financial Indicators Contacts DNB Bank ASA (BCA: a3) Median a3 rated peers Effie Tsotsani +44.20.7772.1712 20% 40% Analyst 18% 35% 16% [email protected] 30% 14% 25% Francesca Paolino +971.4.237.9568 12% 10% 20% Associate Analyst 8% 15% [email protected] 6% 10% 4% Jean-Francois +44.20.7772.5653 2% 1.9% 17.9% 0.8% 35.4% 27.8% 5% Tremblay 0% 0% Associate Managing Asset Risk: Capital: Profitability: Net Funding Structure: Liquid Resources: Liquid Problem Loans/ Tangible Common Income/ Tangible Market Funds/ Banking Director Gross Loans Equity/Risk-Weighted Assets Tangible Banking Assets Assets/Tangible [email protected] Assets Banking Assets Sean Marion +44.20.7772.1056 Solvency Factors (LHS) Liquidity Factors (RHS) MD-Financial Source: Moody's Banking Financial Metrics Institutions [email protected]

CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths » As the leading bank in Norway, DNB has a solid banking franchise and status as the nation's flagship bank

» Capital is high and leverage compares well with peers

» DNB reports solid core earnings, and benefits from the relatively strong performance of the Norwegian economy

» DNB's BCA is supported by its Very Strong- macro profile

» Our advanced LGF analysis indicates a very low loss-given-failure for long-term deposit and senior unsecured debt ratings, resulting in a two-notch LGF uplift from the adjusted BCA

Credit challenges » High dependence on market funding, somewhat mitigated by a solid deposit base and good access to local and international capital markets

» Negative pressures on the asset risk profile of the bank, mostly related to challenges in the oil offshore portfolio

Rating outlook DNB's deposit and debt ratings carry a negative outlook to reflect primarily the potential rating pressure from the upcoming implementation of BRRD in Norway, which will trigger a reassessment of our government support assumptions (please see press release for more details) despite receding pressure on DNB's fundamentals. Factors that could lead to an upgrade » Upward pressure on DNB's debt and deposit rating is unlikely in the near term given the negative outlook. The outlook could return to stable if DNB: (1) further reduces its asset vulnerability, especially in relation to oil-related and offshore exposures as well as to historically more volatile segments, such as shipping and CRE; (2) maintains strong and stable earnings generation without increasing its risk profile; and (3) preserves sustained access to international capital markets.

Factors that could lead to a downgrade » Downwards pressure on the ratings could develop if: (1) DNB's financing conditions become challenging; (2) its asset quality were to deteriorate beyond our expectations and lead to further increase of the bank's credit costs; (3) its credit profile substantially deteriorates due to adverse developments in the Norwegian oil, offshore and real-estate markets; (4) DNB increases its involvement in more risky operations such as capital market activities; and/or (5) the eventual passage of the official resolution law (BRRD) in Norway and revision of our government support assumptions.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

2 30 January 2018 DNB Bank ASA: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Key indicators

Exhibit 2 DNB Bank ASA (Consolidated Financials) [1] 9-172 12-162 12-152 12-142 12-133 CAGR/Avg.4 Total Assets (NOK billion) 2,379 2,235 2,173 2,191 2,046 4.15 Total Assets (EUR million) 252,807 246,219 226,032 241,453 244,803 0.95 Total Assets (USD million) 298,868 259,700 245,537 292,171 337,324 -3.25 Tangible Common Equity (NOK billion) 184 178 173 143 123 11.35 Tangible Common Equity (EUR million) 19,535 19,567 17,964 15,722 14,721 7.85 Tangible Common Equity (USD million) 23,094 20,638 19,515 19,025 20,284 3.55 Problem Loans / Gross Loans (%) 1.8 2.4 1.5 1.9 2.3 2.06 Tangible Common Equity / Risk Weighted Assets (%) 17.9 17.1 16.3 13.7 12.2 16.37 Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 13.8 19.3 12.3 17.5 22.7 17.16 Net Interest Margin (%) 1.5 1.5 1.5 1.5 1.4 1.56 PPI / Average RWA (%) 2.5 2.6 3.0 2.6 2.3 2.77 Net Income / Tangible Assets (%) 0.8 0.7 1.0 0.9 0.8 0.86 Cost / Income Ratio (%) 44.8 42.7 39.6 42.3 46.4 43.26 Market Funds / Tangible Banking Assets (%) 35.2 35.4 34.9 37.6 38.0 36.26 Liquid Banking Assets / Tangible Banking Assets (%) 28.9 27.8 25.4 29.4 30.0 28.36 Gross Loans / Due to Customers (%) 150.7 159.2 161.2 153.4 152.9 155.56 [1] All figures and ratios are adjusted using Moody's standard adjustments [2] Basel III - fully-loaded or transitional phase-in; IFRS [3] Basel II; IFRS [4] May include rounding differences due to scale of reported amounts [5] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime [6] Simple average of periods presented for the latest accounting regime. [7] Simple average of Basel III periods presented Source: Moody's Financial Metrics

