DNBNOR - CAPITAL INCREASE

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.