Sparebankstiftelsen DnB NOR has sold 18.5 million shares in DnB NOR ASA to finance targeted participation in the DnB NOR rights issue.

Reference is made to the stock exchange notice of 23 October 2009. Sparebankstiftelsen DnB NOR ("Sparebankstiftelsen") has sold 18,500,000 shares in DnB NOR ASA at NOK 68.50 per share. ABG Sundal Collier and DnB NOR Markets were joint bookrunners in the sales process.

After the transaction, Sparebankstiftelsen owns 133,344,864 shares in DnB NOR ASA (~10% of total outstanding shares).

The proceeds from the placing will be used to subscribe for new shares in the upcoming rights issue in DnB NOR.

Contact persons:
Frode Helgerud, CEO, mobile +47 90 51 85 24
Arne Huser, Director Financial Investments, mobile +47 95 75 38 62

Shareholders in DnB NOR ASA are invited to attend an Extraordinary General Meeting to be held at 10:00 (CET) on Thursday, 19 November 2009 at DnB NOR's premises in Kirkegaten 21, Oslo, Norway. On the agenda is a proposal to conduct a share capital increase by way of a rights offering and amendments to the company's Articles of Association.

Please find attached the Notice of Extraordinary General Meeting in DnB NOR ASA.

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SINGAPORE, SOUTH AFRICA, SWITZERLAND, JAPAN OR HONG KONG

The terms are subject to approval on the Extraordinary General Meeting to be held on 19 November 2009 at 10:00 (CET):
- The share capital of DnB NOR will be increased by NOK 2,961,452,460 through an issue of 296,145,246 new shares.
- The subscription price will be NOK 47.30 per share (this represents an implied discount to the Theoretical Ex-Rights Price of approximately 26.7 per cent).
- Shareholders who are registered in the Company's shareholder register in the VPS as of 24 November 2009 will receive subscription rights, meaning that the share will trade exclusive of the right to receive subscription rights from and including 20 November 2009 for trades subject to ordinary T+3 settlement in the VPS.
- Existing shareholders will receive 2 subscription rights for each 9 existing shares. 1 subscription right entitles the holder to subscribe and receive allocation of 1 new share.
- The subscription period will commence on 26 November 2009 and end on 10 December 2009 at 17:30 (CET).
- Trading of subscription rights will commence on 26 November 2009 and end on 7 December 2009.
- The rights issue, except for the pro rata share of the Norwegian government, is underwritten by DnB NOR's main shareholders, and by a bank syndicate consisting of Morgan Stanley and Citi. Morgan Stanley, DnB NOR Markets and Citi are acting as joint global coordinators and joint bookrunners in the rights issue.

The Board of DnB NOR has proposed terms of the rights issue announced on 25 September 2009. The rights issue is subject to approval at the Extraordinary General Meeting to be held on 19 November 2009.

Through the rights issue, the share capital of DnB NOR will be increased by NOK 2,961,452,460 through an issue of 296,145,246 new shares. Existing shareholders will be granted subscription rights giving a preferential right to subscribe for and be allocated new shares in the rights issue. Each existing shareholder will be granted 2 subscription rights for each 9 existing shares registered as being held by such existing shareholder as of 24 November 2009. Each subscription right will, subject to applicable securities laws, give the right to subscribe for and be allocated 1 new share in the rights issue. Over-subscription by holders of subscription rights and subscription for shares without subscription rights will be permitted. Further details of the terms of the rights issue will be described in the prospectus to be released on or about 26 November 2009.

The subscription rights will be tradable and listed on Oslo Børs with ticker "DNBNOR T" from 26 November 2009 to end of trading on 7 December 2009. Any subscription rights not used or sold during the subscription period will lapse and cease to carry any value.

The subscription price per new share in the rights issue is NOK 47.30 per share. In line with current market practice, the subscription price corresponds to a discount of approximately 26.7 per cent to the implied Theoretical Ex-Rights Price of NOK 64.52 based on DnB NOR's closing share price on 18 November 2009. Following completion of the rights issue, the share capital of DnB NOR will be NOK 16,287,988,610, consisting of 1,628,798,861 shares, each with a nominal value of NOK 10. The rights issue will result in gross proceeds to DnB NOR of NOK 14,007,670,136.

