Stock and press releases

DnB NOR, Norway's largest financial services group, today http://www.newsweb.no/index.asp?melding_ID=92039 opens a branch office in Helsinki, thus completing DnB NOR's Nordic network for corporate customers. DnB NOR already has offices in Copenhagen and Stockholm. DnB NOR, Norway's largest financial services group, today opens a branch office in Helsinki, thus completing DnB NOR's Nordic network for corporate customers. DnB NOR already has offices in Copenhagen and Stockholm. 'The Group's strategy is to be the best financial partner for Norwegian companies and the preferred partner for international customers doing business in Norway. Parallel to this, we wish to team up with Norwegian companies with operations outside Norway. Finland and Norway have a history of flourishing trade relations. Today, there is mutual cooperation between a large number of companies in both countries. The establishment of DnB NOR in Finland must therefore be seen as a logical step,' says Svein Aaser, group chief executive in DnB NOR, in connection with the opening of the branch office. 'The branch in Finland is a full-service office offering a complete range of day-to-day banking services for corporate customers. DnB NOR in Helsinki will start operations with a core customer and market-oriented staff, which will link customers to DnB NOR's Nordic network. Among other things, DnB NOR is one of the primary providers of cross-border payment services in the Nordic region,' says Vidar Johannesen, head of DnB NOR Finland. DnB NOR is Norway's largest financial services group, with combined total assets of around NOK 1,200 billion (EUR 141.5 billion). The Group has more than two million retail customers, around 150,000 corporate customers and more than 700,000 life insurance customers. DnB NOR's operations are based on more than 180 years' experience as a supplier of financial services in Norway. In addition to Helsinki, Stockholm and Copenhagen, DnB NOR has offices in Hamburg, London, Luxembourg, New York, Singapore, Hong Kong, Shanghai, Beijing, Murmansk, Cairo, Santiago and Rio de Janeiro.

DnB NOR has now selected the premises for its future branch http://www.newsweb.no/index.asp?melding_ID=91697 offices. The coordination of the branches will start in September 2004 and be completed in the summer of 2005. As stipulated by the Norwegian Competition Authority, 53 premises currently used as branch offices will be placed on the open market for sale or rent within 1 January 2006. DnB NOR has now selected the premises for its future branch offices. The coordination of the branches will start in September 2004 and be completed in the summer of 2005. As stipulated by the Norwegian Competition Authority, 53 premises currently used as branch offices will be placed on the open market for sale or rent within 1 January 2006. The new local bank DnB NOR Bank's future branches will offer customers a full range of banking services, including financing as well as investment advisory services provided by a highly competent staff. By the summer of 2005, all DnB NOR branch offices will appear in new design. 'DnB NOR aims to be the entire country's local bank, offering a full range of products from the DnB NOR Group. Decisions will be made locally - in close proximity to the customer,' says group executive vice president Åsmund Skår. Available office space will be sold In 53 places throughout the country, DnB and Gjensidige NOR's branch offices are located so close to each other that activities will be coordinated under one roof. A number of factors were taken into consideration in deciding on future offices, including location and market conditions, the size and technical standard of the premises, and whether the premises are owned or rented by the bank. When all of the offices have been combined, DnB NOR will have a total of 215 branch offices and 33 business centres nationwide, a much higher number than either of the two banks had on their own. In addition to the branch offices, customers will be served from 25 investment centres, by telephone and over the Internet. The terms stipulated by the Competition Authority require DnB NOR to sell the available office space to competing banks. The branch offices will be placed on the open market for sale or rent within 1 January 2006.

The Annual General Meeting of DnB NOR ASA will be moved to http://www.newsweb.no/index.asp?melding_ID=91610 29 April 2004 at 2.00 pm. Due to an error on the part of one of DnB NOR ASA's subcontractors, Posten Norge AS, the notice of the General Meeting was not distributed in time to hold the Annual General Meeting on 27 April 2004. The Annual General Meeting of DnB NOR ASA will be moved to 29 April 2004 at 2.00 pm. Due to an error on the part of one of DnB NOR ASA's subcontractors, Posten Norge AS, the notice of the General Meeting was not distributed in time to hold the Annual General Meeting on 27 April 2004. To fulfil the requirement in Section 5-10 of the Norwegian Public Limited Companies Act regarding the deadline for sending the notice, shareholders in DnB NOR ASA are invited to attend the Annual General Meeting to be held on Thursday, 29 April 2004 at 2.00 pm at the Hotel Bristol, Kristian IV's gt 7, Oslo. Enclosed on www.newsweb.no is the new notice of the Annual General Meeting in DnB NOR ASA and the notice presented earlier. We regret that it has not been possible to prepare a completely new notice, including new registration and proxy forms. However, this was not feasible due to the time element and the requirement in the Articles of Association to hold the General Meeting by the end of April. Shareholders are thus asked to disregard the date and time set in the notice, annual report, registration and proxy forms presented earlier. Registration and proxy forms with the original date for the General Meeting will be accepted. The items on the agenda and details on the items are presented in the notice presented earlier. Please note that the Board of Directors will propose two minor changes in item 5 in consequence of the postponement of the General Meeting. The changes imply that dividends will be distributed to registered shareholders as at 29 April 2004 and that the shares in DnB NOR ASA will be quoted ex- dividend on 30 April 2004.

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.