Stock and press releases

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).

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.

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: Operating profits up 50 per cent to NOK 2.4 http://www.newsweb.no/index.asp?melding_ID=96073 billion in second quarter Second quarter of 2004 · Pre-tax operating profits for the second quarter were up a good 50 per cent to NOK 2 390 million (NOK 1 586 million in the second quarter of 2003) · Profits after taxes: NOK 1 745 million (1 360) · Excluding goodwill amortisation, the figures were: · Earnings per share: NOK 1.43 (1.16) Attachment on www.newsweb.no DnB NOR: Operating profits up 50 per cent to NOK 2.4 billion in second quarter Second quarter of 2004 · Pre-tax operating profits for the second quarter were up a good 50 per cent to NOK 2 390 million (NOK 1 586 million in the second quarter of 2003) · Profits after taxes: NOK 1 745 million (1 360) · Excluding goodwill amortisation, the figures were: · Earnings per share: NOK 1.43 (1.16) · Return on equity: 16.8 per cent (14.7) · Cost/income ratio: 53.1 per cent (54.7) · Core capital ratio: 7.2 per cent Figures for the second quarter of 2003 are adjusted for the sale of Elcon. First half of 2004: · Pre-tax operating profits: NOK 4 468 million (3 045) · Profits after taxes: NOK 3 262 million (2 424) · Excluding goodwill amortisation, the figures were: · Earnings per share: NOK 2.71 (2.10) · Return on equity: 16.2 per cent (13.4) · Cost/income ratio: 55.6 per cent (57.5) Comments by the group chief executive 'DnB NOR is a group showing steady progress,' says group chief executive Svein Aaser. 'Profits are moving in the right direction and we are consolidating our position in the market. Customers are given priority even in a period characterised by intense activity to implement the merger between the two organisations.' 'The positive trend from the first quarter was reinforced in the second quarter. We have maintained healthy earnings in a market situation with tough competition and low interest rates.' 'I am pleased to report cost savings in line with our promises to investors at the time of the merger. In that connection, I would like to commend our staff, who display team spirit and are willing to make an extra effort,' says Svein Aaser. The second quarter report, including tables, can be downloaded from www.dnbnor.com Press release, second quarter report, presentation and Supplementary Information for Investors and Analysts can be found on www.newsweb.no

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DnB NOR Bank ASA