FINANCIAL INSTITUTIONS

CREDIT OPINION DNB Bank ASA 14 January 2019 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) and Counterparty Risk Rating (CRR) of Aa1/P-1 to the bank. The outlook on the RATINGS bank’s long-term senior ratings is negative. DNB Bank ASA Domicile DNB's a3 baseline credit assessment (BCA) reflects the bank's strong capital and good level Long Term CRR Aa1 of profitability, balanced against weakening asset quality and high reliance on international Type LT Counterparty Risk capital markets, which renders the bank susceptible to investor sentiment. DNB's Aa2 long- Rating - Fgn Curr term deposits and senior unsecured debt ratings include a two-notch uplift resulting from Outlook Not Assigned Long Term Debt Aa2 our advanced Loss Given Failure (LGF) analysis, reflecting our view that the bank’s junior Type Senior Unsecured - Fgn depositors and senior creditors face a very low loss given failure. In addition, our assessment Curr of government support translates into a further two notch uplift included in these ratings. Outlook Negative Long Term Deposit Aa2 The negative outlook on DNB's senior unsecured debt and deposit ratings primarily reflects Type LT Bank Deposits - Fgn Curr the potential rating pressure from the upcoming implementation of BRRD in Norway which Outlook Negative will trigger a reassessment of our government support assumptions, and receding negative pressure on DNB's asset risk profile. Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Exhibit 1 Rating Scorecard - Key Financial Ratios as of 30 September 2018

DNB Bank ASA (BCA: a3) Median a3-rated banks 20% 40%

Contacts 18% 35% 16% 30% Roland Auquier +33.1.5330.3341 14% Liquidity Factors AVP-Analyst 12% 25% [email protected] 10% 20% 8% 15% Malika Takhtayeva +44.20.7772.8662 6%

Solvency FactorsSolvency 10% Associate Analyst 4% 0.9% 5% [email protected] 2% 1.9% 17.7% 35.2% 29.3% 0% 0% Jean-Francois +44.20.7772.5653 Asset Risk: Capital: Profitability: Funding Structure: Liquid Resources: Tremblay Problem Loans/ Tangible Common Net Income/ Market Funds/ Liquid Banking Gross Loans Equity/Risk-Weighted Tangible Assets Tangible Banking Assets/Tangible Associate Managing Director Assets Assets Banking Assets [email protected] Solvency Factors (LHS) Liquidity Factors (RHS) Sean Marion +44.20.7772.1056 Source: Moody's Financial Metrics MD-Financial Institutions [email protected]

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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, as evidenced by 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.

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Key indicators

Exhibit 2 DNB Bank ASA (Consolidated Financials) [1] 9-182 12-172 12-162 12-152 12-142 CAGR/Avg.3 Total Assets (NOK billion) 2,345 2,264 2,235 2,173 2,191 1.84 Total Assets (EUR million) 247,963 230,559 246,219 226,032 241,453 0.74 Total Assets (USD million) 288,007 276,855 259,700 245,537 292,171 -0.44 Tangible Common Equity (NOK billion) 181 191 178 173 143 6.64 Tangible Common Equity (EUR million) 19,132 19,437 19,567 17,964 15,722 5.44 Tangible Common Equity (USD million) 22,222 23,339 20,638 19,515 19,025 4.24 Problem Loans / Gross Loans (%) 1.8 1.7 2.4 1.5 1.9 1.95 Tangible Common Equity / Risk Weighted Assets (%) 17.7 18.8 17.1 16.3 13.7 16.76 Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 14.6 13.1 19.3 12.3 17.5 15.45 Net Interest Margin (%) 1.5 1.5 1.5 1.5 1.5 1.55 PPI / Average RWA (%) 2.5 2.6 2.6 3.0 2.6 2.76 Net Income / Tangible Assets (%) 0.9 0.8 0.7 1.0 0.9 0.95 Cost / Income Ratio (%) 44.7 44.1 42.7 39.6 42.3 42.75 Market Funds / Tangible Banking Assets (%) 37.1 35.2 35.4 34.9 37.6 36.05 Liquid Banking Assets / Tangible Banking Assets (%) 29.1 29.3 27.8 25.4 29.4 28.25 Gross Loans / Due to Customers (%) 158.0 157.4 159.2 161.2 153.4 157.85 [1] All figures and ratios are adjusted using Moody's standard adjustments. [2] Basel III - fully-loaded or transitional phase-in; IFRS. [3] May include rounding differences due to scale of reported amounts. [4] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [5] Simple average of periods presented for the latest accounting regime. [6] 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 2018, DNB Bank ASA exhibited 2.1 million retail customers, 218 thousands corporate customers, 1.3 million internet bank users, 864 thousand mobile banking users, 1.2 million customer in life and pension insurance and 225 thousands in non- life insurance across Norway. DNB is Norway's largest asset management company with approximately 479 thousand mutual fund customers in Norway and 154 institutional clients in Norway and Sweden. DNB Markets is Norway's leading investment firm and offers investment banking services, including risk management, investment and financing products in the capital markets, to the Group's customers.

