DNBNOR - RUNE BJERKE NEW GROUP CHIEF EXECUTIVE

The Board of Directors of DnB NOR ASA has appointed Rune Bjerke new group chief executive, succeeding Svein Aaser, who will reach retirement age at the end of the current year. Bjerke (46) is currently president and CEO of Hafslund ASA. Complete statement on www.newsweb.no The Board of Directors of DnB NOR ASA has appointed Rune Bjerke new group chief executive, succeeding Svein Aaser, who will reach retirement age at the end of the current year. Bjerke (46) is currently president and CEO of Hafslund ASA. Rune Bjerke holds an economics degree from the University of Oslo and a Master`s Degree in Public Administration from Harvard University. His previous positions include president and CEO of Scancem International, where he headed the international cement company`s Asia trading activities and was the company`s chief financial officer. Prior to this, Rune Bjerke served as finance commissioner of the City of Oslo and was adviser to Norway`s Ministry of Petroleum and Energy. `Svein Aaser has done an excellent job during his eight years as group chief executive. He and his staff have made DnB NOR Norway`s most important financial institution. Thus, it has been a demanding process to find a successor who will continue DnB NOR`s strategy,` says Olav Hytta, chairman of the Board of Directors. `I am pleased that Rune Bjerke has accepted the position as group chief executive of DnB NOR. In appointing Rune Bjerke, the Board of Directors has placed special emphasis on his extensive experience and his success at the helm of a large, listed company. He has demonstrated an ability for strategic thinking as well as day-to- day management, and has an inclusive managerial style combined with a positive natural authority,` says Olav Hytta. Rune Bjerke will receive an annual salary of NOK 4.2 million, bonus payments of maximum 30 per cent of annual salary, subject to given criteria, and a contractual termination payment for two years, to be reduced relative to any income from other employment. His retirement age will be 60 years, while pension benefits will correspond to 70 per cent of annual salary. As group chief executive in DnB NOR, Bjerke will also assume the position as CEO of DnB NOR Bank ASA. This appointment will be approved at a joint meeting of the bank`s Board of Directors and Supervisory Board on 17 August 2006. Rune Bjerke will assume the position as group chief executive on 1 January 2007. Press conference: In connection with the appointment of Rune Bjerke as new group chief executive in DnB NOR, a press conference will be held at 10 a.m. on Wednesday, 28 June 2006 at DnB NOR`s offices at Stranden 1, Aker Brygge, Oslo.