Oslo, 29. May 2002

DnB Storebrand – a Leading Financial Services Group in Norway and the Nordic Region

The Boards of Directors of DnB and Storebrand have entered into an agreement under which the two companies intend to merge. The name of the new group will be DnB Storebrand, which will be the largest financial services group in Norway and one of the largest in the Nordic region. The new group will be the market leader in all of its core business areas in Norway. The banking franchise will be operated under the brand names Den norske Bank and Postbanken, while the combined life insurance activities will be operated under the Storebrand brand. The combined group will be the fourth largest asset manager in the Nordic region. The merger will create shareholder value through incremental annual pre-tax synergies of NOK 750 million (€100 million) and the enhanced ability to leverage growth opportunities. Personnel reductions of approximately 750 full-time equivalents will primarily be achieved through natural attrition and voluntary schemes.

The new group will have sufficient scale to compete with the largest banks in the Nordic region, as well as having the ability to actively participate in future consolidation in Norway and the Nordic region. The combined entity will be the market leader in Norway in all of its core business areas, and will be able to benefit from growth opportunities within life insurance, asset management and banking. The new group will be one of the four largest asset managers in the Nordic region. Based on its scale, competence and capital base, the new group will be able to serve both domestic and international customers better and more cost efficiently. DnB and Storebrand intend to merge based on an overall exchange ratio of 1.33 shares in DnB for each share in Storebrand. 20% of the consideration will be paid in cash. The merger will increase market capitalisation of DnB and improve liquidity of the shares, which should enhance the company’s capital market profile. Pro forma market capitalisation for the two companies will be NOK 43.2 billion (€5.8 billion). The owners of approximately half of Storebrand’s shareholders have indicated their support of the merger based on the announced exchange ratio. The Government Bank Investment Fund, DnB’s largest shareholder with a current ownership of approximately 48% in DnB, also supports the merger. The exchange ratio is subject to a satisfactory outcome of normal, reciprocal due diligence investigations of the two companies’ portfolios and businesses. These investigations are expected to be completed by June 28. The results of the due diligence investigations will be announced shortly thereafter. Non-life insurance will not be a core business area of the new group. The new group will aim to become one of the most attractive employers in the Norwegian and Nordic financial services industry. The new group will create shareholder value as a result of significant cost synergies and improved operational efficiency. Annual pre-tax synergies of NOK 750 million (€100 million) after deduction of expected revenue losses will be realised within three years. These synergies are incremental to previously announced cost containment initiatives within DnB and Storebrand. Pre-tax restructuring costs will be NOK 650 million (€88 million). A condition for DnB's obligation to enter into the final merger agreement is that shareholders owning more than 50 % of the share capital continue to support the merger. A similar condition applies to Storebrand with regards to DnB's largest shareholder, the Government Bank Investment Fund. The merger is conditional on two-thirds majority votes at extraordinary general meetings of shareholders in both DnB and Storebrand, and approval from the Norwegian Ministry of Finance and other regulatory bodies on terms that are commercially acceptable to the new group. The formal merger proposal is expected to be distributed to DnB and Storebrand shareholders in the beginning of July, 2002. The extraordinary general meetings of shareholders in the two companies are expected to be held in the beginning of August, 2002. The new group expects to receive regulatory approvals approximately three months following the extraordinary general meetings. Jannik Lindbæk will be the Chairman of the new group. Svein Aaser will be the Chief Executive Officer of the new group, while Idar Kreutzer becomes Deputy CEO. Asset Management will be headed by Anders Kvist, Retail Banking by Petter Jansen, Corporate Banking by Leif Teksum, Markets by Ottar Ertzeid and Storebrand Life insurance activities by Espen Klitzing. Other group management positions are Tom Grøndahl, CFO, Evlyn Raknerud, Financial Payment and Group Services, and Jarl Veggan, Corporate Communications.

- I am very happy to be able to present this merger. It will create a long-term viable financial institution in Norway with the ability to compete effectively inside and outside of Norway. The new group will be uniquely positioned to benefit from the expected high growth of the Norwegian savings markets. In addition to creating value for our shareholders, the new group will aim to be the most attractive place of employment in the Norwegian financial industry”, says Svein Aaser, CEO of DnB.

- Together with DnB, Storebrand will be a leader within life insurance, long-term savings and banking. The new group will unite and develop further the best of two organisations basing their operations on strong competence, innovative customer solutions and long traditions. DnB Storebrand will have a strengthened and broader product offering, and Storebrand’s customers will get access to the group’s products and services through a broader distribution network, says Idar Kreutzer, CEO of Storebrand and Deputy CEO of the new group.

Jannik Lindbæk and Leiv L. Nergaard, the Chairmen of the two companies say: - The Boards of Directors of the two companies have now set out the direction for a merger of DnB and Storebrand. We are convinced that we have chosen a commercially good solution that will benefit shareholders, customers and employees.

A combined press conference and analyst meeting (in Norwegian) will be held today, Wednesday 29 May at 9 a.m. Oslo time (8 a.m. UK time) in Felix conference centre, Aker Brygge.

A call for investors and analysts (in English) will take place today at 12 noon Oslo time (11 a.m. UK time). Call-in details: From Norway: 800 80 119 Password: "Merger Presentation" Outside of Norway: +47 23 000 400 Password: "Merger Presentation" Play-back: +47 22 76 91 21 Conference: 1173# Code: 173#

The presentation materials will be available on www.dnb.no/ir and www.Storebrand.no

Information

For further information, please contact

DnB:

Geir Falkenberg, Corporate communications, +47 22 48 28 49

Per Sagbakken, Investor relations, +47 22 48 20 72

Storebrand:

Egil Thompson, Corporate communications, +47 22 48 95 86

Nils Robert Hodnesdal, Investor relations, +47 22 31 55 33

Lars Aa. Løddesøl, Investor relations, +47 22 31 56 24

Further information is also found on DnB’s web page www.dnb.no, or Storebrand’s web page www.storebrand.no

Financial Advisors

Carnegie, First Securities, Goldman Sachs International and Orkla Enskilda are advising DnB. Fondsfinans and UBS Warburg are advising Storebrand.