As of 30 September 2018, DNB Bank Group reported a consolidated asset base of NOK2.4 trillion ($293 billion).

DNB Bank ASA was established by the merger of Den norske Bank 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 28% in retail loans and 30% in corporate loans domestically as of June 2018, 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.

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DNB is Norway's most international bank. The loan portfolio of the bank's international units accounted for around 22% of total loans at the end of December 2017, thus adding diversification to DNB's earnings and risk.

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. As at 30 June 2018 the Norwegian government's 34.4% 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 create 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. In mid-September 2018, an agreement was signed with Blackstone to sell part of the merged bank. The agreement means that Blackstone will purchase 60.1% of the Luminor Group from its current owners. DNB’s ownership interest will be reduced to 20% from 44% currently as a result of the transaction, which is expected to be completed during the first half of 2019, subject to regulatory approvals.

DNB has taken a number of initiatives as part of its digital strategy. In early 2017, DNB spun-off Vipps, a digital ecosystem for fintech entrants in the banking system launched in May 2015. In June 2018, Vipps, BankID Norge and BankAxept merged and DNB currently owns 44.3% of Vipps. In May DNB made its first investment in Payr, a payment platform, through DNB Venture fund which was established in 2017 to make investments in growth companies in the fintech industry.

At the end of May 2018, DNB in cooperation with four other Nordic banks, announced the development of a common Know Your Customer (KYC) infrastructure by creating a joint venture with the other Nordic Banks. The aim of KYC is to enhance customer experience and prevent the criminal misuse of banks. The joint venture company will offer KYC services to all players who need this in the Nordic market, and the establishment of the company is subject to approval by the European Commission.

Capital is high and leverage compares well with peers At the end of September 2018, DNB's common equity Tier 1 (CET1) according to Basel III transitional rules was 16.5% in-line with the Group's 16.3% target level. The bank reached its targeted capital level through internal capital generation as well as a strategic reduction in risk-weighted assets relating to large international corporates with low profitability. DNB is well-positioned for new regulatory requirements, including Basel 4, which is expected to have minimal effects for DNB.

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, provided that capital adequacy is at a satisfactory level. On 1 February 2018, a dividend of NOK 7.10 per share was proposed by the Board of Directors and distributed on 4 May 2018. New authorisation for 2018 buy-backs of up to 4% of outstanding shares has been approved by the Annual General Meeting and the bank applied for and got approval from Norwegian FSA for up to 2%. The new buy-back programme of 1.5% was initiated in the second quarter of 2018.

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. However, going forward we expect Norway's Basel 1 floor to be removed and that lower capital requirements for lending to small and medium- sized enterprises will be introduced, in order to align Norwegian provisions with the EU's capital requirements regulations CRR/CRD IV. CRR/CRD IV is expected to be incorporated into the European Economic Area (EEA) agreement.

DNB's leverage ratio according to Moody’s definition (tangible common equity to total assets at 7.7% at end- September 2018) compares well against large Nordic and international peers.

DNB reports solid core earnings and benefits from the strong performance of the Norwegian economy We view DNB's core earnings as resilient, supported by its dominant position in the Norwegian market. With around 78% of its loans driven by Norwegian exposures (as of December 2017), DNB benefits from the strong performance of the Norwegian economy. We forecast a 2.5% increase in total real GDP growth and 1.9% in mainland (non-oil) real GDP for 2019.

