DNBNOR - PROPOSED AUTHORISATION FOR THE REPURCHASE OF SHARES

To achieve an optimal level of equity in the Group, at the General Meeting to be held on 21 April 2005, the Board of Directors in DnB NOR ASA will request authorisation to repurchase shares. Pursuant to the authorisation, the Board will be able to acquire own shares for a total face value of up to NOK 1 339 089 894, corresponding to 10 per cent of share capital. To achieve an optimal level of equity in the Group, at the General Meeting to be held on 21 April 2005, the Board of Directors in DnB NOR ASA will request authorisation to repurchase shares. Pursuant to the authorisation, the Board will be able to acquire own shares for a total face value of up to NOK 1 339 089 894, corresponding to 10 per cent of share capital. The shares may be purchased through the stock market. Each share may be purchased at prices between NOK 10 and NOK 100. The authorisation is valid for a period of 12 months from 21 April 2005. Acquired shares shall be redeemed in accordance with regulations on the reduction of capital. An agreement will be signed with the Norwegian government, represented by the Ministry of Trade and Industry, for the redemption of a proportional share of government holdings to ensure that the government`s percentage ownership in the company does not change as a result of the redemption of repurchased shares.