AnnuAl 50 • 2007/2008 find new business partners in norway

The Official Norwegian Trade Portal investing in norway At www.nortrade.com you will find up-to-date information on more than 4,000 Norwegian manufacturers and exporters within 35 different industries. There you will find a search tool which allows you to perform searches for companies, products or services in the Norwegian Export Directory.

www.norway.info Pure Potential “Norway – the official site” provides extensive Innovation Norway promotes nationwide industrial background information on Norway, as well as news and development profitable to both the business economy details of Norwegian-related events abroad. The large and Norway’s national economy, and helps realize the number of articles on politics, travel, culture, business, potential of different districts and regions by contributing education, research and history are presented by the to innovation, internationalization and promotion. Norwegian Ministry of Foreign Affairs and its partners. The company has approximately 700 employees. “Norway – the official site” has been established in 90 Headquartered in Oslo, Innovation Norway has offices in countries and in 18 languages. over 30 countries worldwide, along with all of the counties across Norway.

English-language information about Innovation Norway is available at www.innovationnorway.no/english.

Produced by: In cooperation with: norway abroad Vol. 2007 No. 6 ISSN 0029-3628 Published September 2007 by Findexa Forlag AS facts: in cooperation with Innovation Norway, the Confederation of Norwegian Enterprise, the Norway in Brief mexico romania sri lanka united kingdom Mexico D.F. – Embassy Bucharest – Embassy Colombo – Embassy Edinburgh – Consulate General Norwegian Ministry of Foreign Affairs, the Size: 385,155 sq. km Avenida Virreyes 1460; Col Lomas Virreyes, 11000 Mexico D.F. Strada Dumbrava Rosie 4; 020463 Bucharest 34 Ward Place, Colombo 7 86 George Street, GB-Edinburgh EH2 3BU Research Council of Norway and the Norwegian (including the islands of Svalbard and Jan Mayen) Tel: +52 55 5540220-21, Fax: +52 55 52023019 Tel: +40 21 210 0274 / 76 / 77, Fax: +40 21 210 0275 Tel: +94 11 2469 611-12, 2469 609, Fax: +94 11 2695 009 Tel: +44 131 226 5701, Fax: +44 131 220 4976 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Ministry of Trade and Industry. Population 4.7 million London – Embassy morocco russia sudan 25 Belgrave Square, London SW1X 8QD Main Cities Population (incl. suburbs) Rabat – Embassy Moscow – Embassy/Innovation Norway Khartoum – Embassy Tel: +44 20 7591 5500, Fax: +44 20 7245 6993 9, rue de Khenifra, Rabat Ulitsa Povarskaya 7, RUS-131940 Moscow House no. 63, Street 49, Khartoum II E-mail: [email protected] Oslo 811,688 Tel: +212 3 7764084-6, Fax: +212 3 7764088 Tel: +74 95 933 1410, Fax: +74 95 933 14 11/12 Tel: +249 183 578336, 578343, 578345, 576788, Bergen 213,585 E-mail: [email protected] E-mail: [email protected] Fax: +249 183 577180 London – Innovation Norway Website: www.invanor.no/moskva E-mail: [email protected] Gjerdrums vei 19, NO-0484 Oslo, Norway Trade and Technology Office Stavanger/Sandnes 173,132 Charles House 5 Lower Regent Street, SW1Y 4LR mozambique Murmansk – Consulate General Tel: +47 21 50 80 00 Trondheim 147,139 Maputo – Embassy sweden Tel: +44 207 389 8800, Fax: +44 207 9730 189 Ulitsa Sofji Perovskoj 5, RUS-183038 Murmansk E-mail: [email protected] Fax: +47 21 50 80 01 Ave. Julius Nyerere 1162, Maputo Tel: +7 815 2 400 600 Stockholm – Embassy Tel: + 258 21 480 100/+ 258 21 485 072 to 75 Skarpögatan 4, S-115 27 Stockholm Website: www.invanor.no/london E-mail: [email protected] GDP 2006 USD $261.7 billion Fax: +7 815 2 457 451/+7 815 2 456 871 Fax: +258 21 480 107/+ 258 21 485 076 E-mail: [email protected] Tel: +46 8 665 6340, Fax: +46 8 782 9899 E-mail: [email protected] E-mail: [email protected] Website: www.findexaforlag.no Exchange Rate: usa St. Petersburg – Consulate General/Innovation Norway Boston – Innovation Norway Stockholm – Innovation Norway NOK/USD 6.42 (average 2006) nepal Nevsky Prospekt 25, RUS-191186 St. Petersburg 133 Federal Street, Suite 901, Boston, MA 02110 Director of International Media Tel: + 7 812 336 64 20, Fax: + 7 812 336 64 21 Sveavägen 64, 5 tr, SE-103 67 Stockholm Tel: +1 617 369 7870, Mobile: +1 617 818 3900 NOK/EUR 8.05 (average 2006) Katmandu – Embassy Tel: +46 8 791 83 00, Fax: +46 8 24 98 00 Norvald M. Heidel Surya Court, Pulchowk, Lalitpur E-mail: [email protected] Fax: +1 617 369 7820 E-mail: [email protected] E-mail: [email protected] Exports and Imports 2006 Tel: +977 1 5545307-8, Fax: +977 1 5545226 E-mail: [email protected] St.Petersburg – Innovation Norway website: www.invanor.no/usa Production Manager NOK bill. USD bill. Amount of GDP Kaluzhskij per.3, RUS-193015 St. Petersburg switzerland Website: www.invanor.no/boston Frode Gulestøl Tel: +7812 326 9037, Fax: +7812 326 9038 Total Exports 1,002 156 46.6% Bern – Embassy the netherlands E-mail: [email protected] Bubenbergplatz 10, CH-3011 Bern Houston – Consulate General/Innovation Norway Total Imports 610 95 28.3% The Hague – Embassy/Innovation Norway Website: www.invanor.no/stpetersburg Tel: +41 31 310 5555, Fax: +41 31 310 5550 2777 Allen Parkway; Suite 1185, Houston, TX 77019-2136 Editor-in-Chief Lange Vijverberg 11, NL-2513 AC The Hague E-mail: [email protected] Tel: +1 713 521 2900, Fax: +1 713 521 9648 Robert Moses Tel: +31 70 311 7611, Fax: +31 70 365 9630 IN, Fax: +1 713 526 1300, Fax: +1 713 521 9473 Main Export Commodities IN, Tel: +31 70 346 7348; Fax: +31 70 360 7428 saudi arabia E-mail: [email protected] Riyadh – Embassy Oil & gas, metals, machinery, chemical products, fish & fish products, E-mail: [email protected] syria Website: www.invanor.no/houston Copy Editor E-mail: [email protected] Diplomatic Quarter, Riyadh Damascus – Embassy pulp & paper and ferro alloys Tel: +966 1 488 1904, Fax: +966 1 488 0854 Diane Oatley Shaheen Bldg., 1st floor, Ahmad Shawki Street, Jahez Garden, Minneapolis – Consulate General Rotterdam – Royal Norwegian Consulate General E-mail: [email protected] Malki, Damascus 800 Foshay Tower; 821 Marquette Avenue, Minneapolis Main Import Commodities (Honorary) Tel: +963 11 611 5053 / +963 11 611 5185 MN 55402 Contributing Writers 's-Landswerf 20-21, 3063 GA Rotterdam serbia and montenegro Fax: +963 11 613 1159 Tel: +1 612 332 3338, Fax: +1 612 332 1386 Transport equipment, machinery, chemicals, textiles and metal products E-mail: [email protected] Nancy Bazilchuk, Kristian Kahrs, David John Smith Tel: +31 10 414 4488, Fax: +31 10 412 6324 Beograd – Embassy E-mail: [email protected] E-mail: [email protected] Uzicka 43, YU-11040 Beograd New York – Consulate General Tel: +381 11 367 0404-05, Fax: +381 11 369 0158 tanzania Coordinator E-mail: [email protected] 825 Third Avenue; 38th floor, New York, NY 10022-7584 nicaragua Dar es Salaam – Embassy Tel: +1 212 421 7333, Fax: +1 212 754 0583 Ellen Nordberg Managua – Embassy 160; Mirambo Street, Dar es Salaam E-mail: [email protected] Plaza España, 100 mtr. al Oeste, Managua singapore Tel: +255 22 211 3366, Fax: +255 22 211 6564 Tel: +505 2 665197-9, Fax: +505 2 663303 E-mail: [email protected] Sales Manager Singapore – Embassy/Innovation Norway New York – Innovation Norway (Tourism) E-mail: [email protected] 16 Raffles Quay; No 44-01 Hong Leong Bldg. 655 Third Avenue, Room 1810, New York, NY 10017-9111 Linda Pettersen Singapore 048581 thailand Tel: +1 212 885 9700, Fax: +1 212 885 9710 E-mail: [email protected] nigeria Tel: +65 6220 7122, Fax: +65 6220 2191 Bangkok – Embassy/Innovation Norway E-mail: [email protected] Website: www.invanor.no/newyork Profile Reservation Abuja – Embassy UBC II Building, 18th floor, 591 Sukhumvit Road, Soi 33, Plot 1529, T.Y. Danjuma Street, Asokoro, Abuja Bangkok 10110 Fabian Jacobsen Tel: +234 9 3149127, Tel. satellite: +882 165 420 7489/ Tel: +66 2 302 6415, Fax: +66 2 262 0218 San Francisco – Consulate General/Innovation Norway slovakia 20 California Street; 6th floor, San Francisco, CA 94111-4803 +882 165 420 7515, Fax: +234 9 3149309 E-mail: [email protected] Bratislava – Embassy Tel: +1 415 986 0766-8, Fax: +1 415 986 3318 E-mail: [email protected] Website: www.invanor.no/bangkok Layout Palisády 29, 811 06 Bratislava IN, Tel: +1 415 986 0770, Fax: +1 415 986 7875 Bjørnulf Jensen, Pia Wagner Tel: +421 2 59 10 01 00, Fax: +421 2 59 10 01 15 E-mail: [email protected] pakistan E-mail: [email protected] tunisia Website: www.invanor.no/sanfrancisco Islamabad – Embassy Tunis – Embassy Printing H 25, Str. 19, F 6/2, Islamabad slovenia Immeuble Norvège, Rue du Lac Neuchâtel, Washington DC – Embassy/Innovation Norway 2720 34th Street N.W., Washington DC 20008-2714 Mekur-Trykk AS Tel: +92 51 227 9720-23, Fax: +92 51 227 9729 Ljubljana - Embassy Les Berges du Lac, 1053 Tunis Tel: +1 202 333 6000, Fax: +1 202 337 0870 E-mail: [email protected] Adjovscina 4/8, 1000 Ljubljana Tlf +216 71 861 777, Fax: +216 71 961 080 IN, Tel: +1 212 421 9210, Fax: +1 202 337 0870 Tel: +386 1 300 2140, Fax: +386 1 300 2150 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] palestinian territory Website: www.invanor.no/washington Al Ram – Representative Office to the Palestinian turkey The NORWAY EXPORTS series provides timely, authorities (West Bank/Gaza) south africa Ankara – Embassy Distribution World Bank Building (c/o Rosary Sisters Convent) Kirkpinar Sokak No. 18; 06540 Cankaya, Ankara venezuela in-depth information on a selection of Norwegian Johannesburg – Innovation Norway Dahiat Al-Bareed, Al Ram, West Bank 14th Floor, Sandton City Office Tower Tel: +90 312 405 8010, Fax: +90 312 443 0544 Caracas – Embassy Norway Exports – Investing in Norway is distributed through the following channels: Centro Lido, Torre A, Piso 9, Oficina 92-A; Avenida Fransisco companies, products and services in over 15 industrial Tel: +972 2 234 5050, Fax: +972 2 234 5079 PO Box 785436, Sandton 2146 E-mail: [email protected] • Innovation Norway’s offices and Norwegian embassies and consulates abroad de Miranda, El Rosal, Caracas E-mail: [email protected] Tel: +2711784 8150, Fax: +2711784 8153 sectors. Tel: +58 212 953 0671 / 0269 / 1973, Fax: + 58 212 953 6877 • The Norwegian Ministry of Foreign Affairs’ offices abroad E-mail: [email protected] Istanbul – Innovation Norway E-mail: [email protected] Website: www.invanor.no/johannesburg Aytar Cad., Aydin Sokak, Aydin is Merkezi • The Norwegian Ministry of Trade and Industry philippines A Blok No: 2, D:7,1 Levent, TR-80620 NORWAY EXPORTS is distributed free of charge • The Confederation of Norwegian Enterprise’s (NHO) contacts and network Manila – Embassy Tel: +90 212 2844 362 / 63 / 65 Petron Mega Plaza Bldg., 21st floor Pretoria – Embassy vietnam through the Innovation Norway offices and Norwegian • Norwegian Chambers of Commerce worldwide 1 Parioli Building A2, 1166 Park Street, Hatfield 0083 Fax: +90 212 2844 364 358 Senator Gil Puyat Avenue, Makati City, Metro Manila E-mail: [email protected] Hanoi – Embassy/Innovation Norway • Oslo Børs (The Oslo Stock Exchange), contacts and network Tel: +63 2 886 3245-49, Fax: +63 2 886 3384 Tel: +27 12 342 6100, Fax: +27 12 342 6099 Metropole Centre; Suite 701/702, 56 Ly Thai To Street, Hanoi foreign service missions (see inside back cover), E-mail: [email protected] • VPS ASA (The Norwegian Central Securities), contacts and network E-mail: [email protected] Tel: +84 4 826 2111, Fax: +84 4 826 0222 industrial partners and at major conferences and trade uganda IN, Tel: +84 4 974 2930, Fax: +84 4 974 3303 fairs around the world. • Kredittilsynet (The Financial Supervisory Authority of Norway), contacts and network south korea Kampala – Embassy E-mail: [email protected] • Nord Pool ASA, contacts and network poland 8 Acacia Avenue, Kololo, Kampala Warsaw – Embassy Seoul – Embassy/Innovation Norway 258-8 Itaewon-Dong, Yongsan-Ku, Seoul 140-200 Tel: +256 41 343621, Fax: +256 41 343936 • The Norwegian Financial Services Association (FNH), contacts and network ul. Fr. Chopina 2A, PL-00-559 Warsaw E-mail: [email protected] zambia For participation in or more information about Tel: + 48 22 696 4030, Fax: +48 22 628 0938 Tel: + 82 2 795 6850, Fax: +82 2 798 6072 Lusaka – Embassy • NOS Clearing ASA, contacts and network E-mail: [email protected] NORWAY EXPORTS, please contact E-mail: [email protected] Corner Birdage Walk / Haile Selassie Avenue, Lusaka • Official state delegations in Norway and abroad Website: www.invanor.no/seoul ukraine Tel: +260 1 252188, 252626, 252637, Fax: +260 1 253915 Findexa Forlag AS, tel: +47 21 50 80 00 Warsaw – Innovation Norway Kiev – Embassy E-mail: [email protected] or send an enquiry to [email protected] c/o Royal Norwegian Embassy spain Vul. Striletska 15, 252034 Kiev Warta Tower, ul. Chmielna 85/87 Madrid – Embassy Tel: +380 44 590 04 70, Fax: +380 44 234 0655 zimbabwe This edition of Norway Exports is dedicated to the PL-00-805 Warsaw Edificio “La Piramide”, Paseo de la Castellana 31, 9 piso, E-mail: [email protected] Tel: +48 22 581 0 581, Fax: +48 22 581 0 981 Harare – Embassy All NORWAY EXPORTS publications can be promotion of the Norwegian Finance Industry. 28046 Madrid 5 Lanark Road; Belgravia, Harare E-mail: [email protected] Tel: +34 91 310 3116, Fax: +34 91 310 4326/319 0969 downloaded at www.nortrade.com united arab emirates Tel: +263 4 252426, Fax: +263 4 252430 E-mail: [email protected] Abu Dhabi – Embassy E-mail: [email protected] portugal Hamdan Street, Al Masoud Tower; 10th floor, Abu Dhabi The graphic design of this publication, including the Lisbon – Embassy/Innovation Norway Madrid – Innovation Norway Tel: + 971 2 621 1221, Fax: +971 2 621 3313 Avenida D. Vasco da Gama 1, P-1400-127 Lisbon Real Embajada de Noruega E-mail: [email protected] font “Aeroportal”, is used with the permission of the Tel: +3512 1301 5344, Fax: +3512 1301 6158 Paseo de la Castellana, 31-planta baja, 28046 Madrid Tel: +34 91 344 09 87, Fax: +34 91 344 09 47 Norwegian Ministry of Foreign Affairs. It is not to be E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] used without the Ministry’s prior consent. Website: www.invanor.no/portugal Website: www.invanor.no/spain

Copyright © 2007 Findexa Forlag AS

NORWAY EXPORTS is printed on chlorine-free paper.

