DNBNOR - SUBSCRIPTION RIGHTS PROG FOR EMPLOYEES IN FORMER DNB

Subscription rights programme for employees in the former DnB Two-thirds of the subscription rights issued to employees in DnB Holding ASA in accordance with a resolution passed at the Annual General Meeting on 27 April 2000 can be exercised during the period from 1 through 15 March 2004 at a price of 32.83 per share. As at 26 February 2004, there were 26.4 million subscription rights outstanding, entitling holders to subscribe for a total of 26.4 million DnB NOR shares. Two-thirds of the subscription rights issued to employees in DnB Holding ASA in accordance with a resolution passed at the Annual General Meeting on 27 April 2000 can be exercised during the period from 1 through 15 March 2004 at a price of 32.83 per share. As at 26 February 2004, there were 26.4 million subscription rights outstanding, entitling holders to subscribe for a total of 26.4 million DnB NOR shares. According to the terms for the subscription rights, the effective return on the DnB share during the period from 27 April to the period 17 to 23 February 2004 must exceed the unweighted average of the effective returns on shares/primary capital certificates in Svenska Handelsbanken, SEB, Nordea, Danske Bank, Sparebanken Midt- Norge and Gjensidige NOR. At a meeting on 25 February 2004, the Board of Directors in DnB NOR ASA confirmed that this condition for excercising the subscription rights has been fulfilled. Against this background, the holders of subscription rights can exercise maximum 17.6 million subscription rights during the period from 1 through 15 March 2004, which will increase the number of shares in the company by 1.33 per cent and strenghten core capital by 0.1 percentage points. According to the terms, holders of subscription rights have the option to postpone exercising the subscription rights until the period from 1 through 15 March 2005.

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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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