Norwegian municipalities announce non-payment of debt

Through statements to Norwegian media, DnB NOR has learned that the executive
committees of Hattfjelldal, Hemnes, Rana, Narvik, Vik, Bremanger and Kvinesdal
municipalities have resolved not to honour their financial commitments in
agreements with DnB NOR. 
It is DnB NOR's opinion that valid agreements have been entered into and that
these must be honoured. 
"If the municipalities in question do not pay their instalments when due, we
will have to terminate the contracts and require that the total outstanding
amounts be paid. If necessary, we will file a civil suit against these
municipalities," says Trond Bentestuen, group executive vice president,
Corporate Communications. 
DnB NOR has not served as an adviser in connection with the municipalities'
investments in financial instruments. The municipalities must assume
responsibility for their investment decisions, possibly together with Terra
Securities. 
DnB NOR expects that it will discuss the situation with representatives from
the municipalities in the near future. 
 

Contact person:
Trond Bentestuen, group executive vice president, Corporate Communications, 
mobile: 950 28 448