Notification of transaction pursuant to Section 3-1 of the http://www.newsweb.no/index.asp?melding_ID=96388 Securities Trading Act - Pan Fish ASA Reference is made to the statement to Oslo Børs from Pan Fish ASA ('Pan') dated 28 June 2004 regarding refinancing of the company. As part of the refinancing approved by Pan's Extraordinary General Meeting today, DnB NOR Bank ASA ('DnB NOR') has subscribed for 64,552,598 new shares in Pan with a nominal value of NOK 2 per share. Payment for the shares will be made by converting NOK 145,243,345.50 of Pan's debt to DnB NOR at a conversion rate of NOK 2.25 per share. The number of shares subscribed is based on a consolidation of existing shares in the ratio of 100:1. The conversion will be implemented immediately after the consolidation of existing shares in Pan. The conversion is part of a major conversion of debt to the company's banking connections. After the consolidation of shares and conversion of debt to shares, DnB NOR will own 114,879,893 shares in Pan, representing around 31.2 per cent of the shares and votes in the company. DnB NOR is represented on Pan's Board of Directors.

DnB NOR will hold a Capital Markets Day presentation today. http://www.newsweb.no/index.asp?melding_ID=96937 The presentation is enclosed on www.newsweb.no.

DnB NOR subsidiary takes over SkandiaBanken's asset http://www.newsweb.no/index.asp?melding_ID=96973 management operations The DnB NOR company Carlson Investment Management AB has entered into an agreement with Swedish SkandiaBanken to take over the bank's asset management operations. The agreement encompasses discretionary management of assets for a total of SEK 2.5 billion for around 450 retail customers and small companies in Sweden. Carlson Investment Management AB is a subsidiary in the DnB NOR Group. DnB NOR Asset Management manages assets for a total value corresponding to NOK 490 billion for institutional clients and retail customers, offering both tailor-made solutions and mutual funds. Half of the assets are managed on behalf of Swedish institutional clients. DnB NOR Asset Management has around 100 analysts and portfolio managers in eight offices around the globe: Oslo, Bergen, Stockholm, London, Luxembourg, New York, Hong Kong and Chennai (India).

Oslo Børs has received Report of Significant Shareholdings from Fidelity Investments where it is stated that they on behalf of investors have sold shares in DnB NOR ASA. The new holding is 65,007,112 shares equal to 4.92%.

In connection with the subscription right programme for employees in the former Gjensidige NOR ASA 5,181,408 shares have been issued at an exercise price of NOK 27.95. In connection with the conversion and listing on the stock exchange of Gjensidige NOR, and as part of an incentive programme for employees in Gjensidige NOR, it was agreed at the extraordinary Annual General Meeting on 10 September 2002 to issue 250 independent subscription rights to every employee in the Gjensidige NOR Group. According to the merger plan for the DnB and Gjensidige NOR - merger, each subscription right in Gjensidige NOR was converted to 6.2 subscription rights in DnB NOR ASA. The subscription period was set from 1 October through 15 October 2004. The subscription rights entitled the holders to demand the issue of up to 1,550 shares in DnB NOR ASA, at an exercise price of NOK 27.95. 5,181,408 shares at the rate of NOK 27,95 were subscribed. Settlement will take place on 22 October 2004, and the increase in capital is presumed to be registered with the Register of Business Enterprises around 2 November 2004. Total number of shares outstanding after the issue is 1,327,138,522.

In connection with the subscription right programme for employees in the former Gjensidige NOR ASA 5,181,408 shares have been issued at an exercise price of NOK 27.95. In connection with the conversion and listing on the stock exchange of Gjensidige NOR, and as part of an incentive programme for employees in Gjensidige NOR, it was agreed at the extraordinary Annual General Meeting on 10 September 2002 to issue 250 independent subscription rights to every employee in the Gjensidige NOR Group. According to the merger plan for the DnB and Gjensidige NOR - merger, each subscription right in Gjensidige NOR was converted to 6.2 subscription rights in DnB NOR ASA. The subscription period was set from 1 October through 15 October 2004. The subscription rights entitled the holders to demand the issue of up to 1,550 shares in DnB NOR ASA, at an exercise price of NOK 27.95. 5,181,408 shares at the rate of NOK 27,95 were subscribed. Settlement will take place on 22 October 2004, and the increase in capital is presumed to be registered with the Register of Business Enterprises around 2 November 2004. Total number of shares outstanding after the issue is 1,327,138,522. http://www.newsweb.no/index.asp?melding_ID=98666

Supplementary Information for Investors and Analysts

Third quarter 2004

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As a consequence of the employees exercising their subscription rights in 2004 (cf. statement dated 21 October 2004), the share capital in DnB NOR ASA has been increased by NOK 51,814,080 through the issue of 5,181,408 new shares, an increase of 0.39 per cent. The share capital now totals NOK 13,271,385,220, divided into 1,327,138,522 shares. As a consequence of the employees exercising their subscription rights in 2004 (cf. statement dated 21 October 2004), the share capital in DnB NOR ASA has been increased by NOK 51,814,080 through the issue of 5,181,408 new shares, an increase of 0.39 per cent. The share capital now totals NOK 13,271,385,220, divided into 1,327,138,522 shares. The capital increase has been registered with the Register of Business Enterprises. Oslo Børs has received the company certificate.