Stock and press releases

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.

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.

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 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

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.