Cover photo: Stockexpert table of contents

3: Foreword by the Norwegian Minister of Trade and Industry 4–9: Presentations of Cooperative Partners 10-25: Investing in Norway Articles 10: Investing in the Future 18: Success on an International Stage 22: Financing a Maritime Superpower 26-46: Company Profiles

cooperative partners in this edition

Oslo Børs (Oslo Stock Exchange) Nord Pool ASA VPS ASA (The Norwegian Central Securities) The Norwegian Financial Services Association Kredittilsynet (FNH) (The Financial Supervisory Authority of Norway) NOS Clearing ASA

alphabetical list of participating companies

Bull & Co. Advokatfirma AS Law Firm Specialized in Business Law...... 26 Danske Markets Interest & Foreign Exchange...... 28 DLA Piper Norway DA Global Legal Services...... 29 Fund Management Group (FMG) Fund Management ...... 30 Glitnir International Financial Services...... 32 Haavind Vislie AS Law Firm...... 36 IMAREX NOS ASA Trading & Clearing of Maritime Derivatives Contracts ...... 34 Kaupthing ASA Financial Services...... 37 Nordea Bank ASA Financial Service Provider ...... 38 The Norwegian Savings Banks Association (Sparebankforening) The Norwegian Savings Banks Industry ...... 46 Pareto Securities ASA Financial Services Company...... 40 Terra Securities Full Service Investment Banking ...... 42 Verdispar Securities ASA Investment Services ...... 44

SPECIAL THANKS TO: Dag Terje Andersen (The Norwegian Minister of Trade and Industry), Hilde-Marie Branæs (The Ministry of Trade and Industry), Lisbeth Lindberg, Tor Arne Olsen, Annar Schiander (Oslo Børs), Tor Andresen (VPS ASA), Arild Eide Johansen, Kjetil Karsund (Kredittilsynet), Lars Galtung (Nord Pool ASA), Alf A. Hageler (The Norwegian Financial Services Association (FNH)) and Mikal Bøe (NOS Clearing ASA).

investing in norway  – We give local ideas global opportunities

Innovation Norway offers products and services to increase innovation in industry throughout Norway, to help develop the regions and promote Norwegian industry and export, and to market Norway as a tourist destination.

With offices in more than 30 countries Our Services Our results worldwide and in all Norwegian counties, Innovation Norway assists the entirety of Innovation Norway supports the profitable Innovation Norway is easy to reach. Norwegian industry, but has particular development of industry in both individual responsibility for aiding entrepreneurs companies and in society at large. Our staff has knowledge of local and and assisting small and medium-sized international factors that will help turn companies with an ambition and potential • Innovation Norway contributes to the our customers’ ideas into successful for growth. creation and securing of 8,000 jobs business ventures. annually. Our programmes and services are based on five types of services: financing • Customer surveys show that almost services, advisory services, network 80 percent of projects funded by services, competence services and Innovation Norway would not have profiling services. been feasible without our contribution.

Innovation Norway’s main goal is to make Norwegian businesses become competitive, both locally and globally.

Through our offices in Norway and abroad, our clients also gain access to services from other public Norwegian agencies. Innovation Norway P.O Box 448 Sentrum NO-0104 Oslo, Norway Tel: +47 22 00 25 00 Fax: +47 22 00 25 01

[email protected] www.innovationnorway.no

Innovation Norway took over the tasks of the Norwegian Trade Council, the Norwegian Industrial and Regional Development Fund, the Govt. Consultative Office for Inventors and the Norwegian Tourist Board on January 1, 2004.

 norwegian finance industry – stable, dynamic and internationally sound

Norway is situated at the far end of the European continent, close to the North Pole. There are only 4.7 million Norwegians. Even so, Norway, together with the other Nordic countries, is very much a participant in the global economy.

The Nordic Norwegian Government actively pursues activities, among them being research and countries are robust commercial policies aimed at techno¬logical development, information among the most developed in the world, fostering profitable business activities. services, the environment, education, and at the top in terms of per capita wealth Success in this context benefits not only social policy, consumer protection and civil creation. Norway boasts a well functioning the business community but also all of protection. social structure, a highly developed Norwegian society. infrastructure and stable political conditions. Norway’s current economic situation Through the Norwegian welfare state we Norway is a member of the European is strong, and has never been better. reap the benefits of a modern public health Economic Area (EEA) and hence a Unemployment is extremely low, service, a social security network and free participant in the European Internal Market. productivity is high and growth is strong. education, all of which contributes to a The EEA Agreement between the EU We have a highly skilled population, good standard of living. and three of the EFTA States (Iceland, excellent access to important export Liechtenstein and Norway, with Switzerland markets and our products and services are Norway has been named the best country being member of EFTA but not part of the gratifyingly competitive. Many countries in the world to live in for five years in a row, EEA) is principally concerned with the four look to the Nordic countries to learn from an obvious sign of success! fundamental pillars of the internal market: our experience. “The four freedoms”, i.e. the freedom of Norway has also forged ahead in global movement of goods, persons, services and I hope that the insight into the Norwegian terms, becoming known as a world-class capital. Horizontal provisions relevant to financial sector this publication provides market leader in offshore technology, these four freedoms in the areas of social will tempt investors in pursuit of business shipping and the maritime industry, policy, consumer protection, environment opportunities to take a closer look at hydropower, chemicals, fertilizers and and certain elements of company law and Norway. solar technology – to name but a few. After statistics complete the extended internal the volatile 1980s, the Norwegian finance market. In these areas the EFTA-EEA States industry is now a lean and technologically comply with EU legislation. advanced business. Norway has an open and knowledge-based economy, which In addition to the extended internal is very dependent on trade. International market the EEA Agreement also implies capital has always played an important cooperation between the Community and role for Norwegian industry. Today, foreign the EFTA-EEA States in a wide range of ownership in Norwegian-listed companies equals 40 percent. In accordance with modern social democratic traditions, the dag terje andersen The Norwegian Minister of Trade and Industry

investing in norway 

the future is traded now

Oslo Børs (The Oslo Stock Exchange) was founded in 1819 and is the only regulated exchange for securities trading in Norway. There are currently more than 240 companies and approximately 660 bonds and certificates listed. Oslo Børs itself was privatized in 2001 and as of August 2007 has a market capitalization of NOK 3.5 billion.

The Oslo Børs’ market places offer trading in shares, primary capital certificates, warrants, derivatives and fixed-income securities. In recent years the Norwegian securities market has experienced significant growth and increasing interest from the international market. A large number of both Norwegian and foreign issuers have listed shares and fixed income products on Oslo Børs, Oslo Axess and ABM. Due to the number of new listings, In this environment there is also a strong Copenhagen and Reykjavik. Foreign Oslo Børs has become one of the most cluster of investment banks members today represent 45 percent of all dynamic marketplaces in Europe. Oslo and legal and financial advisors that have volumes traded. Børs was number two in 2005 and number in-depth knowledge and expertise in four in 2006 in real numbers of IPOs. traditionally strong Norwegian sectors, Nearly all members of Oslo Børs produce such as oil and energy related companies, extensive research on a wide spectrum of Trading activity in both the primary and fisheries and shipping. sectors and the individual stocks involved. secondary markets has also been at a They also offer expert corporate advice record high level due to the increasing Brokerage firms and investment banks and advanced M&A services. number of investors in the market. Non- (members) place orders through the Norwegian investors are involved in about electronic trading system. Being present As a key actor in an increasingly attractive 70 percent of all trading activity by volume. in Oslo is not required. Thirty-five of the Norwegian capital market, Oslo Børs is the The Oslo market has evolved into an 59 brokerage firms offering access to the ideal arena for companies seeking stock important and high-quality market place Oslo market are located in London, Paris, exchange listing and investors searching with both attractive companies and Amsterdam, Zurich, Stockholm, Helsinki, for investment opportunities. products.

PO Box 460 Sentrum NO-0105 Oslo, Norway Tel: +47 22 34 17 00 Fax: +47 22 34 19 25 Website: www.oslobors.no



we simplify securities

VPS ASA delivers the reliable and accountable registration of securities ownership and clearing and settlement of securities in Norway. The Norwegian financial market is among the most modern and efficient in the world thanks to cutting-edge solutions and efficient connectivity between financial institutions. As a central securities depository VPS offers banks, investment firms and fund management companies access to a financial network. In addition it provides specially tailored services for the securities market.

Services • Clearing and CCP services for trade in The VPS Group VPS offers the following services: derivatives and securities borrowing and The VPS Group has a holding structure • One-stop registration of financial lending whose parent company, VPS Holding ASA, securities such as stocks, bonds, • Corporate Actions services including wholly owns the three subsidiaries VPS mutual funds and derivatives automatic follow-up of each investor ASA, VPS Clearing ASA and Manamind AS. • Individual accounts for each investor in • Integration with banking systems for the central register fully automated money transactions • Daily updated overview of holdings and • Securities information services and transactions in all registered securities internet-based solutions • Clearing and settlement of securities trading featuring high regularity and low risk based on a unique model for optimal completion of each transaction

The Norwegian Central Securities Depository PO Box 4 NO-0051 Oslo, Norway Tel: +47 22 63 53 00 Fax: +47 22 63 52 00 E-mail: [email protected] Website: www.vps.no

investing in norway 

the financial supervisor

Kredittilsynet’s mission is to ensure that financial institutions and financial markets function securely and efficiently for the good of society and the users of financial services, and that institutions and markets have an appropriate regulatory environment.

Kredittilsynet (The Financial Supervisory Kredittilsynet is an autonomous Authority of Norway) was established in government agency which operates with 1986 as the first integrated supervisor in a basis in legislation and decisions issued the Western world with responsibility for by the Norwegian Parliament (Storting), Photo: Morten Brun banking, insurance, and the securities the Government and the Ministry of market – a model adopted by more and Finance. Kredittilsynet participates in more countries in recent years. In addition, wide-ranging international collaborations Kredittilsynet also supervises areas such and adheres to international standards as real estate agency, debt collection, for financial supervision. Kredittilsynet is a auditors and external accountants and member of the International Organization is responsible for overseeing listed of Securities Commissions and has signed companies’ compliance with accounting the IOSCO multilateral Memorandum legislation and international financial of Understanding. Under the EEA reporting standards. agreement Norway is also obligated to transpose EEA-relevant EU legislation into Kredittilsynet’s activities are wide-ranging Norwegian law. Kredittilsynet takes active and require proactive use of a number of part in the development of regulations supervisory instruments. These include: and supervisory practice in the EEA, • Supervision and monitoring are inter alia through its participation in core tasks that consist in ensuring that the Committee of European Securities firms adhere to laws, regulations and “Kredittilsynet’s main goal is to Regulators, the Committee of European guidelines promote financial stability and Banking Supervisors and the Committee • Licensing includes statutory work well functioning markets through of European Insurance and Occupational on licences and approvals to carry on its supervision of institutions and Pensions Supervisors. business in Norway markets. • Regulatory development is designed to promote a regulatory environment Behind this goal lie important economic that contributes to profitable and considerations and a desire to protect competitive operations at supervised consumers and investors. Financial entities stability and well functioning markets • Information and communication are crucial to economic growth and promotes openness and predictability employment, which in turn are a for the users of Kredittilsynet’s prerequisite for a high standard of welfare services as well as an understanding and good living conditions.” PO Box 100 Bryn of and familiarity with legislation and NO-0611 Oslo, Norway Kredittilsynet’s role as a supervisory bjørn skogstad aamo Tel: +47 22 93 98 00 agency Director General Fax: +47 22 63 02 26 E-mail: [email protected] Website: www.kredittilsynet.no



- europe’s most liquid marketplace for power

Nord Pool provides Europe’s most liquid market place for power. Its physical market accounts for 60 percent of the total value of the Nordic region’s power consumption. Price formation in the physical market provides financial market players with a credible and secure reference price for financially settled contracts. This makes Nord Pool’s financial market far more liquid than any other European power exchange.

The power exchange Nord Pool was established in 1993, at which point it also introduced a forward market. Since then Nord Pool has developed into the largest power and emission exchange in Europe, offering a range of contract types including power derivates and emission contracts.

The Financial Market Nord Pool provides a market place where exchange members can trade financially settled power contracts (futures and forwards). Financially settled contracts are used for price hedging and risk management in power trading and as a trading instrument for investors. They can be traded for up to six years ahead, as contracts per day, week, month, quarter and year.

Nord Pool also offers trading with emission allowances (EUAs) and carbon credits (CERs). EUAs are the European Union’s trading scheme for limiting carbon dioxide Development of Nord Pool Nord Pool’s ambition is to maintain its emissions and the CERs are the United In the years to come, Nord Pool will focus position as the leading power and emission Nations trading scheme for global carbon on increasing liquidity and the number of exchange in Europe, and be prepared credits. This means that Nord Pool offers Nordic and European members through to launch services in other commodity the most comprehensive market place for various measures. Specific objectives in this markets. power and emission contracts in Europe. regard include:

Nord Pool Clearing ▪ To provide liquidity, products and Nord Pool Clearing is the clearing house services in order to simplify trade for its owned 100 percent by Nord Pool. customers ▪ To work for increased transparency and Here, the members are offered complete liquidity in the European market clearing services. Nord Pool Clearing enters ▪ To deliver: into financially settled power contracts - Continuous product development and emission contracts as a contractual - New integrated trading systems PO Box 373 counterparty. The company undertakes the - Intensified sales efforts throughout NO-1326 Lysaker, Norway clearing of all standardized contracts traded Europe Tel: +47 67 52 80 00 on Nord Pool as well as corresponding - Direct membership Fax: +47 67 52 80 01 contracts traded outside the power - General clearing membership Website: www.nordpool.com exchange (over-the-counter – OTC). - Improved member services

investing in norway 

the norwegian financial services association - a trade association for bank and insurance

The Norwegian Financial Services Association (FNH) represents banks, insurance companies, finance companies, fund management companies, investment firms and financial groups in Norway. FNH has around 50 large and small financial institutions as members.

An increasing number of financial Part of a Larger • Financial and monetary policy institutions in Norway are part of European Community • Tax international groups, and the rules The European financial services industry is • Loss prevention and other framework conditions for undergoing a period of profound and rapid • Prevention and detection of insurance the industry are to a greater extent change, both in the market place and in fraud and other financial crime becoming a common European concern. the regulatory framework. Through the • Guarantee schemes and guarantee Financial institutions are facing increased EEA Agreement, changes in EU legislation funds competition from the international players will have exactly the same consequences • Statutory insurance in the market. These are among the for Norwegian financial institutions as for • Consumer issues factors that led to the establishment of institutions located within the EU. • Holding and use of personal details, FNH. The seven years FNH has been including health details in existence have proven that the idea FNH’s Areas of Activity • Structure of and competitive conditions of merging the Norwegian Bankers’ • Economic and regulatory framework for in the financial services industry Association and the Association of Norwegian-based financial services Norwegian Insurance Companies was • International regulatory framework, with right. a particular emphasis on EEA rules • Division of work between the public and FNH’s Objectives private sectors FNH’s role is to safeguard the interests of • Capital adequacy, security and its members in relation to the authorities, accounting rules for financial institutions other organizations and the media, as • Capital markets, pensions, savings and well as to represent its members in asset management international forums. Within the industry • Finance markets, financial instruments PO Box 2473 Solli FNH organizes and coordinates working and securities settlement NO-0202 Oslo, Norway tasks of its member companies in areas • Payment systems, clearing and Tel: +47 23 28 42 00 where such cooperation is both natural settlement Fax: +47 23 28 42 01 and legal. • Risk management, including actuarial E-mail: [email protected] management of risk Website: www.fnh.no FNH works to ensure that the financial services industry in Norway has operating conditions and development opportunities that provide the basis for sound and profitable business and enables them to serve its customers in the best possible way. FNH seeks to ensure that the operations of the financial services industry based in Norway are subject to conditions which put them on a level playing field with their foreign competitors and are well adjusted to developments within the European Economic Area (EEA).



nos clearing - making commodity and freight trading free from credit risk

NOS Clearing ASA is the world’s only specialist clearing house for the fast growing freight futures and options industry. The job of a clearing house is to be a specialist financial institution providing credit security to participants in financial, commodity and derivatives markets. In the clearing process, the clearing house takes on the role as central counter party between the buyer and the seller of derivatives contracts, and guarantees settlement of all contracts traded.

The NOS model for the clearing of freight, fuel, power and seafood is differentiated from other, more traditional clearing houses because it is built on flexibility and dynamism. The main difference lies in the fact that industrial and financial participants can be direct clearing members of NOS, rather than having to use a General Clearing Member (GCM).

A True Pioneer in Freight Futures & Options It is especially in freight derivatives that NOS Clearing has had the biggest impact on international markets. In partnership Returning to the Nordic & not unlike the markets for other food with IMAREX, the International Maritime European Power Market commodities such as grains, beans and Exchange, NOS has built a unique position As of 2007 NOS Clearing is clearing both meats. NOS cleared salmon futures marks as the largest clearer for the global the Nordic and the Continental power a world first for exchange traded contracts shipping industry. markets. Having exited the market in in the fast growing seafood derivatives 2004, NOS is returning with a powerful market. At the end of the second half of 2007, new offering set to revolutionize the NOS had over 175 direct clearing way Nordic and European electricity NOS continues to expand its clearing members, including the world’s largest and carbon emissions are traded. NOS solutions to members by actively seeking shipping companies, oil refiners, trading is working closely with the European new markets in need of specialist clearing, houses and banks. These customer power broker community to achieve wider and innovating mature sectors of existing relationships tie NOS very closely to distribution and engage in active product commodity markets. the internal infrastructure of a large part development. NOS aims to be a leading of the international commodity trading clearer of power derivatives across all of community. Europe.

