DNBNOR - NOTIFICATION OF TRANSACTION - PAN FISH ASA

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.