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The bank's net income to tangible assets remained stable at 0.88% during the first nine months of 2018 following a decrease from 1% in 2015. During the first nine months of 2018, net interest income (the main driver of DNB's revenues contributing to around 74% of total revenues on a three year average basis) increased by 2.7% year on year as a result of the reclassification of some past due loans, due to the implementation of IFRS 9, and reduced long-term funding costs, which offset the loss of revenues from the Baltic operations. We expect DNB's net interest income to be further supported in the coming quarters, following the loan rate increases in October and November 2018 after the increase in Norge Bank's key policy rate.

In addition, the bank's operating expenses decreased by NOK751 million year on year due to a lower level of restructuring expenses relating to the Baltic operations. DNB's cost-to-income ratio remains among the strongest in its European peer group with a three-year average of around 44%, reflecting good cost control.

During the first nine months of 2018, there were net reversals on DNB's loan loss provisions of NOK374 million (comparing to NOK2.0 billion of loan loss impairment in the same period in 2017 primarily due to positive development for oil and gas related industries combined with a general improvement in the underlying credit quality of the portfolio). As a result, the bank recorded a 11.1% Return On Equity (ROE) and NOK 15.4 billion net profit (Moody's adjusted figures) during the first nine months of 2018. As DNB works towards its ROE target of 12% by year-end 2019, 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.

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 Bank ASA'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 78% of customer loans at end-2017, 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 (8% of customer loans) and the UK (1% of customer loans) are also supported by Strong+ Macro Profiles. Exposures to the EU (8% 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 (3% of the portfolio as of December 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 46.7% of total funding and 63% of the loan portfolio; the remainder consists of market funding. Interbank funding accounted for 29% of total market funding at end-September 2018. Covered bonds have represented a rapidly growing source of funding, and contributed around one-fourth of market funding at end- September 2018. We globally reflect the relative stability of covered bonds compared to unsecured market funding through a standard adjustment in our scorecard. Nevertheless, 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 note that the bank's dependence on market funding - albeit common for Nordic banks - could be a source of risk because, in times of market stress, market funds can become less cost-effective, exerting pressure on banks' net profitability. In early June 2018, DNB Boligkreditt issued its first green bonds, which will finance the most energy efficient residential properties in DNB Boligkreditt’s portfolio.

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On 29 June 2018, the Norwegian FSA published a draft proposal of the minimum requirement for own funds and eligible liabilities (MREL) rule, under which banks must hold minimum volumes of loss-absorbing debt so as to shield taxpayers from the cost of lender insolvency. Although the Norwegian regulator has not yet communicated bank specific requirements, the bank anticipates its MREL requirements to be approximately NOK150 billion, which is in line with the current outstanding volume of senior bonds.

The bank's liquidity profile is supported by a relatively large liquidity buffer of NOK682 billion - 29% of reported total assets at end- September 2018. The reserve consists of: cash and deposits with financial institutions and central banks (64%), Norwegian bonds and fixed-income securities (35%) and shareholdings (1%).

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 53.4% of exposures at default (EAD) comprising retail lending at end-September 2018 (mainly residential mortgages) and the remaining amount spread across industries. However, shipping and commercial real estate (CRE) respectively account for 3.8% and 9.3% 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 5.4% of DNB's EAD (5.9% at end- September 2017).

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.

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.

During the third quarter of 2018 most industry segments, including personal customers and commercial real estate, experienced a stable credit quality. There were net reversals on impairment losses of NOK500 million for oil, gas and offshore in Q3 2018 (NOK157 million in Q2 2018), reflecting improved credit quality and continued modest improvement in market conditions. Shipping had a negative credit development in Q3 2018 resulting in net impairment losses of NOK261 million.

DNB's problem loans remain stable to 1.8% at end-September 2018 compared to 1.7% at year-end 2017 and decreased form 2.4% at year-end 2016 owing to an improvement in the performance of the bank's oil offshore portfolio, and asset risk metrics compare well with most European peers (see Exhibit 3).