Between 2003 and 2007, NOS cleared Opening up Seafood over 750,000 freight contracts worth over Derivatives to the World USD 15 billion, and handled more than Norwegian salmon futures exchange Fish PO Box 246 Sentrum 25,000 transactions. Volumes continue to Pool ASA announced in April of 2007 the NO-0103 Oslo, Norway grow rapidly both in tanker and dry bulk launch of cleared futures contracts for Tel: +47 23 25 93 00 freight derivatives. fresh salmon, provided by NOS Clearing. Fax: +47 22 36 01 20 (Clearing and Although a small market in an early stage Settlement) of development, the seafood derivatives Fax: +47 22 36 01 06 (Administration) market has the possibility of becoming E-mail: [email protected] a large worldwide commodity market Website: www.nos.no

investing in norway  investing in the future

by Nancy Bazilchuk

The riches of the sea have long shaped Norway as a nation of traders. Centuries before Norway’s first stock exchange, the ‘Christiania Exchange’, opened an office at Madam Jørgen Pløens Gaard in April 1819, Norwegians were plying Europe’s markets with dried cod produced by the millions from the Lofoten Islands – and making a profit. Today’s wealth comes from the sea in a slightly different form – as oil and gas – but the message is the same: Norwegians have a long history of successfully trading in international markets.

Fishing and aquaculture remain an market place,” Landsnes says. Foreign and 2006 respectively. In Europe, only the important component in Norwegian trade, investors familiar with the European Union London exchange had more initial public but Norway has evolved to become a market place also need not worry about offerings in real numbers in 2005. Trading modern day international market place, the complexities of market regulation in has continued to be strong in 2007. where the country’s financiers and Norway, she adds. While Norway itself is business people deal in an impressive not a member of the European Union, it With Norway as one of the world’s largest range of products and services offering is a part of the European Economic Area petroleum exporters, it should come as attractive investment potential for overseas (EEA), and thus complies with applicable no surprise that fully 12 of the 32 new investors. Some, like oil, energy, seafood EU legislation. listings on the Oslo Børs in 2006 were and shipping, have their roots in Norway’s energy companies. The energy sector now natural resources and long history as A Market in Growth accounts for 50 percent of the exchange’s a maritime nation. Others, such as real When the Oslo Børs first opened its doors listed market cap. New and developing estate development and investment in 1819, its primary purpose was to allow technologies in solar, wind and other opportunities in developing countries in for currency exchange and commodities. alternative energy sources are another Africa and Asia, are based on Norwegian By the early 1900s, the market place source of economic growth, with one of expertise and ingenuity in finding fertile listed prices for goods including sugar, the global leaders in solar energy, the prospects and making the most of them. flour, potato flour, butter, fruit, cooking oil, various foods, green soap, herring oil, At the hub of all this is the Oslo Børs, herring meal and fish. Trade in equities Norway’s only exchange for equities, began in 1881, with prices listed once a bonds and derivatives. It’s a market month. place that has grown and expanded to meet the demands of today’s complex Things are a little different now: In 2006, global markets, says Bente A. Landsnes, the Oslo Børs average daily turnover © Pål Bugge/Innovation Norway President and CEO of Oslo Børs. reached NOK 10.3 billion, or USD 1.66 billion, a 72 percent increase over “Our objective is to make the Oslo market 2005 and a 187 percent increase over so attractive that an ever-increasing 2004. The total number of daily average number of Norwegian and foreign transactions has more than doubled, from investors continue to invest increasing 13,500 in 2004 to 35,200 in 2006. The amounts of capital in Norwegian business market itself has also blossomed, with and industry through the Oslo Børs 22, 46 and 32 new listings in 2004, 2005

Trading at the Oslo Børs. 10 Norwegian company Renewable Energy doing investor relations in the London regulations, particularly those from the Corporation (REC), listed on Oslo Børs. market since the 1980s, and a number European Union. Companies listed on the started to work actively with the US market Oslo Børs have to report according to the The Norwegian Government has also put beginning in the 1990s,” Lindberg adds. IFRS (International Financial Reporting great weight on expanding the country’s “There is a very strong foothold for making Standards). Currently, the exchange already strong maritime cluster. The investments in Norway listed companies in is in the process of implementing two maritime industry employs roughly 90,000 the US and UK markets.” In fact, she adds, important EU directives, the MiFID and Norwegians, and is characterized by in 2007, the British company London the Transparency Directive. Norway has breadth and experience, from the shipping Mining preferentially chose to be listed also implemented corporate governance classification and risk assessment giant on the Oslo Børs rather than the London standards that are in line with international Det Norske Veritas, to shipbuilders such stock exchange. regulations. as Aker Yards. Oslo Børs also offers investment opportunities in 22 shipping It’s easy for international investors and But what makes the exchange wholly companies ranging from cruise ships to brokerage firms to trade on the Oslo unique is its expertise clusters in energy, gas transportation. Børs because of standardized regulation, shipping and seafood. “These are which is compatible with international based on Norway’s natural resources An International Market Place, Easier Listings Oslo Børs is a truly international market place: of the 59 investment banks and brokerage houses trading on the exchange, fully 35 are based outside © Øyvind Hagen, Statoil of Norway, with 45 percent of all trading conducted through international investment banks and brokerages. “That means foreign investors are able to trade in the Norwegian market through their usual brokers”, says Lisbeth Lindberg, Sales and Marketing Director for Oslo Børs.

In fact, 40 percent of the total listed market cap is actually owned by international investors; UK and US investors account for around 25 percent. “The large Norwegian companies have a long standing history of addressing and communicating with international investors – many have been

Oil from the North Sea makes an important, but not exclusive, contribution to the Norwegian economy. investing in norway 11 – our natural benefits – where we have 20 Twh, worth EUR 79.1 billion, contracts Lien, CEO of Nord Pool ASA. “We have been able to develop a large number of in the physical power market alone totalled companies from Scandinavia, the UK and interesting companies over time,” Lindberg 251 Twh, worth EUR 12.2 billion. That Europe – even the USA,” Lien says. “And says. “We also see that foreign companies makes Nord Pool Europe’s largest power we have the top international financial firms operating in these sectors find it attractive exchange. – Citigroup, UBS, Merrill Lynch, Morgan to list on our market places, whether Oslo Stanley – investing in power derivatives in Børs or the new authorized market place, The Nord Pool Group is divided into Nord the Nordic sector.” Oslo Axess, because there is a cluster of Pool Spot, a physical market place where investment banks, lawyers, the investor electricity contracts are traded, Nord Pool Lien says Nord Pool should be particularly community, all of whom understand these Financial Markets, a regulated financial attractive to energy funds, diversified businesses well and know how to evaluate market place for trading in standardized funds, brokerage houses and investment them in order to get the right pricing.” derivatives, and Nord Pool Clearing, a firms. “If a company is looking for liquidity licensed and regulated clearing house. and solidity, and a well-functioning market In May 2007, Oslo Børs introduced The exchange itself features more than place for power market derivatives, there Oslo Axess. Companies on Oslo Axess 420 members in the physical and financial is no other market in the world that has differ from those on the main exchange markets, with over 100 active participants the same opportunities as Nord Pool,” mainly in the length of the company’s trading daily in power derivatives and he adds. Traders also benefit from history and its operations, its market emission related contracts and quotas. Nord Pool’s transparency: all available capitalization and number of shareholders. Trade in the financial markets was roughly information about trading offers and Oslo Axess will also be open to pre- seven times the physical electricity bids, and volumes and prices is openly commercial companies for listing. In order consumption in the Nordic region, strong published, although the identity of those to protect investors Oslo Axess is subject evidence of the attractiveness of the making offers or bids is confidential. At the to the same control mechanisms and Nord Pool financial market, says Torger same time, the EU has recognized Nord surveillance efforts as in the exchange Pool’s information regime as the best of all market. European power markets.

Electrifying Success Nord Pool’s trading also extends to Sometimes being first translates into dealing in carbon emissions, whether being the best. That’s certainly been it’s the EUA system governed by the true for Nord Pool, the Nordic power European Union, or the UN-based Carbon exchange, which was established in 1993 Emissions Reduction credits, or CER. as Europe’s first power exchange. These Today the exchange remains the only one days, Nord Pool has the honour of being in Europe offering both types of carbon- the world’s first international commodity related commodities for trade. Deadlines exchange for power, green certificates and imposed by the international climate carbon emissions trading. In 2006, Nord change agreement known as the Kyoto Pool’s total volume in the financial power Protocol have made the EUA and the CER market (traded and cleared) amounted to an important offering for Nord Pool. “There

Torger Lien, CEO Nord Pool ASA 12 is huge interest and a growing demand for is adequate and understandable. As And when the Norwegian Government these,” Lien says. more and more people save in financial is evaluating new regulations or trying to instruments, there will be a growing figure out how a law will affect financial Transparent Trading, need for correct and understandable markets, the Norwegian Financial Services Clear Regulation information,” he says. “Good information Association provides an important source From banks to pension funds to the is essential for genuine competition in the of feedback. “We have a large number Oslo Børs and Nord Pool and external market.” of committees and working groups who accountants and auditors – virtually work together on all sorts of questions all aspects of banking and trading are Investors and regulators work hard to that concern the regulatory environment overseen by the Financial Supervisory make Norwegian markets accessible and relations between institutions working Authority of Norway, Kredittilsynet. and understandable for all traders. The in the market,” Hageler says. “And the Kredittilsynet serves as part watchdog Norwegian Financial Services Association regulatory environment that we are and part mother hen in its role as an is a membership-based group that works working in is very much a result of this independent government agency that acts in this capacity, offering an invaluable work.” on laws and decisions from the Norwegian resource for foreign investors. Members, Parliament and the Ministry of Finance, which are banks, insurance companies The association also works with and on international standards for financial and other financial institutions, receive authorities to achieve a level playing field supervision and regulation. up-to-date facts on all aspects of the for all companies that operate in Norway, Norwegian financial markets, says Alf A. regardless of ownership. At the same While the agency’s job is complex, its goal Hageler, Director. “Our role is, among time, the Norwegian financial market is is to create a secure, transparent market other things, in understanding the market subject to the same rules and regulations place that protects investors and offers a and providing information about the that govern the European financial competitive environment. regulatory aspects of the market on a market, Hageler adds. Through the EEA “Effective competition between actors in regular basis to our members,” he says. Agreement, any changes in EU legislation the financial and securities markets and good rules of conduct are important to promote well-functioning markets,” says Bjørn Skogstad Aamo, Kredittilsynet’s Director General. “Kredittilsynet focuses primarily on developing a sound body of rules and proactive enforcement of these rules. We therefore seek to promote © Anders Nielsen/Innovation Norway compliance with the rules of conduct, and to prevent conduct that may undermine confidence in the financial market.”

Aamo says that investors and consumers should be able to accumulate financial savings safely and securely. “We must therefore ensure that product information

Norwegian shipping is a vital part of the country’s economy. investing in norway 13 have exactly the same consequences Verdispar develops projects based on development projects for them and for Norwegian financial institutions as for a local presence in each market, with manage them,” Olsen says. institutions located within the EU. “We a focus on commercial properties and adhere to all the directives and legislation residential projects. The advantage of A Diverse Market Place coming out of Brussels concerning the this approach is that the projects offer Norway’s diverse market place also offers financial markets,” Hageler says. future potential as the value of developed foreign investors the ability to trade on a properties increases, along with regular wide variety of Norwegian-based bonds Rebuilding Eastern Europe rental income. and derivatives. Norwegian government It’s no secret that the Internet has bonds are traded at the Oslo Børs, along transformed society, shrunk distances One of the company’s many real estate with private and financial sector bonds. and eliminated the need for individuals development projects is Lithuania’s first The exchange also offers the Alternative to be physically present in a place to do office park, comprised of five, seven- Bond Market (ABM), established in June, business there. But sometimes actually storey Scandinavian style buildings, each 2005, as a separate market place with being there helps, as the real estate containing 7 to 8,000 m2. Construction a simplified listing process. Issuers on investment group Verdispar has shown of the first phase will start late in 2007 the ABM are not required to prepare with its investments in Norway’s Baltic and finish by the end of 2008. At the consolidated accounts in accordance neighbours. The company has offices in same time, Verdispar is undertaking a with the International Financial Reporting Zagreb, Croatia and Vilnius, Lithuania, and new endeavour for investment funds Standards (IFRS), but the ABM’s has invested more than NOK 1.5 billion interested in getting involved in the Baltic continuing obligations and trading rules in Baltic real estate. “This is what makes and SE Europe real estate markets. are the same as in the exchange market. Verdispar different – we have our own “For investment funds that want to get organization in place in these countries,” into those markets, we are currently The exchange has just begun to offer says Halvor Z. Olsen, Verdispar Group developing services so that we find trading in covered bonds issued by Executive Officer. “Our local people have mortgage institutions, as a source a great deal of experience in real estate, banking, government and consultancies.” © Nordea The company sees Romania, Bulgaria, Slovenia, Russia and the Ukraine as future investment possibilities. As these economies develop, the real estate market typically grows, but local investors often don’t have the capital to build on the scale needed, Olsen notes. The investment group has roughly 2,000 clients who have invested NOK 1.1 million on average.

Nordea is Norway’s leading domestic bond house. 14 of low-cost funding of mortgages to Markets. By virtue of its size, Nordea also offerings are complemented by Nordea homeowners, all backed by real estate as has special insight into the offshore, oil Investment Management’s broad collateral. These mortgage institutions are and shipping sectors. “Our status as the product range, including Nordic and normally owned by banks, which are also largest offshore, oil and shipping bank in International Funds and private equity the distribution channel for homeowner the world puts us in a fairly unique position fund of funds. The company currently loans. “The security of these bonds is in this high-yield sector,” Stray says. manages approximately EUR 110 billion, high, and the risk is low, so they offer of which EUR 380 million is in fund of favourable financing for the banking Nordea’s Norwegian equity research funds and tailor made mandates, which sector,” the Oslo Børs’ Lisbeth Lindberg product focuses on the bank’s areas of offer institutional and corporate investors says. At the close of 2006, nearly 1,000 global leadership – shipping, offshore, access to the world’s leading private loans were listed on the Oslo Børs and the oil and fish farming. The bank also has equity partnerships globally. ABM, representing an outstanding volume an institutional and private individual of NOK 587 billion. equity sales desk, guaranteeing extensive Safe, Predicable Transactions coverage for the investor market. The Norwegian Central Securities Another attractive trading option is Depository, or VPS, offers a broad range a derivative based one on the OBX Nordea also offers a select range of bond of services that enable companies to Index, which covers the 25 most traded funds, many of which focus on the unique trade in confidence. The VPS Group is companies on the Oslo Børs. In addition strengths of the Nordic currencies and comprised of VPS Holding ASA, VPS ASA, to the tradable Index, Oslo Børs also offers national bond markets. For example, the VPS Clearing ASA and Manamind AS, derivatives on 17 underlying stocks. The Danish and Norwegian bond markets which combined provide banks, brokers latter are among the most liquid stocks have consistently outperformed their and mutual fund managers effective and at the exchange. The composition of the equivalents in the countries covered by secure routines for account keeping, OBX Index is reviewed twice a year. “In the European Monetary Union. Nordea’s clearing and settlement. The company order to safeguard liquidity, all products have at least one market maker,” Lindberg says.

