Sparebankstiftelsen - DNB NOR

(Board decision of 20.01.2011)

Sparebankstiftelsen DNB NOR is the second largest shareholder of DNB. Only the Norwegian state has a larger stake, and our statutes elaborate the historical fellowship between the Savings Bank Foundation and DNB.

Our ownership is to be administered according to the following principles:

1. We will continue our historical relationship with DNB by carrying on as a stable and long-term owner. The core of our ownership is the Savings Bank Foundation’s basic equity. Beyond this sum, shares in DNB can be bought and sold in accordance with the Foundation’s current financial strategy.

2. Our ownership relies on DNB enduring as Norway’s most significant financial group and maintaining its active role in development of Norwegian society.

3. The Foundation’s work objectives within charitable activities hinge on strong, stable profits. Therefore we want DNB’s activities to be run with good profitability and low risks. We do not want goals of short-term and long-term share price developments to be achieved to the detriment of solid, reliable dividend payments.

4. We will actively seek positions in DNB’s governing bodies commensurate with our shareholdings, as deemed appropriate with regard to our goals and ambitions.

5. Our ownership in DNB must be followed up by active participation, including demands on key aspects of the concern’s activities. Our demands and expectations are to be made clear to the concern and published on our web pages.