The State Ownership Report 2019

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The State Ownership Report

2019

Contents

The Minister’s introduction 7 Category Goal of the highest possible Scope and key figures 8 return over time and where Key issues for the State as owner 16 the State no longer has a How the State exercises its ownership 22 A sustainable portfolio for 1 rationale for its ownership long-term value creation 34 Ambita AS 42 Baneservice AS 43 Entra ASA 44 Flytoget AS 45 Giek kredittforsikring AS 46 Mesta AS 47

Category Goal of the highest possible return over time and where the State has a special 2 rationale for its ownership

Andøya Space Center AS 70 Simula Research Laboratory AS 104 Avinor AS 71 Siva – Selskapet for Industrivekst SF 105 Bane Nor SF 72 Space Norway AS 106 Bjørnøen AS 73 Statnett SF 107 Carte Blanche AS 74 Statskog SF 108 Den Nationale Scene 75 Staur gård AS 109 Andøya Space Center AS 76 Store Norske Spitsbergen Kulkompani AS 110 Den Norske Opera & Ballett AS 76 Talent Norge AS 111 Avinor AS 77 Trøndelag Teater AS 112 Eksportkreditt Norge AS 77 Universitetssenteret på Svalbard AS 113 Enova 78 Vinmonopolet AS 114 Entur AS 79 Fiskeri- og havbruksnæringens forskningsfinansiering AS 80 Gassco AS 81 Companies that are not categorised Gassnova SF 82 Filmparken AS 118 Graminor AS 83 Folketrygdfondet 119 Helse Midt-Norge RHF 84 Rosenkrantzgate 10 AS 119 Helse Nord RHF 85 Rygge 1 AS 119 Helse Sør-Øst RHF 86 Helse Vest 87 Innovasjon Norge 88 Kimen Såvarelaboratoriet AS 89 Kings bay 90 Nationaltheatret AS 91 Nofima AS 92 Norsk Institutt for Odontologiske Materialer AS 93 Appendices Norfund 94 The companies’ reporting on the State’s expectations 122 Norges Sjømatråd 95 The companies' reporting standards and Norsk Helsenett SF 96 sustainability guidelines 128 Norsk rikskringkasting AS 97 Remuneration to the board and auditors for 2019 132 Norsk Tipping 98 Remuneration to the CEO for 2019 134 Norske tog AS 99 Gender balance on the board and in management 136 Norsk senter for forskningsdata AS 100 Owner-appointed and shareholder-elected board members 142 Nye veier AS 101 Petoro AS 102 Contact details 148 Rogaland teater AS 103 Comments and definitions 150 . ... .

As an owner, we are focused on the companies being transparent on material matters relating to the company’s operations. Good reporting provides insight into the company's ability to create value. This is either in the form of returns or efficient attainment of public policy goals in both the short and long term. The Minister’s introduction

The State’s direct ownership is extensive and diverse. Insight into the company's activities is a prerequisite Twelve ministries manage the State’s ownership for good ownership, and reporting can be a impetus interests in 73 companies. This takes place on behalf for the companies better attaining their goals. This of the Norwegian people, and transparency and trust year’s ownership report lists the goals and goal are the cornerstones of the State’s ownership in these attainment for more companies than before. The companies. The State’s Ownership Report is an annual seven listed companies in which the State is a part- report of the State’s direct ownership and allows you owner had a return of 3.9 per cent in 2019, compared to read about the strategies, performance, financial with 3.2 per cent in 2018. In comparison, the Oslo development and important events for the respective Stock Exchange Benchmark Index had a return of 16.5 companies in 2019. per cent in 2019 and -1.8 per cent in 2018. The non- listed companies which have the objective of making In November 2019, the Government presented a new a return, had a return on equity of 9.1 per cent in White Paper on Ownership. Report to the Storting no. 8 2019, compared with 11.0 per cent in 2018. (2019–2020), The State's direct ownership in companies – Sustainable value creation, was considered by the At the time of writing, the Government has been busy Storting in April 2020. This update of the State's owner dealing with the Corona situation. The ministries that ship policy is not a revolution, but rather an evolution manage state ownership are closely monitoring the that facilitates value creation for the companies both situation and have ongoing dialogue with the now and into the future. There are fixed frameworks companies. Several of the companies in which the for how the State exercises ownership. Within these State is an owner have activities that contribute to frameworks, we have further developed and clarified maintaining production and services that are of critical the policy to help the companies better attain their importance to society. At the same time, several of goals. the companies in the portfolio have experienced significant falls in value and have given notice of and, The State’s goals as owner are the highest possible in some instances carried out, extensive layoffs. The return over time or most efficient possible attainment companies within the oil and gas industry and of public policy goals. This requires the companies to transport sector have been particularly hard hit. The be sustainable. Companies that understand and boards in each of the companies must assess the manage development trends in society, including both situation and the need for various measures. risks and opportunities, will have a competitive advan tage that contributes to long-term value creation. I would like to thank all of the boards and all of the employees in the companies in which the State has NRK, Simula, Statkraft, Posten Norge, Kommunalbanken ownership interests. Your year-round efforts are an and Ambita have provided brief overviews of how they important contribution to the Norwegian economy are working to develop their business strategies in and national welfare. Many of you are now in a line with important development trends in society. challenging period. Both myself and the Government I find these examples to be interesting, innovative and will do our part to ensure that the business sector and inspiring and hope more people can derive enjoyment Norwegian society get through this crisis as best as from them. possible.

As an owner, we are focused on the companies being I hope you find this report informative and useful! transparent on material matters relating to the com pany’s operations. Good reporting provides insight into the company's ability to create value. This is either in the form of returns or efficient attainment of public policy goals in both the short and long term. Iselin Nybø Minister of Trade and Industry

7 Scope and key figures

The following is an overview of the 73 companies in which the State has full or part ownership and key figures for these companies in 2019. The companies have been divided into three categories based on the State's goals as owner and whether the State has a rationale for its ownership. For the companies in Categories 1 and 2, the State’s goal as owner is the highest possible return over time. These are companies that primarily operate in competition with other companies. For companies in Category 3, the State’s goal as owner is the most efficient possible attainment of public policy goals. These are companies that do not primarily operate in competition with other companies.

Goal of the highest possible Goal of the most return over time efficient possible attainment of public policy goals

Category 1 Category 2 Category 3

The State no The State has a longer has a special rationale rationale for for its ownership its ownership. Photo: Ole Jørgen Bratland

9 Overview of the State's direct ownership Key figures 2019*

Value of the State’s ownership interests in Value development in the portfolio in the companies with state ownership past five years NOK billion NOK billion

Other companies: 121 1 200

Kommunalbanken: 16 1 000 143 151 157 Statnett: 18 800 122 43 34 17 115 715 Norfund: 23 600 644

Norsk Hydro: 23 400

Yara International: 36 974 200 mrd kroner Helse Sør-Øst: 39 1 Equinor: 393 2015 2016 2017 2018 2019 DNB: 88 Category 1 and 2 Category 3 Statkraft: 94 Telenor: 123

The value of the State's ownership interest is calculated The graph shows the development in the value of the State's ownership based on the market value of the listed companies and the interests, divided among companies where the state’s goal is the highest possible book value of the non-listed and public policy companies. return over time (Categories 1 and 2) and the companies where the State’s goal is the most efficient possible attainment of public policy goals (Category 3). The amounts are calculated based on the market value of the listed companies and the book value of the non-listed and public policy companies.

73 3.9% 41.5 billion 1,378 billion Number of companies Return from listed companies Dividend to the State Operating revenues (73) (3,2%) (45.7 billion) (1,422 billion)

287,727 9.1% 20% 183 billion Number of employees Return on equity from Equity ratio** Purchases by/subsidies from (280,550) non-listed companies (21%) the public sector: (11.0%) (172 billion)

* See definitions on page 150. The figures are to be considered estimates that may be revised at a later date. ** Categories 1 and 2 () The figures in brackets on this page show the figures for 2018.

10 Scope and key figures

THE STATE OWNERSHIP REPORT 2019

Overview of the State's direct ownership by ministry as of May 2020

Ministry and company Category Ownership Ministry and company Category Ownership interest interest Ministry of Finance Argentum Fondsinvesteringer AS 2 100%

Folketrygdfondet (special-legislation company) - 100% Baneservice AS 1 100%

Ministry of Defence DNB ASA 2 34%

Rygge 1 AS - 100% Eksportfinans ASA 2 15%

Ministry of Health and Care Services Eksportkreditt Norge AS 3 100%

Helse Midt-Norge RHF (special-legislation 3 100% Electronic Chart Centre AS 2 100% company) Entra ASA 1 8.24% Helse Nord RHF (special-legislation company) 3 100% Fiskeri- og havbruksnæringens forsknings 3 100% Helse Sør-Øst RHF (special-legislation company) 3 100% finansiering AS

Helse Vest RHF (special-legislation company) 3 100% Flytoget AS 1 100%

Nordisk Institutt for Odontologiske Materialer AS 3 49% GIEK Kredittforsikring AS 1 100% Norsk Helsenett SF 3 100% Innovasjon Norge (special-legislation company) 3 51% AS Vinmonopolet (special-legislation company) 3 100% Investinor AS 2 100% Ministry of Climate and Environment Kongsberg Gruppen ASA 2 50.001% Bjørnøen AS 3 100% Mantena AS 2 100% Enova SF 3 100% Mesta AS 1 100% Kings Bay AS 3 100% Nammo AS 2 50% Ministry of Local Government and Modernisation Nofima AS 3 56.8% Kommunalbanken AS 2 100% Norges sjømatråd AS 3 100% Ministry of Culture Norsk Hydro ASA 2 34.26% Carte Blanche AS 3 70% Nysnø Klimainvesteringer AS 2 100% AS Den Nationale Scene 3 66.67% Posten Norge AS 2 100% Den Norske Opera & Ballett AS 3 100% Siva – Selskapet for Industrivekst SF 3 100% Filmparken AS - 77.6% Space Norway AS 3 100% Nationaltheatret AS 3 100% Statkraft SF 2 100% Norsk rikskringkasting AS 3 100% Store Norske Spitsbergen Kulkompani AS 3 100% Norsk Tipping AS (special-legislation company) 3 100% Telenor ASA 2 53.97% Rogaland Teater AS 3 66.67% Yara International ASA 2 36.21% Rosenkrantzgate 10 AS - 3.07% Ministry of Petroleum and Energy Talent Norge AS 3 33.3% Equinor ASA 2 67% Trøndelag Teater AS 3 66.67% Gassco AS 3 100% Ministry of Education and Research NSD – Norsk senter for forskningsdata AS 3 100% Gassnova SF 3 100%

Simula Research Laboratory AS 3 100% Petoro AS 3 100%

Universitetssenteret på Svalbard AS 3 100% Statnett SF 3 100%

Ministry of Agriculture and Food Ministry of Transport Graminor AS 3 28.2% Avinor AS 3 100%

Kimen Såvarelaboratoriet AS 3 51% Bane NOR SF 3 100%

Statskog SF 3 100% Entur AS 3 100%

Staur gård AS 3 100% Norske tog AS 3 100%

Ministry of Trade, Industry and Fisheries Nye Veier AS 3 100% Aker Kværner Holding AS 2 30% Vygruppen AS 2 100%

Ambita AS 1 100% Ministry of Foreign Affairs Andøya Space Center AS 3 90% Norfund (special-legislation company) 3 100%

Scope and key figures 11 Companies in category For companies in Categories 1 and 2, the State’s goal is the highest possible return over time. For the companies in Category 1, the State no longer has any rationale for its owner ship, while for the companies in Category 2, the State has a special rationale for its ownership. A total of six companies are in Category 1 and 18 companies are in Category 2. There are 1and2 listed companies in both categories.

Return in 2019 – and in the past five years* Return from listed companies*

Return 2019 30 %

The listed companies 20 %

Oslo Børs indeks 10 %

0 % Average annual return, last ﬁve years Entra DNB Gruppen Kongsberg Interntaional Yara Equinor Telenor Exchange index Oslo Stock

The listed -10 % companies Hydro Norsk

Oslo Stock Exchange index Return 2019 Average return on Average annual 0 2 4 6 8 10 12 14 16 18 Oslo Stock Exchange, return, last ﬁve years last ﬁve years *Source: FactSet

Return on equity from non-listed companies Dividend to the State NOK million

50 % 25 000 40 % 30 % 20 000 20 % 10 % 15 000 0 % 10 000 -10 % -20 % 5 000 -30 % -40 %

0 Equinor Telenor Statkraft DNB* Yara International Norsk Hydro* Fondsinvesteringer* Argentum Other companies Flytoget Mantena Baneservice Statkraft Vygruppen Kommunalbanken Fondsinvesteringer Argentum Investinor Nammo Ambita Eksportﬁnans Posten Norge Nysnø Klimainvesteringer GIEK Kredittforsikring Electronic Chart Centre Aker Kværner Holding Mesta

Dividend to the State 2019 Return on equity 2019 Average annual dividend to the State, last ﬁve years Average annual return on equity, last ﬁve years * See page 13 for remarks concerning dividends

12 Scope and key figures THE STATE OWNERSHIP REPORT 2019

Group accounting figures for 2019 – companies in Categories 1 and 2* NOK million

Listed companies Category The State’s Market Return Operating Result Dividend Number of ownership value of revenues after to the employees interest the State’s tax and State ownership minority interest* interests Equinor ASA 2 67.00% 392,576 0.5% 566,342 16,218 20,057 21,412 Telenor ASA 2 53.97% 122,563 -1.5% 113,666 7,773 6,541 21,089 DNB ASA** 2 34.00% 88,118 24.9% 39,202 25,726 4,836** 9,336 Yara International ASA 2 36.21% 36,024 11.4% 113,837 5,280 1,480 16,033 Norsk Hydro ASA 2 34.26% 23,137 -13.6% 150,766 -1,811 -*** 36,310 Kongsberg Gruppen ASA 2 50.001% 12,420 19.7% 24,081 700 225 10,793 Entra ASA 1 8.24% 2,175 30.3% 2,338 3,225 234 184 Total listed companies 677,013 3.9% 1,010,231 57,111 33 373 115,157

* Market value of the State’s ownership interest as of 31 December 2019 *** The board of directors in Norsk Hydro ASA was granted a power of attorney at the annual ** The consideration of dividends for 2019 has been postponed until an extraordinary general meeting in 2020 to resolve distribution of dividends based on the 2019 annual accounts. general meeting to be held no later than December 2020. The power of attorney is to be used at the board's discretion and expires on the date of the annual general meeting in 2021 and is restricted to a maximum dividend payment of NOK 2.6 billion corresponding to NOK 1.25 per share.

Non-listed companies Category The State’s Book value Return Operating Result Dividend Number of ownership of State's on revenues after to the employees interest ownership equity tax and State interest ** minority interests Statkraft SF 2 100% 93,795 12.3% 29,415 11,012 6,454 3,973 Kommunalbanken AS 2 100% 16,401 9.5% 8,817 1,283 0 85 Argentum Fondsinvesteringer AS 2 100% 8,394 8.0% 763 706 0** 25 Posten Norge AS 2 100% 6,297 0.0% 24,212 -2 0 14,270 Vygruppen AS 2 100% 4,873 12.0% 17,065 564 0 11,666 Investinor AS 2 100% 3,249 7.0% 263 222 0 20 Aker Kværner Holding AS 2 30% 1,518 -32.8% - -1,988 0 - Nammo AS 2 50% 1,389 7.0% 5,073 192 -*** 2,404 Eksportfinans ASA 2 15% 970 2.0% 229 106 16 22 Flytoget AS 1 100% 915 42.6% 1,002 349 0 334 Nysnø Klimainvesteringer AS 2 100% 711 -1.0% 17 -2 0 9 Mesta AS 1 100% 433 -34.7% 4,316 -182 0 1,630 Mantena AS 2 100% 390 27.9% 1,571 75 0 958 Baneservice AS 1 100% 280 14.0% 1,239 37 9 668 GIEK Kredittforsikring AS 1 100% 218 -3.4% 51 -8 0 31 Ambita AS 1 100% 107 4.9% 440 5 0 158 Electronic Chart Centre AS 2 100% 5 -16.9% 29 -1 0 20 Total non-listed companies 139,944 9.1% 94,502 12,368 6,479 36,273 Total for all companies in Categories 1 and 2 816,957 1,104,733 69,479 39,852 151,430

* The State's share of book value less minority *** In consultation with the board, the general meeting voted against the proposal for dividends interests as of 31 December 2019. due to the Covid-19 situation. The board will continually assess developments and possibly ** Estimate. Not decided as of May 2020. return with a proposal to approve dividends for 2019 at a later stage in 2020.

3.9% 9.1% 39.9 billion Return from listed Return on equity from Dividend to the State companies (3.2%) non-listed companies (44.3 billion) (11.0%) * See definitions on page 150. The figures are to be considered estimates that may be revised at a later date. () The figures in brackets on this page show the figures for 2018. Scope and key figures 13 Companies in category For companies in Category 3, the State’s goal is the most efficient possible attainment of public policy goals. The State’s public policy goals vary from one company to the next. Information regarding the companies’ goal attainment is provided on the company pages. Category 3 consists of 45 companies that do not primarily operate 3 in competition with other companies.

Number of employees in Category 3 companies

Other companies Number of employees in other companies 19,854 Bane NOR 4 6 12 Norsk rikskringkasting 3 334 Avinor 3 012 Helse Nord Vinmonopolet 1 62 Helse Sør-Øst 14 301 Statnett 1 493 62 025 Innovasjon Norge 764 Total employees Den Norske Opera & Ballett 636 Helse Midt-Norge 136,288 17 526 Norsk Tipping 423 Norsk Helsenett 41 Noﬁma 394 Employees in remaining companies 2 906 Helse Vest 22 582 0 1000 2000 3000 4000 5000

The State's total purchases from/subsidies to companies in Category 3 NOK million

Other companies Purchases from/subsidies to other companies 32,960 Bane NOR 20 642 Nye Veier 5 432 Norfund 2 035 Innovasjon Norge 1 16 Den Norske Opera & Ballett 641 Helse Sør-Øst Helse Nord 78 772 17 536 Gassnova 47 Total purchases/subsidies Siva – Selskapet for Industrivekst 360 NOK Store Norske Spitsbergen Kulkompani 331 178,848 Petoro 27 million Helse Nationaltheatret 206 Midt-Norge Purchases by/subsidies to remaining companies 21 239 1 30 0 5000 10000 15000 20000 25000 Helse Vest 28 341

14 Scope and key figures THE STATE OWNERSHIP REPORT 2019

Group accounting figures 2019 – companies in Category 3* NOK million

Company State's Operating Purchases Result Dividend Book value Number of owner revenues by/subsidies after to the of State's employees ship from the tax and State ownership interest public sector minority interest ** interests

Helse Sør-Øst RHF 100% 86,765 78,772 2,009 0 38,690 62,025 Norsk Tipping AS 100% 40,278 0 5,676 0 496 423 Helse Vest RHF 100% 29,979 28,341 662 0 15,945 22,582 Helse Midt-Norge RHF 100% 22,945 21,239 530 0 10,251 17,526 Helse Nord RHF 100% 18,633 17,536 181 0 10,935 14,301 AS Vinmonopolet 100% 14,321 0 469 234 944 1,862 Bane NOR SF 100% 14,281 20,642 427 0 10,948 4,612 Avinor AS 100% 11,785 0 702 0 15,279 3,012 Statnett SF 100% 9,641 0 1,906 1,261 17,783 1,493 Nye Veier AS 100% 6,993 5,432 807 0 3,886 162 Norsk rikskringkasting AS 100% 6,011 0 -199 0 1,736 3,334 Norfund 100% 1,345 2,035 1,113 0 23,009 87 Norske tog AS 100% 1,256 0 222 - 3,065 34 Innovasjon Norge 51% 1,168 1,168 140 117 817 764 Norsk Helsenett SF 100% 842 138 34 0 0 418 Den Norske Opera & Ballett AS 100% 808 641 19 0 -81 636 Nofima AS 56.8% 676 106 20 0 108 394 Gassnova SF 100% 644 478 115 0 136 40 Siva – Selskapet for Industrivekst SF 100% 598 360 100 0 991 45 Entur AS 100% 490 0 14 0 129 253 Norges sjømatråd AS 100% 417 5 -9 0 285 77 Statskog SF 100% 340 14 84 64 1,875 115 Fiskeri- og havbruksnæringens 100% 322 0 14 0 15 18 forskningsfinansiering AS Petoro AS 100% 292 287 1 0 24 65 Nationaltheateret AS 100% 283 206 8 0 32 342 Simula Research Labaratory AS 100% 236 119 36 0 109 155 Store Norske Spitsbergen Kulkompani AS 100% 200 331 300 0 -1,500 148 AS Den Nationale Scene 66.67% 185 149 3 0 35 130 Andøya Space Center AS 90% 168 54 10 0 97 94 Universitetssenteret på Svalbard AS 100% 166 136 0 0 27 103 Trøndelag Teater AS 66.67% 136 106 0 0 8 170 Enova SF 100% 127 127 -4 0 27 78 Rogaland Teater AS 67% 117 92 6 0 45 122 Eksportkreditt Norge AS 100% 112 115 4 0 34 49 NSD – Norsk senter for forskningsdata AS 100% 84 39 3 0 43 104 Kings Bay AS 100% 73 33 0 0 5 25 Space Norway AS 100% 70 0 110 0 640 27 Talent Norge AS 33.33% 68 37 2 0 3 4 Graminor AS 28.2% 66 29 1 0 20 34 Carte Blanche AS 70% 42 40 0 0 6 30 Nordisk Institutt for Odontologiske Materialer AS 49% 39 37 0 0 7 29 Kimen Såvarelaboratoriet AS 51% 12 4 -1 0 5 20 Staur gård AS 100% 10 0 -2 0 6 5 Bjørnøen AS 100% 0 0 0 0 4 - Gassco AS 100% 0 0 0 0 15 341 Total 273,022 178,848 15,512 1,676 156,934 136,288

* See definitions on page 150. The figures are to be considered estimates that may be revised at a later date. ** The State's share of book value less minority interests as of 31 December 2019 Scope and key figures 15 Key issues for the State as owner

Key issues may include reports to the Storting, changes in the State’s ownership interests, capital contributions or other issues. The issues referred to in this report are from January 2019 to May 2020. Photo: Statkraft

Photo: Stortinget

Reports to the Storting includes both the State's expectations Authorisation from the for and follow-up of the companies, is New white paper on ownership Storting to reduce state further developed and clarified within policy this framework. (See the chapter on how ownership. On 22 November 2019, the Government the State exercises its ownership). A In line with policy, the authorisation presented Report to the Storting no. 8 parliamentary majority supported the granted by the Storting to the Ministry (2019–2020) The State's direct owner Government’s policy as outlined in the of Trade, Industry and Fisheries to fully ship of companies – Sustainable value white paper when this was considered or partly reduce the State’s ownership creation (white paper). In the white by the Storting on 21 April 2020, cf. in Ambita AS, Baneservice AS, Entra ASA paper, the Government describes why Recommendation no. 225 S (2019–2020). and Mesta AS has been renewed on an the state has direct ownership interests annual basis. The Ministry did not in companies, what the State owns, Norsk rikskringkasting AS request renewed authorisation to including the state’s rationale for its reduce the State's ownership in Telenor On 29 March 2019, the Government ownership and the State’s goal as an ASA from 53.97 per cent to 34 per cent, presented Report no. 17 (2018–2019) to owner of each company. The white (see the white paper on ownership the Storting – Diversity and arm's length paper also describes how the State policy). Through the consideration of distance: Media policy for a new age. exercises its ownership, including the Proposition 1 S (2019–2020), the Minis The report discusses the use of financial State’s principles for good corporate try of Trade, Industry and Fisheries was policy instruments to realise the Gov governance and the State’s expectations granted the authority to conduct the full ernment’s media policy objectives. of the companies. The rationale for state or partial sale, or possibly dissolution, Among the Government’s conclusions ownership and the State’s goal as an of GIEK Kredittforsikring AS. in the report were that the broadcasting owner of each company are clarified. licence fee should be discontinued from Furthermore, the system for categorising 1 January 2020 and for Norsk rikskring the companies was simplified by the kasting AS to thereafter be financed previous Categories 2 and 3 being through allocations via the national combined into the present Category 2. budget. The Storting supported this, The key elements of the framework for and in the 2019 national budget the state’s exercise of ownership, which adopted the new financing arrangement have been fixed over time, were contin effective from and including 2020. ued in the new white paper and included in the State’s principles for good corpo rate governance. The policy, which

18 Key issues for the State as owner

THE STATE OWNERSHIP REPORT 2019 Entra ASA. Kristian Augustsgate Oslo. Photo: Entra Photo: Staur gård Researcher Tone-Kari Østbye in the lab. Photo: Joe Urrutia, Nofima

Changes in the State’s Acquisition and recapitalisation Capital contributions from ownership interests of Rygge 1 AS the State Sale of shares in Entra ASA In connection with the sale of Aerospace Nysnø Klimainvesteringer AS Industrial Maintenance Norway AS (AIM In June and December 2019, the Ministry Nysnø Klimainvesteringer received Norway), the State acquired ownership of Trade, Industry and Fisheries sold capital in several stages. The company of the subsidiary Rygge 1, which will be 20.3 million and 25.6 million of the was given NOK 400 million in capital in the owner of a test cell for use in the State’s shares in Entra for approximately January 2019 in accordance with the maintenance of engines for F-35 fighter NOK 5.9 billion, which was equivalent to allocation in the national budget for aircraft. Ownership was acquired 25.16 per cent of the shares in the 2019, NOK 100 million in September through the distribution of the shares company. Following the sale, the State 2019 in accordance with the allocation in the test cell company as dividend in owns 8.24 per cent of the shares in the in the revised national budget for 2019, kind prior to the execution of the sale and an additional NOK 700 million in company. of the shares in AIM Norway to Kongs January 2020 in accordance with the berg Defence & Aerospace, cf. Proposi Sale of GIEK Kredittforsikring AS allocation in the national budget for tion 61 S (2018–2019) – Sale of 2020. As of May 2020, Nysnø Klima On 5 February 2020, the Ministry of Aerospace Industrial Maintenance investeringer has received a total of Trade, Industry and Fisheries entered Norway AS to Kongsberg Defence & NOK 1,425 million. into an agreement for the sale of GIEK Aerospace, and the Storting’s consider Kredittforsikring to the French Coface ation of Recommendation 265 S Investinor AS Group. (2018–2019). The Storting has adopted a new Dissolution of Staur gård AS There was a need to recapitalise Rygge mandate which entails that Investinor The decision to liquidate the company 1 in order for the company to be able to can invest in funds and syndicated was made at the ordinary general finance the test cell. Reference is made structures and match private investors, meeting in 2019 and the company is to the Storting's consideration of Rec cf. Proposition 1 S (2020–2021) and now in the process of being dissolved. ommendation 391 S (2018–2019), cf. Recommendation 8 S (2019–2020). NOK Final liquidation will take place after the Proposition 114 S (2018–2019) – Addi 142 million was allocated to the man Staur gård property has been acquired tional allocations and changes in prior date in the ordinary budget and an additional NOK 1,000 million was allo by a new owner. ities in the 2019 National Budget, where NOK 172 million was allocated to the cated in the packages of measures, cf. recapitalisation of Rygge 1 to establish Proposition 67 S (2019–2020), Recom a test cell for the maintenance of F135 mendation 216 S (2019–2020). The engines. purpose of the mandate is to promote increased overall value creation and

Key issues for the State as owner 19

Mantena Photo: Bård Gudim Caged salmon. Photo: FHF

restructuring of Norwegian business Fiskeri- og havbruksnæringens and industry by improving the market forskningsfinansiering AS for early-stage capital in Norway. The In connection with being converted into Storting has also decided that the man a State-owned limited company on agement of the existing pre-seed fund, 1 January 2019, Fiskeri- og havbruks seed fund and co-investment fund for næringens forskningsfinansiering AS Northern Norway shall be transferred was allocated share capital of NOK from Innovasjon Norge to Investinor, cf. 1 million. Prop 1 S (2020–2021) and Recommen dation 8 S (2019–2020). Other matters Mantena AS Distributions in connection with the redemption and cancellation When considering the revised national of shares budget for 2018, the Storting resolved to allocate up to NOK 200 million to Several of the listed companies in the Mantena in the form of a subordinated State's portfolio have so-called buyback loan or equity contribution, to ensure programmes whereby the company is that the company has a suitable capital authorised to purchase own shares in structure and liquidity during a demand the market with a view to cancelling the ing restructuring phase. Due to there shares. A template agreement has been being uncertainty regarding when the established for such cases to ensure capital contribution would occur, the that the State’s ownership interest in allocated funds were made transferable the company remains unchanged to 2019. In 2019, Mantena received NOK through the buy-back programme 170 million in the form of an equity (when redeeming a proportionate per contribution. centage of the State’s shares). As part of these types of agreements, in 2019 the State received NOK 1,265 million as settlement for the redemption of shares in DNB ASA, NOK 59.2 million for redemption of shares in Entra ASA, NOK 2,380 million for redemption of shares in Telenor ASA and NOK 104 million for redemption of shares in Yara Interna tional ASA.

20 Key issues for the State as owner

Photo: Store Norske

Responsibility for ownership in Review of business-oriented Mantena AS has been transferred policy instruments to the Ministry of Trade, Industry In 2018, the Government initiated a and Fisheries. comprehensive review of the busi Pursuant to a Royal Decree in December ness-oriented policy instruments. The 2019, it was decided that responsibility purpose of this review is to ensure the for managing the State’s ownership in best possible value-creation and profit Mantena would be transferred from the able workplaces within sustainable Ministry of Transport to the Ministry of frameworks, based on the funds that Trade, Industry and Fisheries on 1 Jan are channelled through the policy uary 2020. This is in line with the Gov instruments. The companies included ernment's policy that the Ownership in the review are Eksportkreditt Norge Department of the Ministry of Trade, AS, Fiskeri- og havbruksnæringens for Industry and Fisheries shall manage the skningsfinansiering AS, Innovasjon State's ownership of the companies in Norge, Norges sjømatråd AS, Siva – Sel Categories 1 and 2 unless there are skapet for Industrivekst SF, Enova SF, special considerations that warrant Gassnova SF, Investinor AS, Nysnø Kli alternative solutions. mainvesteringer AS and Argentum Fondsinvesteringer AS. Conversion to State-owned limited company On 1 January 2019, Fiskeri- og havbruk snæringens forskningsfond was con verted into a State-owned limited company: Fiskeri- og havbruksnærin gens forskningsfinansiering AS. The purpose of this conversion was to clarify ambiguities regarding governance, responsibility and the framework that regulates the enterprise by using a more suitable form of association.

Key issues for the State as owner 21 Photo: Ole Jørgen Bratland

How the State exercises its ownership

The State’s exercise of ownership shall contribute to the attainment of the State’s goal as an owner of the highest possible return over time or most efficient possible attainment of public policy goals. Among other things, this takes place by the State setting clear expectations of the companies, electing com petent boards, and systematically following up the companies. As a long-term and responsible owner, the State contributes to sustainable value creation in the companies. For more information about the State's exercise of ownership see the White Paper on Ownership Policy: Report to the Storting no. 8 (2019–2020) The State's direct ownership of com panies – Sustainable value creation. FIGURE 1: Goal of the highest possible Goal of the most efficient return over time possible attainment of Categorisation of public policy goals companies with state ownership

Category 1 Category 2 Category 3 The State no The State longer has a has a special rationale for its rationale for its ownership. ownership.

The State’s exercise of ownership shall value creation. As a long-term and contribute to the attainment of the responsible owner, the State contrib “The State’s exercise of State’s goals as an owner. For compa utes to sustainable value creation and nies in Categories 1 and 2, the State’s promotes responsibility in the com ownership shall contribute goal is the highest possible return panies. to the attainment of the over time, while for companies in state’s goal as an owner.” Category 3, the State’s goal is the most The State's ten principles for good efficient possible attainment of public corporate governance in Figure 2 policy goals. See Figure 1. If companies form the basis for the State's exercise in Category 3 also operate in compe of ownership. tition with others, the State’s goal is normally the highest possible return As an owner, the State has clear over time in this limited part of the expectations of the companies (see company's operations. Figure 3). These support the State’s goals as owner. The companies’ work Goal attainment over time requires on the different areas in which the the companies to be sustainable. A State has expectations is adapted to sustainable company balances finan the distinctive nature, size, risk expo cial, social and environmental factors sure and what is material to each in a way that contributes to long-term company.

Corporate governance 23 Photo: Statnett, Johan Wildhagen

FIGURE 2: The State’s ten principles for good corporate governance

1. The State shall be a responsible owner. the company’s goal attainment and its efforts regarding the State’s expectations, and the 2. The State shall demonstrate transparency about board’s contribution in this context. its ownership and exercise of ownership. 7. Relevant expertise shall be the State’s main 3. The State’s exercise of ownership shall contribute consideration in its work on the composition of to the attainment of the State’s goal as an owner. boards of directors. The State shall also emphasise This takes place through expectations of the capacity and diversity based on the distinctive companies, voting at general meetings and other nature of the company. means of exercising ownership. 8. The State shall exercise its ownership in 4. The State’s exercise of ownership is based on accordance with the principle of equal treatment the division of roles and responsibilities between of shareholders set out in company law. the owner, the board of directors and the general manager set out in company law, and on 9. The State’s role as owner shall be kept separate generally recognised principles and standards from its other roles. for corporate governance. 10. State ownership shall not give companies with 5. The State’s authority as owner shall be exercised a state ownership interest undue competitive through the general meeting. advantages or disadvantages compared to companies without a state ownership interest. 6. The board of directors is responsible for managing the company. The State shall assess

24 Corporate governance

THE STATE OWNERSHIP FIGURE 3: REPORT 2019 The State’s expectations of the companies

Topic The State expects that:

Overarching goal • The companies in Categories 1 and 2 deliver the highest possible return over time. for the exercise of • The companies in Category 3 deliver the most efficient possible attainment of public policy goals. ownership • If the company also has activities in competition with others, the State normally expects the highest possible return over time from this part of the company’s activities.

Sustainable • The company has an overarching agenda for sustainable value creation. value creation, • The company defines and implements clear goals and strategies, and reports on them. clear goals and • The choice of risk level is an integrated part of the company’s strategy. strategies

Factors with a bearing on the company’s goal attainment and implementation of strategy:

Resources and • The company’s resources are efficiently managed and organised in a way that promotes attainment of the organisation company’s goals and supports the company’s strategy. Resources here refers to everything the company utilises in its processes, such as human financial capital, financial capital, technology, corporate culture, relationships, natural resources and other tangible and intangible assets. • The company works systematically on recruiting and developing employees, and has clear goals and measures in place for increasing relevant diversity, including a better gender balance, in the company. • The listed companies communicate what they deem to be an appropriate capital structure and dividend level to the market. The non-listed companies communicate what they deem to be an appropriate capital structure and dividend level to their owners.

Incentives • Remuneration and other incentives used by the company promote attainment of the company's goals. • The remuneration of senior executives is competitive, but not market-leading, and is set with due regard to the principle of moderation. • The company is transparent about the structure, level and development of the remuneration of senior executives.

• The expectations are elaborated on in the State's guidelines for the remuneration of senior executives.

Responsible • The company leads the field in its work on responsible business conduct. business conduct • The company works to protect human rights and labour rights, reduce its climate and environmental footprint and prevent economic crime, including corruption and money laundering. • The company has a justified tax policy that is publicly available. • The company conducts due diligence for responsible business conduct based on recognised methods. • The company is transparent about material areas, goals and measures relating to its work on responsible business conduct.

Performance and • The company measures value creation, goal attainment and the implementation of the strategy. risk management • The most important key performance indicators are reported to the owners. • The company has an effective risk management system adapted to the company’s operations, goals and strategy.

The Norwegian • The company complies with the Norwegian Code of Practice for Corporate Governance where relevant, Corporate adapted to the company's operations. Governance Board’s Code of Practice

The board’s work • The board follows best practice for board work, adapted to the company's operations.

Transparency and • The company is transparent about and reports on material matters relating to the company's operations. reporting

Corporate governance 25 FIGURE 4: Topics emphasised in the State’s follow-up of the companies The State’s follow-up of the companies is structured around the following five topics:

Assessment of the Corporate Capital structure Transparency Composition of company’s goal governance and dividends and reporting the board attainment

The boards are responsible for manag as specific issues. What is relevant and Assessment of the ing the companies. The State assesses material topics to be discussed at the company’s goal attainment the companies' goal attainment and meetings will depend on the State’s Highest possible return over time their efforts regarding the State’s expec goals as owner and the company’s tations and the board’s contribution in activities and circumstances. Through The total shareholder return achieved this context. the owner dialogue, the State can raise by the companies (change in value and matters, ask questions and communi dividend) is compared with a calculated When following up the companies, the cate points of view that the company required rate of return, comparable State will emphasise operations that are can consider in relation to its activities companies and benchmark indices. material to goal attainment in the indi and development. Such dialogue is These assessments are carried out on a vidual company and the areas in which intended to be input to the companies, regular basis for companies in Catego the State can best contribute to this in not instructions or orders. ries 1 and 2, and for relevant activities both the short and long term. The State in the companies in Category 3 if this has regular meetings with the compa The State’s follow-up of the companies part of their business is material. The nies. This and other dialogue with the is structured around the topics in Figure State uses recognised methods to value companies (owner dialogue) is neces 4, which are briefly outlined below. non-listed companies. The total share sary for enabling the State to gain the holder return and the company’s out insight required to follow up its owner In the event of poor goal attainment look are discussed with the company’s ship. The meetings typically include a over time or significant deviations from board and management. review of the company’s development the State’s expectations, the State will and prospects, various matters relating consider how this can be followed up. to the State’s expectations and topics This primarily takes place through the the State emphasises as owner, as well owner dialogue.

26 Corporate governance FIGURE 5: The board understands Good practice for the State’s goal – dialogue dialogue on goals, indicators and target figures

The State defines the The board develops The State assesses goal rationale for ownership goals, indicators and attainment and its goal as an owner target figures

The State assesses and The company reports challenges the board’s on goals, indicators and goals, indicators and goal attainment target figures Photo: Nye Veier AS

Corporate governance 27 FIGURE 6: Areas of expectation relating to corporate governance Sustainable value creation in line with the State’s goal as owner

Clear goals and strategies

Factors for efficient goal attainment and implementation of the strategy

Resources and Incentives Responsible business organisation conduct

Performance and risk management

Most efficient possible attainment of Corporate governance over time. This includes how the public policy goals. Corporate governance means how, and company understands and manages The State’s public policy goals vary from on which basis, decisions are made in a drivers of value creation in the long one company to the next. Therefore, company. Most of the State’s expecta term. The purpose of this dialogue is the manner in which goal attainment is tions of the companies are linked to to create a shared understanding evaluated must be adapted to the issues pertaining to the companies’ between the board and the owner individual company. The State engages corporate governance which are about material opportunities and risks in dialogue with each company about expected to influence the companies’ to the company’s value creation and how the State’s goal should be under long-term value creation, see Figure 6. the State’s goal attainment. stood and how the company operation As an owner, we want to understand alises and measures goal attainment, how boards and companies work with The company's agenda for sustainable see Figure 5. The companies’ attainment the various areas of corporate govern value creation is specified in more short- of goals and efficiency are assessed on ance, and how this contributes to sus term strategies. Essential to the State’s the basis of, among other things, the tainable value creation. follow-up is understanding how the company’s reporting and the State’s company works with the strategy and owner dialogue with the company. It Agenda for sustainable value implements this. This includes the may be relevant in this context to look creation, goals and strategies company’s work with resources and at comparable enterprises, the compa The company’s goals and agenda for organisation, incentives and responsible ny’s development over time and other sustainable value-creation are a good business conduct. evaluations of the business. The results achieved and the company’s outlook starting point for the owner dialogue. Such an agenda demonstrates the Clear goals and strategies give the are discussed with the company’s board company direction and assist in allocat board and management's plan for and management. ing resources where the contribution to how the company will create value value creation is greatest. Different

28 Corporate governance VYgruppen Photo: Mads Kristiansen

strategies entail different risks. Deter and whether its resources are used relevant diversity, including a better mining how much and which types of efficiently. gender balance. The gender balance in risk the company is willing to accept in the companies can be found on page order to achieve its goals is part of the The company’s culture influences 136. board’s strategy work. employee behaviour and thereby the company’s goal attainment and the Incentives It is decisive for goal attainment that the ability to act responsibly. The board has The right incentives contribute to the strategy is properly implemented in the a specific role in defining, facilitating and implementation of the company’s goals organisation. The State assesses and evaluating the company’s culture, so and the State expects that the remuner challenges the company on whether its that it promotes attainment of the ation and other incentives provided by goals, key performance indicators and company’s goals and supports the the companies to both senior executives target figures are relevant and expedi company’s strategy. The attitudes and and other employees promote the ent, see Figure 5. conduct of managers are decisive in attainment of the company’s goals. developing the desired culture. Good remuneration schemes are linked Resources and organisation to measurable factors that individual An appropriate set of resources, that the Diversity of background and expertise employees can influence and are resources are adapted to the company’s among employees and in management designed to create a commonality of strategy and that they are allocated give different perspectives which can interest of long-term value creation where they best contribute to attain provide a better basis for making good between the owners, the board, the ment of the company’s goals are deci decisions. The State places emphasis on management and other employees. sive for goal attainment. The State also the board taking ownership of the places emphasis on the board regularly company’s work in this area and expects It is crucial that the companies succeed assessing whether the company’s organ that the companies have clear goals and in recruiting and retaining good execu isation supports the company’s strategy measures in place for increasing tives. At the same time, moderation is

Corporate governance 29 “The Government’s ambition is that the Norwegian State’s exercise of ownership is in accordance with best international practice. Good exercise of ownership strengthens trust in the State as an owner and contributes to increased value creation.”

important. The State places emphasis These guidelines will be revised in specific expectations that the compa on the board taking responsibility for 2020. The table on page 134 presents nies conduct due diligence, that the the company’s remuneration to senior the remuneration paid to the CEOs of company’s have a justified tax policy executives and expects that such remu the companies. and that the companies are transpar neration is competitive, but not mar ent about material areas, goals and ket-leading compared with similar Responsible business conduct measures relating to their work on companies or enterprises and that it is The State is a long-term owner that responsible business conduct. The set with due regard to the principle of promotes responsibility in the compa moderation. Among other things, this work is adapted to the business, nies. Responsible business conduct means that the level of remuneration nature and risks for each company. helps to increase confidence in and the shall not be higher than necessary for legitimacy of the companies. retaining and attracting the desired Capital structure and expertise. The State places emphasis on The State expects the companies to dividends the board, in its statement on executive lead the field in their work on respon An appropriate capital structure pro pay, being transparent about how the sible business conduct. Among other motes the company’s value creation or State’s expectations in this area are efficient attainment of public policy things, this entails identifying and being met. goals. The board is responsible for the managing important risk areas for company’s capital structure, but deci those affected by the company’s The State’s expectations as regards sions made at the general meeting executive pay are elaborated in the operations, ensuring board support concerning dividend and capital adjust State’ guidelines for the remuneration for this work, incorporating it into the ments will affect the capital structure. of senior executives, see www.reg company’s goals, strategy and guide jeringen.no. lines, and following internationally Dividend from a company provides recognised guidelines, principles and the owner with a continuous direct conventions. In addition, the State has

30 Corporate governance Photo: Statkraft

return and the ability to adjust the Transparency and reporting Good corporate reporting provides insight into the company's ability to company’s capital structure. The State The State assesses each company’s create value and is a prerequisite for communicates both long-term and transparency and reporting in relation good exercise of ownership. Access to annual dividend expectations to the to the State’s expectations and approves relevant information at the right time companies in Categories 1 and 2, and the annual accounts and annual report makes it possible to evaluate many to companies in Category 3 when at the general meeting. The State has an aspects, including the company’s goals, relevant. Long-term expectations overall expectation that the companies strategy, performance, development, are transparent about and report on generally apply for a period of three material elements of corporate govern material matters relating to their activi to five years, and should contribute to ance and risk exposure. predictability for the companies. ties and specific expectations in individual areas which are described in Figure 3. Among other things, dividend expec The State engages in dialogue with the tations are determined based on the companies about the content of the Among other things, transparency is regular reporting to the owners and the State’s assessment of the company’s essential to enable stakeholders to general public. The purpose is to ensure capital structure, earnings outlook, assess the company’s activities, goal that the reporting provides sufficient investment needs and opportunities, attainment and the risks the company insight to be able to assess goal attain activities and risk profile, and how poses to society, people and the envi ment and exercise ownership effectively. dividend contributes to goal attain ronment. Transparency is also impor ment. The State engages in dialogue tant to gain the public’s trust that there with the companies about this and is fair competition between companies annually communicates its dividend with and without a state ownership expectations to the board, before the interest. board presents its dividend proposal to the general meeting.

