26 May 2011 HotCop 2011 – HOTEL FINANCING SESSION Senior Vice President, Trine Sundt Strictly Private and Confidential

2 Margin Headline Margin Group Structure Market cap to Nordic peers DnB NOR – A Leading Financial Services Group in the Nordic Bank Market  Norway's largest financial services group  Total assets per year end 2010:  BNOK 2,141 (approx BEUR 275.4)  34% owned by the Norwegian Government  Credit Ratings:  Moody's: Aa3 (stable)  S&P: A+ (stable)  The second largest Nordic bank  Market Cap per 31 March 2011:  BNOK (BEUR 17.7)  International network of 13 branches and representative offices  One of the world's leading shipping banks  A major international player in the energy sector Norway's largest financial services group The 2nd largest player in the Nordic bank market Source: Bloomberg

3 Margin Headline Margin Hotel Financing in DnB NOR  Hotel Industry exposure approx 26 bill NOK (3,3 bill EUR) –Split 90/10% properties/operations –Mainly Norway and Sweden –Selective international growth and transactions (Nordic Link)  Section Service Industry responsible for the hotel industry –Hotel industry sub-segment (7 account officers/analysts) –Overall responsibility for the bank’s hotel portfolio –Industry analysis and internal reporting  Relationship focus  Healthy growth in exposure and minimal losses through a period of weak market conditions  Selection of recent transactions: –Norgani portfolioScandic Victoria Tower Kista –Accor Sweden portfolioClarion Hotel Post Gothenburg –Clarion Hotel TrondheimMarriott Courtyard Stockholm

4 Margin Headline Margin Assessment of financing requests  Value creation through operations!!!  Location, Location, Location  Operator with proven track-record  Landlord with capital and hotel expertise  Lease agreement on market terms  CapEx history and/or budget  Market development – Demand/Supply