DNBNOR - CHANGES IN DNB NOR`S GROUP MANAGEMENT FROM 1 JAN. 2004

There will be some changes in the group management team as of 1 January 2005. Among other things, a special risk management unit will be established for the Group. Deputy CEO Karl-Olav Hovden will retire on 31 December 2004 after 31 years of employment. His area of responsibility, comprising Group Strategy, Group Development, the Investment Division, the Legal Department and the Group Secretariat, will be taken over by deputy CEO Tom Grøndahl. Corporate Communications, which has had administrative reporting lines to Hovden, will report directly to the group chief executive, Svein Aaser, from 1 January 2005. Helge Forfang has been appointed chief risk officer and head of the new risk management unit. Up till now, Grøndahl has held overall responsibility for risk management. The unit will report directly to the group chief executive and will be responsible for the Group`s risk management, internal control and compliance. Responsibilities include credit risk, market risk, operational risk and insurance risk.