Corporate governance 31 FIGURE 7: Annual plan Description of skills board election Board evaluation Search, interview and reference check process and assessment Dec Jan The figure shows the annual Nov Feb board election process followed by the State as owner. Oct Mar Commencement of Board elections board election – decisions process Sept Apr

Aug May Voting at the general Jul Jun meeting

Board composition and facilitates open, well-informed dis established in the listed companies and cussions that may, in turn, result in several of the other partly-owned com One of the most important tasks of the better decisions. By diverse is meant panies State as an owner is to contribute to that the board members represent dif composing competent and well-func ferent backgrounds and expertise, Board elections follow the process pre tioning boards of directors. Relevant including as a result of different work sented in Figure 7. The State evaluates expertise shall be the State’s main con experience, education, gender, age, the board with the goal of it being sideration in its work on the composition geographical affiliation and cultural composed of people who will contribute of boards of directors. Expertise is about background. Gender distribution on the to the attainment of the State’s goal as relevant experience and background as boards and changes in this over time an owner. The State also assesses the well as personal qualities. Together, the can be found on pages 136-140. company’s activities, opportunities and board of each individual company challenges faced and the expertise that should have the expertise required At general meetings, the minister for the board should possess in the future. based on the company’s business each individual ministry elects the board In this assessment, the State empha (object), industry, opportunities and members in wholly-owned companies sises the contribution of the board and challenges, and the State’s goal as an they are constitutionally responsible for, each board member to the company's owner. When selecting board members, and votes on the election of board goal attainment, and whether the the State emphasises management members at partly-owned companies. board's composition, work method, experience, board experience, and rel For wholly-owned companies, the indi expertise and efforts indicate a need for evant industry experience with good vidual ministries nominate candidates changes. The State conducts an annual results. The State also emphasises for the board. Dedicated nomination assessment of all boards and board capacity and diversity based on the committees elected by the general members, irrespective of whether they distinctive nature of the company. meeting which nominate board mem are up for re-election. Diversity provides different perspectives bers at the general meeting have been

32 Corporate governance THE STATE OWNERSHIP REPORT 2019

"One of the most important tasks of the State as owner is to contribute to the composition of competent and well-functioning boards. Relevant expertise is the main consideration for the State’s work with board composition."

In companies that are wholly-owned by The above assessments form the basis the State, the State conducts interviews for a description of skills, which is pre with all owner-appointed board mem pared for each board. The description bers and the managing director of the of skills constitutes the mandate for the company as part of the assessment board recruitment process and is what process. The State also endeavours to the State uses in its search for new conduct interviews with board members board members. The recruitment pro elected by and among the employees. cess involves searches of women and The State endeavours to maintain a men in all parts of the country. During dialogue with the chair of the board the interview phase, the State assesses during the work of considering possible the candidate's qualifications, including changes to the board. In companies that personal aptitude, capacity and impar have their own nomination committees, tiality. The board elections are approved these committees are tasked with at the general meeting. assessing the composition of the board, but the State also carries out its own reviews in these cases.

Corporate governance 33 A sustainable portfolio for long-term value creation

The highest possible return or the most efficient possible attainment of public policy goals over time requires the companies to be sustainable. This entails balancing financial, social and environmental factors in a way that contributes to long-term value creation, while ensuring that today’s needs are met without limiting the possibilities of future generations. The following are a selection of examples of how different companies in the State’s portfolio work on understanding value drivers and development trends in society and integrating these into their business strategies. This provides a competitive advantage which contributes to long-term value creation. Statskog Photo: Steinar Johansen 35

Ambita AS Kommunalbanken AS Norsk rikskringkasting AS Photo: Istockphoto, Bongkarn Thanyakij Photo: Kommunalbanken Photo: Norsk rikskringkasting AS

Kommunalbanken creates Ambita assists with better climate risk assessment tools for From linear TV and radio to residential property transactions the municipalities on-demand digital content

All registration of properties in Norway Together with professional assistance NRK enjoys a high level of confidence in was previously in paper form. Large from the Center for International Cli Norwegian society. 87 per cent of the quantities of paper were filled in, sent mate Research (CICERO), Kommunal country’s population use one or more between the involved parties, signed banken (KBN) has developed a digital of the public broadcaster’s services manually and sent by mail to the Nor climate risk assessment tool for Norwe every day. NRK is continually working on wegian Mapping Authority. If there were gian municipalities. The tool makes it digitisation and restructuring to fulfil its errors or omissions, the papers had to possible to search each municipality and role as public broadcaster: to cover be returned to sender, corrected and obtain an overview of the largest social, democratic and cultural needs in sent once more. Just over 1.5 million sources of emissions, the climate profile Norwegian society. Audience habits are registrations per year corresponds to 16 at county level and how the most impor changing from linear viewing and listen million sheets of paper. That is quite a tant industries in the municipalities may ing to on-demand, digital content. The few truckloads. be exposed to physical risk and transi competition for being found, selected tional risk in connection with climate and preferred is demanding during a By using Ambita's services together with change. time of intense international competi the Norwegian Mapping Authority and tion from gigantic companies such as Altinn, banks and real estate agents can The climate risk assessment tool is Netflix and YouTube. While many now coordinate, sign and register doc intended to serve as an aid for munici European public broadcasters have uments digitally. There are major bene palities to start assessing and managing given up on reaching young viewers, fits, which include improving the climate risk together with their most listeners and readers, NRK has efficiency of work processes, reducing important stakeholders. This involves increased its popularity among young the number of errors and end-custom not only better equipping the munici people. The key is relevant content at ers experiencing faster and better palities to address climate challenges, the right time on the right platforms. By property transactions. In 2019, there but also better risk management to embracing the entire population, NRK were just over 700,000 digital property ensure a sustainable municipal econ can achieve its goal of being a lavish and registrations, and almost 500,000 of omy, good ability to service loans and diverse public arena and a world-class these went through Ambita's solutions. greater scope for making necessary publisher and content producer. The proportion of digital registrations is investments. As the most important increasing every day, together with the lender to the municipal sector, this is benefits for the involved parties, the also of value to KBN. The tool will be environment and society at large. further developed in 2020 to provide municipalities with even better and more relevant information about their own climate risks.

36 Sustainable value creation

THE STATE OWNERSHIP REPORT 2019

Posten Norge AS Simula Research Laboratory AS Statkraft SF Photo: Bård Gudim Photo: Statkraft Photo: Birger Morken

Mail and packages to be Targeted work for achieving Solar and wind power for delivered electrically better gender balance Mercedes

Today, 1,200 different electric cars, In order to attract and retain the best Statkraft has entered into agreements mopeds, bicycles and wagons are on the talent, and to develop researchers and to supply renewable electricity to the roads with mail and packages. However, leaders, Simula places major impor German motor vehicle group Daimler, according to Hege Sagplass, Senior tance on gender balance and diversity. the manufacturer of Mercedes and advisor, Environment at Posten and This provides greater scope in terms of other car models. The electricity will be Bring, the ambition does not stop there, experience, ideas and creativity. Simula produced by solar and wind power and in five years, all vehicles and build has worked with recruiting and devel plants. When these are not producing, ings will only be using renewable energy oping talented female researchers for Statkraft will supply electricity from its sources. Posten Norge considers the over ten years, and milestones have hydropower plants. The electricity will provision of environmentally-friendly been achieved along the way. An early be partly supplied from facilities that are services to be crucial to succeeding in target of 25 per cent female employees no longer covered by the subsidy the market of the future, and in many at the company was achieved in 2013, schemes and which would have been cases is now already commercially and the next target is 40 per cent by shut down without secure revenues profitable. 2028. At year-end 2019, the proportion from long-term power agreements. Part of women at the company was 30 per of the electricity will also be supplied Among other things, Posten Norge is cent. Recruitment of and support to from newly constructed solar power specifically working on its environmen female talent are effective policy instru plants. The agreement is part of Daim tal ambitions through close dialogue ments, but the company also places ler's plan to reduce its greenhouse gas with motor vehicle manufacturers to strong emphasis on offering a good emissions. These types of long-term request, test and adopt zero emission working environment for all employees, agreements provide risk relief to the solutions, develop and test alternative both women and men, from many dif owners of the solar and wind power vehicles, establish secondary objectives ferent cultures. This involves manage plants, which makes it possible to make for the emission-free delivery of mail ment development, access to the investments on market terms. When and packages in cities and towns, and professional and administrative solar and wind are combined with cooperation across industries to utilise resources that are necessary for estab hydropower, it is also possible to offer existing vehicles in cities and towns. lishing themselves as researchers, and ordinary and stable power delivery arrangements that enable them to have based on 100 per cent renewable a family life. The measures that have energy. Without contributions from a been implemented have made Simula market integrator such as Statkraft, it a far more diverse workplace, which is would not be possible for small solar highly attractive for researchers and wind power players to enter into throughout the world. these types of agreements with major industry players.

Sustainable value creation 37 Company pages

This chapter provides brief presentations of each of the companies in which the State has ownership interests. The companies are presented alphabetically according to their category. The companies that are not categorised are presented in a separate chapter. The rationale for state ownership and the State’s goal as an owner are stated for each company, and a brief summary is provided of the company’s activities, strategy, work on responsible business conduct and important events. Many of the company profiles also include tables and graphs that refer to the companies’ goal attainment. More information about the companies can be found in the annual reports of the companies for 2019.

38 Category 1 40 Category 2 48 Category 3 68 Companies that are not categorised 116

39 Category 1 Goal of the highest possible return over time and where the State no longer has a rationale for its ownership

This category comprises the companies where the State’s goal is the highest possible return over time and where the State no longer has a rationale for its ownership. It is the Government’s ambition to reduce state ownership in com panies in Category 1. State ownership will only be reduced if this is seen as financially beneficial for the State.

Ambita AS 42 Baneservice AS 43 Entra ASA 44 Flytoget AS 45 Giek kredittforsikring AS 46 Mesta AS 47 Photo: Entra 41 Photo: Peeterv, Istockphoto.com

Ambita AS Board of Directors: State ownership: Company website: Toril Nag (chair) 100% www.ambita.com Ingeborg Moen Borgerud Ministry of Trade, (vice chair) Industry and Fisheries Sven Størmer Thaulow CEO: Eli Cathrine Disch Stig W. Seljeseth Henrik Lie Nilsen Auditor: Anders Rognes* EY AS Åse Nonås* * elected by the employees.

State ownership Strategy Statement of comprehensive 2019 2018 The State no longer has any rationale for owner The company’s principal objective is to contribute income (NOK millions) Operating revenues 440 394 ship in Ambita AS. The State’s goal as an owner is to creating an efficient and safe real estate market Operating result (EBIT) 9.6 14.9 the highest possible return over time. for everyone. The current strategy defines three Result before tax and minority 10.5 15.8 clear strategic focus areas: interests Attainment of the State’s goal Tax charge 4.6 4.9 The company had a return on equity of 5 per cent 1) Further develop positions in the real estate - Minority interests 0.7 -0.9 in 2019. The average return on equity in the past market, Result after tax and minority interests 5.2 11.8 five years was 16 per cent. 2) Be relevant to private customers, and Balance sheet 3) Be the best in property data. Total assets 262 184 About the company - Of which cash reserves 36.2 72.1 Ambita provides digitalisation solutions for the Responsible business conduct Total equity 130 112 property market. Ambita solutions are now used • Climate and environment: Ambita has a - Of which minority interests 23.3 6.8 in most residential property sales processes in Nor natural environmental focus, since digitisation Total debt and liabilities 132 71.9 way. The company was established in 1992 and of paper-based routines is a key part of the Dividend and values has been exposed to competition since 2014. Am Group's activities. Dividend for the financial year 0 4.4 bita's head office is in Oslo. Dividend percentage 0 0.4 Average dividend percentage in the 0.2 0.5 • Human rights: The company focusses on past five years Important events in 2019 protecting human rights, including when Dividend to the State 0 4.4 Ambita developed, launched and rolled out “Meg purchasing IT services from companies in other Repayment of capital 0 0 lerpakke fleX” (Agent Package fleX) – a value-added countries. Ambita conducts due diligence Capital contributions from the State 0 0 and standardized agent package that makes the assessments in connection with potential Key figures agent’s process for collecting information more assignments/activities in other countries. Capital employed 155 113 efficient. Operating margin (EBIT margin) 2.2% 3.8% • Anti-corruption: The company has created its Return on equity in the past year 4.9% 11.5% Many agents and lawyers have started using Ambita’s own company-adapted Anti-Corruption Average return on equity in the past 15.8% 18.8% five years solution for digital registration and in so doing Guidelines that all employees have to sign. Return on capital employed in the 8.1% 14.6% have reduced time spent on settlements. Ambita has a justified tax policy which is past year available on the company's website. Equity ratio 49.6% 60.9% Ambita contributed to increased value creation Investments 0 0 and improved efficiency for property developers Other key figures with the company’s solutions Tomtesøk, Digital Number of employees 158 86 nabovarsling and Byggesøknaden.no. Percentage employees in Norway 87% 100%

Gender balance 2019 The company acquired 51% of 4CastGroup AS and this has provided valuable insight and a good decision-making basis for players in the residential housing and construction markets in Norway and 32% 68% 38% 62% Sweden. Company Management group

Return on assets Company's principal objectives and results 2019 (selection)

70 % 60 % 50 % Long-term goals Indicator Goals Result 2019 40 % 2019 (2018) 30 % Sales growth Revenue growth 12% 12% (7%) 20 % 10 % Uptime (services) Uptime as a % 99.5% 99.82 % (-) 0 % 2015 2016 2017 2018 2019 Innovation Percentage of development work that is innovation 50% 59% (est 53%) Sick leave Short-term sick leave 1.6% 1.61 % (2.1 %) Return on equity Return on capital employed EBITDA Stable margin on turnover 9% 9% (9%)

42 CATEGORY 1 Photo: Baneservice AS

Baneservice AS Board of Directors: State ownership: Company Dagfinn Neteland (chair) 100% website: Ole Falk Hansen Ministry of Trade, www. Ann Pedersen Industry and Fisheries baneservice. Jill Akselsen CEO: com Harald Vaagaasar Nikolaisen Ingvild Storås Ole Christian Rognlien* Auditor: Tom Bragen* BDO AS Ole Strøm* * elected by the employees

State ownership Strategy Statement of comprehensive 2019 2018 income (NOK millions) The State no longer has any rationale for owner The company‘s business concept is to be the lead Operating revenues 1,239 843 ship in Baneservice AS. The State’s goal as an own ing provider of services and products for rail infra Operating result (EBIT) 71.8 54.2 er is the highest possible return over time. structure. This includes the provision of complex Result before tax and minority 64.8 50.7 multidisciplinary rail contractor services for both interests Attainment of the State’s goal new installations and maintenance The group’s Tax charge 21.9 12.8 The company had a return on equity of 14 per cent ambition is to grow organically and structurally in - Minority interests 5.9 5.2 in 2019. The average return on equity in the past an expanding market. The acquisition of Norsk Result after tax and minority interests 37.0 32.8 five years was 21 per cent. Jernbanedrift Holding has strengthened the Balance sheet group’s competitiveness, capacity and expertise Total assets 1,117 612 About the company for being able to gain significant market share in - Of which cash reserves 128 215 Baneservice provides railway-related mainte the future. Total equity 305 266 nance services and new installations. The compa - Of which minority interests 25.0 17.7 ny was divested from what was earlier known as Responsible business conduct Total debt and liabilities 811 347 the Norwegian National Railway Administration in The group’s guidelines for its corporate social re Dividend and values Dividend for the financial year 8.8 14.7 2005. Baneservice's head office is in Bærum. sponsibility work describe how the enterprise is to Dividend percentage 25% 45% work within the areas of human rights, employee Average dividend percentage in the 28% 25% Important events in 2019 rights, environment/climate and anti-corruption, past five years • Baneservice delivered a strong turnover and including through the group’s ethical rules. The Dividend to the State 8.8 14.7 solid results in 2019. guidelines describe how employees at the group Repayment of capital 0 0 should address bullying/harassment, competition Capital contributions from the State 0 0 • The company completed the acquisition of legislation, use of social media, breach of rules re Key figures Norsk Jernbanedrift Holding AS and thereby lating to HSE and working hours etc. In 2019 there Capital employed 748 401 consolidated its position as the leading rail infra was a focus on initiatives concerning the environ Operating margin (EBIT margin) 6% 6% structure contractor in Norway. ment and climate, as well as initiatives for increas Return on equity in the past year 14.0% 13.7% ing the number of women in technical/operational Average return on equity in the past 21.3% 22.8% five years • Installation of ERTMS, a digital signalling system, positions. Return on capital employed in the 13.0% 14.4% for Siemens Mobility and Lieråsen Tunnel for past year Bane NOR are two of the most important Equity ratio 27% 43% contracts that were entered into in 2019. Investments 469 17.6 Other key figures • The parent company was certified as an Number of employees 668 424 Eco-Lighthouse (Miljøfyrtårn) enterprise in Percentage employees in Norway 94% 93% January 2019. Gender balance 2019

7% 93% 38% 62%

Company Management group

Return on assets Company's principal objectives and results 2019 (selection)

40 % Long-term goals Indicator Goals 2019 Result 2019 (2018) 30 % Turnover of NOK 2.2 billion Turnover (organic growth) NOK 952 million NOK 1,012 million, excluding 20 % in 2023 acquired enterprises (NOK 843 million) 10 % Profitable operation EBITDA EBITDA margin 9.0% 10.6% including acquired 0 % margin %. enterprises (10.3%) 2015 2016 2017 2018 2019 No lost-time injuries. H-value >=4,0 5.7%, excluding acquired enterprises (5.5%) Return on equity Return on capital employed High employee satisfaction Employee engagement index (EEI) 4.9 (scale 1-6) 5.0 (4.9) Satisfied customers Customer satisfaction ("Overall >= 4.0 (scale 1-5) 4.3 (4.3) impression")

CATEGORY 1 43 Photo: Enrra ASA

Entra ASA Board of Directors: 8.24% Website: Siri Beate Hatlen (chair) The Ministry of Trade, www.entra.no Kjell Bjordal (vice chair) Industry and Fisheries Camilla AC Tepfers CEO: Widar Salbuvik Sonja Horn Ingrid Dahl Hovland Auditor: Mariann Halsvik Larsen* Deloitte AS Erling Nedkvitne* * elected by the employees. State ownership:

Statement of comprehensive income 2019 2018 State ownership Strategy (NOK millions) The State no longer has any rationale for ownership Entra is a leading and professional owner, manag Rental income 2,338 2,243 in Entra ASA. The State’s goal as an owner is the er and developer of office properties in Norway. Operating result (EBIT) 1,780 1,587 highest possible return over time. Entra focuses on high-quality, environmental - of which the result from property 1,471 1,434 management ly-friendly properties that are centrally located in Result before tax and minority interests 3,735 3,073 Attainment of the State’s goal Oslo and the surrounding region, Bergen, Stavan Tax charge -11 -338 In 2019 the company had a shareholder return, ger and Trondheim. Entra's business strategy is to - Minority interests -498 -198 including dividends, of 30.3 per cent. In the past deliver profitable growth, have a high level of cus Result after tax and minority interests 3,225 2,537 five years, the average annual shareholder return, tomer satisfaction and to be an environmental Balance sheet including dividends, was 18.3 per cent. During the leader in the industry. Total assets 51,160 47,709 same periods, the Oslo Stock Exchange Bench - Of which includes investment properties 49,095 44,714 mark Index provided respective returns of 16.5 Responsible business conduct - Of which cash reserves 317 230 per cent and 10.1 per cent per year. It is of strategic importance for Entra to operate Total equity 24,517 22,269 the business in a sustainable manner and the - Of which minority interests 1,947 1,746 About the company company considers this to be a prerequisite for Total debt and liabilities 26,642 25,439 Entra owns, manages and develops office proper long-term results and value creation. The compa Assets and dividend ties in central locations near public transport hubs ny has a systematic approach to understanding Market value at year-end 26,409 21,166 in the four largest cities in Norway. The company and managing the company's impact on society, Market value of the State’s ownership 2,176 7,070 interest at year-end* was divested from Statsbygg in 2000. Entra is list as well as the requirements and expectations of Closing price 145.0 115.2 ed on the Oslo Stock Exchange and is headquar stakeholders. In connection with this, Entra has a Dividend for the financial year 860 827 tered in Oslo. particular focus on climate and the environment, Dividend percentage 27% 33% urban development, motivated employees, ethics Average dividend percentage in the past 23% 24% Important events in 2019 and measures for combating corruption, as well as five years • In 2019, Entra signed new and renegotiated health, safety and the environment. Dividend to the State 234 276 contracts with total annual rent amounting to Return in the past year 30.3% -1.9% NOK 371 million. Average return in the past five years 18.3% 15.4% Distributions in connection with the 59.2 0 redemption and cancellation of shares • Four development projects totalling 51,800m2 Capital contributions from the State 0 0 in size were completed and transferred to the Key figures management portfolio. Capital employed 44,418 41,440 Net lease margin 92% 92% Gender balance 2019 • Entra purchased one property and sold two Operating margin (EBIT margin) 86% 86% properties during the year and a net 5,300m2 Equity ratio 48% 47% was added to the portfolio. Investments 2,686 2,110 Key figures 38% 62% 43% 57% • Sonja Horn was appointed as the new CEO in Number of employees 184 164 Company Management group June 2019. Percentage employees in Norway 100% 100%

* The State reduced its ownership in 2019 from 33.4% to 8.2%.

Average total return, last ﬁve years* Accumulated total return Company's principal objectives and results 2019 (selection) last ﬁve years * 60 % 50 % 250 Long-term goals Indicator Goals Result 2019 40 % 200 2019 (2018) 30 % 150 20 % High customer Customer satisfaction 81 86 (84) 10 % 100 satisfaction (Norwegian Tenant Satisfaction Index) 0 % 50 -10 % 0 Environmental Low energy consump 140 135 (142) 2015 2016 2017 2018 2019 leadership tion in the property 2015 2016 2017 2018 2019 portfolio (kWh/m2) *The graph shows share price performance Entra ASA including reinvested dividends as of 31.12 for Profitable growth Return on equity 6.7% 23% (25%) each year Norway Oslo Benchmark OMX Nordic / Real Estate - SS *The graph shows what the value of NOK 100 (invested in 2015) would be worth as of 31 December 2019 by investing in Entra, Oslo Stock Exchange and the relevant industry index. 44 CATEGORY 1 45 Photo: Øyvind Haug 0 0 0 0 75 993 206 203 163 114 721 690 163 163 721 331 90% 21% 51% 40.6 0 (0) 0 2018 100% 100% 1,411 22.6% 20.0% 28.8% (2018) 96% (97%) 96% 0 0 0 0 0 0 50% 0% 443 447 349 295 915 713 915 119 334 60% 44% 98.6 42.6% (22.6%) 42.6% (93.8%) 94.3% Result 2019 2019 Result 56% 2019 100% 1,002 1,628 42.6% 24.3% 54.9% CATEGORY 1 CATEGORY Management group 50% 0 97% 97% 2019 31.6% Goals Goals Gender balance 2019 61% Company Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Return on equity in the past year Average return on equity in the past five years Return on capital employed in the past year Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests interests Result after tax and minority Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Dividend and values Dividend for the financial year Dividend percentage Average dividend percentage in the past five years 39% Serious injuries Serious Punctuality index satisfaction Customer Indicator Company website: website: Company www.flytoget.no Auditor: Auditor: AS PwC

State ownership: ownership: State 100% Trade, of Ministry The Fisheries and Industry CEO: Engedal Philipp Jon E. Johansen* Johansen* E. Jon employees the by elected *

Long-term goals Long-term equity on Return injuries serious No punctuality of level high Maintain satisfaction customer high Maintain pact or damage caused by the company’s opera tions on people, the environment and society, Na United the chain, value overall the on based the and Goals Development Sustainable tions OECD Guidelines for Corporate Social Responsibil Fly is train to car from travellers more Moving ity. toget's greatest contribution to society. Strategy a high share of public Flytoget contributes to efficient and environmen transport by offering an Oslo from and to transport of means tally-friendly service that emphasizes Airport. By providing a Flytoget is able to use a the needs of the traveller, price when compet willingness to pay a premium on ing with private and publicly funded operators the rail line from Drammen to Oslo Airport. Responsible business conduct im negative the limit and prevent to aims Flytoget Company's principal objectives and results 2019 (selection) (selection) 2019 results and objectives principal Company's

2019

Board of Directors: of Board (chair) Roverud Gunnar Rolf (vice Ribe Ødegård Marianne chair) Bemer Stein Ingerø Skalleberg Gyrid Sverdrup Aslak Eide* L. S. Camilla Stene* Per 2018 2017 2016

2015 Return on equity Return on capital employed

Flytoget received excellent customer satisfaction scores during yet another year without a serious accident. Flytoget delivered its best ever result and also achieved record revenues by passing NOK 1 billion for the first time. The first of a total of eight new Flytog trains arrived in Norway and were tested on Norwegian tracks. 0 % 60 % 50 % 40 % 30 % 20 % 10 % Flytoget AS Flytoget • • Important events in 2019 • ated a passenger transport service on this line ated a passenger transport service on this line since Oslo Airport opened in 1998. Flytoget's head office is situated in Oslo. company had 6.7 million passengers in 2019, or company had 6.7 million passengers in 2019, around 10 per cent of all train passengers in Nor way. Flytoget was established in 1992 to develop the Gardermoen Line and the company has oper About the company ser transport passenger rail a operates Flytoget The Airport. Oslo and Drammen between vice The company had a return on equity of 42.6 per The company had a return cent in 2019. The average return on equity in the past five years was 24.3 per cent. the highest possible return over time. the highest possible return goal Attainment of the State’s State ownership owner for rationale any has longer no State The an owner is State’s goal as ship in Flytoget AS. The Return on assets Photo: GIEK Kredittforsikring AS 0 0 0 0 0 34 35 0% 0% -12 423 225 197 -6% -1.6 53% 74% 59% 52.3 2018 -10.3 -13.8 100% 258% 133% -2.3% 0 0 0 0 0 31 0% 0% 0.2 430 218 212 -7.6 51% 62% 77% 50.7 15.4 83.4 2019 -14.5 72% 260% 139% 100% -3.4% -3.9% Management group 28% Gender balance 2019 52% Company Dividend to the State Repayment of capital Capital contributions from the State Key figures Equity ratio Solvency margin Cost ratio Loss ratio Combined ratio Return on equity Average return on equity in the past five years Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Premium revenues at own cost Result from technical accounts for general insurance Result, non-technical accounts Result before other result components Result after tax Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years 48% Coopers AS Coopers website: Company www.giekkreditt.no Auditor: Auditor: Pricewaterhouse

State ownership: ownership: State 100% of Ministry The and Industry Trade, Fisheries CEO: Blakstad Erica

Lill Ibsen (chair) (chair) Ibsen Lill - 2019 Board of Directors: Directors: of Board Mai Borgersen Bjarne Breiby Anne Westby Einar Fyllingen Kjerstin Ahlberg* Karlsen Ronny employees the by elected * 2018 2017 2016 2015 Return on equity CATEGORY 1 CATEGORY

8 % 4 % 0 % -4 % -8 % Return on assets it Guarantee Agency (GIEK) in 2001. GIEK Kredit tforsikring has its head office in Oslo. surance. This enterprise has roots that date back surance. This enterprise has roots that date back to 1922 and a separate company was formed Cred from Norwegian Export when it was split off GIEK Kredittforsikring to the French Coface group. GIEK Kredittforsikring to the French Coface group. About the company in credit short-term offers Kredittforsikring GIEK extensive sales process, the Ministry of Trade, In in dustry and Fisheries entered into an agreement in February 2020 to sell 100 per cent of the shares In December 2019, the Government received the In December 2019, the Storting's consent to carry out a full or partial sale or Kredittforsikring, GIEK in shares State's the of an alternatively dissolve the company. Following as an owner is the highest possible return over as an owner is the highest time. State ownership any rationale for owner The State no longer has AS. The State’s goal ship in GIEK Kredittforsikring 12 % Giek kredittforsikring AS Giek kredittforsikring 46 47 Photo: Eskil Sand 0 0 0 0 -1 45 15 15 42 ) -63 615 963 620 -2% -9% - 39% 99% 2018 -23% -66.2 -65.2 149% -9.9% 4,082 1,578 1,460 11.1% 77 ( 77 (2018) 4.3 (4.0) 4.3 (2.3) 2.8 0 0 0 0 0 0 0% -49 357 433 433 125 -5% 56% 25% 2.8% (1.5%) 2.8% -229 -231 -182 2019 - 477% 100% -0.8% 4.7% (+5.6%) 4.7% 4,316 1,699 1,266 1,630 - -34.7% -42.5% Result 2019 2019 Result CATEGORY 1 CATEGORY Management group 44% 4.1 4.1 2.2% Over 70 Over Gender balance 2019 Reduction, % Reduction, Goals 2019 Goals Lower than 6 than Lower 90% Company Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Return on equity in the past year Average return on equity in the past five years Return on capital employed in the past year Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests interests Result after tax and minority Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Dividend and values Dividend for the financial year Dividend percentage Average dividend percentage in the past five years 10% Company website: Company www.mesta.no Auditor: Auditor: AS KPMG Operating result, % result, Operating Indicator* H1 survey Employee % Reduction, Indicator billion NOK Turnover,

The Ministry of of Ministry The and Industry Trade, Fisheries CEO: Bergman Marianne Røren State ownership: ownership: State 100%

A review of the contract portfolio in autumnA review of the contract further provisions2019 revealed the need for to a negativefor losses and this contributed As a consequenceannual result for the company. measures to improveof this, Mesta has initiated results.

Growth Profitability injuries of Number satisfaction Employee emissions gas Greenhouse Long-term goals Long-term

harm to people, society and the environment. ISO harm to people, society and the environment. ISO certifications, Mesta's internal audit programme re management are important in this and risk gard. ed and efficient production in its business areas, ed and efficient production in its business areas, calculations making when management risk good standardisa through operations cost-efficient and tion, simplification and digitalisation. Responsible business conduct is part of conduct business on responsible Work in Mesta’s core values. This work raises awareness be the company and enables business activities to carried out in a manner that is in accordance with and human to relating guidelines and principles employee rights, the environment and corruption. The company has systems that assist in identify ing, managing and reducing the negative impact/ • Strategy The company's objective is to create sustainable profitability for the owner by creating value for The company customers, employees and society. customer-orient more promote to works actively The company's principal objectives and results 2019 (selection) (selection) 2019 results and objectives principal company's The worked hours million per leave sick in resulted have that injuries of number = indicator H1 *

35 per per -35

Petter Hermansen* Hermansen* Petter 2019 Board of Directors: Directors: of Board (chair) Nyheim John Panengstuen Marit Anne Driveklepp Westlie Janicke Hellerud Elisabeth Catharina Sørby Karlsen Morten - Jens Krokå* Geir Haslie* Geir employees the by elected * 2018 2017 2016 2015 Return on equity Return on capital employed

Mesta delivered over 55,000 metres of guardrails along the new E18 from Arendal to Tvedestrand. Mesta became installation partner for Vattenfall and will construct 200 electric vehicle charging points for TINE by the summer of 2020. Mesta commenced repairs on the ferry docks that link Hella, Dragsvik and Vangnes in Sogn og Fjordane. Mesta completed the Ekeberg and Svartdal tunnels ahead of schedule. 0 % 60 % 50 % 40 % 30 % 20 % 10 % • • • Important events in 2019 • company was divested from the Norwegian Public company was divested from the Norwegian Public office head Mesta's 2003. in Administration Roads is situated in Bærum. also delivers other projects and services related to related services and projects other delivers also rock and safety tunnel example, for rail, and road slide prevention, guardrail work, electrical engi neering services and construction projects. The About the company maintenance and operation road performs Mesta company The Norway. of all throughout services The company had a return on equity of equity on return a had company The cent in 2019. The average return on equity in the past five years was -1 per cent. the highest possible return over time. the highest possible return goal Attainment of the State’s State ownership owner for rationale any has longer no State The goal as an owner is ship in Mesta AS. The State’s Mesta AS Mesta Return on assets -10 % -20 % -30 % -50 % -40 % Category 2 Goal of the highest possible return over time and where the State has a special rationale for its ownership

This category comprises the companies where the State’s goal is the highest possible return over time and where the State has a special rationale for ownership. The rationale for own ership is stated on the company pages. The State’s rationale for ownership is fulfilled by the State owning a certain per centage of the company, and usually through provisions in the company’s articles of association. The companies primar ily operate in competition with others.

Aker Kværner Holding AS 50 Argentum Fondsinvesteringer AS 51 DNB ASA 52 Eksportfinans Norway ASA 53 Electronic chart centre AS 54 Equinor ASA 55 Investinor AS 56 Kommunalbanken AS 57 Kongsberg Gruppen ASA 58 Mantena AS 59 Nammo AS 60 Norsk Hydro ASA 61 Nysnø Klimainvesteringer AS 62 Posten Norge AS 63 Statkraft SF 64 Telenor ASA 65 Vygruppen AS 66 Yara International ASA 67 Petoro Photo: Einar Aslaksen Melkøya 49 2019 REPORT THE STATE OWNERSHIP OWNERSHIP Photo: Kvaerner Stord Yard - - - - 0 0 0 0 0 0 0 0 -2 96 1.4 0% 101 99% 28.8 2018 7,149 7,048 2,145 7,052 -1,504 -1,504 -19.2% -10.7% -19.2% - - - 0 0 0 0 0 0 0 0 0 0 0 -2 9.7 0.8 2019 5,061 5,060 1,518 5,060 100% -8.1% -1,988 -1,988 -32.8% -32.8% Management group 0% 0% Gender balance 2019 Company Repayment of capital Capital contributions from the State Market value of the State's indirect ownership in underlying companies Key figures Capital employed Operating margin (EBIT margin) Return on equity in the past year Average return on equity in the past five years Return on capital employed in the past year Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive incomeStatement of comprehensive (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Dividend and values Dividend for the financial year Dividend percentage Average dividend percentage in the past five years Dividend to the State 0%

Ministry of Trade, Trade, of Ministry Fisheries and Industry Manager: General Frick Støren Arild Auditor: AS Deloitte State ownership: ownership: State 30%

fell by 23.9 per cent and 37.7 per cent respectively in 2019. 2019 was a challenging year for the oil supplier2019 was a challenging year Fewindustry in Norway and internationally. and there wasmajor contracts were awarded the associated marginserious overcapacity and segments.pressure within several market The companies in which Aker Kværner Holding has ownership interests generally had low order intakes in 2019. The share prices for Akastor and Aker Solutions Aker Solutions and Kværner established new com pany strategies in 2019. Among other things, both investments increased planning are companies within renewable energy and carbon capture. The common denominator for the core activities of the three companies is an increased focus on digital solutions to provide more resource-efficient and environmentally-friendly products and solutions. Strategy Aker Kværner Holding’s strategy is to be a majority On Kværner. and Solutions Aker Akastor, in owner 22 June 2007, the State entered into an agreement Aker in shares the of cent per 30 acquire to Kværner Holding AS at the price of NOK 145.6 per share in Aker Kværner, plus interest until the take over date. Aker Kværner was later split into three companies: Akastor, Aker Solutions and Kvaerner. Responsible business conduct Important events in 2019 Important events in 2019 • • •

32.8 per -32.8 2019 Board of Directors: of Board (chair), Eriksen Øyvind Næss, Erik Bjørn Røkke, Inge Kjell Fougner, Bugge Else Devold, Krohn Margrethe Kristin Tranøy* Atle employees the by elected * 2018 2017 2016 owner is the highest possible return owner is the highest possible 2015 Return on equity

CATEGORY 2 CATEGORY 0 % 40 % 20 % -20 % Return on assets in 2007. practice gives the State and Aker negative control negative Aker and State the gives practice of Akastor, Aker Solutions and Kværner in certain Aker in owner an became State The areas. key Kværner Holding through the purchase of shares ASA and Kværner ASA. The State and the other ASA and Kværner ASA. The State and the other owner of Aker Kværner Holding, Aker ASA, have in which agreement, shareholder a into entered About the company Aker Kværner Holding owns approximately 40 per cent of the shares in Akastor ASA, Aker Solutions The company had a return on equity of equity on return a had company The cent in 2019. The average return on equity in the past five years was -8,1 per cent. goal as an over time. Attainment of the State’s goal -related activities and al expertise in petroleum other are developed and that suchnew activities State’s is managed from Norway. The expertise State ownership ownership in Aker The rationale for the State's help ensure that industri Kværner Holding AS is to -40 % Aker Kværner Holding AS Kværner Holding Aker 50 51 Photo: Argentum Fondsinvesteringer AS 0 0 0 0 0 24 84% 99% 20.9 95.3 2018 105% 100% 1,539 1,456 1,451 1,430 9,284 1,404 9,188 1,500 1,500 16.5% 10.1% 1.6% (1.6%) 1.6% 0 0 0 0 0 0* 0* 25 15.1% (15.4%) 15.1% (57.3%) 57.3% 0% 67% 763 667 686 706 289 634 91% 93% 8.0% 9.7% 2019 NOK 831 million million 831 NOK 100% -20.1 9,029 8,394 (NOK 513 million) 513 (NOK CATEGORY 2 CATEGORY Management group Result 2019 (2018) 2019 Result 33% 1.7% Goals 2019 Goals Gender balance 2019 NOK 400 million 400 NOK Benchmark is 25% is Benchmark Benchmark is 12.1% 12.1% is Benchmark 68% Company Dividend to the State Repayment of capital Capital contributions from the State Key figures Return on equity in the past year Average return on equity in the past five years Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend percentage Average dividend percentage in the past five years * Estimate. Not decided as of May 2020. 32% Share expenses Operating committed capital External year the during Indicator (before return PE Gross operating Argentum’s expenses) www.argentum. com Company Company website: Krohn -

100% 100% Trade, of Ministry Fisheries and Industry CEO: Høegh Joachim Auditor: AS EY Argentum's funds sold companies forArgentum's funds sold companies approximately NOK 2 billion. on women inArgentum held four conferences in Bergen, Tromsø,finance and early phase Stavanger, and Trondheim. Argentum's most recent vintage fund raised NOK 831 million of external capital. Long-term goals Long-term (third) upper than better return PE Europe, in PE for (TQ) quartile 2002. since measured funds in invested capital of Share TQ European than better return in (difference spread Cost operating own after and before an on set are Targets expenses). basis. annual investors. external from raised Capital basis. annual an on set are Targets

to the UN Principles for Responsible Investment to the UN Principles for Responsible Investment (PRI) and is a member of the UN Global Compact. integrated into Corporate social responsibility is Argentum's investment processes. Each year, Ar responsibility social corporate a publishes gentum of the which summarises the follow-up report funds’ work with ESG. Argentum contributes to sustainable value crea tion through profitable investments. The compa ny’s primary goal is the highest possible return over time. The company's annual value creation survey shows that companies in Argentum's port folio have higher growth in both employment and Norwe the and companies listed than turnover gian business sector in general. Responsible business conduct A conscious awareness of corporate social respon be Argentum for prerequisite a is ESG and sibility goals long-term company’s the achieve to able ing for sustainable value creation. Argentum adheres Important events in 2019 • • • Strategy The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The

2019 Board of Directors: of Board (chair), Hindar Jon Thore Munch Susanne chair), (vice Grimeland, Martin Kjell Reinemo, Rikke Sund, Steinsvik Tina Berg Christian ownership: State 2018 2017 2016 2015 Return on equity

5 % 0 % -5 % 25 % 20 % 15 % 10 % Argentum Fondsinvesteringer AS Fondsinvesteringer Argentum Return on assets other investors. The company was established in other investors. The company was established 2001. Argentum’s head office is situated in Bergen. panies in which they see potential for increased increased for potential see they which in panies they can make a positive value creation and where contribution. Argentum also manages capital for About the company in Argentum is an asset manager that primarily vests in private equity funds in Norway and North ern Europe. These funds invest in non-listed com cent in 2019. The average return on equity during equity on return average The 2019. in cent the past five years was 9.7 per cent. turn over time. Attainment of the State’s goal per of 8.0 equity on a return The company had investment firm that is focused on private equity equity private on focused is that firm investment The Norway. in functions office head with funds, re possible highest the is owner an as goal State’s State ownership Argentum in ownership rationale for The State’s to maintain a significant Fondsinvesteringer AS is Photo: Stig B. Fiksdal / DNB ASA - - 0 56% 43% 85% 9.0% 2018 -4.5% 4,493 4,500 1,243 9,609 138.2 11.7% 75,359 36,822 28,979 24,282 13,105 159,298 223,966 927,092 221,643 2,634,903 1,597,758 2,410,937 57% (56%) 57% 50% 0 -5 45 11.7% (11.7%) 11.7% (43.8%) 42.2% (17.2%) 18.6% 57% 49% 85% 2019 1,265 9,336 5,465 164.0 24.9% 12.9% 11.7% 4,836* 39,202 31,235 25,726 88,118 14,035* 307,751 242,255 969,557 259,169 2,793,294 1,667,189 2,551,038 Management group 50% Results 2019 (2018) 2019 Results > 12% > 40% < 50% > 17.9% Gender balance 2019 2020-2022 Objectives Objectives 53% Company Dividend for the financial year Dividend percentage Average dividend percentage in the past five years Dividend to the State Return in the past year Average return in the past five years Distributions in connection with the redemption and cancellation of shares Capital contributions from the State Key figures Return on equity Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Net interest income Operating result (EBIT) Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves - Of which loans to customers Total equity - Of which minority interests Total debt and liabilities - Of which customer deposits Assets and dividend Market value at year-end Market value of the State’s ownership interest at year-end Closing price 47% * Consideration of dividends has been postponed until an extraordinary general meeting is held no later than December 2020. Website: Website: www.dnb.no Return on equity (ROE) (ROE) equity on Return objective) (Principal performance (Key ratio Cost indicator) adequacy capital 1 tier Core level) (Capitalisation policy) (dividend ratio Dividend Financial ambitions ambitions Financial Company's principal objectives and results 2019 (selection) (selection) 2019 results and objectives principal Company's 2019

2018 CEO: CEO: Braathen R. Kjerstin Auditor: AS EY 34% 34% Trade, of Ministry The Fisheries and Industry 2017

DNB Markets was named best investment bank by Kapital magazine. Kjerstin R. Braathen took up the position as CEOKjerstin R. Braathen took Ertzeid took over ason 1 September and Ottar CFO on the same day. The new, cloud-based mobile bank was than 1 millionlaunched and used by more people. The #huninvesterer (she invests) campaign was launched to put financial equality on the agenda. 201

Given its position as one of the largest financial Given its position as one of the largest financial services groups in the Nordic region, DNB has to both the opportunity and the responsibility so Corporate society. on impact positive a make group the how about is DNB at responsibility cial creates value by assessing both risk and opportu natu a is and perspective, long-term a from nities ral part of the company's operations and activities. are issues societal and environmental and Ethics integrated into corporate governance through principles for corporate social responsibility that establish the overarching framework for the man agement of the group. • Strategy DNB’s principal objective is to create the best cus tomer experiences and deliver on financial goals. Long-term profitable operations are a prerequi site for the business. Of particular importance increase and preserve to be will forward moving existing revenue streams while also finding new sources of income. Responsible business conduct Important events in 2019 Important events in 2019 • • • 5

201

Norway Oslo Benchmark S&P Nordic BMI / Banks -IG DNB ASA

0 80 60 40 20 180 160 140 120 100 Accumulated total return last ﬁve years * *The graph shows what the value of NOK 100 (invested in 2015) would be worth as of 31 December 2019 by investing in Entra, Oslo Stock Exchange and the relevant industry index.

