DnB NOR: Final result of rights issue

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SINGAPORE, SOUTH AFRICA, SWITZERLAND, JAPAN OR HONG KONG The subscription period in the rights issue in DnB NOR ASA (“DnB NOR” or the “Company”) expired at 17:30 (CET) on 10 December 2009. At the end of the subscription period, DnB NOR had received subscriptions for a total of 414,381,046 new shares. 296,145,246 new shares were offered, and the rights issue was consequently oversubscribed by approximately 39.9 per cent. Approximately 99.4 per cent of the new shares on offer (approximately 294.3 million shares) were subscribed for through the exercise of subscription rights. Approximately 40.5 per cent of the new shares on offer (approximately 120.1 million shares) were subscribed for through oversubscription or without subscription rights. In a board meeting today, the Board of Directors of DnB NOR approved the final allocation of the shares offered in the rights issue based on the allocation criteria set out in the prospectus dated 23 November 2009. A total of 296,145,246 new shares have been allocated. Approximately 294.3 million new shares have been allocated to subscribers on the basis of exercised subscription rights. Approximately 1.8 million new shares have been allocated to holders of subscription rights as a result of oversubscription. No allocation has been made to subscribers without subscription rights. Letters giving notification of allocated new shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed from VPS today. Payment for the allocated shares falls due on 17 December 2009 in accordance with the payment procedures described in the prospectus. The new shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the rights issue has been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 21 December 2009 and that the new shares will be transferred to the VPS accounts of the subscribers and admitted to trading on the Oslo Stock Exchange on the same day. Through the rights issue, DnB NOR will receive proceeds of NOK 14,007,670,135.80 before the deduction of transaction costs. The Company’s general meeting resolved on 19 November 2009 to increase the share capital of the Company by NOK 2,961,452,460 through the issue of 296,145,246 new shares in the rights issue. Following registration of the share capital increase in the Norwegian Register of Business Enterprises, the Company's share capital will be NOK 16,287,988,610, divided into 1,628,798,861 shares, each with a nominal value of NOK 10. DnB NOR 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 bjorn.erik.naess@dnbnor.no Per Sagbakken, EVP, Investor Relations, tel. +47 906 61 159, e-mail per.sagbakken@dnbnor.no Trond Bentestuen, group EVP, Corporate Communications, tel. +47 950 28 448, e-mail trond.bentestuen@dnbnor.no _ _ _ _ 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 issue, exercise or sale of subscription rights ("Rights") and the subscription or purchase of DnB NOR shares or Rights are subject to specific legal or regulatory restrictions in certain jurisdictions. DnB NOR 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 subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil paid Rights, fully paid Rights and/or ordinary 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 subscribe for or 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 and no one else in connection with the rights issue and will not be responsible to anyone other than DnB NOR 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. Forward-looking statements This document and any materials distributed in connection with this document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect DnB NOR’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including the risks and uncertainties set out in the Prospectus. This information is subject to the disclosure requirements according to Section 5-12 of the Securities Trading Act.

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