Profile DNB Bank ASA (formerly DnB NOR Bank ASA) is a subsidiary of the Norwegian financial services group DNB ASA and part of the DNB Group. The group (including DNB ASA, DNB Asset Management Holding AS, DNB Livsforsikring AS and DNB Forsikring) offers a full range of financial services, including loans, savings, advisory services, insurance and pension products for retail and corporate customers. In this structure, the bank (DNB Bank) mainly provides products and services to four different segments: personal customers, small and medium enterprises, large corporates and international customers, and trading.

As of 30 September 2017, DNB Bank ASA exhibited 2.1 million retail customers, 210 thousands corporate customers, 1.3 million internet bank users, 1.2 million customer in life and pension insurance and 218 thousands in non-life insurance across Norway.

As of 30 September 2017, DNB Bank Group reported a consolidated asset base of NOK2.4 trillion (€260.5 billion).

DNB Bank ASA was established by the merger of ASA (established in 1990 following the merger of and ) and NOR. The newly merged bank, DnB NOR Bank ASA, was registered in January 2004. The bank was renamed DNB Bank ASA in November 2011.

Detailed credit considerations As the leading bank in Norway, DNB has a solid banking franchise and status as the nation's flagship bank DNB's sizeable domestic franchise is a key positive rating driver, supporting the bank's profitability and asset quality. DNB is Norway's largest financial institution, with a dominant and sustainable market share of 29% in retail loans and 31% in corporate loans domestically as of June 2017, according to . DNB achieves stable earnings generation capacity aided by the supportive operating environment, the bank's solid customer base and pricing power, and high brand recognition in Norway.

DNB is Norway's most international bank. The loan portfolio of the bank's international units accounted for around 23% of total loans at the end of December 2016, thus adding diversification to DNB's earnings and risk.

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In contrast with European banks that were nationalised during the recent financial crisis, we continue to view DNB as the government's flagship financial institution. The Norwegian government's 34% stake in the bank makes it the largest shareholder and ensures the bank's headquarters remain in the country, so that we view a reduction of this stake as unlikely.

In October 2017, DNB and Nordea Bank AB closed the transaction to created a joint venture of the banks’ operations in the Baltics. The new entity will operate as Luminor, with Nordea controlling 56% of the economic rights and DNB controlling 44%, and both banks each holding 50% of the voting rights. DNB ownership interest in the new entity will be consolidated by the equity method. Although the transaction’s financial effect will be limited for both banks, we expect that the merger will create cost synergies and strengthen the banks’ local presence.

In early 2017, DNB spun-off Vipps, a digital ecosystem for fintech entrants in the banking system launched by DNB in May 2015. Following the transaction DNB retains an ownership of 52% and the associated company, and as from end-September 2017 it has been consolidated in the financial accounts according to the equity method.

Capital is high and leverage compares well with peers At the end of September 2017, DNB's common equity Tier 1 (CET1) according to Basel III transitional rules was 16.3% (increased from 15.7% at end-2016 and already in-line with the Group's 16% end-2017 target level including the announced change in countercyclical buffer to 2%). The increase of common equity Tier 1 capital, was primarily driven by profits generated during the period as well as a strategic reduction in risk-weighted assets relating to large international corporates with low profitability.