Christian Agerup Agerup Christian 2019 - Board of Directors: Directors: of Board (chair) Svarva Olaug chair) (vice Rimmereid Olaf Tore Karl Semlitsch Ivar Jaan Bakstad Gro Løvvik* Anders Carl Løvås* Jorunn employees the by elected * ownership: State 2018 2017 2016 2015 CATEGORY 2 CATEGORY 0 % 30 % 20 % 10 % -10 % *The graph shows share price performance including reinvested dividends as of 31.12 for each year Average total return, last ﬁve years* during the banking crisis in the 1990s. DNB is list is DNB 1990s. the in crisis banking the during ed on Oslo Stock Exchange and is headquartered in Oslo. including loans, saving, investments, payment ser payment investments, saving, loans, including vices, advisory services, real estate broking, insur ance and pension for private and corporate cus tomers. The State became a shareholder in DNB DNB is Norway's largest financial services group DNB is Norway's largest financial services group and one of the largest in the Nordic region. The group offers a broad range of financial services, mark Index provided respective returns of 16.5 of returns respective provided Index mark per cent and 10.1 per cent per year. About the company five years, the average annual shareholder return, five years, the average annual shareholder return, including dividends, was 12.9 per cent. During the Bench Exchange Stock same periods, the Oslo Attainment of the State’s goal return, had a shareholder 2019, the company In including dividends, of 24.9 per cent. In the past services company with head office functions inservices company with highestthe is owner an as goal State’s The Norway. possible return over time. State ownership tois ASA DNB in ownership for rationale State's The and financialmaintain a leading technology DNB ASA DNB 52 53 Photo: Eksportfinans ASA 0 0 0 0 0 95 95 24 71 25 0% 0% 184 430 500 1.1% 2018 -11% 114% 100% 6,422 19,225 12,803 0 0 0 0 35 22 141 141 106 469 106 229 20% 15.9 1.6% 2019 75% 100% 126% 100% -2.1% 6,467 8,116 CATEGORY 2 CATEGORY 14,583 Management group 25% Gender balance 2019 73% Company Dividend to the State Repayment of capital Capital contributions from the State Key figures Return on equity in the past year Average return on equity in the past five years Core capital adequacy ratio Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend percentage Average dividend percentage in the past five years 27% www.eksport finans.no Company Company website:

number of employees was reduced by five, and at the end of 2019 the company had 20 full-time equivalents divided among 22 employees. Eksportfinans continued to manage its existingEksportfinans continued in accordanceportfolio of assets and liabilities agreements. with applicable/established balance sheet valueAs expected, the company's decreased during the year. Operations were stable and solvency and liquidity were both strong. Due to a reduction in the level of activity, the 15% 15% Trade, of Ministry Fisheries and Industry CEO: Olsen Ove Geir Auditor: PricewaterhouseCoop AS ers Eksportfinans' activities have no significant direct Eksportfinans' activities have no significant direct a or environment external the for consequences major direct impact on society. However, projects financed by the company may have such an im pact. Eksportfinans has not approved new loans since 2012, but has an awareness of, among other things, environmental and social issues, as well as corruption in the existing portfolio. Eksportfinans’ guide ethical out sets Policy Responsibility Social anti -cor and HSE routines, whistle-blowing lines, ruption guidelines, anti-money laundering meas ures, and environmental and social requirements for projects funded by Eksportfinans. Strategy of Eksportfinans’ objective is to preserve the value of the company by managing its existing portfolio applica with accordance in liabilities and assets sheet balance The agreements. ble/established out as decrease to continue to expected is value re are or due fall liabilities and loans standing deemed. Responsible business conduct Important events in 2019 Important events in 2019 • • • •

2019

2018 Board of Directors: Directors: of Board (chair) Carlsen Sigurd chair) (vice Eidesvik Toril Berg Bjørn Torgersen Hødal Line Falck Thomas Næss* Anders Ole employees the by elected * ownership: State 2017 2016 2015 Return on equity

2 % 0 % -2 % -4 % -6 % Eksportfinans Norway ASA Norway Eksportfinans Return on assets ship interest through a private placement in 2001. ship interest through a private placement in 2001. Eksportfinans’ head office is in Oslo. its. The company was established in 1962 and is its. The company was established in 1962 and now owned by 22 commercial and savings banks in addition to the State, which acquired its owner portfolio of international securities. Eksportfinans portfolio of international securities. Eksportfinans has not granted new loans since 2012, which was when Eksportkreditt Norge took over responsibili ty for providing new State-supported export cred Norway. Almost all of the loans are guaranteed by Norway. Almost all of the loans are guaranteed Agency Guarantee Credit Export Norwegian the a manages also company The banks. or (GIEK) About the company Eksportfinans manages a portfolio of loans to the Norwegian export industry, foreign buyers of Nor in sector municipal the and goods, capital wegian cent in 2019. The average return on equity in the cent in 2019. The average return on equity in the past five years was -2.1 per cent. over time. Attainment of the State’s goal per of 1.6 equity on a return The company had able to manage its existing portfolio in accordance portfolio in its existing able to manage contracts. The State’s with applicable/established highest possible return goal as an owner is the State ownership ownership in Eksportfi The State’s rationale for being company the to contribute to is ASA nans Photo: Electronic Chart Centre AS 0 0 0 0 0 22 4% 1.1 1.1 1.1 6.3 5.5 6.8 0.9 0.9 5.5 0.3 80% 45% 29.4 12.3 2018 262% 100% 15.7% 13.9% 15.9% 0 0 0 0 0 0 0 60% 20 0% 5.7 4.6 5.9 4.6 0.1 -3% -0.8 -0.9 -0.9 44% 28.8 10.5 2019 100% 174% 16.3% -16.9% -16.6% Management group 40% Gender balance 2019 60% Company Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Return on equity in the past year Average return on equity in the past five years Return on capital employed in the past year Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend percentage Average dividend percentage in the past five years Dividend to the State 40%

Acting CEO: Acting Bøe Elisabeth Kirsten Auditor: AS Deloitte website: Company www.ecc.no

2019 ECC shall generate returns through activities on and air the in sea, at safety to contribute which continued the supporting by achieved is This land. for solutions efficient and secure of development parame control multiple had has ECC customers. ters, but will introduce more structured perfor mance parameters with associated reporting in 2020. also later made to include improved safety in the in safety improved include to made later also in air and on land. The company's solutions and is data assured quality that ensure frastructure Maritime the in stakeholders all to distributed IHO several of member a is ECC Circle. Safety product maritime new where groups working standards are developed. The company's solu to tions are continuously developed and improved sus for requirements and demands future meet tainability, quality, standardisation, efficiency and user-friendliness. ECC is certified under ISO stand ard 9001:2015. in Company's principal objectives and results Strategy through sea at safety improved to contributes ECC of PRIMAR and the pro operational management national other to technology/expertise of vision sea, at operate that stakeholders commercial and sustaina to have aims ECC land. on and the air in support for the ble value creation by developing standards to create new maritime S100 product the basis for new product deliveries. Responsible business conduct ECC was founded with the societal mission of con tributing to improved safety at sea, and this was

16.9 per -16.9

2019 Board of Directors: of Board (chair), Sund Steinsvik Tina chair), (vice Flåthen Ole Knut Jarlsby, Nicolai Støre Hege ownership: State 100% Industry Trade, of Ministry Fisheries and 2018 2017 2016 2015 Return on equity Return on capital employed

CATEGORY 2 CATEGORY

Hydrographic Service and Teledyne Caris. Started pilot operation for data distribution of detailed depth data (S102) to improve situational awareness in shallow waters in a collaborative project with PRIMAR, Canada easier to distribute standardised recommended sailing routes to maritime end-users. maritime stakeholders. Commenced a collaborative project with the Norwegian Coastal Administration to make it the value of combining and visualizing different maritime mapping data and other types of data (for example, depth data, tides, currents) for Won a 3-year research project together with Kongsberg Digital to show, via 3D demonstrator, 0 % • • Important events in 2019 • wegian Mapping Authority in 1999 and makes a makes and 1999 in Authority Mapping wegian contribution to Norway’s leading role in maritime safety. ECC's head office is in Stavanger. ECC contributes to improved safety at sea, on land ECC contributes to improved safety at sea, on land and in the air, through the development and oper navigational electronic of database a of ation charts. The company was divested from the Nor past five years was 16.3 per cent. About the company Attainment of the State’s goal of equity on return a had company The cent in 2019. The average return on equity in the thorised electronic navigational charts and makes thorised electronic navigational as goal State’s The public. the to accessible these possible return over time. an owner is the highest State ownership Electronic in ownership for rationale State’s The to contribute to maritime Chart Centre AS (ECC) is au manages that enterprise an having by safety Electronic chart centre AS centre chart Electronic Return on assets 70 % 60 % 50 % 40 % 30 % 20 % 10 % -10 % -20 % -30 % 54 55 Photo: Ole Jørgen Bratland 0 0 155 87% 41% 25% 50% 24.4 8.8% 2018 232% 10.0% 2018) 82,997 183.75 92,197 61,296 61,459 24,896 16,738 20,525 10 (12) 10 billion) 613,479 411,031 647,394 163,790 153,517 915,118 349,664 356,195 558,922 2,5 (2,8) 2,5 average) nies (above (above nies 0 0 $ 10 billion (9,9 (9,9 billion 10 $ Ranked nr. 4 of of 4 nr. Ranked 176 85% 14% 35% 70.4 0.5% 2019 181% 232% 175.5 not measured in in measured not 11.3% 73% SIF: 0,6 (0,5), TRIF: TRIF: (0,5), 0,6 SIF: 81,831 81,770 65,481 16,218 45,558 29,410 20,057 89,795 21,412 585,935 392,576 2 % (This goal was was goal (This % 2 9.5kg/foe (9kg/foe) 9.5kg/foe 566,342 362,199 421,265 617,681 Result 2019 (2018) 2019 Result - comparable compa comparable 1,038,954 Management group

27% 10 0 % 0 companies companies goal of CO2 CO2 of goal Goals 2019 Goals comparable comparable ~$ 11 billion 11 ~$ Being above above Being No short term term short No goal, long term term long goal, intensity below below intensity average among among average SIF: 0,4, TRIF: 2,5 TRIF: 0,4, SIF: 8kg / foe in 2025 in foe / 8kg Gender balance 2019 69% Company Average dividend percentage in the past five years Dividend to the State Return in the past year Average return in the past five years Distributions in connection with the redemption and cancellation of shares Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Market value at year-end Market value of the State’s ownership interest at year-end Closing price Dividend for the financial year Dividend percentage 31% intensity - 2 Indicator SIF, TRIF* SIF, CO leakage of Number kg 0,1 than greater second per growth Production % Billion $ % ROACE intensity below below intensity Website: www.equinor.com Auditor: AS Young & Ernst 2 Long term goals term Long CO 2025 in foe / 8kg leakage gas and Oil production Flat 2019 in growth Organic investments on return Relative employed capital Safe operations Safe * SIF = Number of serious incidents per million hours worked. worked. hours million per incidents serious of Number = SIF * worked. hours million per injuries personal of number total = TRIF

Company's principal objectives and results 2019 (selection) 2019 results and objectives principal Company's

2019 2018

2017

Per Martin Labråten* Martin Per employees the by elected * ownership: State 67% Petroleum of Ministry Energy and CEO: Sætre Eldar Hilde Møllerstad* Hilde Lægreid* Stig 6

up of Johan Sverdrup, as well as Mariner,Start-up of Johan Sverdrup, as Nord Trestakk, Utgard and Snefrid the company as aImportant steps in developing Dogger Bank andplayer within offshore wind: Empire Wind Investment decision for Hywind Tampen Launched share buyback programme of up to USD 5 billion by 2022. 201

Equinor's highest priorities. Equinor endeavours Equinor priorities. highest Equinor's in company leading a as advantage its maintain to carbon-efficient oil and gas production, while utilise to operation business low-carbon a building this during that are arising the new opportunities be company The restructuring. energy of period it make will footprint carbon lower a that lieves sustainability and future, the in competitive more is part of Equinor's strategy work. Strategy Equinor continues to follow its strategy for safe operations, high value creation and low carbon emissions by developing and maximising value Continental Norwegian the on position its from Shelf, the international oil and gas activities, pro growing company's the and trading, and cessing renewables business. Responsible business conduct Equinor is an international energy company dedi cated to long-term value creation in a low-carbon company's the of security and safety The future. employees and integrity in operations are Important events in 2019 Important events in 2019 • • • •

5 201 Equinor ASA Norway Oslo Benchmark MSCI World Index / Oil Gas & Consumable Fuels -IND (106829) 0

80 60 40 20 Accumulated total return last ﬁve years *

200 180 160 140 120 100 *The graph shows what the value of NOK 100 (invested in 2015) would be worth as of 31 December 2019 by investing in Equinor, Oslo Stock Exchange and the relevant industry index.

2019 Board of Directors: of Board (chair) Reinhardsen Erik Jon chair) (vice Veer der van Jeroen GodalTore Bjørn Drinkwater Anne Agerup Wenche Herlofsen Glasser Rebekka Lewis Jonathan Ruyter Bjørn Finn 2018 2017 2016 2015 0 % 40 % 30 % 20 % 10 % *The graph shows share price performance including reinvested dividends as of 31.12 for each year Equinor ASA Equinor Equinor is listed on Oslo Stock Exchange and the New York Stock Exchange and is headquartered in Stavanger. marketing instruction that was stipulated in the marketing instruction that was stipulated in the articles of association prior to the company’s list a as established was company The 2001. in ing wholly State-owned limited company in 1972. such as offshore wind farms and solar energy. solar and farms wind offshore as such Equinor markets and sells the State’s oil and gas and sale the cf. volumes, own its with together Equinor is an international technology and energy Equinor is an international technology and energy of company whose main activity is the production downstream has also company The gas. and oil operations and activities in renewable energy, turns of 16.5 per cent and 10.1 per cent per year. About the company including dividends, of 0.5 per cent. The average including dividends, of 0.5 per cent. The average 14.1 was years five past the in return shareholder per cent. During the same periods, the Oslo Stock Exchange Benchmark Index had respective re Attainment of the State’s goal return, had a shareholder 2019, the company In own reserves. This arrangement presupposes that own reserves. This arrangement The Equinor. of owner majority the is State the re possible highest the is owner an as goal State’s turn over time. the basis of guidelines specified in a sale and mar the basis of guidelines specified sells the Norwegian keting instruction, Equinor with Equinor’s State's oil and gas in conjunction State ownership ownership in Equinor ASA The State's rationale for technology and energy is to maintain a leading functions in Norway. On company with head office Average total return, last ﬁve years* -10 % Photo: Henrik Fjørtoft 0 0 0 0 0 0 0 18 0% 25% 99% 32.9 16.7 -159 -206 -198 -198 2018 2,695 2,678 100% -7.1% -0.5% 100% 0 0 0 0 0 0 20 0% 263 211 222 222 350 25% 99% 26.8 25.5 7.5% 2.0% 2019 3,275 3,249 100% Management group 0% Gender balance 2019 80% Company Dividend to the State Repayment of capital Capital contributions from the State Key figures Return on equity in the past year Average return on equity in the past five years Equity ratio Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years 20% KPMG AS KPMG website: Company www.investinor.no Auditor: Auditor:

State ownership: ownership: State 100% Trade, of Ministry Fisheries and Industry CEO: Eidesmo Terje The gross return (operating revenues) wasThe gross return (operating NOK 157 millionNOK 263 million, of which listed shares. Thewas a change in price for million, dividedrealised loss was NOK 70 of theseamong six companies. Three companies have been divested. vestinor. Investinor uses its ownership influence vestinor. Investinor uses its ownership influence to encourage portfolio companies to align their re social corporate and sustainability to approach sponsibility as closely as possible with Investinor’s mate managing on focus a has and requirements environ to relating opportunities and risks rial mental and social impact. investments, exercise ownership that creates val creates that ownership exercise investments, ue and to sell its stake in portfolio companies In when other owners are better suited than level. next the to companies these take to vestinor Responsible business conduct Investinor’s approach to responsible investment owner the for returns satisfactory that is practices environmental financially, and long-term be must ly and socially sustainable. Therefore, incorporat ing environmental, social and corporate govern ance (ESG) issues into all the company’s invest ment analyses, decision-making processes and In active ownership is strategically important for • Strategy Investinor’s aim is to develop selected Norwegian companies into world leaders in their fields and thereby generate a commercial return. Investinor’s good make to ability the have shall organisation

2019 Board of Directors: Directors: of Board (chair), Falck Thomas Slungård Kathrine Anne chair), (vice Svarva, Olaug Five, Egil Thor Aasnæs Hans 2018 . 2017 2016 2015 Return on equity

CATEGORY 2 CATEGORY negative value growth 18 of the 65 portfolio companies had positive value growth, while nine companies had NOK 921 million in new capital was injected into the portfolio companies, of which Investinor contributed NOK 306 million. Investinor invested in ten new portfolio companies and conducted 54 follow-up investments in existing portfolio companies. 8 % 6 % 4 % 2 % 0 % -2 % -4 % -6 % -8 % Return on assets 10 % • • • tablished in 2008. Investinor's head office is in is office head Investinor's 2008. in tablished Trondheim. Important events in 2019 stage of development. The company’s investments stage of development. The company’s investments basis, and on the same are made on a commercial terms as private investors. The company was es About the company Investinor invests in competitive Norwegian, inter are at an early nationally-oriented companies that average return in the past five years was 2.1 per average return in the past five years was 2.1 per company's op the before are These figures cent. erating expenses, financial revenues etc. Attainment of the State’s goal return a had portfolio investment company’s The portfolio’s investment The 2019. in cent per 8.4 of companies in an early phase of development. The companies in an early phase re possible highest the is owner an as goal State’s turn over time. State ownership Investinor in ownership for rationale State's The access for capital increased to contribute to AS is Investinor AS Investinor 56 Photo: Hundven-Clements Photography

Kommunalbanken AS

Board of Directors: Marit Urmo Harstad* CEO: Brit Kristin Sæbø Rugland (chair) Harald Jacobsen * Kristine Falkgård Rune Midtgaard (vice chair) * elected by the employees Auditor: Eyvind Aven State ownership: EY AS Martha Takvam 100% Company website: Nanna Egidius Ministry of Local www.kbn.com Petter Steen jr. Government and Ida Espolin Johnson Modernisation

State ownership • Kommunalbanken launched a climate risk Statement of comprehensive income 2019 2018 (NOK millions) The State’s rationale for ownership in Kommunal assessment tool for the municipalities and will Interest income 8,817 6,755 banken AS is to facilitate the financing of the munic further develop this to provide the municipali Operating result (EBIT) 1,771 1,995 ipal sector. The State’s goal as an owner is the high ties with an even better decision-making basis. Result before tax and minority 1,771 1,995 est possible return over time. interests Strategy Tax charge 488 499 Attainment of the State’s goal Through financial expertise, digital interaction and - Minority interests 0 0 The company had a return on equity of 9.5 per insight into the municipal sector, Kommunalbank Result after tax and minority interests 1,283 1,496 cent in 2019. The average return on equity in the en shall contribute to municipalities succeeding in Balance sheet past five years was 12.2 per cent. their work of developing the best possible welfare Total assets 460,778 457,701 - Of which cash reserves 459 276 services for their citizens. In order to satisfy the - Of which securities, deposits etc. 132,077 139,782 About the company owner's requirement for a financial return, Kom Total equity 16,401 15,422 Kommunalbanken offers long-term loan financing munalbanken works systematically to optimise - Of which minority interests 0 0 to the municipal sector. The business was organ the balance sheet composition and make capital Total debt and liabilities 444,377 442,279 ised as a limited liability company in 1999 as a con expenditure more efficient. Assets and dividend tinuation of the State bank Norges Kommunal Dividend for the financial year 0 481 bank, which had been established in 1926. Kom Responsible business conduct Dividend percentage 0% 39% munalbanken's head office is in Oslo. Sustainability must permeate the manner in which Average dividend percentage in the 26% 36% Kommunalbanken carries out its activities. Kom past five years Important events in 2019 munalbanken shall support long-term and re Dividend to the State 0 481 • Kommunalbanken approved 628 new loans sponsible investments and sustainable debt man Repayment of capital 0 0 Capital contributions from the State 0 0 totalling NOK 53.8 billion to finance, among agement. Kommunalbanken sets high expecta Key figures other things, schools, health and care services, tions for ethics and sustainability both within its Capital employed - - water, sewerage and waste disposal, and own organisation and for customers, suppliers Core tier 1 capital adequacy 17% 17% climate adaptation. and collaborative partners. Kommunalbanken has Return on equity in the past year 9.5% 11.9% zero tolerance for corruption and money launder Average return on equity in the past 12.2% 11.6% • The growth in Kommunalbanken’s green loans ing. Kommunalbanken will help to achieve nation five years for projects with climate and environment-relat al objectives for a low-emission society through Return on capital employed in the - - past year ed ambitions accounted for about half of the green, discounted loans for projects that have Equity ratio 10% 12%

total loan growth for the year. clear climate-related ambitions. Investments 0 0

Other key figures • The customer satisfaction score was the highest Number of employees 85 82

Kommunalbanken has recorded. Among other Percentage employees in Norway 100% 100%

things, customer visits and the KBN Finans Gender balance 2019 service were appreciated.

42% 58% 36% 64% Company Management group

Return on assets The company's principal objectives and results 2019 (selection)

25 % Long-term goals Indicator Goals 2019 Result 2019 (2018) 20 % 15 % Market share of approximately 50% Market share 48% 46.8% (48.3%) 10 % 8% return on equity Return on equity 8.13% 9.5% (11.9%)

5 % Contribute to achieving national Growth in green lending as a 1/3 49% (36%) 0 % objectives for a low-emission society proportion of total lending 2015 2016 2017 2018 2019 through an increased proportion of growth. green loans.

Return on equity Highest possible customer satisfaction Score (1–6) Highest 5.32 (5.17) score possible

CATEGORY 2 57 Photo: NASAMS 0 3 20 7% 390 945 844 140 701 450 225 64% 84% 46% 66% 4.9% 2018 2,499 6,842 117.6 -8.4% 10,584 14,381 27,658 10,038 12,626 15,032 21,167 16,646 (2018) 63% (64%) 63% 9.2% (9.7%) 9.2% 0 0 Result 2019 2019 Result 17 57 5% 967 250 700 450 225 60% 64% 69% 32% 8.7% 2019 6,612 NOK 24.1 billion billion 24.1 NOK 1,183 5,654 138.0 19.7% 75% 10,793 16,899 24,081 39,422 12,810 26,612 24,839 12,420 (NOK 14.4 billion) 14.4 (NOK Management group 25% - - - 2019 Goals Goals Gender balance 2019 Growth Profitability Shareholder return Indicator 80% Company Other key figures Number of employees Percentage employees in Norway Average dividend percentage in the past five years Dividend to the State Return in the past year Average return in the past five years Distributions in connection with the redemption and cancellation of shares Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments* Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Market value at year-end Market value of the State’s ownership interest at year-end Closing price Dividend for the financial year Dividend share 20% A significant proportion of the company's development costs are recognised directly in the projects and are not included under investments in the accounts. The company reports spending approximately 10% of annual revenues on development. Turnover of more than NOK NOK than more of Turnover 2022 in billion 30 12% over of margin EBITDA 2022 in effects) IFRS16 (before shareholders to dividends Pay profit annual the of 40-50% of are dividends additional and the on based assessed position. financial company's Long-term goals Long-term The company's principal objectives and results 2019 2019 results and objectives principal company's The (selection) Auditor: Auditor: AS EY Website: www.kongsberg. com CEO: CEO: Håøy Geir

2019

2018

2017

6 201 Completed the acquisition of AerospaceCompleted the acquisition This positionsIndustrial Maintenance Norway. the maintenanceKongsberg Gruppen within market.

Helge Lintvedt*, Lintvedt*, Helge Bakke* Ivar Sigmund employees the by elected * ownership: State 50.001% Trade, of Ministry The Fisheries and Industry 5 The company's climate strategy has targets for re tran The activities. emissions from its own ducing sition to a low-emission society necessitates sus solutions. technological innovative and tainable This also provides commercial opportunities that the company strives to develop with collaborative partners and customers. in shipping, optimal management of maritime re using sea the of state the of monitoring sources, better and satellites, from information and data security for society. Responsible business conduct funda of to be it Kongsberg Gruppen considers op business their conduct to importance mental company The manner. responsible a in erations prevents violations of laws and regulations by con ducting risk-based due diligence, audits and fol low-up of business partners, with particular em phasis on anti-corruption and human rights. • Strategy is to be a world Kongsberg Gruppen’s objective in leader or have the potential to be a world leader through achieved be shall This areas. business its positioning operations, between balance good a to and new initiatives. Kongsberg Gruppen works ensure that their deliveries facilitate a green shift

201 Kongsberg Gruppen ASA Norway Oslo Benchmark World / Aerospace & Defense -IND MSCI AC World / Marine -IND

0 80 60 40 20 200 180 160 140 120 100 Accumulated total return last ﬁve years * *The graph shows what the value of NOK 100 (invested in 2015) would be worth as of 31 December 2019 by investing in Kongsberg Gruppen, Oslo Stock Exchange and the relevant industry index.

- Strøm Grete 2019 Board of Directors: Directors: of Board (chair) Reiten Eivind - Anne chair) (vice Erichsen Sørlie A. Per Henriksen Morten Bakkevig Kold Martha Fossan* Elisabeth 2018 2017 2016 2015 CATEGORY 2 CATEGORY Completed acquisition of Rolls-Royce Commer cial Marine. This makes the company a more complete supplier to the maritime industry. Breakthrough contract with Japan for Joint Strike Missile. New orders of NOK 32 billion and an order backlog of NOK 33 billion going into 2020. 0 % 30 % 20 % 10 % -10 % -20 % *The graph shows share price performance including reinvested dividends as of 31.12 for each year Average total return, last ﬁve years* Kongsberg Gruppen ASA Gruppen Kongsberg • • Important events in 2019 • which was dissolved in 1987. Kongsberg Gruppen which was dissolved in 1987. Kongsberg Gruppen its is listed on the Oslo Stock Exchange and has head office in Kongsberg. customers in the offshore industry, the oil and gas customers in the offshore industry, the oil and gas industry, the merchant fleet, and the defence and aerospace industries. The company is a continua Våpenfabrikk, Kongsberg State-owned the of tion About the company that group international an is Gruppen Kongsberg delivers high-technology systems and solutions to the same periods, the Oslo Stock Exchange Bench cent per 16.5 of returns respective had Index mark and 10.1 per cent per year. including dividends, of 19.7 per cent. The average The cent. per 19.7 of dividends, including annual shareholder return, including dividends, over the past five years was 8.7 per cent. During return over time. Attainment of the State’s goal return, had a shareholder 2019, the company In and industrial company and defence industry sup and industrial company in Norway. The plier with head office functions is the highest possible State’s goal as an owner State ownership Kongsberg in ownership for rationale State’s The a leading technology Gruppen ASA is to maintain 58 59 Photo: Mantena AS and Bård Gudim - 0 0 0 0 0 0 0% 0% 0% 0.9 172 146 964 146 -7.3 13% 85% 37.9 2018 -22.7 -23.6 1,059 -2.0% 1,502 1,110 -14.9% 0 0 0 0 0 0% 0% 6% 278 390 630 170 390 958 38% 88% 91.6 96.4 21.8 74.6 20.9 6.5% 2019 75% 1,571 1,020 27.9% 38.1% CATEGORY 2 CATEGORY Management group 25% Gender balance 2019 Company 93% Minority interests Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Return on equity in the past year Average return on equity in the past two years Return on capital employed in the past year Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State 7%

Company Company website: www.mantena.org

Industry and Fisheries and Industry CEO: Hovland Kjetil Auditor: AS Deloitte State ownership: ownership: State 100% Trade, of Ministry The

The company's principal objectives and results 2019 Mantena's principal objectives were to ensure - profitable operations and to be awarded long in term contracts. These objectives were achieved the form of an operating profit of NOK 90 million and the signing of several major, long-term con tracts. 2020 will see a comprehensive review of the overall strategy with a view to updating this and defining clear goals and measures for further de veloping the company. Responsible business conduct with compliance on importance places Mantena the OECD Due Diligence Guidance For Responsible intend are routines Mantena’s Conduct. Business en the and society people, ed to prevent harm to vironment. Any incidents and near-incidents are reported and followed up through a separate devi ation system. Mantena is certified according to EN NS-ISO 14001:2015, with an environmental policy that forms the basis for this work. Mantena has established governing documents which apply the principles of the UN Declaration of Human Rights and the ILO's core conventions. Strategy most the Nordic region's Mantena's vision is to be in supplier service maintenance total innovative be a leader in shall sector. Mantena the railway planning and carrying out innovative methods for methods that can increase maintenance, including life service the extend and intervals maintenance of materials. New services are also being devel oped which will enable Mantena to take greater responsibility for the overall work and thus allow customers to focus on their core activities.

2019 Board of Directors: Directors: of Board (chair), Broberg Kari chair), (vice Solberg Ronny Hasaas, Øyvind Kartum, Marianne Næss*, Vekve Helmer Kjell Kvitland*, Morten Jomar Trønnes* Petter employees the by elected * 2018 Return on equity Return on capital employed

trains. The most important new contracts were the maintenance contract with Go-Ahead Nordic for “Traffic Package 1 – South” in Norway and the contract with SJ for Öresundståg in Sweden. Lost the tender for maintenance of Vy's Flirt result. Equity was strengthened by the owner providing increased share capital of NOK 170 million. Changes to the pension scheme, which have resulted in increased competitiveness in comparison with the previous scheme. Growth in revenue and improved financial 0 % 50 % 40 % 30 % 20 % 10 % Mantena AS Mantena • • • Important events in 2019 • demerged from Vygruppen in 2017. Mantena's demerged from Vygruppen in 2017. Mantena's head office is in Oslo. erators in Norway, principally the maintenance of maintenance the principally Norway, in erators The units. multiple and carriages locomotives, company also maintains components and main tains and repairs rolling stock. The company was About the company op rail to services maintenance provides Mantena Attainment of the State’s goal Attainment of the State’s The company had a return on equity of 27.9 per cent in 2019. The average return on equity in the past two years was 6.5 per cent. shop services for rolling stock. The State’s goal as State’s stock. The shop services for rolling possible return over time. an owner is the highest State ownership AS Mantena in ownership for rationale State's The work and maintenance of provider a have to is Return on assets -10 % -20 % Photo: Nammo

Nammo AS

Board of Directors: Cathrine Bjaarstad CEO: Dag Schjerven (chair) Marianne Stensrud* Morten Brandtzæg Esa Heikki Elias Petri Mikael Kontola* Auditor: Rautalinko (vice chair) *elected by the employees EY AS Ville Petteri Jaakonsalo State ownership: Company website: Dag Jakob Opedal 50% www.nammo.com Sirpa-Helena Sormunen The Ministry of Trade, Industry and Fisheries

State ownership • During the year, Nammo entered into several Statement of comprehensive income 2019 2018 (NOK millions) The State’s rationale for ownership in Nammo AS agreements relating to the development of new Operating revenues 5,073 4,920 is to maintain a leading technology and industrial range-extending propulsion systems for artillery Operating result (EBIT) 352 362 company with head office functions in Norway and missiles. Result before tax and minority 305 332 and, on the grounds of security and emergency interests preparedness, it is considered expedient that a • The company continued its improvement Tax charge 115 91.5 significant part of the company's activities be measures for optimising the organisation, - Minority interests -1.6 0 maintained in Norway. The State’s goal as an own corporate structure and cost structures to Result after tax and minority interests 192 240 er is the highest possible return over time. increase profitability in both the short and Balance sheet long-term. Total assets 6,229 6,084 Total equity 2,776 2,688 Attainment of the State’s goal - Of which minority interests -0.6 0.9 The company had a return on equity of 7 per cent • Measures were implemented to strengthen the Total debt and liabilities 3,453 3,396 in 2019. The average return on equity in the past company's sustainability work. Assets and dividend five years was 9 per cent. Dividend for the financial year -* 120.1 Strategy Dividend percentage -* 50% In consultation with the board, the general meet Nammo’s strategy is to ensure it continues to have Average dividend percentage in the 40% 50% ing voted against the proposal for dividends due a high market share in the Nordic home market past five years to the Covid-19 situation. The board will continual and profitable growth in the USA, Europe and oth Dividend to the State -* 60.1 ly assess developments and possibly return with a er selected markets by supplying high-perfor Repayment of capital 0 0 proposal to approve dividends for 2019 at a later mance niche products to demanding customers Capital contributions from the State 0 0 stage in 2020. and through strategic emergency response agree Key figures Capital employed 4,091 4,030 ments with military customers in the Nordic re Operating margin (EBIT margin) 7% 7% About the company gion. Return on equity in the past year 7% 9.2% Nammo supplies high-technology products to the Average return on equity in the past 9.2% 9.8% aerospace and defence industry. The core busi Responsible business conduct five years ness includes the development and production of 2019 saw the start of an internal assessment of Return on capital employed in the 8.7% 9.2% past year rocket motors, military and sports ammunition, Nammo’s sustainability work, including compli Equity ratio 45% 44% shoulder-launched munitions systems and envi ance with the OECD Due Diligence Guidance For Investments 293 307

ronmentally-friendly demilitarisation services. The Responsible Business Conduct. The company has Other key figures company was founded in 1998 through the merg adopted the accountability compass developed by Number of employees 2,404 2,435

er of three major Nordic munitions companies the OECD's point of contact in Norway. All legal en Percentage employees in Norway 33% 32%

with a view to strengthening security of supply in tities will be assessed and followed-up in areas In consultation with the board, the general meeting voted against the the Nordic region. Nammo’s head office is in Ves where improvements are necessary. An improved proposal for dividends due to the Covid-19 situation. The board will continually assess developments and possibly return with a proposal to tre Toten. whistleblowing channel has been implemented at approve dividends for 2019 at a later stage in 2020. all the company's European entities. Work on a Gender balance 2019 Important events in 2019 clearer sustainability strategy has been initiated • Nammo signed a framework agreement to and a materiality analysis has been carried out. supply ammunition to the Norwegian Armed Forces. The agreement also entails an obligation 25% 75% 20% 80% Company Management group to support Norway's security of supply.

Return on assets

14 % 12 % 10 % 8 % 6 % 4 % 2 % 0 % 2015 2016 2017 2018 2019

Return on equity Return on capital employed

60 CATEGORY 2 61 Photo: Bård Gudim / Norsk Hydro ASA ) 0 0 - 67 6% 886 11% 60% 57% 55% 39.2 2 2018 7,614 2,558 9,069 6,462 2,139 4,256 5,995 4,936 10.8% -34.3% 36,236 27,795 81,125 74,172 90,756 109,471 160,149 164,928 (2018) Achieved 1.3% (6.6%) 1.3% 0 0 -* -* 0% 2% Result 2019 2019 Result 813 11% 55% 51% NOK 1 billion ( billion 1 NOK 32.6 2019 -558 -2.1% 3,359 4,148 -1,556 -1,811 -13.6% 36,310 10,907 23,137 67,532 80,320 12,286 84,081 CATEGORY 2 CATEGORY 109,096 150,766 164,401 Goals 2019 Goals Objective over over Objective NOK 0.5 billion 0.5 NOK the cycle <10 % <10 cycle the Other key figures Number of employees Percentage employees in Norway Dividend for the financial year Dividend percentage Average dividend percentage in the past five years Dividend to the State Return in the past year Average return in the past five years Distributions in connection with the redemption and cancellation of shares Capital contributions from the State Key figures Capital employed Underlying EBIT margin Equity ratio Investments Closing price Market value of the State’s owner ship interest at year-end Assets and dividend Market value at year-end Statement of comprehensive income (NOK millions) Operating revenues Underlying EBIT Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities * The board of directors in Norsk Hydro ASA was granted a power power a granted was ASA Hydro Norsk in directors of board The * resolve to 2020 in meeting general annual the at attorney of The accounts. annual 2019 the on based dividends of distribution and discretion board's the at used be to is attorney of power is and 2021 in meeting general annual the of date the on expires billion 2.6 NOK of payment dividend maximum a to restricted share. per NOK 1.25 to corresponding Indicator Return on capital on Return improvements EBIT direct between Balance emissions indirect and savings to relation in the through achieved phase. user

60% ons by 30 per cent by 2030. by cent per 30 by ons emissi Long-term goals Long-term Management group Auditor: Auditor: AS KPMG Website: www.hydro.com CEO: CEO: Merete Hilde Aasheim Return that exceeds exceeds that Return capital of cost the Improvement Programme from neutral Carbon cycle life a perspective** * Underlying return on capital. capital. on return Underlying * CO reduce to is objective new – schedule of ahead year one achieved Objective ** The company's principal objectives and results 2019 2019 results and objectives principal company's The 40% emissions by 30 per 2

2019

per kg of aluminium produced)

2 Gender balance 2019

2018

2017 82%

Company 6

The 2020 ambition of becoming carbon-neutralThe 2020 ambition of becoming was achieved infrom a lifecycle perspective schedule, and the new2019, one year ahead of objective is to reduce CO cent by 2030. 201 Peter KukielskiPeter Sund* Kåre Svein Baade* Arve Martinsen*Roar Sten employees the by elected * ownership: State 34.26% Trade, of Ministry The Fisheries and Industry 18%

through new green brands: REDUXA, which has through new green brands: REDUXA, which has (lower footprints carbon lowest world’s the of one than 4kg of CO of and CIRCAL, which is produced with a minimum 75 per cent post-consumer scrap. Compliance doc governing Hydro’s and regulations laws, with uments, as well as respect of human rights are also of fundamental importance to Hydro. is to be achieved with NOK 7.3 billion in improve in billion 7.3 NOK with achieved be to is ments and other portfolio optimisation. Responsible business conduct Hydro's future profitability depends the compa A ny’s ability to operate in a sustainable manner. set of ambitions has been quantified to improve the company’s performance on climate, environ towards responsibility social corporate and ment 2030. Reduced risk, safe operations, improved re lations with stakeholders and communities, great er resource efficiency and lower emissions will enable Hydro’s business to be more robust. Hydro is working to develop new markets, including • Strategy and promote sus Hydro’s goal is to lift profitability tainability in order to increase long-term value for the company’s stakeholders. In terms of profitabil per 10 delivering is target important most the ity, which cycle, business the over returns capital cent

5 201

World / Aluminum -IND Norsk Hydro ASA Norway Oslo Benchmark

0 80 60 40 20

180 160 140 120 100 Accumulated total return last ﬁve years *

*The graph shows what the value of NOK 100 (invested in 2015) would be worth as of 31 December 2019 by investing in Norsk Hydro, Oslo Stock Exchange and the relevant industry index.

