AS DnB NORD Banka Management Board opinion on compulsory and final AS DnB NORD Banka share repurchase offer

On 22nd October 2009 the Financial and Capital Market Commission has passed the
resolution to authorize the shareholder of AS DnB NORD Banka (single
registration number: 40003024725, having its registered office at 6 Smilšu
iela, Riga, LV-1803) - Bank DnB NORD A/S (duly registered with Danish Business
and Corporate Agency under registration number 28691947, having its registered
office at 28 Dampfærgevej, DK-2100 Copenhagen Ø, Denmark) (hereinafter referred
to as the Offeror) to bring forward a motion of mandatory and final AS DnB NORD
Banka share repurchase offer (hereinafter referred to as the Offer),
stipulating that the repurchase price per single share of AS DnB NORD Banka
within the framework of the Offer shall amount to LVL 3.16. 

In compliance with the provisions of regulatory enactments on 28th October 2009
in the gazette "Latvijas Vēstnesis" was published the announcement of the
Offer. 
 
AS DnB NORD Banka Management Board, after having considered the submitted
prospectus of the Offer and other documents pertinent thereof has concluded
that the Offer was made in compliance with the Law provisions. 

Whereas the Offeror has every intention to carry on with the operational
activities of AS DnB NORD Banka, the Management Board is of opinion that
execution of the Offer is not directly related to any changes in the general
operational / business principles of AS DnB NORD Banka and therefore will have
no implications on the interests of AS DnB NORD Banka (including employment)
whatsoever. 

AS DnB NORD Banka Management Board also believes that despite the execution of
the Offer the strategic plans of the Offeror in relation to AS DnB NORD Banka
will remain unchanged. 
 
AS DnB NORD Banka Management Board at its disposal has no information
whatsoever implying that due to execution of the Offer the Offeror may have any
intention to introduce amendments to AS DnB NORD Banka employment policy or
change the location of AS DnB NORD Banka. 

This opinion is made and publicized in compliance with the requirements of
Article 77 of the Law on Financial Instruments Market. 




On behalf of AS DnB NORD Banka Management Board

AS DnB NORD Banka Chief Executive Officer, Chairman of the Management Board
Andris Ozoliņš 



Riga, 4th November 2009