DNB announces commencement of the offer period for the recommended public voluntary offer by DNB Bank ASA to acquire the shares of Sbanken ASA

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Bergen, 23 April 2021 - Reference is made to the announcements on 15 April 2021, where it was announced that DNB ASA, through its wholly owned subsidiary DNB Bank ASA ("DNB" or the "Offeror"), had reached an agreement with Sbanken ASA ("Sbanken" or the "Company") to launch a recommended voluntary cash tender offer for 100 per cent of the shares of the Company that are not already owned by DNB for NOK 103.85 per share (the "Offer").

The offer document for the Offer dated 23 April 2021 (the “Offer Document”) was approved by the Oslo Stock Exchange in its capacity as take-over supervisory authority today. The offer period will commence at 09:00 hours CEST on 26 April 2021 and expire at 16:30 hours CEST on 24 May 2021, subject to extensions at the sole discretion of DNB. The terms and conditions of the Offer, including procedures for how to accept the Offer, are set out in the Offer Document prepared by DNB.

Key terms of the Offer:
- Offer price: NOK 103.85 per share in Sbanken, subject to adjustment pursuant to the terms and conditions of the Offer
- Offer period: From 09:00 hours CEST on 26 April 2021 to 16:30 hours CEST on 24 May 2021, subject to extensions at the sole discretion of DNB. The Offer Period will in no event be extended beyond 5 July 2021
- Receiving agent: DNB Bank ASA, Registrars Department

As of the date hereof, DNB owns 10 469 519 shares in the Company, representing approximately 9.8 per cent of the outstanding share capital and voting rights.

The Offer Document will be sent to all shareholders in the Company as registered in the Company's shareholder register in Euronext VPS as of the date of the Offer Document, in jurisdictions where the Offer Document may be lawfully distributed.

The Offer Document is, subject to regulatory restrictions in certain jurisdictions, also available at the following webpage: www.dnb.no/emisjoner.

Subject to regulatory restrictions in certain jurisdictions, the Offer Document may also be obtained free of charge during ordinary business hours at the offices of the receiving agent, DNB Bank ASA, Registrars Department, Dronning Eufemias gate 30, 0191 Oslo, Norway.