DNBNOR - DNB NOR: PROFITS OF NOK 7.4 BILLION IN 2004

Full year 2004 · Profits rose 37 per cent to NOK 7 388 million (NOK 5 378 million in 2003) · Pre-tax operating profits before losses: NOK 9 798 million (8 681) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 6.05 (4.61) . Return on equity: 17.4 per cent (14.3) . Cost/income ratio: 53.4 per cent (57.0) Attachment on www.newsweb.no Full year 2004 · Profits rose 37 per cent to NOK 7 388 million (NOK 5 378 million in 2003) · Pre-tax operating profits before losses: NOK 9 798 million (8 681) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 6.05 (4.61) . Return on equity: 17.4 per cent (14.3) . Cost/income ratio: 53.4 per cent (57.0) · Capital adequacy at year-end: 7.6 per cent (6.8) · The Board of Directors has proposed to distribute a dividend of NOK 2.55 per share (NOK 2.20 in 2003) Fourth quarter 2004 · Profits rose 47 per cent to NOK 2 303 million (NOK 1 563 million in fourth quarter 2003) · Pre-tax operating profits before lossess: NOK 2 787 million (2 072) · Excluding goodwill amortisation, the figures were: . Earnings per share: NOK 1.85 (1.31) . Return on equity: 20.1 per cent (15.6) . Cost/income ratio: 49.3 per cent (57.1) (Operations in Elcon are not included in the fourth-quarter figures.) Comments by the group chief executive: `Our staff generated record-high profits parallel to the implementation of the largest merger in the Norwegian financial services industry in 2004, which makes me proud and happy,` says group chief executive Svein Aaser. `I have noted that the strong competition in the financial market has provided the organisation with the incentive to step up market activity. Growth in volume and determined effort to cut costs have helped achieve healthy profits in the merged group`s first full year of operation. Decision- making has been moved closer to customers, and we now have more customers than at the time of the merger,` says Aaser. `I am pleased that the demanding merger process is going well, reflecting the open cooperation with employee representatives to meet the many challenges that follow in the wake of such a merger. As at 31 December 2004 we had realised cost synergies of NOK 705 million, while the year- end target was NOK 528 million. 60 per cent of the staff cuts scheduled over three years had already been implemented at year-end 2004,` he says. `In recognition of the effort put forth in all parts of the organisation, the Group will increase allocations to DnB NOR Ansattefond (investment fund for employees) for 2004 by NOK 30 million to NOK 153 million,` says group chief executive Svein Aaser. The fourth quarter report, including tables, can be downloaded from www.dnbnor.com Press release, fourth quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no