Oil, Shipping, Seafood Nordea Bank is Norway’s leading bond house, offering international investors and issuers access to domestic markets. © Anders Nielsen/Innovation Norway “Norway’s domestic bond market can offer bonds across the entire credit spectrum, from unrated high-yield bonds to bonds with official AAA ratings. And the bond market offers bonds denominated in both kroner and dollars,” says Preben Stray, Chief Originations Manger for Nordea

The Oslo Børs and the Norwegian Central Securities Depository (VPS) offer secure electronic trading that conforms to the highest international standards. investing in norway 15 currently serves 225 banks, brokerage provider. “VPS is one of the pillars in the “We are the only exchange that has houses and mutual fund management Norwegian financial community,” Dyrdal ocean going freight as our specialty - and companies that supply account, says. “We are not a commercial player per freight futures and options are the missing settlement and related services to more se. We are a part of the infrastructure.” links in global commodity markets,” says than 800,000 securities holders. Mikal Bøe, Managing Director of IMAREX One of the most visible aspects of VPS In addition to its clearing and settlement Asia. With offices in Singapore, Houston, is VPS Clearing and Settlement, a full services, the group offers Account London and Oslo, the group is able to service clearing house. Investments in Services, which allows investors to track access the fast growing emerging markets VPS-registered securities give investors all types of VPS-registered securities, in every corner of the world. access to safe, predictable transactions as well as tax assistance. Companies without hidden costs. Anne Ekeren Bjone, looking to improve their shareholder Participants typically come from shipping Executive Vice President and Head of relations can take advantage of VPS companies, oil refiners, trading houses VPS Clearing and Settlement, says the Corporate Services, which provides and financial players who trade financial benefits offered by her organization for services to simplify a range of corporate freight contracts at IMAREX. Contracts are the foreign investor are clear. “It’s easy activities, from dividend payments to financially settled against the spot indices to communicate with us, and everything reverse splits. Mutual fund distributors of Baltic Exchange and Platt’s. There is no is completely automatic,” she says. “We can take advantage of a similar offering physical delivery of any contract. operate to international standards that are through VPS Mutual Fund Services and its easy to understand.” VPS account system. Electronic trading, with the ability to execute orders, calculate margins, VPS as a whole has two target groups As the Norwegian Central Securities settlements and collateral requirements to – investors and issuers. The organization Depository, VPS has many functions that provide instant straight-through clearing, sees as its primary task to make it easy are complementary to those offered by is one of the keys to IMAREX’s success. and safe for investors to purchase, hold the Oslo Børs, which has led the two This ensures that all market participants and sell securities while providing services organizations to approve a merger, now can execute trades anonymously and that make it simpler for companies to being evaluated by Norwegian authorities. efficiently in a transparent market. obtain capital and keep track of their shareholders. From Singapore to The strength of the IMAREX NOS Stamford, Connecticut approach means that “ship owners from “VPS is one of the most standardized Norwegian markets offer savvy traders Greece can trade with financial institutions of central securities depositories,” says an impressive variety of investing in Korea, Wall Street banks can trade with Sveinung Dyrdal, Executive Vice President choices, whether hedge funds or freight smaller freight players in Singapore, and and Head of VPS Securities Services. “It derivatives. One of the world’s most the playing field is completely level - no is quite easy to hook up to our services. unique markets can be found at IMAREX one of our 200 plus members has to worry And we are very safe and predictable.” – the International Maritime Exchange about credit risk because no one needs to With the value of the Norwegian securities – the world’s only regulated market place be concerned with who the other market market approximately NOK 3600 billion, for trading freight derivatives. IMAREX is participants are. That’s the beauty of the importance of strong securities and coupled with the Norwegian Futures and IMAREX,” says Bøe. backup measures in accordance with the Options Clearinghouse (NOS Clearing) highest international standards cannot be a leader in clearing for the international Maritime isn’t the only place to find overrated. VPS is also a neutral service commodities markets. intriguing investment possibilities: The Fund Management Group (FMG) offers

16 hedge products that have both a local As the world’s third largest oil exporter, translates into volatility in the economy. and global component, says Gunnar Norway has won considerable wealth “By investing the fund outside of Norway, it Detlie, one of the company’s five analysts. from the North Sea, but Norwegians have insulates the economy from the effects of The company has about 10,000 clients, recognized their obligation to share that changing oil prices,” Skancke says. with a minimum investment level of USD wealth with future generations by way of 10,000. FMG maintains a range of offices the fund. Since the first deposits were made in around the globe, from Oslo to Stamford, 1996, the fund has been invested in Connecticut, deep in the heart of the The fund’s market value in mid-2007 a 60/40 split between fixed-income hedge fund industry. Locating in strategic was NOK 1939 billion (EUR 243 billion). bonds and higher yielding stocks; in areas enables investors to become Transfers amounting to NOK 68 billion 2007, that allocation was reversed, with intimately familiar with local markets. In were made by the Ministry of Finance higher yielding stocks now commanding Norway, for example, that means a deep during the second quarter of 2007 alone. 60 percent of all investments. Fund understanding of the oil and offshore Not surprisingly, the fund is managed administrators have also recommended sectors. “That is the bread and butter of very conservatively by a combination allowing real estate investments, the Norwegian economy, and we know all of Norwegian and foreign portfolio a proposal that is currently under the advantages and risks,” Detlie says. managers. All of the Global funds are consideration. invested outside of Norway, which offers FMG is also an early investor in new an important counterbalance to the The importance of the fund for investors is markets in Russia, China, the Middle East natural volatility of the oil market, says that it represents sound macroeconomic and Africa, with FMG investing in Russia Martin Skancke, Director General of the policy in practice. “I think on the whole as early as 1995, as one example. “We’re Norwegian Ministry of Finance. Without that people would say that Norwegian really ahead of the curve in finding new a mechanism for decoupling oil revenues macroeconomic policy implementation markets that haven’t been found by big and the economy, volatility in oil revenues has been fairly successful,” Skancke says. western financial institutions,” Detlie says. “We like to be the early investors who come in when market legislation opens © Statoil a country up.” The success of FMG’s approach is evidenced by its outcomes: In 2006, three of the company’s funds were listed on the Barclay International Group’s top 10 list.

Saving Oil Wealth for the Future No look at Norway’s financial markets is complete without a glimpse at the country’s giant Government Pension Fund – Global, which since 1996 has been fuelled by the country’s oil revenues.

The opening of the enormous Snøhvit gas field in the Barents Sea has expanded Norwegian shipping of LNG. investing in norway 17 oslo børs – success on the international stage

By David John Smith

The Norwegian Stock Exchange, Oslo Børs, is working hard to promote its advantages to the rest of the world. Well positioned in a number of attractive market segments, Oslo Børs will continue to build on its strengths to turn the challenges of being a small exchange into successes on the international stage.

Oslo Børs has shown the fastest growth Cost Efficient Nordic Trading Easily & Effectively in the Nordic countries both in terms Cooperation There are other ways that Oslo Børs is of number of transactions as well as Oslo Børs stimulates an excellent making it easier to trade. These include related to sales volume. The growth of environment in a number of ways, the creation of a dedicated SMS number foreign companies listed is reflected in including cooperation with the other that provides stock exchange information, this trend as well, with the number of Nordic and Baltic exchanges. This has allowing users to access real time foreign companies listed on the Oslo Børs resulted in a common trading system and information directly from their cell phone. growing by approximately 10 to 15 percent has harmonized trading rules between In addition, ongoing efficient trading each year. The dynamic positive change in Oslo Børs and the exchanges in Rejavik, and settlement procedures, excellent liquidity on the Oslo Børs has also been a Stockholm, Copenhagen, Helsinki, Tallinn, consistent capacity and state of the art major factor in attracting foreign interest. Riga and Vilnius. operative systems make this exchange Since 1999 the number of daily trades one of the most dynamic and accessible on the exchange has increased by 1,100 This has made Nordic and Baltic securities in the world. Investors can also subscribe percent to almost 50,000 per day! far more reachable to investors around inexpensively to real time information from the world, through only one single point of international finance information suppliers Advantages of listing on Oslo Børs access. The objective is to exploit synergy such as Reuters and Bloomberg. include the fact that the exchange offers a benefits through increased distribution dynamic, professional environment where and improved cost-effectiveness that arise The high level of activity on the exchange companies large and small can gain the from economies of scale. This cooperation is a good indication that Oslo Børs is attention that they deserve. The size of the is a manner to attract and retain investors, on the right track. The years 2005 and Oslo Børs allows it to provide more focus issuers and brokerage firms by meeting 2006 saw the trading value and number on individual companies, and companies their needs for simplicity, accessibility and of transactions in the equity market have responded positively to this focus. cost-effectiveness. increasing by 60 to 70 percent each year. The numbers tell the story – in 2006, Oslo In comparison with other exchanges, Oslo Børs ranked number four in Europe in Børs has also seen excellent returns on numbers of new companies listed, only capital both in absolute and relative terms. slightly down from the number two ranking in 2005.

18 Home to World Class Analysts Sustainable Growth Socially Responsible One reason for this attraction to the Oslo Glitnir Securities is one Oslo Børs member Oslo Børs has a focus on profitability market is the fact that there are excellent with an expert team offering services and and professionalism and puts social information environments within a number support related to credit, equity and other responsibility as a top priority. Changes of sectors that include seafood, shipping, client needs. The company’s main focus in the regulatory framework are creating energy and oil. Many companies within relates to three main investment sectors: challenges for stock exchanges, and these sectors find a home here on Oslo seafood, oil and energy and the ever- the Oslo Børs is taking the lead in Børs, in no small part due to the very growing alternative energy market. In the implementing improvements that will capable and professional analysts that long-term, Glitner knows that the future continue to make stock trading more facilitate successful investment activity. will focus increasingly on the alternative transparent, consistent and effective. For example, member brokers such as energy sector, and not surprisingly is Carnegie, ABG Sundal Collier and Pareto finding that the international market Transparency and responsibility are also are leaders within the area of oil sector often looks to Norway for environmental important for Norwegian investment analysis and provide important information initiatives – including investment companies as a whole, including the Fund to investors concerning the direction opportunities. Management Group (FMG), a company of the Norwegian sector as well as the that works globally in identifying asset international oil business. The clear trend shows that not only is managers with proven track records and the Oslo Børs becoming a very attractive excellent growth potential. FMG assigns Morgen Stanley became the first large destination for companies wishing to be local asset managers who are well foreign member of the Oslo Børs just listed on the exchange – these companies informed of a particular country regarding seven years ago in 2007. Now, more are also getting much attention from its economy, culture and market segment than one half of its members are foreign foreign investors who appreciate the to invest directly into a local market. brokers, including Morgen Stanley, focus, expertise and added-value that the This goal is a win-win situation for both Lehman Brothers and Merril Lynch. In Oslo Børs and its members can bring to investors as well as the local companies. fact, there are now more foreign members the international investment market. FMG looks at the SRI (Social Responsible than Norwegian members. These and Investment) factor as one of the criterion in other member brokers of the Oslo Børs the selection process. know the importance of working with the exchange for keeping the Oslo market internationally competitive.

In recent years, Oslo Børs has shown the fastest growth of all Nordic stock exchanges. investing in norway 19 Simplified Listing subject to the same continuing obligations Børs. These activities include participating 2005, Questerre selected Oslo Børs to concise rules and regulations made it the the seafood industry. The high profile Monitoring of international developments vis-à-vis the market place and investors as in industry seminars that the exchange increase its market exposure to both retail ideal choice for Questerre as a foreign presence of analysts and industry experts and maintaining a transparent, secure and companies listed on Oslo Børs. considers to be important and is one and institutional investors in Europe as issuer seeking a secondary listing.” also has helped Copeinca in maintaining efficient market is a priority for the Oslo key in recruiting new companies to the well as to provide liquidity to its existing its solid international profile. This builds Børs. This is also one focus of companies In practice, the most important differences exchange. Norwegian investors. International Success Stories well upon Copeinca’s strength as a major such as DLA Piper, a global law firm are that there are no requirements for Questerre is not alone as a foreign company in Peru, a country that enjoys the located in Oslo. DLA Piper experiences historical financial reports (apart from one The Canadian Connection Michael Binnion, President and Chief company enjoying success on the Oslo status as the world’s largest exporter of a high level of foreign interest particularly interim or annual report) and the issuer But marketing efforts do not stop there. Executive Officer of Questerre, comments, Børs within the oil sector. PA Resources fish meal and fish oil. within the oil and gas as well as mining does not need to have more than 100 In 2005 an entourage from the Oslo Børs “The energy focused market and is a Swedish oil and gas company formed and fishing sectors. These companies are shareholders. Further, the market cap visited Canada in order to discuss the entrepreneurial spirit in Oslo was an in 1994 through the purchase of the oil Jinhui Shipping and Transportation attracted to the Oslo market for analyst requirement is normally not an issue for Oslo Børs listing possibilities with several excellent fit for Questerre with its business company Petro Arctic Svalbard from Ltd. is a Singapore-based company expertise, eager investors and access to any company seeking a listing. Canadian companies. The result was that plan of pursuing high-impact frontier Norsk Hydro. The company is now one engaged in ship chartering, ship owning, capital. DLA Piper works with many of a group of companies, including the oil projects. We currently enjoy a strong of the largest oil producers in Tunisia trading and investments. The company these companies seeking either a stock Getting the Word Out companies Artumas Group and Questerre, following from several brokerage firms and is also well represented in Equatorial has a wide range of global, private and exchange listing on Oslo Børs or a listing To support the marketing efforts that joined the Oslo Børs in 2006. with excellent liquidity. We have raised in Guineau. Listing on the Oslo Børs has institutional investors, and it has enjoyed on the authorized market place, Oslo spread the word about the Oslo Børs and excess of USD 40 million in equity since not only communicated that this is a a full listing on Oslo Børs since October Axess. investment opportunities, the exchange Questerre Energy Corporation is a listing in 2005 and our average daily successful company in the global oil and 1994, providing the company with a higher arranges capital market days in close Canadian based E&P company with a trading volumes this year are over 800,000 energy environment, it has also positioned profile within the lucrative shipping sector. A number of DLA Piper clients see that cooperation with investment firms and portfolio of high-impact projects in frontier on the Oslo Børs as compared to 72,000 the company in the process where the Oslo Axess in itself is a good market companies listed on Oslo Børs. These Canada. The Company’s common shares on the TSX.” Norwegian government pre-qualifies both Join the Winners place, or use this as a platform to help capital market days are staged in various are listed on the Oslo Børs as well as the licensees and operators as a means of Companies such as Questerre, PA them achieve listing on the Oslo Børs. international markets as well as in Norway. Toronto Stock Exchange in Canada. Key Mr. Binnion further comments, “As bringing competent new players to the Resources, Copeinca, Jinhui and many Oslo Axess opened for listing of issuers in Questerre personnel have been involved opposed to many over the counter Norwegian continental shelf. others know that Oslo Børs is fully May 2007, and also welcomes developing In addition, Oslo Børs marketing and with Oslo Børs and the Oslo investment markets, Oslo Børs is a full stock committed to complementing their companies in a pre-commerical status, press personnel often travel from Norway community since 1998 as founders of exchange with state of the art trading and One of the reasons that the Peruvian strengths and qualities in providing a allowing less stringent listing requirements to the far corners of the globe in order to CanArgo Energy, an international E&P surveillance systems. A strong code of company Copeinca chose listing on solid base to attract investors, gain than direct listing on Oslo Børs. However, work with potential companies who might company listed on the Oslo Børs and practice for corporate governance, low Oslo Børs in 2007 was the strong global access to analytical expertise and be companies listed on Oslo Axess will be consider listing themselves on the Oslo AMEX. Leveraging these relationships, in annual maintenance costs, and clear reputation that Norway commands within a part of the Oslo Børs success story. With its fast growth, increasing sales volume, accessibility, and, not in the least, transparency and professionalism, Oslo Børs is the place to be for future © Questerre opportunities.

Oslo Børs listing financed a high impact Questerre gas project in northern Canada. 20 Simplified Listing subject to the same continuing obligations Børs. These activities include participating 2005, Questerre selected Oslo Børs to concise rules and regulations made it the the seafood industry. The high profile Monitoring of international developments vis-à-vis the market place and investors as in industry seminars that the exchange increase its market exposure to both retail ideal choice for Questerre as a foreign presence of analysts and industry experts and maintaining a transparent, secure and companies listed on Oslo Børs. considers to be important and is one and institutional investors in Europe as issuer seeking a secondary listing.” also has helped Copeinca in maintaining efficient market is a priority for the Oslo key in recruiting new companies to the well as to provide liquidity to its existing its solid international profile. This builds Børs. This is also one focus of companies In practice, the most important differences exchange. Norwegian investors. International Success Stories well upon Copeinca’s strength as a major such as DLA Piper, a global law firm are that there are no requirements for Questerre is not alone as a foreign company in Peru, a country that enjoys the located in Oslo. DLA Piper experiences historical financial reports (apart from one The Canadian Connection Michael Binnion, President and Chief company enjoying success on the Oslo status as the world’s largest exporter of a high level of foreign interest particularly interim or annual report) and the issuer But marketing efforts do not stop there. Executive Officer of Questerre, comments, Børs within the oil sector. PA Resources fish meal and fish oil. within the oil and gas as well as mining does not need to have more than 100 In 2005 an entourage from the Oslo Børs “The energy focused market and is a Swedish oil and gas company formed and fishing sectors. These companies are shareholders. Further, the market cap visited Canada in order to discuss the entrepreneurial spirit in Oslo was an in 1994 through the purchase of the oil Jinhui Shipping and Transportation attracted to the Oslo market for analyst requirement is normally not an issue for Oslo Børs listing possibilities with several excellent fit for Questerre with its business company Petro Arctic Svalbard from Ltd. is a Singapore-based company expertise, eager investors and access to any company seeking a listing. Canadian companies. The result was that plan of pursuing high-impact frontier Norsk Hydro. The company is now one engaged in ship chartering, ship owning, capital. DLA Piper works with many of a group of companies, including the oil projects. We currently enjoy a strong of the largest oil producers in Tunisia trading and investments. The company these companies seeking either a stock Getting the Word Out companies Artumas Group and Questerre, following from several brokerage firms and is also well represented in Equatorial has a wide range of global, private and exchange listing on Oslo Børs or a listing To support the marketing efforts that joined the Oslo Børs in 2006. with excellent liquidity. We have raised in Guineau. Listing on the Oslo Børs has institutional investors, and it has enjoyed on the authorized market place, Oslo spread the word about the Oslo Børs and excess of USD 40 million in equity since not only communicated that this is a a full listing on Oslo Børs since October Axess. investment opportunities, the exchange Questerre Energy Corporation is a listing in 2005 and our average daily successful company in the global oil and 1994, providing the company with a higher arranges capital market days in close Canadian based E&P company with a trading volumes this year are over 800,000 energy environment, it has also positioned profile within the lucrative shipping sector. A number of DLA Piper clients see that cooperation with investment firms and portfolio of high-impact projects in frontier on the Oslo Børs as compared to 72,000 the company in the process where the Oslo Axess in itself is a good market companies listed on Oslo Børs. These Canada. The Company’s common shares on the TSX.” Norwegian government pre-qualifies both Join the Winners place, or use this as a platform to help capital market days are staged in various are listed on the Oslo Børs as well as the licensees and operators as a means of Companies such as Questerre, PA them achieve listing on the Oslo Børs. international markets as well as in Norway. Toronto Stock Exchange in Canada. Key Mr. Binnion further comments, “As bringing competent new players to the Resources, Copeinca, Jinhui and many Oslo Axess opened for listing of issuers in Questerre personnel have been involved opposed to many over the counter Norwegian continental shelf. others know that Oslo Børs is fully May 2007, and also welcomes developing In addition, Oslo Børs marketing and with Oslo Børs and the Oslo investment markets, Oslo Børs is a full stock committed to complementing their companies in a pre-commerical status, press personnel often travel from Norway community since 1998 as founders of exchange with state of the art trading and One of the reasons that the Peruvian strengths and qualities in providing a allowing less stringent listing requirements to the far corners of the globe in order to CanArgo Energy, an international E&P surveillance systems. A strong code of company Copeinca chose listing on solid base to attract investors, gain than direct listing on Oslo Børs. However, work with potential companies who might company listed on the Oslo Børs and practice for corporate governance, low Oslo Børs in 2007 was the strong global access to analytical expertise and be companies listed on Oslo Axess will be consider listing themselves on the Oslo AMEX. Leveraging these relationships, in annual maintenance costs, and clear reputation that Norway commands within a part of the Oslo Børs success story. With its fast growth, increasing sales volume, accessibility, and, not in the least, transparency and professionalism, Oslo Børs is the place to be for future © Questerre opportunities.

