DnB NOR cuts interest rates

Due to the fall in money market rates during the current week, DnB NOR has
decided to reduce interest rates on home loans by 0.50 percentage points with
effect from 30 November 2008. 
 
"We have stressed all along that developments in money market rates are the key
factor when we determine our interest rates. We have also promised to be quick
in implementing interest rate cuts when the conditions are right. Following the
Bank of England's slash in interest rates today, money market rates have
declined further. We are thus quickly pulling the interest rate trigger and
will implement the interest rate cuts as early as 30 November," says Trond
Bentestuen, group executive vice president, Corporate Communications in DnB
NOR. 
 
After the adjustment, the best interest rate on home loans will be 6.75 per
cent. Interest rates on savings accounts for DnB NOR's retail customers will be
reduced by up to 0.50 percentage points. In the corporate market, interest
rates will be cut by 0.50 percentage points. 
 
The new interest rates will enter into force on 12 November 2008 for new home
loans. For existing home loans, the new rates will apply as from 30 November
2008. The reduction in deposit rates for retail customers will be effective as
from 8 December 2008. 
 
Contact persons:
Trond Bentestuen, group executive vice president, Corporate Communications,
tel. (+47) 950 28 448 
Aud-Helen Rasmussen, executive vice president, Corporate Communications, tel.
(+47) 911 36 371