2019 Board of Directors: of Board (chair) Mejdell Dag Rummelhoff Irene chair) (vice Wiinholt Marianne Jebsen Marum Finn Schulz Thomas Kilaas Liselott 2018 13.6 per cent. The average -13.6 per 2017 2016 2015 Lifting of production embargo at Alunorte. Returned to normal operations after a serious cyber attack. Implementation of strong measures, including a NOK 7.3 billion improvement programme (lifting of production embargo in Brazil amounted to NOK 2.7 billion), strategic review of the Rolled Products business area, revised organisational model, and new framework for capital allocation. New strategic agenda – clear objectives of improving profitability and promoting sustainability to increase long-term value for stakeholders and contribute to a sustainable society. 0 % 60 % 40 % 20 % -20 % -40 % Norsk Hydro ASA Hydro Norsk • • • Stock Exchange and is headquartered in Oslo. Important events in 2019 • Hydro is a global supplier of aluminium and has Hydro is a global supplier of aluminium and has activities throughout the entire value chain. The following Hydro in stake major a acquired State the Second World War. Hydro is listed on the Oslo and 10.1 per cent per year. About the company annual shareholder return, including dividends, annual shareholder return, including dividends, over the past five years was -2.1 per cent. During the same periods, the Oslo Stock Exchange Bench cent per 16.5 of returns respective had Index mark Attainment of the State’s goal Attainment of the State’s return, the company had a shareholder In 2019 including dividends, of and industrial company with head office functions and industrial company goal as an owner is the in Norway. The State’s over time. highest possible return State ownership ownership in Norsk Hydro The State's rationale for a leading technology ASA (Hydro) is to maintain *The graph shows share price performance including reinvested dividends as of 31.12 for each year Average total return, last ﬁve years* Photo: Elisabeth Tønnesen - 0 0 0 0 0 0 5 0% 0.0 3.2 216 129 213 200 99% 2018 -12.3 -12.0 -12.0 100% -5.6% 50% - 0 0 0 0 0 0 9 0% 6.8 -10 717 486 711 500 -2.3 -2.3 99% 17.5 2019 100% -0.5% Management group 50% Gender balance 2019 67% Company Dividend to the State Repayment of capital Capital contributions from the State Key figures Return on equity in the past year Equity ratio Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years 33% Auditor: Auditor: AS Deloitte Company website: www.nysno invest.no CEO: CEO: Kalvig M. Siri

on 17 March 2020. A A 2020. March 17 on be will replacement ordinary the at elected June in meeting general 2020. ownership: State 100% Trade, of Ministry The Fisheries and Industry At the end of 2019, the company's portfolioAt the end of 2019, the company's and eSmartconsisted of shares in Otovo Nysnø invested inSystems. During the year, Norsun, Sarsia Seed IIDisruptive Technologies, and ArcTern Ventures II. with ESG issues, and 3) as an owner, Nysnø will ac will Nysnø owner, an as 3) and issues, ESG with companies/ and help ESG issues consider tively funds to further develop their ESG work. investment carries a high risk. There are opportu nities for high returns, but also for significant loss by diversifying to reduce this risk es. Nysnø seeks its portfolio within its investment universe. Responsible business conduct Nysnø will ensure that its investment activities are carried out with due regard for human rights, non-discrimi and equality gender rights, workers' environ external the conditions, social nation, ment and anti-corruption. Key points in the com be pany’s ESG policy are: 1) ESG assessments must company/ individual the of analysis the in included fund, 2) companies/funds must actively engage • Strategy Nysnø aims to deliver the highest possible return over time by investing in companies and funds fu the society for low-emission a building are that ture. The bulk of the investments will be in the venture phase. This is a segment in which each

2019 Board of Directors: Directors: of Board (chair) Salbuvik Widar Sjursen Hermann Egil Mohn Klaus Hilland Jannicke Asting* Ringen Katharina Asting Katharina * board the from resigned 2018 Return on equity

CATEGORY 2 CATEGORY total of NOK 725 million since being established. Nysnø received an additional NOK 700 million in January 2020. Nysnø was allocated NOK 500 million in 2019. As of the end of 2019, Nysnø had received a 0 % Return on assets -1 % -2 % -3 % -4 % -5 % -6 % Important events in 2019 • on new technology in the transition from techno logical development to commercialisation. Nysnø's head office is in Stavanger. side of Norway. The investment focus is on com development of phases early in are that panies concentrated primarily are investments the and sions through investments that directly or indi in rectly contribute to this. The company invests non-listed companies and funds aimed at non-list out or in operations business with companies ed About the company emis gas greenhouse reduce help to aims Nysnø ing expenses were NOK 27 million, which meant which million, 27 NOK were expenses ing there was an operating loss of NOK 10 million. This is considered normal for an investment company in its start-up phase. 2019, Nysnø had invested in four companies and 2019, Nysnø had invested in four companies and funds. The value of Nysnø’s investment port two Operat 2019. in million 17 NOK by increased folio Attainment of the State’s goal Nysnø was established in December 2017 and has year-end At 2018. autumn since operational been duced greenhouse gas emissions through profita through emissions gas greenhouse duced goal as an owner is ble investments. The State’s over time. the highest possible return State ownership Kli Nysnø in ownership for rationale State's The is to contribute to re mainvesteringer AS (Nysnø) Nysnø Klimainvesteringer AS Klimainvesteringer Nysnø 62 Photo: Posten Norge AS

Posten Norge AS

Board of Directors: Tove Gravdal Rundtom* CEO: Andreas Enger (chair) Ann Elisabeth Wirgeness* Tone Wille Anne Carine Tanum Odd Christian Øverland* Auditor: (vice chair) * elected by the employees Ernst & Young AS Finn Kinserdal State ownership: Company website: Henrik Höjsgaard 100% www.postennorge.no Liv Fiksdahl The Ministry of Trade, Tina Stiegler Industry and Fisheries Lars Nilsen*

State ownership • Testing and launching of new services, Statement of comprehensive 2019 2018 income (NOK millions) The State's rationale for ownership in Posten including optional place of delivery (such as Operating revenues 24,212 23,894 Norge AS is to have a provider that can meet the “Innenfor døren” (Indoors)), new tasks for Operating result (EBIT) 157 407 State’s need for nationwide postal services. This is delivery staff, common notice of change of Result before tax and minority 21.0 366 stipulated in the articles of association. Pursuant address together with the Norwegian Tax interests to the articles of association, the State’s goal as an Administration and a new delivery network Tax charge 8 118 owner is the highest possible return over time. (Post in Shops) in Sweden. - Minority interests 15 2 Result after tax and minority -2 246 interests Attainment of the State’s goal Strategy Balance sheet The company had a return on equity after minor The Group is positioning itself for long-term growth Total assets 19,867 16,071 ity interests of 0.0 per cent in 2019. The average in the logistics segment - particularly in the e-com - Of which cash reserves 3,912 3,613 return on equity after minority interests in the merce sector. In order to meet new customer needs Total equity 6,363 6,481 past five years was 1.9 per cent. and offer attractive solutions to Nordic online - Of which minority interests 66 31 stores, both capacity and networks are being ex Total debt and liabilities 13,504 9,590 About the company panded. Posten Norge is committed to innovation Assets and dividend Posten Norge is a Nordic postal and logistics and is developing and launching new services to Dividend for the financial year 0 124 group which develops and supplies integrated provide customers with greater freedom of choice Dividend percentage 0% 50% solutions in postal, communications and logistics and to make their everyday lives easier. Average dividend percentage in the 56% 61% past five years services. The company was divested from the Dividend to the State 0 124 State in 1996. Posten Norge's head office is in Responsible business conduct Repayment of capital 0 0 Oslo. For Posten Norge, sustainability is about creating Capital contributions from the State 0 0 viable development in terms of economy, climate/ Key figures Important events in 2019 environment and social conditions. After conduct Capital employed 13,930 10,406 • A majority of the Stortinget voted to allow mail ing a stakeholder analysis, the group has chosen Operating margin (EBIT margin) 1% 2% delivery every other day from 1 July 2020. to focus its efforts on four of the United Nations Return on equity in the past year 0.0% 3.8% Sustainable Development Goals. These are: De Average return on equity in the past 1.9% 3.4% five years • Named Norway’s most innovative company by cent work and economic growth (Goal 8), Indus Return on capital employed in the 4.6% 7.2% a professional jury under the auspices of the try, innovation and infrastructure (Goal 9), Sus past year magazine "Innomag". Opened the "Innovation tainable cities and communities (Goal 11), and Equity ratio 32% 40% Hub", an arena for exploring and testing new Climate action (Goal 13). Investments 646 962 services and which stimulates interdisciplinary Public procurements work. Ministry of Transport 619 536 Other key figures Number of employees 14,270 15,021 • Implemented measures for reducing carbon Percentage employees in Norway 83% 82% footprint such as the collaborative project Gender balance 2019 “Elskede By” (Beloved cities) in which environmentally-friendly vehicles transport parcels and goods to customers in the city cen tre, and carry waste back with them. 31% 69% 50% 50% Company Management group

Return on assets Company's principal objectives and results 2019 (selection)

12 % 10 % Long-term goals Indicator Goals Result 8 % 2019 2019 (2018) 6 % 4 % No one should be injured or sick as a result of working in the Group. Sick leave 5.9% 5.9 % (6.0 %) 2 % No one should be injured or sick as a result of working in the Group. Injury frequency (H2) 7.8 7.8 (8.7) 0 % -2 % The gender balance among managers shall reflect the gender Percentage of 31% 27% (28%) 2015 2016 2017 2018 2019 balance throughout the Group* female managers

* Until and including 2019, the gender balance target among managers was expressed as an ambition to reflect the Return on equity gender balance in the group as a whole, which was 31% in 2019. From and including 2020, the ambition is expressed as Return on capital employed 31% female managers in 2020 and 35% in 2023, and as a target of 40% in 2030.

CATEGORY 2 63 Photo: Statkraft 0 0 680 66% 85% 56% 53% 57% 8.0% 2018 0 (0) 0 7,255 3,970 8,444 8,444 6,982 3,557 14.5% 17.0% 27,585 15,480 20,709 12,775 23,261 95,251 84,487 179,739 131,733 1.4 GW 1.4 (2018) 4.5% (4.8%) 4.5% 27.5% (23%) 27.5% 0 0 16.3% (14.7%) 16.3% Result 2019 2019 Result 417 59% 68% 58% 56% 55% 9.2% 2019 71% 7,423 3,973 7,642 4,382 6,454 6,454 12.3% 16.7% 29,415 17,010 19,071 11,012 15,214 98,177 76,809 130,637 174,985 Management group 7% 29% 40% 2025 price - 2018 Zero serious serious Zero Goals 2019 Goals price than market market than price Gender balance 2019 9 GW growth within within growth GW 9 3.5% higher realised realised higher 3.5% compliance incidents incidents compliance 74% Company Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Return on equity in the past year Average return on equity in the past five years Return on capital employed in the past year Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend percentage Average dividend percentage in the past five years Dividend to the State 26% Targets ROACE to compared prices Realised price market (GW) capacity New senior in women of Number positions management Indicator Company Company website: www.statkraft.no Auditor: Auditor: AS Deloitte Tøn

Thorbjørn Holøs* Holøs* Thorbjørn employees the by elected * ownership: State 100% Trade, of Ministry Fisheries and Industry CEO: Rynning Christian nesen Growth in solar and wind power, withGrowth in solar and wind ongoing projects ininvestment decisions and Norway. Ireland, Brazil, Chile and – new energyStrengthened trading activities companies inagreements with industrial in long-termNorway, and strong growth producersagreements with both renewable and industrial companies elsewhere in Europe.

at Statkraft is within renewable energy. developing further on focus strong a has Statkraft in a good health and safety culture. Key elements clude HSE (Health, Safety, and Environment) lead manage HSE for framework improved an ership, ment, and enhanced HSE in projects. Statkraft seeks to share knowledge about renewa ble energy, energy systems, climate change and environmental issues. quisitions and new capacity in selected markets in quisitions and new capacity in selected markets Europe, South America and Asia. power. wind and solar of developer serious a Be Growth in customer activities, with market servic es and long-term energy agreements for industrial customers and producers of renewables. Responsible business conduct green of source the principal Energy production is in house gas emissions globally. Therefore, creased renewable energy production is essential for meeting climate targets. Statkraft is Europe's largest producer of renewable energy. All growth • • Strategy Develop Statkraft's hydropower portfolio, with re investments in Norway and Sweden, as well as ac

Greater diversity in terms of background, background, of terms in diversity Greater gender and expertise Long-term goals Long-term in behaviour unethical and corruption Prevent activities all investments on returns solid Deliver hydropower Nordic the of operation Efficient portfolio (hydro, energy renewable in capacity Increase power) solar and wind

Company's principal objectives and results 2019 (selection) 2019 results and objectives principal Company's

2019 Board of Directors: Directors: of Board (chair) Widvey Thorhild chair) (vice Mellbye Peter Drønen Hilde Lundin Mikael Arntsen Ingelise Ekenstierna Bengt Bjerknes* Eriksen Vilde Sevlejordet* Asbjørn 2018 2017 2016 2015 Return on capital employed Return on equity

CATEGORY 2 CATEGORY Completion of three of the wind farms for the Fosen project in Norway. Nordic region at the end of 2019, as well as development projects in Albania, India and Chile. Development of the company’s hydropower portfolio, with 140 ongoing projects in the 5 % 0 % -5 % 20 % 15 % 10 % Return on assets • Important events in 2019 • tionally. The company was divested from Statsk is raftverkene in 1992. Statkraft's head office situated in Oslo. Asia and South America. The focal point of Stat kraft’s activities is in Norway through the compa compa The business. hydropower Norwegian ny’s interna projects profitable in invest also can ny ble energy and a major player in the European en produc both has also company The market. ergy in tion and trading activities in selected markets five years was 9 per cent. About the company Statkraft is Europe's largest producer of renewa Attainment of the State’s goal cent per 12 of equity on return a had company The in 2019. The average return on equity in the past pertise within renewable energy. The State’s goal energy. The State’s goal pertise within renewable over possible return the highest owner is an as time. maintain a leading technology and industrial com maintain a leading technology functions in Norway.This pany with head office ex Norwegian of development the to contributes State ownership SF Statkraft in ownership for rationale State's The resources and is to own Norwegian hydropower Statkraft SF Statkraft 64 65 Photo: Telenor ASA 0 25% 20% 28% 2.8% 2018 8.8% 125% 153% 6,024 2,711 5,009 9,919 2,733 167.5 18,492 31,296 20,945 17,701 14,731 54,455 18,381 20,571 133,019 0.4%) 105,923 191,272 136,817 246,469 125,262 - (2018) reduction revenues) 0.8 % (3%) (3%) % 0.8 and traffic traffic and 0 (subscription (subscription 15.3% (15.8%) 15.3% Result 2019 2019 Result + 0.4% ( 0.4% + 22% 23% 17% 70% 6.4% 2019 156% 161% 9,033 3,421 7,773 5,286 6,541 2,380 157.5 -1.5% 13,867 25,702 20,968 43,339 12,121 45,882 21,089 227,115 122,574 CATEGORY 2 CATEGORY 113,666 248,899 205,559 188,361 Management group 30% level level revenues) and traffic traffic and Approx 15% Approx (subscription (subscription Goals 2019 Goals approx. 2018 2018 approx. 3% reduction 3% - 1 Gender balance 2019 63% Company Dividend percentage Average dividend percentage in the past five years Dividend to the State Return in the past year Average return in the past five years Distributions in connection with the redemption and cancellation of shares Capital contributions from the State Key figures Capital employed* Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Market value at year-end Market value of the State’s ownership interest at year-end Closing price Dividend for the financial year 37% * The figures for 2019 include leasing debt. This was not the case for 2018. Operating revenues revenues Operating i.e. growth, (organic currency for adjusted business and effects and acquisitions disposals) excluding [Investments frequencies] and licenses (%) revenues operating / expenses Operating foreign for (adjusted and effects currency acquisitions) business Indicator digit digit year year - on 3% annual annual 3% - - single Low - year sales organic growth. and Efficiency of prioritisation investments 1 in reduction operating expenses Long-term Long-term goals Auditor: Auditor: AS EY Website: www.telenor.com CEO: CEO: Brekke Sigve Company's principal objectives and results 2019 (selection) 2019 results and objectives principal Company's

2019

2018

2017

6 201 The company was in talks with the Malay Axiata Group with the aim of merging Telenor's Asian operations with Axiata's operations in selected Asian countries. The talks were unsuccessful. In December, Telenor commenced theIn December, Telenor commenced in Finland. Duringcommercial rollout of 5G 5G pilot projects2019, Telenor launched several 5G lab. and opened Malaysia's first telecom operatorTelenor acquired the Finnish DNA Plc. The acquisition strengthens Telenor's position in the Nordic region, and means that the company has business operations in Norway, Sweden, Denmark and Finland. Anita Helen Steine* Steine* Helen Anita Eriksen* Otto Jan Smistad* Esben employees the by elected * ownership: State 53.97% Trade, of Ministry The Fisheries and Industry

• Important events in 2019 Important events in 2019 • • foundation for ethical and responsible business responsible and ethical for foundation operations through the means by which commer data customer how including managed, is risk cial is managed, and in the company’s role as a global citizen that is working towards achieving its cli mate ambitions. Strategy Deliver growth through targeted customer servic connectivity for need persistent the that fuel es and services. Continue to innovate the com related modernisa in leader a be and business core pany’s tion. Responsible business conduct In 2020-2021, Telenor plans to reinforce its strong 5

201

Telenor ASA STOXX Europe 600 Optimised / Telecommunications - SS Norway Oslo Benchmark 0 80 60 40 20

180 160 140 120 100 Accumulated total return last ﬁve years *

*The graph shows what the value of NOK 100 (invested in 2015) would be worth as of 31 December 2019 by investing in Telenor, Oslo Stock Exchange and the relevant industry index.

2019 Board of Directors: Directors: of Board (chair) Wærsted Gunn Kildahl Jørgen chair) (vice Davis Margaret Sally Viksaas Grethe Reinhardsen Erik Jon Aqraou Jacob 2018 2017 2016 2015 0 % 50 % 40 % 30 % 20 % 10 % -10 % -20 % Telenor ASA Telenor everket into a limited liability company. Telenor is Telenor company. liability limited a into everket has its head Stock Exchange and on the Oslo listed office in Bærum. Telenor is a global mobile operator with 186 mil lion mobile subscriptions. The company was es tablished in 1994 through the conversion of Tel mark Index had respective returns of 16.5 per cent per 16.5 of returns respective had Index mark and 10.1 per cent per year. About the company annual shareholder return, including dividends, annual shareholder return, including dividends, over the past five years was 6.4 per cent. During the same periods, the Oslo Stock Exchange Bench Attainment of the State’s goal return, had a shareholder 2019, the company In including dividends, of -1.5 per cent. The average company with head office functions in Norway. company with head office possi highest the is owner an as goal State’s The ble return over time. State ownership ownership in Telenor ASA The State's rationale for technology and industrial is to maintain a leading *The graph shows share price performance including reinvested dividends as of 31.12 for each year

Average total return, last ﬁve years* Photo: Ivar Kvaal 0 0 0 0 4% 701 585 120 465 233 233 85% 50% 32% 27% 9.4% 8.1% 2018 3,682 1,709 4,869 1,087 14.5% 10,999 15,895 17,795 12,926 97.7% 97.7% (97.6%) (2018) 6% (5.2%) 6% 95% (92%) 95% 7.1% (7.8%) 7.1% 0 0 0 0 0 0 0% 4% Result 2019 2019 Result 660 699 135 564 82% 23% 29% 6.5% 2019 3,962 71% 2,074 1,395 4,873 11.6% 13.2% 11,666 17,065 16,772 11,899 86.3% (85.8%) (85.8%) 86.3% Management group 2.8% (6.4%) (6.4%) 2.8% 29% 91% 91% 98% 91% 2.8% 2.8% 5.7% 7.3% 2019 Goals Goals

Gender balance 2019 Company 82% Other key figures Number of employees Percentage employees in Norway Repayment of capital Capital contributions from the State Key figures Operating margin (EBIT margin) Return on equity in the past year Average return on equity in the past five years Return on capital employed in the past year Equity ratio Investments Public procurements Norwegian Railway Directorate Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Dividend for the financial year Dividend percentage Average dividend percentage in the past five years Dividend to the State 18% dependent dependent - Operator Company Company website: www.vy.no Growth in the number of express bus trips bus express of number the in Growth Growth in the number of journeys for passenger passenger for journeys of number the in Growth trains punctuality Total punctuality customer to Punctuality leave sick Percentage Indicator

Grethe Therese Therese Grethe Thorsen* employees the by *elected ownership: State 100% Transport of Ministry CEO: Isaksen Geir Auditor: AS Deloitte Low sick leave sick Low Long-term goals Long-term journeys of number in Growth for punctuality of level High trains passenger for punctuality of level High trains freight free alternatives and re and alternatives fossil-free to switching and duce injuries and sick leave. Responsible business conduct an The board assesses Vygruppen’s strategy on assessment the things, other Among basis. annual is based on risk analyses, materiality analyses re lated to sustainability, assessments of the market inter as well as competition, of development and nal analyses. contri sustainability important most Vygruppen’s bution is to make it easy to travel environmental ly-friendly by public transport. This is primarily measured by the growth in the number of jour greenhouse reduce will Vy time, same the At neys. consumption energy reducing by emissions gas Strategy "The Best Journey" con Vy's corporate strategy the smart journey, sists of four types of journeys: journey and the profit the green journey, the safe have the following able journey. These journeys journey that will make strategic themes: the smart friendly by public it easy to travel environmentally emis reduce will that journey green the transport, sions per trip, the safe journey that creates securi that profitable journey and the diversity, ty and provides efficient use of resources. Company's principal objectives and results 2019 (selection) 2019 results and objectives principal Company's

2019 Board of Directors: of Board (chair) Mejdell Dag (vice Havnelid Åsne chair) Stokke Inge Geir Teigland Wenche Semmingsen Semming Lund* Sindre Ove Stand* Audun Jan 2018 2017 2016 2015 Return on capital employed Return on equity

CATEGORY 2 CATEGORY train journeys and 125.9 million bus trips were made with Vy. The growth in travel for passenger trains in Norway was 2.8 per cent. competitive tendering procedures. In 2019, 78.7 million environmentally-friendly services in Western Norway. In 2019, Vy Buss was awarded five contracts in Norway and two in Sweden on the basis of On 9 December, Vy came out on top in the competitive tender for the operation of rail On 12 March, Nettbuss and NSB announced a change to a single collective brand name - Vy. 5 % 0 % 25 % 20 % 15 % 10 % Return on assets • • • Important events in 2019 • was divested from the State in 1996 and has been was divested from the State in 1996 and has been organised as a State-owned limited company since 2002. Vy’s head office is in Oslo. Vygruppen (Vy) is a transport group with opera with group transport a is (Vy) Vygruppen tions in Norway and Sweden. The business activi ties primarily consist of rail passenger services, rail freight transport and bus services. The company five years was 13 per cent. About the company Attainment of the State’s goal cent per 12 of equity on return a had company The in 2019. The average return on equity in the past State’s need for the transport of passengers and passengers of transport the for need State’s goal as an owner is the freight by rail. The State’s over time. highest possible return State ownership ownership in Vygruppen The State's rationale for that can meet the AS (Vy) is to have a provider Vygruppen AS Vygruppen 66 67 Photo: Yara International ASA 0 0 8% 3% -28 -28 641 51% 53% 8.8% 2018 138% -9.9% 20% 20% 3,247 1,100 1,280 1,752 1,969 1,771 333.5 77,275 67,184 91,118 32,995 16,918 16,757 (16%) 106,581 144,460 111,942 CO2e/t) (81%) (81%) 0 6.6 % (3.8 %) (3.8 % 6.6 62% 9% 8% -88 104 695 77% 58% 53% 5.2% 75% 75% 2019 8,712 7,075 1,883 5,280 2,640 4,054 1,480 9,979 365.2 11.4% 78,399 68,772 99,481 36,024 16,033 2.87 CO2e/t (2.85 (2.85 CO2e/t 2.87 CATEGORY 2 CATEGORY 113,837 147,180 113,819 13.6 million tonnes tonnes million 13.6 (13.4 million tonnes) million (13.4 Management group Result 2019 (2018) 2019 Result 38% 1.4 (1.4) (1.4) 1.4

mt 1.2 1.2 10% +3.5 +3.5 - >10% >80% >20% 2019 Goals Goals

Gender balance 2019

Company 78% senior positions positions senior Dividend percentage Average dividend percentage in the past five years Dividend to the State Return in the past year Average return in the past five years Distributions in connection with the redemption and cancellation of shares Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Assets and dividend Market value at year-end Market value of the State’s ownership interest at year-end Closing price Dividend for the financial year 22% Return on invested invested on Return (ROIC) capital frequency Injury index Enthusiasm women of Number in of tons Million products premium CO2e/tonnes of of CO2e/tonnes produce nitrogen Indicator Return on capital > > capital on Return 10% and diversity Drive commitment employees among margins Improve profitability and Climate neutral by by neutral Climate 2050 Long-term Long-term goals Company's principal objectives and results 2019 (selection) (selection) 2019 results and objectives principal Company's Auditor: Auditor: AS Deloitte Website: www.yara.com CEO: CEO: Holsether Tore Svein

2019

2018

2017 Marie Nøstberg* Nøstberg* Marie

- 6

Kari Aspvik* Safrine Eva employees the by elected * ownership: State 36.21% Trade, of Ministry The Fisheries and Industry Olav Sundbø* Sundbø* Olav Bratteberg* Rune 201

greenhouse gas emissions and the percentage of greenhouse gas emissions and the percentage female senior executives. Separate business areas have decarbonisation and economy circular for been established in order to be able to develop a with solutions agricultural offering on work the low carbon footprint and greater resource optimi Compact, Global the UN of member a As sation. Yara has committed to following the organisa tion’s principles. Yara also adheres to the OECD An and Enterprises Multinational for Guidelines supports company the and Convention, ti-Bribery Development Sustainable Nations United the Goals. Strategy apart company the sets model business Yara’s in the same industry by from other operators in marketing and sales production, combining enables Yara to deliver one, global system. This develop and knowledge share products, premium solutions to farmers, innovative and sustainable distributors and food value chains worldwide. Responsible business conduct part of Yara's strate integrated Sustainability is an gy and includes specific targets for reducing 201 Yara International ASA Norway Oslo Benchmark World / Chemicals: Agricultural -IND

80 60 40 20 180 160 140 120 100 Accumulated total return last ﬁve years * *The graph shows what the value of NOK 100 (invested in 2015) would be worth as of 31 December 2019 by investing in Yara, Oslo Stock Exchange and the relevant industry index. Mathisen Mathisen

2019 Board of Directors: of Board (chair) Isaksen Petter Geir Lein Kimberly chair) (vice Berger Trond Fure Reistad Håkon Bakken Hilde Pran Norman Bugge Adele Geir Thuestad Gabriel John 2018 2017 2016 2015 IBM, NEL, Engie and Lantmannen to develop innovative solutions for the agriculture and food production of the future. Launch of expanded improvement programme, with a target of USD 600 million in increased EBITDA through internal improvements until 2023. Entered into partnerships with, among others, Shift of strategic focus from investments to profitable growth and capital discipline. New strategy involving greater focus on growth in precision farming, including the development of digital solutions. 0 % 30 % 20 % 10 % -10 % -20 % *The graph shows share price performance including reinvested dividends as of 31.12 for each year

Average total return, last ﬁve years* Yara International ASA International Yara • • • Hydro ASA in 2004. Yara is listed on the Oslo Stock Hydro ASA in 2004. Yara is listed on the Oslo Stock Exchange and is headquartered in Oslo. Important events in 2019 Yara is an integrated crop nutrition company with Yara is an integrated crop nutrition company with a portfolio of nitrogen-based products for indus trial use. The company was divested from Norsk mark Index provided respective returns of 16.5 of returns respective provided Index mark per cent and 10.1 per cent per year. About the company annual shareholder return, including dividends, annual shareholder return, including dividends, over the past five years was 5.2 per cent. During the same periods, the Oslo Stock Exchange Bench Attainment of the State’s goal return, had a shareholder 2019, the company In average The cent. per 11.4 of dividends, including nology and industrial company with head office nology and industrial company owner as an State’s goal The Norway. functions in over time. is the highest possible return State ownership Inter Yara in ownership for rationale State's The maintain a leading tech national ASA (Yara) is to Category 3 Goal of the most efficient possible attainment of public policy goals

This category comprises the companies where the State’s goal is the most efficient possible attainment of public policy goals. The State's rationale for ownership and the State's goal as owner are stated on the company pages. The companies in Category 3 do not primarily operate in competition with other companies. Some of the companies may nonetheless engage in some activities in which they operate in competition with others. In such cases, the State’s goal is normally the highest possible return over time in this limited part of the company’s operations.

Andøya Space Center AS 70 Norsk Institutt for Odontologiske Avinor AS 71 Materialer AS 93 Bane Nor SF 72 Norfund 94 Bjørnøen AS 73 Norges Sjømatråd 95 Carte Blanche AS 74 Norsk Helsenett SF 96 Den Nationale Scene 75 Norsk rikskringkasting AS 97 Andøya Space Center AS 76 Norsk Tipping 98 Den Norske Opera & Ballett AS 76 Norske tog AS 99 Avinor AS 77 Norsk senter for forskningsdata AS 100 Eksportkreditt Norge AS 77 Nye veier AS 101 Enova 78 Petoro AS 102 Entur AS 79 Rogaland teater AS 103 Fiskeri- og havbruksnæringens forskningsfinansiering AS 80 Simula Research Laboratory AS 104 Gassco AS 81 Siva – Selskapet for Industrivekst SF 105 Gassnova SF 82 Space Norway AS 106 Graminor AS 83 Statnett SF 107 Helse Midt-Norge RHF 84 Statskog SF 108 Helse Nord RHF 85 Staur gård AS 109 Helse Sør-Øst RHF 86 Store Norske Spitsbergen Helse Vest 87 Kulkompani AS 110 Innovasjon Norge 88 Talent Norge AS 111 Kimen Såvarelaboratoriet AS 89 Trøndelag Teater AS 112 Kings bay 90 Universitetssenteret på Nationaltheatret AS 91 Svalbard AS 113 Nofima AS 92 Vinmonopolet AS 114 The Norwegian Opera and Ballet. Photo: Erik Berg 69 Photo: Trond Abrahamsen 0 0 0 0 0 0 94 0% 0% 8% 148 -0.4 52% 99% 91.2 36.4 15.4 30.7 28.2 97.6 10.9 10.5 10.9 2018 141.4 188.8 0 0 0 0 0 0 94 0% 0% 4% 7.2 5.7 9.9 196 -4.2 46% 37.7 16.2 40.5 34.3 2019 100% 126.3 233.8 107.5 167.7 75% Management group 25%

Gender balance 2019 72% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway - Of which minority interests Total debt and liabilities Public procurements/grants Procurements: European Space Agency Grants: Norwegian Directorate for Education and Training Assets and dividend Dividend for the financial year Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity Statement of comprehensive income (NOK millions) Operating revenues 28% Revisjon Revisjon andoyaspace. AS website: Company www. no Auditor: Auditor: - Vesteråls

Ingrid Hanssen* Hanssen* Ingrid employees the by elected * ownership: State 90% Trade, of Ministry The Fisheries and Industry CEO: Enoksen Roger Odd

Submission of application for capital to launchSubmission of application small satellites. projects for NASA andCompletion of the rocket the University of Oslo. Development of the drone service, with an emphasis on emergency preparedness.

porting social services aimed at children and and children at aimed services social porting young people, and through compliance with the internal ethical guidelines and environmental monitoring programme. space and defence service provider in Arctic areas. Arctic areas. service provider in space and defence The Andøya Space Center group shall be a suppli by customers international and Norwegian to er operating launch services and associated services sat small and drones rockets, research to relating sensing remote ground-based conducting ellites, military weapons of the testing assisting in and systems. Responsible business conduct re works with Center group Andøya Space The sponsible business conduct by having efficient operations, offering places for apprentices, sup Important events in 2019 • • • Strategy aero preferred the be shall Center Space Andøya

Board of Directors: of Board (chair) Sunde Rasmus chair) (vice Skatteboe Rolf Westby Ramstad Stine Ellingsen Grete Kanck Bjørn Hegrestad Trond Aas Christina Endresen* Lundemo Terje CATEGORY 3 CATEGORY foundation. Andøya Space Center's head office is infoundation. Andøya Space Center's head office is Andøya. utes to ininterest development and knowledge 1997in established was company The areas. these Centrewhen it was split from the Norwegian Space Andøya Space Center supplies operational servic es and products for space and atmospheric re search, environmental monitoring and technology contrib also company The verification. and testing es and training. About the company ing infrastructure, equipment and expertise to ing infrastructure, equipment and expertise business and industry, the defence sector, re to search communities and public administration testing, exercis conduct relevant measurements, Attainment of the State’s goal Andøya Space Center achieves this goal by provid State’s goal as owner is to strengthen technologi State’s goal as owner is business Norwegian in expertise scientific and cal and industry, research communities and public administration. and industry, research communities and public and industry, research infrastructure to access good have administration The scientific research. and technology testing for State ownership in Andøya SpaceThe State’s rationale for ownership that Norwegian business Center AS is to ensure Andøya Space Center AS Center Space Andøya 70 71 Photo: CatchLightFotostudio AS 0 0 0 0 0 0 585 585 327 18% 33% 50% 36% 2018 1 (0) 1 (0) 0 100% 2,056 3,099 1,740 2,097 1,497 1,170 36,282 29,149 14,541 43,690 11,724 3% (4.2%) 3% 98% (98%) (98%) 98% (84%) 84% 0 0 0 0 0 0 0 0 58% 0% 900 198 702 12% 35% 32% 2019 100% 2,535 3,012 1,059 1,463 35,373 28,883 15,279 44,162 11,785 CATEGORY 3 CATEGORY Management group Result 2019 (2018) 2019 Result 42%

Gender balance 2019 0 0 Company 77% 98% 88% 5.1% Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Dividend percentage Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year - Of which minority interests Total debt and liabilities - Of which cash reserves Total equity Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets 23% Goals 2019 Goals Website: Website: www.avinor.no Petersen -

Ministry of Transport of Ministry CEO: Falk Dag Auditor: AS EY State ownership: ownership: State 100%

On 19 October 2019, Røst Airport became theOn 19 October 2019, Røst operated fromfirst to have its tower remotely Bodø Remote Tower Center. over the operationIn May 2019, Avinor handed the local operatorof Haugesund Airport to Lufthavndrift AS. Work commenced on planning the new airport in Bodø. Aviation accidents with/without personal injury personal with/without accidents Aviation capital invested on Return Indicator Regularity Punctuality incidents aviation Serious whole and Avinor will facilitate further develop at ment and expected growth in air traffic, while the same time ensuring compliance with national climate targets and international climate commit Avi Civil Norwegian the Alongside airlines, ments. ation Authority, and other aviation stakeholders, Avinor has for several years been an active con tributor to international efforts relating to the cli mate and is at the forefront of paving the way for sustainable aviation in the future. Electrification and increased use of sustainable biofuels are key elements in these efforts. Strategy The following primary objectives are defined in Av to Contributing 2018-2023: for plan strategic inor’s regions its and Norway of growth sustainable the (Social development), creating valuable experienc es for passengers and visitors (Business develop (Airport company competitive a developing ment), im and proud a developing and development), provement-oriented corporate culture (Organisa tional development). Responsible business conduct trans and Aviation will contribute to the growth a as business and society Norwegian of formation Important events in 2019 • • •

elected by the employees the by elected Board of Directors: of Board (chair) Tanum Carine Anne chair) (vice Strand Henrik Ola Silseth Bernander Linda Skrøvset Eli Nilssen Herlof Aadal* Olav Sørum* Anette Heidi Mikkelsen* Tore Bjørn * Highest possible return within the public policy framework policy public the within return possible Highest Long-term goals Long-term passengers for predictability of level High safety of level High Avinor AS Avinor financially profitable airports help finance unprof help finance profitable airports financially itable airports. financed insofar as this is possible shall be self-financed insofar as this is revenues from its primary and through its own commercial activities. Within the company, opera the that such entity, single a as managed are tions owned limited compa limited State-owned a into converted was ny and comprises 43 airports and air navigation Avinor sectors. military and civilian the for services About the company Avinor AS was established in 2003 when the Nor (Luftsfartsverket) Aviation Authority Civil wegian NOK 2,535 million (NOK 2,057 million). No divi dend was paid in 2020 for the 2019 financial year. NOK 585 million in dividends was paid in 2019. 8.3 per cent, which was primarily due to increased increased to due primarily which was per cent, 8.3 environ to related costs clean-up for provisions mental contaminants at Avinor’s firefighting exer totalled 2019 in investments Avinor's area. cise profit after tax was NOK 702 million (NOK 1,170 profit after tax was NOK 702 million (NOK 1,170 million). Operating expenses totalled NOK 8,151 of million in 2019 (NOK 7,523 million), an increase Attainment of the State’s goal The group’s total operating revenues in 2019 were NOK 11,785 million (NOK 11,724 million), and the ports for the civilian sector and joint air navigation air and joint sector civilian the for ports military sectors. It is a services for the civilian and to be run efficiently. requirement for the company State ownership in Avinor AS is to own, The State’s goal as owner of air nationwide network a develop operate and The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Photo: Øyvind Haug 0 0 0 0 0 0 0 ) - 30 0% 0% 4% 6% 633 659 629 988 2018 100% 1,899 9,976 4,532 7% ( 7% 15,208 18,434 20,480 72 (74) 72 178,082 168,106 (2018) 95% (93%) 95% 50% 0 0 0 0 0 0 0 0 0% 0% 6% Result 2019 2019 Result 3 % 475 529 102 427 2019 4,612 100% 2,114 20,250 14,281 10,948 20,642 186,378 175,430 78 Management group 94% 4.3% 50% 2019 Goals Goals

Gender balance 2019 65% Company Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements: Norwegian Railway Directorate Grants Assets and dividend 35% Percentage of leased area area leased of Percentage value rental of terms in satisfaction Customer questionnaire score + development Value the for return direct Bane in portfolio property AS Eiendom NOR Indicator

Bane NOR Eiendom AS with subsidiaries with AS Eiendom NOR Bane Website: Website: www.banenor.no High financial financial High rate occupancy Competitive customer satisfaction return Satisfactory property the on portfolio Long-term goals Long-term Business subject to competition – the company's principal principal company's the – competition to subject Business (selection) 2019 results and objectives ) - 6 (4) 6 5 (5) 5 12.5% ( 12.5% - 78.2% (73%) 78.2% 89.2% (88.7%) 89.2%

Result 2019 (2018) 2019 Result 100% 100% Transport of Ministry CEO: Frimannslund Gorm Auditor: AS PwC 0 0

90% 80% ≥ 3 % 3 ≥ Construction was cleared to commence for the Drammen–Kobbervikdalen and Nykirke–Barkåker projects. The projects are an important part of the InterCity development, which will give shorter travel times, better punctuality and increased frequency. Establishment of the subsidiary Spordrift AS,Establishment of the subsidiary and maintenancewhich took over the operation on 1 July 2019. Theof the railway infrastructure exposed to competi services will be gradually tion until 1 October 2027. In February 2019, drilling work was completed on the Follobane Tunnel, which is part of the largest ongoing infrastructure project on the Norwegian railway network and is Norway’s longest railway tunnel. egy and strategic focus areas are put into opera into put are areas focus strategic and egy tion through indicators and targets. Responsible business conduct in The company works to make a positive impact the analyse business, core the to closest areas the risk situation and opportunities and initiate meas ures when necessary. Together with Bane NOR's stakeholders, the company has identified ten are in focus particular assigned be to importance of as reported. be will these on progress and future the • Strategy Bane NOR’s vision is “Norway on rails”. The compa ny will achieve the objectives in the railway reform through the strategic focus areas of “Safety”, and first” “Customers money”, the for rail “More strat The society”. to contributor “Future-oriented Important events in 2019 • •

Goals 2019 Goals

Board of Directors: of Board (chair) Hatlen Beate Siri chair) (vice Melbø Trygve Olaf Breivega Rongen Ane Nag Toril Haugen Baard Håverstad* Torfinn Engeset* Solbjørg employees the by elected * ownership: State Indicator deaths of Number Number of seriously seriously of Number injured passenger all Punctuality, trains freight all Punctuality, trains Productivity CATEGORY 3 CATEGORY Productivity increase of of increase Productivity 2018 with compared 15% Be among the most most the among Be stable operationally infrastructure railway Europe in managers Long-term goals Long-term safest Europe's Providing railway Political policy activities - the company's principal objectives objectives principal company's the - activities policy Political (selection) 2019 results and is situated in Oslo. in 2016, and in 2017, the majority of the activities in 2016, and in 2017, the majority of the activities Na Norwegian the agency administrative the of tional Rail Administration (Jernbaneverket) were transferred to Bane NOR. Bane NOR’s head office nance of the national rail network, for traffic man traffic for network, rail national the of nance agement, and for the management and develop founded was NOR Bane property. railway of ment About the company devel planning, the for responsible is NOR Bane opment, management, operation and mainte competition (Bane NOR Eiendom AS), Bane NOR competition (Bane NOR Eiendom AS), Bane NOR had value growth and a direct return of 7.0 per cent in 2019. lenges with punctuality after the summer mainte summer the after punctuality with lenges a had generally NOR Bane 2019, in work nance punctuali of terms in result satisfactory relatively to ty. For the part of the business that is subject Bane NOR’s profit for 2019 was NOK 427 million, 427 NOK was 2019 for profit NOR’s Bane of which was primarily due to profits from the sale property in Bane NOR Eiendom AS. Following chal railway infrastructure and railway-related proper railway infrastructure and ty activities. Attainment of the State’s goal of national railway infrastructure and railway of national railway infrastructure as owner is cost-efficient property. The State’s goal of safe, accessible management and development State ownership NOR Bane in ownership for rationale State’s The and development SF is to ensure the management Bane Nor SF Nor Bane 72 73 Photo: Kings Bay AS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0% 0% 0% 0% 0.2 4.2 4.1 0.1 4.1 98% 0% 2018 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0% 0% 0% 0% 0.2 4.2 4.1 0.1 4.1 98% 2019 CATEGORY 3 CATEGORY Management group 0%