Oslo Børs listing financed a high impact Questerre gas project in northern Canada.

investing in norway 21 financing a maritime superpower

By Kristian Kahrs

The world’s markets for shipping, offshore, petroleum and fishing need reliable and secure funding, and Norwegian banks and financial institutions play a vital role in financing, insuring and advising on global shipping activities. Norwegian financial institutions cannot boast about being global giants, but when it comes to maritime industries, Norway plays an important part.

A company like Rolls-Royce could easily industry. “Norwegian shipping analysts exchange creating great values for the have moved its marine operations outside are highly skilled, and they provide quality future,” she states. of a high cost country like Norway in analysis of the individual companies and order to produce its ship’s and maritime the different segments in the industry,” “We are working hard every day to equipment at much lower labour costs. says Oslo Børs President and CEO, Bente strengthen these sectors so that we However, the company finds it essential A. Landsnes. can continue to offer investors attractive to utilize Norway’s seafaring traditions investment opportunities,” Landsnes says. and the compact, competent maritime The CEO is also careful to emphasize cluster that takes advantage of specialized Norway’s long standing maritime history. More than Just Lending Money financial institutions to improve its “Norway has long traditions in shipping, The world’s shipping markets need reliable competitiveness in the global market. fishing and ocean farming. Furthermore, and secure funding, and Norwegian banks the Norwegian petroleum industry is the and financial institutions play a vital role in “Some Norwegians think we are a nation biggest in Northern Europe, and combined financing and advising on global shipping of peacemakers. This is not true. We are these strengths boost Norway as a nation activities. a small, insignificant nation, but when it and the Oslo Børs as a leading stock comes to shipping, we are a maritime superpower. The world listens to us,” says Research & Technology Director Rune Garen in Rolls-Royce Marine. © Rolls-Royce plc Even if the Norwegian stock market is small by global standards, the Oslo Børs (the Oslo Stock Exchange) is one of Europe’s – and possibly the world’s – leading stock exchanges for the shipping

A company like Rolls-Royce could easily have moved its operations outside a high cost country like Norway, but it decided to stay in Norway because of the strong maritime cluster. The Rolls-Royce UT 758 icebreaker can not only navigate independently in thick ice – carrying both deck and bulk cargo – but it can also operate in safety standby, fire-fighting and pollution prevention roles. 22 Norway has two heavyweights when it The Maritime Cluster “The salmon farming industry was to comes to ship financing. The Nordic bank The close cooperation in Norway a large extent developed by traditional Nordea has global shipping commitments between actors in the maritime cluster is fishery companies during the last third of USD 12.5 billion, while Norway’s largest vital for maintaining close ties between of last century. DnB NOR already had bank – DnB NOR – has corresponding the industry and Norwegian financial substantial business relationships with figures of USD 11 billion. These tallies institutions. Examples of participants in the the mother industries of salmon farming, place the two banks alongside Citibank as Norwegian maritime cluster include: and it became natural to follow these new the three largest ship finance institutions in • Ship owners and ship managers initiatives and the further development of the world. • Shipbuilding and repair yards the salmon farming industry,” Stangeland • Ship’s gear manufacturers says. “Combined, these two banks give a • Shipbrokers tremendous boost to the market,” says • Ship finance institutions At that time salmon farming was quite Carl E. Steen, head of Nordea’s Shipping, • The Oslo Børs volatile with huge variations not only in Offshore and Oil Services Division. • Ship classification societies market prices but also on the biological “We [Nordea] are a lead arranger of • Marine insurance companies and technical side of the industry. “We syndicated loans to the shipping and • Maritime research and development chose to maintain a long-term perspective offshore industries, and we have about institutions during such set back periods, and, thus, a 15 percent market share in syndicated • Maritime education we helped many pioneers to overcome shipping loans worldwide.” • National authorities their financial difficulties. Later on several of these pioneers were able to make Nordea is a Nordic bank, but its shipping A Global Leader for Fishing substantial gains when the market or headquarters is located in Oslo. “We Norway was a pioneer in developing fish the biological situation again improved,” have financial muscles from the Nordic farming as an industry, and Norwegian explains the fishing finance expert. cooperation, and we combine this with banks played an important role in helping extensive shipping experience from the birth of the industry. DnB NOR has Despite good times for the Norwegian the Norwegian maritime cluster and been one of the leading Norwegian banks fish industry, there are challenges and traditions from the old Christiania Bank & dealing with the fishery and fish farming Norwegian banks aim to take advantage Kreditkasse,” says Steen. The Norwegian industries for more than 150 years, and it of their maritime experience to provide bank became a part of Nordea in 2001. made its name by providing financing for profitable and stabile conditions for the the trading and exporting of salt and clip industry. fish from Norway.

Kjell Stangeland, Senior Vice President at DnB NOR, is responsible for the bank’s business and policies for the seafood industry. One example of the industry’s ability to adapt to new challenges is the salmon industry.

investing in norway 23 Volatile Market perspective and experience. This has also fishery and fish farming industries’ “Market volatility will still remain a major helped us to do good risk assessments global expansion. These have made vital challenge going forward. And it should not and to provide streamlined financing contributions to the technical development be forgotten that aquaculture by nature is solutions. On this basis we have enabled within the industries and contributed a biological process that greatly requires ourselves to understand and to bear substantially to the global leadership the monitoring and caretaking of the the risk involved and have positioned the Norwegian fishery and fish farming potential diseases threats witch always ourselves to provide financing also for the industries have today. will be a challenge in such industry,” future needs in the industry,” Stangeland Stangeland says. says. “DnB NOR has relationships with several of these vendors and its technology has However, these are challenges waiting to The Norwegian maritime cluster is also a to a large extent been adopted in other be met, and the industry has experienced factor making the Norwegian fish industry important fishery and fish farming areas. an enormous demand for its products, competitive in the global fishing industry. This helps us to be quicker and better especially because the products provide a understand and finance such activities in very attractive combination of good taste “The Norwegian fishery and fish farming foreign waters,” he says and texture, a high level of availability and industries have given room for the some unique health aspects. development of comprehensive upstream Global Insurance Players activities and several good companies In addition to the finance of maritime “To secure further growth of the market within the shipyards, electronic and industries, Norway is also one of the it’s important to maintain a high level hydraulic equipment, ship design, catching driving forces within marine insurance, of consumer confidence through and harvesting equipment and so on,” he represented by flagships Skuld and undisputable quality and food safety,” the says. Gard. Combined, Norwegian insurance DnB NOR director states. companies have about 15 percent of Stangeland says that these companies the global shipping insurance market. Norway has an advanced fleet of fishing play an important part in the Norwegian Headquartered in Oslo, Skuld is an vessels with a great need for capital. However, Norwegian banks have a great deal of experience in knowing the needs of the industry.

“We are proud to claim that we know the industry; we have maintained good relationships with the major players in the industry, and we have a long-term

The Norwegian bank DnB NOR has intimate knowledge of the Norwegian fishing industry.

“We are proud to claim that we know © Kjell Ove Storvik, Norwegian Seafood Export Council the industry; we have maintained good relationships with the major players in the industry and a long-term perspective and experience,” says Senior Vice President Kjell Stangeland. 24 international player with offices in seafarers with hands-on knowledge of the “The contracts are traded on the IMAREX Copenhagen, Bergen, Hong Kong, and problems that can occur and the support electronic trading screen and cleared at Piraeus, Greece. that is required. They are assisted by an NOS. In addition to freight and fuel oil, extensive network of correspondents in all the group is building a major presence “Our dedicated staff and an extensive major ports,” he says. in Nordic Power, Carbon Emissions and network of correspondents make Seafood.” Skuld a competitive service provider Providing Global Infrastructure that will always go the extra mile for its to Shipping Derivatives Clearing is a vital function in any mature members,” says President & CEO Douglas Although Norway excels at the more derivatives market as it allows traders to Jacobsohn. traditional type of shipping finance and execute deals without concern for the insurance, there is another and just as credit worthiness of other market players. A few years back, the marine insurance interesting aspect of the Norwegian industry faced a challenge with regards shipping finance industry now making a “NOS Clearing removes credit risk from to insufficient premium levels. According major impact globally. derivatives transactions by becoming a to Jacobsohn, Skuld responded to central counterpart for all members of the challenge with a clear strategy. It The international markets for freight the exchange. NOS has built an enviable involved a major restructuring, with strong derivatives, often called FFAs, have been reputation worldwide as the number one emphasis on costs, member selection, the fastest growing shipping markets in the clearing house for freight, with close to and pricing and reserve building – all while world during the last five years. Leading 95 percent market share in tanker freight still meeting the needs of its members. “A that charge has been the combined efforts futures and around 50 percent of dry bulk dedicated staff and a lot of hard work have of Oslo based IMAREX – the International freight futures,” explains Bøe. made these efforts successful,” he says. Maritime Exchange – and NOS Clearing, the number one clearing house for freight The IMAREX Group is also an important Gard is another international shipping related futures and options. part of the Norwegian maritime cluster, insurance giant, headquartered in the and it is able to take advantage of the small southern Norwegian town of IMAREX is listed on OSE Exchange (OSE: strong Norwegian maritime traditions and Arendal. The company employs more than IMAREX), and it operates from offices in include them in future challenges in the 370 people of 27 different nationalities in Oslo, Stavanger, Singapore, Houston, maritime markets. nine locations around the world. London and Zurich. Managing Director in IMAREX Asia Pte Ltd, Mikal Bøe, “We are a true Norwegian success story, “Our workforce possesses a unique mix emphasizes the importance of derivatives combining generations of traditional of expertise in marine insurance, energy in the future markets. shipping expertise with modern financial insurance and claims handling, as well as know-how to attract large volumes of a broad range of professional qualifications “We combine broking, electronic trading, futures and options trading from the and practical experience,” says Gard clearing and research, and we have over world’s largest oil companies, ship CEO Claes Christian Isacson. “A high 200 member companies trading in excess owners, trading houses and merchant proportion of our staff consists of former of USD 1 billion per month in tanker, dry banks,” Bøe states. bulk and fuel oil derivatives,” Bøe says.

investing in norway 25 law firm specialized in business law

BULL & CO ADVOKATFIRMA AS PO Box 2583 Solli • NO-0203 Oslo, Norway Tel: +47 23 01 01 01 • Fax: +47 23 01 01 11 E-mail: [email protected] • Website: www.bullco.no

Bull & Co provides a unique combination of the very best expertise in the field of intellectual property rights with some of the best and most widely experienced Norwegian corporate lawyers. This unique combination is implemented into the service profile of the firm to ensure that its clients get the full benefit of a streamlined and practical corporate approach as well as a complete understanding of the intricacies and values of IPR.

Full-Range Supplier International Network Services of Legal Services of Contacts Bull & Co assists inter alia with the Bull & Co has been a legal partner of Bull & Co works for a wide variety of following: business in Norway since 1864 and is business sectors, and benefits from a full-range supplier of legal services to connections and synergies between the Mergers & Acquisitions business clients. Added to substantial different sectors. The firm emphasizes • Sale and purchase of enterprises expertise within company law, labour the need for industry knowledge and • Mergers and demergers law, tax and real property comes special the importance of getting to know every • Restructuring qualifications within the fields of intellectual client as well as the client’s business • Financing and refinancing property, marketing law and competition environment. In a global economy, law. The firm has a top-tier IP-department, clients draw advantage from Bull & Co’s Corporate Law one of the largest in Norway. Bull & Co widespread network of contacts outside • Establishing a business or branch in cooperates closely with its clients to of Norway, covering more than 50 Norway find solutions that prevent conflict and jurisdictions on all continents, as well as • Shareholder’s documentation create a secure framework for its clients’ from the international experience of their • Equity holding structures generation of value. attorneys. • Corporate governance • Corporate secretariat • Joint ventures

Securities & Stock Exchange Law • MiFID compliance

26 IPR In-Depth Industry & Protecting & Increasing • IPR-management Market Knowledge its Clients’ • Internet related areas Bull & Co provides legal advice with IPR & Intellectual Capital • R&D agreements a practical approach based on each Bull & Co has a strong focus on protecting individual client’s needs and in-depth and increasing its clients’ IPR rights, Employment Law & HR industry and market knowledge. competence and intellectual capital The firm has extensive experience in connection with any research or Tax Law across various industries, working for development activity and any transaction Norwegian and international clients or agreement. Real Estate & Construction within international trade, manufacturing, technology, telecoms, pharmaceuticals Hands-On Approach Negotiation & Disputes and medical devices, energy, aviation, Bull & Co’s core values are availability, professional services, design, art and expertise and integrity, and each project Competition & Marketing Law crafts, toys, consumer goods, film and is based on close cooperation with media, investment firms, real estate and the client. Bull & Co provides a hands- Media construction. on approach with a large degree of involvement and availability from the Governmental responsible partner for each client and • Compliance services matter. • Anti-corruption programmes • Concessions and permits

investing in norway 27 interest & foreign exchange markets

DANSKE MARKETS Fokus Markets Oslo PO Box 1170 Sentrum • NO-0107 Oslo, Norway Tel: +47 23 13 91 00 • Fax: +47 85 40 79 92 E-mail: [email protected] • Website: www.danskebank.no

Fokus Bank is a branch of Danske Bank AS, which owns Danske Markets. Fokus Bank is one of Norway’s largest banks with 55 offices spread throughout the country. Danske Bank AS is one of the leading financial conglomerates in the Nordic financial markets. Fokus Bank is responsible for the group’s total operations in Norway, and has about 1,400 employees. Fokus Bank is a complete supplier of financial services. These include funds, capital markets and insurance products.

Fokus Markets Danske Bank In Denmark, Norway, Sweden, Finland, Fokus Markets is the Norwegian part of Danske Bank AS is the largest bank in Northern Ireland and the Republic of Danske Markets and is responsible for the Denmark and a leading player in the Nordic Ireland, the Group serves 4.9 million retail equity, interest rates and foreign exchange financial markets. The Danske Bank Group customers and a significant part of the markets. Fokus Markets has established – which includes Danske Bank, Realkredit corporate, public and institutional sectors. itself as one of the biggest players in the Danmark, Danica Pension and a number In 2006 Danske Bank acquired Sampo Norwegian capital market. of subsidiaries – offers a wide range of Bank in Finland. With the acquisition financial services, including insurance, of Sampo Bank, Danske Bank further Fokus Bank’s Business mortgage finance, asset management, consolidated its position as a leading Concept brokerage, real estate and leasing services. financial player in the Nordic region. Fokus Bank is a bank for industry and commerce and private individuals, and offers a wide range of products. Fokus Bank has a dominant position in the financial markets and works efficiently through joint production and operations, plus centralized management, supervision and development.

28 global legal services

ADVOKATFIRMA DLA PIPER NORWAY DA PO Box 1364 Vika • NO-0114 Oslo, Norway Tel: +47 24 13 15 00 • Fax: +47 24 13 15 01 Website: www.dlapiper.com/norway

A global legal services organization, DLA Piper has more than 3,400 lawyers in 64 cities in 25 different countries, making it one of the largest law firms in the world. One hundred of these legal professionals are based in Norway in the DLA Piper offices in Oslo and Bergen. The company provides services for local, international and multi-national companies in a wide range of business sectors.

