HYBRID TIER 1 SECURITIES FOUR TIMES OVERSUBSCRIBED

DnB NOR Bank ASA has entered into an agreement to issue new hybrid Tier 1 securities for a total of GBP 350 million at a rate of Sterling Libor plus 69.5 basis points. Subscriptions started in the morning on Wednesday, 24 January 2007, and at the closing on the same afternoon, the issue had been four times oversubscribed. The securities are perpetual, but may be redeemed after ten years. The issue will strengthen the capital adequacy ratio of the DnB NOR Group by 0.34 percentage points. The bank also has two outstanding hybrid Tier 1 securities issues of USD 400 million and EUR 350 million respectively with an average margin of 200 basis points. The arrangers of the latest issue were Barclays, JP Morgan and UBS.