Commentary & Deal Flow

Reoffer: 6NC5: MS+70bp / 99.906 / 3.646%
Benchmark: 6NC5: OBL 2½ 16-Apr-31 #193 @ 98.58 / B+83.5bp / HR: 100%

Final Books: Over €1.7bn (incl. €55m JLM)

Launched: 6NC5: €750m @ MS+70bp - Books over €1.7bn (incl. €55m JLM)
Book Update: Books over €1.5bn (incl. €55m JLM)
IPTs: 6NC5: MS+95bp area

• Issuer: DNB Bank ASA (Ticker: DNBNO, Country: NO)
• LEI: 549300GKFG0RYRRQ1414
• Issuer Ratings: Aa2/AA- (Moody's (Stable)/S&P (Stable))
• Expected Issue Ratings: A2/A (Moody's/S&P)
• Status: Senior Non-Preferred Notes
• Format: Reg S only, Bearer form, NGN, TEFRA D rules apply
• Size: €750m
• Settlement Date: 28-May-26 (T+4)
• Maturity Date: 28-May-32
• Issuer Call: Subject to the provisions of Condition 7(c), one-time call option, at par at the Optional Redemption Date
• Residual Holding Call: Applicable, 75%, subject to Condition 7(i)
• Optional Redemption / Change of Interest Basis Date: 28-May-31
• Re-Offer: MS+70bp / 3.646% / 99.906
• Benchmark: OBL 2½ 16-Apr-31 #193 (98.58 / B+83.5bp / HR: 100%)
• Interest: From (and including) the Issue Date to (but excluding) the Optional Redemption Date - Fixed Rate Notes: Fixed rate of 3.625 per cent. per annum, payable annually in arrear on each Fixed Rate Interest Payment Date specified below. From (and including) the Optional Redemption Date to (but excluding) the Maturity Date - Floating Rate Notes: If not redeemed on the Optional Redemption Date, the interest basis will change from a fixed rate to a floating rate. The floating rate of interest will be calculated by reference to 3m EURIBOR plus the Margin, payable quarterly in arrear on each Floating Rate Interest Payment Date specified below
• Fixed Rate Interest Payment Dates: 28 May in each year, commencing 28-May-27 up to (and including) 28-May-31
• Floating Rate Interest Payment Dates: 28-Aug-31, 28-Nov-31, 28-Feb-32, and 28-May-32
• Fixed Rate Day Count: ACT/ACT (ICMA)
• Floating Rate Day Count: Actual/360
• Business Days: London, T2
• Fixed Rate Business Day Convention: Following Business Day Convention, unadjusted until Optional Redemption Date
• Floating Rate Business Day Convention: Modified Following Business Day Convention; Adjusted
• Clearing: Euroclear / Clearstream Luxembourg
• Denominations: EUR 100,000 and integral multiples of EUR 1,000 in excess thereof up to and including EUR 199,000
• Documentation: DNB Bank's EUR 45,000,000,000 Euro Medium Term Note Programme - Base Prospectus dated 13-Apr-26
• Redemption upon MREL Disqualification Event: Applicable, subject to Condition 7(i)
• Redemption for Tax Reasons: Applicable, subject to Condition 7(i)
• Substitution or Variation: Applicable, subject to Condition 7(i)
• Events of Default: As per Condition 10
• Waiver of Set-Off Rights: Applicable
• Norwegian Statutory Loss Absorption Powers: Applicable
• Use of Proceeds: The Notes are intended to constitute Green Bonds (as defined in the Base Prospectus). An amount equal to the net proceeds from the issue of the Notes is intended to finance or refinance, in whole or in part, a portfolio of Eligible Green Loans under the Issuer's Green Finance Framework (available on the Issuer's website). See the second and third paragraphs of "Use of Proceeds" in the Base Prospectus for further details
• ISIN / Common Code: XS3388353024 / 3388353024
• Listing & Trading: Euronext Dublin (regulated market)
• Joint Bookrunners: Crédit Agricole, Deutsche Bank, DNB Carnegie, Goldman Sachs International, J.P. Morgan (B&D), SMBC
• Timing: TOE 14:24 UKT / FTT 14:50 UKT
• Governing Law: English law, except for Condition 3, Condition 11, Condition 22 and any other write-down or conversion of the Notes in accordance with Norwegian law and regulation applicable to the Issuer from time to time, which in each case shall be governed by, and shall be construed in accordance with, Norwegian law
• Selling Restrictions: As per the Base Prospectus
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance, as appropriate) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA or the UK
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA apply
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is, and the Final Terms will be, available at https://live.euronext.com/