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Announcement of government bond auctions

1. Issue terms

1.1 The issue terms for ISIN NO 001 0313356 are set out in the invitation to tender of 8 May 2006, the issue is both open to residents and non-residents, has a nominal interest rate of 4.25% per annum, with annual interest payments on 19 May and fixed maturity at par value on 19 May 2017. The bonds have a denomination of NOK 1000, and are registered in the Norwegian Central Securities Depository and listed on the Oslo Stock Exchange.

1.2 The loan amount outstanding is 19.237276 billion as of today’s date. Following the increase, the loan will consist of fungible bonds with a total nominal value of NOK 22.237276 billion.

1.3 Yield to Maturity:

• 4.71 % per annum at a price of 96.40 %
• 4.74 % per annum at a price of 96.20 %
• 4.76 % per annum at a price of 96.00 %
• 4.79 % per annum at a price of 95.80 %
• 4.81 % per annum at a price of 95.60 %

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 8 May 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 nominal value. Bid prices must be stated to two decimal places. In addition to the price, the tenderer shall deduct accrued interest of 0.093150685 per cent of the nominal value, as compensation for 4.25% nominal interest in the period 11 May 2007 – 19 May 2007, i.e. 8 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 Primary dealers 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, Friday 11 May 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, 2 May 2007

Ministry of Finance                                                                                    Norges Bank