AS "DnB NORD Banka" management report on financial results of H1 2008 and half year financial report

The report comprises financial results of DnB NORD Group consisting of AS DnB
NORD Banka with its subsidiaries - leasing company SIA DnB NORD Līzings, asset
management company IPAS DnB NORD Fondi, and SIA Skanstes 12 for the first six
months of 2008. 
DnB NORD Group over the first six months of the year has continued stable and
sustainable development in line with the existing macroeconomic situation
bearing in mind its aim to attain the position of one of the top universal
banks in Latvia. The profit of DnB NORD Group as of 30th June 2008 amounted to
LVL 9.6 million. 
The assets of DnB NORD Group over H1 2008 grew by 2.24% as compared to the
beginning of the year and amounted to LVL 2,105.2 million. 
Deposits of DnB NORD Group over the first six months of 2008 grew by 13.6%, up
to the mark of LVL 396.6 million. Taking into consideration the existing
macroeconomic trends the lending policy of the bank was based on rather prudent
risk principles and the Bank's loan portfolio increased by 2.39% as compared to
the beginning of year, and amounted to LVL 1,831.2 million. 
Owing to its prudent risk policy the risk position of the bank has maintained
its stability and should be regarded positively as compared to average ratios
of Latvian banking sector. 
The subsidiaries of DnB NORD Banka - leasing company DnB NORD Līzings and asset
management company IPAS DnB NORD Fondi during the accounting period
demonstrated successful development, providing services to a growing share of
population in Latvia. 

According to the bank's strategy, during the first half of 2008 particular
emphasis was put on development, launching and improvement of new investment,
life insurance and savings products. 
Within the framework of DnB NORD Group management optimization process on 31st
January all business activities of AS DnB NORD Banka in Estonia, i.e. the
Bank's branch AS DnB NORD Banka Eesti filiaal and subsidiary AS DnB NORD
Liising Leasing Company were assigned to the Estonian branch of AS DnB NORD
Banka holding company Bank DnB NORD A/S (Denmark) - Bank DnB NORD A/S Eesti
filiaal.