Stock and press releases

Shareholders in DnB NOR ASA are invited to attend the http://www.newsweb.no/index.asp?melding_ID=91298 Annual General Meeting to be held at 6.00 pm on Tuesday, 27 April 2004 at the Hotel Bristol, Kristian IV's gt 7, Oslo, Norway. Please find attached on www.newsweb.no Notice of Annual General Meeting DnB NOR ASA.

DNB NOR ANNOUNCES SALE OF ELCON TO SANTANDER Consumer http://www.newsweb.no/index.asp?melding_ID=91144 Finance DnB NOR Bank ASA announces that it has entered into an agreement with Santander Consumer Finance, a subsidiary of the leading Spanish banking group Grupo Santander, for the sale of ELCON Finans AS. DnB NOR will receive a total consideration of approximately NOK 3,600 million, which includes profits generated by ELCON in 2004 until the transaction is completed. (Expected within three months.) DnB NOR Bank ASA announces that is has entered into an agreement with Santander Consumer Finance, a subsidiary of the leading Spanish banking group Grupo Santander, for the sale of ELCON Finans AS. DnB NOR will receive a total consideration of approximately NOK 3,600 million, which includes profits generated by ELCON in 2004 until the transaction is completed. (Expected within three months.) ELCON is a leading Scandinavian finance company with operations in Norway, Sweden and Denmark. In 2003 ELCON reported profits after tax of NOK 259 million. At 31 December 2003 shareholders' equity stood at NOK 2,270 million and total assets at NOK 28,365 million. DnB NOR will continue to offer its customers market leading asset finance and factoring solutions through DnB NOR Finans. The sale of ELCON satisfies one of the major requirements set out by the Norwegian Competition Authority in its approval of the DnB NOR merger. The transaction represents a key milestone in the integration of DnB NOR. The exclusion of Elcon Finans from DnB NOR's consolidated balance sheet will improve the Group's tier 1 capital ratio by approximately 0.3 percentage points, not including the capital gain. The capital gain of approximately NOK 1,000 million will fully offset DnB NOR's first-quarter merger- related restructuring charge. The transaction is subject to regulatory approvals in Norway and Spain. DnB NOR was advised by JPMorgan and DnB NOR Markets, and Santander was advised by Alfred Berg ABN Amro. For further information: DnB NOR Geir Bergvoll, executive vice president Phone: +4722948232 Mobile: +4791315485

Capital increase after exercise of independent subscription http://www.newsweb.no/index.asp?melding_ID=91017 rights On 27 April 2000, the Annual General Meeting in the former DnB Holding ASA decided to issue independent subscription rights to employees in the former DnB Group, with a maturity up till 15 March 2005. The rights entitle holders to demand the issue of shares in DnB NOR ASA at the exercise price of NOK 32.83 per share. On 27 April 2000, the Annual General Meeting in the former DnB Holding ASA decided to issue independent subscription rights to employees in the former DnB Group, with a maturity up till 15 March 2005. The rights entitle holders to demand the issue of shares in DnB NOR ASA at the exercise price of NOK 32.83 per share. One of the terms for exercising the subscription rights is that the return on the DnB NOR share at least equals the average return for a selection of comparable Nordic financial institutions. This condition was fulfilled in both 2003 and 2004. As a consequence of the employees exercising their subscription rights in 2004, the share capital in DnB NOR ASA has been increased by NOK 129,299,070 through the issue of 12,929,907 new shares, an increase of 0.98 per cent. Share capital now totals NOK 13,219,571,140, divided into 1,321,957,114 shares. The capital increase has been registered with the Register of Business Enterprises. Oslo Børs has received certificate of registration.

The DnB NOR Group's annual report for 2003 has been http://www.newsweb.no/index.asp?melding_ID=90847 published on www.newsweb.no The report will also be available on www.dnbnor.com, under 'Financial information'.

Enclosed is the proposal from the Board of Directors in DnB http://www.newsweb.no/index.asp?melding_ID=90723 NOR Bank ASA for the annual report and accounts for 2003 for Den norske Bank ASA and Union Bank of Norway ASA as well as auditor's reports for both companies. Attachments on newsweb.no.

The merger between Vital Forsikring ASA and Gjensidige NOR http://www.newsweb.no/index.asp?melding_ID=90147 Spareforsikring ASA, both wholly-owned subsidiaries of DnB NOR ASA, was registered today in the Norwegian Register of Business Enterprises under the name of Vital Forsikring ASA. The merger between Vital Forsikring ASA and Gjensidige NOR Spareforsikring ASA, both wholly-owned subsidiaries of DnB NOR ASA, was registered today in the Norwegian Register of Business Enterprises under the name of Vital Forsikring ASA. Vital Forsikring ASA is the acquiring company in the merger. Gjensidige NOR Spareforsikring ASA's assets, rights and obligations were transferred to Vital Forsikring ASA on the date of registration of the merger in the Register of Business Enterprises.