In deregulated power systems Distribution Network Operators (DNO) are responsible for maintaining the proper operation and efficiency of distribution networks. This is achieved traditionally through specific investments in network components and by using some optimization methods for reducing the active losses. The event of Distributed Generation (DG) has introduced new challenges to these distribution networks both at the planning and operation stages. The role of Distributed Generation (DG) units must be correctly assessed to optimize the overall operating and investment cost for the whole system. However the Distributed Generation Owners (DGOs) have different objective functions which might be contrary to the objectives of DNO. This paper presents a long-term dynamic multi-objective model for planning of distribution networks regarding the benefits of DNO and DGOs. The proposed model simultaneously optimizes two objectives, namely the benefits of DNO and DGO and determines the optimal schemes of sizing, placement and specially the dynamics (i.e., timing) of investments on distributed generation units and network reinforcements over the planning period. The proposed model also considers the uncertainty of electric load, electricity price and wind turbine power generation using the point estimate method. The effect of benefit sharing is investigated for steering * Corresponding author