DNB Bank ASA

M&A Activity • Jun 14, 2021

DNB Bank ASA Announces Preliminary Result of the Recommended Voluntary Tender Offer for Sbanken ASA

DNB Bank ASA Announces Preliminary Result of the Recommended Voluntary Tender Offer for Sbanken ASA

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, 14 June 2021

Reference is made to the offer document dated 23 April 2021 (the "Offer

Document") and subsequent stock exchange announcements 24 May 2021 and 7 June

2021 for the recommended voluntary offer by DNB Bank ASA (the "Offeror") to

acquire all outstanding shares (the "Shares") in Sbanken ASA (the "Company") not

already owned by the Offeror against a consideration in cash of NOK 108.85 per

Share (subject to adjustment as set out in the Offer Document) (the "Offer").

The acceptance period in the Offer (the "Offer Period") expired at 16:30 hours

(CEST) on 14 June 2021. At the expiry of the Offer Period, the Offeror has

received acceptances of the Offer for a total of 86,543,025 Shares, representing

approximately 81.0% of the outstanding Shares and votes in the Company. In

addition, the Offeror holds 10,567,419 Shares in the Company representing

approximately 9.9% of the shares and votes in the Company, and together with the

received acceptances in the Offer representing a total of approximately 90.9% of

the Shares and votes in the Company.

Please note that the calculation of the number of Shares tendered in the Offer

is preliminary and remains subject to potential adjustments through a

verification process currently being undertaken by the receiving agent for the

Offer. The final result of the Offer will be announced once confirmed by the

receiving agent.

As previously reported, the condition for completion of the Offer relating to

"Minimum Acceptance" as set out in Section 3.4 (Conditions for completion of the

Offer) of the Offer Document, as adjusted pursuant to a stock exchange

announcement from the Offeror on 7 June 2021, has been met.

Completion of the Offer is subject to the fulfilment or waiver by the Offeror of

the remaining conditions for completion of the Offer as set out in Section 3.4

(Conditions for completion of the Offer) of the Offer Document. As of the date

hereof, none of the conditions that require any action in order to be fulfilled

have been fulfilled, and none of the conditions that refers to events that shall

not occur have, to the Offeror's knowledge, occurred. The complete terms and

conditions for the Offer are set out in the Offer Document, with previously

announced amendments.

In accordance with Section 3.4 (Conditions for completion of the Offer) of the

Offer Document, the Offeror will issue a notification through the Oslo Stock

Exchange as soon as each of the remaining closing conditions for the Offer has

been met, waived or failed to be met.

Upon a successful completion of the Offer, the Offeror will have a holding of

more than 90% of the total Shares and voting rights in the Company, and then

intends to proceed with a compulsory acquisition of the remaining Shares

pursuant to the Norwegian Public Companies Act Section 4-25 and the Norwegian

Securities Trading Act Section 6-22.

Settlement of the Offer shall take place no later than ten (10) business days

after the date on which the Offeror has announced that the closing conditions

for the Offer relating to "Regulatory Approvals", as described in the Offer

Document, have been fulfilled or waived by the Offeror. See Section 3.4

(Conditions for completion of the Offer) of the Offer Document for further

information.

DNB Markets, a part of DNB Bank ASA is acting as financial advisor to the

Offeror. Advokatfirmaet BAHR AS is the legal advisor to the Offeror in

connection with the Offer. Arctic Securities AS is acting as financial advisor

and Advokatfirmaet Thommessen AS is the legal advisor to the Company in

connection with the Offer.

For further information, please contact the following persons in the Offeror:

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

Media contact:

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

The following persons in the Company may also be contacted in connection with

the Offer:

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

***

This information is subject to the disclosure requirements according to section

5-12 of the Norwegian Securities Trading Act.

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.