DNB Group: Basis swap impact in fourth quarter

1/9/2013 1:30 AM EST

In the fourth quarter of 2012, the DNB Group will record a positive
effect of basis swaps connected to funding of approximately NOK 235
million. For the full year 2012, there will be a negative effect of
basis swaps of approximately NOK 1 687 million. In the fourth quarter of
2011, a positive effect of NOK 2 069 million was recorded, while there
was a positive effect of NOK 3 031 million for the full year 2011. 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

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