DNBNOR - EXERCISE OF INDEPENDENT SUBSCRIPTION RIGHTS

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.

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DNB is Norway's largest financial services group and offers financial products and services, including loans and deposits, mutual funds and asset management, life insurance and pension savings, payment and financing services, real estate broking and services related to the money and capital markets.

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