Karl-Johan Molnes has been employed as a stockbroker in DnB NOR Markets. He has worked as a stockbroker in the US over the past 12 years, since 2003 for SEB Enskilda, New York.

Molnes will serve US and British clients and be based in London.

"Karl-Johan has the experience and skills that we need to succeed internationally. He has been a top player within his field for a long time and will be a great asset for DnB NOR's international initiatives," says Paal Karstensen, head of Equities in DnB NOR Markets.

Molnes will play a key role in building up DnB NOR Markets' new operations in London. The brokerage house has just opened a new department in London which will be fully operative from year-end.

"This will significantly increase our capacity within sales of Nordic equities to large European and US asset managers," says Karstensen.

In addition to Molnes, two other stockbrokers with long experience have been appointed. Johan Frösslund's most recent position was in OCM Capital Markets and the hedge fund New Generation Henderson. Christer Hagberg is leaving his position as a broker in Enskilda.

Karl-Johan Molnes has previously worked as an analyst in ABB Aros and as a stockbroker in New York for Aros Securities, Robert Fleming Inc, Nordea Securities and SEB Enskilda.

For more information, contact:
Paal Karstensen, head of Equities in DnB NOR Markets, tel. +47 99 15 03 88

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

Reference is made to the stock exchange notice published by DnB NOR ASA on 14 December 2009. The share capital increase pertaining to the rights issue resolved by the general meeting of DnB NOR ASA on 19 November 2009 has now been registered with the Norwegian Register of Business Enterprises and the rights issue has hence been completed. The new share capital of DnB NOR ASA is NOK 16,287,988,610 divided into 1,628,798,861 shares, each with a nominal value of NOK 10.

The new shares issued in the rights issue will be tradeable on the Oslo Stock Exchange from and including 21 December 2009. The new shares have been transferred to the VPS accounts of the subscribers to whom they have been allocated, provided that the relevant subscribers paid their entire subscription amounts on the payment date (17 December 2009).

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 purchase of DnB NOR ASA shares is subject to specific legal or regulatory restrictions in certain jurisdictions. DnB NOR ASA 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 purchase, otherwise acquire, sell or otherwise dispose of DnB NOR ASA 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 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 ASA 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.

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

The Board of Directors of DnB NOR has today decided to initiate the evaluation period of the shareholder agreement between DnB NOR and NORD/LB relating to Bank DnB NORD A/S. The period will commence on 31 January 2010.

As specified in the prospectus for the DnB NOR rights issue, the shareholder agreement in Bank DnB NORD A/S ("DnB NORD") gives the contracting parties the right to require an evaluation of the joint venture. The Board of Directors of DnB NOR Bank ASA ("DnB NOR") believes that this is the correct time to initiate such an evaluation. DnB NOR regards DnB NORD's geographic area of operations as an area with good future earning potential, and will, during the evaluation period, consider whether to acquire Norddeutsche Landesbank Girozentrale's ("Nord L/B") ownership interest in DnB NORD.

Pursuant to the shareholder agreement, the evaluation period will end on 31 July 2010. After the expiry of the evaluation period, DnB NOR will have the right to acquire NORD/LB's ownership interest in DnB NORD, but in that event, NORD/LB will have the right to take over DnB NORD's Polish operations.

If DnB NOR does not avail itself of the right to acquire NORD/LB's ownership interest in DnB NORD, NORD/LB will be entitled to transfer its ownership interest in DnB NORD to DnB NOR or to take over the ownership interest of DnB NOR. If NORD/LB chooses to transfer its ownership interest in DnB NORD to DnB NOR, DnB NOR can choose not to take over DnB NORD's Polish operations.

DnB NOR Bank ASA and Norddeutsche Landesbank Girozentrale own 51 per cent and 49 per cent, respectively, of Bank DnB NORD A/S, a Danish bank with subsidiary banks in Poland and the Baltic States.

DnB NOR recorded profits of NOK 1 689 million in the fourth quarter of 2009, up from NOK 1 629 million in the year-earlier period. Profits for the year came to NOK 7 026 million, which demonstrates sound performance in a very demanding year for both the Norwegian and the international economy.

Full year 2009
· Pre-tax operating profits before write-downs were NOK 18.7 billion (15.6)
· Profit for the year was NOK 7.0 billion (8.9)
· Profit after minority interests was NOK 8.6 billion (9.2)
· Earnings per share were NOK 6.43 (6.91)
· Return on equity was 10.6 per cent (12.4)
· The cost/income ratio, excluding impairment losses for goodwill, was 48.3 per cent (51.4)
· The proposed divided per share is NOK 1.75 (0)
(Comparable figures for 2008 in parentheses)

2009 was a turbulent and demanding year for DnB NOR, characterised by financial turmoil and a period of contraction both in Norway and internationally. However, the economic situation gradually improved during the second half of the year.

"As one of few banks in Europe, we have delivered profits throughout the financial crisis. We managed to do so through 2009 on account of our highly competent and dedicated employees, who have practised the craft of banking in a good manner in all parts of our operations. These results also enable us to start the normalisation of our dividend policy," says Rune Bjerke, group chief executive of DnB NOR.

