Update on the MREL subordination requirement - BRRD2

Bank Norwegian ASA has on 16 September 2021 received a notice from the Norwegian FSA announcing that the updated MREL requirement to be received in 2021 will include a cap with respect to the subordination requirement calculated in accordance with BRRD2, equalling the sum of Pillar 1 x 2 + Pillar 2 x 2 + Combined Buffer requirements x 1. The linear subordination phase-in requirement will be continued. However, the starting point of the linear phase-in will be set at a minimum subordination requirement of 13.5% (on top of the minimum Pillar 1 and Pillar 2 requirements) as of 1 January 2022, which is in in accordance with BRRD article 45c (5). CET1 capital used to cover the Combined Buffer requirements is explicitly expressed to be eligible to cover the subordination requirement.

Bank Norwegian ASA is expected by the Norwegian FSA to update its phase-in plan accordingly.

Contact persons:

Interim CEO and CFO Klara Lise Aasen; phone +47 47635583; kaa@banknorwegian.no

Head of Treasury Mats Benserud; phone +47 95891539; mbe@banknorwegian.no

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