Aktiv Kapital (OSL:AIK) Will Reduce Annual Cost With More Than NOK 100 Million

Aktiv Kapital (OSL:AIK) Aktiv Kapital is committed to reduce the cost base with more than 10 percent to improve profitability and prepare the Company for more financially challenging times. The program when fully implemented in July 2009 will affect more than 200 employees, approximately 15% percent of the total workforce, and lead to a more efficient office structure. The program will involve operations in all 11 countries and include a provision of approximately NOK 30 million which will be booked in Q1 2009.

The total annual savings will be minimum NOK 100 million. The effects of the cost reduction will be experienced from February 2009 with full effect expected by July 2009.

"In order to secure our operations and profitability, we find it necessary to proactively prepare the organization for future challenges. We regret that these changes will affect some of our competent and loyal employees", says Erik Øyno CEO of Aktiv Kapital.

Aktiv Kapital will amongst others implement the following initiatives:

40 employees will become redundant in Aktiv Kapital UK as a function of more efficient and improved collection methods. This will involve both the Bromley and Chester locations and increase operational performance.

Aktiv Kapital will centralize the Norwegian operation and build two strong competency environments in Oslo and Rørvik. The offices in Ålesund, Sandnes and Kristiansand are in the process of or will be closed down. As a consequence, 32 employees will either be offered employment in new locations or become redundant.

In Canada the Montreal location will be closed and the activities in the Quebec region will be outsourced. In addition, the staff in the London (Ontario) location will be reduced.
The Danish operation will in line with what has been communicated earlier, be significantly downsized and administratively managed from Sweden. The number of employees in Denmark is estimated to be reduced from 30 to 5 within the end of the first quarter 2009.

The company is currently also considering several significant actions for the Spanish operations where weak financial conditions are negatively influencing the recovery, resulting in weaker than anticipated revenues and higher operational cost ratios.

Included in the cost reduction program is also a significant reduction in the group overhead costs.

CEO of Aktiv Kapital Erik Øyno comments:"Aktiv Kapital continuously implements actions when the operational performance does not meet profitability requirements and market conditions change. It has been important for us in the process to secure the underlying positive fundamentals of the business, and ensure that the operational margins are optimized or improved. We have therefore put special emphasis on cost reduction initiatives which have none or limited impact on Aktiv Kapital's core business; maintaining the revenue from our non-performing loan portfolios.

The difficult collection environment we will experience going forward may negatively influence the recovery from portfolios. We expect this trend to a large extend will be out-weighted by an increasing number of portfolios being offered for sale at attractive prices. We believe this positions Aktiv Kapital attractively improving long term earnings in this difficult financial environment."

For further information, please contact: Erik Oyno, Group CEO & President Phone: +47 90131203, email: erik.oyno@aktivkapital.com

May Kristin Haugen, Chief HR & Communications Officer Phone: +47 97745057, email: may.kristin.haugen@aktivkapital.com

About Aktiv Kapital Headquartered in Oslo, Norway. Aktiv Kapital has operations in 11 countries, and is today Europe's and Canada's largest purchaser of non-performing consumer credits. Aktiv Kapital had in 2007 an operating revenue NOK 1 575 million. Within the Portfolio segment Aktiv Kapital had approx 550 000 paying customers in 2007. Aktiv Kapital is listed on the Oslo Stock Exchange (AIK).

For more information about Aktiv Kapital, please visit www.aktivkapital.com

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Aktiv Kapital

http://www.aktivkapital.com

ISIN: NO0003075004

Stock Identifier: XOSL.AIK