0% Gender balance 2019 Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend share 0%

Website: Website: www.kingsbay.no Auditor: Auditor: AS PwC

Ministry of Climate Climate of Ministry Environment and CEO: Hanevold Erik Per State ownership: ownership: State 100%

Board of Directors: Directors: of Board (chair) Instanes Tor chair) (vice Salbuvik Widar Langeggen Ellen Tverfjeld Bang Elin Bjørnøen AS Bjørnøen Bjørnøya. The State’s goal as owner is to manage Bjørnøya. The State’s goal as owner is to manage the State’s ownership of the land on Bjørnøya. About the company is The State’s rationale for ownership in Bjørnøen on to manage the State’s ownership of the land takes place through a lease agreement with the takes place through a lease agreement with the a which has Institute, Meteorological Norwegian meteorological station on Bjørnøya. Attainment of the State’s goal of The company manages the State’s ownership this things, on Bjørnøya. Among other the land land on Bjørnøya to the Ministry of Trade, Industry land on Bjørnøya to the Ministry of Trade, Industry and Fisheries, which manages all State-owned land in Svalbard. In cooperation with the Ministry of Trade, Industry In cooperation with the Ministry of Trade, Industry Environ and Climate of Ministry the Fisheries, and ment will assess whether to transfer title to the which also supplies management services to which also supplies management - Bjørnøen, in 1967. Bjørnøen's head office is in Ny Ålesund. is a nature reserve and is largely protected. is a nature reserve and by the State in 1932 and Bjørnøen was taken over of Kings Bay AS, placed under the management State ownership land and some historic Bjørnøen AS owns all the Bjørnøya Bjørnøya. of island Arctic the on buildings Photo: Tale Hendnes 0 0 0 0 0 0 0 0 30 0% 0% 8.5 0.1 8.5 0.7 -2% -0.7 -0.5 -0.5 0% 38% 41.3 22.4 17.7 13.9 27.1 11.6 2018 100% 0 0 0 0 0 0 0 0 30 0% 0% 0.1 0.1 8.6 0.2 8.6 1.8 -1% -0.2 36% 41.7 24.1 17.5 15.6 27.7 11.9 2019 100% Management group 100%

Gender balance 2019 50% Company Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Culture Grants: Hordaland County Council and City of Bergen Grants: Agder County, City of Bergen, Hordaland County transparent organisation at all levels. well as raising awareness and appreciation of com work to shall Carte Blanche diversity. cultural worksand bribery, and corruption of forms all bat to develop a well-functioning, responsible and 50%

Website: www.carteblanche.no

State ownership: ownership: State 70% Culture of Ministry Director: Theatre Bonnéry Annabelle Auditor: Pricewaterhouse AS Coopers

owners. Vestland County Council was also considered as a potential owner of this limited liability company. A new strategy document was prepared for 2019–2022. The conference for Sentralbadet Scenekunst was announced in August 2019, and the first stage of prequalification for five providers was concluded in December 2019. Bergen City Council considered the future operating model for the Sentralbadet performing arts centre and the decision was made to further examine a limited liability company model whereby the City of Bergen, Carte Blanche and BIT Teatergarasjen will be the openness and mutual respect, encourage global and reflective cultural exchanges and enable artis tic work to be placed into context. Responsible business conduct Carte Blanche has developed ethical guidelines and guidelines for corporate social responsibility based on the United Nations Sustainable Develop for sustainablecompany works The ment Goals. out environmentally-operations by actively seeking Thesolutions for production and touring. friendly company shall contribute to increasing cultural knowledge among children and young people, as • Strategy Carte Blanche shall be artistically innovative and, through its touring activities, develop the compa ny's expression when performing in front of differ ent audience groups. Carte Blanche shall work to promote equality, Bergen. Important events in 2019 • • as agreements for averaging working hours, and working as agreements for averaging imple and planning for tools electronic various mentation. About the company of company national Norway’s is Blanche Carte the only permanent con contemporary dance and com The Norway. in ensemble dance temporary pany was established in 1988 and produces and and by renowned performances created presents contemporary international new Norwegian and dance choreographers. Carte Blanche is located in

Erichsen, Erichsen,

- Strøm Grete Harald Nilsson, Nilsson, Harald Board of Directors: Directors: of Board (chair), Dåvøy Laila chair), (vice Hope Ole Per- - Anne Halleraker, Svein Njærheim, Beth Anne Rimeslåtten* Guro employees the by elected * CATEGORY 3 CATEGORY plemented for efficient resource utilisation, such Average audience numbers for the past five years have been 14,308 at 87 different events. im been have measures various years, recent In Goal achievement in relation to targets was 92 per was Goal achievement in relation to targets cent for productions in Bergen and 72 per cent for Norwegian touring productions. tional activities and joint productions, a total of 92 different events. Of these, 18 were touring productions in Norway. The total audience number for 2019 was 10,845, promo productions, among divided was which well as in connection with all Norwegian touring productions. Targeted efforts are being made to on based concept Rucksack Cultural the develop the company’s regular productions. Carte Blanche looks to hold school performances (Den Kultur Skolesekken - The Cultural Rucksack) as Bergen, in performances with connection in shops for families. Separate family performances shops for families. Separate family performances were also included with the regular productions for the year. Carte Blanche offers various workshops for differ ent target groups. New for the year were work ternational Festival and BIT20 Ensemble in which in Ensemble BIT20 and Festival ternational per a improvised dancers company's the of five formance of the composition "cosmigimmicks" from the festival composer Unsuk Chin. well as in Caen. In Bergen the with collaboration a also was There and "Primal", together formed the double bill double the formed together "Primal", and "Echo Flux" and were produced in collaboration production This organisations. French two with as was also shown at various locations in Norway, 2019. The first production of the year, "Know 2019. The first production of the year, "Know Hows", toured both in Norway and Rotterdam. The next two productions, "the departed Heart" ity to a wide audience. Attainment of the State’s goal in productions new three produced Blanche Carte quality art and culture and one has access to high-quality art and culture and and renewal. The to promote artistic development high level of artistic qual State's goal as owner is a State ownership for ownership in Carte The State’s rationale to ensuring that every Blanche AS is to contribute Carte Blanche AS Blanche Carte 74 75 Photo: Magnus Skrede 0 0 0 0 0 0 0 0 0% 0% 4.4 4.8 4.8 4.4 3 % 163 131 142 55% 83.8 41.1 46.2 37.7 46.2 2018 100% 43% 0 0 0 0 0 0 0 0 53 53 0% 0% 1% 2.3 2.7 2.7 5.2 185 149 130 57% 93.3 38.8 40.3 2019 100% CATEGORY 3 CATEGORY Management group 57%

Gender balance 2019 50% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Culture Assets and dividend Dividend for the financial year Dividend share 50% lines that are in place. DNS takes environmentaltakes DNS place. in are that lines concerns into consideration when making deci sions and in its operations, and works systematical of climateimpact ly towards reducing the negative change. Responsible business conduct thatmanner a DNS shall carry out its activities in DNSenvironment. the and society people, benefits inresponsibility social corporate its fulfil to aims toand policy ownership Government’s the with line withinrights workers’ and rights human safeguard mannera in act shall employees its organisation. All guide the follow and responsible ethically is that Website: Website: www.dns.no

Theatre Director: Director: Theatre Larsson Stefan Auditor: AS EY 66.67% 66.67% Culture of Ministry completed in the spring of 2020. There was no clarification in 2019 regarding the choice of solution for the development of the theatre building and DNS is awaiting the Ministry’s decision. DNS has been strongly involved in the debate concerning the cultural policy reform for regional areas. DNS is of the view that if State grants are transferred to regional level, the State will lose its most important policy instrument for managing cultural policy. and 2019 was her final year. Stefan Larsson was appointed in 2018 as Theatre Director for 2020–2024. He performed some work at DNS during 2019 and planned the repertoire for 2020. In May, the Ministry of Culture appointed a new DNS board of directors for 2019–2023. Katrine Trovik took over from Siren Sundland as board chair. The Ministry granted additional funds to undertake major renovations on the roof and external walls in 2017-2018. This work will be Agnete Haaland had been Theatre Director at DNS for two fixed-term periods (eight years)

quality, socially rele socially high-quality, create to is vision DNS’s In audience. broad a for theatre engaging and vant line with its mandate as a national theatre, DNS to contributes programme, diverse a presents cultural safeguards wards artistic development, heritage and collaborates extensively with other the of importance the on focussed is DNS players. theatre to inclusion, gender equality, social devel opment and democratic participation. • Strategy • • About the company five national dramatic art DNS is one of Norway’s creates high-quality, so institutions. The theatre a for theatre relevant and engaging relevant, cially is an extension of Ole broad audience. The theatre which was established Bull’s Det Norske Theater, 1972. in part-owner became State The 1850. in DNS is located in Bergen. Important events in 2019 •

Eddy Lie Lie Eddy - Board of Directors: Directors: of Board (chair) Trovik Katrine Olsen Rune Dag Berge Kjersti Bjørnsen Anders Roy Aalberg* Sagmo Kristoffer Kambestad* Arne employees the by elected * ownership: State Den Nationale Scene Nationale Den elle bæremeisen (Cultural Child Carrier) and OBOS. In addition, the performance “Å Bergen, Bergen” was streamed to 21 different institutions. organisations receiving tickets via the Kavli Fund tickets via the Kavli organisations receiving (900 tickets) and 4,000 school and kindergarten children received free tickets through Den kultur elle skolesekken (Cultural Rucksack), Den kultur troduced yearly passes, strengthened the loyalty (over 1,000Teatertjommi program be members tween the ages of 18-30), increased the number of touring activities in collaboration with others. DNS others. with collaboration in activities touring actively works to reach new audience groups, as well as to strengthen its relationship with the exist ing audience. Among other things, DNS has rein audience groups. DNS had a record audience fig primarily was increase The 2019. in 170,115 of ure from popular children’s performances and larger Performance indicators for the goal of reaching a reaching of goal the for indicators Performance wide audience include the number of tickets sold well as activities, promotional at participants and as the result of various initiatives for reaching new world premieres, three Norwegian premieres and three Norwegian premieres and world premieres, five joint productions. have been to create innovative and lavish family have been to create innovative and lavish family on performances, initiate new stage plays based dra new promote generally and history, Bergen's eight presented repertoire 2019 The art. matic es and the press. Surveys show that 92.5 per cent es and the press. Surveys show that 92.5 per cent were satisfied with their experience at DNS, and 97 per cent wanted to return. Important initiatives DNS produced 27 different performances in 2019. in performances different 27 produced DNS There were also guest performances, tours and re have performances The activities. promotional ceived consistently good responses from audienc high artistic quality include the number of world of number the include quality artistic high pro joint and premieres Norwegian premieres, ductions, as well as audience response and press. ity to a wide audience. Attainment of the State’s goal of Performance indicators linked to a programme quality art and culture and one has access to high-quality art and culture and and renewal. The to promote artistic development high level of artistic qual State's goal as owner is a State ownership ownership in AS Den Na The State’s rationale for help ensure that every tionale Scene (DNS) is to Photo: Erik Berg 1 0 0 1 0 0 0 0 0 0 0% 0% 0% 1.5 786 249 348 625 648 98.3 51.4 2018 -40% -99.3 100% 57% 0 0 0 0 0 0 0 0% 0% 2% 1.4 808 275 122 356 640 636 17.9 18.7 18.7 50.3 2019 -29% -80.7 100% Management group 43%

Gender balance 2019 46% Company Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Grants: Ministry of Culture Grants: Funds from the Ministry of Culture’s gift reinforcement programme 54% Website: Website: www.operaen.no

State ownership: ownership: State 100% Culture of Ministry CEO: Bergkastet Geir Auditor: AS KPMG

from her fixed-term position in 2019, and Randi Stene has been appointed as the new Opera Director starting in the spring of 2020. DNO&B conducted a feasibility study together with Nationaltheatret and Det Norske Teatret to assess potential collaboration that could strengthen the scope of their activities. The Norwegian National Ballet’s Ibsen BalletsThe Norwegian National and internationalhave become signature works successes. Ballet’s majorThe Norwegian National at Bjørvika was Laperformance for the year Bayadère, which was one of the most demanding the company has ever produced. The result was brilliant reviews and full houses. Opera Director Annilese Miskimmon resigned

work with the environment and corporate social responsibility, the company was recertified in 2019 as an Eco-Lighthouse (Miljøfyrtårn) for three more years. Targets for work relating to climate change and efforts regarding gender equality and company's the into incorporated are diversity long-term strategy. DNO&B works systematically with sick leave and HSE, and new ethical guidelines in established were routines whistleblowing and 2018. Initiatives for reducing instances involving bullying/harassment and inappropriate behaviour are prioritised in the company's strategy work. spectful community which promotes outstanding outstanding which promotes community spectful performances. The strategy supports the new cul in Storting the by adopted objectives policy tural 2019. Responsible business conduct respon a in out carried be shall activities DNO&B's sible manner for people, society and the environ ment. DNO&B contributes to a decent working life, and rights of work where fundamental standards pro and guidelines has DNO&B safeguarded. are cedures for following up its corporate social re collabora purchases, include which sponsibility, tive partners and sponsors. Through DNO&B's • Strategy DNO&B will make art more important in people’s a lives by creating opera and ballet that leave reach out to as wide an audience as possi mark, re a have and opportunities artistic expand ble, Important events in 2019 • • •

Board of Directors: of Board (chair) Tanum Carine Anne chair) (vice Petersen Jan Thorsen Rolf Berge Håkon Willand Sarah Bergrabb Malmbekk Gro Salonen* Markku Eikeland* Christine employees the by elected * CATEGORY 3 CATEGORY 1957. National Ballet 2, the Norwegian National Opera Children’s Chorus and the Norwegian National in established was company The School. Ballet sic and dramatic art and comprises the Norwegian the comprises and art dramatic and sic Op National Norwegian the and Ballet National era, the Norwegian National Opera Orchestra, the Norwegian the Chorus, Opera National Norwegian About the company mu for the country’s largest institution DNO&B is lenging in terms of pension costs, increased main increased costs, pension of terms in lenging revenues. own on pressure and costs tenance Self-financing was 21 per cent, compared with 20 per cent in 2018. DNO&B recorded a profit for the third consecutive DNO&B recorded a profit for the third consecutive chal remains situation financial the however year, cy ended at 89% for 2019, which is about the aver the about is which 2019, for 89% at ended cy an age for previous years. The opera has become important venue for independent artists, and there is extensive artistic collaboration. mances. The number of visitors for all activities mances. The number of visitors for all activities of average an with compared 370,000, was about occupan seat Total years. five past the in 380,000 artistic performances. The Opera House in Bjørvi artistic performances. The Opera House ka is the centre of the institution's activities. 2019 saw the presentation of a rich repertoire of opera, ballet and concerts, spread among 374 perfor wegian and international opera and ballet land ballet opera and international and wegian scape. During 2019, audiences were presented with a diverse repertoire of international quality er is a high level of artistic quality to a wide audience. wide a to quality artistic of level high a is er Attainment of the State’s goal Nor DNO&B has been a leading institution in the everyone having access to opera, ballet and con everyone having access artisticpromote to and quality, artistic high of certs The State's goal as own development and renewal. State ownership ownership in Den Norske The State’s rationale for is to contribute toOpera & Ballett AS (DNO&B) Den Norske Opera & Ballett AS & Ballett AS Center Opera Space Norske Den Andøya 76 77 Photo: Getty ImageS 5 0 0 0 0 0 0 0 0 0 45 0% 0% 4% 6.1 1.6 4.5 114 112 35% 84.9 29.4 55.5 29.4 2018 100% 0 0 0 0 0 0 0 0 0 49 0% 0% 3.9 5.5 1.4 4.1 3 % 112 115 48% 69.8 33.5 36.2 33.5 2019 100% 71% CATEGORY 3 CATEGORY Management group 29%

Gender balance 2019 43% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: The Ministry of Trade, Industry and Fisheries Assets and dividend Dividend for the financial year 57% Website: Website: www. eksportkreditt. no Auditor: Auditor: AS KPMG

The Ministry of of Ministry The and Industry Trade, Fisheries CEO: Søberg Otto State ownership: ownership: State 100% The first disbursement of loans under the new,The first disbursement of scheme took place intemporary, ship financing 2019. More than half of new applications in 2019 were from small and medium-sized enterprises.

and assess greenhouse gas emissions within ship within emissions gas greenhouse assess and financing, Eksportkreditt Norge signed up to the interna an are 2019. These Poseidon Principles in measuring of objective the with framework tional the carbon footprint of ship financing portfolios. The aim of Eksportkreditt Norge is to promote Nor promote to is Norge Eksportkreditt of aim The wegian exports through competitive, accessible and efficient export financing. The company works suchagencies funding public relevant with actively as GIEK and Innovasjon Norge to promote its ser vices and make these readily available, particularly for small and medium-sized enterprises. Responsible business conduct Eksportkreditt Norge’s overarching corporate so the found in be cial responsibility guidelines can also has Norge Eksportkreditt Framework. OECD adopted the Equator Principles. In order to con climate change an increased focus on to tribute sportfinans. Eksportkreditt Norge’s head office is sportfinans. Eksportkreditt located in Oslo. Important events in 2019 • • Strategy

Board of Directors: Directors: of Board (chair), Fougner Bugge Else Marum, Ivar Finn Hatlen, Beate Siri Arntsen, Ingelise Holte, Øyvind Sørli* Marie employees the by elected * State’s export credit scheme from Ek 2012 when it took over responsibility for manage ment of the goods and services, principally for export. The pur of pose is to offer export credit to the customers Norwegian export companies on internationally incompetitive terms. The company was founded Eksportkreditt Norge manages the State’s export Eksportkreditt Norge manages the State’s export credit scheme (loan scheme), which entails offer ing financial services for the purchase of capital low up the outstanding loan portfolio linked to this to linked portfolio loan outstanding the up low part of the portfolio. About the company kreditt Norge. Due to the difficult situation for pe Ek years, recent industries in troleum-related fol to extensively worked has Norge sportkreditt instruments also showed that stakeholders con competi be to services financing export the sider with satisfied consistently were they that and tive the services and expertise provided by Eksport promote Norwegian exports by securing financing financing securing by exports Norwegian promote for export contracts valued at NOK 11.4 billion. Surveys conducted as part of the review of policy Attainment of the State’s goal The company’s activities in 2019 supported the to Norge Eksportkreditt for owner as goal State’s credit scheme. The State’s goal as owner is to pro credit scheme. The State’s through competitive, ac mote Norwegian exports financing. cessible and efficient export State ownership ownership in Eksportkred The State’s rationale for a manager of the export itt Norge AS is to have Eksportkreditt Norge AS Norge AS Eksportkreditt Avinor Photo: Rec Solar Norway AS 0 0 0 0 0 0 0 0 0 77 0% 0% 2% 2.6 3.5 3.5 127 127 55% 56.1 54.8 30.7 25.4 30.7 2018 100% 3.2% 3.2% 0.31 (0.81) 0.31 0 0 0 0 0 0 0 0 0 -5 78 0% 0% 127 127 -4% -3.9 -3.9 51% 53.0 45.3 26.9 26.1 26.9 75% 2019 100% 2.1 TWh (5.2 TWh) (5.2 TWh 2.1 177 MW (422 MW) (422 MW 177 11,038 applications applications 11,038 Management group 25% Result 2019 (2017-2019) 2019 Result

NOK 5.7 billion (NOK 8.5 billion) 8.5 (NOK billion 5.7 NOK Gender balance 2019 51% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: The Climate and Energy Fund Assets and dividend Dividend for the financial year Dividend share 49% time equivalent. time - Auditor: Auditor: AS Deloitte Website: www.enova.no CEO: Nakstad Kristian Nils

equivalents in sector not subject to quotas to subject not sector in equivalents - 2

Hege Glasø Wiggen* Wiggen* Glasø Hege Aune* Ingrid Stafne* Nilssen Børge the by elected * employees ownership: State 100% and Climate of Ministry Environment tered by Enova. Establishment of the zero-emission fund for commercial transport. The scheme is adminis tional development. Enova's procurement pro cesses set requirements for ethical trading and for avoiding social dumping. Enova wants its suppliers to have clear climate ambitions and to facilitate social integration. Enova seeks to minimize its im 2019 the and in environment, the external pact on company moved into a model building that is fore most in the country in terms of its energy use and carbon footprint. Strategy The four-year management agreement gives Eno va a long-term financial framework and considera Enova operation. its to regards with freedom ble of will establish policy instruments with the aim achieving lasting market changes, such that effi - cient energy and climate solutions will, in the long term, be preferred without support. These activi ties can be focussed on all sectors. Responsible business conduct Ethical guidelines are central to Enova’s organisa About the company policy instrument is in The company’s primary out are tasks company’s The support. vestment agreement between the lined in more detail in an and Enova Environment and Climate Ministry of of the Climate and Energy management the on founded in 2001 and its Fund. The company was head office is located in Trondheim. Important events in 2019 •

Number of applications processed under the Enova grant per full per grant Enova the under processed applications of Number Indicator CO of tonnes Million (TWh) hours Terawatt (MW) Megawatts billion the in funds allocated total from activities other and administration for costs of Share Fund Energy and Climate

en pro equivalents equivalents - 2 Board of Directors: Directors: of Board (chair) Holm Tore chair) (vice Fosen Arne Kristiansen Gaard Eirik Litlekalsøy Linda Elverum Dina Aase Hasaas Olav Aune Økland Hege CATEGORY 3 CATEGORY Most cost-effective management of Enova and the the and Enova of management cost-effective Most Fund Energy and Climate Energy results equivalent to 4 TWh 4 to equivalent results Energy MW 400 to equivalent Effect innovation generated to equivalent results Innovation 4 NOK of capital Long-term objectives 2017-2020 objectives Long-term CO of tonnes million 1 for results Climate quotas to subject not sector in hicles through the zero-emission fund, which con tributes to the use of new technology. projects contribute to the development of new projects contribute to the development of new technologies that may be important to the transi tion to a low-emission society. Support was also provided for a large number of zero-emission ve Enova supported several promising technology promising technology Enova supported several projects, including Equinor’s Hywind Tamp These Solar. REC by innovation cell solar and ject the aim of achieving lasting market changes. This the aim of achieving lasting market changes. This means that how a project contributes to market quantifia the as important as just be will change ble results from the individual projects. In 2019, gian homes. Enova’s objective is to establish instruments with 2019 was a record year for Enova. 1,484 projects in 2019 was a record year for Enova. 1,484 projects 5.2 NOK of business and industry with a total value billion were approved and NOK 334 million was Norwe in initiatives energy 20,789 for disbursed Fund. Attainment of the State’s goal technological development, which will bring about technological development, a reduction in greenhouse gas emissions in the long term, in line with the four-year agreements Energy and Climate the of management the on emission society. The State’s goal as owner is as owner goal State’s society. The low-emission in greenhouse gas the highest possible reduction and supply energy of security improved emissions, State ownership ownership in Enova is to The State’s rationale for for the transition to a ensure a policy instrument The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Enova 78 79 Photo: Entur – Skodvin 0 0 0 0 0 0 0 0 37 0% 0% 7% 9.3 470 414 251 126 288 315 250 30% 34.6 27.7 26.1 2018 100% 57% 0 0 0 0 0 0 0 0 16 0% 0% 3% 4.1 490 423 211 129 294 321 253 31% 18.6 14.5 66.8 2019 100% CATEGORY 3 CATEGORY Management group 43%

Gender balance 2019 46% Company Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend 54% Website: Website: www.entur.org

Ministry of Transport of Ministry CEO: Welle Johnny Auditor: Deloitte State ownership: ownership: State 100%

Modernised the digital systems to enable theseModernised the digital systems and ever-increasingto handle more operators uptime. demands for capacity and of customerSale of tickets and provision services for Go-Ahead from September. Start of ticket sales for four counties in Entur’s travel planning and ticketing app.

ities on the goal of sustainable cities and commu and cities sustainable of goal the on ities nities. Through cooperation on innovation and makes a contribution infrastructure, Entur digital to, among other things, responsible consumption. All of Entur’s employees and hired resources are subject to ethical rules, which include provisions relating to corruption and human dignity. Rules and routines have also been established at com pany level to prevent corruption and other financial crime. Entur’s vision is to collaborate on simple and sus in the strat The principal objective travel. tainable players industry the with interaction involves egy to ensure that the services offered provide value public other and operators railway the for both transport operators. The company is underway with a strategy process that will result in a revised set of performance indicators. The results of this work will form the basis for future reporting. Responsible business conduct based are strategies and objectives vision, Entur’s Sustainable Development on the United Nations bases its activ instrument, Entur As a policy Goals. Important events in 2019 • • • Strategy

Eriksen* Eriksen* Board of Directors: Directors: of Board (chair) Orgland Bing Kari chair) (vice Jensen Harald Leif Gjessing Sverre Randa Andersen Audhild Sandaker* Bente - Skotte Karsten employees the by elected * Entur AS Entur national travel planning service for travellers. The company was demerged from Vygruppen in 2017. Entur’s head office is situated in Oslo. company. Entur cooperates with the public trans of sharing and collection the on operators port public transport data for all of Norway on an open ly accessible digital platform. Entur also provides a also supplies solutions which enable travellers to travellers enable which solutions supplies also purchase tickets that cover their entire journey even if it involves more than one public transport About the company Entur provides ticket sales and ticketing solutions for Norwegian railway operators. The company Vygruppen, Go-Ahead and the Norwegian Railway re financial positive a reported Entur Directorate. sult for 2019. of the source data, and ensure a high level of up security. information and channels digital in time During 2019, the quality of Entur’s services fulfilled the requirements stipulated in agreements with frastructure, and Entur's channel was expanded to expanded was channel Entur's and frastructure, sell tickets for several counties. Entur also carried out significant work in 2019 to improve the quality neutral terms. During 2019, Entur’s platform During tition-neutral terms. was adopted by Go-Ahead, the new rail operator start also counties Several line. Sørlandet the for in ed using services from Entur's national digital Through the modernisation and adaptation of the Through the modernisation and adaptation of the railway sector’s sales and ticketing systems, Entur has helped the sector to offer services on compe ment and operation of travel planning and ticket and planning travel of operation and ment ing services for the public transport sector. Attainment of the State’s goal planning and ticketing services for the public planning and ticketing -neutral terms. transport sector on competition is cost-efficient develop The State’s goal as owner State ownership is AS Entur in ownership for rationale State’s The travel basic offering of capable provider a have to Photo: Terje Aamodt ------2018* end there there end 0 0 0 0 0 0 0 0 0 18 0% 0% 1% 3% 4.3 1.0 322 14.1 14.1 14.8 14.8 67% 2019 100% 583.9 523.1 568.3 Management group 33%

Gender balance 2019 39% Company Dividend percentage Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year 2019/12). More than NOK 115 billion was invested was billion 115 NOK than More 2019/12). in Investments 2019. to 2000 from industry the in 2019 were 14 billion, the highest ever level when prices. fixed of terms in measured 70 started, were projects R&D new 56 2019, In at year- and were completed projects FHF. by financed projects ongoing 144 were Restructuring and innovation are the objectives ofobjectives the are innovation and Restructuring a number of projects. Investments in the seafood are(Norce industrydocumentedandassessed 61% *FHF was converted into a State-owned limited company from 1 January 2019. Website: Website: fhf.no

State ownership: ownership: State 100% Trade, of Ministry Fisheries and Industry CEO: Andreassen Geir Auditor: Young & Ernst

company. Total value creation from the seafood industry passed NOK 100 billion. FHF was converted from an underlying administrative body into a State-owned limited portfolio for aquaculture, which documents sus industry. aquaculture the in tainability FHF's performance measurement system providessystem measurement FHF's performance projects. completed all in results of assessments through measured is industry the in creation Value R&D projects which document developments in all industry. seafood the of parts aresustainability and adaptation Environmental andprojects research of number a by supported separate documentation documented through sustainability the of launch the saw 2019 projects. Strategy A broad commercial basis ensures that the priori are the in place takes projects research of tisation crea value to sustainable best contribute that as tion. Responsible business conduct Research projects financed by FHF follow estab and compli principles for research lished ethical and guidelines ethical through ensured is ance established administrative routines. Whistleblow ing routines have been established. About the company FHF funds industry-based research and develop was established in 2000 ment. The undertaking liability company in and converted into a limited located in Oslo. 2019. FHF’s head office is Important events in 2019 • •

Grethe Strand Aasnæs Aasnæs Strand Grethe Members of the Board: the of Members - Janne (chair) chair) (vice Broback Edmund Drivenes Kathrine Britt Oaland Øyvin Asmyhr Kielland Frode Hans Ingebrigtsen Kjell Sveen Tveit Elin CATEGORY 3 CATEGORY adaptation and sustainability in the industry. the in sustainability and adaptation innovation and restructuring to Contribute industry. the in Contribute to increased sustainable value sustainable increased to Contribute industry seafood the in creation environmental increased to Contribute corded. uted several research projects concerning the in creased utilisation of by-products. The utilisation rate of by-products for the industry as a whole was highest ever re the is (2018), which per cent 82 viders was calculated at NOK 32.4 billion in 2018. FHF has financed the development of an environ mental database for aquaculture, and has contrib A focus on environmental adaptation and restruc and adaptation environmental on focus A of turing has resulted in growth in the provision technology and services for the industry. Total val ue creation from the technology and service pro industry has had the strongest annual growth rate industry has had the strongest annual growth rate in Norway of 11.7 per cent in the last few years. The seafood industry has experienced growth in growth experienced has industry seafood The annual value creation since 2013. Total value crea (including billion 100 NOK passed now has tion ripple effects). Employment is increasing and the than NOK 3 billion has been invested in generic than NOK 3 billion has been invested in generic R&D through FHF. development projects that provide shared knowl projects that provide development envi on companies seafood of work the for edge val and restructuring adaptation, ronmental ue-creation. Since being established in 2001, more Attainment of the State’s goal of development the to fundamental is Knowledge the seafood industry. FHF finances research and opment to create added value, environmental ad opment to create added fish the in innovation and restructuring aptation, eries and aquaculture industry. (FHF) is to strengthen funding of marine research research marine of funding strengthen to is (FHF) goal as owner is to and development. The State’s research and devel strengthen funding of marine State ownership its ownership in Fiskeri- The State’s rationale for forskningsfinansiering AS og havbruksnæringens FHF has several performance indicators to to indicators performance several has FHF towards working is company the that ensure objectives. these • • • The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The objectives: principal three has FHF Fiskeri- og havbruksnæringens forskningsfinansiering AS forskningsfinansiering og havbruksnæringens Fiskeri- 80 81 Photo: Haakon Nordvik 0 0 0 0 0 0 0 0 0 0 0 0 0 15 0% 0% 0% 1% 313 996 330 58% 30.5 2018 100.1 1,011 (1,229) 43% 0 0 0 0 0 0 0 0 0 0 0 0 0 14,11 (14.94) 14,11 15 0% 0% 0% 1% 345 341 57% 93.3 44.1 2019 1,520 1,505 CATEGORY 3 CATEGORY Management group Result 2019 (2018) 2019 Result 57% 99.37 (99.14) 4,955 (4,797) 422 422 (4,797) 4,955 (99.14) 99.37

Gender balance 2019 1.5 (1.16) (1.16) 1.5 15 73% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend share 27% Goals 2019 Goals 99.38 4,786 million 349 MSM3 349 million 4,786 99.38 0 0 Website: Website: www.gassco.no Auditor: Auditor: AS PwC

Operating Operating

Sales Ministry of of Ministry and Petroleum Energy CEO: Leversund Frode State ownership: ownership: State 100%

pipelines in the area together. Preparations for the tie-in of a branch pipe from (Baltic Pipe). Europipe II to Nybro in Denmark which showed that itStudies were carried out new transportmay be profitable to build Barents Sea.solutions in and from the Coordinated development is important for realising the resource potential. Based on assessments of future needs in the Heimdal area, the decision was made to link the Availability Global Compact and the OECD Due Diligence Global Compact and the OECD Due Diligence Guidance For Responsible Business Conduct. The United Nations Sustainable Development Goals con on work Gassco's for framework a constitute Gassco creation. to sustainable value tributing conducts due diligence assessments and material ity analyses in line with the OECD guidelines and reporting the Exchange’s guidance on Stock Oslo of corporate social responsibility. The company’s compa the includes 2019 for report sustainability ny’s core values, tax policy and ethical guidelines. Strategy more and safer are objectives strategic Gassco's value, create infrastructure for the future, and re duce climate impact. The strategic objectives form the basis for the company's strategic action plans the compa which indicators performance and key ny reports on. Risk management is an integrated part of Gassco's corporate governance. Responsible business conduct busi responsible for requirements sets Gassco UN the in principles ten the on based conduct ness Important events in 2019 • • • Extra capacity capacity Extra

2 /tonnes /tonnes

Indicator incidents* Critical expenses** CO Kg Lene Midseim Midseim Lene Board of Directors: Directors: of Board (chair) Skogseth Steffen Jan - Anne Hustad Einar Johan Skjærpe Rasmus Tor Aardal* Brynjar Flotve* Kenneth employees the by elected * /tonnes produced. 2 Operating expenses excl. electricity and fees and electricity excl. expenses Operating Number of critical incidents in last 12 months/million hours of work work of hours months/million 12 last in incidents critical of Number

Reduce climate impact climate Reduce Long-term goals Long-term value more and Safer * * ** owners with a reasonable return. Gassco does not does Gassco return. reasonable a with owners com The operations. its from loss or profit a make pany was founded in 2001 and its head office is located in Karmøy. ing facilities, platforms and gas terminals on the gas and ing facilities, platforms shippers The UK. the in and continent European the provide that tariffs transport regulated pay Gassco is the operator for the integrated gas integrated the for operator the is Gassco transport system from the Norwegian continental shelf to Europe. The gas transport system is a nat process pipelines, of consists that monopoly ural emissions were 15.0 kg CO About the company During the same period, the transport system had During the same period, the transport system had cent, per 99.42 of regularity delivery average an cent per 99.98 was gas delivered of quality the and in accordance with specifications. Average CO In the past five years, Gassco has transported an In the past five years, Gassco has transported average of 111.1 billion sm3 from fields on the points. landing the to shelf continental Norwegian dicators, measures whether the company is deliv is company the whether measures dicators, has company The goals. policy public the on ering HSE, financial and operational indicators. Attainment of the State’s goal system -by-objectives management a has Gassco which, through board-approved performance in as owner is the efficient operation and compre as owner is the efficient hensive development of the gas transport system on the Norwegian continental shelf. tor for the integrated gas transport system and to tor for the integrated gas of the resources on facilitate efficient utilisation goal State’s The shelf. continental Norwegian the State ownership ownership in Gassco AS is The State’s rationale for and independent opera to ensure a single neutral The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Gassco AS Gassco Photo: TCM DA 0 0 0 0 0 0 0 0 0 13 42 0% 0% 4% 295 327 201 314 273 -4% 13.4 2018 -11.5 -11.4 -11.4 100% 29% 0 0 0 0 0 0 0 0 40 0% 0% 644 133 137 115 516 257 136 381 478 136 21% 26% 22.4 2019 100% Management group 71%

Gender balance 2019 65% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Petroleum and Energy Assets and dividend Dividend for the financial year 35% Website: Website: www.gassnova.no

State ownership: ownership: State 100% Petroleum of Ministry Energy and CEO: Sundset Trude Auditor: AS Deloitte

Gassnova supported the Ministry of Petroleum and Energy and the European Commission, which organised a CCS conference in Oslo, with over 400 participants from the EU, Canada, the USA and Japan. Negotiated an agreement between the StateNegotiated an agreement of TCM (Shell,and the three industrial owners until the end ofEquinor and Total) to continue 2023. programmeGassnova's part of the CLIMIT projects in the(CLIMIT Demo) had 100 active portfolio. Gassnova arranged the CLIMIT Summit, which gathered more than 270 international CCS experts in Oslo. aimed at financial crime, particularly anti-corrup tion and conflicts of interest. This takes place through transparency and awareness activities among the company’s own employees. Gassnova’s own requirements and expectations are laid down in the company’s guidelines for efforts relating to corporate social responsibility, as well as guide lines and principles for ethical conduct, conflicts of interest and whistleblowing. Gassnova’s ethical the UN Glob were prepared in line with guidelines Gov Corporate on Guidelines OECD Compact, al ernance of State-Owned Enterprises, and Ethical Guidelines for the Public Service. the tasks that the company is responsible for has for responsible is company the that tasks the time. over expertise up build to Gassnova enabled In 2019, Gassnova carried out broad-based strate roles company’s the highlighted which work gy - and capabilities. This will form the basis of a long term and sustainable course into the future. Responsible business conduct Gassnova is operated in an ethical, sustainable and responsible manner, in accordance with laws, reg ulations and generally accepted practice. The com environmen and carbon the reduce to works pany tal footprint from its everyday activities. Gassnova measurespreventive on emphasis specific places • Strategy in Gassnova’s objective is to manage the State’s Centre Technology Project, Scale Full the in terests Mongstad (TCM) and CLIMIT. In terms of strategy, Gassnova works to create the maximum possible and Petroleum of Ministry the owner, its for value of Energy, within these three areas. The breadth • • •

Board of Directors: Directors: of Board (chair), Ruud Morten chair), (vice Holmen Marianne Brekke, Cathrine Moengen, Trond Kristiansen, Olav Kjell * Aakenes Ståle employees the by elected * CATEGORY 3 CATEGORY Establishment of plan for realising gains from the full-scale project. Preparation of final report for preliminary planning of full-scale carbon capture, transport and storage. Conducted an updated socio-economic analysis for the realisation of full-scale CCS. capture projects as a basis for the Ministry of Petroleum and Energy's assessment and recommendation for a decision on full-scale CCS. Evaluation of Norcem and Fortum Oslo Varme's • • • Important events in 2019 • was established as a government agency in 2005 2007. in enterprise State a into converted and Gassnova's head office is situated in Porsgrunn and there are 40 employees. for planning, coordinating and following up the Norway in project demonstration CCS full-scale until an investment decision is made. Gassnova ment and testing of CCS technology - shared be tween the Research Council of Norway and the State’s manages also Gassnova Gassnova. ownership interests in TCM DA and is responsible for coordinating and heading the secretariat func secretariat the heading and coordinating for tion at CLIMIT, which is the Ministry of Petroleum and Energy’s programme for research, develop logical development and the development of ex pertise for cost-effective, forward-looking CCS Ministry the to advisor an as acting and solutions, of Petroleum and Energy. Gassnova is responsible Gassnova manages the State’s interests relating to Gassnova manages the State’s interests relating of storage geological and transport capture, the carbon dioxide. This includes promoting techno alising gains from the work on CLIMIT, Technology CLIMIT, Technology on alising gains from the work Centre Mongstad (TCM) and the Full Scale Project. About the company technological development and the development development the technological development and forward-looking for cost-effective, expertise of CCS solutions. Gassnova will also contribute to re cost-effective, forward-looking CCS solutions. Attainment of the State’s goal to Gassnova’s principal objective is to contribute bon capture and storage (CCS). The State’s goal as bon capture and storage to technological develop owner is to contribute of expertise for ment and the development State ownership SF Gassnova in ownership rationale for The State’s car relating to interests the State’s safeguard to is Gassnova SF Gassnova 82 83 Photo: Graminor AS 0 0 0 0 0 0 0 0 22 96 34 0% 0% 7% 5.2 5.7 0.7 5.0 95,7 75% 75.4 24.6 71.4 24.3 2018 100% 33% 0 0 0 0 0 0 0 0 91 29 91 34 0% 0% 1% 0.4 0.8 -0.4 -0.4 80% 66.1 14.9 72.6 15.9 2019 100% CATEGORY 3 CATEGORY Management group 67% Gender balance 2019 65% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Agriculture and Food Assets and dividend Dividend for the financial year Dividend share 35% Website: Website: www.graminor.no

Ministry of Agriculture Agriculture of Ministry Food and CEO: Børresen Kristin Auditor: AS BDO State ownership: ownership: State 28.8%

The company contributed seven new approvedThe company contributed list of varieties.varieties on the Norwegian in worldwide salesGraminor passed 1 million Celina.for trees of the pear variety In 2019, Norgesmøllen launched “Mirakelmel” (Miracle Flour) which has a wheat flour content that is 100% from Graminor’s “Mirakel” (Miracle) variety. Strategy The board initiated a new strategy process for the company in 2019. The strategy will be completed within the first half of 2020. Responsible business conduct and responsibility of level high a has company The transparency in its activities, and has open and par and the State cooperation with the beneficial (Jordbruks Settlement” “Agricultural the to ties oppgjøret). Important events in 2019 • • •

Board of Directors: Directors: of Board Asmyhr Kielland Frode Hans (chair) chair) (vice Stabbetorp Bjørn Fjeld Jostein Dale Myhre Wenche Norheim Hildegunn Hovland Margrethe Ellen Dieseth* Arne Jon employees the by elected * Graminor AS Graminor centrate Norwegian plant breeding for farming centrate Norwegian plant breeding for farming and horticulture in a single company. Graminor’s head office is located in Hamar. imported varieties and produces pre-basic seed. contin a as 2002, in established was company The con to order in AS, Kornforedling Norsk of uation ble for Norwegian and Nordic growing conditions. ble for Norwegian and Nordic growing conditions. About the company Graminor engages in plant breeding, represents In 2019, the company contributed to the develop the to matter plant of sale and production ment, suita is that industry horticulture and agriculture agriculture and horticulture industry that is suita is that industry horticulture and agriculture ble for Norwegian and Nordic growing conditions. Attainment of the State’s goal for the Norwegian and Nordic climate. The State’s for the Norwegian and Nordic develop cost-effective most the is owner as goal the to matter plant of sale and production ment, State ownership AS Graminor in ownership rationale for The State’s breeds plants suitable is to have a company that Photo: Terje Visnes 0 0 0 0 0 0 0 0% 0% 2.1 3 % 619 604 602 49% 2018 100% 9,720 21,908 19,869 10,149 20,040 12,483 17,144 57% 1 0 0 0 0 0 0 0 0% 0% 2% 516 531 530 49% 2019 100% 13,567 17,526 22,945 20,991 10,251 10,740 21,239 59 days (57 days) (57 days 59 Management group Result 2019 (2018) 2019 Result TSB: 29 days (30 days) (30 days TSB: 29 43% respective health trusts health respective Adults: 50 days (50 days) days) (50 days 50 Adults: Children: 47 days (54 days) days) (54 days 47 Children: 75%, 83% and 80% for the three three the for 80% and 83% 75%, 25% Gender balance 2019 60% Goals 2019 Goals Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Health and Care Services Assets and dividend Dividend for the financial year Reduced from 2018 from Reduced 75%

