DnB NOR: New financial target figures

At a Capital Markets Day in London today, 9 October 2007, DnB NOR ASA will
present new financial target figures for the 2008-2010 period. The new target
figures are 16 per cent return on equity and a 10 per cent average annual
increase in pre-tax operating profits before write-downs. 
 
This implies that the return on equity target has been raised from 15 to 16 per
cent. A 10 per cent annual increase in pre-tax operating profits before
write-downs implies that this figure will reach NOK 20 billion in 2010, up from
NOK 14.1 billion in 2006. 
 
"Our customer base and our strong distribution network in Norway give us a
unique platform for selling an increasing number of products per customer.
Internationally, we will build on our expertise within shipping, energy and
fisheries. We will become a universal bank in Sweden and expand our initiatives
in the Baltic region through DnB NORD," says group chief executive Rune Bjerke. 
 
DnB NOR has already reached its target of a cost/income ratio below 50 per
cent. Bjerke expresses an ambition to achieve a cost/income ratio below 46 per
cent by 2010. 
 
"We have initiated a cost programme in our Norwegian operations which will
reduce costs by 
NOK 1 billion annually by 2010," he says.
 
The cost reductions will be realised by streamlining operational processes, IT,
procurement and distribution. Based on changes in the way customers use the
bank, the number of branch offices will be reduced by 30 during the period up
to 2010. 
 
DnB NOR's current dividend policy and capital adequacy requirements will remain
unchanged. This implies a core capital ratio target of approximately 6.5 per
cent and the distribution of approximately 50 per cent of net annual profits as
dividends.