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Full Year Results 2004

Financial Calendar DnB NOR ASA 2006 Preliminary results 2005 23 February Annual general meeting 25 April Ex-dividend date 26 April First quarter 2006 11 May Second quarter 2006 10 August Third quarter 2006 2 November http://www.newsweb.no/index.asp?melding_ID=118801

Full year 2004 · Profits rose 37 per cent to NOK 7 388 million (NOK 5 378 million in 2003) · Pre-tax operating profits before losses: NOK 9 798 million (8 681) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 6.05 (4.61) . Return on equity: 17.4 per cent (14.3) . Cost/income ratio: 53.4 per cent (57.0) Attachment on www.newsweb.no Full year 2004 · Profits rose 37 per cent to NOK 7 388 million (NOK 5 378 million in 2003) · Pre-tax operating profits before losses: NOK 9 798 million (8 681) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 6.05 (4.61) . Return on equity: 17.4 per cent (14.3) . Cost/income ratio: 53.4 per cent (57.0) · Capital adequacy at year-end: 7.6 per cent (6.8) · The Board of Directors has proposed to distribute a dividend of NOK 2.55 per share (NOK 2.20 in 2003) Fourth quarter 2004 · Profits rose 47 per cent to NOK 2 303 million (NOK 1 563 million in fourth quarter 2003) · Pre-tax operating profits before lossess: NOK 2 787 million (2 072) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 1.85 (1.31) . Return on equity: 20.1 per cent (15.6) . Cost/income ratio: 49.3 per cent (57.1) (Operations in Elcon are not included in the fourth-quarter figures.) Comments by the group chief executive: 'Our staff generated record-high profits parallel to the implementation of the largest merger in the Norwegian financial services industry in 2004, which makes me proud and happy,' says group chief executive Svein Aaser. 'I have noted that the strong competition in the financial market has provided the organisation with the incentive to step up market activity. Growth in volume and determined effort to cut costs have helped achieve healthy profits in the merged group's first full year of operation. Decision- making has been moved closer to customers, and we now have more customers than at the time of the merger,' says Aaser. 'I am pleased that the demanding merger process is going well, reflecting the open cooperation with employee representatives to meet the many challenges that follow in the wake of such a merger. As at 31 December 2004 we had realised cost synergies of NOK 705 million, while the year- end target was NOK 528 million. 60 per cent of the staff cuts scheduled over three years had already been implemented at year-end 2004,' he says. 'In recognition of the effort put forth in all parts of the organisation, the Group will increase allocations to DnB NOR Ansattefond (investment fund for employees) for 2004 by NOK 30 million to NOK 153 million,' says group chief executive Svein Aaser. The fourth quarter report, including tables, can be downloaded from www.dnbnor.com Press release, fourth quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no

Oslo Børs has received the following notification from Fox-Pitt, Kelton Ltd. Gjensidige NOR Forsikring considers to sell shares in DnB NOR ASA Not for distribution in the United States, Canada, Australia, South Africa or Japan Gjensidige NOR Forsikring ('GNF') has appointed Citigroup to place 41 million shares in DnB NOR ASA. If completed, the sale will reduce GNF's holding of DnB NOR shares to approximately 2.2 %. The price achieved by GNF will depend on the outcome of a bookbuilding process carried out by Citigroup starting today. The closing price of DnB NOR ASA on the Oslo Stock Exchange on Thursday 24 February was NOK 63.00 per share. Fox-Pitt, Kelton has been the financial adviser to GNF in planning this transaction. This document does not constitute an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933. The securities have not been and will not be registered under the US Securities Act of 1933

Oslo Børs has received the following notification from Fox-Pitt, Kelton Ltd. Gjensidige NOR Forsikring considers to sell shares in DnB NOR ASA Not for distribution in the United States, Canada, Australia, South Africa or Japan Gjensidige NOR Forsikring ('GNF') has appointed Citigroup to place 41 million shares in DnB NOR ASA. If completed, the sale will reduce GNF's holding of DnB NOR shares to approximately 2.2 %. The price achieved by GNF will depend on the outcome of a bookbuilding process carried out by Citigroup starting today. The closing price of DnB NOR ASA on the Oslo Stock Exchange on Thursday 24 February was NOK 63.00 per share. Fox-Pitt, Kelton has been the financial adviser to GNF in planning this transaction. This document does not constitute an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933. The securities have not been and will not be registered under the US Securities Act of 1933 http://www.newsweb.no/index.asp?melding_ID=103724

Oslo Børs has received the following notification from Fox-Pitt, Kelton Ltd. Gjensidige NOR Forsikring considers to sell shares in DnB NOR ASA Not for distribution in the United States, Canada, Australia, South Africa or Japan Gjensidige NOR Forsikring ('GNF') has appointed Citigroup to place 41 million shares in DnB NOR ASA. If completed, the sale will reduce GNF's holding of DnB NOR shares to approximately 2.2 %. The price achieved by GNF will depend on the outcome of a bookbuilding process carried out by Citigroup starting today. The closing price of DnB NOR ASA on the Oslo Stock Exchange on Thursday 24 February was NOK 63.00 per share. Fox-Pitt, Kelton has been the financial adviser to GNF in planning this transaction. This document does not constitute an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933. The securities have not been and will not be registered under the US Securities Act of 1933 http://www.newsweb.no/index.asp?melding_ID=103724

To achieve an optimal level of equity in the Group, at the General Meeting to be held on 21 April 2005, the Board of Directors in DnB NOR ASA will request authorisation to repurchase shares. Pursuant to the authorisation, the Board will be able to acquire own shares for a total face value of up to NOK 1 339 089 894, corresponding to 10 per cent of share capital. To achieve an optimal level of equity in the Group, at the General Meeting to be held on 21 April 2005, the Board of Directors in DnB NOR ASA will request authorisation to repurchase shares. Pursuant to the authorisation, the Board will be able to acquire own shares for a total face value of up to NOK 1 339 089 894, corresponding to 10 per cent of share capital. The shares may be purchased through the stock market. Each share may be purchased at prices between NOK 10 and NOK 100. The authorisation is valid for a period of 12 months from 21 April 2005. Acquired shares shall be redeemed in accordance with regulations on the reduction of capital. An agreement will be signed with the Norwegian government, represented by the Ministry of Trade and Industry, for the redemption of a proportional share of government holdings to ensure that the government's percentage ownership in the company does not change as a result of the redemption of repurchased shares.

To achieve an optimal level of equity in the Group, at the General Meeting to be held on 21 April 2005, the Board of Directors in DnB NOR ASA will request authorisation to repurchase shares. Pursuant to the authorisation, the Board will be able to acquire own shares for a total face value of up to NOK 1 339 089 894, corresponding to 10 per cent of share capital. To achieve an optimal level of equity in the Group, at the General Meeting to be held on 21 April 2005, the Board of Directors in DnB NOR ASA will request authorisation to repurchase shares. Pursuant to the authorisation, the Board will be able to acquire own shares for a total face value of up to NOK 1 339 089 894, corresponding to 10 per cent of share capital. The shares may be purchased through the stock market. Each share may be purchased at prices between NOK 10 and NOK 100. The authorisation is valid for a period of 12 months from 21 April 2005. Acquired shares shall be redeemed in accordance with regulations on the reduction of capital. An agreement will be signed with the Norwegian government, represented by the Ministry of Trade and Industry, for the redemption of a proportional share of government holdings to ensure that the government's percentage ownership in the company does not change as a result of the redemption of repurchased shares. http://www.newsweb.no/index.asp?melding_ID=104418