Website: Website: - www.helse midt.no Auditor: Auditor: AS BDO

Adults: 45 days Children: 40 days Specialised inter Specialised days 40 Children: days 45 Adults: disciplinary substance abuse treatment (TSB): 35 days (TSB): treatment abuse substance disciplinary von Schweder* Schweder* von -

Lindy Jarosch Lindy employees the by elected * ownership: State 100% Care and Health of Ministry Services CEO: Slørdahl Arild Stig the cooperation phase with the developer. -Norway RHF signed aIn March 2019, Helse Midt of the Healthcontract for the introduction record solution forPlatform – a joint medical in the region. the entire health service became a committedTrondheim Municipality partner in the Health Platform. A new competitive tender process was carried out in 2019 for the construction of a new hospital in Nordmøre og Romsdal and the project is in

sponsible business conduct. The report includes all health trusts in the country and the jointly-owned companies in the area. For 2019, the report concerned climate and the envi ronment, human rights, workers’ rights and an In the by prepared was report The ti-corruption. ter-regional cooperation committee for climate ser health specialist the in environment the and re four the in trusts health the includes and vice gions, as well as the jointly owned companies. Strategy with accordance in works RHF -Norge Midt Helse the adopted Strategy 2030 to achieve its objectives ser health patients’ the creating on focussing by bet for technology and knowledge adopting vice, ter health care services, recruiting, developing and retaining competent personnel, and being a good team player. Responsible business conduct re joint a presented have regions health four The port on the specialist health service’s work on re Important events in 2019 • • •

services Indicator time waiting Average time waiting Average safety mature with units of Percentage trust health each in climate Board of Directors: of Board (chair) Sund Steinsvik Tina chair) (vice Stette Liv Skillingstad Beate Gustafsson Bjørn Hauge Dahlberg Kristian Kristoffersen Steinar Solberg* Anita Brudeseth* Tore Norge RHF has its head office in Stjørdal. CATEGORY 3 CATEGORY Prioritise mental health care and and care health mental Prioritise substance interdisciplinary specialised treatment abuse safety patient and quality Better Long-term goals Long-term variation and waiting unnecessary Reduce attainment goal in cialist health services from the county authorities. Helse Midt- has statutory functions within research, education research, within functions statutory has re The and next-of-kin. patients of and training gional health authorities were established in 2002 when the State took over responsibility for the spe that the populations of Møre og Romsdal and Romsdal Møre og of populations the that Trøndelag have access to equitable and high-qual ity specialist health services. The company also requirements for 2019. About the company ensuring for responsible is RHF Helse Midt-Norge portion of corridor patients in the country, and portion of corridor patients in the country, and there is a downward trend. The company deliv ered positive financial results and met financial mental health care and specialised interdiscipli were (TSB) treatment abuse substance nary achieved, however the development in waiting pro lowest the has company The positive. is times decrease in waiting times from 2015 to 2017, decrease in waiting times from 2015 to 2017, Only 2019. and 2018 in slightly increased these of two out of nine targets within the prioritisation essary waiting and variation in capacity utilisation, essary waiting and variation in capacity utilisation, prioritise mental health care and specialised inter disciplinary substance abuse treatment, and bet ter quality and patient safety. Following a sharp Attainment of the State’s goal the achieve to systematically works company The objectives: to reduce unnec State’s three principal nic background. The State’s goal as owner is tonic background. The State’s achieve high-quality and equitable specialist health services, and to facilitate research and teaching. are available in Norway to everyone who needswho everyone to Norway in available are of age, gen regardless them when they need them, finances and eth der, place of residence, personal State ownership Midt- Helse in ownership for rationale State’s The specialist health Norge RHF is to ensure that The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Helse Midt-Norge RHF Midt-Norge Helse 84 85 Photo: Geir Vea 0 0 0 0 0 0 0 0 1% 0% 0% 951 212 205 205 59% 2018 100% 2,028 7,612 13,995 14,556 16,570 10,754 18,366 17,596 43% 0 0 0 0 0 0 0 1% 0% 0% 0.4 796 207 182 181 58% 2019 100% 1,604 7,872 14,301 14,692 17,536 10,935 18,807 18,633 CATEGORY 3 CATEGORY Management group 57% 30% Gender balance 2019 Company Percentage employees in Norway Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Assets and dividend - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Health and Care Services - Of which cash reserves Total equity Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets Statement of comprehensive income (NOK millions) Operating revenues 70% nord.no Website: Website: - www.helse

State ownership: ownership: State 100% and Health of Ministry Services Care CEO: Daae Cecilie Auditor: AS BDO Kari B. Sandnes* Sandnes* B. Kari employees the by elected *

2020. The concept phase will commence in 2020. pre-project phase. It is expected that the pilot project will be considered by the boards of Universitetssykehuset Nord-Norge HF and Helse Nord RHF in spring 2020. The extensive construction and renovation of Nordland Hospital Bodø is in its final phase with the renovation of the A/B wings. Wing A was put to use in 2018, while the renovation of Wing B is expected to be completed in 2020. The hospital design for Helgeland was in its final phase in 2019 and finally approved by the Minister of Health and Care Services in January Continual work on developing the specialistContinual work on developing in Alta opened inhealth service. The clinic Karas in park health Sami the and 2019 autumn jok opened in January 2020. receivedFinnmark Hospital Hammerfest approval for its pilot project in December 2019 and will commence detailed planning and construction in the first half of 2020. The new University Hospital of North Norway (Universi tetssykehuset Nord-Norge HF) in Narvik is in the The four health regions have presented a joint re joint a presented have regions health four The port on the specialist health service’s work on re sponsible business conduct. The report includes all health trusts in the country and the jointly-owned companies in the area. For 2019, the report concerned climate and the envi ronment, human rights, workers’ rights and an In the by prepared was report The ti-corruption. ter-regional cooperation committee for climate ser health specialist the in environment the and re four the in trusts health the includes and vice gions, as well as the jointly owned companies. Strategy on Regional Development Plan 2035 was adopted 19 September 2018 and forms the basis for the technology, Coordination, operations. company’s key are operations sound financially and expertise areas for meeting the healthcare needs of the fu ture and creating a sustainable health service. The regu annual the in specified is plan development latory documents and long-term financial plans. Responsible business conduct • • Important events in 2019 • •

Knutsen Knutsen Jacob Bønå Bønå Jacob Board of Directors: of Board (chair) Larsen Renate chair) (vice Strøm Lise Inger Jørgensen Kari Jenssen Are Svenn Forså Erik Tom - Hans - Rahka Beate Sund* Fredrik Alterskjær* Sissel Helse Nord RHF Nord Helse Nord RHF has its head office in Bodø. health authorities were established in 2002 when the State took over responsibility for the specialist Helse authorities. county the from services health quality and equitable and spe equitable and and high-quality to have access stat has also company The services. health cialist utory functions within research, education and training of patients and next-of-kin. The regional About the company Helse Nord RHF is responsible for ensuring that the populations of Northern Norway and Svalbard specialist fields. A series of measures were initiat were measures of series A fields. specialist and times waiting reduce to 2019 during ed breaches of deadlines. The goal of reducing waiting times was not in time waiting average the and 2019, in achieved 2018 for all increased slightly from Helse Nord RHF ing more psychiatric security units, and a regional a and units, security psychiatric more ing working group studied improvements to the treat ment offered to people with mental disorders. gion. In 2019, resources were prioritised for establish Specialist plan for specialised interdisciplinary Specialist plan for specialised interdisciplinary de plan The (TSB). treatment abuse substance scribes measures for meeting the biggest chal re the in field specialist this within face we lenges and improve quality and patient safety. In 2019, the board of Helse Nord RHF adopted the Ministry of Health and Care Services to reduce un utili capacity in variations and waiting necessary special and healthcare mental prioritise sation, ised, interdisciplinary substance abuse treatment Attainment of the State’s goal Helse Nord RHF follows up the targets set by the background. The State’s goal as owner is to is owner as goal State’s The background. achieve high-quality and equitable specialist health services, and to facilitate research and teaching. available in Norway to everyone who needs them available in Norway to everyone of age, gender, when they need them, regardless finances and ethnic place of residence, personal State ownership ownership in Helse Nord for The State’s rationale are services health specialist that ensure to is RHF Photo: Helse Sør-Øst 1 0 0 0 0 0 0 -1 0% 0% 2% 54% 2018 100% 1,775 1,768 1,768 81,755 68,405 36,679 31,726 73,961 48,114 61,106 2 0 0 0 0 0 0 0 11 62% 0% 0% 2% 52% 2019 100% 1,920 2,011 2,009 52,306 62,025 86,765 74,670 13,445 38,690 35,981 78,772 Management group 38% Gender balance 2019 42% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Health and Care Services Assets and dividend Dividend for the financial year 58% . sorost.no Lofthus Lofthus Auditor: AS PwC Website: - www.helse CEO: Marie Cathrine

www.helsenorge.no sykehus HF. On the whole,

Kirsten Brubakk* Brubakk* Kirsten Grimsgaard* Christian Sølvberg* Bent Lasse employees the by elected * ownership: State 100% and Health of Ministry Services Care

Quality patient care and good user experiences. Good working environment for employees, skills development and more time for patient care. Sustainable health services for society. The handling of Covid-19 has resulted in extraordinary restructuring of activities in 2020, which will have major implications for the results achieved. Better public health, with continuous efforts ranging from prevention to specialised health care services. Measures to resolve capacity challenges in andMeasures to resolve capacity the dimension around the capital city included HF and relief ofing of Oslo universitetssykehus Akershus universitets for Oslo universi the development projects a commitment to thetetssykehus HF represent region. Sør-ØstHelse in patients all 2019, summer From were given the opportunity to read parts of their medical records at 2019, the report concerned climate and the envi ronment, human rights, workers’ rights and an In the by prepared was report The ti-corruption. ter-regional cooperation committee for climate ser health specialist the in environment the and re four the in trusts health the includes and vice gions, as well as the jointly owned companies. • • • Responsible business conduct report joint a presented regions health four The on the specialist health service’s corporate social responsibility work. The report includes all health trusts in the country and the jointly-owned companies in the area. For • Strategy Regional Development Plan 2035 defines development targets up until 2035: • Important events in 2019 • •

Board of Directors: of Board (chair) Gjedrem Ingvar Svein (vice Frøstrup Cathrine Anne chair) Ishaq Bushra Limi Vibeke Dobloug Qvale Olaf Lunde Einar Vågeng Elisabeth Sigrun CATEGORY 3 CATEGORY The regional health authorities were established in 2002 when the State took over responsibility for au county the from services health specialist the thorities. Helse Sør-Øst's head office is in Hamar. quality specialist health services. The services. health specialist high-quality and ble company also has statutory functions in research, education and training of patients and next-of-kin. About the company Helse Sør-Øst RHF is responsible for ensuring that the populations of Innlandet, Oslo, Vestfold og Telemark, Viken and Agder have access to equita important for ensuring good quality patient treat ment. were better than what were budgeted for. Financ es are, on the whole, well under control, however investments. new for need major a also is there is projects investment the of prioritisation Correct group must work actively to make improvements. The financial results for Helse Sør-Øst RHF in 2019 board of Helse Sør-Øst RH expressed its satisfac tion with this in the 2019 annual report, however are some in results and quality the that noted also trusthealth the that and enough good not were as utes from health trust meetings. The management Healthof Ministry the by requirements stipulated and Care Services for 2019 were followed up. The tasks of patient treatment, training of health care personnel, research and training of patients and next-of-kin in accordance with the guidelines set by the owner in the regulatory documents and min Attainment of the State’s goal In 2019, Helse Sør-Øst RHF carried out its primary ethnic background. The State’s goal as owner is to owner is goal as State’s The ethnic background. achieve high-quality and equitable specialist health services, and to facilitate research and teaching. are available in Norway to everyone who needs are available in Norway them, regardless of age, them when they need and finances personal residence, gender, place of State ownership Sør- Helse in ownership for rationale State’s The specialist health services Øst RHF is to ensure that Helse Sør-Øst RHF Sør-Øst Helse 86 87 Photo: Helse Vest 0 0 0 0 0 2% 0% 0% 602 668 668 61% 2018 100% 9,595 5,560 22,176 18,692 26,995 15,284 24,879 28,581 0 0 0 0 0 2% 0% 0% 67% 568 662 662 58% 2019 100% 6,075 22,582 20,783 11,413 28,341 15,945 27,358 29,979 CATEGORY 3 CATEGORY Management group 33% 25% Gender balance 2019 Company Percentage employees in Norway Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Assets and dividend - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Health and Care Services - Of which cash reserves Total equity Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets 75% vest.no - www.helse Auditor: Auditor: AS BDO Company website:

Wenche Kristin Røkenes* Røkenes* Kristin Wenche Vikse* Egil Bjørn employees the by elected * ownership: State 100% and Health of Ministry Services Care CEO: Bryne Cathrine Inger Safe and local health care services. Good coordination and efficient use of resources during the patient’s entire experience. Active patient involvement and holistic treatment. A future-oriented and innovative knowledge organisation hospital building in Stavanger, continued work on the Children and Youth Hospital in Bergen, and the major development projects in Helse Førde and Helse Fonna. Helse Vest RHF continued to work on digitisa Helse Vest RHF continued with the introduc tion in the hospitals in 2019 areas, includingtion of new systems in several for logistics,for clinical work and support budget, accountingwarehousing, purchases, is a high degree ofand procurements. There standardisation and modernisation of the ICT infrastructure in the health region. Total investments amounted to NOK 3,046 million in 2019. The largest projects are the new

The four health regions presented a joint report joint a presented regions health four The on the specialist health service’s corporate social responsibility work. The report includes all health trusts in the country and the jointly-owned companies in the area. For 2019, the report concerned climate and the envi ronment, human rights, workers’ rights and an In the by prepared was report The ti-corruption. ter-regional cooperation committee for climate ser health specialist the in environment the and re four the in trusts health the includes and vice gions, as well as the jointly owned companies. • • • • Responsible business conduct Strategy The overarching vision in the Health 2035 strategy for Helse Vest RHF is to promote health, mastery con shall plans and strategy The life. of quality and tribute to achieving the provision of health services for patients and be developed to meet future needs. This also applies to the development plan adopted in December 2018 with the following com mon goals: Important events in 2019 • •

Board of Directors: of Board (chair) Strømsvåg Einar (vice Henden Johanne Olin chair) Lysaker Pernille Berge Gunnar Morken T. Cecilie Ingeborg Hille K. Sigurd Pilskog* Bente Helse Vest Helse head office in Stavanger. were established in 2002 when the State took over responsibility for the specialist health services from the county authorities. Helse Vest RHF has its to equitable and high-quality specialist health ser vices. The company also has statutory functions patients of training and education research, within and next-of-kin. The regional health authorities About the company Helse Vest RHF is responsible for ensuring that the access have Vestland and Rogaland of populations Waiting times within mental health care and spe health care and mental within Waiting times cialised substance abuse treatment (TSB) are clearly lower than for somatic treatment. stance abuse treatment has also given results. The mental and abuse substance for pathways clinical health care were introduced at the start of 2019. tiated measures to improve the results for clinicalfor results the improve to measures tiated cancer pathways. sub and care health mental of prioritisation The Clinical pathways are an important part of stand part important an Clinical pathways are ini RHF Vest Helse 2019, During pathways. ardised The work on reducing unnecessary waiting and var aiations in capacity utilisation will continue to be high priority alongside the work to ensure quality and patient safety in treatment. There are variations between the different health utilisation.trusts in terms of efficiency and capacity necessary waiting and variations in capacity utilisa specialisedand healthcare mental tion, prioritise andtreatment abuse substance interdisciplinary improve quality and patient safety. Attainment of the State’s goal Helse Vest RHF follows up the targets set by the un reduce to Services Care and Health of Ministry ground. The State’s goal as owner is to achieve to is owner as goal State’s The ground. high-quality and equitable specialist health servic es, and to facilitate research and teaching. ble in Norway to everyone who needs them when them needs who everyone to Norway in ble of age, gender, place they need them, regardless back ethnic and finances personal residence, of State ownership ownership in Helse Vest is The State’s rationale for health services are availa to ensure that specialist Photo: Rocketfarm - - 0 0 0 0 0 0 6% 231 208 208 195 177 723 94% 75% 18% 82% 2018 1,279 1,067 1,602 1,141 26,058 24,457 45% - - 0 0 0 0 0 0 6% 184 140 140 139 117 764 99% 94% 14% 82% 2019 1,297 1,272 1,602 1,168 26,371 24,769 Management group 55%

Gender balance 2019 43% Company Dividend percentage Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: The Ministry of Trade, Industry and Fisheries Assets and dividend Dividend for the financial year 57% Deloitte AS Deloitte Website: www. innovasjon norge.no CEO: Haugli Håkon Auditor:

Brugård* Brugård*

Sigbjørn Johnsen Johnsen Sigbjørn Wærness Eirik Låstad* Borring Leela Hillmann Morten employees the by elected * ownership: State 51% Trade, of Ministry The Fisheries and Industry Innovasjon Norge also strengthened its work on Norwegianfor path possible easiest the creating businesses to access European instruments. Håkon Haugli took over as the new CEO of Innovasjon Norge on 11 May 2019. The Government initiated a comprehensiveThe Government initiated review of the business-oriented policy Norge makes aninstruments, and Innovasjon this work. The reviewimportant contribution to the company as anwill help to further develop important policy instrument. Innovasjon Norge initiated a digital change of pace to give Norwegian companies easier access to Innovasjon Norge’s services and core expertise.

Sustainable Development Goals, the principles in principles the Sustainable Development Goals, for Guidelines OECD the Compact, Global UN the Multinational Enterprises and UN Guiding Princi ples for Business and Human Rights. Corporate social responsibility is an integrated part of Inno parties that receive and all services Norge’s vasjon services from the company are required to comply the with line in practices business good with above-stated guidelines and principles. driven work, Innovasjon Norge Innovasjon work, demand-driven Through con sector business the that ensure to strive will Inno challenges. social global solving tributes to nationwide jobs create help also will Norge vasjon partner regional in participation active through ships. Responsible business conduct Innovasjon Norge works actively to strengthen corporate social responsibility, both within the company and among the company's customers, company’s The requirements. and advice through sustainability strategy constitutes the framework for the work in this area. It builds upon the UN • • Strategy Innovasjon Norge’s new strategy for 2020–2025 its achieve to ability company’s the strengthen will will company The years. coming the in objectives work to ensure that more companies are success exports. and growth sustainable achieving in ful Important events in 2019 • •

sjon Norge (In Norge sjon

Board of Directors: Directors: of Board (chair) Bovim Gunnar (vice Lunde Ødegård Jørand chair) Andenæs Arvid Misund Kristin Løkling Jan Fladmark Falch Helene Kristiansen Nygaard Merete CATEGORY 3 CATEGORY ments. Innovasjon Norge's head office is in Oslo. tives of facilitating more good entrepreneurs, innovativemore and companies high-growth more foundedwas company The communities. business merging several different policy instru in 2003 by development that is both commercially and so regionalrealise to and profitable cio-economically objec secondary through opportunities business oriented policy in policy business-oriented manages company ministriesvarious from assignment on struments and the county authorities. The common objective of these policy instruments is to promote business the State and county authorities to realise val county authorities to realise the State and ue-creating business development throughout TheNorge. Innovasjon to relating Act cf. Norway, instruments. About the company byused instrument policy a is Norge Innovasjon operations, and efficient use of resources is also Government’s the of light in up followed being policy business-oriented of review comprehensive erating expenses increased in 2019 and, according according and, 2019 in increased expenses erating to appeared cost-efficiency indicators, primary to is working with have fallen slightly. The company measures for streamlining and other digitalisation Principal follow-up of efficient resource use takes place in connection with assignments from minis tries and county councils. The company’s total op ments of the three effect indicators, measure indicators, effect three the of ments vari the to related evaluations regular and ments ous assignments are also carried out. of 8.3 percentage points (2018: 6.6) and annual of 8.3 percentage points (2018: 6.6) and annual added growth in productivity of 4 percentage measure overall to addition In 2.2). (2018: points mance indicators. These indicate that companies mance indicators. These indicate that companies growth added annual had support received which in sales revenues in 2019 of 9.0 percentage points (2018: 8.7), annual added growth in value creation Attainment of the State’s goal Economics Norway measures the impact of Inno three perfor by using Norge’s activities vasjon gional business opportunities. The State’s goal as goal State’s The opportunities. business gional owner is to promote value-creating business de velopment throughout Norway. -oriented measures dinated service of business socially and commercially spur to schemes and and promote re beneficial business development State ownership Innova of owner as goal State’s The coor nationally a promote to is Norway) novation Innovasjon Norge Innovasjon 88 89 Photo: Kimen Såvarelaboratoriet AS 0 0 0 0 0 0 0 11 21 0% 2% 0.1 3.6 0.1 0.2 0.3 0.2 2.3 51% 84% 12.9 14.2 11.9 14.2 2018 100% 20% 0 0 0 0 0 0 0 20 0% 8.8 3.6 0.2 2.3 -0.4 82% -1.8 -1.7 -1.4 11.5 12.8 10.5 10.5 2019 -47% -16% 100% CATEGORY 3 CATEGORY Management group 80% 5% Gender balance 2019 Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Norwegian Food Safety Authority Assets and dividend Dividend for the financial year 95% .

General Manager: Manager: General Henriksen Birgitte Auditor: AS Revisjon Mazars Website: www.kimen.no State ownership: ownership: State 51% Food and Agriculture of Ministry

Publication of the analysis report for the monitoring and mapping project “Unwanted seeds (species) in imported food, feed and seeds”, on assignment from the Norwegian Food Safety Authority and participation in the report on NorGen’s “100-year trial” from Svalbard. The building where Kimen rents prem ises from the Norwegian Food Safety Authority has been sold and will be demolished. Work on finding new premises has been of key importance to Kimen’s board and employees. The dry growing season in 2018 impacted onThe dry growing season 2019, which resultedanalysis activities in spring seed businesses in fewer samples from the in some of the oatThe germination capacity may have been antests was low. The cause unusually large second generation of frit flies (Oscinella spp.) from which the larvae ate the actual grain, a consequence of the hot summer in 2018. ysis technology and possess expertise that covers ysis technology and possess expertise that covers the service needs of the seed industry and the Government for services in purity, germination and health analyses of seed. Responsible business conduct In order to achieve the objective of low green house gas emissions and minimal environmental and activities travel moderate has Kimen impact, the company places an emphasis on environmen tal impact/use of resources when repairing equip ment and purchasing goods. Kimen.Lawful working conditions are important to • Strategy anal to utilise is strategy principal The company's Important events in 2019 • •

Board of Directors: of Board (chair) Larsen Oskar Kåre chair) (vice Sjøseth Arnfinn Strand Einar Fjeld Jostein Repstad Atle Jon Isaksen* Barbro employees the by elected * Kimen Såvarelaboratoriet AS Såvarelaboratoriet Kimen 2004. Kimen’s head office is located in Ås. erence laboratory for seed analyses. The under taking has existed for more than 130 years and in company liability a limited converted into was About the company seed for centre resource Norwegian a is Kimen quality and seed analyses, and is the national ref tests under the direction of ISTA makes it possible possible makes it tests under the direction of ISTA of quality the safeguard, thereby and measure, to the analysis work. ing Association) for germination analysis, seed analysis, germination for Association) ing health, purity and moisture content determination of all relevant seeds and can issue international seed certificates. Participation in international quantity and quality of analyses and services and services and analyses of quality and quantity thereby fulfilled its primary objective. The labora Test Seed (International ISTA by accredited is tory analysis in Norway. Attainment of the State’s goal expected the delivered company the 2019, During gian provider of seed quality and seed analysis analysis seed and quality seed of provider gian achieve to is owner an as goal State’s The services. grain and seed seed resource-efficient most the State ownership for ownership in Kimen The State’s rationale Norwe a have to is AS (Kimen) Såvarelaboratoriet Photo: Per Erik Hanevold 0 0 0 0 0 0 0 0 26 57 39 0% 0% 8% 0.3 4.6 -2% -1.2 -1.4 -1.4 50.9 36.5 68.3 52.4 12.6 2018 100% 0 0 0 0 0 0 0 0 0 0 0 25 0% 0% 0% 8% 0.6 4.6 9.2 67% 32.3 29.3 72.6 58.7 37.9 54.1 2019 100% Management group 33% Gender balance 2019 50% Company Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Climate and Environment Grants: Second Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Paid-in equity Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway 50% PwC AS PwC Website: www.kingsbay.no Auditor: Auditor:

State ownership: ownership: State 100% Climate of Ministry Environment and CEO: Hanevold Erik Per The new terrestrial laboratory, Kings BayThe new terrestrial laboratory, on 2 April 2019. Vektshus, was officially opened renovation of theContracts signed for the building. This work isservice and administration in January 2020. scheduled to commence There were 28,754 overnight stays, 15,115 of which were research days.

ination, corruption and other forms of miscon duct. -lead world a be to is objective principal Bay's Kings ing facilitator of scientific research in the Arctic. This will be achieved by optimising the operation, re maintenance and development of common search infrastructure, providing necessary premis cul Ny-Ålesund's protecting and services, and es tural heritage and unique characteristics. Responsible business conduct Kings Bay is a responsible stakeholder and land owner. The company works to minimize the nega tive impact on nature and the environment, pro for routines good have equality, gender mote for discrim whistleblowing and has zero tolerance Important events in 2019 • • • Strategy

Board of Directors: of Board (chair) Instanes Tor chair) (vice Salbuvik Widar Tverfjeld Bang Elin Langeggen Ellen CATEGORY 3 CATEGORY different research communities carry out research out carry research communities different projects on the company’s property in and around Ny- in is office head Bay's Kings Ny-Ålesund. Ålesund. water and electricity supply. Ten research commu nities from different nations are permanently based in Ny-Ålesund, and every year, close to 20 Svalbard. The company’s operations include ac include operations company’s The Svalbard. commodation, catering, purchasing and organis ing air transport services, maritime services, emer gency preparedness, engineering services and About the company Kings Bay owns and is responsible for operating in Ny-Ålesund in infrastructure the developing and ber of research days in Kings Bay’s history. The history. Bay’s Kings in days research of ber average number of research days in the past five years was 14,091. The number of research days is a performance a is days research of number The re 15,115 were There company. the for target num highest the was which 2019, in days search Ålesund as a platform for platform a as Ny-Ålesund of use possible best international, world-class research collaboration. Attainment of the State’s goal Kings Bay’s properties, buildings and infrastruc as ture are operated, maintained and developed efficiently as possible with a view to making the State’s ownership also helps to maintain Norwe helps State’s ownership also gian communities in the archipelago, which is one of the overriding objectives of the State’s Svalbard policy. The State’s goal as owner is to ensure that Ålesund in order to order in Ny-Ålesund in infrastructure of opment platform for interna develop it as a Norwegian The tional, world-class research collaboration. State ownership ownership in Kings Bay is The State’s rationale for maintenance and devel to ensure the operation, Kings bay Kings 90 91 Photo: Gisle Bjørneby 0 0 0 0 0 0 0 0 0 -3 0% 0% 6% 7.4 6.2 9.3 205 400 -1% 285 112 105 -2.8 -3.0 20% 2018 100% 0 0 0 0 0 0 0 0 0 9 0% 0% 3% 7.4 7.8 7.8 206 342 283 122 26% 31.7 90.2 32.3 2019 100% 249,108 (246,809) 249,108 (246,809) 249,108 CATEGORY 3 CATEGORY Management group Result 2019 (2018) 2019 Result 80% the theatre will be moved to. moved be will theatre the Gender balance 2019 Profit of NOK 7.8 million (- NOK 2.8 million) 2.8 NOK (- million 7.8 NOK of Profit 48% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Culture Assets and dividend Dividend for the financial year Dividend share 52% altheatret.no Website: Website: www.nation The theatre is on schedule with its relocation preparations, but it is unclear as to where where to as unclear is it but preparations, relocation its with schedule on is theatre The teatret and Nationaltheatret, milestones

Goals 2019 Goals Theatre Director: Director: Theatre Tømta Gløtvold Hanne Auditor: AS BDO 100% 100% Culture of Ministry Profit of NOK 1 million 1 NOK of Profit project is expected to be completed in the firstproject is expected to be half of 2021. as new Theatre Kristian Seltun was appointed Director for a fixed-term period from 2021 to 2026. Maintain level from 2018 from level Maintain 2018 from level Maintain

serve as the theatre’s framework for its work with serve as the theatre’s framework for its work with sustainability and responsible business conduct. During 2019, the theatre commenced work on as sessing how it specifically impacts on the external environment and how work processes can be or the on impact the reduce and to mitigate ganised climate. Going forward, the theatre will focus on scenography for used materials procurements, management, waste recycling, costumes, and and packaging disposable travel, and transport use of paper. bold and relevant, and the theatre should be open bold and relevant, and the theatre should be open and engaging to the public. The theatre shall strive of terms to be a modern theatre company, both in its organisation and technically, with up-to-date premises and facilities. Responsible business conduct The theatre can contribute to raising awareness de social sustainable about climate change and velopment through productions such as “Havbo ka” (The Ocean Book), the collaborative produc tion between Riks United The arrangements. various through and Nations Sustainable Development Goals shall • Strategy Nationaltheatret’s strategy for 2015–2020 states that Nationaltheatret shall be the leading theatre in Norway, develop dramatic art and achieve inter be national recognition. Performances should

Implementation in relation to to relation in Implementation

Board of Directors: of Board (chair) Smith Merete Selvaag Olav Lydersen Busingye Asta Langeland Henrik Wiggen* Trine Winje Tone * Hansen Are * Griffiths F. Marte Hanne employees. the by elected * ownership: State Indicator figures Audience figures Audience performance Financial targets Milestones quality dramatic art dramatic quality - Origo Arkitektgruppe, Statsbygg was close to completing the draft project. The draft project was completed in spring 2020. The entire pilot In June 2018, the Government agreed to commence a pilot project for renovating Nationaltheatret. In cooperation with the planning group consisting of Sweco Norway, RATIO arkitekter as, FuthArk arkitekter AS and operations relocation timely and Fast process Long-term goals Long-term High wide a for art Dramatic audience theatre Modernise Nationaltheatret AS Nationaltheatret • owned in in State-owned became and 1899 in established 1972. Nationaltheatret is located in Oslo. Important events in 2019 gian dramatic art. The theatre’s performances aim performances theatre’s The art. dramatic gian be shall theatre the and relevant, and bold be to was theatre The public. the to engaging and open About the company Nationaltheatret is one of five national dramatic art institutions in Norway and develops Norwe activities and 106 were touring performances. A performances. touring were 106 and activities activ various the attended people 249,108 of total ities. ceived such a good reception from close to 6,000 ceived such a good reception from close to 6,000 of members. The theatre had a total audience 1,050 public activities during the year, of which promotional 644 were performances, 300 were diverse range of formats, forms and drama. It was It drama. and forms formats, of range diverse particularly pleasing that new Norwegian drama, such as Arne Lygre’s “Meg Nær” (Close to Me) re a wide audience. Attainment of the State’s goal a included repertoire theatre’s the 2019, During quality theatre and to promote artistic de to high-quality theatre and to promote The State's goal as owner velopment and renewal. artistic quality to reach is for performances of high State ownership ownership in Nationalthe The State’s rationale for access has everyone that ensure help to is AS atret The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Photo: Joe Urrutia 0 0 0 0 0 -2 13 0% 0% 2% 103 390 171 205 171 376 623 46% 73.5 43.2 57.4 15.5 17.5 13.7 2018 100% 57% 0 0 0 0 0 19 0% 0% 2% 106 394 -0.2 191 228 191 418 676 46% 82.4 43.2 19.8 61.2 19.6 15.4 2019 100% Management group 43% Gender balance 2019 40% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: The Ministry of Trade, Industry and Fisheries Assets and dividend Dividend for the financial year Tax charge - Minority interests Result after tax and minority interests Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests 60% research, and works systematically to reduce the reduce to systematically works and research, Nofima activities. its of all of impact environmental rou good and environment working good a has tines for ensuring gender equality and inclusion. Jensen - Auditor: Auditor: AS Deloitte Website: www.nofima.no CEO: Fylling Øyvind

Audun Iversen* Iversen* Audun the by elected * employees ownership: State 56.8% of Ministry The and Industry Trade, Fisheries

Nofima increased company-financed research activities and now has four major programmes with an annual framework of approximately NOK 20 million. The company is committed to responsible use and utilisation of resources. Nofima updated and refined its strategy in lineNofima updated and refined Sustainable Develop with the United Nations strategies andment Goals, national research and ownlong-term plans for research, specialist strategies. Nofima clarified its target structure. Nofima contributed research-based expertise to industry and the public administration. achieved by utilising the research results. Responsible business conduct measures of number a implemented has Nofima to ensure that its operations and research are in compliance with the company’s ethical guidelines. Nofima has its own ethical council that reports di rectly to the company's board of directors. The company is committed to responsible use and uti lisation of resources. The company has routines to and emissions relating management waste for turing. The company’s specialist strategies are es tablished and followed up in relation to the rele vant sustainable development goals. Nofima’s cli the industry, aquaculture the from come ents fisheries industry, the onshore and offshore-based suppli feed the industry, supply the industry, food public ad and the industries ingredients er and ministration. Nofima contributes research-based solutions along the entire value chain and carries out projects in close cooperation with clients and policy instru indeveloped are projects company's The ments. close dialogue with the clients, and value creation is • • Strategy internation an being of ambition the has Nofirma ally renowned applied research institute that de creates results livers outstanding research, and con which and business and society benefit that restruc sustainable and value-creation to tribute Important events in 2019 • • •

Olsen (vice chair) chair) (vice Olsen Board of Directors: of Board (chair), Fjell Olav - Selmer Eirik Storelvmo Edel Laskerud Grytnes Anette Tine Farstad Thomas Kure* Finne Cathrine Espmark* O. Maria Åsa CATEGORY 3 CATEGORY fice is in Tromsø. the supplier industry, the feed supplier and ingre and supplier feed the industry, supplier the dients industry, and the public administration. The company was founded in 2008. Nofima's head of sustainable production, new products and servic es. Nofima conducts research on assignment for industry, fisheries the industry, aquaculture the the onshore and offshore-based food industry, research results. The company helps to ensure that new research-based knowledge and ideas through jobs with commercial potential create About the company institute research industry-oriented an is Nofima that emphasises the practical application of tutions. A number of Nofima's research results tutions. A number of Nofima's research results have resulted in new products and innovations for the company's clients. year. There was good capacity utilisation, with av erage invoicing of 1,150 hours per full-time equiv previous with line in was which researcher, alent years and at the same level as other research insti around 600 major and minor projects, and pub lished 159 peer-reviewed scientific publications, which was 20 per cent more than the previous The company achieved a positive operating result The company achieved a positive operating result in 2019 and had a positive cash flow. In addition, -fi NOK 18.2 million was invested in company in participated Nofima projects. research nanced industry-focussed research. Attainment of the State’s goal tegic importance to Norway and different regions. tegic importance to Norway The State’s goal as owner in Nofima is to contrib ute to value creation in the food, fisheries and aq through long-term, strategic, uaculture industries manages research infrastructure in the aquacul manages research infrastructure industries, in areas that ture, fisheries and food stra of are that and market the by funded not are State ownership ownership in Nofima AS is The State’s rationale for and out research carries that an institute to have Nofima AS Nofima 92 93 Photo: NIOM 0 0 0 0 0 0 0 0 0 0 24 27 0% 0% 0% 0.1 0.1 4.1 76% 10.9 36.2 17.3 12.5 13.2 13.2 2018 100% 34% 0 0 0 0 0 0 0 0 0 0 0 22 26 11 29 0% 0% 0% 1.4 7.4 66% 16.6 39.2 13.1 14.6 2019 100% CATEGORY 3 CATEGORY Management group 66% Gender balance 2019 42% Company Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Health and Care Services Grants: Nordic Council of Ministers Assets and dividend 58% Lundes Revisjonskontor Revisjonskontor Lundes DA I Website: www.niom.no CEO: CEO: Dahl Einar Jon Auditor:

First year with NORCE Norwegian ResearchFirst year with NORCE Norwegian owner.Centre AS as the majority materials.Research focus on biocompatible functioning dentalPromoted safe and well- biomaterials through participation in European and international standardisation. Secretariat of the National Network for Research and Innovation within Oral Health. Sebastian Schlafer Schlafer Sebastian Àgùstòttir Helga Blixt Näslund Mariana ownership: State 49% and Health of Ministry Services Care its research and reviews of dental biomaterials. its research and reviews of dental biomaterials. Publication takes place in peer reviewed journals on and primarily with open access. The content everyone. to available is website company's the The company is accredited for the testing of dental materials. This involves third-party verification of expertise, results and suppliers in accordance with internationally standardised guidelines. NOIM is a col has and association employer’s an of member lective wage agreements with trade unions. Strategy pri involves safety patient to commitment NIOM's oritising Nordic research cooperation into the bio biomaterials. other and dental of compatibility includes and efforts interdisciplinary requires This studies of the impact the materials have on the patient and the patient's impact on material quali up following for responsible is company The ty. the national action plan for research and innova tion within oral health. Responsible business conduct of The company is transparent about the results Important events in 2019 • • • •

Board of Directors: of Board (chair) Graff Eide Ingvild Meling Steinar Barkvoll Pål Gjerdet Roar Nils Wik Strømdahl Tina Berggreen Ellen Auero Mejra company in 2009. NIOM’s head office is located in located is office head NIOM’s 2009. in company Oslo. als. The undertaking was established in 1972 as an as 1972 in established was undertaking The als. of Nordic Council the organised under institute liability limited a into converted was and Ministers tional activities target the dental health services tional activities target the dental health services countries. Nordic the in authorities health and Nordic the in patients that ensure to helps NIOM countries receive safe, well-functioning biomateri NIOM is a Nordic cooperative body for dental bio materials. The company’s research, material test educa research-based and standardisation ing, ten publications and 1.3 courses and lectures per lectures and courses 1.3 and ten publications full-time equivalent. About the company years has been 31 written publications and 28 years has been 31 written publications and the at efficiency Average lectures. and courses company in the past five years has been 1.5 writ efficiency, the company achieved 1.2 written pub lications and 1.5 courses and lectures per full-time of achievement average The 2019. in equivalent five past the in goals public policy the company's In 2019, the company presented 28 written publi written 28 presented company the 2019, In cations and 35 courses and lectures as a measure of of the company’s public policy goals. In terms in the use of dental materials in the Nordic coun in the use of dental materials tries. Attainment of the State’s goal ensure Nordic influence in the management of the of management the in influence Nordic ensure contrib to is owner as goal State’s The company. quality and patient safety ute to the best possible State ownership ownership in Norsk Insti The State’s rationale for to is (NIOM) AS Materialer Odontologiske for tutt Norsk Institutt for Odontologiske Materialer AS Materialer Odontologiske for Institutt Norsk Photo: Norfund 0 0 0 0 0 0 0 0 75 0% 0% 1.0 585 217 422 421 111 37% 68% 2018 1,708 100% 2,869 26,045 26,045 26,045 55% (55%) 55% (41%) 40% (80%) 80% (33%) 33% (55%) 55% 50% 0 0 0 0 0 0 0 0 87 0% 0% 4.0 168 74% 70% 2019 2,035 100% 1,345 1,001 1,117 1,113 2,824 23,177 23,177 23,177 Management group Result 2019 (2018) 2019 Result 50% >= 50% >= Gender balance 2019 the last three years three last the 57% > 50% of the portfolio the of 50% > portfolio the of 33% > > 70% of all investments all of 70% > Company Objectives 2019-2022 Objectives Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Foreign Affairs Assets and dividend Dividend for the financial year Dividend share 43% > 15% of average annual commitments in in commitments annual average of 15% > Thorleifsson Thorleifsson Auditor: AS Deloitte Website: www.norfund.no CEO: Tellef Jan

Vibeke Hammer Madsen Madsen Hammer Vibeke Halvorsen* Marianne Nergaard* Lasse employees the by elected * ownership: State 100% Affairs Foreign of Ministry In 2019, Norfund established a new facility for project development and risk relief after having been granted NOK 105 million for this purpose. In 2019, Norfund's board of directors adopted aIn 2019, Norfund's board for the period up untilnew investment strategy 2022. established as a newGreen infrastructure was Investments ininvestment area for Norfund. waste management, water supply and electricity networks will contribute to the sustainable growth of cities and densely populated areas, reduce the negative environmental impact and improve the standard of living. Corporate social responsibility Norfund's development mandate means that cor porate social responsibility is at the heart of the fund's activities. The fund also sets strict require ments both for own operations and for the enter prises in the portfolio, including the cross-cutting issues in development policy that cover human rights, gender equality, climate change and the en vironment, as well as anti-corruption. Norfund re quires companies in the portfolio to commit to In for standards Corporation's Finance ternational the environment and social conditions. • Strategy energy, clean in investments prioritizes Norfund financial institutions, green infrastructure and agricul the in including enterprises, high-growth strat new The industries. manufacturing and tural in egy slightly expands the geographical scope West Africa, Latin America and Asia, and increases the focus on loans and fund investments. Important events in 2019 • •

