Stock and press releases

Third quarter 2004 · Pre-tax operating profits rose by 38 per cent to NOK 2 498 million (NOK 1 813 million in the third quarter of 2003) · Profits after taxes: NOK 1 823 million (1 333) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 1.49 (1.14) . Return on equity: 16.8 per cent (13.9) . Cost/income ratio: 53.5 per cent (56.4) Attachment on www.newsweb.no Third quarter 2004 · Pre-tax operating profits rose by 38 per cent to NOK 2 498 million (NOK 1 813 million in the third quarter of 2003) · Profits after taxes: NOK 1 823 million (1 333) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 1.49 (1.14) . Return on equity: 16.8 per cent (13.9) . Cost/income ratio: 53.5 per cent (56.4) · Core capital ratio at end-September: 7.3 per cent January through September 2004 · Pre-tax operating profits: NOK 6 881 million (4 733) · Profits after taxes: NOK 5 026 million (3 671) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 4.16 (3.16) . Return on equity: 16.3 per cent (13.3) . Cost/income ratio: 55.0 per cent (57.4) Operations in Elcon are not included in the figures. Comments by the group chief executive: 'DnB NOR shows steady progress, with a satisfactory trend in profits. Efforts to realise synergies in connection with the merger are on schedule, and thus far we have achieved synergies for a total of NOK 426 million,' says group chief executive Svein Aaser. 'The level of market activity remains high. We have delegated considerable credit approval authority to the bank's local and regional account officers, which enhances DnB NOR's position as a strong local bank for corporate customers throughout the country. We have also established a number of arenas for strengthening customer relationships in the form of seminars, meetings and courses for representatives from various sectors. Retail customers have achieved better terms through a broader range of customer loyalty programmes and the harmonisation of price structures from the two former banks. This means lower annual costs for retail customers.' 'I appreciate the excellent teamwork between staff members and between the various units within the Group. Impressive effort has been put forth at all levels of the organisation,' says Svein Aaser. The third quarter report, including tables, can be downloaded from www.dnbnor.com Press release, third quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no

As a consequence of the employees exercising their subscription rights in 2004 (cf. statement dated 21 October 2004), the share capital in DnB NOR ASA has been increased by NOK 51,814,080 through the issue of 5,181,408 new shares, an increase of 0.39 per cent. The share capital now totals NOK 13,271,385,220, divided into 1,327,138,522 shares. As a consequence of the employees exercising their subscription rights in 2004 (cf. statement dated 21 October 2004), the share capital in DnB NOR ASA has been increased by NOK 51,814,080 through the issue of 5,181,408 new shares, an increase of 0.39 per cent. The share capital now totals NOK 13,271,385,220, divided into 1,327,138,522 shares. The capital increase has been registered with the Register of Business Enterprises. Oslo Børs has received the company certificate.

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Supplementary Information for Investors and Analysts

Third quarter 2004

In connection with the subscription right programme for employees in the former Gjensidige NOR ASA 5,181,408 shares have been issued at an exercise price of NOK 27.95. In connection with the conversion and listing on the stock exchange of Gjensidige NOR, and as part of an incentive programme for employees in Gjensidige NOR, it was agreed at the extraordinary Annual General Meeting on 10 September 2002 to issue 250 independent subscription rights to every employee in the Gjensidige NOR Group. According to the merger plan for the DnB and Gjensidige NOR - merger, each subscription right in Gjensidige NOR was converted to 6.2 subscription rights in DnB NOR ASA. The subscription period was set from 1 October through 15 October 2004. The subscription rights entitled the holders to demand the issue of up to 1,550 shares in DnB NOR ASA, at an exercise price of NOK 27.95. 5,181,408 shares at the rate of NOK 27,95 were subscribed. Settlement will take place on 22 October 2004, and the increase in capital is presumed to be registered with the Register of Business Enterprises around 2 November 2004. Total number of shares outstanding after the issue is 1,327,138,522. http://www.newsweb.no/index.asp?melding_ID=98666

In connection with the subscription right programme for employees in the former Gjensidige NOR ASA 5,181,408 shares have been issued at an exercise price of NOK 27.95. In connection with the conversion and listing on the stock exchange of Gjensidige NOR, and as part of an incentive programme for employees in Gjensidige NOR, it was agreed at the extraordinary Annual General Meeting on 10 September 2002 to issue 250 independent subscription rights to every employee in the Gjensidige NOR Group. According to the merger plan for the DnB and Gjensidige NOR - merger, each subscription right in Gjensidige NOR was converted to 6.2 subscription rights in DnB NOR ASA. The subscription period was set from 1 October through 15 October 2004. The subscription rights entitled the holders to demand the issue of up to 1,550 shares in DnB NOR ASA, at an exercise price of NOK 27.95. 5,181,408 shares at the rate of NOK 27,95 were subscribed. Settlement will take place on 22 October 2004, and the increase in capital is presumed to be registered with the Register of Business Enterprises around 2 November 2004. Total number of shares outstanding after the issue is 1,327,138,522.