Stock and press releases

In the fourth quarter of 2014, the DNB Group will record a positive effect of basis swaps connected to funding of approximately NOK 508 million. For the full year 2014, there will be a positive effect of NOK 394 million.

In the fourth quarter of 2013, there was a negative effect of basis swaps of NOK 819 million, while there was a negative effect of approximately NOK 1 364 million for the full year 2013.

Basis swaps are derivative contracts entered into in connection with long-term funding in international capital markets where the relevant currency is converted to Norwegian kroner. These swaps are hedging instruments, and over the lifetime of the derivatives the mark-to-market adjustments will have zero effect.

For further information, please contact Investor Relations in DNB:
Per Sagbakken: +47 23268400
Jan Erik Gjerland: +47 23268408

DNB will hold a telephone conference on Friday, 19 December 2014 at 14:00 CET (1:00 pm London time). There will be a broad presentation of exposures in the business areas: Oil & Gas, Offshore and Oilfield Services.

Please call in 10 minutes before the start of the conference on:
+47 21 56 33 18 or
+44 (0) 808 109 0700 (UK) or
+1 212 999 6659 (US based).
Password: DNB - Investor Relation

It is also possible to listen in via the following link: http://presenter.qbrick.com/?pguid=53009e7f-e561-4ab9-853f-47be051dac92

To ask questions, please call in in advance. The conference may also be replayed via the same link.

The presentation material is available at www.dnb.no/ir presentations, and attached to this mail.

Contacts
Per Sagbakken, head of IR, +47 23 26 84 00
Jan Erik Gjerland, IR, +47 23 26 84 08

DNB will hold a telephone conference on Friday, 19 December 2014 at 14:00 CET (1:00 pm London time). There will be a broad presentation of exposures in the business areas: Oil & Gas, Offshore and Oilfield Services.

Please call in 10 minutes before the start of the conference on:
+47 21 56 33 18 or
+44 (0) 808 109 0700 (UK) or
+1 212 999 6659 (US based).
Password: DNB - Investor Relation

It will also be possible to listen in via the following link: http://presenter.qbrick.com/?pguid=53009e7f-e561-4ab9-853f-47be051dac92

To ask questions you must call in in advance. The conference can also be replayed via the same link.

The presentation material will be available at www.dnb.no/ir approximately 30 minutes before the start of the conference.

Contacts
Per Sagbakken, head of IR, +47 23 26 84 00
Jan Erik Gjerland, IR, +47 23 26 84 08

(London, 27 Nov. 2014) DNB has delivered on the promise of reaching a return on equity (ROE) above 12 per cent, despite a strong capital build-up. Towards 2017, DNB will focus on capital and operational efficiency, asset quality and capital-light products to secure a competitive ROE and increased dividends.

“We have proven that our target of 12 per cent ROE is both ambitious and realistic. DNB’s plan is working, in terms of capital efficiency, cost control and income generation. We are now raising the bar for our cost reduction ambitions towards 2017, from a cost/income ratio below 45 per cent to approximately 40 per cent,” says CEO of DNB, Rune Bjerke.

DNB expects to reach the capital requirement of 13 per cent determined by Norwegian regulators in 2016, and DNB has set a minimum of 14 per cent as a new capital level. DNB’s ambition is to gradually increase the dividend payout ratio from the current minimum 25 per cent, starting in 2014. The new long-term ambition, once the capital level is reached, is to pay out above 50 per cent.

“The Norwegian economy has remained strong throughout the cycle and will not be dramatically hit by a prolonged period of low oil prices. Petroleum investments will remain high also in the future, but will decline from today’s unprecedented high level. Our credit portfolio is robust, as shown by the latest EBA stress test, ranking DNB as one of the most solid banks in Europe,” says Rune Bjerke.

DNB’s financial targets towards 2017:

Return on equity (ROE):         Above 12 %

CET1 capital ratio:                 Minimum 14 % as capital level from 2016

Cost/income ratio:                 Approximately 40 % for 2017

For more information:

Per Sagbakken, head of Investor Relations, mobile +47 90 66 11 59

Thomas Midteide, Group EVP Corporate Communications, mobile +47 962 32 017

See the presentation from the CMD on webcast here from 12.30 am GMT.

The presentations from the event are attached or available on www.dnb.no/ir

DNB is pleased to invite you to our

CAPITAL MARKETS DAY

Date: Thursday 27 November 2014

Time: 12:30 pm – 4:30 pm including Q&A

Location: Hotel Claridge's, Brook Street, Mayfair, London W1K 4HR, England

Registration & lunch from 11:30 am – 12:30 pm

We will present important issues for DNB in today’s rapidly changing business environment. Topics will include operating environment, financial ambitions, capital management and business units’ updates from Wealth Management and SME Banking.

REGISTRATION

We encourage you to register online at https://www.deltager.no/dnbcmd2014.
The closing date for registration is 24 November 2014.
The event will also be webcasted.

We look forward to seeing you in London.

On behalf of DNB ASA,
Per Sagbakken,
Head of Investor Relations

The DNB Bank Group has been part of the European Banking Authority (EBA) stress test based on the year-end figures for 2013.

The European Central Bank (ECB) has in addition conducted an Asset Quality Review (AQR) for banks, which will come under ECB supervision. In the DNB Bank Group, the subsidiaries in Lithuania (representing 1.6 per cent of the Group’s loan book) and the subsidiaries in Estonia (representing 0.3 per cent of the Group’s loan book) have been subject to the ECB’s AQR. The results from the AQR have been integrated in the stress test results both at group level and for the subsidiaries in Lithuania and Estonia.

The adverse scenario stress test result for the DNB Bank Group shows a CET1 ratio of 11.3 per cent, 12.7 per cent for DNB Lithuania, and 11.8 per cent for DNB Estonia. The required minimum ratio defined by the EBA and ECB was 5.5 per cent. DNB is satisfied with the stress test results.