DNBNOR - DNB NOR: SOUND PROFITS IN FIRST QUARTER OF 2005

Results in accordance with new international accounting principles (IFRS): · Ordinary operating profits rose 18 per cent to NOK 2 752 million (2 334 in first quarter of 2004) · Profits after taxes rose to NOK 1 974 million (1 867) · Earnings per share were NOK 1.48 (1.43) · Return on equity came to 15.3 per cent (16.4) · The cost/income ratio was reduced to 53.8 per cent (59.8) Attachment on www.newsweb.no Results in accordance with new international accounting principles (IFRS): · Ordinary operating profits rose 18 per cent to NOK 2 752 million (2 334 in first quarter of 2004) · Profits after taxes rose to NOK 1 974 million (1 867) · Earnings per share were NOK 1.48 (1.43) · Return on equity came to 15.3 per cent (16.4) · The cost/income ratio was reduced to 53.8 per cent (59.8) · The core capital ratio at end-March rose to 7.6 per cent (7.1) Results in accordance with previous Norwegian accounting principles: · Pre-tax ordinary operating profits before losses and goodwill amortisation were NOK 2 698 million (2 222) · Profits after taxes came to NOK 1 782 million (1 458) · Earnings per share excluding goodwill amortisation came to NOK 1.45 (1.23) · Return on equity excluding goodwill amortisation was 16.2 per cent (15.0) · The cost/income ratio excluding goodwill amortisation was 51.7 per cent (58.5) The transition to IFRS had no impact on the formal core capital ratio. (Profits from discontinued operations are not included in the figures for the first quarter of 2004.) Comments by group chief executive Svein Aaser: `These are good quarterly figures. Income is growing, costs decreasing and losses are low. Increasing ordinary operating profits by 18 per cent from the first quarter last year and bringing down costs relative to income reflect the sound and systematic effort in all parts of the DnB NOR Group.` `Market activity is high in all business areas. DnB NOR Markets has achieved record-high profits; our position has been strengthened in key customer segments in the corporate market; in the retail market we have shown a healthy profit trend and experienced a positive response to our new branch offices; and sales figures are good within life insurance and asset management. DnB NOR has enhanced its position,` says Aaser. `I am also pleased with the process of integrating the two groups following the merger almost a year and a half ago. Synergies have been realised ahead of target figures and we have long since created what we aimed for, a Norwegian financial services group with the resources to meet the growing competition from international players. The terms imposed by the authorities in connection with the merger have now been fulfilled. What remains to be done is to conclude the practical work and complete the realisation of synergies as planned. We are, in other words, on schedule,` says group chief executive Svein Aaser. The first quarter report, including tables, can be downloaded from www.dnbnor.com Press release, first quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no