Stock and press releases

Results in accordance with new international accounting principles (IFRS): · Ordinary operating profits rose 18 per cent to NOK 2 752 million (2 334 in first quarter of 2004) · Profits after taxes rose to NOK 1 974 million (1 867) · Earnings per share were NOK 1.48 (1.43) · Return on equity came to 15.3 per cent (16.4) · The cost/income ratio was reduced to 53.8 per cent (59.8) Attachment on www.newsweb.no Results in accordance with new international accounting principles (IFRS): · Ordinary operating profits rose 18 per cent to NOK 2 752 million (2 334 in first quarter of 2004) · Profits after taxes rose to NOK 1 974 million (1 867) · Earnings per share were NOK 1.48 (1.43) · Return on equity came to 15.3 per cent (16.4) · The cost/income ratio was reduced to 53.8 per cent (59.8) · The core capital ratio at end-March rose to 7.6 per cent (7.1) Results in accordance with previous Norwegian accounting principles: · Pre-tax ordinary operating profits before losses and goodwill amortisation were NOK 2 698 million (2 222) · Profits after taxes came to NOK 1 782 million (1 458) · Earnings per share excluding goodwill amortisation came to NOK 1.45 (1.23) · Return on equity excluding goodwill amortisation was 16.2 per cent (15.0) · The cost/income ratio excluding goodwill amortisation was 51.7 per cent (58.5) The transition to IFRS had no impact on the formal core capital ratio. (Profits from discontinued operations are not included in the figures for the first quarter of 2004.) Comments by group chief executive Svein Aaser: 'These are good quarterly figures. Income is growing, costs decreasing and losses are low. Increasing ordinary operating profits by 18 per cent from the first quarter last year and bringing down costs relative to income reflect the sound and systematic effort in all parts of the DnB NOR Group.' 'Market activity is high in all business areas. DnB NOR Markets has achieved record-high profits; our position has been strengthened in key customer segments in the corporate market; in the retail market we have shown a healthy profit trend and experienced a positive response to our new branch offices; and sales figures are good within life insurance and asset management. DnB NOR has enhanced its position,' says Aaser. 'I am also pleased with the process of integrating the two groups following the merger almost a year and a half ago. Synergies have been realised ahead of target figures and we have long since created what we aimed for, a Norwegian financial services group with the resources to meet the growing competition from international players. The terms imposed by the authorities in connection with the merger have now been fulfilled. What remains to be done is to conclude the practical work and complete the realisation of synergies as planned. We are, in other words, on schedule,' says group chief executive Svein Aaser. The first quarter report, including tables, can be downloaded from www.dnbnor.com Press release, first quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no

Supplementary Information for Investors and Analysts

2005 First Quarter Results

Vital

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DnB NOR Bank ASA

DnB NOR ASA will present accounts for the first quarter of 2005 on Tuesday, 3 May 2005. DnB NOR will present accounting figures based on previous Norwegian accounting standards as well as the new, international standards IFRS, which will be adopted by listed companies, e.g. in the EEA area, as from this year. (Enclosures on www.newsweb.no). DnB NOR ASA will present accounts for the first quarter of 2005 on Tuesday, 3 May 2005. DnB NOR will present accounting figures based on previous Norwegian accounting standards as well as the new, international standards IFRS, which will be adopted by listed companies, e.g. in the EEA area, as from this year. To ensure a better understanding of the report for the first quarter of 2005, DnB NOR has prepared pro forma figures for 2004 for the Group according to the new principles. The main implications of the transition from previous accounting principles to reporting according to IFRS for 2004 are: · Operations in Vital Forsikring will be fully consolidated, which means that individual items in Vital's accounts will be consolidated with corresponding items for other group operations, resulting in a rise of around NOK 163 billion in total assets in the Group's balance sheet. The consolidation will also have an impact on income, operating expenses and taxes. · Ordinary amortisation of goodwill will no longer be permissible. Instead, goodwill will be subject to continual evaluation and written down when book value is higher than estimated value. · A number of balance sheet items will be assessed at fair value, including the bank's commercial paper and bonds. Principal implications for main figures: · A NOK 198 099 million rise in total assets in the balance sheet. · A NOK 3 562 million increase in equity, of which NOK 3 415 million refers to the reclassification of allocated dividends from liabilities to equity. Thus, other changes give a NOK 146 million increase in equity. · A NOK 853 million rise in profits for 2004, primarily reflecting the annulment of goodwill amortisation and changes in the fair value of financial instruments previously not included in profits. As yet, capital adequacy calculations will be based on previous accounting principles as it has not been clarified how Norwegian authorities will adapt capital adequacy regulations to IFRS. Enclosures: Description of changes in accounting principles, pro forma profit and loss accounts and balance sheet for 2004 restated according to IFRS and analyses of the effects for selected profit and loss and balance sheet items. Questions can be directed to Per Sagbakken, tel. (+47) 22 48 20 72, or Jan Erik Gjerland, tel. (+47) 22 94 99 69. http://www.newsweb.no/index.asp?melding_ID=106740