Write-downs on loans were lower than expected in 2009 and totalled NOK 7.7 billion for the full year. DnB NORD accounted for 51 per cent of total write-downs on loans in the DnB NOR Group in 2009.

"At our Capital Markets Day in March 2009, we presented a write-down estimate of NOK 8-10 billion for 2009. It is gratifying to note that our write-downs are below this estimate," says Bjerke.

Fourth quarter 2009
· Pre-tax operating profits before write-downs were NOK 4.1 billion (5.2)
· Profit for the period was NOK 1.7 billion (1.6)
· Profit after minority interests was NOK 2.1 billion (2.0)
· Earnings per share were NOK 1.58 (1.52)
· Return on equity was 10.1 per cent (10.7)
· The cost/income ratio, excluding impairment losses for goodwill, was 49.3 per cent (42.2)
· The core capital ratio was 9.3 per cent (6.7)
(Comparable figures for the fourth quarter of 2008 in parentheses)

Write-downs totalled NOK 1 517 million in the fourth quarter of 2009, which was significantly lower than in the two preceding quarters. NOK 845 million of the write-downs related to operations in DnB NORD, and the Group's financial performance is thus still materially affected by the recession in the Baltic States.

Future prospects
The Group is not departing from its goal to achieve pre-tax operating profits before write-downs of NOK 20 billion in 2010, though this will be challenging to reach.

"We are winning market shares in the retail market and have just been named Norway's best housing loan bank. In addition, we were one of the world's largest arrangers of shipping and energy loans last year. We also plan to step up our initiatives in selected segments such as energy in future," says Bjerke.

DnB NOR expects limited growth in the first half of 2010, followed by a slight rise in activity levels in the second half of the year. The future level of write-downs in both Norwegian-related and international operations is uncertain. However, write-downs in 2010 are expected to be roughly on a level with 2009.

Towards the end of 2009, DnB NOR's equity was strengthened by NOK 13.9 billion. The capital increase will make the Group better positioned for stricter future capital adequacy requirements while enhancing the Group's ability to meet customers' future financing needs and to pursue profitable business opportunities as part of its future growth strategy.

The capital increase helped raise the core capital ratio from 6.7 per cent at year-end 2008 to 9.3 per cent at end-December 2009. Subject to full implementation of the Basel II regulations, the core capital ratio would have been 11.7 per cent. DnB NOR is adequately capitalised in relation to regulatory requirements and its competitors.

Contact person:
Trond Bentestuen, group executive vice president, Marketing and Corporate Communications,
tel.: +47 950 28 448

The quarterly report, presentation and Supplementary Information for Investors and Analysts can be downloaded from www.dnbnor.com

In a meeting on Wednesday, 17 March 2009, the Board of Directors of DnB NOR Bank ASA approved the annual accounts for 2009. DnB NOR Bank's annual report for 2009 has been published on www.newsweb.no

DnB NOR will hold a Capital Markets Day in London on 18 March 2010 at 09.00 hrs local time.

The presentations will be published on dnbnor.com and are enclosed herewith.

Group chief executive Rune Bjerke will give an account of the Group's position and ambitions in the Norwegian market. The Group's international ambitions, financial status and new target figures will also be presented.

The presentations will be broadcast on web-TV. For more information, please visit dnbnor.com.

DnB NOR will hold a Capital Markets Day in London on 18 March 2010 at 09.00 hrs local time.

The presentations will be published on dnbnor.com and are enclosed herewith.

Group chief executive Rune Bjerke will give an account of the Group's position and ambitions in the Norwegian market. The Group's international ambitions, financial status and new target figures will also be presented.

The presentations will be broadcast on web-TV. For more information, please visit dnbnor.com.

The Annual General Meeting in DnB NOR ASA on 27 April 2010 approved the Board of Directors' proposal for the 2009 annual report and accounts, including the distribution of a dividend for 2009 of NOK 1.75 per share to registered shareholders as at 27 April 2010, to be distributed as from 11 May 2010. The shares in DnB NOR ASA will be quoted ex-dividend on 28 April 2010.

The Annual General Meeting authorised the Board of Directors of DnB NOR ASA to acquire own shares for a total face value of up to NOK 1,547,358,918, corresponding to 9.5 per cent of share capital. The shares may be purchased through the stock market. Each share may be purchased at a price between NOK 10 and NOK 150. The authorisation will be valid for a period of 12 months from 27 April 2010. Acquired shares shall be sold in accordance with regulations on the reduction of capital. An agreement has been signed with the Ministry of Trade and Industry for the redemption of a proportional share of government holdings to ensure that the government's percentage ownership does not change as a result of the redemption of repurchased shares

In addition, the General Meeting endorsed the Election Committee's proposal for the election of members and a deputy to the Supervisory Board and members to the Election Committee.

The minutes of the Annual General Meeting will be published on www.dnbnor.com.

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