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

DNB Norway Euro Area 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 2017 1H2018

Note: Asset-weighted average for rated banks in Eurozone and Norway. Source: Moody's Banking Financial Metrics

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In recent years, most of DNB's asset quality risks have been related to its exposures outside of Norway, which we expect to reduce 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 a restructuring process leading to declining total impairment losses to NOK2.4 billion at year-end 2017 and further to net reversals of NOK374 million during the first nine months of 2018. The improvement is mainly due to positive developments in the oil and gas related industries combined with general improvement in the underlying credit quality in the portfolio.

DNB is exposed to Eksportfinans (Baa3/P-3; positive) via a 40% shareholding and a guarantee provided for the institution's portfolio, which in our opinion entails some risks due to Eksportfinans' run-off business model. 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 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 that 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 ratings CRRs are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honoured. CRRs are distinct from ratings assigned to senior unsecured debt instruments and from issuer ratings because they reflect that, in a resolution, CRR liabilities might benefit from preferential treatment compared with senior unsecured debt. Examples of CRR liabilities include the uncollateralised portion of payables arising from derivatives transactions and the uncollateralised portion of liabilities under sale and repurchase agreements.

DNB Bank ASA's CRR is positioned at Aa1/P-1. The counterparty risk rating of Aa1 reflects the Adjusted BCA of a3, three notches of uplift reflecting the extremely low loss-given failure from the high volume of instruments that are subordinated to CRR liabilities. The CRR also benefits from two notches of systemic support, as an assumption of a high likelihood of government support. The short-term CRR is P-1.

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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.

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Rating methodology and scorecard factors

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

Factor Historic Initial Expected Assigned Score Key driver #1 Key driver #2 Ratio Score Trend Solvency Asset Risk Problem Loans / Gross Loans 1.9% aa3 ← → a3 Quality of assets Sector concentration Capital TCE / RWA 17.7% aa2 ← → aa3 Risk-weighted capitalisation Profitability Net Income / Tangible Assets 0.9% baa1 ← → baa1 Return on assets Combined Solvency Score a1 a2 Liquidity Funding Structure Market Funds / Tangible Banking Assets 35.2% ba2 ← → ba2 Term structure Liquid Resources Liquid Banking Assets / Tangible Banking Assets 29.3% 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 1,077,753 46.0% 1,179,259 50.4% Deposits 995,154 42.5% 893,648 38.2% Preferred deposits 736,414 31.4% 699,593 29.9% Junior Deposits 258,740 11.0% 194,055 8.3% Senior unsecured bank debt 153,598 6.6% 153,598 6.6% Dated subordinated bank debt 23,933 1.0% 23,933 1.0% Junior subordinated bank debt 5,334 0.2% 5,334 0.2% Preference shares (bank) 15,574 0.7% 15,574 0.7% Equity 70,248 3.0% 70,248 3.0% Total Tangible Banking Assets 2,341,594 100% 2,341,594 100%

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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 Rating 19.8% 19.8% 19.8% 19.8% 3 3 3 3 0 aa3 Counterparty Risk Assessment 19.8% 19.8% 19.8% 19.8% 3 3 3 3 0 aa3 (cr) Deposits 19.8% 4.9% 19.8% 11.5% 2 3 2 2 0 a1 Senior unsecured bank debt 19.8% 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 Rating 3 0 aa3 2 Aa1 Aa1 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) [1] Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information. Source: Moody's Financial Metrics

Ratings

Exhibit 5 Category Moody's Rating DNB BANK ASA Outlook Negative Counterparty Risk Rating Aa1/P-1 Bank Deposits Aa2/P-1 Baseline Credit Assessment a3 Adjusted Baseline Credit Assessment a3 Counterparty Risk Assessment Aa1(cr)/P-1(cr) Senior Unsecured Aa2 Subordinate -Dom Curr Baa1 (hyb) Pref. Stock Non-cumulative Baa3 (hyb) Commercial Paper P-1 Other Short Term (P)P-1 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

10 14 January 2019 DNB Bank ASA: Update to credit analysis This document has been prepared for the use of Roar Sorensen and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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12 14 January 2019 DNB Bank ASA: Update to credit analysis

This document has been prepared for the use of Roar Sorensen and is protected by law. It may not be copied, transferred or disseminated unless authorized under a contract with Moody's or otherwise authorized in writing by Moody's.