Announcement of government bond auctions

1. Issue terms

1.1 The issue terms for NO 001 0144843 are set out in the invitation to tender of 16 May  2002: the issue is open to both residents and on-residents, has a nominal interest rate of 6.50 % per annum, with annual interest  payments on 15 May and fixed maturity at par value on 15 May 2013. The bonds have a denomination of NOK 1000, and are registered in the Central Securities Depository and listed on the Oslo Stock Exchange.

1.2 The loan amount outstanding is NOK 38,044 billion as of today’s date. Following the increase, the loan will consist of fungible bonds with a total nominal value of NOK 41,044 billion.

1.3 Redemption yield:        

• 4.36 % per annum at a price of 111.35 %
• 4.45 % per annum at a price of 110.85 %
• 4.54 % per annum at a price of 110.35 %
• 4.63 % per annum at a price of 109.85 %
• 4.72 % per annum at a price of 109.35 %

2. Method of sale

2.1 Bonds for a nominal value of NOK 3 billion will be offered by uniform price auction.

2.2 Primary dealers shall submit tenders from 10.15-11 on 5 March 2007, pursuant to Rule 6.22 and Appendix D, Rules 2 and 3 of the Norex Member Rules. Others must submit their tenders through a primary dealer.

2.3 Tenders must be submitted only in lots of one million kroner, on the basis of face value. Bid prices must be stated to two decimal places. In addition to the price, the tenderer shall pay accrued interest of 5.289041096 % of the nominal value, as compensation for 6.50 % nominal interest in the period 15 May 2006 – 8 March 2007, i.e. 297 days out of 365. Norges Bank reserves the right to reject at its own discretion any tender or all tenders submitted.

3. Announcement

3.1 The result of the auction will be announced on the Oslo Stock Exchange, Reuters pages NOCL/NOCN and Norges Bank’s website
http://www.norges-bank.no/english/government_debt

3.2 Primary dealers shall send the contract note to Norges Bank in accordance with the information on the auction board.

4. Settlement

4.1 Members of the Oslo Stock Exchange shall enter the transaction in the VPS (Norwegian

Registry of Securities) system on the auction date so that settlement takes place through VPO (the VPS settlement system). The bonds will be finally registered in VPS on settlement date, Thursday 8 March 2007, before 7 a.m.

4.2 Interest of 10.50 % p.a. is payable on any overdue amount. Norges Bank may alternatively choose to cancel the whole or part of the allotment, or to sell the bonds at the tenderer’s expense and risk.

Oslo, 26 February 2007

Ministry of Finance                                                                                          Norges Bank