DNBNOR - OPERATING PROFITS OF NOK 2.5 BILLION IN 3. QUARTER

Third quarter 2004 · Pre-tax operating profits rose by 38 per cent to NOK 2 498 million (NOK 1 813 million in the third quarter of 2003) · Profits after taxes: NOK 1 823 million (1 333) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 1.49 (1.14) . Return on equity: 16.8 per cent (13.9) . Cost/income ratio: 53.5 per cent (56.4) Attachment on www.newsweb.no Third quarter 2004 · Pre-tax operating profits rose by 38 per cent to NOK 2 498 million (NOK 1 813 million in the third quarter of 2003) · Profits after taxes: NOK 1 823 million (1 333) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 1.49 (1.14) . Return on equity: 16.8 per cent (13.9) . Cost/income ratio: 53.5 per cent (56.4) · Core capital ratio at end-September: 7.3 per cent January through September 2004 · Pre-tax operating profits: NOK 6 881 million (4 733) · Profits after taxes: NOK 5 026 million (3 671) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 4.16 (3.16) . Return on equity: 16.3 per cent (13.3) . Cost/income ratio: 55.0 per cent (57.4) Operations in Elcon are not included in the figures. Comments by the group chief executive: `DnB NOR shows steady progress, with a satisfactory trend in profits. Efforts to realise synergies in connection with the merger are on schedule, and thus far we have achieved synergies for a total of NOK 426 million,` says group chief executive Svein Aaser. `The level of market activity remains high. We have delegated considerable credit approval authority to the bank`s local and regional account officers, which enhances DnB NOR`s position as a strong local bank for corporate customers throughout the country. We have also established a number of arenas for strengthening customer relationships in the form of seminars, meetings and courses for representatives from various sectors. Retail customers have achieved better terms through a broader range of customer loyalty programmes and the harmonisation of price structures from the two former banks. This means lower annual costs for retail customers.` `I appreciate the excellent teamwork between staff members and between the various units within the Group. Impressive effort has been put forth at all levels of the organisation,` says Svein Aaser. The third quarter report, including tables, can be downloaded from www.dnbnor.com Press release, third quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no

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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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