Investments DLA Piper provides an extensive range of For more information about DLA Piper and DLA Piper specializes in a wide range of legal services organized along the lines of its legal services please contact: investment tools and offers legal services seven global practice groups: to clients within investment funds, open and close-end investment companies, • Corporate hedge funds, distressed funds, private equity, venture capital and development • Litigation and Regulatory capital funds and real estate investment funds. • Finance and Projects

DLA Piper’s investment lawyers are a • Real Estate multidisciplinary group of lawyers with the appropriate tax, regulatory, corporate, • Employment, Benefits and Pensions • Marius Lysell Andresen, Partner and partnership and trust experience. The Head of Corporate team regularly works with lawyers in • Technology, Media and Commercial E-mail: Marius.lysell.andresen@ multiple jurisdictions, advising and (TMC) dlapiper.com investment structuring, establishment Tel: +47 41 91 66 14 and offerings in many of the world’s major • Restructuring and Insolvency financial markets.

• Ulf H. Sørdal, Partner and Office Managing Partner, Bergen E-mail: [email protected] Tel: +47 41 91 67 17 investing in norway 29 fund management

FUND MANAGEMENT GROUP ASA (FMG) Munkedamsveien 45A, Vika Atrium NO-0250 Oslo, Norway Tel: +47 22 01 21 30 • Fax: +47 22 01 21 31 E-mail: [email protected] • Website: www.fmg.no

Founded in 1989, FMG is one of the pioneers in the multi-manager arena. The company focuses on and invests primarily with small fund managers based on the belief that size is an issue for future hedge fund performance. Risk management is a critical part of portfolio construction and manager selection, and significant resources are spent on tracking existing investments. Investment decisions are made by the Investment Committee, which has a combined 50 plus years of investment expertise. With analysts based in Oslo, Norway, Dubai and Connecticut, USA, the company is well placed to identify and monitor the evolution of the investment management business. FMG also has offices for its representatives in London, Stockholm and Dubai, and is planning on having an office in China.

Business Objective Investment Philosophy one of the pioneers of the multi-manager FMG has a simple business objective – FMG’s investment philosophy includes: approach. FMG uses an Investment to protect and grow the assets that clients • Multi-Manager Approach – Committee for its investment decisions. place in its investment products. By By combining the skills of multiple An investment decision is only made if combining the multi-manager approach managers, a portfolio can be diversified the majority of the Investment Committee with hedge funds and long-only managers, between complementary investment members are in agreement both manager risk and market risk are strategies, geographical areas and • Privileged Access to Managers – FMG lowered, a strategy aimed at making FMG industry sectors. In this way, the risk is is set apart from many other hedge products a safe place for the assets of spread and effectively reduced products by its ability to include its clients. FMG uses its experience in • Hedge Fund Approach – Hedge funds some of the world’s most successful finding the best managers to meet market are perceived by some as high risk managers which may be closed to new demands and provide clients with returns investments but in reality most equity investors. Over half the managers that that preserve and increase capital over time hedge funds are less volatile than FMG currently uses are closed to new by capturing the upside and avoiding the conventional long-only equity funds. investors – a long-term relationship downside to the greatest extent possible. In rising markets, hedge funds tend to keeps these exceptional managers open Furthermore, FMG offers funds that invest under-perform long-only funds as they to its investors in emerging markets and the business reduce risk • Portfolio Enhancement – FMG objective in these markets is to search out dynamically combines a range of and find the best managers that have an FMG Investment Advantages hedge fund strategies in its products. edge within their strategy, be it a hedge FMG’s investment advantages include: These products dramatically improve fund or an alternative to traditional long- • Experience – FMG analysts are highly a portfolio’s risk-adjusted returns as only funds. experienced in selecting managers and they are not correlated with traditional combining strategies both with hedge investments and long-only products. FMG has been

30 Risk Management right before the well known Goldman Fund Areas Risk management (RM) is a very important Sachs’ ‘BRIC’ report came out, which drew FMG has funds in the following areas: part of FMG’s business. Based on its the attention of many investors to Brazil, • Global business objective to protect and grow the Russia, India and China, FMG launched its • Scandinavia assets that clients place in its investment Rising 3 Fund. This is a fund that invests • Russia products, FMG must accurately control with the ‘best of breed’ in Russia, India and • China the risk levels of these products. The first China. More recently, FMG launched its • India part of its risk management philosophy is MENA Fund (Middle East and North Africa) • MENA (Middle East and Africa) to ensure that only the best managers are and an Africa Fund that is embracing the • Africa selected for the risk profile of the fund as whole continent of Africa rather than just • Bio-tech a whole. This is covered in the manager South Africa. Once again FMG displayed its • Hi-tech selection process and is given a high ability of identifying new markets before the degree of importance. Furthermore, FMG majority of institutions and investors had. An easy way to get access to the various has developed a unique RM Evaluation FMG Funds is the FMG Combo Fund. This Matrix system that evaluates both the Focus on Small Managers fund invests in underlying FMG Funds. Its manager/fund’s quantitative and qualitative Throughout all these years FMG has aim is to introduce new investors to FMG attributes. primarily focused on small managers, i.e. and its individual funds through an ongoing, the team search, and identified managers actively managed approach in order FMG ASA in Oslo was the first office with excellent backgrounds who manage to create a more balanced global fund outside the USA and this is the main office small funds. The reasoning behind this portfolio between FMG’s more conservative for the Scandinavian market. Two of the is the statistical fact that the greater the hedge funds and its Emerging Market analysts are based in Oslo as Europe is assets are under management, the Funds. The fund is a single access point playing a more significant part in the global lesser the returns. Hence, FMG tends for hedge managers as well as speciality hedge arena, and being based in Oslo is to stay away from managers above managers around the globe - hence, it is an an advantage when monitoring European USD 500 million that is under management. efficient and low risk way to invest in global investments and market. FMG Oslo is also FMG has a research team that identifies markets. As of June 2007, there are about one the first groups to offer retail clients these managers and conducts thorough 90 managers in the portfolio. The portfolio alternative investments in the Nordic region research on its investments, and in this way will mirror the market view of FMG’s dating back to 1989. avoids mediocre manager set-ups. Investment Committee.

Ranking Fund Area Performance 2006 YTD Aug. 07 In 2006 FMG ranked high in The Barclay Group’s Global Ranking of Funds of Funds Global 9,2 % 6,0 % with an astonishing three funds among the top ten. More specifically, FMG was Scandinavia 14,4 % -0,4 % awarded 1st, 2nd and 4th place with their emerging markets fund of funds. Russia 51,1 % 0,5 %

Early Stage Investing China 71,6 % 40,6 % FMG’s ‘claim to fame’ has been its early stage investing in two areas, namely new India 27,6 % 13,5 % markets and its early investments with coming stars on the money manager MENA (Middle East and North Africa) Inception Apr. 06 -3,7 % 13,3 % arena. More specifically, FMG started its Russian Fund back in 1995 at a time when Africa (Launched April 07) n/a 5,0 % Russia was left out of many portfolios by investors. Today, the FMG Russia Fund Bio-Med -0,1 % -0,1 % stands out as a unique vehicle for investing in Russia based upon profound knowledge Hi-Tech 15,6 % 2,1 % of the market and FMG’s ability to seek out talented money managers. Furthermore, Special Opportunity 91,0 % 2,2 %

India Opportunity 40,2 % 20,6 %

Combo fund 20,1 % 6,9 % investing in norway 31 international financial services

GLITNIR PO Box 282 Sentrum • NO-0103 Oslo, Norway Tel: +47 22 82 56 90 • Fax: +47 22 82 56 91 E-mail: [email protected] • Website: www.glitnir.no

Glitnir is an international financial group serving domestic and international clients from its home markets of Iceland and Norway. Glitnir’s fast-growing network also spans Sweden, Finland, Denmark, the UK, Luxembourg, Russia, China, Canada and the USA. Glitnir is listed on the Icelandic stock exchange. A leading specialist globally in financing the seafood, sustainable energy and offshore service vessels segments, Glitnir also provides retail, corporate and investment banking, stock brokerage and capital management services.

Glitnir in Norway Glitnir Bank ASA is a full service bank A Global Specialist Norway, together with Iceland, is Glitnir’s with origins in Ålesund on Norway’s west Glitnir Bank ASA has become known home market. Glitnir’s Norwegian coast. Glitnir Bank ASA is one of Norway’s nationally and internationally for the business includes commercial and private most competitive deposit banks and is provision of financing within two specific banking, financial advisory and corporate responsible for the group’s international industries: seafood and offshore service and brokerage services. shipping and property financing business. vessels. Combined with the group’s historical role in the financing of Iceland’s Commercial Banking A commercial bank with operations in fishing and seafood industry, and more Glitnir provides Norwegian and both the corporate and retail markets, recently its geothermal development, international customers with a full range BNbank (Bolig- og Næringsbanken ASA) this expertise has enabled Glitnir to carve of retail and commercial banking services, specializes in mortgage lending and is a global role for itself as a specialist as well as specialized expertise in the a leading player in the Norwegian retail in these three niche markets. offshore service vessels, seafood and property market, while its subsidiary sustainable energy industries. In Norway, BNkreditt is one of Norway’s largest Throughout its network, the group the group also specializes in private and property financing credit companies. employs teams of highly experienced commercial property financing. BNbank is headquartered in Trondheim, industry-specific professionals consisting with a branch in Oslo. of corporate financiers, analysts, credit Glitnir’s two main entities in Norway, Glitnir officers and dealers to serve the seafood, Bank ASA and BNbank, are in the process sustainable energy and offshore service of merging their operations into one vessels sectors. Its commitment to these bank, under the name Glitnir Bank, with industries has been demonstrated by headquarters in Trondheim. The merger the opening of representative offices in is expected to be completed in the first Shanghai, China and Halifax, Canada, quarter of 2008. as well as the recent establishment of Glitnir Capital Corporation in New York.

32 Seafood Securities & Investment Property Glitnir has served the fishing and Management The Glitnir Property Group plays a seafood processing industries for over a The Glitnir Group provides advisory, leading role in the Nordic commercial century and provides financing and M&A corporate and brokerage services, property market, with operations in Oslo, transactions worldwide to all sectors of together with monitored investment Stockholm and Helsinki. Its member the global seafood industry, including products through its Norwegian licensed companies are experienced in managing fisheries, fish processing, aquaculture investment bank, Glitnir Securities. large corporate transactions, syndications and trading. and in providing financing advice in the Glitnir Securities is a major Norwegian commercial real estate business. Sustainable Energy corporate and brokerage house, with Glitnir is a leading consultant and the expertise to provide deep, vertical financier in the field of sustainable coverage of companies and their energy sources, in particular geothermal industries. Glitnir Securities aims to help energy. For decades the bank has served investors reach profitable investment the energy industry in Iceland, which decisions based on smart, timely is almost exclusively based on hydro advice and insightful information. The and geothermal sources. The group Glitnir group has significant securities, is involved in a large-scale geothermal investment management and private project in XianYang in China. Through banking operations in Sweden, Finland, its representation in Canada and the Luxembourg and Russia. All of these USA, the bank is seeking leading market entities work together to expand the opportunities in the field of sustainable informed choices available to investors. energy on a global basis.

Offshore Service Vessels The offshore supply industry services the needs of offshore oil and gas installations, e.g. rig moves, transportation of supplies etc. Glitnir is one of the major players in mortgage lending to Norwegian offshore service vessel owners.

The Glitnir Group “Energetic and committed, Glitnir is one of the fastest growing banking groups today. During the last 10 years we have taken the steps necessary to make the transition from an Icelandic bank to an international financial enterprise. All parts of the Glitnir Group work closely together to offer clients, be they in Norway or China, the benefits of our expanding global expertise, our client-driven culture and our growing spread of group synergies.” Larus Welding – CEO.

investing in norway 33 trading & clearing of maritime derivatives contracts

IMAREX NOS ASA Hieronymus Heyerdalsgate 1 • NO-0160 Oslo, Norway Tel: +47 23 25 93 20 • Fax: +47 22 36 01 06 E-mail: [email protected] Website: www.imarex-nos.com

The market for maritime derivatives is the fastest growing shipping market in the world, and IMAREX (the International Maritime Exchange) is the only authorized and regulated market place for the trading of freight futures and options. IMAREX’s approach to this market has proven profitable and an increasing number of high-profile clients demonstrate the company’s successful track record. IMAREX is uniquely positioned to take advantage of the increasing demand for global trade and growth in markets for freight derivatives and has seen over 200 percent growth in traded volumes between 2005 and 2007.

The Emergence of Most dry bulk FFAs are priced in US dollars IMAREX at the Heart of a Freight Derivatives per day, just like the physical time charter Global Development Slowly but surely over the last few years, market. Buying an FFA for a future period is For this growth to take place and shipping people everywhere have woken up either a protection against, or a bet on, the consolidate so that liquidity does not to the beauty of freight forward agreements market rising, and that the average price of dry up if and when freight rates decline, (FFAs) as a way of trading freight as a a Baltic Exchange freight index during the a substantial improvement in market financial market. Now, it is estimated that period will be higher than what it is priced at efficiency needs to take place. there are nearly twice as many dry bulk FFA when you trade the FFA. Similarly, selling an contracts trading as there are time charters FFA is a protection against a falling market. The main issues which need to be done – and that’s a sign of a maturing addressed to boost liquidity further are market which is going places. The market Tanker FFAs are a little more complex as credit and counterparty risk through for Tanker FFAs is growing rapidly and will they are traded on the basis of individual clearing, better transparency of pricing and top 750 million tonnes in 2007, compared routes and voyages. Tanker FFAs are also transactions and direct market access by with close to 2 billion tonnes in dry bulk. used in oil arbitrage trades where the cost non-core freight investors like steel mills, of the freight is the “regulator” between the food producers, hedge funds, speculative FFAs are characterized by their simplicity BUY and SELL price of the oil cargo itself. investors and others. and this is what has made them so popular. More information about this on can be There is nothing much complicated about found on the IMAREX website. The most talked about solution is an open them. The dry bulk freight market uses electronic exchange where all participants them quite simply as financial forward More than 250 principals are now active can trade securely and efficiently, just like in contracts to mirror physical time charters, to in the freight derivatives market, and the more mature commodity markets. hedge the risk of freight rates being higher pressure is growing on the industry to come or lower than a time charter agreement up with a way for further growth and for IMAREX has operated a very successful or to speculate on the direction of the liquidity to continue to grow. screen market for 3 years and is a prime freight market. They can either be used to contender to become the centrally neutralize freight rate risk, or to take risks The next milestone for the FFA industry is recognized market place for all freight on freight rates as speculative investments. to have 500 plus active principals and the futures and options globally. Either way, they are very effective if applied volume of FFAs traded exceeding the total correctly. voyage and time charter in tankers and dry bulk combined. 34 IMAREX provides professional and for freight derivatives by trading on-screen • Be an essential tool kit for all freight institutional traders and investors with a or via IMAREX’s market trading and clearing market participants LIVE electronic trading screen where buyers of maritime derivatives contracts via Market • Provide instant curve and charting and sellers of freight derivatives meet. When Place Service desks in Oslo, Singapore and analysis to all active traders and analysts trading on-screen at IMAREX, all trades are Houston. • Assist current market participants in cleared and settled with NOS Clearing, the market analysis of specific trading first and largest central clearing house for In addition to fully electronic trading on strategies the worldwide maritime derivatives market. screen, IMAREX also offers exchange • Assist current market participants in IMAREX and NOS together operate like broker executed deals on behalf of looking at new opportunities a self clearing exchange exclusively for members. • Assist new market participants in gaining freight. knowledge of the market and specific IMAREX Markets sectors of it Much of the massive growth in freight The derivative markets traded at Imarex • Assist financial investors in acquiring related derivatives trading come from the include: insight into the underlying freight advantage of trading in a reputable and • Tanker futures markets of publicly listed transportation efficient market place, where counterpart • Dry bulk futures companies risk has been removed. Straight through • Fuel oil derivatives • Assist stock brokers and fund managers clearing via the IMAREX screen is cheaper • Tanker and dry bulk freight options in seeing significant movements in the and more convenient than converting bi- • Nordic and European power freight markets as they happen lateral FFAs into cleared futures contracts. • Carbon Emissions market • Assist transportation and equity analysts • Clearing and Settlements from NOS with market research data for models Efficient Solutions Clearing and analyses As an exchange, IMAREX improves the • Assist academic institutions and students trading efficiency for principals by offering IMAREX Information Products with data on shipping and the freight three key services to clients and market for Freight & Fuel Oil market participants: Freight principals and investors in the freight • Transaction Services - enabling dealers markets can both benefit greatly from the IMAREX also supplies daily freight forward and traders to execute freight derivatives timely information on offer from IMAREX curves to third party vendors such as transactions Information Services. Bloomberg, Reuters and others. • Clearing Services - straight through clearing of trades via the IMAREX screen IMAREX produces a number of key • Information Services - market pricing, information products for market participants forward curves and data distribution in the freight and bunker fuel oil derivatives markets. Information and data research Members of IMAREX get the full advantage products are designed to: of the world’s only regulated market place

investing in norway 35 law firm

HAAVIND VISLIE AS PO Box 359 Sentrum • NO-0101 Oslo, Norway Tel: +47 22 43 30 00 • Fax: +47 22 43 30 01 E-mail: [email protected] • Website: www.haavind.no

Haavind Vislie is one of Norway’s top law firms, with 100 dedicated lawyers situated at its main office in Oslo. The firm is a full range legal office. The firm’s lawyers have advised and/or represented private equity investors and funds, private investors, corporations, state and municipality owned companies and ventures, both national and international, in various investments opportunities within the petroleum, energy, shipping and construction industries.