The group's dividend policy remains unchanged, targeting a a dividend pay-out ratio above 50% towards 2019 and the distribution of a higher cash dividend per share each year. At the end of December 2016, a dividend of NOK 5.70 per share was proposed by the Board of Directors and distributed in May 2017 (around 50% pay-out ratio). In addition DNB group bought back 0.37% of share capital up to end- September 2017 and 0.19% of the shares owned by the Norwegian government will be redeemed in the second quarter of 2018 - bringing total buy-backs to 0.56% within the limit approved by the annual general meeting.

As a result of different risk weighting among the Nordic banks, it can be difficult to compare reported capital ratios. As an example, in Norway, banks’ mortgages are subject to both Basel III requirements with a loss given default floor and Basel I requirements subject to an 80% floor, which result in risk-weighting of around 40% on mortgages. In comparison in Sweden, the large Swedish banks apply a mortgage risk-weighting of around 5% to 8% on mortgages in their reported capital ratios but these banks must meet high nominal capital requirements which include a 25% risk-weight on mortgages. Similar considerations apply to the corporate book.

DNB's leverage ratio according to Moody’s definition (tangible common equity to total assets at 7.7% at end- September 2017) compares well against large Nordic and international peers, albeit less so against smaller Norwegian peers.

DNB reports solid core earnings and benefits from the relatively strong performance of the Norwegian economy We view DNB's core earnings as resilient, supported by DNB's dominant position in the Norwegian market. With around 80% of its loans driven by Norwegian exposures (as of December 2016), DNB benefits from the relatively strong performance of the Norwegian economy. We forecast a 2.2% increase in total real GDP growth and 2.4% in mainland (non-oil) real GDP for 2018.

The bank's net income to tangible assets remained stable at 0.8% during the first nine months of 2017 following a decrease from 1% in 2015. During the first nine month of 2017, net interest income (the main driver of DNB's revenues contributing to around 70% of total revenues on a three year average basis) increased by 3% year on year due to higher volumes, widened lending spreads and lower long-term funding costs. However, the bank's operating expenses increased by 4% year on year, as a result of a high level of activity within digitalisation projects, marketing and the introduction of financial activities tax in 2017. Nevertheless, DNB's cost-to-income ratio remains among the strongest in its European peer group with a three-year average of around 42%, reflecting good cost control.

During the first nine months of 2017, DNB's loan loss provisions declined to NOK 2.0 billion compared to NOK 5.7 billion for the same period the previous year due to restructuring of shipping and oil and offshore-related segments. As a result, the bank recorded a 10.1% Return On Equity (ROE and NOK 14.2 billion net profit during the first nine month of 2017. As DNB works towards its long term ROE target of 12%, the bank set up a new non-core division (effective as of January 2018) to accelerate the rebalancing of its non-core portfolio (shipping and oil-related exposures), enabling the rest of the group to focus on profitable new business.

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We expect the bank's profitability to be supported by low provisioning levels during the outlook period, particularly in the large corporate sector following the restructuring of oil-related exposures reflecting more stable conditions in the industry.

DNB's BCA is supported by its Very Strong- Macro Profile DNB's operating environment is primarily influenced by developments in its home market Norway, the EU and through its shipping exposures to the rest of the world. Norway, which accounted for 77% of customer loans at end-2016, carries a Very Strong- Macro Profile.

Banks in Norway (Aaa stable) benefit from operating in a wealthy and developed country with very high economic, institutional and government financial strength as well as low susceptibility to event risk. Norway has a diversified and growing economy, which has demonstrated resilience to the weaknesses in the oil sector. The main risks to the system stem from the high level of household indebtedness, elevated real estate prices and domestic banks' extensive use of market funding. However, these risks are offset by the strength of households' ability to service debt, banks' adequate capitalization and the relatively small size of the banking system compared to the total size of the economy.

