Commentary & Deal Flow

Reoffer: 5NC4: MS+47bp / 99.624 / 3.352%
Benchmark: 5NC4: OBL 2.4 18-Apr-30 #191 @ 98.81 / B+62.3bp / HR 103%

Final Books €1.7bn+. Peak book €2.0bn+ (pre-rec)

Launched: 5NC4: €750m @ MS+47bp - Books €2.0bn+ (pre-rec)
Book Update: Books above €1.7bn
IPTs: 5NC4: MS+70/75bp

• Issuer: DNB Bank ASA (Ticker: DNBNO, Country: NO)
• LEI: 549300GKFG0RYRRQ1414
• Expected Issue Ratings: Aa2 / AA- (Moody's / S&P)
• Status: Senior Preferred Notes
• Format: Reg S only, Bearer form, NGN, TEFRA D rules apply (no communications with U.S. persons or into the U.S. or Canada (excluding Ontario))
• Size: €750m
• Pricing Date: 09-Jun-26
• Settlement Date: 17-Jun-26 (T+6)
• Maturity Date: 17-Jun-31
• Issuer Call: Subject to Condition 7(i), one-time call option, at par, at the Optional Redemption Date
• Residual Holding Call: Applicable, 75%, subject to Condition 7(i)
• Optional Redemption: 17-Jun-30
• Reoffer: MS+47bp / 99.624 / 3.352%
• Benchmark: OBL 2.4 18-Apr-30 #191 +62.3bp (Spot: 98.81 / HR 103%)
• Interest:
• • Fixed Rate Notes: Fixed rate of 3.250% per annum, payable annually in arrear from (and including) the Issue Date to (but excluding) the Optional Redemption 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 from (and including) the Optional Redemption Date to (but excluding) the Maturity Date
• Fixed Rate Day Count: ACT/ACT (ICMA)
• Floating Rate Day Count: Actual/360
• Fixed Rate Business Day Convention: Following Business Day Convention, unadjusted until Optional Redemption Date
• Floating Rate Business Day Convention: Modified Following Business Day Convention
• Business Days: London, T2
• Clearing: Euroclear / Clearstream Luxembourg
• Denominations: EUR 100,000 + 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 (the "Base Prospectus")
• 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: XS3407456980
• TEFRA Certification: Yes, TEFRA D
• Listing & Trading: Euronext Dublin (regulated market)
• Joint Bookrunners: BofA Securities, BNP Paribas, Citigroup, Deutsche Bank (B&D), DNB Carnegie, HSBC
• Governing Law: English law, except for (i) the provisions of Condition 2, (ii) the provisions of Condition 11, (iii) the provisions of Condition 22 and (iv) 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: MiFID II and UK MiFIR professionals/ECPs-only / No EEA PRIIPs KID or DISC disclosure document – Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as bonds are not available to retail in the EEA or the United Kingdom
• 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/
• Timing: TOE: 15.16 CET / FTT: 15.45 CET