DNB is pleased to invite you to the Group's Capital Markets Day.

Date: Wednesday 20 November 2019
Time: 12:00 pm - 2:30 pm GMT. Registration and lunch from 11:00 am - 12:00 pm GMT 
Location: Hotel Claridge's, Brook Street, Mayfair, London W1K 4HR, England

We will present the financial targets for the next period. Topics will include the Group's operating environment, ROE, digitalisation, asset quality and capital.

Speakers at the CMD will be:
- Kjerstin R. Braathen, CEO
- Ottar Ertzeid, CFO
- Harald Serck-Hanssen, Group EVP Corporate Banking
- Ingjerd Blekeli Spiten, Group EVP Personal banking
- Rune Garborg, CEO Vipps

Registration
Please register your attendance with [email protected] as soon as posible.
The event will be webcasted. The CMD presentation will be published on ir.dnb.no at 11:00 am GMT on the day of the presentation. It will be possible to ask questions in the Q&A through the online link.

We look forward to seeing you in London.

Best regards
Kjerstin R. Braathen
CEO, DNB

On 24 October 2019, DNB ASA initiated a buy-back programme comprising up to 0.5 per cent of the shares in the company, representing a total of 7 901 506 shares. As of today, DNB ASA has purchased approximately 78 per cent of the shares that is comprised by this buy-back programme.

DNB ASA has now decided to increase the number of shares that can be purchased under the buy-back programme, thereby comprising up to a total of 1.0 per cent of the company's shares, representing a total of 15 803 012 shares.

Other than with respect to the increase of the total number of shares that can be purchased, the buy-back programme will be carried out as communicated in the Oslo Stock Exchange notification made on 24 October 2019 (available at www.newsweb.no).

The share buy-back programme is based on an authorization given by DNB ASA's annual general meeting on 30 April 2019 and an approval given by the Financial Supervisory Authority of Norway on 27 June 2019. The authorization from the general meeting will be valid for a period of 12 months from the date of the general meeting.

In accordance with the authorization from the general meeting, the shares shall be purchased at a price between NOK 10 and NOK 250 per share. The buy-back programme will, at the latest, be completed by the end of March 2020.

Up to approximately 10.4 million of the shares will be repurchased in the open market. In accordance with an agreement between DNB ASA and the state of Norway through the Ministry of Trade, Industry and Fisheries, a proportionate amount of shares will be redeemed from the state of Norway, so that its current ownership interest in DNB ASA of 34 % remains unaffected following completion of the buy-back programme.

DNB ASA will seek approval from the annual general meeting in 2020 for cancellation of the repurchased shares and redemption of shares owned by the state of Norway. The redemption of shares shall be made against a payment which shall correspond to an average volume weighted price of DNB ASA's repurchase of shares in the open market as a part of the buy-back programme, including an interest compensation and an agreed adjustment for any dividend paid on the redemption shares in the buy-back period.

For further information, DNB ASA refers to the minutes from DNB ASA's annual general meeting of 30 April 2019, available at www.dnb.no.

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

Our financial ambitions remain firm for 2020-2022.

ROE above 12%

C/I ratio below 40%

Dividend payout ratio above 50%

CET1 ratio CRR/CRD IV (Basel III) ~17.9%

Please find the CMD presentation attached. The presentation is also available at ir.dnb.no 

The CMD presentation (https://www.ir.dnb.no/capital-markets-day-2019) will be streamed live from 12:00 GMT / 13:00 CET.

This information is subject to the disclosure requirements   according to Section 5-12 of the Norwegian Securities Trading Act.

