Stock and press releases

The Government Bank Investment Fund has today acquired 517 300 shares in DnB NOR ASA. After the acquition, the Government Bank Investment Fund has 436 342 678 shares in DnB NOR ASA , representing 33 1/3 % of the capital and votes in DnB NOR ASA.In December 2003 the Government Bank Investment Fund acquired 42 596 519 shares in DnB NOR ASA, and so far this year the Fund has bought 25 988 264 shares in the Company. The Government Bank Investment Fund intend to hold 34 % ownership in DnB NOR ASA within the end of this year. http://www.newsweb.no/index.asp?melding_ID=88967

The merger between Union Bank of Norway ASA and Den norske http://www.newsweb.no/index.asp?melding_ID=88093 Bank ASA, both wholly-owned subsidiaries of DnB NOR ASA, was registered in the Register of Business Enterprises today, 19 January 2004. As of the same date, the merged bank will change its name to DnB NOR Bank ASA. The merger between Union Bank of Norway ASA and Den norske Bank ASA, both wholly-owned subsidiaries of DnB NOR ASA, was registered in the Register of Business Enterprises today, 19 January 2004. As of the same date, the merged bank will change its name to DnB NOR Bank ASA. Union Bank of Norway ASA is the acquiring company in the merger. All assets, rights and obligations of Den norske Bank ASA were transferred to DnB NOR Bank ASA at the time of registration in the Register of Business Enterprises. Bonds issued by Den norske Bank ASA will continue as bonds in DnB NOR Bank ASA.

The merger between Union Bank of Norway ASA and Den norske http://www.newsweb.no/index.asp?melding_ID=88093 Bank ASA, both wholly-owned subsidiaries of DnB NOR ASA, was registered in the Register of Business Enterprises today, 19 January 2004. As of the same date, the merged bank will change its name to DnB NOR Bank ASA. The merger between Union Bank of Norway ASA and Den norske Bank ASA, both wholly-owned subsidiaries of DnB NOR ASA, was registered in the Register of Business Enterprises today, 19 January 2004. As of the same date, the merged bank will change its name to DnB NOR Bank ASA. Union Bank of Norway ASA is the acquiring company in the merger. All assets, rights and obligations of Den norske Bank ASA were transferred to DnB NOR Bank ASA at the time of registration in the Register of Business Enterprises. Bonds issued by Den norske Bank ASA will continue as bonds in DnB NOR Bank ASA.

Restated 2004 figures

Reference is made to the letter from the Ministry of http://www.newsweb.no/index.asp?melding_ID=87468 Finance dated 28 November 2003, granting a concession for a merger between Den norske Bank ASA and Union Bank of Norway ASA. According to the letter, the merger between the two banks cannot be implemented until the Ministry has considered whether a decision should be made concerning the duty to pay a fee etc. to the relevant Guarantee Fund pursuant to Section 2-9, third paragraph, of the Guarantee Schemes Act. Reference is made to the letter from the Ministry of Finance dated 28 November 2003, granting a concession for a merger between Den norske Bank ASA and Union Bank of Norway ASA. According to the letter, the merger between the two banks cannot be implemented until the Ministry has considered whether a decision should be made concerning the duty to pay a fee etc. to the relevant Guarantee Fund pursuant to Section 2-9, third paragraph, of the Guarantee Schemes Act. According to a letter dated 19 December 2003, the Ministry of Finance has considered the matter and gives its approval to the implementation of the merger prior to the combination of the Guarantee Funds without payment of additional fees on the following terms: DnB NOR Bank ASA is required to issue a guarantee to the Savings Banks' Guarantee Fund corresponding to the increase in the Fund's liabilities resulting from the merger between Den norske Bank ASA and Union Bank of Norway ASA. The guarantee can only be exercised after the paid-in capital has been used and the ordinary guarantee liabilities pursuant to the Guarantee Schemes Act have been met. A further condition is that the Commercial Banks' Guarantee Fund must issue an irrevocable guarantee to the Savings Banks' Guarantee Fund for an amount corresponding to minimum three times the ordinary fee payable by Den norske Bank ASA in 2004 if the bank had still been a member of the Commercial Banks' Guarantee Fund.

Se announcement issued at 8:12. Oslo Børs has decided on the basis of this announcement to cease special observation of DNB NOR.