Saharan Africa Africa Saharan - Board of Directors: of Board (chair) Svarva Olaug Rugland Sæbø Kristin Brit Sjøblom Stuhr Tove Jebsen Marum Finn Skancke Martin Sbertoli Kristian Per "Greenfield investments" "Greenfield energy renewable in investments for used capital contributed of percentage Average Indicator sub in Investments countries" developed "Least in Investments investments equity of Proportion CATEGORY 3 CATEGORY developing countries developing Long-term goals Long-term and jobs Create living improve in conditions ment portfolio are reinvested. Norfund's head of fice is in Oslo. company invests venture capital in sustainable in capital venture invests company businesses, which contributes to economic devel invest the on Returns creation. job and opment About the company Norfund is the State’s investment fund for busi ness development in developing countries. The billion. Investments in financial institutions consti tuted the largest share, with NOK 1.96 billion, and clean energy amounted to NOK 1.32 billion. velopment effects and achieved a good financial velopment effects and achieved a good financial in of level high historically a had Norfund result. vestment in 2019. In 2019, Norfund entered into 4.015 NOK totalling commitments investment new Attainment of the State’s goal In 2019, Norfund created substantial positive de that would otherwise not be initiated due to the due be initiated would otherwise not that to high risk involved. The State’s goal as owner is contribute to sustainable business development in developing countries. Countries) is to contribute to sustainable business Countries) is to contribute coun developing in creation job and development businesses viable in investments through tries State ownership ownership in Norfund The State’s rationale for Fund for Developing Investment (Norwegian The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Norfund 94 95 Photo: Norges sjømatråd AS 0 0 0 0 0 4 1 0 0 0 0 0 79 0% 0% -51 375 388 294 294 76% 72% 93.3 2018 -14% -48.3 -48.3 0 0 0 0 0 4 1 0 0 0 0 0 57% -9 -9 77 0% 0% -14 -3% 417 393 285 108 285 73% 70% 2019 CATEGORY 3 CATEGORY Management group 43% Gender balance 2019 47% Company Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Health and Care Services Grants: Ministry of Trade, Industry and Fisheries Assets and dividend 53% KPMG AS KPMG Website: www.seafood.no CEO: Larsen Renate Auditor:

employees ownership: State 100% Trade, of Ministry The Fisheries and Industry Johnny Thomassen* Johnny Voraa*Josefine the by elected *

from Norway" logo – up from 12.6 per cent to 42.7 per cent. Norsk seafood exports passed a milestoneNorsk seafood exports passed year-end was NOKwhen the export value at 107.3 billion. out activities in 28Norges sjømatråd carried campaign tocountries and had a major promote Norwegian salmon in Japan. The measures of the effectiveness of this campaign showed that 24 million people in Japan said that they remembered the campaign, and there was a strong increase in recognition of the "Seafood

guidelines, is affiliated with the Global Compact guidelines, is affiliated with the Global Compact (Miljøfyrtårn) an Eco-Lighthouse certified as and enterprise. Strategy market to is strategy principal sjømatråd’s Norges “Seafood the promote and origins Norwegian from Norway” brand. The company also has sepa rate strategies for the nine most important sea unique the account into take which products food characteristics and markets of these products. Responsible business conduct Norges sjømatråd has a separate risk manage ethical and policy anti-corruption an unit, ment Important events in 2019 Important events in 2019 • •

Board of Directors: of Board (chair) Johnsen Elisabeth Marianne chair)(vice Kristoffersen Maria Eva Ringdal Drønen Amund Strand Solveig Vestre Helge Knut Tuvstein Trond Bremnes Ivan Hallgeir Zimowski* Grøttland Anette negative coverage of Norwegian seafood abroad. Norges1991. in founded was company The sjømatråd’s head office is in Tromsø. Norwegian seafood in Norway and abroad. The origin of country a as Norway markets company and works with market information, market ac ofevent the in work planning contingency and cess Norges sjømatråd contributes to increased value creation in the fisheries and aquaculture industry about and knowledge by increasing demand for than they would have been without marketing without been have would they than work. About the company export value. The calculations demonstrated that export value. The calculations demonstrated that the respective export prices of Norwegian herring kilo per higher øre 99 and 31 were mackerel and the export value. For mackerel, the analysis shows analysis the mackerel, For value. export the contrib that Norges sjømatråd’s marketing work uted NOK 326 million in increased export value per year, which represented 10.8 per cent of the of the company’s marketing of herring from 2003 of the company’s marketing of herring from 2003 increased in million 168 NOK contributed 2018 to of cent per 5.2 to equivalent value, export annual ministration costs amounted to 7.9 per cent. Norg from assignment on conducted analysis An effect the demonstrates that es sjømatråd in 2019 was NOK 107.3 billion. A total of 2.7 million tonnes million 2.7 of total A billion. 107.3 NOK was of seafood was exported to 149 countries. Norges Ad in 2019. NOK 431 million sjømatråd invested maximise the export value of Norwegian seafood. maximise the export value Attainment of the State’s goal 2019 seafood in Norwegian of The export value facilitate funding of activities intended to contrib to intended activities of funding facilitate about knowledge and for demand increased to ute State’s goal as owner is to Norwegian seafood. The State ownership Norges in ownership State’s the for rationale The to is Council) Seafood (Norwegian AS sjømatråd Norges Sjømatråd Norges Photo: Norsk Helsenett SF 0 0 0 0 0 0 0 0 0 0 0% 0% 0% 145 373 368 109 259 122 729 30% -0.5 89.6 53.3 2018 100% 0 0 0 0 0 0 0 0 57% 97 0% 0% 4% 138 418 378 142 236 142 842 38% 70.9 33.7 32.4 33.7 2019 100% Management group 43% Gender balance 2019 69% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Health and Care Services Assets and dividend Dividend for the financial year Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) 31% Auditor: Auditor: AS Deloitte Website: www.nhn.no CEO: CEO: Ronæs Johan

Håkon Johan Hansen* Hansen* Johan Håkon Nyvold* Therese Solem* Sindre employees the by elected * ownership: State 100% and Health of Ministry Services Care

messages and improves digital interaction. The area of information security was further developed. Among other things, HelseCERT has improved the vulnerability scanning service and launched new ICT security services in the sector. Norsk Helsenett carried out the study, design and planning for the trunk network for Helse Sør-Øst. Norsk Helsenett prepared the establishment ofNorsk Helsenett prepared from 1 January 2020.a national service provider of responsibility forThis involves the transfer -prescription,the national e-health solutions e data and helsenorge. Core Record System, basic for e-health,no from the Norwegian Directorate including 230 employees. The e-health standard, service-based addressing, was introduced. This involves uniform and robust addressing for electronic ship with the Norwegian Labour and Welfare Or ganisation (NAV) in connection with adapting Norsk internships. and by offering workplaces Helsenett is an important specialist contributor to The level. national at tasks ICT of development the company works to have operations that are as cli mate and environmentally-friendly as possible. tion in the health service. Norsk Helsenett shall Helsenett Norsk service. health the in tion simplify, streamline and conduct quality assur and operation development, design, the of ance administration of electronic services for the Nor of wegian health care sector in the best interests patients and the population in general. Responsible business conduct Norsk Helsenett exercises its corporate social re sponsibility in a number of ways, including ap prenticeships and providing a good training envi ronment. The company takes responsibility by being an Inclusive Working Life company (under relation working good a has and scheme) IA the • • Strategy and provider service a national is Helsenett Norsk shall facilitate safe and efficient electronic interac Important events in 2019 • •

Board of Directors: of Board (chair) Nilssen Herlof Wieland Weidemann Kristin chair) (vice Lofthus M. Cathrine Olafsson Kjartan Johnsen Therese Olsen Roar CATEGORY 3 CATEGORY health administration. The company was founded company administration. The health in Trond is in office head Helsenett's Norsk 2009. heim. via the Health Network. The company also pro vides services within ICT, procurements, archiving and document management to the agencies in the group consists of all the health trusts, municipali trusts, health the all of consists group in ties, general practitioners and other providers of number along with a sector, and care the health them to services provide who suppliers third-party eration of a number of national services such as such services national of number a of eration www.helsenorge.no, the Core Record System, and Electronic Data Interchange (EDI). The customer ICT infrastructure that meets the need for efficient for need the meets that infrastructure ICT the in stakeholders the of all between interaction health and care sector (the Health Network). This includes the development, administration and op About the company Norsk Helsenett is responsible for operating and developing secure, robust and expedient national In 2019, Norsk Helsenett delivered in accordance in delivered Helsenett Norsk 2019, In with its assignment from the Ministry of Health and Care Services. benefit of patients and the population in general. Attainment of the State’s goal infrastructure for efficient interaction between all infrastructure for efficient con to and services, care and health the of parts tribute to the simplification, streamlining and the for services electronic of assurance quality prise that makes necessary digital infrastructure prise that makes necessary State’s The sector. care and health the to available suitable and secure goal as owner is to facilitate State ownership Norsk in ownership for rationale State's The control of the enter Helsenett SF is to have direct Norsk Helsenett SF Helsenett Norsk 96 97 Photo: Norsk rikskringkasting AS 0 0 0 0 0 0 0 0 0% 0% 0% 2.1 203 516 61% 16.2 30.9 28.8 2018 100% 5,986 3,183 1,940 1,243 1,940 3,416 0 0 0 0 0 0 0 60% 0% 0% 2.7 0.3 258 -4% 388 58% 2019 -216 -196 -199 100% 6,011 2,985 1,736 1,249 1,736 3,334 CATEGORY 3 CATEGORY Management group 40% Gender balance 2019 54% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Education and Research Assets and dividend Dividend for the financial year comprehensive green policy for its business activi business its for policy green comprehensive ties. The principal objective of this work has been to clearly prioritise goals and measures based on cli the on impact substantive NRK’s of analysis an expecta the to relation in environment and mate for have stakeholders important most NRK’s tions NRK in this area. This applies both to NRK's own productions and to external productions. more, in addition to the formally imposed require ments, NRK has worked for several years on apply ing corporate social responsibility to areas such as accessibility, purchases, HSE, diversity, security and emergency preparedness, freedom of expres sion and media ethics. During 2019 NRK worked specifically to develop a 46% website: website: www.nrk.no Auditor: Auditor: AS BDO Company

interest: interest: 100% Culture of Ministry General: Director Eriksen Gjermund Thor Ingvild F. Fjereide* Fjereide* F. Ingvild employees the by elected * ownership State’s The

NRK is a world-class publisher and content producer Norges Televisjon. The transaction contributes to ensuring the continued operation of the companies and the distribution of free-to-air television broadcasts to all of Norway. NRK strengthens and develops democracy NRK unites and engages everyone living in Norway to NRK continuing its work on a new head to NRK continuing its work on a new head office and to commence the process of selling the property at Marienlyst. The general meeting approved the sale of the property at Marienlyst to Ferd Eiendom AS in May 2020, and also set conditions that need to be met for NRK’s board to have the authority to purchase a site and new head office. NRK and TV2 entered into an agreement with Telenor in 2019 to acquire the latter's one-third stake in the companies RiksTV and Norges Televisjon. NRK, TV 2 and Telenor previously each owned a one-third stake in RiksTV and In 2019, the Storting approved a new fundingIn 2019, the Storting approved new arrangementarrangement for NRK. The entails that, from and including 2020, NRK will be funded through direct grants via the national budget In June 2019, the general meeting consented to exhibit corporate social responsibility. Further responsibility. social corporate exhibit to • long-term implementing the for The measures strategy are revised annually based on analyses of developments in society, the media market, devel opments within the organisation, and an assess ment of objectives achieved. Responsible business conduct NRK is a non-commercial public broadcaster with the objective of meeting society’s social, demo cratic and cultural needs. The role of public broad caster is thus in itself a comprehensive obligation Strategy principalthree of consists strategy long-term NRK's strategic objectives: • • • and develop content for NRK. NRK also has ten and develop content for found was company The foreign correspondents. is located in Oslo. ed in 1933. NRK’s head office Important events in 2019 • •

and

www.nrk.no Board of Directors: of Board (chair) Magnus Birger (vice Sætershagen B. Randi chair) Bergkastet Geir Seres Silvija Fredriksen Tvedt Veslemøy Toverud* Oscar Lars Egelien* Tor , and mobile phone content. The com money. broadcaster. 78 per cent believe NRK is "very" or "quite" important to society. 74 per cent of those who pay the license say that they get “excellent” or “very good” value for 88 per cent believe that NRK does a “quite good” or “very good” job of broadcasting credible news, information and documentary programmes. 85 per cent believe NRK’s does a “quite good” or “very good” job of fulfilling its role as public Norsk rikskringkasting AS rikskringkasting Norsk and has a presence at over 50 locations across locations 50 over at presence a has and Norway. NRK has 10 regional offices that provide the whole country Norway to across from news channels, the streaming services NRK TV, NRK Su websites the Radio, NRK and per www.yr.no pany reflects the geographic diversity in Norway About the company NRK provides a broad range of media services radio DAB 13 channels, TV linear three through • • • broadcaster: • out of 10 every day. NRK's profile survey for 2019 that believes generally public also shows that the NRK does a good job in fulfilling its role as public 89 per cent of the population of Norway uses one or more of NRK's services every day. This is two per centage points higher than in 2018 and nine per 8reaching of goal the than higher points centage in its public broadcaster report. This report is dis cussed at the company's annual general meeting. mits annual reports to the Norwegian Media Au Media Norwegian the to reports annual mits performing is company the how regarding thority in this assignment and the Authority conducts an achieved objectives the of assessment dependent chapters II and III of the company’s articles of asso ciation and contain a number of specific require sub NRK NRK. by provided content the for ments public broadcasting services. Attainment of the State’s goal in The State’s objectives for NRK are specified cial public broadcaster that meets society’s social, cial public broadcaster that needs. The State’s goal as democratic and cultural -quality, non-commercial owner is to ensure high State ownership ownership of Norsk rik The State’s rationale for non-commer a have to is (NRK) AS skringkasting Photo: Norsk Tipping AS 0 0 0 0 0 0 0 0 0 40 0% 0% 6% 413 364 364 14% 2018 100% 5,473 5,523 5,523 5,685 4,954 5,321 5,523 38,134 65% (65%) 65% 0 0 0 0 0 0 0 0 0 57% 25 0% 0% 8% 31.3% (32.8%) 31.3% 423 496 496 14% 2019 5,676 100% 5,604 5,676 5,840 5,306 5,344 5,544 40,278 2,040,000 (2,021,000) 2,040,000 Management group Result 2019 (2018) 2019 Result 43% 914 tonnes (1,073 tonnes) (1,073 tonnes 914 Gender balance 2019 Negative value, positive development in 2019 in development positive value, Negative 63% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Profits distributed to good causes Other key figures Number of employees Percentage employees in Norway Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend share Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests 37% 65% 2,030,000 Reduction Reduction

Goals 2019 Goals tipping.no - Positive value and movement and value Positive

CEO: Havnelid Åsne Auditor: AS KPMG Website: www.norsk State ownership: ownership: State 100% Culture of Ministry

The company strengthened its responsibilityThe company strengthened several newframework by implementing players. Themeasures aimed at vulnerable awards for itscompany received international score in an industrywork and achieved the full gambling. certification for responsible The company increased its number of customers in 2019, which indicates that Norsk Tipping’s ability to channel customers has improved.

work is based on its corporate social responsibility social corporate its on based is work the of heart the at is gambling Responsible policy. also which work, responsibility social corporate human anti-corruption, includes business ethics, Norsk environment. the and change climate rights, Tipping supports the United Nations Sustainable Development Goals, including goal no. 5, with the ambition of “equal opportunities for everyone at Norsk Tipping”. Strategy The company's strategic objective is to be a world leader in responsible gambling and to develop well as experience, customer digital Norway's best custom and future-oriented develop to as er-friendly solutions together with the trade. Tipping shall be a community builder that Norsk makes a positive contribution and is a visible pres local commu and ence in people's everyday lives nity. Responsible business conduct The company's corporate social responsibility Important events in 2019 Important events in 2019 • •

equivalents -

Indicator behaviour gambling of Measurement players of Number share Market revenues gaming Expenses/net CO2 of Tonnes Board of Directors: of Board (chair) Silseth Bernander Linda chair) (vice Monseth Olav Per Hansen David Meyer Lise Anne Westbye Vøllestad Linda Thorsheim Egge Andreas Mathisen* Vidar Bjørn Frisvold* Reinhardsen Linda employees the by elected * CATEGORY 3 CATEGORY Reduction in greenhouse gas emissions gas greenhouse in Reduction Customers Channeling ratio Cost Long-term goals Long-term gambling Responsible 1946. Norsk Tipping's head office is in Hamar. At the same time, through efficient operations, the same time, through efficient operations, At the of possible as much as that ensure shall company socially towards go gambling from proceeds the in beneficial causes. The company was founded company shall offer gambling in a socially accept able form under public control, with a view to pre venting the negative consequences of gambling. Pursuant to the Norwegian Gaming Act, Norsk Tip Pursuant to the Norwegian Gaming Act, Norsk ping has exclusive rights to offer a range of gam the with accordance In Norway. in activities bling rules laid down by the Ministry of Culture, the increased by almost NOK 1.2 billion. About the company nel more players year-on-year. Efficiency when per went from 38.8 of costs measured as a share cent in 2015 to 31.3 per cent in 2019. During the causes good to distributed profits period, same Attainment of the State’s goal Figures from the Norwegian Gaming Authority show that Norsk Tipping’s gaming services chan wards good causes. The State’s goal as owner is to is owner as goal State’s The causes. good wards into gamble to Norwegians of desire the channel moderate and responsible services. der public control, with a view to preventing the preventing to view a with control, public der of gambling, while also negative consequences to go gambling from proceeds the that ensuring State ownership Tip Norsk in ownership for rationale State’s The un of gambling forms acceptable offer to is ping The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Norsk Tipping Tipping Norsk 98 99 Photo: Thomas Haugersveen 0 0 0 0 0 0 0 0 32 0% 0% 324 279 842 92% 21% 44.2 2018 100% 1,217 1,118 2,372 2,835 13,460 10,625 12,610 77 (79) 77 69 (75) 69 0 0 0 0 0 0 0 0 60% 34 0% 0% 285 222 87% 23% 62.6 2019 100% 1,256 1,094 1,734 3,065 1,416 13,610 10,545 12,792 CATEGORY 3 CATEGORY Management group Result 2019 (2018) 2019 Result 18.8 years (18.5 years) (18.5 years 18.8 40% Gender balance 2019 > 75 > 75 > 15 years 15 Company 85% Goals 2019 Goals Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend share 15%

PwC AS AS PwC Website: www.norsketog.no CEO: Risan Øystein Auditor:

customer of Norske tog in connection with the start-up of “Traffic Package South” (Sørlandet Line and Jæren Line) on 15 December 2019. On 10 December 2019, the Storting set theOn 10 December 2019, the the purchase ofinvestment framework for has an option to30 new trains. Norske tog local trains.purchase an additional 170 of ten new FLIRT trainsNorske tog took delivery from Stadler in 2019. The final delivery under the present agreement for the purchase of a total of 150 trains is expected during 2022. In addition to Vygruppen, Go-Ahead became a objective. Responsible business conduct ener more for systematically works tog Norske and stock rolling emissions-free and gy-efficient transport solutions, including ensuring that the environmen possible lowest the has stock rolling tal and carbon footprint from a life cycle perspec com suppliers that requires also tog Norske tive. ply with explicit standards regarding ethics, integ rity and corporate social responsibility. The com pany has several major procurements. Strategy of Norske tog’s strategy is based on the objective rolling of leasing and procurement cost-efficient stock. The procurement strategy shall facilitate the which stock, rolling of procurement cost-effective lowest is delivered at the agreed time and with the possible environmental and carbon footprint. mainte optimised information, customer Clear mod financing flexible a and stock rolling of nance el are important prerequisites for achieving this Important events in 2019 • • •

Indicator satisfaction Customer pool vehicle of age technical Average satisfaction Employee

Board of Directors: Directors: of Board (chair), Justad Malm Annette Abeler, Marianne Opedal, Espen Larsen* Vidar employees the by elected * ownership: State 100% Transport of Ministry date vehicles date to- - Competent and satisfied employees satisfied and Competent Long-term goals Long-term passengers and customers Satisfied Up equal terms for passenger rail traffic. The compa rail traffic. passenger for terms equal ny was demerged from Vygruppen in 2017. Nor ske tog is headquartered in Oslo. rail operators that have a traffic agreement with agreement traffic a have that operators rail of the Norwegian Railway Directorate for the lease for entry to barriers low ensures This stock. rolling on competition to contributes and operators rail About the company rolling manages and owns procures, tog Norske with agreements into enters company The stock. and Vygruppen. Norske tog has an A+ rating and, rating A+ an has tog Norske Vygruppen. and of as of 31 December 2019, had an equity ratio 22.5 per cent. pate in the Norwegian Railway Directorate’s com Directorate’s Railway Norwegian the in pate petitive tenders for passenger rail transport. Nor ske tog has lease agreements with Go-Ahead, SJ Attainment of the State’s goal Norske tog provides rolling stock on competi tion-neutral terms to all rail operators that partici neutral terms. The State’s goal as owner is tition-neutral terms. The State’s rolling of leasing and procurement cost-effective stock. State ownership ownership in Norske tog The State’s rationale for compe on stock rolling of provider a have to is AS Norske tog AS Norske The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Photo: NSD 0 0 0 0 0 0 0 0 21 92 73 0% 0% 0% 7.4 0.2 0.2 44% -0.2 17.8 90.5 85.1 39.6 50.9 39.6 2018 100% 0 0 0 0 0 0 0 0 3 3 60% 19 90 0% 0% 3% 7.4 2.3 104 44% 19.5 97.8 83.8 2019 100% 42.6% 42.6% 55.2% Management group 40% Gender balance 2019 41% Company Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Education and Research Grants: Research Council of Norway Assets and dividend Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets Statement of comprehensive income (NOK millions) Operating revenues 59% Website: Website: www.nsd.no together with microdata.no

State ownership: ownership: State 100% Education of Ministry Research and CEO: Namtvedt Vigdis Kvalheim Auditor: AS BDO university and university college sector and other research communities. the auspices of the Ministry of Education and Research and the Research Council of Norway. National archive for research data. National hub for access to important research data. National role as data protection advisor for the Developed received the NorwegianStatistics Norway, which award for bestData Protection Authority's built-in privacy. solutions that assist inDeveloped fully digitized providing users with improved data manage ment, data overview and internal controls, and that simplify archiving and access to data. NSD was evaluated by an expert group under

Responsible business conduct its of part are values and guidelines ethical NSD's gender have to aims NSD governance. corporate and employees its amongst diversity and balance encourages suitably qualified candidates to apply for positions, irrespective of their age or cultural NSD pollution, reduce To background. ethnic and using and activities travel reducing of goal the has digital forums as much as possible. Strategy importantand relevant a be to is objective NSD’s prioritisesand research Norwegian for instrument three strategic areas: • • • Important events in 2019 • • •

Board of Directors: Directors: of Board (chair) Aasen Petter Jens Bye Arne Torstein Allern Haugsgjerd Elin Salvanes Gunnar Kjell Stensland Eva Rolland* Wangen Vidar Jentoft* Hopland Cecilie employees the by elected * CATEGORY 3 CATEGORY as a limited liability company in 2003. The compa ny’s head office is situated in Bergen. NSD manages data and provides services to, NSD manages data and provides services among others, research communities. The under organised was and 1971 in established was taking ternational certification, which affirms that NSD ternational certification, which affirms that NSD has sustainable and credible data infrastructure. About the company tant role in European research infrastructure. in NSD's data archive has achieved CoreTrustSeal several health trusts and a number of research trusts and a number of research several health institutes and other institutions that conduct re ser protection data provided NSD 2019, In search. impor an plays also NSD enterprises. 129 to vices Attainment of the State’s goal NSD provides data protection services for re search to all universities and university colleges, best possible data management and service provi service and management data possible best sion for the higher education and research sec tors. centre that archives and adapts data and makes centre that archives and others, research commu this available to, among owner is to ensure the nities. The State’s goal as State ownership NSD–Norsk in ownership for rationale State's The a have to is (NSD) AS forskningsdata for senter Norsk senter for forskningsdata AS for forskningsdata senter Norsk 100 Photo: Nye Veier AS 101 0 0 0 0 0 0 0 0 9 ) ) - - 0% 0% 165 647 17% 65% 2018 100% 6,653 1,154 1,180 1,180 4,705 3,078 1,627 5,279 3,078 (2018) 50 km ( km 50 9.7 (10.8) 9.7 99.89% ( 99.89% 2.6% (2.1 %) (2.1 2.6% 0 0 0 0 0 0 0 0 13 0% 0% Result 2019 2019 Result 162 16.9% (17.3 %) (17.3 16.9% 776 807 807 562 11% 75% 2019 100% 6,993 5,164 3,886 1,278 5,432 3,886 75% CATEGORY 3 CATEGORY Management group 8 25% 2% 20% 50 km 50 99.95% Goals 2019 Goals Gender balance 2019 70% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements: Ministry of Transport Grants Assets and dividend Dividend for the financial year Dividend share 30%

CEO: CEO: Aanesland Anette Auditor: AS EY Website: www.nyeveier.no State ownership: ownership: State 100% Transport of Ministry

value* development phase development value* - summer of 2019, approximately a year and a half after start-up. Nye Veier opened its first road sections: E18Nye Veier opened its first km) and E18Tvedestrand–Arendal (22 In addition, 12 km ofRugtvedt–Dørdal (16 km). between Kolomoennew motorway was opened opening of E6and Kåterud as a partial Kolomoen–Moelv. The E18 Dørdal–Grimstad section underwent an inter-municipal planning process. This involved eight municipalities and two counties and resulted in approved municipal plans in the Indicator road opened of kilometres of Number portfolio the in savings cost Percentage H2 percentage a as phase operating the during uptime Annual revenue total of percentage a as costs Administration Nye Veier reports in accordance with the GRI NationsUnited the to relating issues for standard Global Sustainable Development Goals. Nye Veier particularly contributes to the sustainable develop ment goals of innovation and infrastructure, de cent work and economic growth and climate ac tion. All indicators the company reports on are re flected in Nye Veier's long-term objectives and several indicators are key performance targets in the projects that the turnkey contractors report on. Strategy Nye Veier's goal of the highest possible socio-eco nomic profitability is ensured in all project phases and when prioritising these. Nye Veier has devel oped a methodology for portfolio prioritisation whereby the road sections are assessed in accord reper net profitability, socio-economic with ance cussions, traffic and societal safety, and consider ations of overall development. Responsible business conduct Important events in 2019 • •

related personal injuries per million hours worked. hours million per injuries personal related Board of Directors: Directors: of Board (chair) Nikolaisen Vaagaasar Harald Giske Eli Dalen Morten Dag Skjærstad Mari Nygren Eva Bye* Buaas A. Magne * Aagre Renell Vivien employees the by elected * - value = total number of work of number total = value - Good accessibility to the road network road the to accessibility Good builder efficient and Lean Long-term goals Long-term development Rapid costs development Low development Secure velopment. The company was founded in 2015 in founded was company The velopment. 2016. since operation ordinary in been has and Nye Veier’s head office is located in Kristiansand. mately 700 kilometres of principally four-lane mo of cost development estimated an with torways, NOK 182 billion (measured in 2019 NOK). High so cio-economic profitability is prioritised in road de tains sections of national roads for which the com com The responsibility. delegated been has pany pany’s development portfolio comprises approxi users. About the company Nye Veier plans, constructs, operates and main culations at the end of 2019 support the expecta the support 2019 of end the at culations tion of realising NOK 28 billion in cost reductions road to benefit increased in billion 29 NOK and of more rapid development, lower costs, increased of more rapid development, lower costs, increased benefit and the construction of safe roads. More rapid development primarily takes place in the form of reduced planning time. The company’s cal Attainment of the State’s goal The State’s goals are operationalised in the targets opment in the traditional sense. The State’s goal as goal State’s The sense. traditional the in opment socio-economic the highest possible owner is profitability in the road projects for which the company has been given responsibility. contribute to faster, more efficient and compre and efficient more faster, to contribute parts of the national road hensive development of devel through achieved be can what than network State ownership ownership in Nye Veier AS The State’s rationale for road infrastructure and is to safeguard national * H2 * The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Nye veier AS veier Nye Photo: Øyvind Hagen / Statoil 0 0 0 0 0 0 0 0 64 23 23 0% 0% 1% 9% 3.7 2.6 5.7 5.7 280 250 230 227 2018 100% 280.3 0 0 0 0 0 0 0 0 1 1 65 24 24 0% 0% 0.7 287 -1% 292 251 232 227 10% -3.2 2019 100% 75% All 3 implemented implemented 3 All 1 milestone achieved milestone 1 Management group Result 2019 (2018) 2019 Result 5 milestones achieved milestones 5 25% 0.9 (0.7) (0.7) 0.9 Gender balance 2019 68% Company NOK 96 billion (NOK 120 billion) billion) 120 (NOK billion 96 NOK Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Petroleum and Energy Assets and dividend Dividend for the financial year Dividend share 32% for for

2 identified identified Goals 2019 Goals identified projects identified electrification projects electrification Website: Website: www.petoro.no 6 milestones achieved milestones 6 3 milestones achieved for achieved milestones 3 the efficient operation of the company the of operation efficient the NOK 119 billion billion 119 NOK <= 0.5 0.5 <= Implementation of 3 identified measures for for measures identified 3 of Implementation

State ownership: ownership: State 100% Petroleum of Ministry Energy and CEO: Moen K. Grethe Auditor: KPMG Project Project A united Norwegian oil and gas industry launched a new climate roadmap and new climate targets. Petoro has been involved in this work. Production commenced at Johan Sverdrup andProduction commenced the plan to developapproval was granted for field.and operate phase 2 of the TampenDecision to develop the Hywind will help reduce CO offshore wind farm, which emissions from the Norwegian continental shelf. Choice of solution for increased gas extraction at Ormen Lange and Snøhvit.

ance to ensure that the State’s portfolio is man creation value maximises a manner that aged in company. the in trust for foundation the lays and Identifying and managing risk factors and risk ex posure are part of Petoro’s commercial processes. Guidelines for exercising corporate social respon company’s the for established been have sibility board and are an integrated part of Petoro’s activities, strategy and values. • Strategy The mature fields in the SDFI portfolio have the wellsnew of drilling The value. potential highest rev increasing for area important most the be will require climate and Safety future. the in enues ments constitute an important part of the strategy. Responsible business conduct The board emphasises good corporate govern Important events in 2019 • • •

Cathrine Nilsen*, Nilsen*, Cathrine emissions 2 Serious incident frequency incident Serious CO Indicator billion) (NOK flow cash Annual progress measures Identified Board of Directors: Directors: of Board (chair), Wærsted Gunn chair), (vice Bjordal Brian Sandal, Hugo Schøyen, Arvid Per Fjeldstad, Haugen Trude Sandvik*, Ragnar - Anne employees the by elected * CATEGORY 3 CATEGORY Managing safety and and safety Managing concerns environmental Maximise the value of the SDFI SDFI the of value the Maximise portfolio Long-term goals Long-term Efficient operations Efficient Stavanger. facilities. The company itself is not responsible for responsible not is itself company The facilities. the marketing and sale of the State’s oil and gas. was company The responsibility. this has Equinor in established in 2001. Petoro's head office is operations on the Norwegian continental shelf. operations on the Norwegian continental shelf. in Petoro is the licensee for the State’s interests production licences, fields, pipelines and onshore SDFI in the petroleum sector on the Norwegian SDFI in the petroleum sector on the Norwegian continental shelf and other associated operations on behalf of the State. Under the SDFI scheme, the State participates as a direct investor in petroleum About the company Petoro AS manages the commercial aspects of the Among Petoro’s priorities in 2019 were drilling ef drilling were 2019 in priorities Petoro’s Among ficiency and implementing digital solutions for effi cient operations across the SDFI portfolio. from the portfolio was 964,000 barrels of oil equiv alents (o.e) per day, of which fluid production was 349,000 barrels of o.e per day. Attainment of the State’s goal port SDFI the from State the to flow cash net The folio in 2019 was NOK 96 billion. Total production financial interest (SDFI). The State’s goal as owner financial interest (SDFI). reve and value much as create to SDFI the for is nue as possible. State ownership ownership in Petoro AS is The State’s rationale for direct State’s the of management sound ensure to 1) Number of serious incidents per million hours worked. worked. hours million per incidents serious of Number 1) The company's principal objectives and results 2019 (selection) 2019 results and objectives principal company's The Petoro AS Petoro 102 Photo: Grethe Nygaard 103 0 0 0 0 0 0 0 0 0 0% 0% 1% 1.7 0.3 0.3 124 120 117 48% 63.3 28.4 27.9 56.5 60.7 89.7 2018 100% 0 0 0 0 0 0 0 0 0 0% 0% 6% 7.5 6.3 6.3 122 117 124 54% 62.8 28.7 67% 22.1 67.2 56.4 97.8 2019 100% CATEGORY 3 CATEGORY Management group 33% Gender balance 2019 39% Company Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Culture Grants: Rogaland County Council and Stavanger Municipality Assets and dividend 61% teater.no -

Theatre Director: Director: Theatre Kaada André Glenn Auditor: AS EY Website: www.rogaland State ownership: ownership: State 66.67% Culture of Ministry

2019 was theatre director Glenn André Kaada’s2019 was theatre director at Rogaland Teater.first year as artistic director improved staffingA new planning system for logistics was in fullsolutions and more efficient 2019.operation from and including

our suppliers and collaborative partners/spon collaborative and suppliers our sors. The theatre respects and contributes to a decent working life, where fundamental standards of work and rights are safeguarded. The theatre has adopted the ILO’s eight core conventions. The to routines and guidelines established has theatre fi in transparency ensure and corruption prevent nancial transactions. The theatre’s operations on impact negative possible least the have should con in applies also This environment. external the nection with the selection of subcontractors. - (New theatre building) which is an important long term strategic area. Even though a theatre build ing itself is only a means of achieving other objec tives, the project will be of such major importance that the theatre has to think strategically regard ing the challenges this entails. The theatre's values are Inquisitive, Talented and Lavish. Responsible business conduct The theatre has publicly available guidelines for the The responsibility. corporate social exercising atre respects the fundamental human rights as laid down in international conventions in all of our activities. We also follow this up with respect to arts, start construction of the recommended con and active in 2025, theatre building new cept for a ly reduce the theatre's negative impact on the ex with works Teater Rogaland environment. ternal strategic important most The areas. strategic five area is "Art – Artistic quality, breadth and develop linked directly are areas strategic other The ment". Theatre), Youth and (Children' "Kidså" this: to – which represent our sur "Kompisene” (Buddies) roundings in the form of customers, collaborative partners, sponsors, owners, benefactors and oth who (Colleagues) er stakeholders, “Kollegaene” are own employees, organisation, technology and 6” other organisational focus areas and “Concept Important events in 2019 • • Strategy The theatre’s vision is “Make the play room big the push to are ambitions three theatre's The ger”! boundaries in the best interests of the performing

Board of Directors: Directors: of Board (chair) Østensjø Inger chair) (vice Walderhaug Morten Reiten Kåre Ålgård Alexandria Agathe Lunde Alexander Kjartan Skogen* Marita Holter* Marianne employees the by elected * Rogaland teater AS teater Rogaland Rogaland Teater is located in Stavanger. children in a professional setting, is an integrated part of the theatre. The theatre was established in in 1972. State became a part-owner the 1883 and Rogaland Teater is a regional theatre that manag that theatre regional a is Teater Rogaland sur the and Stavanger in activities theatre es rounding region, including tours. The children’s and youth theatre, where children perform for in a manner that is resource-efficient. About the company in recent years, however the theatre’s physical re strictions in terms of number of seats, storage space and production facilities make it difficult to further expand the repertoire in the coming year ed, increase capacity utilisation and streamline the streamline and utilisation capacity increase ed, use of resources. The theatre has succeeded in building up loyalty and increasing audience visits were budgeted for. In recent years, the theatre has changed its pro services provid gramming model to improve the away performances, performances, take-away were six productions, and 16 were in-house productions. 93,097 tickets were sold, compared with the 88,145 tickets that from 2018. 2019 was therefore a good and solid from 2018. 2019 was therefore a good and solid year for the theatre. 32 productions were present ed in 2019 (compared with 29 in 2018), of which seven were guest performances, four were joint rary drama with relevant themes, heavyweights rary drama with relevant themes, heavyweights such as Garborg, Hamsun, Shakespeare and Berg favourites man, and the revisiting of audience numbers have remained stable at the same high same at the stable remained have numbers level as before and the theatre is finding that tal ented artistic forces want to be involved in our productions. The year was devoted to contempo continued under the new theatre director and the director and continued under the new theatre theatre is experiencing positive national attention Audience productions. its for recognition and ity to a wide audience. Attainment of the State’s goal The diversity of the productions presented has quality art and culture and to pro to and culture and art high-quality to cess and renewal. The mote artistic development high level of artistic qual State's goal as owner is a State ownership Rogaland in ownership for rationale State’s The ac has everyone that ensure help to is AS Teater Photo: Bård Gudim II 0 0 0 0 0 0% 0% 7% 3.9 0.6 155 -5.9 175 248 52% 98% 13.4 57.8 42.9 58.3 91.3 83.9 91.3 17.4 10.9 18.5 2018 54% 0 0 0 0 0 0% 0% 2% 0.1 5.2 155 -5.8 128 128 222 236 58% 98% 19.1 75.8 43.5 22.5 93.5 36.3 92.4 42.2 2019 Management group 46% Gender balance 2019 70% Company Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Public procurements/grants Procurements Grants: Ministry of Education and Research Grants: The Ministry of Justice and Public Security, Ministry of Trade, Industry and Fisheries, Ministry of Transport Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Tax charge - Minority interests Result after tax and minority interests Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests 30% Auditor: Auditor: Revisjon Lundes DA skontor Website: www.simula.no CEO: Tveito Aslak

Elin Backe Christophersen* Backe Elin * Funke Simon Wolfgang employees the by elected * ownership: State 100% and Education of Ministry Research partnership with BI Norwegian Business School. Simula conducted its first major sale of aSimula conducted its first Kalkulo AS was soldcompany in the group when to Bluware Corp. to Simula Consulting was established the company’s work coordinate and streamline in relation to the labour market. Among other things, Simula Consulting offers tailored courses. Simula entered into a computer science ployees by 2028. Simula also actively works with ployees by 2028. Simula also actively works with management development at all levels. The com an pany believes that a high ethical standard has intrinsic value for both the company and individu to al employees. In addition, Simula believes this aspect of the company’s respon be an important sibility as a participant in society and that it helps to maintain trust from the outside world. The com pany has ethical guidelines that, among other things, address research ethics, working environ ment and conflicts of interest. Strategy research outstanding an be to is vision Simula's fundamen and important resolves that institution tal problems, educates highly qualified experts The innovation. to contributes and leaders, and cover that objectives strategic set has company the entire organisation. Responsible business conduct Simula places strong emphasis on diversity among employees and good working conditions. The em female cent per 40 of target a has company Important events in 2019 • • •

Board of Directors: Directors: of Board (chair) Myhre Ingvild Lundqvist Mats I Heggernes Pinar Søreide ngolf Nielsen Petter Nordvik Brunvand Hilde Asting Ringen Katharina CATEGORY 3 CATEGORY based innovation, the Certus Centre. The Centre. Certus the innovation, search-based company was established in 2001. Simula's head office is in Bærum. pany also educates computer scientists in collabo Simula institutions. degree-conferring with ration is the host institution for a centre for re Simula conducts basic research in selected areas Simula conducts basic research in selected areas com and engineering software of field the within munications technology, and thereby contributes com The industry. and business in innovation to project-based internships during the summer. About the company ence articles. During 2019, Simulas research staff research Simulas 2019, During articles. ence their completing in candidates nine mentored master’s their completing in students 26 and PhDs various in students 24 had also Simula degrees. In 2019, Simula's employees published 88 articles 88 published employees Simula's 2019, In in international journals and wrote a book, three chapters in books and 83 peer-reviewed confer as owner is the best possible research, education as owner is the best possible and innovation within ICT. Attainment of the State’s goal holder which is not part of a university or universi holder which is not part in research and education ty college, that engages security. The State’s goal within ICT, including ICT State ownership ownership in Simula Re The State's rationale for is to have a stake search Laboratory AS (Simula) Simula Research Laboratory AS Laboratory Research Simula 104 Photo: Hans Kristian Thorbjørnsen 105 7 0 0 0 0 0 4 -2 -3 43 33 50 50 18 3% 0% 5.4 -12 141 214 700 700 -1% 448 922 17% 31% 2018 100% 2,955 2,033 1,852 33% 7 0 0 0 0 0 0 0 0 -2 45 45 59 0% 0% 145 215 700 700 598 105 143 100 15% 18% 33% 2019 100% 3,191 1,050 2,141 2,058 CATEGORY 3 CATEGORY Management group 67% Gender balance 2019 51% Company Assets and dividend Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments State loan limit Government loan Interest on State loans Commissions on State loans Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Local Government and Modernisation Grants: Ministry of Agriculture and Food Grants: Ministry of Trade, Industry and Fisheries 49% Website: Website: www.siva.no Auditor: Auditor: AS EY

The Ministry of of Ministry The and Industry Trade, Fisheries CEO: Riddervold Ingrid Lorange State ownership: ownership: State 100%

in the industrial building. In 2019, Siva announced pilot projects for strengthening existing centres and the selection of new centres under the Catapult scheme. The company worked to facilitate the transfer ofThe company worked to authority for theresponsibility as contracting programmebusiness garden and incubator Industry andfrom the Ministry of Trade, of Local GovernmentFisheries and the Ministry county councils fromand Modernisation to the 2020. In 2019, Siva commenced construction of an industrial building at Drag in Nordland for The Quartz Corp. Siva has invested NOK 60 million has programme activities and Catapult Centres at has programme activities and Catapult Centres a total of 130 different locations throughout the country and in every region. Siva's policy instru ments enhance the effect of other business-ori ented policy instruments. Responsible business conduct Siva has a continual focus on compliance with guidelines and standards for areas that come un der the company's corporate social responsibility. Siva's ethical guidelines and values form the basis for the company’s business practices and personal conduct. • Strategy by Siva facilitates restructuring and innovation ac with businesses and entrepreneurs providing fa testing and expertise networks, to capital, cess cilities, as well as lowering barriers for establishing business activities in areas where the property manages company The demanding. is market property, ownership of innovation companies and • • Important events in 2019

