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Annual Report 2006 Useful Information the Group’S Annual Report Includes the Report from the Board of Directors of Dnb NOR ASA and Audited Annual Accounts for 2006

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Annual Report 2006 Useful Information the Group’S Annual Report Includes the Report from the Board of Directors of Dnb NOR ASA and Audited Annual Accounts for 2006 Annual report 2006 Useful information The Group’s annual report includes the report from the Board of Directors of DnB NOR ASA and audited annual accounts for 2006. The annual accounts of the DnB NOR Group have been prepared in accordance with International Financial Reporting Standards (IFRS), and the annual accounts of DnB NOR ASA have been prepared in accordance with Norwegian accounting legislation and generally accepted accounting principles (NGAAP). The annual report also contains a review of developments in the DnB NOR Group’s business areas, a description of management in DnB NOR and key measures to promote the health, well-being and development of the Group’s employees. DnB NOR Group Largest entities: DnB NOR Bank 1) Vital 1) DnB NOR Asset Management The DnB NOR Bank Vital is Norway’s leading DnB NOR Asset Manage- Group is the largest entity provider of life insurance ment is Norway’s largest in the DnB NOR Group products and pension fund manager and has and Norway’s largest savings. a leading position within bank, offering services to discretionary asset man- the corporate, retail and agement for institutional securities markets and clients in Norway and the public sector. Sweden. 1) Separate annual and quarterly reports are prepared for DnB NOR Bank and Vital. Other sources of information Corporate social responsibility report 2006 The report is available on www.dnbnor.com/csr. It can be ordered by sending an e-mail to [email protected]. Quarterly publications Quarterly reports and supplementary information for investors and analysts are available on www.dnbnor.com. They can be ordered by sending an e-mail to [email protected]. Annual General Meeting The Annual General Meeting will be held on 24 April 2007 at 6 p.m. at DnB NOR’s premises in Kirkegt. 21, Oslo. Information on how to register attendance and items on the agenda can be found at www.dnbnor.com/agm. Shareholders registered as owners in DnB NOR ASA with the Norwegian Central Securities Depository (VPS) may opt to receive annual reports and the notice of the Annual General Meeting electronically. For more information about Investor Account Services, please contact your VPS registrar or go directly to www.vps.no/erapport.html. Shareholders with VPS accounts in DnB NOR who do not wish to receive reports or notices by regular mail, may register at www.dnbnor.no/en/markets/securities_services. Financial calendar 2007 First quarter 3 May Annual General Meeting 24 April Second quarter 9 August Distribution of dividends as of 7 May Third quarter 1 November Contents 5 DnB NOR in brief 12 Group chief executive’s statement 13 Board chairman’s statement 15 Business areas 16 Organisation and management 20 Corporate Banking and Payment Services 28 Retail Banking 34 DnB NOR Markets 40 Vital 46 DnB NOR Asset Management 50 DnB NORD 54 Staff and support units 57 Management in DnB NOR 58 Group management and Board of Directors 60 Governing bodies in DnB NOR ASA 62 Corporate governance 68 Risk management and internal control 70 Capital management and risk categories 76 The DnB NOR share 80 Corporate social responsibility in DnB NOR 82 Employees − the Group’s most valuable resource 91 Review of operations and fi nancial performance 92 Directors’ report 101 Annual accounts 180 Auditor’s report 181 Control Committee’s report 182 Contact information The Group’s annual report has been approved by the Board of Directors in the original Norwegian version. This is an English translation. The distinguished bank building in Risør dates from the early 1800s. There have been banking operations in the building since 1918 and today three fi nancial advisers serving retail customers work there. DnB NOR in brief This is DnB NOR 6 2006 in brief 7 Business areas 8 Geographic presence 9 Market shares 10 Key fi gures 11 Group chief executive’s statement 12 Board chairman’s statement 13 This is DnB NOR DnB NOR is Norway’s largest fi nancial services group with total combined assets of NOK 1 600 billion. The Group consists of strong brands such as DnB NOR, Vital, Nordlandsbanken, Cresco, Postbanken, DnB NORD and Carlson. Norway’s leading fi nancial services group… • More than 2.1 million retail customers • Norway’s largest Internet banks, dnbnor.no and postbanken.no, with more than 1.1 million users • More than 196 000 corporate clients • The country’s most extensive distribution network for fi nancial services • Represented in more than 200 locations in Norway • Norway’s largest life and pension insurance company with around 950 000 customers • Norway’s