During week 47 2019, DNB ASA has purchased 1 035 000 own shares at an average price of NOK 164.65 per share. After this, DNB ASA owns a total of 4 655 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019. The share buy-back programme comprises up to approximately 7.9 million shares, of which up to approximately 5.2 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notification made on 24 October 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

During week 48 2019, DNB has purchased 1 107 000 own shares at an average price of NOK 162.95 per share. After this, DNB ASA owns a total of 5 762 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November 2019. The share buy-back programme comprises up to approximately 15.8 million shares, of which up to approximately 10.4 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notifications made on 24 October and 20 November 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

During week 49 2019, DNB has purchased 1 496 000 own shares at an average price of NOK 153.69 per share. After this, DNB ASA owns a total of 7 258 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November 2019. The share buy-back programme comprises up to approximately 15.8 million shares, of which up to approximately 10.4 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notifications made on 24 October and 20 November 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

On 11 December, the Norwegian Ministry of Finance announced amendments to the capital requirements for Norwegian banks that will be implemented 31 December 2020. Compared with the consultation paper, the systemic risk buffer has been changed for countries outside the European Economic Area. For countries that do not have systemic risk buffer requirements, the rate is set to zero instead of previously proposed Norwegian buffer rate. Based on DNB's portfolio as at the third quarter of 2019, the effective systemic risk buffer requirement will be approximately 3.1 per cent compared with the previous estimate of 3.9 per cent.

The Ministry of Finance has stated that the purpose of the amendment is to maintain the solidity of Norwegian banks following the implementation of the EU legislation (CRR/CRD IV) on 31 December 2019. The Ministry of Finance has, in this regard, asked Finanstilsynet (the Financial Supervisory Authority of Norway) to review the connection between Pillar 1 and Pillar 2, including the Pillar 2 guidance. Based on this, DNB will for now not make any changes to the previously communicated capital target of 17.9 per cent (CET1).

During week 50 2019, DNB ASA has purchased 992 000 own shares at an average price of NOK 154.75 per share. After this, DNB ASA owns a total of 8 250 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November and 12 December 2019. The share buy-back programme comprises up to approximately 23.7 million shares, of which up to approximately 15.6 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notifications made on 24 October, 20 November and 12 December 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

During week 51 2019, DNB ASA has purchased 1 179 000 own shares at an average price of NOK 159.11 per share. After this, DNB ASA owns a total of 9 429 000 own shares.

The repurchase of shares is part of the share buy-back programme announced by DNB ASA on 24 October 2019, as subsequently amended by an announcement on 20 November and 12 December 2019. The share buy-back programme comprises up to approximately 23.7 million shares, of which up to approximately 15.6 million shares may be repurchased in the open market. The rest will be redeemed from the state of Norway on a proportionate basis, subject to approval from DNB ASA's annual general meeting in 2020, so that its current ownership interest of 34.00% will remain unaffected following completion of the buy-back programme.

For further information about the share buy-back programme, DNB ASA refers to the Oslo Stock Exchange notifications made on 24 October, 20 November and 12 December 2019 (available from www.newsweb.no).

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

Further to today's announcement from the Norwegian Financial Supervisory Authority (the "FSA"), DNB ASA has received minimum requirement for own funds and eligible liabilities (the "MREL requirement").

DNB ASA shall hold total MREL capital equal to 36.7 percent of its adjusted risk weighted assets based on the balance per 31 December 2018, which leads to a need for eligible debt of NOK 157 billion. This is in line with the previously communicated expectation of approximately NOK 150 billion. The MREL requirement will vary over time based on changes in risk weighted assets and capital requirements.

The minimum MREL requirement shall be met per 30 June 2020. Senior preferred debt issued by DNB Bank ASA per 31 December 2019, with a minimum remaining tenor of one year, will qualify as MREL capital until 31 December 2022. As of 31 December 2019, outstanding senior preferred debt with a minimum remaining tenor of one year amounts to NOK 178 billion. 

The FSA requires the MREL eligible debt to be issued by DNB ASA (the holding company of the DNB Group) to third party investors. Relevant group units, including DNB Bank ASA, shall issue internal MREL eligible debt to DNB ASA in order to establish an adequate loss absorbing mechanism in the group. The requirement regarding structural subordination shall be met within 31 December 2022.              

DNB has, however, initiated a process to merge DNB ASA and DNB Bank ASA, making DNB Bank ASA the ultimate parent company of the DNB Group. The intention of the merger, which requires permission from the Norwegian Ministry of Finance, is to enable DNB to issue non-preferred senior debt from DNB Bank ASA.  

DNB ASA is required to deliver a plan to the FSA on how to fulfill the MREL requirement within 31 March 2020.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.