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1 Minutes of the Annual General Meeting On 27 April 2010 at 6.00 pm, the Annual General Meeting in DnB NOR ASA was held at DnB NOR's premises in Kirkegt. 21, Oslo, Norway. The meeting was presided over by Amund Skarholt, chairman of the Supervisory Board. The meeting was attended by 86 shareholders representing 781,545,600 own shares and 235,735,383 shares represented by proxy. The total number of shares represented was 1,017,280,983, which was also the total number of shares with voting rights at the General Meeting. A list of shareholders in attendance is enclosed with the minutes of the meeting. Also present were the chairman of the Board of Directors, Anne Carine Tanum, group chief executive Rune Bjerke, the company's statutory auditor, Ernst & Young, represented by Erik Mamelund, state authorised public accountant (Norway), and the chairman of the Control Committee, Frode Hassel. Board member Tore Olaf Rimmereid was also present. The notice of the Annual General Meeting and the registration and proxy forms had been sent to all shareholders with a known address. The annual report for 2009 and a description of the items on the agenda of the Annual General Meeting were available on the company's web page. The company's Articles of Association and the annual statement from the Control Committee were distributed at the General Meeting. Other members of the Board of Directors, Control Committee and group management, as well as the Group's legal counsel, Olav Heldal, and the group chief audit executive, Tor Steenfeldt-Foss, were also present. Asbjørn Rødal, state authorised public accountant (Norway), from Ernst & Young also attended the meeting. Members of the press were given the opportunity to cover the General Meeting. The notice of the Annual General Meeting and the agenda were approved. Joakim Hammer was selected to sign the minutes of the meeting along with the presiding chairman. *************************************************************************** 4 Approval of remuneration rates for members of the Supervisory Board, Control Committee and Election Committee The Election Committee's recommendation was included in the notice of the Annual General Meeting, which had been sent to all shareholders. The presiding chairman read the proposal from the Election Committee to keep the remuneration rates unchanged. "The General Meeting hereby approves the Election Committee's proposal for remuneration rates for the Supervisory Board, Control Committee and Election Committee."

2 Page 2 5 Approval of the auditor's remuneration The Board of Directors' proposal was included in the notice of the Annual General Meeting, which is available on the company's web page. Pursuant to Section 7-1 of the Norwegian Public Limited Companies Act, second subsection, and article 7-3 of the company's Articles of Association, and in accordance with the Board of Directors' proposal, the presiding chairman read the following proposal for consideration: "The General Meeting hereby approves the auditor's remuneration for 2009." 6 Approval of the 2009 annual report and accounts, including the distribution of dividends and group contributions Group chief executive Rune Bjerke accounted for important events in the Group over the past year, main challenges and the need to capitalise on DnB NOR's strong position in Norway. An account was given of the operations in DnB NORD and the evaluation period, which will last till end-july In addition, Rune Bjerke explained the Group's customer focus, new vision and values and desired position in the market as "the Norwegian bank". CFO Bjørn Erik Næss explained the Group's financial ambitions, the accounts for 2009 and the Board of Directors' proposal for the distribution of dividends and group contributions. "The General Meeting hereby approves the Board of Directors' proposal for the 2009 annual report and accounts, as well as the proposed allocation of the profit for the year, including the distribution of a dividend of NOK 1.75 per share to registered shareholders as at 27 April 2010, to be distributed as from 11 May The shares in DnB NOR ASA will be quoted ex-dividend on 28 April The General Meeting further approves a group contribution to the subsidiary DnB NOR Skadeforsikring AS of NOK 95 million. After taxes, the group contribution totals NOK 68 million." The presiding chairman opened up for contributions from the floor. The presiding chairman read the Supervisory Board's statement to the General Meeting. 7 Election of eleven members and one deputy to the Supervisory Board The Election Committee's recommendation, the grounds for the recommendation and a detailed presentation of the candidates were included in the notice of the Annual General Meeting, which had been sent to all shareholders. "The General Meeting hereby approves the Election Committee's proposed election of ten members to the Supervisory Board with a term of office until the Annual General Meeting in 2012 and one member with a term of office until the Annual General Meeting in 2011.

3 Page 3 The General Meeting also approves the Election Committee's proposed election of one new deputy with a term of office until 2011." In accordance with the Election Committee's recommendation, the following members were elected to the Supervisory Board, with a term of office until the Annual General Meeting in 2012: Nils Halvard Bastiansen, Bærum (re-election) Toril Eidesvik, Bergen (re-election) Camilla Marianne Grieg, Bergen (new member) Eldbjørg Løwer, Kongsberg (re-election) Per Otterdahl Møller, Skien (new member) Dag J. Opedal, Oslo (re-election) Ole Robert Reitan, Nesøya (new member) Gudrun B. Rollefsen, Hammerfest (re-election) Arthur Sletteberg, Stabekk (re-election) Hanne Rigmor Egenæss Wiig, Halden (re-election) In addition, the following member was elected, with a term of office until the Annual General Meeting in 2011: Herbjørn Hansson, Sandefjord (re-election) The following deputy was elected, with a term of office until the Annual General Meeting in 2011: Elsbeth Sande Tronstad, Oslo (new member) 8 Election of four members to the Election Committee The Election Committee's recommendation, the grounds for the recommendation and a detailed presentation of the candidates were included in the notice of the Annual General Meeting, which had been sent to all shareholders. "The General Meeting hereby approves the Election Committee's proposed election of members to the Election Committee for the period until the Annual General Meeting in 2012." In accordance with the Election Committee's recommendation, the following four members were elected to the Control Committee, with a term of office until the Annual General Meeting in 2012: Eldbjørg Løwer, Kongsberg (re-election) Per Otterdahl Møller, Skien (re-election) Arthur Sletteberg, Stabekk (re-election) Reier Søberg, Oslo (re-election)

