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 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

In connection with the merger between DnB Holding and http://www.newsweb.no/index.asp?melding_ID=89092 Gjensidige NOR, additional accounting information on a pro forma basis has been prepared for the DnB NOR Group, presenting figures for 2001 and 2002 as well as quarterly figures for the last four quarters, up till and including the third quarter of 2003. This is intended to give investors and analysts a better understanding of the financial position of the merged group in previous periods. In connection with the merger between DnB Holding and Gjensidige NOR, additional accounting information on a pro forma basis has been prepared for the DnB NOR Group, presenting figures for 2001 and 2002 as well as quarterly figures for the last four quarters, up till and including the third quarter of 2003. This is intended to give investors and analysts a better understanding of the financial position of the merged group in previous periods. Any deviations in the material presented relative to pro forma figures released previously have been explained. Preliminary figures for the fourth quarter of 2003 and annual figures for 2003 will be released and presented in the market on 26 February 2004. Attachments on www.newsweb.no

Subscription rights programme for employees in the former DnB Two-thirds of the subscription rights issued to employees in DnB Holding ASA in accordance with a resolution passed at the Annual General Meeting on 27 April 2000 can be exercised during the period from 1 through 15 March 2004 at a price of 32.83 per share. As at 26 February 2004, there were 26.4 million subscription rights outstanding, entitling holders to subscribe for a total of 26.4 million DnB NOR shares. Two-thirds of the subscription rights issued to employees in DnB Holding ASA in accordance with a resolution passed at the Annual General Meeting on 27 April 2000 can be exercised during the period from 1 through 15 March 2004 at a price of 32.83 per share. As at 26 February 2004, there were 26.4 million subscription rights outstanding, entitling holders to subscribe for a total of 26.4 million DnB NOR shares. According to the terms for the subscription rights, the effective return on the DnB share during the period from 27 April to the period 17 to 23 February 2004 must exceed the unweighted average of the effective returns on shares/primary capital certificates in Svenska Handelsbanken, SEB, Nordea, Danske Bank, Sparebanken Midt- Norge and Gjensidige NOR. At a meeting on 25 February 2004, the Board of Directors in DnB NOR ASA confirmed that this condition for excercising the subscription rights has been fulfilled. Against this background, the holders of subscription rights can exercise maximum 17.6 million subscription rights during the period from 1 through 15 March 2004, which will increase the number of shares in the company by 1.33 per cent and strenghten core capital by 0.1 percentage points. According to the terms, holders of subscription rights have the option to postpone exercising the subscription rights until the period from 1 through 15 March 2005.

Supplementary Information for Investors and Analysts 2003

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Investor Relations

'We are pleased with profits of NOK 5.4 billion in 2003,' says Svein Aaser, group chief executive in DnB NOR. Relative to comparable figures for 2002, profits are up close to 50 per cent, giving a return on equity before goodwill amortisation of 14.3 per cent. Attachment on www.newsweb.no 'We are pleased with profits of NOK 5.4 billion in 2003,' says Svein Aaser, group chief executive in DnB NOR. Relative to comparable figures for 2002, profits are up close to 50 per cent, giving a return on equity before goodwill amortisation of 14.3 per cent. Aaser indicates that he is especially pleased with the healthy trend in volumes. 'With an increase in lending of 12.2 per cent from the fourth quarter of 2002 and good growth figures for a number of other key products and services, we have strengthened our market position during the year. Such performance is not something to be taken for granted in a year largely dominated by the merger between Gjensidige NOR and DnB,' says Aaser, who commends group staff for excellent customer service. '2003 featured a marked decline in interest rates and a weakened Norwegian krone. It is apparent that the situation for the Norwegian business sector is far better than a year ago,' says Aaser. 'Although the willingness to invest remains low, the level of activity is on the way up, which will have a positive impact on profits. The rise in other operating income from NOK 5 658 million in 2002 to NOK 8 302 million in 2003 has thus more than compensated for the loss of earnings resulting from lower interest rates. The positive developments in the Norwegian economy also contributed to the downward trend in loan losses during the second half of 2003,' says Aaser. The Board of Directors in DnB NOR has proposed a dividend of NOK 2.20 per share (NOK 2.14 in 2002). 'In 2003 we devoted a great deal of effort to the planning of the merger. Today we can safely say that the integration is progressing according to schedule, and we have moved into 2004 with an exceptionally high level of activity both towards customers and within the organisation. Together with the improved economic outlook for the Norwegian business and household sectors, this gives us good reason to expect sound profits for DnB NOR in 2004 as well,' says group chief executive Svein Aaser. Review of the annual accounts, accounting figures, 4th quarter report and presentation can be found on www.newsweb.no

Group executive vice president Frode Helgerud in DnB NOR has been appointed the first head of Sparebankstiftelsen DnB NOR (the Savings Bank Foundation). He will assume his new position on 1 April 2004. As of the same date, Jarl Veggan will take over as head of Corporate Communications in DnB NOR. Veggan held responsibility for the same functions in DnB from 1988. Group executive vice president Frode Helgerud in DnB NOR has been appointed the first head of Sparebankstiftelsen DnB NOR (the Savings Bank Foundation). He will assume his new position on 1 April 2004. As of the same date, Jarl Veggan will take over as head of Corporate Communications in DnB NOR. Veggan held responsibility for the same functions in DnB from 1988. 'The Foundation is important for DnB NOR, both as the Group's second largest shareholder and as a partner,' says group chief executive Svein Aaser. 'I am pleased that the first person to head the Foundation was selected from the management team in DnB NOR. Frode Helgerud and I cooperated closely while working together from the start of the process of merging DnB and Gjensidige NOR , and I am convinced that this good relationship will continue.' 'I am happy that Jarl Veggan has agreed to take over as head of Corporate Communications in DnB NOR. We have worked together for a number of years and I know that Veggan will do an excellent job for DnB NOR as head of Corporate Communications,' says Aaser.