Stock and press releases

The Annual General Meeting in DNB ASA was held on 30 April 2013 in Oslo.

The General Meeting endorsed the Election Committee's proposal for the election of twelve members and ten deputies to the Supervisory Board, two members to the Election Committee and four members and two deputies to the Control Committee. The General Meeting also approved the Election Committee's proposal for remuneration rates for the Supervisory Board, Control Committee and Election Committee.

In addition, the Annual General Meeting in DNB ASA approved the Board of Directors' proposal for the 2012 annual report and accounts, including the distribution of a dividend for 2012 of NOK 2.10 per share

to registered shareholders as at 30 April 2013, to be distributed as from 13 May 2012. The shares in DNB ASA will be quoted ex-dividend on 2 May 2013.

The General Meeting authorised the Board of Directors of DNB ASA to acquire own shares for a total face value of up to NOK 732,959,487, corresponding to 4.5 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. Acquired shares shall be sold in accordance with regulations on the reduction of capital. The authorisation will be valid for a period of 12 months from 30 April 2013.

An agreement has been signed with the Norwegian 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.

The minutes of the Annual General Meeting will be published on www.dnb.no/agm.

Following the ruling of the Norwegian Supreme Court on 22 March 2013, DNB will make provisions of approximately NOK 450 million in the first quarter of 2013 to cover compensation payments to customers who have made debt-financed investments in certain structured products. The amount represents the estimated total compensation to which the affected customers may be entitled and includes the previously announced amount of NOK 60 million. The provisions will be classified as other expenses.

Fixed-rate loans in DNB are recorded at fair value through profit or loss. There were insignificant effects of mark-to-market adjustments in the first quarter of 2013.

As previously announced, basis swaps will have a negative effect of NOK 233 million in the first quarter of 2013.

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Contact persons in Investor Relations in DNB:
Jan Erik Gjerland, tel. +47 23 26 84 08 or mobile +47 46 930 410
Thor Tellefsen, tel. +47 23 26 84 04 or mobile +47 915 44 385

Shareholders in DNB ASA are invited to attend the Annual General Meeting.

Shareholders in DNB ASA are invited to attend the Annual General Meeting to be held at 3.00 pm on Tuesday, 30 April 2013 at DNB’s premises in Dronning Eufemias gate 30, Bjørvika, Oslo, Norway.
The Notice of Annual General Meeting is attached: The Notice of Annual General Meeting

In the first quarter of 2013, the DNB Group will record a negative effect of basis swaps connected to funding of approximately NOK 233 million.

For the full year 2012, there was a negative effect of basis swaps of approximately NOK 1 687 million.
Basis swaps are derivative contracts entered into in connection with long-term funding in international capital markets where the relevant currency is converted to Norwegian kroner. These swaps are hedging instruments, and over the lifetime of the derivatives the mark-to-market adjustments will have zero effect. Over time, the accounting effects will thus be reversed.

Contact persons, Investor Relations:
Per Sagbakken: +47 23268400
Jan Erik Gjerland: +47 23268408

Annual report for 2012 for DNB ASA.

In a meeting on Wednesday, 13 March 2013, the Board of Directors of DNB ASA approved the annual accounts for 2012.

Annual report 2012 DNB

The DNB Group's annual report for 2012 has been published on newsweb.no (http://www.newsweb.no/newsweb/search.do?siteLanguage=en)

The report is also available on dnb.no/about us (https://www.dnb.no/en/about_us.html?la=EN&site=DNB_NO)

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

On 8 March 2013, Finanstilsynet (the Financial Supervisory Authority of Norway) announced the introduction of a new longevity assumption for group pension insurance.

Finanstilsynet has used Statistics Norway’s medium alternative for life expectancy projections as a basis, but added a 10 per cent safety margin. In addition, the initial mortality rate has been adjusted by 12 per cent. The new calculation base gives a total required increase in reserves of approximately NOK 14.4 billion, of which NOK 3.8 billion had been set aside as at 31 December 2012. The remaining required increase in reserves represents approximately 6.5 per cent of policyholders’ funds for the relevant contracts.

There will be a five-year escalation period, starting in 2014. Including the 2011-2013 period, this implies a total period of eight years for financing the increase in reserves.

20 per cent of the financing must be in the form of shareholder contributions. With respect to paid-up policies, the increase in reserves will thus reduce the owner’s basis for profit sharing. With respect to contracts under defined-benefit schemes, an equal share of DNB Livsforsikring’s contribution will be added to the relevant contracts each year during the escalation period, resulting in a total shareholder contribution of NOK 2.9 billion, of which NOK 1.2 billion refers to paid-up policies, based on the current volume of such policies. NOK 0.2 billion referring to paid-up policies was charged to equity in 2011 and 2012. For contracts under defined-benefit schemes, the shareholder contribution will be distributed equally over a five-year period starting in 2014, while there will be reduced profit sharing for paid-up policies during the 2013 through 2018 period.

There is still some uncertainty regarding the interpretation of the letter from Finanstilsynet. DNB will cooperate with Finance Norway to clarify these matters as soon as possible.

Even though the new longevity assumption will have a negative impact on DNB’s financial performance, it will not affect the Group’s long-term financial targets.

For further information please contact:
Anders Skjævestad, CEO of DNB Livsforsikring, tel. +47 934 07 403
Jan Erik Gjerland, Investor Relations DNB, tel. +47 46 930 410