4 Page 4 9 Authorisation to the Board of Directors for the repurchase of shares The Board of Directors' recommendation and the grounds for the recommendation were included in the notice of the Annual General Meeting, which had been sent to all shareholders. The chairman of the Board of Directors, Anne Carine Tanum, accounted for the proposal to give the Board of Directors an authorisation to repurchase shares. Pursuant to Section 9-4 of the Norwegian Public Limited Companies Act and in accordance with the proposal of the Board of Directors, the following resolution was presented to the General Meeting for approval: "In order to ensure an optimal level of capital in the company, the General Meeting hereby authorises the Board of Directors of DnB NOR ASA to acquire own shares for a total face value of up to NOK , corresponding to 9.5 per cent of the company s share capital. The shares shall be purchased in a regulated market. Each share may be purchased at a price between NOK 10 and NOK 150. Acquired shares shall be sold in accordance with regulations on the reduction of capital in the Public Limited Companies Act. The authorisation will be valid for a period of 12 months from today's date." The presiding chairman opened up for contributions from the floor, which were responded to by board chairman Anne Carine Tanum. In line with the Board's proposal, the authorisation to the Board of Directors for the repurchase of shares was approved. Further details about the vote can be found at the end of the minutes. 10 Statement from the Board of Directors in connection with remuneration to senior executives The presiding chairman said that the statement from the Board of Directors on the stipulation of guidelines for salaries and other remunerations to the group chief executive and other senior executives was included in note 45 to the annual accounts. "The General Meeting hereby approves the binding guidelines for shares, subscription rights, options etc. for the coming accounting year. The General Meeting carried out a consultative vote regarding the suggested guidelines for salaries and other remunerations to senior executives for the coming accounting year." Pursuant to Section 5-6, third subsection, of the Public Limited Companies Act, the Board of Directors' proposal for binding guidelines for shares, subscription rights, options etc. for the coming accounting year (part B of the guidelines) was presented for approval by the General Meeting. Part B of the guidelines was approved by the necessary majority. Pursuant to Section 5-6, third subsection, of the Public Limited Companies Act, the Board of Directors' suggested guidelines for the coming accounting year (part A of the guidelines) were presented for a consultative vote. Part A of the guidelines was approved by the necessary majority. Further details about the vote can

5 Page 5 11 Items notified to the Board of Directors by shareholder Sverre T. Evensen Shareholder Sverre T. Evensen has notified to the Board of Directors of the following items: Special remuneration or broad shared financial responsibility and common interests Reforms to ensure sound corporate governance by changing/strengthening the competence and independence of governing bodies Reversal of authorisation to the General Meeting Cultivation of individual roles in the Group to strengthen risk management and capital adequacy Sverre T. Evensen accounted for these items at the General Meeting. * * * * Below is a detailed account of the results of the votes, specifying how many voted against and in favour of the respective proposals, cf. Section 5-16 of the Public Limited Companies Act.

6 Page 6 Share class In favour Against Refrained from voting Votes cast Votes not cast Number of voting shares represented 4 Approval of remuneration rates for members of the Supervisory Board, Control Committee and Election Committee Ordinary % of votes cast % 0.04 % 0,00 % 0.00 % % of shares represented % 0.04 % 0,00 % % Total Approval of the auditor's remuneration Ordinary % of votes cast % 0.19 % 0.00 % 0.00 % % of shares represented % 0.19 % 0.00 % % Total Approval of the 2009 annual report and accounts, including the distribution of dividends and group contributions Ordinary % of votes cast % 0.00 % 0.00 % 0.00 % % of shares represented % 0.00 % 0.00 % % Total Election of eleven members and one deputy to the Supervisory Board Ordinary % of votes cast % 0.05 % 0.24 % 0.00 % % of shares represented % 0.05 % 0.24 % % Total Election of four members to the Election Committee Ordinary % of votes cast % 0.26 % 0.00 % 0.00% % of shares represented % 0.26 % 0.00 % % Total Authorisation to the Board of Directors for the repurchase of shares Ordinary % of votes cast % 0.14 % 0.21 % 0.00 % % of shares represented % 0.14 % 0.21 % % Total A Statement from the Board of Directors in connection with remuneration to senior executives (suggested guidelines) Ordinary % of votes cast % 0.17 % 0.06 % 0.00 % % of shares represented % 0.17 % 0.06 % % Total B Statement from the Board of Directors in connection with remuneration to senior executives (binding guidelines) Ordinary % of votes cast % 0.19 % 0.04 % 0.00 % % of shares represented % 0.19 % 0.04 % % Total

7 Page 7 Presiding chairman Amund Skarholt thanked those present for attending the meeting. Amund Skarholt Joakim Hammer

MINUTES OF THE ANNUAL GENERAL MEETING IN DNB ASA ON 25 APRIL 2017

MINUTES OF THE ANNUAL GENERAL MEETING IN DNB ASA ON 25 APRIL 2017 On 25 April 2017 at 3.00 pm, the Annual General Meeting in DNB ASA was held at the company s premises in Dronning Eufemias gate 30, Oslo,