In connection with the rights issue, underwriting agreements have been entered into with Morgan Stanley, Citi, the DnB NOR Savings Bank Foundation (Sparebankstiftelsen DnB NOR) and the National Insurance Fund (Folketrygdfondet), which on certain conditions guarantee subscription of all the shares to be offered in the rights issue except for the pro rata share of the Norwegian government. The subscription by the Norwegian government of its pro-rata share is one of the conditions for the underwriting.

Expected timetable for the rights issue:

On or about 25 November 2009 Subscription rights distributed to VPS registered shareholders according to the record date transcript

On or about 26 November 2009 Publication of prospectus

26 November 2009 to end of trading 7 December 2009 Trading in subscription rights

Any changes to this timetable will be announced through the Oslo Børs information system.

All information related to the rights issue will be made available on www.dnbnor.com
For further information, please contact:

Bjørn Erik Næss, CFO, tel. +47 415 05 201, e-mail [email protected]

Per Sagbakken, EVP, Investor Relations, tel. +47 906 61 159, e-mail [email protected]

Trond Bentestuen, EVP, Corporate Communications, tel. +47 950 28 448, e-mail [email protected]

About DnB NOR
Representing more than 180 years of financial history, DnB NOR is Norway's largest financial services group, with more than 2.3 million Norwegian private individuals and more than 200,000 Norwegian corporate customers as of 30 September 2009. By offering a broad range of banking and other financial products and services, the Group aims to be the best financial partner to its customers and provide innovative solutions to their financial needs. The Group's core market is Norway and its customer base is diverse, including retail customers, large corporations and institutional clients. The Group's operations are divided into four principal business areas: Retail Banking, Large Corporates and International, DnB NOR Markets and Life and Asset Management. Please also see www.dnbnor.com.

Disclaimer

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Australia, Japan or Hong Kong. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").

The Securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States."

The issue, exercise or sale of subscription rights ("Rights") and the subscription or purchase of DnB NOR shares or Rights are subject to specific legal or regulatory restrictions in certain jurisdictions. DnB NOR assumes no responsibility in the event there is a violation by any person of such restrictions.

This announcement is an advertisement. It is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this announcement should be interpreted as a term or condition of the rights issue. Investors should not subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil paid rights, fully paid rights and/or ordinary Shares except on the basis of information in the prospectus to be published by the company in due course in connection with the rights issue which will contain further information relating to the company as well as a summary of the risk factors to which any investment is subject. (the "Prospectus"). The Prospectus will, following publication, be available on the rights issue website at www.dnbnor.com. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful.

This document has not been approved by any regulatory authority. This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this document except on the basis of information provided in the prospectus to be published by DnB NOR on its website in due course.

The distribution of this announcement and/or the Prospectus into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Morgan Stanley & Co. International plc. DnB NOR Markets and Citigroup Global Markets Limited are acting for DnB NOR and no one else in connection with the rights issue and will not be responsible to anyone other than DnB NOR for providing the protections afforded to their respective clients or for providing advice in relation to the rights issue and/or any other matter referred to in this document.

Forward-looking statements

This document and any materials distributed in connection with this document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect DnB NOR's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties to be set out in the prospectus.

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SINGAPORE, SOUTH AFRICA, SWITZERLAND, JAPAN OR HONG KONG

DnB NOR ASA's (DnB NOR) Extraordinary General Meeting approved the rights issue. Shares to trade ex-rights from
20 November 2009.

Further to the announcement earlier today in which the Board announced the proposed final terms of the rights issue, the Extraordinary General Meeting of DnB NOR's shareholders today approved the Board's proposed resolution and the proposed amendments to the Articles of Association.

As announced earlier today, the DnB NOR share will, for trades subject to ordinary T+3 settlement in VPS, trade exclusive of the right to receive subscription rights in the rights issue from and including tomorrow (20 November 2009). Detailed terms of the rights issue will be included in the prospectus, which is expected to be published or about 26 November 2009. The minutes of the EGM are enclosed hereto and are available on DnB NOR's website (www.dnbnor.com).

