Stock and press releases

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Supplementary information - 22 February 2007

Bård Benum has chosen to retire from his position as group executive vice president in DnB NOR and managing director of Vital to take over as president and CEO of Powel ASA. Benum has been employed in the Group for nine years and has headed what is now known as Vital for six years. He will continue to head Vital until a new managing director is appointed. Powel ASA provides software solutions to the energy sector in Norway and internationally, and is headquartered in Trondheim.

DnB NOR Bank ASA has entered into an agreement to issue new hybrid Tier 1 securities for a total of GBP 350 million at a rate of Sterling Libor plus 69.5 basis points. Subscriptions started in the morning on Wednesday, 24 January 2007, and at the closing on the same afternoon, the issue had been four times oversubscribed. The securities are perpetual, but may be redeemed after ten years. The issue will strengthen the capital adequacy ratio of the DnB NOR Group by 0.34 percentage points. The bank also has two outstanding hybrid Tier 1 securities issues of USD 400 million and EUR 350 million respectively with an average margin of 200 basis points. The arrangers of the latest issue were Barclays, JP Morgan and UBS.

The Board of Directors of DnB NOR Bank ASA has proposed that the General Meeting in DnB NOR Bank ASA resolve to give DnB NOR's group chief executive, Rune Bjerke, deputy CEO Tom Grøndahl and executive vice president Per Sagbakken individual authorisations to issue hybrid Tier 1 securities on behalf of DnB NOR Bank ASA for a total of up to EUR 650 million or the approximate equivalent amount in another currency. An Extraordinary General Meeting will be held in DnB NOR Bank ASA on 16 January 2007.

Rune Bjerke has taken over from Svein Aaser as group chief executive of DnB NOR. Rune Bjerke is 46 years old and was formerly president and CEO of Hafslund ASA. Rune Bjerke has also been president and CEO of Scancem International. He has held a number of board positions in large companies and has also served as finance commissioner of the Oslo City Council and as political adviser in Norway's Ministry of Petroleum and Energy. Rune Bjerke holds an economics degree from the University of Oslo and a master's degree in public administration from Harvard University.