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DnB NOR Bank ASA Bank NOR DnB Annual report 2004 DnB NOR Bank ASA 2004 Cover photo: Stig B. Fiksdal • DnB NOR Grafi sk Senter • 04.2005 www.dnbnor.com 2004 in brief • Pre-tax operating profi ts before losses (NOK million): 9 244 (8 344) • Profi ts for the year (NOK million): 6 786 (4 963) • Total assets at year-end (NOK billion): 713 (705) (2003 in parentheses) First quarter • Gjensidige NOR Sparebank and Den norske Bank merged to form DnB NOR Bank ASA • The new organisation became operative, and central business areas and staff and support units started moving into common premises • Representative offi ce opened in Shanghai, China • The fi nance company Elcon Finans was sold * Second quarter • DnB NOR’s fi rst group strategy was approved • Branch opened in Helsinki, Finland • The real estate brokerage Postbanken Eiendomsmegling was sold * • Avanse Forvaltning and Gjensidige NOR Kapitalforvaltning were sold to DnB NOR Kapitalforvaltning Holding AS Third quarter • The process of coordinating branch offi ces started, and uniform customer service was established • Joint Internet portal introduced Fourth quarter • The fi rst regions completed the coordination of branch offi ces • The Group’s fi rst TV advertising campaign was launched * Merger concession terms stipulated by the authorities DnB NOR ASA DnB NOR DnB NOR DnB NOR Vital Vital Vital Bank ASA Kapital- Asset Link AS Skade AS Forsikring ASA forvaltning Management Holding AS Holding (Sweden) AB Subsidiaries Subsidiaries Contents Contents Directors' report..........................................................................................4 Note 22 Loans and guarantees according to geographical location .................. 36 Note 23 Subordinated loans to customers....................................................... 37 Annual accounts......................................................................................10 Note 24 Commercial paper and bonds............................................................ 37 Note 25 Shareholdings etc.............................................................................. 38 Profit and loss accounts............................................................................... 10 Note 26 Short-term investments in shares, mutual funds and PCCs ................ 38 Note 27 Long-term investments in shares, mutual funds and PCCs................. 41 Balance sheets............................................................................................ 11 Note 28 Investments in associated companies................................................ 42 Note 29 Investments in subsidiaries................................................................ 43 Cash flow statements................................................................................... 12 Note 30 Repossessed properties and other repossessed assets....................... 43 Note 31 Intangible assets ............................................................................... 44 Accounting principles .................................................................................. 13 Note 32 Fixed assets ...................................................................................... 45 Note 33 Real estate ....................................................................................... 46 Notes to the accounts Liabilities Group structure Note 34 Liabilities........................................................................................... 47 Note 1 Changes in group structure ................................................................16 Note 35 Customer deposits for principal sectors.............................................. 48 Note 36 Maturity structure on bond debt ........................................................ 48 Net interest income Note 37 Premiums/discounts on own bonds in the banking portfolio ............... 48 Note 2 Net interest income and credit commissions ......................................18 Note 38 Subordinated loan capital and perpetual subordinated loan Note 3 Unrecorded interest on loans .............................................................18 capital securities................................................................................ 49 Note 4 Interest rates on selected balance sheet items....................................19 Equity and capital adequacy Other operating income Note 39 Equity ............................................................................................... 51 Note 5 Net other operating income................................................................19 Note 40 Earnings per share ............................................................................ 51 Note 6 Net gain on foreign exchange and financial instruments .....................20 Note 41 Capital adequacy............................................................................... 51 Operating expenses Financial market risk Note 7 Operating expenses ...........................................................................20 Note 42 Expected time to interest rate adjustments ........................................ 53 Note 8 Remunerations etc.............................................................................21 Note 43 Interest rate sensitivity ....................................................................... 55 Note 9 Pensions............................................................................................23 Note 44 Currency positions............................................................................. 55 Note 10 Number of employees/full-time positions ............................................24 Note 45 Residual maturity ............................................................................. 57 Note 11 Restructuring provisions.....................................................................24 Note 46 Financial derivatives .......................................................................... 59 Losses Additional information Note 12 Net losses on loans, guarantees etc....................................................25 Note 47 Other off-balance sheet transactions and additional information......... 60 Note 13 Net losses on loans, guarantees etc. for principal sectors ...................25 Note 48 Contingencies ................................................................................... 60 Note 14 Net gains/(losses) on long-term securities...........................................27 Note 49 Information on related parties ............................................................ 61 Taxes Signatures of the board members .............................................. 61 Note 15 Taxes.................................................................................................28 Auditor's report ........................................................................................ 62 Assets Note 16 Assets................................................................................................30 Control Committee's report.............................................................. 63 Note 17 Credit risk ..........................................................................................31 Note 18 Commitments for principal sectors .....................................................32 Contact information............................................................................... 64 Note 19 Non-performing and doubtful commitments for principal sectors........33 Note 20 Non-performing, doubtful and non-accruing commitments.................34 Supervisory Board, Control Committee, Board of Note 21 Provisions for losses on loans and guarantees ....................................35 Directors, Group Management and Auditors ...................... 66 DnB NOR Bank Group annual report 2004 3 Directors' report Directors' report 2004 – DnB NOR Bank ASA In accordance with the provisions of the Norwegian Accounting Act, the Board of Directors confirms that the accounts have been prepared on a going concern basis. All figures for 2003 and previous periods presented below are pro forma accounting figures for total operations in the DnB NOR Bank Group. As from 31 March 2004, Elcon Finans is no longer consolidated in the group accounts. Unless otherwise specified, figures for previous periods have not been adjusted for Elcon Finans. Operations in 2004 Postbanken Eiendomsmegling was implemented were merged it was decided that savings banks In 2004, the DnB NOR Bank Group 1), hereinafter in January 2005. During 2004, the merged orga- should not pay fees to the guarantee fund for a called the banking group, attached great impor- nisation became operative in all areas, and the period of three years, and the fees were limited to tance to maintaining sound customer relations process of moving into common premises was customer deposits covered by the guarantee and retaining market shares in profitable seg- initiated in key business areas and staff and fund. In consequence of these changes, DnB ments and business areas parallel to the support units. The process of coordinating NOR Bank's payment of fees to the fund were implementation of the merger. In addition, the Gjensidige NOR's and DnB's branch offices into halved in 2004 relative to 2003. banking group was concerned with adapting one branch network under the DnB NOR brand In March 2004, a new shareholder taxation operations to new market conditions, including also got off to a good start during the year. model was proposed which will be of major low interest rate levels. In spite

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