Stock and press releases

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.

Oslo Børs has received Report of Significant Shareholdings from Fidelity Investments where it is stated that they on behalf of investors have sold shares in DnB NOR ASA. The new holding is 65,007,112 shares equal to 4.92%.