DNB's exposures to Sweden (5% of customer loans) and the UK (1% of customer loans) are also supported by Strong+ Macro Profiles. Exposures to the EU (7% of customer loans) currently carry a Strong Macro Profile, while the remaining exposures are to a combination of countries to which DNB is exposed mainly through its global shipping operations (5% of the portfolio as of September 2017). Based on a breakdown of total loans and receivables, the weighted average Macro Profile for DNB is currently Very Strong-.

High dependence on market funding, but DNB benefits from a solid deposit base and good access to local and international capital markets DNB's funding is underpinned by a solid deposit base, which comprises around 45% of total funding and 67% of the loan portfolio; the remainder consists of market funding. Interbank funding accounted for 29% of total market funding at end-September 2017. Covered bonds have represented a rapidly growing source of funding, and contributed around one-third of market funding at end- September 2017. We note that extensive use of covered bond funding structurally subordinates senior creditors, including depositors.

DNB has good access to the capital markets, including extensive use of international funding. However, we regard the bank's dependence on market funding - albeit common for Nordic banks - as a risk because, in times of market stress, market funds can become less cost-effective, exerting pressure on banks' net profitability.

As reflected in our methodology, we globally reflect the relative stability of covered bonds compared to unsecured market funding through a standard adjustment in our scorecard.

A relatively large liquidity buffer of NOK686 billion - 29% of total assets at end-September 2017 - supports the bank's liquidity profile. The reserve consists of: cash and deposits with financial institutions and central banks (70%), Norwegian bonds and fixed-income securities (28%), shareholdings (1%) and the international bond portfolio of the investment bank division (DNB Markets) (1.4%), which includes highly rated non-US residential mortgage-backed securities (RMBS) transactions, highly rated sovereign bonds and European covered bonds: all these securities can be repo-ed with central banks.

Negative pressures on the asset risk profile of the bank receding as the performance of the oil related portfolio stabilises owning to improving economic conditions We view DNB's loan portfolio as well diversified, with 45% of exposures at default (EAD) comprising retail lending at end-September 2017 (mainly residential mortgages) and the remaining amount spread across industries. However, shipping and commercial real estate (CRE) respectively account for 5% and 10% of the bank's EAD, and we typically view these sectors as more volatile. Although the exposure to riskier oilfield services and the offshore sector has been reduced, it still accounts for a sizeable 6% of DNB's EAD.

The bank's retail loan book has shown good resilience. While we believe that the high leverage of Norwegian households and elevated house prices create credit risks, the high levels of employment and supportive welfare system partly mitigate these risks. In addition, in our opinion the strong Norwegian operating environment will remain supportive for bank credit quality for the 12-18 months horizon.

5 30 January 2018 DNB Bank ASA: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Exhibit 3 DNB's Problem Loans Relative to Norwegian and European Banks. DNB is showing strong asset risk metrics compared to most European systems

Euro Area DNB Norway 9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00% 2011 2012 2013 2014 2015 2016

Note: Asset-weighted average for rated banks in Eurozone and Norway. Data not available for Q3 2017 at Norwegian and European level. At end-September 2017 DNB's problem loan ratio was 1.8%. Source: Moody's Banking Financial Metrics

We view DNB's risk management and systems as robust, but our assessment of the bank's risk practices is constrained by its high borrower concentration. We understand this concentration is partly explained by the fact that DNB is the leading corporate bank in Norway, and this is also a typical feature at many Nordic banks. However, we believe such concentration poses material risk to DNB's asset quality as it potentially heightens the pace and the extent of any deterioration in asset quality. DNB's problem loans increased to 2.4% at end-December 2016, from 1.5% at end-2015 owing to challenges in the oil offshore portfolio, but still compared well with most European peers and stood broadly in line with other rated Norwegian banks (see Exhibit 3).

During the first nine months of 2017, there has been an improvement in the performance of the bank's oil offshore portfolio following a successful restructuring and more stable economic conditions. At end-September 2017 DNB's problem loans decreased to 1.8% of gross loans from 2.4% at end-2016. DNB's non-performing loans in the oil-related industries declined to NOK 2.9 billion at end- September 2017 from NOK 3.6 billion end of 2016.