Cross-Border Expertise restructuring of such companies. The firms the Ministry of Oil and Energy, the firm’s Haavind Vislie is one of the largest and also has broad experience in assisting lawyers constitute a part of its client’s most renowned law firms in Norway. The clients investing in onshore facilities and value creation chain with the aim to deliver company traces its history back to 1893 new power production such as new large first rate work of value for the client. and since that period has grown steadily and small hydro power plants, wind power up to its now current size of more than 100 and gas-fired power plants. The combination of quality legal work lawyers. Haavind Vislie offers cross-border and in-depth knowledge of the various services and expertise to its clients within The firm also provides services related markets and the client enables Haavind a full range of legal services in commercial to investments in infrastructure, such as Vislie to provide outstanding legal services and public law. grid connections both within Norway and in accordance with its clients’ instructions. abroad. Haavind Vislie has been engaged in The firm’s focus is always to provide Haavind Vislie has a special focus on several projects relating to power contracts, value added products and services to its foreign investors that seek opportunities both physical and financial contracts, either customers. in Norway. The firm’s corporate division, securing electricity supply, price hedging or together with the real estate/construction, otherwise as a financial investment. Haavind Vislie provides legal services energy, petroleum and shipping divisions, within the following areas: provides time and cost efficient quality Services • Company law services in the field of investments and Drawing upon experience and first hand • M&A M&A. It represents a variety of industrial, knowledge acquired by working for • Listings financial and private equity players. industry players and public offices such as • Loan financing • Equity financing Investment Project Sectors • Project financing Haavind Vislie has assisted clients in various • Restructuring investment projects within the electricity, • Construction petroleum, shipping and construction • Tax law sectors. Inter alia, Haavind Vislie has • Transportation been engaged to aid in connection with • Environmental law the acquisitions and sales of power • Natural resources plants, power companies, oil fields and • Sales oils companies, and the mergers and • Purchase 36 financial services

KAUPTHING ASA Olav V’s gt.5, NO-0161 Oslo, Norway PO Box 1914 Vika • NO-0125 Oslo, Norway Tel: +47 24 14 74 00 • Fax: +47 24 14 74 01 E-mail: [email protected] Website: www.kaupthing.no

Kaupthing Bank is a northern European bank offering integrated financial services to companies, institutional investors and individuals. These services include capital market services, corporate banking, investment banking, asset management and banking services including comprehensive wealth management for private banking clients.

International Operations Kaupthing in Norway Best Bank in the Nordic Kaupthing Bank is headquartered in In Norway Kaupthing has experienced Region & Iceland Reykjavik, Iceland, and operates in ten rapid growth over the last year, with more In 2007 Kaupthing was named both the countries, including all of the Nordic than a triplication of operating revenues in best bank in the Nordic Region and the countries (Denmark, Faroe Islands, 2006 compared to 2005. This growth is best bank in Iceland by Euromoney. The Finland, Iceland, Norway and Sweden), also evident in the number of employees, Euromoney Awards for Excellence are Luxembourg, Switzerland, the UK and the which has more than doubled in size over the most prestigious awards in the global USA. In Denmark, Kaupthing Bank operates the same period. Among these employees banking industry and go to the firms that under the name FIH Erhvervsbank. are some of the most experienced stock have shown consistent excellence in what analysts and brokers in the Nordic region. they do in terms of service to clients, In recent years, Kaupthing Bank has been The strong and experienced teams of returns to shareholders and pushing the one of the fastest growing financial groups brokers, analysts and advisors all strive boundaries of what is possible in finance. in Europe. Kaupthing’s expansion has been to maintain a visionary approach in their It is also a recognition of institutions and achieved through sound organic growth daily work, by identifying opportunities, individuals that demonstrate leadership, and a number of strategic acquisitions. The embracing competition and taking innovation and momentum in the markets in most recent acquisitions are those of the intelligent risks. With the focus being on which they excel. Dutch bank NIBC, which will be completed building businesses for its clients, rather by the end of the year, the UK bank Singer than on short-term profits, Kaupthing & Friedlander, now Kaupthing Singer & seeks to build long-term relationships, Friedlander, in 2005, and FIH Erhvervsbank believing this will lead to more opportunities in Denmark in 2004. The aim of this tomorrow. growth is to further enhance Kaupthing Bank’s ability to provide comprehensive services to its client base in the UK, the Nordic countries and elsewhere in northern Europe.

Kaupthing Bank is listed on the OMX Nordic Exchange in both Iceland and in Stockholm, and is traded under the ticker KAUP.

investing in norway 37 financial service provider

NORDEA BANK ASA PO Box 1166 Sentrum • NO-0107 Oslo, Norway Tel: +47 22 48 50 00 • Fax: +47 22 48 79 90 E-mail: [email protected] Website: www.nordea.com

Nordea Bank is a leading provider of financial services in the Nordic and Baltic region. The company is recognized for its ability to both value the individual and to create superior value for its customers and shareholders. Nordea’s mission statement, “Making it possible”, illustrates its investment in achieving these objectives.

Structuring Capabilities Products & Services Fixed Income Products All companies are exposed to certain Through the structuring process Nordea • Primary and secondary trading of amounts of risk in connection with their tries to identify an optimal product mix for Norwegian, Nordic and International operations. Interest rates rise and fall, its customers. Nordea offers a wide range Bonds. They focus on both interest exchange rates and commodity prices of products and services which include: rate and credit products, as well as fluctuate and accounts receivable is debt raising for Nordic and international inherently unstable. The best means Foreign Exchange Products companies by which to reduce such elements of • A wide spectrum of derivatives for • Nordea offers credit analysis on issuers risk is to implement modern methods both hedging and speculation related active in the fixed income market, of risk management. Nordea provides purposes as well as providing trade ideas and customized products which are designed • The Norwegian and Swedish krone are strategic advice to hedge such specific risks and meet a volatile currencies. Nordea is able to company’s requirements through flexible provide unmatched insight and advice Interest Rates Derivatives and competitive solutions. Nordea’s on these markets • Customized solutions matching main focus is always on the customer individual needs and its products are tailor made for • In-depth coverage of Nordic products/ individual needs. Nordea’s ability to currencies deliver customized solutions rather than products makes the company one of most competent financial consultants in the market.

38 Equity Products • Large cap analyst coverage is Electronic Services • Primary and secondary trading of outsourced to S&P and is available to all Nordea recognizes that IT is an integral Norwegian and Nordic securities customers of Nordea part of both its own and its client’s • Nordea offers in-house analyst business. Through continuous investments coverage of small and mid-cap Commodity Products in IT Nordea provides a high level of companies in all Nordic countries, as • Commodity product offerings include availability, speed and strong performance well as sector analyses of important risk management advisory and the in the way of IT solutions. Customers can business areas. There is a Norwegian execution of financial hedges for choose from a wide range of electronic analyst team dedicated to the shipping, products such as oil, gas, electricity and services. In the long run, this is a crucial offshore and oil services segments metals, amongst others part of Nordea’s objective to stay competitive.

investing in norway 39 financial services company

PARETO SECURITIES ASA PO Box 1411 Vika • NO-0115 Oslo, Norway Tel: +47 22 87 87 00 • Fax: +47 22 87 87 10 E-mail: [email protected] • Website: www.pareto.no

Pareto Securities ASA is the investment banking arm of the Pareto Group. It is a leading and independent financial services company in the Norwegian capital market, focused on oil, energy, oil services and transportation. Pareto Securities’ head office is in Oslo. The company is also located in Stavanger, Bergen, Kristiansand, Trondheim, New York and Singapore.

Services International Placing Power in most parts of the world. International Pareto Securities’ services include: Financial advisory services are anchored clients account for more than 50 percent in industrial knowledge and proximity to of Pareto Securities’ revenue, enabling Brokerage investors. As an independent financial the company to complete many large and • Equity advisor Pareto Securities offers a complex projects. • Bonds complete range of financial services, • Derivatives ranging from stock and bond offerings, Pareto Securities is number one in • Foreign exchange trading stock exchange listings and placings to both placement power and IPOs in the mergers/demergers and acquisitions/sales Norwegian market, measured both by Corporate Finance of businesses or companies. number and transaction value. During • IPO 2006 there were a total number of 32 • M&A A combination of local presence and listings on the Oslo Stock Exchange, • Refinancing international investor contacts forms the increasing the number of listed companies basis for Pareto Securities’ placement to 227. Pareto Securities managed 16 of Focusing on Norwegian securities power in the stock and bond market. the new listings, making the company the and the branches where Norway has The company’s 65 brokers serve clients largest contributor in 2006. special expertise, such as the energy and maritime sectors, enables Pareto Securities to provide research and advisory services based on detailed knowledge of the businesses and companies it is dealing with. This is particularly important for international investors, as a focus and first-hand knowledge are precisely what they are looking for. In this context, Pareto Securities’ local presence is especially beneficial, helping to inspire confidence in the company.

40 Research is the Engine An important consequence of the In September of 2006 the Norwegian of the Business convergence between equity and debt Ministry of Finance granted Pareto Pareto Securities is a research driven aspects of Pareto Securities’ operations is Securities dispensation to conduct foreign company, and covers all sectors on the that it provides for broad competence in exchange transactions that take place Oslo Stock Exchange and more than 200 both advisory services and sales. Pareto in connection with providing investment companies. The number is expanding Securities is therefore able to undertake services. As a result of the great need with new IPO candidates and selected not only transactions that concern equity for foreign exchange transactions, international peer group coverage. and debt but also structured products Pareto Securities has during the last such as convertible loans, share or bond year successfully developed this part of Pareto Securities is ranked number one offerings with the pertinent subscription its business into an integrated part of its in Norway in both oil and oil services rights and fully or partly guaranteed equity services. research. This top position has been products. maintained since the early 1990s.

Pareto Securities is highly rated in: • Company knowledge Operating revenues 2001-2006 in NOK millions. • Industrial knowledge • Knowledge of the Norwegian capital markets • Case analysis • Business ideas • Placing power • Order execution • Back office quality

Bond Market Activities Pareto Securities is also a major and independent player in the Norwegian bond market. This involvement enables the company to offer its corporate clients debt financing. Pareto also offers Norwegian and international investors investment opportunities in fixed income securities.

Market share percentage

Pareto Securities’ share of brokerage in the secondary market for equity instruments registered by the Norwegian Banking, Insurance and Securities Commission. investing in norway 41 full service investment banking

TERRA SECURITIES PO Box 2349 Solli • NO-0201 Oslo, Norway Tel: +47 22 87 81 00 • Fax: +47 22 87 81 70 E-mail: [email protected] • Website: www.terra.no

Terra Securities is a full service investment bank with a strong position within key business areas such as securities trading, investment banking and asset management. Terra has a strong client focus, and, unlike many of its competitors, does not engage in proprietary trading. With growth in client trading volumes of more than 43 percent and with total client trading volumes of more than NOK 100 billion (EUR 12.7 billion) in 2006, Terra Securities has established itself as one of Norway’s top investment banks, and as a household name within capital markets and corporate finance.

Corporate Finance Services primarily high net worth retail investors, Terra strives to offer services that are The Corporate Finance division of Terra adding placing power and distribution tailored to each and every corporate client offers a full range of financial services such that can be of great value to corporate and to work creatively with its clients to as IPOs (initial public offerings), equity clients, such as companies going public secure the required funding and achieve offerings, private placements, convertible on the Oslo Stock Exchange. An important the desired capital structure in order to bonds and structured finance. Terra key to a successful IPO and subsequent maximize shareholder value. Securities’ corporate advisory services market liquidity is the distribution of shares include M&A (mergers & acquisitions), amongst a larger number of investors and The knowledge, relationships and local divestitures, ownership structure between a variety of investor categories. market expertise of Terra Securities makes enhancement strategies, optimization of Terra a powerful partner in the Norwegian corporate capital structure, restructuring Terra Securities has an excellent standing financial markets. and recapitalization strategies and in the market and maintains good relations valuations. Terra Securities’ corporate with the Oslo Stock Exchange and other clients include both public and private regulatory authorities, providing for efficient companies, and the firm’s transaction track and predictable processing and approval record includes a wide variety of industries of transactions, prospectuses and public and deal types ranging from small cap offerings. M&A transactions to participating in the 2001 EUR 2 billion Statoil IPO. Strategic Partner Terra Securities aims to be a strategic Nationwide Network partner supporting and assisting clients in Terra Group’s nationwide network of their quest for growth and in the attainment regional savings banks with more than 200 of corporate goals, and has a distinct branches combined provides both access relationship focus that goes beyond and proximity to commerce and industry individual transactions or assignments. throughout Norway. Terra Securities has approximately 35,000 investor clients,

42 Private Placement Acquistion of Acquisition of & Subsequent Share Liaaen Teknologi NetConnect Systems Sale to Hitec Vision Private Placement Offering Advisor to Advisor to Sørco Gruppen Klepp Sparebank Birdstep Technology Amek Holding T. Conference Holding Advisor to Seller Lead Manager Joint Lead Manager

2007 2007 2007 2007 2007

Private Placement Initial Public Offering Private Placement Private Placement Initial Public Offering Saga Oil Invivosense MediCult IntelliSearch Rom Real Joint Lead Manager Lead Manager Lead Manager Lead Manager Co-Lead Manager

2007 2007 2007 2007 2007

Private Placement Private Placement Initial Public Offering Acquisition of Convertible debt issue Simrad Optronics Scandinavian Clinical Algeta Captura Runway Joint Lead Manager Nutrition Co-Lead Manager Advisor to Lead Manager Lead Manager 2007 2007 2007 JCE Group 2007 2007

Sale of shareholding in Private Placement Sale to Simrad Optronics Private Placement Private Placement Norsk Kontantservice Delling Group Vinghøg Terra Gruppen CanArgo Energy Corp. Advisor to Terra Gruppen Lead Manager Advisor to Seller Co-Lead Manager Lead Manager

2007 2007 2006 2006 2006

Private Placement Initial Public Offering Bond Issue Rights Issue Initial Public Offering of Saga Oil SeaBird Exploration Saga Oil Nes Prestegjeld Clavis Pharma Lead Manager Co-Lead Manager Lead Manager Sparebank Placing Agent Lead Manager 2006 2006 2006 2006 2006

Private Placement Private Placement Private Placement Private Placement Private Placement IntelliSearch Lappland goldminers Sonitor Technologies Northern Oil Guinor Gold Corp. Lead Manager Lead Manager Lead Manager (Now Norse Energy Corp.) Manager Co-Lead Manager 2006 2006 2006 2005 2005

investing in norway 43 investment services

Verdispar Securities ASA PO Box 1674 Vika • NO-0120 Oslo, Norway Tel: +47 23 10 21 00• Fax: +47 23 10 21 01 E-mail: [email protected] Website: www.verdispar.com

Verdispar is an independent company providing a range of investment services. Verdispar has operations in Scandinavia, the Baltic States and South Eastern Europe. Its head office is located in Oslo, Norway. Operations in the Baltic States are headquartered in Vilnius, Lithuania, while the head office for South Eastern Europe is in Zagreb, Croatia. Staff units for accounting, corporate finance, compliance, IT and HR are all situated at the head office in Oslo.