For further information, please contact:

Bjørn Erik Næss, CFO, tel. +47 415 05 201, e-mail [email protected]

Per Sagbakken, EVP, Investor Relations, tel. +47 906 61 159, e-mail [email protected]

Trond Bentestuen, EVP, Corporate Communications, tel. +47 950 28 448, e-mail [email protected]

About DnB NOR
Representing more than 180 years of financial history, DnB NOR is Norway's largest financial services group, with more than 2.3 million Norwegian private individuals and more than 200,000 Norwegian corporate customers as of 30 September 2009. By offering a broad range of banking and other financial products and services, the Group aims to be the best financial partner to its customers and provide innovative solutions to their financial needs. The Group's core market is Norway and its customer base is diverse, including retail customers, large corporations and institutional clients. The Group's operations are divided into four principal business areas: Retail Banking, Large Corporates and International, DnB NOR Markets and Life and Asset Management. Please also see www.dnbnor.com.

- - - -

Disclaimer

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Australia, Japan or Hong Kong. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").

The Securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States."

The issue, exercise or sale of subscription rights ("Rights") and the subscription or purchase of DnB NOR shares or Rights are subject to specific legal or regulatory restrictions in certain jurisdictions. DnB NOR assumes no responsibility in the event there is a violation by any person of such restrictions.

This announcement is an advertisement. It is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this announcement should be interpreted as a term or condition of the rights issue. Investors should not subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil paid rights, fully paid rights and/or ordinary Shares except on the basis of information in the prospectus to be published by the company in due course in connection with the rights issue which will contain further information relating to the company as well as a summary of the risk factors to which any investment is subject. (the "Prospectus"). The Prospectus will, following publication, be available on the rights issue website at www.dnbnor.com. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful.

This document has not been approved by any regulatory authority. This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this document except on the basis of information provided in the prospectus to be published by DnB NOR on its website in due course.

The distribution of this announcement and/or the Prospectus into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Morgan Stanley & Co. International plc. DnB NOR Markets and Citigroup Global Markets Limited are acting for DnB NOR and no one else in connection with the rights issue and will not be responsible to anyone other than DnB NOR for providing the protections afforded to their respective clients or for providing advice in relation to the rights issue and/or any other matter referred to in this document.

Forward-looking statements

This document and any materials distributed in connection with this document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect DnB NOR's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties to be set out in the prospectus.

The shares of DnB NOR ASA will from and including today trade without the subscription rights to be issued in connection with the rights issue.

For further details about the rights issue, reference is made to the stock exchange notifications yesterday.

On Thursday, 18 March 2010, the DnB NOR Group will arrange a Capital Markets Day in London.

Further information about the agenda and practical details will be presented later.

Further to the ongoing subscription period in the DnB NOR ASA rights issue, the attached list gives an overview of purchases and sales of subscription rights and subscriptions for DnB NOR shares carried out by primary insiders in the DnB NOR Group and the primary insiders' related parties. The sales and purchases of subscription rights and the subscriptions for new shares included in the list were conducted yesterday, 26 November 2009. All shares subscribed were subscribed according to subscription rights.

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SINGAPORE, SOUTH AFRICA, SWITZERLAND, JAPAN OR HONG KONG

The subscription period in DnB NOR ASA's rights issue expires at 17:30 (CET) on 10 December 2009.

Subscription rights issued in the rights issue must be used to subscribe for new shares in DnB NOR ASA before the expiry of the subscription period. Subscription rights that are not exercised will have no value and will lapse without compensation to the holder.

Holders of subscription rights (whether granted or acquired) must, in order to subscribe for new shares, submit a correctly completed subscription form to DnB NOR Bank ASA, Registrar Department, NO-0021 Oslo, Norway, fax: +47 22 48 29 80. Subscribers who are Norwegian citizens may also subscribe for new shares through the VPS online subscription system (or by following the link on www.dnbnor.com, which will redirect the subscriber to the VPS online subscription system). Please refer to the prospectus dated 23 November 2009 for further information.

DnB NOR ASA has engaged Morgan Stanley & Co. International plc., DnB NOR Markets and Citigroup Global Markets Limited as Joint Global Coordinators and Joint Bookrunners in the rights issue.