largest asset management company with more than 654 000 mutual fund customers in Norway and 323 institutional clients in Norway and Sweden • Norway’s largest investment bank • Norway’s leading real estate broker • 11 824 full-time positions … and the most international • Partner for Norwegian companies abroad and for large international companies in Norway • International network of 11 branches and representative offi ces • One of the world’s leading shipping banks • A major international player in the energy sector • Norway’s leading foreign exchange bank • Asset management operations in Sweden through the brands DnB NOR Asset Management and Carlson • Operations in Poland and the Baltic region through DnB NORD • A presence in north-west Russia through DnB NOR Monchebank • Subsidiary in Luxembourg 6 DnB NOR in brief DnB NOR annual report 2006 2006 in brief 2006 2005 Pre-tax operating profi ts before write-downs (NOK million) 14 066 12 471 Profi ts for the year (NOK million) 11 808 10 144 Earnings per share (NOK) 8.74 7.59 Proposed dividend (NOK) 4.00 3.50 Total combined assets at year-end (NOK billion) 1 692 1 463 Return on equity (per cent) 19.5 18.8 First quarter 2006 • Operations in DnB NORD and Monchebank became part of the DnB NOR Group Second quarter 2006 • A successful coordination of the account systems in the former DnB and Gjensidige NOR was completed • The integration was concluded and the synergy targets were reached ahead of schedule • DnB NOR Finans established new operations in the Swedish market • Vital gained a position as a leading participant in the mandatory occupational pension market • The Board of Directors approved a new capitalisation policy for DnB NOR • The general meeting renewed the authorisation of the Board of Directors of DnB NOR ASA to acquire the Group’s own shares for a total nominal value corresponding to 10 per cent of share capital • The Group applied for permission to use the advanced IRB approach for credit risk as from 1 January 2008 in connection with Basel II, the new capital adequacy rules • The Board of Directors of DnB NOR ASA appointed Rune Bjerke as new group chief executive, succeeding Svein Aaser, who retired on 31 December 2006 Third quarter 2006 • DnB NOR established Postbanken Eiendom • DnB NOR opened a full-service corporate branch in Shanghai • Dominion Bond Rating Service, the Canadian rating agency, assigned a long-term rating of AA to DnB NOR Bank ASA • DnB NOR was presented with the annual Lloyd’s Shipping Award for its syndicated lending to the shipping industry • Vital applied for a licence to commence life insurance operations in Latvia and Lithuania Fourth quarter 2006 • DnB NOR launched a USD 2 million three-year bond issue in the US, the fi rst issue in a funding programme for the issue of bonds in the US market • DnB NOR entered into an agreement to buy 76.3 per cent of BISE Bank in Poland through its partly-owned subsidiary DnB NORD • The Group received preliminary approval from Kredittilsynet (the Financial Supervisory Authority of Norway) to use the foundation IRB approach for credit risk from 1 January 2007 • DnB NOR established a life phase programme for the Group’s employees intended to motivate senior employees to work longer 7 DnB NOR annual report 2006 DnB NOR in brief Business areas Corporate Banking and Payment Services DnB NOR is the leading bank for a wide cross-section of Norwegian businesses. Through targeted initiatives, DnB NOR aims to become an international group headquartered in Norway. Pre-tax operating profi ts increased by 10 per cent to NOK 6 599 million in 2006. Sound growth in volumes more than compensated for pressure on prices. Retail Banking Retail Banking has over two million customers whose fi nancial needs are increasingly covered by the Group’s products. The number of customers with DnB NOR loyalty programmes and the product package Postbanken Leve increased by 138 000 in 2006. Pre-tax operating profi ts increased by 7 per cent to NOK 4 571 million. Increased sales of savings products contributed to income growth in 2006. DnB NOR Markets DnB NOR Markets is Norway’s largest investment bank and showed a healthy profi t trend in 2006 with increased income in all areas of operation. A high level of activity on Oslo Børs during most of the year coupled with great demand for investment products and in- terest rate hedging products helped boost income growth. Pre-tax operating profi ts were up 38 per cent to NOK 2 390 million in 2006. The cost/income ratio was 39.1 per cent, while return on equity was 57.3 per cent. Vital Vital provided insurance coverage for around 950 000 customers at year-end 2006 and leads the market within group and individual pensions. Vital won the race in the manda- tory occupational pension market with a market share of just over 32 per cent at end- December 2006. Pre-tax operating profi ts rose by NOK 113 million to NOK 1 431 million in 2006.
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