In recent years, most of DNB's asset quality risks have been related to its exposures outside of Norway, and we expect the impact of exposures outside of Norway to diminish following the sale of the Polish network and the return of a more stable operating environment in the Baltic States. In addition the oil and shipping portfolio, which required elevated provisioning in the past few years, is under restructuring process leading to declining total impairment losses to NOK 876 million during the three quarters of 2017 (from NOK 2.1 billion during the same period last year). The problem loan coverage increased to 46% at end-September 2017, compared with 35% at end-2016.

DNB is exposed to Eksportfinans (Baa3/P-3; positive) via a 40% shareholding and a guarantee provided for the institution's portfolio. Support and structural considerations Loss Given Failure Norway will shortly implement the EU's Bank Recovery and Resolution Directive (BRRD), which confirms our current assumptions regarding LGF analysis. For our resolution analysis we assume residual tangible common equity of 3% and losses post-failure of 8% of tangible banking assets, a 25% run-off in “junior” wholesale deposits, a 5% run-off in preferred deposits, and assign a 25% probability to deposits being preferred to senior unsecured debt. We apply a standard assumption for the large European banks that 26% of deposits are junior.

The bank's Aa2 deposit takes into account (1) the a3 adjusted BCA; (2) a very low loss given failure for these instruments as analysed using our LGF framework resulting in a two-notch LGF uplift; and (3) our expectation of government support.

DNB's Aa2 long-term senior unsecured debt rating reflects our view that the enhanced volume of senior unsecured debt and underlying subordination, which benefits the position of senior unsecured debt, will be sustainable. For junior securities issued by DNB, our LGF

6 30 January 2018 DNB Bank ASA: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

analysis confirms a high loss-given-failure, given the small volume of debt and limited protection from more subordinated instruments and residual equity. We also incorporate additional notching for junior subordinated and preference share instruments reflecting the coupon features.

Government Support Given DNB's leading market position and partial government ownership, we currently assess a high probability of government support for DNB's long-term deposits and senior unsecured debt, resulting in a two-notch uplift. We intend to reassess our government support assumptions for all Norwegian savings banks, including DNB Bank, once the implementation of an official resolution regime will be enacted through local legislation. The resolution regime is likely to be aligned with the EU’s bank recovery and resolution directive (BRRD), as indicated by the recent Ministry of Finance proposal tabled at the parliament on 21 June 2017.

For junior securities, we continue to believe that the probability of government support is low and these ratings do not include any related uplift. Junior securities also include additional downward notching from the BCA reflecting coupon suspension risk ahead of a potential failure.

Counterparty Risk Assessment CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than both the likelihood of default and the expected financial loss suffered in the event of default and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities.

The CR Assessment of DNB Bank ASA is positioned at Aa1(cr)/P-1(cr). DNB's a3 baseline credit assessment (BCA) reflects the bank's strong capital and good level of profitability, balanced against weakening asset quality and high reliance on international capital markets, which renders the bank susceptible to investor sentiment.

Source of facts and figures cited in this report Unless noted otherwise, all figures shown in this report are sourced from the company's latest annual and interim financial reports and our Banking Financial Metrics. These metrics are based on our own chart of account, and are adjusted for analytical purposes. Please refer to the documents entitled “Financial Statement Adjustments in the Analysis of Financial Institutions” published on 13 June 2017

About Moody's bank scorecard Our Scorecard is designed to capture, express and explain in summary form our Rating Committee's judgment. When read in conjunction with our research, a fulsome presentation of our judgment is expressed. As a result, the output of our Scorecard may materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The Scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific to each rated entity.

7 30 January 2018 DNB Bank ASA: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Rating methodology and scorecard factors