For further information, please contact:
Bjørn Erik Næss, CFO, tel. +47 415 05 201, e-mail [email protected]
Per Sagbakken, EVP, Investor Relations, tel. +47 906 61 159, e-mail [email protected]
Trond Bentestuen, group EVP, Corporate Communications, tel. +47 950 28 448, e-mail [email protected]
_ _ _ _

Disclaimer

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Australia, Singapore, South Africa, Switzerland, Japan or Hong Kong. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").

The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

The issue, exercise or sale of subscription rights ("Rights") and the subscription or purchase of DnB NOR shares or Rights are subject to specific legal or regulatory restrictions in certain jurisdictions. DnB NOR assumes no responsibility in the event there is a violation by any person of such restrictions.

This announcement is an advertisement. It is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this announcement should be interpreted as a term or condition of the rights issue. Investors should not subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil paid Rights, fully paid Rights and/or ordinary shares except on the basis of information in the prospectus dated 23 November 2009 (the "Prospectus") which contains further information relating to the company as well as a summary of the risk factors to which any investment is subject. The Prospectus is available on the rights issue website at www.dnbnor.com. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire, any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful.

This document has not been approved by any regulatory authority. This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this document except on the basis of information provided in the Prospectus.

The distribution of this announcement and/or the Prospectus into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Morgan Stanley & Co. International plc., DnB NOR Markets and Citigroup Global Markets Limited are acting for DnB NOR ASA and no one else in connection with the rights issue and will not be responsible to anyone other than DnB NOR for providing the protections afforded to their respective clients or for providing advice in relation to the rights issue and/or any other matter referred to in this document.

Forward-looking statements

This document and any materials distributed in connection with this document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect DnB NOR ASA's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties set out in the Prospectus.

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

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SINGAPORE, SOUTH AFRICA, SWITZERLAND, JAPAN OR HONG KONG

The subscription period in DnB NOR ASA's rights issue expired at 17:30 (CET) on 10 December 2009. Preliminary counting indicates that DnB NOR ASA had received subscriptions for approximately 414.4 million new shares at the end of the subscription period. 296,145,246 new shares were offered, and the rights issue has consequently been oversubscribed by approximately 39.9 per cent.

The final allocation of the shares offered in the rights issue is expected to be resolved by the Board of Directors of DnB NOR ASA on 14 December 2009 in accordance with the allocation criteria set out in the prospectus dated 23 November 2009. The final subscription result of the rights issue is expected to be published through the Oslo Stock Exchange's information system on 14 December 2009, and letters will be sent from VPS on the same day, giving notification of allocated new shares and the corresponding subscription amount to be paid by each subscriber.

DnB NOR ASA has engaged Morgan Stanley & Co. International plc., DnB NOR Markets and Citigroup Global Markets Limited as Joint Global Coordinators and Joint Bookrunners in the rights issue.

_ _ _ _

Disclaimer

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Australia, Singapore, South Africa, Switzerland, Japan or Hong Kong. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").

The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

The issue, exercise or sale of subscription rights ("Rights") and the subscription or purchase of DnB NOR shares or Rights are subject to specific legal or regulatory restrictions in certain jurisdictions. DnB NOR assumes no responsibility in the event there is a violation by any person of such restrictions.

This announcement is an advertisement. It is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this announcement should be interpreted as a term or condition of the rights issue. Investors should not subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil paid Rights, fully paid Rights and/or ordinary shares except on the basis of information in the prospectus dated 23 November 2009 (the "Prospectus") which contains further information relating to the company as well as a summary of the risk factors to which any investment is subject. The Prospectus is available on the rights issue website at www.dnbnor.com. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire, any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful.

This document has not been approved by any regulatory authority. This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this document except on the basis of information provided in the Prospectus.

The distribution of this announcement and/or the Prospectus into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Morgan Stanley & Co. International plc., DnB NOR Markets and Citigroup Global Markets Limited are acting for DnB NOR ASA and no one else in connection with the rights issue and will not be responsible to anyone other than DnB NOR for providing the protections afforded to their respective clients or for providing advice in relation to the rights issue and/or any other matter referred to in this document.

