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Dear Sir or Madam,

We would like to inform you about some changes in the prospectus of DNB Fund. In general, none of the restatements or name changes affect our overall sound investment strategy.

1. The investment policy of DNB FUND - Renewable Energy has been modified to allow the Sub-Fund to invest additional in equities of companies active in the energy efficiency sectors.

2. We added ESG to the name for DNB FUND - Norway Investment Grade. The new name is now DNB FUND - Norway Investment Grade ESG. The ESG Group guidelines were added to the investment policy.

3. Restructuring the investment policy of DNB FUND - High Yield

The investment policy states the domiciled markets of the issuers in which the Fund invests. The benchmark has changed to a composite index based on 75% NBP Norwegian High Yield Index (Hedged) and 25% Oslo Stock Exchange’s Norway Government Index 1Y (Hedged).

4. Comparative indices of DNB FUND - ECO Absolute Return

The full list of benchmark indices used to calculate a performance fee at DNB FUND - ECO Absolute Return is now mentioned in the Prospectus to increase transparency.

5. Performance fee mechanism

The performance fee mechanism has been amended in order to be aligned with market requirements for Germany.

Detailed formulations can be found in the appendix.. We are happy to provide further information or questions at any time. If you do not agree to the changes, you can return your shares of the relevant sub-fund free of charge until 14.1.2020.

Prospectus

Best Regards,

DNB Asset Management S.A.

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