Exhibit 4 DNB Bank ASA Macro Factors Weighted Macro Profile Very 100% Strong -

Factor Historic Macro Credit Assigned Score Key driver #1 Key driver #2 Ratio Adjusted Trend Score Solvency Asset Risk Problem Loans / Gross Loans 1.9% aa3 ← → a3 Quality of assets Sector concentration Capital TCE / RWA 17.9% aa2 ← → aa3 Risk-weighted capitalisation Profitability Net Income / Tangible Assets 0.8% baa1 ← → baa1 Return on assets Combined Solvency Score a1 a2 Liquidity Funding Structure Market Funds / Tangible Banking Assets 35.4% ba2 ← → ba2 Term structure Liquid Resources Liquid Banking Assets / Tangible Banking Assets 27.8% a2 ← → a2 Stock of liquid assets Combined Liquidity Score baa2 baa2 Financial Profile a3 Business Diversification 0 Opacity and Complexity 0 Corporate Behavior 0 Total Qualitative Adjustments 0 Sovereign or Affiliate constraint: Aaa Scorecard Calculated BCA range a2-baa1 Assigned BCA a3 Affiliate Support notching 0 Adjusted BCA a3

Balance Sheet in-scope % in-scope at-failure % at-failure (NOK million) (NOK million) Other liabilities 1,082,208 45.6% 1,186,237 49.9% Deposits 1,019,896 42.9% 915,867 38.6% Preferred deposits 754,723 31.8% 716,987 30.2% Junior Deposits 265,173 11.2% 198,880 8.4% Senior unsecured bank debt 157,139 6.6% 157,139 6.6% Dated subordinated bank debt 23,338 1.0% 23,338 1.0% Junior subordinated bank debt 5,216 0.2% 5,216 0.2% Preference shares (bank) 15,960 0.7% 15,960 0.7% Equity 71,250 3.0% 71,250 3.0% Total Tangible Banking Assets 2,375,007 100% 2,375,007 100%

8 30 January 2018 DNB Bank ASA: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Debt class De Jure waterfall De Facto waterfall Notching LGF Assigned AdditionalPreliminary Instrument Sub- Instrument Sub- De Jure De Facto Notching LGF notching Rating volume + ordination volume + ordination Guidance notching Assessment subordination subordination vs. Adjusted BCA Counterparty Risk Assessment 19.9% 19.9% 19.9% 19.9% 3 3 3 3 0 aa3 (cr) Deposits 19.9% 4.9% 19.9% 11.5% 2 3 2 2 0 a1 Senior unsecured bank debt 19.9% 4.9% 11.5% 4.9% 2 0 1 2 0 a1 Dated subordinated bank debt 4.9% 3.9% 4.9% 3.9% -1 -1 -1 -1 0 baa1 (hyb) Non-cumulative bank preference shares 3.7% 3.0% 3.7% 3.0% -1 -1 -1 -1 -2 baa3 (hyb)

Instrument class Loss Given Additional Preliminary Rating Government Local Currency Foreign Failure notching Notching Assessment Support notching Rating Currency Rating Counterparty Risk Assessment 3 0 aa3 (cr) 2 Aa1 (cr) -- Deposits 2 0 a1 2 Aa2 Aa2 Senior unsecured bank debt 2 0 a1 2 Aa2 Aa2 Dated subordinated bank debt -1 0 baa1 (hyb) 0 Baa1 (hyb) (P)Baa1 (hyb) Non-cumulative bank preference shares -1 -2 baa3 (hyb) 0 Baa3 (hyb) Baa3 (hyb) Source: Moody's Financial Metrics

Ratings

Exhibit 5 Category Moody's Rating DNB BANK ASA Outlook Negative Bank Deposits Aa2/P-1 Baseline Credit Assessment a3 Adjusted Baseline Credit Assessment a3 Counterparty Risk Assessment Aa1(cr)/P-1(cr) Senior Unsecured -Fgn Curr (P)Aa2 Senior Unsecured -Dom Curr Aa2 Subordinate -Dom Curr Baa1 (hyb) Pref. Stock Non-cumulative Baa3 (hyb) Commercial Paper P-1 Other Short Term (P)P-1 DNB BOLIGKREDITT AS Senior Secured Aaa DNB BANK ASA, NEW YORK BRANCH Outlook Negative Bank Deposits Aa2/P-1 Other Short Term P-1 DEN NORSKE CREDITBANK Bkd Jr Subordinate Baa2 (hyb) Source: Moody's Investors Service

9 30 January 2018 DNB Bank ASA: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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10 30 January 2018 DNB Bank ASA: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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11 30 January 2018 DNB Bank ASA: Update to credit analysis