Forward-looking statements

This document and any materials distributed in connection with this document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect DnB NOR ASA's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties set out in the Prospectus.

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

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SINGAPORE, SOUTH AFRICA, SWITZERLAND, JAPAN OR HONG KONG

The subscription period in the rights issue in DnB NOR ASA ("DnB NOR" or the "Company") expired at 17:30 (CET) on 10 December 2009. At the end of the subscription period, DnB NOR had received subscriptions for a total of 414,381,046 new shares. 296,145,246 new shares were offered, and the rights issue was consequently oversubscribed by approximately 39.9 per cent.

Approximately 99.4 per cent of the new shares on offer (approximately 294.3 million shares) were subscribed for through the exercise of subscription rights. Approximately 40.5 per cent of the new shares on offer (approximately 120.1 million shares) were subscribed for through oversubscription or without subscription rights.

In a board meeting today, the Board of Directors of DnB NOR approved the final allocation of the shares offered in the rights issue based on the allocation criteria set out in the prospectus dated 23 November 2009. A total of 296,145,246 new shares have been allocated. Approximately 294.3 million new shares have been allocated to subscribers on the basis of exercised subscription rights. Approximately 1.8 million new shares have been allocated to holders of subscription rights as a result of oversubscription. No allocation has been made to subscribers without subscription rights.

Letters giving notification of allocated new shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed from VPS today. Payment for the allocated shares falls due on 17 December 2009 in accordance with the payment procedures described in the prospectus.

The new shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the rights issue has been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 21 December 2009 and that the new shares will be transferred to the VPS accounts of the subscribers and admitted to trading on the Oslo Stock Exchange on the same day.

Through the rights issue, DnB NOR will receive proceeds of NOK 14,007,670,135.80 before the deduction of transaction costs. The Company's general meeting resolved on 19 November 2009 to increase the share capital of the Company by NOK 2,961,452,460 through the issue of 296,145,246 new shares in the rights issue. Following registration of the share capital increase in the Norwegian Register of Business Enterprises, the Company's share capital will be NOK 16,287,988,610, divided into 1,628,798,861 shares, each with a nominal value of NOK 10.

DnB NOR has engaged Morgan Stanley & Co. International plc., DnB NOR Markets and Citigroup Global Markets Limited as Joint Global Coordinators and Joint Bookrunners in the rights issue.

For further information, please contact:
Bjørn Erik Næss, CFO, tel. +47 415 05 201, e-mail [email protected]
Per Sagbakken, EVP, Investor Relations, tel. +47 906 61 159, e-mail [email protected]
Trond Bentestuen, group EVP, Corporate Communications, tel. +47 950 28 448, e-mail [email protected]

_ _ _ _

Disclaimer

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Australia, Singapore, South Africa, Switzerland, Japan or Hong Kong. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").

The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

The issue, exercise or sale of subscription rights ("Rights") and the subscription or purchase of DnB NOR shares or Rights are subject to specific legal or regulatory restrictions in certain jurisdictions. DnB NOR assumes no responsibility in the event there is a violation by any person of such restrictions.

This announcement is an advertisement. It is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this announcement should be interpreted as a term or condition of the rights issue. Investors should not subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil paid Rights, fully paid Rights and/or ordinary shares except on the basis of information in the prospectus dated 23 November 2009 (the "Prospectus") which contains further information relating to the Company as well as a summary of the risk factors to which any investment is subject. The Prospectus is available on the rights issue website at www.dnbnor.com. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire, any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful.

This document has not been approved by any regulatory authority. This document is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities referred to in this document except on the basis of information provided in the Prospectus.

The distribution of this announcement and/or the Prospectus into jurisdictions other than Norway may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Morgan Stanley & Co. International plc., DnB NOR Markets and Citigroup Global Markets Limited are acting for DnB NOR and no one else in connection with the rights issue and will not be responsible to anyone other than DnB NOR for providing the protections afforded to their respective clients or for providing advice in relation to the rights issue and/or any other matter referred to in this document.

Forward-looking statements

This document and any materials distributed in connection with this document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect DnB NOR's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties set out in the Prospectus.

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