DNB Bank ASA

M&A Activity • Oct 1, 2021

Justering av Tilbudsprisen i det frivillige tilbudet for kjøp av alle utstedte aksjer i Sbanken ASA etter utbytte på NOK 4,40 per Aksje

Justering av Tilbudsprisen i det frivillige tilbudet for kjøp av alle utstedte aksjer i Sbanken ASA etter utbytte på NOK 4,40 per Aksje

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, HONG

KONG, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD

BE UNLAWFUL

Oslo, 1. oktober 2021

Det vises til tilbudsdokumentet datert 23. april 2021 («Tilbudsdokumentet»), og

etterfølgende børsmeldinger, herunder 24. mai 2021 (forlengelse av

tilbudsperioden til 7. juni 2021) og 7. juni (endelig forlengelse av

tilbudsperioden til 14 juni 2021, reduksjon av minste akseptgrad til 2/3 og

forhøyelse av tilbudsprisen til NOK 108.85) for det anbefalte frivillige

tilbudet fra DNB Bank ASA («Tilbyder») om erverv av alle aksjene («Aksjene») i

Sbanken ASA («Selskapet») som ikke allerede eies av Tilbyder («Tilbudet»).

Tilbyder eier per nå om lag 9,9% av Aksjene og har mottatt aksepter fra om lag

81,3% av Aksjene ikke eid av Tilbyder. Etter at Tilbudet er gjort opp vil

Tilbyder eie om lag 91,2% av Aksjene og stemmerettene i Selskapet.

Som kunngjort av Selskapet 1. oktober 2021, har Selskapet besluttet en utdeling

av utbytte på NOK 4,40 per Aksje («Utbyttet») til berettigede aksjeeiere. Som

det følger av klausul 3.2 (Offer Price) og klausul 3.8 (Amendments to the Offer)

i Tilbudsdokumentet kan tilbudsprisen, som for tiden er NOK 108,85 per Aksje

(«Tilbudsprisen»), justeres for å kompensere for utdeling av utbytte av

Selskapet.

Tilbyder annonser herved at Tilbudsprisen er redusert med NOK4,40 per Aksje til

NOK 104,45 per Aksje. Inkludert Utbyttet på NOK 4,40 per Aksje, er samlet

vederlag til aksjeeierne som har akseptert Tilbudet uendret fra NOK 108,85 per

Aksje. Tilbudsprisen (som justert) er fremdeles underlagt vilkårene og

betingelsene i Tilbudet som fremgår av Tilbudsdokumentet, herunder ytterligere

justering.

Ingen andre endringer til Tilbudet annet enn justering av Tilbudsprisen er gjort

i denne meldingen. De fullstendige vilkårene og betingelsene i Tilbudet følger

av Tilbudsdokumentet og tidligere kunngjorte endringer til Tilbudet.

Oslo Børs, i egenskap av å være tilbudsmyndighet i Norge, har godkjent endringen

av Tilbudet.

DNB Markets, del av DNB Bank ASA er Tilbyders finansielle rådgiver.

Advokatfirmaet BAHR AS er Tilbyders juridiske rådgiver i forbindelse med

Tilbudet. Arctic Securities AS er finansiell rådgiver og Advokatfirmaet

Thommessen AS er juridisk rådgiver for Selskapet i forbindelse med Tilbudet.

For videre informasjon, vennligst kontakt følgende personer hos Tilbyder:

Rune Helland, Head of Investor Relations: +47 97 71 32 50

Media contact:

Thomas Midteide, GEVP Communications & Sustainability: +47 96 23 20 17

Følgende personer hos Selskapet kan kontaktes i forbindelse med Tilbudet:

Jesper M. Hatletveit, Head of Investor Relations: +47 95 94 00 45

Henning Nordgulen, CFO: +47 95 26 59 90

Media contact:

Kristian K. Fredheim, Head of Communications: +47 92 44 74 07

***

Disse opplysningene er informasjonspliktige etter verdipapirhandelloven § 5-12.

The Offer and the distribution of this announcement and other information in

connection with the Offer may be restricted by law in certain jurisdictions.

When published, the Offer Document and related acceptance forms will not and may

not be distributed, forwarded or transmitted into or within any jurisdiction

where prohibited by applicable law, including, without limitation, Canada,

Australia, New Zealand, South Africa, Hong Kong and Japan. The Offeror does not

assume any responsibility in the event there is a violation by any person of

such restrictions. Persons into whose possession this announcement or such other

information should come are required to inform themselves about and to observe

any such restrictions.

This announcement is not a tender offer document and, as such, does not

constitute an offer or the solicitation of an offer to acquire the Shares.

Investors may accept the Offer only on the basis of the information provided in

the Offer Document. Offers will not be made directly or indirectly in any

jurisdiction where either an offer or participation therein is prohibited by

applicable law or where any tender offer document or registration or other

requirements would apply in addition to those undertaken in Norway.

Notice to U.S. Holders

U.S. Holders (as defined below) are advised that the Shares are not listed on a

U.S. securities exchange and that the Company is not subject to the periodic

reporting requirements of the U.S. Securities Exchange Act of 1934, as amended

(the "U.S. Exchange Act"), and is not required to, and does not, file any

reports with the U.S. Securities and Exchange Commission (the "SEC") thereunder.

The Offer will be made to holders of Shares resident in the United States ("U.S.

Holders") on the same terms and conditions as those made to all other holders of

Shares of the Company to whom an offer is made. Any information documents,

including the Offer Document, will be disseminated to U.S. Holders on a basis

comparable to the method that such documents are provided to the Company's other

shareholders to whom an offer is made. The Offer will be made by the Offeror and

no one else.

The Offer will be made to U.S. Holders pursuant to Section 14(e) and Regulation

14E under the U.S. Exchange Act as a "Tier II" tender offer, and otherwise in

accordance with the requirements of Norwegian law. Accordingly, the Offer will

be subject to disclosure and other procedural requirements, including with

respect to the offer timetable, settlement procedures and timing of payments,

that are different from those that would be applicable under U.S. domestic

tender offer procedures and law.

Pursuant to an exemption from Rule 14e-5 under the U.S. Exchange Act, the

Offeror and its affiliates or brokers (acting as agents for the Offeror or its

affiliates, as applicable) may from time to time, and other than pursuant to the

Offer, directly or indirectly, purchase or arrange to purchase, Shares or any

securities that are convertible into, exchangeable for or exercisable for such

Shares outside the United States during the period in which the Offer remains

open for acceptance, so long as those acquisitions or arrangements comply with

applicable Norwegian law and practice and the provisions of such exemption. To

the extent information about such purchases or arrangements to purchase is made

public in Norway, such information will be disclosed by means of an English

language press release via an electronically operated information distribution

system in the United States or other means reasonably calculated to inform U.S.

Holders of such information. In addition, the financial advisors to the Offeror

may also engage in ordinary course trading activities in securities of the

Company, which may include purchases or arrangements to purchase such

securities.

Neither the SEC nor any securities supervisory authority of any state or other

jurisdiction in the United States has approved or disapproved the Offer or

reviewed it for its fairness, nor have the contents of the Offer Document or any

other documentation relating to the Offer been reviewed for accuracy,

completeness or fairness by the SEC or any securities supervisory authority in

the United States. Any representation to the contrary is a criminal offence in

the United States.