Pre-Stabilisation Notice

16 January 2018

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

DNB Boligkreditt AS

EUR Benchmark 5 year Covered Bond

Launched pursuant to the Issuer’s EUR 60bn Covered Bond Programme

Dated 22 June 2017 supplemented 01 July 2017 and 02 October 2017.

Pre-Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone: 44-207-475-1817) hereby announces, as Stabilisation Coordinator, that the Stabilising Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse Regulation (EU Regulation 596/2014).

The security to be stabilised:
Issuer: DNB Boligkreditt AS
Guarantor (if any): n/a
Aggregate nominal amount: EUR Benchmark
Description: 5 year EUR Covered Bond
Offer price:  n/a
Other offer terms: Listing Ireland, Denoms EUR100k+1k
Stabilisation:
Stabilising Manager(s):Commerzbank Aktiengesellschaft

Deutsche Bank AG, London Branch
DNB Markets
Natixis
Norddeutsche Landesbank Girozentrale
Stabilisation period expected to start on: 16 January 2018
Stabilisation period expected to end on:   15 February 2018 (30 days after the proposed issue date of the securities)
Existence, maximum size and conditions of use of over-allotment facility. The Stabilising Manager(s) may over-allot the securities to the extent permitted in accordance with applicable law.
Stabilisation trading venue: Irish Stock Exchange

In connection with the offer of the above securities, the Stabilising Manager(s) may over-allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into the United States or any other jurisdiction in which such distribution would be unlawful.

END