Business Focus & Strategy Clients have the option of investing are required to complete and pass The primary focus of Verdispar’s business through investment companies the Securities Dealers Association’s is property investment in emerging established and managed by Verdispar authorization scheme. markets. Verdispar develops projects Investorservice AS. The Verdispar Group based on a local presence in each market, also offers management services for Verdispar Securities ASA’s authorization with a focus on commercial properties property companies, provided through from the Financial Supervisory Authority of and residential projects. Projects offer Verdispar Management AS. Verdispar Norway allows it to provide the following future potential for value enhancement Project Development is responsible for services: on developed properties plus regular coordinating and managing property • Receipt and transmission of orders on rental income. Verdispar offers alternative development projects in each local behalf of investors in connection with investment options in private equity, market. financial instruments as well as the shipping and the energy sector as well as execution of such orders endowment insurance and various active Authorization • Provision of a guarantee for management concepts. Verdispar holds the requisite permits and underwriting issues or other public licences from the Financial Supervisory offerings or placement of such issues or The strategy of the enterprise is to market Authority of Norway. Verdispar Securities offerings its projects through Verdispar Securities ASA is a member of the Norwegian • Marketing of financial instruments ASA’s network of branch offices. This Securities Dealers Association, the enables clients to gain immediate access Norwegian Investor Compensation to a high degree of expertise on individual Scheme and the Norwegian Central products and receive detailed guidance on Securities Depository. As a prerequisite the features of individual projects. for employment, all investment brokers

44 Verdispar Securities ASA is also In addition, an extensive collaboration Characteristics for Preferred Markets authorized to offer the following related has been established providing external • Reformatory regimes and actions services: auditing, accounting, tax and valuation • Harmonization into the European Union • Provide guidance with regard to services as well as legal and technical • Stimulatory measures for FDI enterprises’ capital structure, industrial expertise. • Structural funding from the EU strategy, etc. • Increased political and financial stability • Services in connection with mergers In the Verdispar offices in Scandinavia • Strong increase in purchasing power and acquisitions more than 90 employees support the • Increased trade – imports and exports • Services related to underwriting international teams with equity syndication • Underdeveloped real estate markets guarantees and corporate finance services. These are • Investment consulting in connection provided for Verdispar’s various projects Preferred Segments with financial instruments in the company’s preferred markets. • Retail premises and shopping centres • Provide credit for the purchase of Currently the company’s international team • Warehouses and logistics centres financial instruments is managing real estate developments • Office buildings with an estimated sales value of more • Residential buildings Verdispar Prosjektmegling AS has an than EUR 1 billion, representing a huge estate broker’s license from the Financial contribution to the growth, employment Supervisory Authority of Norway. rate and added value in the respective markets locally. International Property Investment Services Market Focus & Verdispar’s international team is made up Characteristics of more than 25 real estate professionals Verdispar’s market focus for real estate who specialize in property development developments and investments, and the and real estate investments, and are characteristics for these markets, are as focused on the growth markets of follows: the emerging ‘new Europe’. Verdispar acknowledges that ‘real estate business is The Axis between the Baltic local business’. Therefore, its professionals & the Balkans are located where the investments and • Strategic locations between the eastern development take place. The company’s and western parts of Europe international team is highly qualified within • Countries who recently joined (or its respective service segments – project membership candidates for) the EU development services and business management services. Preferred Markets • The Baltic States • Selected markets in Central Europe • The Balkans and Southeast Europe

investing in norway 45 the norwegian savings banks industry

THE NORWEGIAN SAVINGS BANKS ASSOCIATION (Sparebankforeningen) PO Box 6772 St. Olavs plass • NO-0130 Oslo, Norway Tel: +47 22 11 00 75 • Fax: +47 22 36 25 33 E-mail: [email protected] Website: www.sparebankforeningen.no

Norwegian savings banks play an important role in the Norwegian banking market and have a leading position among private households and SME companies. The biggest savings banks are also deeply involved in sectors such as the yard industry and fish farms. The 123 savings banks in Norway have a 65 percent share of the total Norwegian banking market, and had total assets of NOK 1.765 billion by the end of 2006.

The Industry Structure One of the concerns of Norwegian savings Since 1977 full equality under the law There are three types of savings banks: banks is the global environment, and the between savings banks and commercial traditional savings banks, primary capital industry as a whole is collaborating to banks in terms of what business they may certificate banks (PCC-banks are listed enhance awareness of climate change. engage in has existed. Many savings banks on the Oslo Stock Exchange) and limited have reinforced their full service profile by liability banks (DnB NOR). The highest The Norwegian Savings establishing subsidiaries in bank-related body within the bank, the committee of Banks Association activities, as in for instance insurance and representatives, is comprised of customers, The Norwegian Savings Banks Association real estate brokerage. employees and public appointees (and PCC is a trade and professional organization owners in PCC banks). for the 123 savings banks in Norway. As of September 2007, The Norwegian The association’s main role is to be the savings bank industry consists of 123 Corporate Social spokesman for savings banks vis-à-vis independent banks. The majority operates Responsibility the authorities and the general public. The through alliances and networks. The overall Norwegian savings banks have been association is strongly involved in lobbying structure consists of DnB NOR (Norway’s involved in Corporate Social Responsibility activities and in laying the basis for, and largest bank) and cooperating banks, (CSR) since the foundation of the first private promoting, cooperation among savings two large alliances/networks of banks savings bank in 1822. Savings banks live in banks in Norway. (Terra and the SpareBank1 Alliance) and a symbiosis with their local communities. Each smaller number of savings banks who have year savings banks allocate a portion of chosen not to participate in alliances and/or their annual profit to public projects, and in networks. 2006 the total amount was NOK 770 million. The allocations are often given to enhance Financially Known local and regional activities, ranging from The industry is financially known for its cultural festivals to resource and scientific high return on equity (RoE), a balanced programmes, talented athletes or musicians. cost/income ratio and strong solidity. The savings banks are, with their strong brand, a low-risk portfolio and large capital base, well positioned for the future. Norwegian savings banks have a tradition of extended and advanced cooperation within the sector.

46

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investing in norway 47 The following list provides an overview of the Norwegian embassies, Consulate Generals and Innovation Norway offices located internationally. For more information on Norwegian embassy and Consulate General activities, please visit norway abroad www.norway.info

afghanistan Toronto – Innovation Norway finland Milan – Innovation Norway Kabul – Embassy 2 Bloor Street West Suite 2120, Toronto Helsinki – Embassy Reale Ambasciata di Norvegia Tel: +870 762 596 925, Fax satellite: +870 6000 61156 Ontario M4W 3E2 Rehbindervägen 17, FIN-00150 Helsinki Ufficio Commerciale e del Tourismo E-mail: [email protected] Tel: +1 416 920 0434, Fax: +1 416 920 5982 Tel: +358 9 686 0180, Fax: +358 9 657 807 Via G. Puccini, 5, I-20121 Milan E-mail: [email protected] E-mail: [email protected] Tel: +39 02 854 514 11, Fax: +39 02 854 514 30 albania Website: www.invanor.no/canada E-mail: [email protected] Website: www.invanor.no/milano Tirana – Embassy Helsinki – Innovation Norway chile Eriksgatan 2, FIN-00100 Helsinki Rr “Dëshmorët e 4 shkurtit”, nr 5, Tirana ivory coast Tel: +355 4 256923, +355 4 221666, Fax: +355 4 221507 Santiago de Chile – Embassy Tel: +358 9 612 9690, Fax: +358 964 0053 E-mail: [email protected] San Sebastián 2839; Of. 509, Las Condes, Santiago E-mail: [email protected] Abidjan – Embassy Tel: +56 2 234 2888 / 89, Fax: +56 2 234 2201 Website: www.invanor.no/finland Immeuble N’Zarama, Boulevard Lagunaire, 5th floor, Abidjan angola E-mail: [email protected] Tel: +225 20 222534 / 212166, Fax: +225 20 219 199 france E-mail: [email protected] Luanda – Embassy china Paris – Embassy/Innovation Norway Rua de Benguela 17, Bairro Patrice Lumumba, Luanda Beijing – Embassy/Innovation Norway 28, Rue Bayard, F-75008 Paris japan Tel: +224 222 447522/222 447922/ 222 449936 Tel: +33 1 5367 0400, Fax: +33 1 5659 2041 Fax: +244 222 446248 1, Dong Yi Jie; San Li Tun, CN-Beijing 100600 Tokyo – Embassy/Innovation Norway Tel: +86 10 6532 2261 / 1329 / 4176, Fax: +86 10 6532 2392 IN, Tel: +33 1 5659 2040 Minami Azabu 5-12-2; Minato-Ku, J-Tokyo 106-0047 Tel. satellite: 871 761 964840, Fax satellite: 871 682 421256 E-mail: [email protected] E-mail: [email protected] IN Tel: +86 10 5870 1901, Fax: +86 10 5870 1902 Tel: +81 3 3440 2611, Fax: +81 3 3440 2620 E-mail: [email protected] Website: www.invanor.no/paris E-mail: [email protected] argentina Website: www.invanor.no/beijing E-mail: [email protected] germany Website: www.invanor.no/tokyo Buenos Aires – Embassy Shanghai – Consulate General/Innovation Norway Berlin – Embassy Esmeralda 909, 3B, 1007 Buenos Aires 12 Zhongshan Dong Yi Road, CN-Shanghai 200002 Rauchstr. 1, D-10787 Berlin jordan Tel: +54 11 4312 2204, Fax: +54 11 4315 2831 Tel: +86 21 6323 9988, Fax: +86 21 6323 3938 Tel: +49 30 505050, Fax: +49 30 505055 E-mail: [email protected] E-mail: [email protected] Amman – Embassy IN, Tel: +86 21 6323 9988 25 Damascus Street, Abdoun, Amman E-mail: [email protected] azerbaijan Tel: +962 6 593 1646-48, Fax: +962 6 593 1650 Website: www.invanor.no/shanghai Hamburg – Innovation Norway E-mail: [email protected] Baku – Embassy ABC-Strasse 19, DE-20354 Hamburg 6-10 Vagif Mustafa-zade kucesi, 370004 Baku colombia Postfach 11 3317, DE-20433 Hamburg kenya Tel: +994 12 4974325 / 4974326 / 4974327 Tel: +49 40 22 94 15 0, Fax: +49 40 22 94 15 88 Bogota – Embassy Fax: +994 12 4973798 E-mail: [email protected] Nairobi – Embassy Edificio Fuducafe, Piso 8 #801, Carrera 9 no 73-44, Bogota E-mail: [email protected] Website: www.invanor.no/hamburg Lion Place, Waiyaki Way, Nairobi Tel: +57 1 317 7851-54, Fax: +57 1 317 7858 Tel: +254 20 4451510/1/2/3/4/5/6, Fax: +254 20 4451517 E-mail: [email protected] austria greece E-mail: [email protected] Vienna – Embassy croatia Athens – Embassy latvia Reisner Str. 55, A-1030 Vienna 23, Vas Sofias avenue, GR-106 74 Athens Zagreb – Embassy Tel: +43 1 715 6692, Fax: +43 1 712 6552 Tel: +30 210 7246173, Fax: +30 210 7244989, Riga – Embassy Petrinjska 9, HR-10 000 Zagreb E-mail: [email protected] E-mail: [email protected] 14 Zirgu iela, LV-1050 Riga Tel: +385 1 492 2831, Fax: +385 1 492 2832 Tel: +371 7814100, Fax: +371 7814108 E-mail: [email protected] australia guatemala E-mail: [email protected] Canberra – Embassy Guatemala – Embassy cuba Riga – Innovation Norway 17 Hunter Street; Yarralumla, Canberra ACT 2600 14 Calle 3-51, Zona 10, Edificio Murano Center, Nivel 15, Havana – Embassy Raina blvd. 3–12a, LV-1050 Riga Tel: +61 2 6273 3444, Fax: +61 2 6273 3669 Ca-Guatemala 01010 Calle 30 #315, betw. 3rd and 5th Avenue, Miramar, Playa. Tel: +371 722 42 33, Fax: +371 722 40 54 E-mail: [email protected] Tel: +502 2366 5908, Fax: +502 2366 5928 La Habana E-mail: [email protected] E-mail: [email protected] Tel +53 7 204 0696 / +53 7 204 4411, Fax: +53 7 204 0699 Website: www.invanor.no/riga bangladesh Tel satellite: +47 22 24 03 10, Fax satellite: +874 600059661 Dhaka – Embassy E-mail: [email protected] hungary lebanon Road 111, House 9, Gulshan, Dhaka 1212 Budapest – Embassy/Innovation Norway Beirut – Embassy Tel: +880 2 881 6276, Fax: +880 2 882 3661 Horvát utca 14-24, H-1027 Budapest czech republic Bliss Street, Dimashki Bldg, Beirut E-mail: [email protected] Tel: +36 1 201 9395, Fax: +36 1 201 9396 Prague – Embassy E-mail: [email protected] Tel: +961 1 365 704 / +961 1 372 977/+961 1 372 978 Hellichova 1, CZ-11800 Prague 1 Malá Strana Fax: +961 1 372 979 belgium E-mail: [email protected] Tel: +4202 5732 3737, 5732 1768/69, Fax: +4202 5732 6827 Website: www.invanor.no/budapest E-mail: [email protected] Brussels – Embassy E-mail: [email protected] Rue Archimede 17, B-1000 Brussels lithuania Tel: +32 2 646 0780, Fax: +32 2 646 2882 iceland Prague – Innovation Norway Vilnius – Embassy E-mail: [email protected] Royal Norwegian Embassy, Commercial Section Reykjavik – Embassy Fjólugt. 17, IS-101 Reykjavik Mesiniu g. 5/2, 01015 Vilnius Na Prikope 21, PO Box 102, CZ-11001 Prague 1 Tel: +370 5 2610000, Fax: +370 5 2610100 bosnia-hercegovina Tel: +4202 2481 0923, Fax: +4202 2481 0002 Tel: +354 520 0700, Fax: +354 552 9553 E-mail: [email protected] E-mail: [email protected] Sarajevo – Embassy E-mail: [email protected] Ferhadija 20; 2nd floor, 71000 Sarajevo Website: www.invanor.no/prague india Vilnius – Innovation Norway Tel: + 387 33 254 000, Fax: +387 33 666505 Royal Norwegian Embassy Commercial Section E-mail: [email protected] denmark New Delhi – Embassy/Innovation Norway PO Box 564, 01014 Vilnius - 1 Copenhagen – Embassy/Innovation Norway 50 C Shantipath; Chanakyapuri, IND-110 021 New Delhi Tel: +370 5 2624020 / +370 5 212 2746 brazil Amaliegade 39, 1256 Copenhagen K Tel: +91 11 51 77 92 00, Fax: +91 11 51 68 01 45 Fax: +370 5 212 3186 IN, Tel: +91 98 18 49 55 79 Brasilia – Embassy Tel: +45 33 140124, Fax: +45 33 140624 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Website: www.invanor.no/vilnius SES 807 Avenida das Nacões; Lote 28, CEP 70, BR-418-900 Website: www.invanor.no/india Brasilia - DF E-mail: [email protected] Tel: +55 61 3443 8722, +55 61 3443 8720, E-mail: [email protected] macedonia indonesia Fax: +55 61 3443 2942 Skopje – Embassy E-mail: [email protected] egypt Jakarta – Embassy Palata Unija, Teodosie Gologanov 59-2A, 91000 Skopje Cairo – Embassy Menara Rajawali Building, 25th floor Tel: +389 2 3129 165, Fax: +389 2 3111 038 Rio de Janeiro – Consulate General 8, El Gezirah Street; Zamalek, ET-Cairo Jl Mega Kuningan Lot no 5.1, E-mail: [email protected] Praia do Flamengo, 344/9, BR-22210-030 Rio de Janeiro Tel: +20 2 735 3340, Fax: +20 2 737 0709 Kawasan Mega Kuningan, Jakarta 12950 Tel: +55 21 2553 5505, Fax: +55 21 2553 1925 E-mail: [email protected] Tel: +62 21 576 1523, Fax: +62 21 576 1537 madagascar E-mail: [email protected] E-mail: [email protected] Antananarivo – Embassy eritrea iran Explorer Business Park, bâtiment D2, Ankorandrano Rio de Janeiro – Innovation Norway Asmara – Embassy 101 Antananarivo Rua Lauro Muller, 116-Suite 2206 Street 173-1 # 11, PO Box 5801, Asmara Teheran – Embassy Tel: +261 20 22 305 07, Fax: +261 20 22 377 99 Torre do Rio Sul/Botafogo-RJ, BR-22290-160 Tel: + 291 1 12 21 38/12 21 48, Fax: +291 1 12 21 80 No 201 Dr. Lavasani St. (Ex-Farmanieh), Corner of Sonbol E-mail: [email protected] Tel: +55 21 2541 7732, Fax:+ 55 21 2275 0161 E-mail: [email protected] Teheran E-mail: [email protected] Tel: +98 21 2229 1333, Fax: +98 21 2229 2776 malawi Website: www.invanor.no/brazil E-mail: [email protected] estonia Lilongwe – Embassy bulgaria Tallinn – Embassy/ Innovation Norway ireland Arwa House, City Centre, P/Bag B 323, Lilongwe 3 Harju 6, EE-15054 Tallinn Tel: +265 1 774211 / 771212, Fax: +265 1 772845 Sofia – Embassy Tel: +372 62 71000, Fax: +372 62 71001 Dublin – Embassy E-mail: [email protected] 54 B, Dondukov Blvd., Sofia 1000 IN, Tel:+372 6313 466, Fax: +372 6313 468 34 Molesworth Street, IRL-Dublin 2 Tel: +359 2 92 11 95, Fax: +359 2 981 90 10 E-mail: [email protected] Tel: +353 1 662 1800, Fax: +353 1 662 1890 malaysia E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Kuala Lumpur – Embassy/Innovation Norway Website: www.invanor.no/tallinn canada israel Suite CD, 53rd floor Empire Tower, Jalan Tun Razak 50400 Kuala Lumpur Ottawa – Embassy ethiopia Tel Aviv – Embassy Tel: +603 2175 0300, Fax: +603 2175 0308 Royal Bank Centre; Suite 532; 90 Sparks Street, Ottawa, Ont. Addis Abeba – Embassy 40 Einstein Street, Canion Ramat Aviv, 13. Etg., 69101 Tel Aviv IN, Tel: +603 2162 1200, Fax: +603 2162 2200 K1P 5B4 Buna Road, Mekanissa, Addis Abeba Tel: +972 3 744 1490, Fax: +972 3 744 1498 E-mail: [email protected] Tel: +1 613 238 6571, Fax: +1 613 238 2765 Tel: +251 137 107 99, Fax: +251 1 711255 E-mail: [email protected] Website: www.invanor.no/kualalumpur E-mail: [email protected] E-mail: [email protected] italy Rome – Embassy Via delle Terme Deciane 7, I-00 153 Rome Tel: +39 06 571 7031, Fax: +39 06 571 70326 E-mail: [email protected] 48