Board of Directors: Directors: of Board (chair) Roland Kjell chair) (vice Kamsvåg Mette Ulriksen Arve Østby, Heine Rørvik Tine Østbø Bjørn Adriaensen Maja Andersen* Jørgen employees the by elected * Siva – Selskapet for Industrivekst SF Industrivekst for – Selskapet Siva gional, national and international networks. The of head Siva’s 1968. in established was company fice is in Trondheim. entry especially difficult. Through its innovation its Through difficult. especially entry activities, Siva facilitates the establishment and de knowl and business in enterprises of velopment edge communities and links them together in re ments, the company aims to lower entry barriers for the establishment of commercial activity in ar eas or industries where market mechanisms make About the company business-oriented of system the of part a is Siva policy instruments. Through its property invest incubators and business gardens had more incubators and business gardens had more growth and higher value creation than compara ble enterprises in a control group. panies in the business garden and incubator pro grammes have experienced an increase in turno in Statistics Norway by report published A ver. 2018 showed that companies in Siva-supported tivities was measured at 6.1 per cent in 2019, com the In cent. per 3.6 of requirement the with pared target com the past five years, more than half of Attainment of the State’s goal The governance indicators, which reflect the com re goals, showed positive pany’s attainment of sults in 2019. The average return on property ac ture and joint resources available to companies ture and joint resources available to companies and regional business and research communities. communities throughout Norway. Siva has a spe a has Siva Norway. throughout communities cial responsibility for promoting growth in remote areas. The State’s goal as owner is to trigger profit able business development by making infrastruc ment Corporation of Norway) is to have a policy a have to is Norway) of Corporation ment ownership and develop instrument for facilitating knowledge and business and companies of ment State ownership ownership in Siva – Sel The State’s rationale for Develop (Industrial SF Industrivekst for skapet Photo: Space Norway AS 0 0 0 0 0 0 0 0 57 21 0% 0% 0.1 759 530 228 687 70% 61.3 41.8 41.7 79.8 2018 -97% 100% -59.4 0 0 0 0 0 0 0 0 27 0% 0% 0.1 758 67% 110 110 295 640 640 37% 69.7 2019 -40% 100% -27.9 1,744 1,104 Management group 33% Gender balance 2019 Company 86% Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend share Statement of comprehensive income (NOK millions) Operating revenues 14% KPMG AS AS KPMG Website: www.spacenorway.no Auditor: Auditor:

100% 100% Trade, of Ministry Fisheries and Industry CEO: Rønneberg Jostein already established socially-critical infrastructure, follow-up of agreements entered into for the ASBM programme, development of small satellite activities to assist with maritime surveillance, maritime safety and emergency preparedness. demonstration. In the development of the new international maritime VHF Data Exchange System (VDES), the company has, in cooperation with Norwegian operators, been awarded several ESA contracts and was allocated frequencies for the VDES satellite component during the World Radio Conference. adequate safety and efficient operation of Important measures were implemented to Important measures were of the fibre cable ensure the accessibility connection to Svalbard. project received On 21 June 2019, the ASBM the State and the approval for funding from project moved onto the construction phase in early July. The company is working to produce a microsatellite for radar testing and ical conduct and corporate social responsibility, and procurement responsible on work including is company The suppliers. with relationship the committed to preventing corruption. • • Responsible business conduct projects new for out carried are assessments Risk throughout the year. The com operations and for pany has adopted guidelines and routines for eth • Strategy The company's most important focus areas are: • Important events in 2019 • • •

Board of Directors: Directors: of Board (chair) Birkeland Asbjørn Rimmereid Olaf Tore Hustad Arild Flatheim Hege Frisak Nina ownership: State CATEGORY 3 CATEGORY mainland Norway and Svalbard. The company wascompany The Svalbard. and Norway mainland Foun Centre Space Norwegian the from divested inis office head Norway's Space 1995. in dation Oslo. zon, and collaborates with other national commu nication and space organisations. Space Norway owns and manages the fibre optic cable between to meet national user requirements and facilitate inactivities space-related on based creation value newdevelops and identifies company The Norway. opportunities and projects with a long-term hori About the company Space Norway contributes to the development and operation of space-related infrastructure in order tributes to further development and value crea value and development further to tributes has which Services, Satellite Kongsberg at tion achieved good international growth. the Norwegian Coastal Administration's need for the Norwegian Coastal Administration's need for satellite-based AIS information. As an owner and through its work on the board, Space Norway con in the Arctic. Space Norway has delivered a secure in the Arctic. Space Norway has delivered a secure and community Svalbard the to connection cable In communication to the Troll research station. to 2019, Statsat completed its assignment related lite Broadband Mission (ASBM)). The project is of lite Broadband Mission (ASBM)). The project is major importance to public policy and, when the broadband provide are operational, will satellites been the development work for establishing satel the including Arctic, the in broadband lite-based associated the with satellites two of construction Satel (Arctic Norway Northern in segment ground During 2019, the company identified, developed During 2019, the company identified, developed and implemented new projects within space-relat has year past the in project main The activities. ed related infrastructure that cov that infrastructure space-related managed ly ers important Norwegian societal needs. Attainment of the State’s goal related infrastructure that covers ty-critical, space-related infrastructure that State’s The needs. societal Norwegian important cost-effective and proper goal as owner is to offer State ownership Nor Space in ownership for rationale State's The further develop safe way AS is to manage and Space Norway AS Norway Space 106 Photo: Henrik Glette 107 0 0 0 0 0 0 484 484 488 22% 33% 34% 23% 2018 100% 9,138 3,120 2,701 2,213 1,956 1,461 70,281 16,194 54,087 61,931 12,377 0 0 0 0 0 0 534 66% 42% 31% 23% 2019 100% 71% 9,641 3,027 2,440 1,906 1,327 1,261 1,261 9,618 1,493 76,323 17,783 58,540 67,982 CATEGORY 3 CATEGORY Management group 29% Gender balance 2019 Company 74% Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend percentage 26% Deloitte AS Deloitte Website: www.statnett.no CEO: CEO: Lont Auke Auditor:

State ownership: ownership: State 100% Petroleum of Ministry Energy and Steinar Jøråndstad* Jøråndstad* Steinar Kirstihagen* Bjørn Ole employees the by *elected subject to the Norwegian Security Act. Statnett has been responsible for establishing and managing Elhub. The subsea power cable between Norway and Germany, as well as the converter station on the Norwegian side, were tested and made ready for use in 2019. The laying of land cable on the German side is ongoing. Work on the power cable to England continued in 2019. The cable to Germany is due to be commissioned by the end of 2020 and the England cable in 2021. The Ministry of Petroleum and Energy decided in November 2019 that Statnett would be In December 2019, Statnett and the otherIn December 2019, Statnett in the Nordictransmission system operators entered into anregion and Baltic countries cent of the shares inagreement to sell 66 per NordPool tothe Nordic power exchange the Oslo StockEuronext, which also owns Exchange. The power industry’s central data hub (Elhub) for processing meter readings from power customers was put into operation in 2019.

and enabling Norway and our neighbouring coun tries to increase their shares of renewable energy and reduce greenhouse gas emissions. Health, safety and working conditions are a high priority. digital include this achieve to taken measures The in an and suppliers of follow-up work, security creased focus on corporate social responsibility in connection with purchases and through recruit ment and employee development. Statnett also has the ambition of being a leader in environmen tal and climate work in the sector by minimising the impact its facilities have on natural diversity and landscape values, and by reducing its own greenhouse gas emissions. Strategy Statnett's strategy is to develop and operate a fu ture-oriented and cost-effective power system pro energy renewable increased facilitates that duction, new commercial and industrial activities emis gas greenhouse cut to electrification and sions. The company shall ensure satisfactory deliv ery quality. Responsible business conduct Statnett contributes to the United Nations Sustain able Development Goals through infrastructure • • Important events in 2019 • •

Board of Directors: Directors: of Board (chair) Baksaas Fredrik Jon Pettersen Elisabeth Tove chair) (vice Sandsmark Maria Gjesteland Egil Strømsvåg Einar Dørstad* Pernille oly on owning and operating the transmission grid 1992 in established was company The Norway. in when Statskraftverkene was split into Statnett and Statkraft. Statnett's head office is in Oslo. responsible for ensuring that there is a balance at balance a is there that ensuring for responsible all times between production and consumption of electrical power in Norway. Statnett has a monop Statnett is the transmission system operator in the in operator system transmission the is Statnett Norwegian power system, and is responsible for socio-economically rational operation and devel is opment of the transmission grid. The company rope. About the company which will combine a cost focus with goals for bet has Statnett utilization. resource and system ter the goal of being among the 25 per cent most Eu operators in transmission grid cost-effective crease in efficiency from 2013 to 2018. Statnett crease in efficiency from 2013 to 2018. Statnett 2019 in programme efficiency new a established and 2022 including and until continue will that at all times between the generation and consump and generation the between times all at tion of electrical power in Norway. in Statnett achieved its target of a 15 per cent Statnett achieves the objective by realising so realising by objective the achieves Statnett cio-economically profitable projects in the trans balance a is there that ensuring and grid mission electricity transmission grid in accordance with so electricity transmission grid cio-economic criteria. Attainment of the State’s goal and is system operator for the Norwegian power and is system operator the ensuring is owner as goal State’s The system. of the central rational operation and development State ownership is SF Statnett in ownership for rationale State's The the transmission network that the company owns Statnett SF Statnett Photo: Torkel Skoglund 1 6 0 0 0 0 12 14 80 80 111 413 120 127 114 318 258 70% 54% 29% 88% 2018 100% 2,094 1,836 1,836 7 0 3 0 0 0 0 14 64 64 77 91 84 115 340 228 185 76% 62% 23% 91% 2019 100% 1,878 2,063 1,878 79% Management group 21% Gender balance 2019 Company 67% Dividend percentage Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements: Ministry of Agriculture and Food Grants Assets and dividend Dividend for the financial year 33% Website: Website: www.statskog.no

State ownership: ownership: State 100% Agriculture of Ministry Food and CEO: Lien Gunnar Auditor: AS KPMG Statskog entered into an agreement with the Norwegian Environment Agency for the restoration of wetlands. Timber prices were high in 2019, but were lowerTimber prices were high towards the end of the year. funding of severalStatskog initiated partial includingresearch initiatives for forests, that will betterresearch on forest plants withstand climatic variations. Statskog closed many grouse hunting grounds due to low grouse numbers. for 2030 that are most relevant to the company. well- particularly itself considers company The equipped to have an influence on United Nations 3 “Good Health Sustainable Development Goal no. and Well-being” by providing access to resources for outdoor recreation, hunting and fishing, no. 13 car increased for initiatives with Action”, “Climate bon capture such as planting and fertilising, and with environmentally certi On Land”, no. 15 “Life fied forestry and reestablishment of site-adapted forest following logging activities. sustainable framework. The company shall identi fy and highlight all types of resources on the prop of erties, and realise the development potential the properties. Responsible business conduct Statskog's sustainability work is integrated into compa The operations. day-to-day company's the ny complies with the international standard, Glob al Reporting Initiative (GRI). This work includes ex tensive and systematic dialogue with a large num Statskog's stakeholders. company’s the of ber sustainability ambitions are linked to the eight United Nations Sustainable Development Goals • Strategy all Statskog’s objective is to safeguard and develop equal has public the ensure and land community and fishing hunting, for conditions and to access outdoor recreation. The company shall be Nor way’s most professional landowner and be effi cient and user-oriented. Long-term profitability knowledge-based and shall be achieved through resourc properties’ the of sustainable utilization a within effectively managed be shall Forest es. Important events in 2019 • • •

Board of Directors: Directors: of Board (chair) Olofsson Gunnar Reistad Eli Klingenberg Tveit Ellen Tørklep Christine Eira Johan Ole Sundnes* Øystein Kvam* Anita Siw employees the by elected * CATEGORY 3 CATEGORY fice is in Namsos. ry, wilderness management and other land and ry, wilderness management and other land and property management. The company was estab the from when it was converted in 1993 lished Directorate for State Forests. Statskog's head of also Norway's largest forest owner, with around 6 6 around with owner, forest largest Norway's also Norway. in area forest productive the of cent per Statskog's commercial activities comprise forest and uncultivated wilderness. The company also and uncultivated wilderness. The company also land public on assets all develops and safeguards fishing hunting, to access public guarantees and and outdoor recreation in Norway. Statskog SF is Statskog SF is Norway's largest landowner and Statskog SF is Norway's largest landowner and of mainland Norway’s around one-fifth manages surface area. This land is virtually all mountains from year to year. There were low revenues from revenues low were There year. to year from forest protection compensation in 2019. About the company off reve One-off closed. be to had grounds hunting mean sales land and protection forest from nues that Statskog SF’s annual financial result fluctuates crease ongoing revenues from the lease of land crease ongoing revenues from the lease of land and energy resources. Revenues from hunting and 2019 than the previ in were slightly lower fishing ous year. Low grouse counts meant that many cesses and temporary stoppages in the buying of cesses and temporary stoppages in the buying of timber from large timber purchasers at the end in 2019. In 2019, the company also managed to years, and this continued in 2019. High timber High 2019. in continued this and years, prices in 2019 resulted in strong profitability for forestry activities, however the felling volume was somewhat lower due to initiated preservation pro Statskog Sølvverket in Kongsberg. Statskog's fi Kongsberg. Statskog's Statskog Sølvverket in nancial results from its ongoing operations have been developing in a positive direction for many with the Norwegian PEFC Forest Standard. Stat skog is also certified as a group member in accord ance with the FSC (Forest Stewardship Council) and AS Statskog Børresen with the properties in Attainment of the State’s goal Statskog's forestry activities are environmentally certified according to ISO 14001 in accordance etc. The State’s goal as owner is the sustainableetc. The State’s goal as oper efficient areas through these of management ations and satisfactory financial results over time. forest and mountain properties, and associated re associated and properties, mountain and forest public demand forsources, including meeting recreational facilities,hunting, fishing and outdoor State ownership ownership in Statskog SF isThe State's rationale for management of nationalto ensure the sustainable Statskog SF Statskog 108 Photo: Staur gård 109 0 0 0 0 0 0 0 0 0 0 5 5 1 -0 0% 0% 0% 0.1 0.1 8.5 7.6 7.6 89% 10.9 2018 100% 100% 0 0 0 0 0 0 0 0 0 0 5 -2 0% 0% 9.9 6.5 3.2 5.7 0.8 5.7 87% -1.9 -1.9 2019 -20% 100% CATEGORY 3 CATEGORY Management group 0% 100% Gender balance 2019 Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend share 0% CEO: CEO: Qvale Martin Ola Auditor: AS Revisjon Sandberg Website: www.staur.no About the company are the management of The company’s activities until it has been acquired the Staur gård property the management of the by a new owner, including maintenance of buildings agricultural areas and Staur gård property is and park facilities. The the Staur gård company owned by the State, and property, the manage to 2001 in established was which had previously been operated by the Nor wegian Grain Corporation. Staur gård’s head office is in Stange.

Board of Directors: Directors: of Board (chair), almlid Torbjørn Sætersmoen, Eli Gundersen Gunnar ownership: State 100% Agriculture of Ministry Food and over by the new owner. property. The dissolution of the company was ap proved at its annual general meeting in 2019, and dissolution Final liquidation in now is company the taken been has property the after place take will tion 391 S (2018–2019). The Ministry of Agriculture tion 391 S (2018–2019). The Ministry of Agriculture and Food is now following up the decision by the Storting to dissolve the company and sell the State, and that it is not the task of the State to own, State, and that it is not the operate or facilitate the operation of a course and conference hotel in a competitive market. The Recommenda cf. proposal, the approved Storting proposed to dissolve the company Staur gård on proposed to dissolve the properties should be the grounds that agricultural parties other than the owned and operated by State ownership cent of Staur gård AS. In The State owns 100 per Government the (2018–2019), S 114 Proposition Staur gård AS gård Staur Photo: Ragnhild Utne 0 0 0 0 0 0 0 -9 47 44 0% 0% 162 124 -0.2 383 710 293 12% 53.2 2018 100% 2,893 -2,042 -307% -2,183 0 0 0 0 0 0% 0% 331 148 -4.4 -0.4 200 294 295 300 777 305 43.0 40.5 2019 147% 100% 2,277 -1,368 -193% -1,500 87% Management group 13% Gender balance 2019 Company 85% Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Trade, Industry and Fisheries Assets and dividend Dividend for the financial year as the role of the company, principles for business for principles company, the of role the as operations and priorities, as well as work with cor porate social responsibility, sustainability and eth ical guidelines. The report is updated each year and is available at the company's website. Responsible business conduct As a company with public policy goals, SNSK relies reputation good a and trust of level high a on authorities, local and government central among groups community, interest the local partners, and the community at large. The company’s man agement principles are stated in the “corporate governance report” and describe key areas such 15% Website: Website: www.snsk.no

100% 100% Trade, of Ministry Fisheries and Industry CEO: Ertsaas Morten Jan Auditor: AS PwC

Contribute to a well-functioning commercial structure in Longyearbyen and Svalbard by creating a diverse business sector, correcting imbalances in the market and ensuring that necessary functions are maintained. conditions in Svalbard. Own and develop residential and commercial property in a manner that contributes to achieving the State's objectives in Svalbard. Contribute to continuing the culture in Svalbard by preserving historical artefacts and locations, and by passing on knowledge of Norwegian activities in the Arctic and in Svalbard. Contribute to value creation in Svalbard and actively facilitate and participate in new, local commercial development. the 2015 avalanche. Based on the conclusion of the mining operations in Svea and the owner's objectives for its ownership, the company has developed and decided on a new strategy that clearly supports Norwegian Svalbard policy. Be a responsible employer that provides stable, profitable and year-round Norwegian jobs, and be a leading company for good working The Svea Lunckefjell environmental project wasThe Svea Lunckefjell environmental the start of a uniquecommenced and marked project where anenvironmental restoration will be remediatedentire mining community and returned to nature. The Lunckefjell mine was remediated and closed in March 2019. Completed construction of twelve new apartments which replaced the homes lost in

• • • • • Strategy SNSK is a key stakeholder in Svalbard and will: • Important events in 2019 • • •

Board of Directors: Directors: of Board ), (chair Justad Malm Annette , chair) (vice Undeli Johnny Aune, Elverum Dina Lillestøl, Bente Nilsen, Birger Mjelde*, Rune Velve Håvard employees the by elected * ownership: State CATEGORY 3 CATEGORY SNSK’s head office is in Longyearbyen. the former coal mining activities in Svea and activities in Svea mining coal the former Lunckefjell. The company was established in 1916 and the State became the owner in the 1930s. Mine 7, which is located outside of Longyearbyen, residential property activities in Longyearbyen, a Sval in services logistical and museum mining bard. SNSK is also responsible for remediation of About the company Svalbard. in mining coal is business core SNSK’s The group manages coal mining operations in erties in Longyearbyen that are rented out to State and private tenants through the subsidiary Store Norske Boliger (SNB). SNB is operated efficiently. ficient operations. SNSK manages approximately 380 residential prop The remaining production was primarily delivered The remaining production was primarily delivered Coal Europe. in customers to coal industrial as production takes place at the subsidiary, Store ef Norske Spitsbergen Grubekompani, which has The company produced 117,000 tonnes of coal in The company produced 117,000 tonnes of coal tonnes 30,750 approximately delivered and 2019 plant). (power Energiverk Longyearbyen to coal of ried out to support the general objectives of Nor out to support the general objectives of ried way's Svalbard policy, cf. the Svalbard Report. Attainment of the State’s goal ciently. The company's other operations must be ciently. The company's other operations must carried out on a commercial basis. The most im portant consideration is that all activities are car own residential housing in Longyearbyen, the own residential housing in Longyearbyen, the company contributes to supporting the general objectives of Norway's Svalbard policy. Mine 7 and effi be managed must operations housing the tion in Longyearbyen has access to a stable and tion in Longyearbyen has access to a stable and of secure supply of coal through the operation its Mine 7 and that by managing and developing develop the Longyearbyen community in a way develop the Longyearbyen that underpins the general objectives of Norway's Svalbard policy, cf. the Svalbard Report. The State’s goal as owner is to help ensure that the power sta stakeholder in Svalbard that, through the opera stakeholder in Svalbard of residential housing tion of Mine 7, management to help maintain and and other activities, is able State ownership in Store Nor ownership for The State’s rationale AS (SNSK) is to have a ske Spitsbergen Kulkompani Store Norske Spitsbergen Kulkompani AS Kulkompani Spitsbergen Norske Store 110 Photo: Jörg Wiesner 111 - 0 0 0 0 0 0 0 0 0 3 62 0% 0% 1% 8% 0.4 0.8 0.8 6.2 6.2 0% 38.9 80.9 74.7 2018 100% 0 0 0 0 0 0 0 0 0 4 1 68 77 0% 0% 1% 9% 1.6 1.6 7.8 7.8 36.8 85.6 77.8 2019 100% CATEGORY 3 CATEGORY Management group 100% Gender balance 2019 50% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Culture Assets and dividend Dividend for the financial year Dividend share ties to realise their full potential. A separate initia separate A potential. full their realise to ties tive for talented young females linked to the com pany’s other initiatives has the aim of changing the bal gender unequal an maintain that structures ance. 50%

General Manager: Manager: General Jørstad Mediaas Cecilie Maria Auditor: AS Deloitte Website: www.talentnorge.no State ownership: ownership: State 33.3% Culture of Ministry

owners, mentors and talents and have facilitated the exchange of experiences and transfer of skills between disciplines, genres and initiatives. The initiatives engaged over 250 mentors in 2019. Over 500 seminars, workshops and master classes were arranged, 13 of which were organised by Talent Norge. The meetings organised by the company are open for all initiatives and contributors, and some are also open to the industry and cultural sector in general. In 2019, the company adopted nine newIn 2019, the company adopted eleven ongoinginitiatives and continued 2019, theinitiatives. As of 31 December 52 talent developmentcompany was involved in extend fromprogrammes. The programmes represent over2015 to 2022. These initiatives 600 talent places annually and are split between different genres with a wide geographic spread. The company’s efforts have led to the creation of an extensive network of contributors, project

support in the project portfolio. The company pri oritises initiatives aimed at talented artists who arts higher their complete to about just either are education or have recently graduated. Responsible business conduct The board has established publicly available ethi cal guidelines for employees and people affiliated member a is company The organisation. the with of Balansekunst (Balanced Art) which works for an equal and diverse cultural sector. Talent Norge opportuni equal artists talented all give to works Strategy The company’s principal objective is to improve the framework for talent development and con tribute to a richer cultural life. The company rela permanent successful, establish to strives tions both artistically and financially through in vestments in talented artists that lead to a high level of artistic recognition and trigger substantial private investment. Talent Norge works with lead ing organisations, institutions and communities within the Norwegian cultural sector to offer tal development expertise, specialist artists ented opportunities and support. The company aims to public as capital private much as least at generate • Important events in 2019 • •

Board of Directors: Directors: of Board (chair), Bernander Gordon John Dahlstrøm, Audhild Knudsen, Broch Cecilie Sundland, Siren Røynesdal, Ingrid Golimo, Andreas Sveinung Øiulfstad Ragnar Olav Bjørn Talent Norge AS Norge Talent influential organisations, institutions and commu nities within the Norwegian cultural sector. The Norge’s Talent 2015. in established was company head office is in Oslo. graduated. The target group comprises both per ex and forms all in artists creative and forming pressions of art. Talent Norge collaborates with portunities and financial support to talented art talented to support financial and portunities at aimed initiatives prioritises company The ists. talented artists who are either just about to com plete their higher arts education or have recently About the company Talent Norge provides expertise, development op Talent Norge contributes to an internationally re internationally an to Norge contributes Talent nowned cultural sector and the broader financing of the cultural sector. tors were further strengthened through many through strengthened further were tors or such contributors increasing their contributions entering into new initiatives. talent initiatives with a combined value of NOK of value combined a with initiatives talent 335.6 million. Of these, NOK 194.5 million was from private contributors, and NOK 141.1 million was from Talent Norge. Ties with private contribu Attainment of the State’s goal At the end of 2019, Talent Norge had generated nowned cultural sector and more world-class art nowned cultural sector to ists. The State’s goal as owner is to contribute the development of the best artistic talents in Nor way. artistic talent in Norway in a collaboration be collaboration a in Norway in talent artistic stakeholders, and in tween the State and private an internationally re so doing contribute to State ownership for ownership in Talent The State's rationale to developing the best Norge AS is to contribute Photo: Bengt Wanselius 0 0 0 0 0 0 0 0 0% 0% 8.6 168 -3% 124 27% -3.8 -2.7 -2.7 72.4 31.1 32.6 12.1 44.8 13.1 12.1 2018 100% 50% 0 0 0 0 0 0 0 0 0% 0% 0% 7.3 2.5 0.1 0.5 0.5 170 136 29% 74.1 31.8 12.6 12.6 30.5 43.1 2019 100% Management group 50% Gender balance 2019 48% Company Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Dividend for the financial year Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Culture Grants: Trøndelag County Council, Trondheim Municipality Assets and dividend - Of which cash reserves Total equity Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets 52% - teater.no Website: Website: www.trondelag

Ministry of of Ministry Culture Director: Theatre Egseth Elisabeth Hansen Auditor: AS PwC State ownership: ownership: State 66.67%

2019 was Elisabeth Egseth Hansen's first year as2019 was Elisabeth Egseth Teater. theatre director at Trøndelag were converted toThe theatre’s foyer areas to expand onprovide space and opportunities artistic services to the public. among employees and suppliers in connection in suppliers and employees among of with the labour we use and the procurement materials and services. ration with the best national and international ar utilis by sustainably work will We tistic resources. ing the viewership potential of the productions repertoire over time and thereby ensure that the strength will We audience. wider a to accessible is en and promote the theatre as the meeting place and broad a on focus particular a with is, it that diverse audience. Responsible business conduct Among other things, Trøndelag Teater’s internal guidelines cover employee rights, climate and the basis as a are used guidelines These environment. for our productions and for raising awareness Important events in 2019 • • Strategy Trøndelag Teater’s objective is to create relevant, a of arts performing innovative and challenging high quality. We aim to accomplish this in collabo

Board of Directors: Directors: of Board (chair), Danielsen Roll Terje chair), (vice Sandvik Onshuus Tore Bjerkan, Leif Amdal, Ingjerd Solvor Stenseth, Turid Hopshaug*, Ingeborg Rønning* Hallbjørn employees the by elected * CATEGORY 3 CATEGORY Teater is located in Trondheim. es in theatre activities in Trondheim and the sur rounding region, including tours/guest perfor mances. The theatre was established in 1937 and the State became a part-owner in 1972. Trøndelag About the company engag regional theatre that a Teater is Trøndelag diences and more tickets sold per performance. diences and more tickets sold per performance. efficiently on 2019 in focussed also theatre The utilising fixed costs to channel as much of the re sources as possible into more artistic production. with 429 in 2018. The programming model was with 429 in 2018. The programming model was switched to repertoire productions and this result ed in benefits in the form of more options for au Norwegian dramas, classic plays and contempo and classic plays dramas, Norwegian rary dramas. Total audience numbers were of 93,764, compared with 82,382 in 2018. A total staged in 2019, compared 481 performances were mances. The repertoire consisted of both crowd both of consisted repertoire The mances. favourites and controversial productions, plays specifically for children and young people, new ity to a wide audience. Attainment of the State’s goal 2019 was a year of high-quality artistic perfor quality art and culture and to pro to and culture and art high-quality to cess and renewal. The mote artistic development high level of artistic qual State's goal as owner is a State ownership Trøndelag in ownership for rationale State’s The ac has everyone that ensure help to is AS Teater Trøndelag Teater AS Teater Trøndelag 112 Photo: Janne Søreide 113 0 0 0 0 0 0 0 0 0 0% 0% 3% 4.1 4.4 4.4 132 107 150 17% 95.1 42.4 15.7 79.4 30.3 2018 100% 0 0 0 0 0 0 0 0 0 0 62% 0% 0% 7% 136 103 166 128 21% 10.9 11.4 44.4 27.1 39.8 2019 100% 100.9 CATEGORY 3 CATEGORY Management group 38% Gender balance 2019 50% Company Dividend share Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants: Ministry of Education and Research Assets and dividend Dividend for the financial year 50% PwC AS PwC Website: www.unis.no CEO: Moen Jøran Auditor:

Sustainable Arctic Marine and Coastal Technology, which facilitated continued work on developing robust technology for industry operating in the Artic, was concluded following the end of the project period. During 2019, UNIS further developed the work on collecting snow data used for preparing local avalanche warnings for Longyeardalen and Nordenskiöldland. The commencement of major new internationalThe commencement of major contribute toresearch projects that will a polar researchstrengthening Norway as nation. consortium for iEarth, which is a national developing geoscientific education in Norway, was awarded the status as a Centre for Excellence in Education. UNIS participates in the consortium together with the universities of Oslo, Bergen and Tromsø. Pernille Bronken Eidesen* Eidesen* Bronken Pernille Fernandez** Luque Lidia employees the by elected * board elected student ** members ownership: State 100% and Education of Ministry Research ing the unpredictable effects of climate change, represents special challenges for HSE work. It is particularly important to proactively ensure safe and non-intrusive travel for students and staff through the Svalbard nature. Quality assurance of the planning and implementation of field-based and manner structured a in place takes projects and procedures work for requirements strict with as quality is laboratories UNIS' at Work methods. sured in accordance with the same principles for work in the field. higher education in science and technology in the in technology and science in education higher the understanding to contribute will UNIS Arctic, impact of climate change on the environment and society. UNIS will contribute to innovative solu tions to achieve the United Nations Sustainable Development Goals. Responsible business conduct Health, safety and the environment (HSE) have a high priority and the safety of students, staff and visitors is important for being able to conduct all is particularly of UNIS activities. The company committed to fieldwork and expeditions in Arctic areas. UNIS’ location in the High Arctic, an area fac • • Strategy Based on a high level of expertise in research and Important events in 2019 • •

Board: (chair) Hald Morten chair) (vice Frisak Nina Olsen Arild Gregersen W. Øyvind Bjerknes Robert Vinje Kristin Kalvig Siri Jochmann* Malte Sele* Wangberg Petter head office is in Longyearbyen. established in 2002 and replaced the former foun established Svalbard, in Courses University dation, UNIS’ 1994. in universities Norwegian four the by at universities on the mainland and to be part of part be to and mainland the on universities at an ordinary degree course. The fields of study at UNIS are Arctic biology, Arctic geology, Arctic geo physics and Arctic technology. The company was tic and the special advantages associated with us with associated advantages special the and tic ing nature as a laboratory. The study programme is intended to supplement the education offered About the company based research conducts and courses offers UNIS on Svalbard’s geographic location in the High Arc who did not pass was only 1%. During 2019, UNIS who did not pass was only received financing for several new major research projects. of the students came from study programmes at of the students came from study programmes Nor were cent per 32 and universities Norwegian wegian citizens. The results from the final assess students of proportion the and good were ments English. There must be a balance between Norwe 43 from Students students. international and gian Half 2019. in years student 213 produced nations the mainland universities and be part of an ordi PhD at bachelor, master and nary degree course level. The study programmes offered must have in be must teaching and profile international an on Arctic biology, Arctic geophysics, Arctic technol ogy and Arctic geology. The study programmes are at intended to supplement the education offered Attainment of the State’s goal re conducts and programmes study offers UNIS on search of a high international quality based focusses UNIS location. geographical Svalbard's ral advantages provided by Svalbard’s location in ral advantages provided by Svalbard’s location the High Arctic. The State's objective as an owner is that there is a is there that is owner an as objective State's The unique institution for higher education and re curriculum high-quality a with Svalbard, in search and research activities that are based on the natu tion is a key instrument in Svalbard policy, and tion is a key instrument institution Government's the is company the that Svalbard. in research and studies university for State ownership ownership in Universitets The State's rationale for (UNIS) is that the institu senteret på Svalbard AS Universitetssenteret på Svalbard AS Svalbard på Universitetssenteret Photo: Jarle Hagen 0 0 0 0 0 0 0 1% 719 151 168 130 719 50% 50% 20% 65.2 65.2 37.7 2018 100% 3,629 1,809 2,911 1,847 13,883 0 0 0 0 0 0 0 4% 234 234 944 578 601 132 469 944 50% 50% 27% 2019 100% 1,862 3,513 1,726 2,568 71% 14,321 Management group 29% Gender balance 2019 34% Company Average dividend percentage in the past five years Dividend to the State Repayment of capital Capital contributions from the State Key figures Capital employed Operating margin (EBIT margin) Equity ratio Investments Other key figures Number of employees Percentage employees in Norway Statement of comprehensive income (NOK millions) Operating revenues Operating result (EBIT) Result before tax and minority interests Tax charge - Minority interests Result after tax and minority interests Balance sheet Total assets - Of which cash reserves Total equity - Of which minority interests Total debt and liabilities Public procurements/grants Procurements Grants Assets and dividend Dividend for the financial year Dividend percentage 66% Coopers AS Coopers Website: www.vinmonopolet. no Auditor: Auditor: Pricewaterhouse

and winner of the Federation of Norwegian Enterprise’s (Virke) trade prize and KPMG’s Customer Experience Excellence 2019. Vinmonopolet established a comprehensiveVinmonopolet established alcohol and health,sustainability strategy for and socialclimate and the environment and valueconditions in its own organisation chain. Carried out an awareness campaign for responsible alcohol consumption and caring advice aimed at students. No. 1 position in Kantar TNS’ reputation survey Svend Bang Pedersen* Pedersen* Bang Svend employees the by elected * ownership: State 100% and Health of Ministry Services Care CEO: Hunter Elisabeth

Vinmonopolet has established a comprehensive Vinmonopolet has established a comprehensive is sustainability strategy that is based on three environ the and climate health, and alcohol sues: organisation own in conditions social and ment on and in the value chain. The strategy is based Na United strategy. corporate Vinmonopolet's 3 “Good tions Sustainable Development Goal no. strength “to 3.5 target and well-being” and health en the prevention of harmful use of alcohol”, link societal its to strategy sustainability company’s the mission. Strategy Among other things, Vinmonopolet aims to limit the consumption of alcohol through responsible of sales. This societal mission is an important part Vinmonopolet’s new sustainability strategy. The goal is for at least 90 per cent of mystery shoppers present to asked be to 25 and 18 between aged identification. Responsible business conduct Important events in 2019 • • •

Board of Directors: Directors: of Board (chair) Seip Ellen chair) (vice Helno Sverre Olsen Arne Per Stensen Trine Løhaugen Solveig Pedersen Tynes Jacob Lars Storvik* Helge Sundsetvik* Turid CATEGORY 3 CATEGORY polet's head office is situated in Oslo. social control, measures to create positive atti tudes, and the absence of promotional activities. The company was established in 1922 and the State became the owner in the 1930s. Vinmono policy and contributes to limiting alcohol con sumption within society by regulating availability. The alcohol policy is expressed through effective Vinmonopolet has the exclusive right to sell prod by alcohol cent per 4.7 than more containing ucts the company is one of volume to consumers. The most important instruments in Norway’s alcohol in the past five years has been 94.2 per cent. About the company In 2019, the company achieved 95.7 per cent of cent per 95.7 achieved company the 2019, In of the company’s public policy goals, i.e. the result average The stores. in checks verification age goals policy public company's the of achievement and for society. Attainment of the State’s goal State’s goal as owner is to ensure that sales of al State’s goal as owner is by coholic beverages of more than 4.7 per cent to volume take place in a controlled manner, so as individuals for alcohol of effects harmful the limit cial interests that motivate the sale of alcoholic cial interests that motivate 4.7 per cent by volume beverages of more than forms of trade. The and contribute to controlled State ownership Vinmono in ownership for rationale State’s The of private commer polet is to ensure the absence Vinmonopolet AS Vinmonopolet 114 Photo: Terje Borud 115 CATEGORY 3 CATEGORY Companies that are not categorised

Four of the companies in the State's portfolio are not categorised.

Filmparken AS 118 Folketrygdfondet 119 Rosenkrantzgate 10 AS 119 Rygge 1 AS 119 Statskog Photo: Gjøran Stenberg 117 Filmparken AS

Board of Directors: CEO: Tone Bjørnov (Chair) Carina Esther Brattvik Nils Arnljot Dugstad, Auditor: Tor Olav Mørseth Baker Tilly Grimsrud & Co. ANS State ownership: Website: 77.6% filmparken.no Ministry of Culture

Photo: Vidar Skauen

State ownership Strategy Statement of comprehensive income 2019 2018 (NOK millions) In the national budget for 2014, the Storting au Filmparken shall be an important resource and a Operating revenues 15 11 thorised the State to sell Filmparken AS. The rea preferred choice for the production of Norwegian Operating result (EBIT) 1 3 son given was that the facilities in Jar were not film. The facilities shall be upgraded. Occupancy Result before tax and minority interests 1 3 used to produce feature films and thus no longer for the lease of the studios shall be increased and Tax charge 0 0 supported cultural policy considerations. This au strategic initiatives implemented by tenants in - Minority interests 0 0

thorisation was renewed every year until the na leased offices consisting of tenants affiliated with Result after tax and minority interests 1 3

tional budget for 2019 when the Storting agreed to the film, TV and music industries. In this way, Film Balance sheet

postpone the sale of Filmparken. The reason for parken has the objective of building a strong spe Total assets 48 48

this decision was a change in the market for film cialist community in Jar that can enhance Norwe - Of which cash reserves 0 0

studios, with an increased demand for new Nor gian motion picture production. Total equity 26 26

wegian drama series. The Government is working - Of which minority interests 0 0

on plans to develop the company in light of this Filmparken has a particular focus on greener film Total debt and liabilities 21 23 market situation. and TV production. We can offer local services, Public procurements/grants facilities and, not least, recycling. Procurements 0 0 About the company Grants 0 0 The company offers facilities for recording films, Assets and dividend including studios and offices, in Jar in Bærum. The Dividend for the financial year 0 0 State has been involved in film production and Dividend share 0% 0% studio operations in Jar since 1948. Filmparken’s Average dividend percentage in the 0% 0% past five years head office is in Jar in Bærum Municipality. Dividend to the State 0 0

Repayment of capital 0 0

Important events in 2019 Capital contributions from the State 0 0

• Management was strengthened with Carine Key figures

Brattvik being appointed as general manager of Capital employed 45 48 Filmparken. Operating margin (EBIT margin) 7% 27% Equity ratio 55% 53% • Merger of the parent company Filmparken with Investments 0 0 the wholly-owned subsidiary Norsk Film Other key figures Kostyme. Number of employees 9 4 Percentage employees in Norway 100% 100% • New strategy for Filmparken prepared and new Gender balance 2019 action plan implemented.

72% 28% 100% 0% Company Management group

118 Other companies Photo: Ingrid Moe Photo: Oslo Nye Teater Photo: Rygge 1 AS Folketrygdfondet Rosenkrantzgate 10 AS Rygge 1 AS Folketrygdfondet Rosenkrantzgate 10 AS Rygge 1 AS Folketrygdfondet manages the Government Pen Rosenkrantzgate 10 AS is a property company The company establishes and owns infrastruc sion Fund Norway (GPFN) in accordance with a whose only asset is the property with the address ture (test cell) at Rygge Air Base used for post mandate stipulated by the Ministry of Finance. Rosenkrantzgate 10 in Oslo. The company’s activ maintenance testing of engine components for The GPFN invests in listed shares and bonds in ities involve leasing premises in this property. The F-35 fighter jets. The test cell is an important part Norway, Sweden, Denmark and Finland. At year- building houses Oslo Nye Teater, which has a of the engine depot for the maintenance of these end 2019, the market value of the GPFN was close preferential right to lease premises in the build engines, and is leased to Kongsberg Aviation to NOK 269 billion. The return is added to the ing. The State owns 3.07 per cent of the company. Maintenance Services AS, formerly Aerospace In GPFN on an ongoing basis. Folketrygdfondet has The City of Oslo owns 78.89% of the shares, dustrial Maintenance Norway AS (AIM Norway), around 50 employees and is located in Oslo. The 16.69% of the shares are in unknown ownership, which is responsible for the engine depot and Ministry of Finance presents annual reports to the and the remainder are owned by Oslo Nye Teater uses the test cell in its maintenance production. Storting regarding the company and its manage and private individuals. The State’s holding is the Rygge 1 was previously a subsidiary of AIM Nor ment of the GPFN. Folketrygdfondet also manag result of a previous engagement/ownership in way. The State took over ownership through a es the Government Bond Fund. The fund has a Oslo Nye Teater, which is now wholly owned by distribution of all of the shares in Rygge 1 as a framework of up to NOK 50 billion. Its purpose is the City of Oslo. The State no longer has any ra dividend in kind in 2019 prior to the completion to contribute increased liquidity and capital to the tionale for ownership in the company. The sale of of the sale of the shares in AIM Norway to Kongs credit bond market. The Bond Fund invests in the the shares has been difficult in light of there being berg Defence & Aerospace AS. The State is the primary and secondary markets for interest-bear unknown shareholders in the company. In 2017, sole shareholder. The State’s goal as owner of ing instruments issued by Norwegian companies. the shares of the unknown owner were deposited Rygge 1 is to contribute to enabling the establish The Bond Fund was established on 27 March 2020 with Norges Bank for 20 years. During this period, ment of an engine depot in Norway. Once the test to comply with the infection control measures these shares can be released to shareholders cell has been completed and put into operation, necessitated by the Corona virus. The Fund will who can prove that they are the owners. The an assessment will be made as to whether the remain for a few more years into the future, de company can claim ownership of the shares at company shall be dissolved and the test cell pending on market developments. Folketrygd the end of the deposit period. placed under the portfolio of the Norwegian De fondet shall endeavour to achieve the highest fence Estates Agency. possible return over time for both funds when measured in Norwegian kroner and after costs.

Other companies 119 Appendices

The companies’ reporting on the State’s expectations 122 The companies' reporting standards and sustainability guidelines 128 Remuneration to the board and auditors for 2019 132 Remuneration to the CEO for 2019 134 Gender balance on the board and in management 136 Owner-appointed and shareholder-elected board members 142 Powerhouse Brattørkaia Trondheim. Photo: Entra 121 The companies’ reporting on the State’s expectations

By defining clear expectations of the companies through the white paper on ownership policy, the State wishes to contribute to attaining the State’s goal as an owner in a sustainable and responsible way. The State’s expectations are addressed to the companies’ boards. Some of these expectations include an expectation that the company will submit reports. Talent Norge AS Dirigentløftet (Conductors Programme) Photo: Terje Trobe 123 Companies' feedback on reporting to the public in certain areas where the State has expectations

As an owner, the State has expectations for how the companies work in a number of areas. See the chapter concerning how the State exercises its ownership.

The companies respond Fully / To some extent / Not reported

Goals and measures How the company Material areas, goals Consolidated report The structure, level Clear goals and for increasing relevant The company's view on identifies and manages and measures within for the company’s The company's selected and development of The most important key strategies for the diversity, including the appropriate capital A justified tax policy any adverse impact to the company’s work on corporate governance risk level remuneration to senior performance indicators company better gender balance structure and dividend level people, society and the responsible business in accordance with executives at the company environment conduct. NUES.

Listed companies DNB ASA Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Entra ASA Fully Fully Fully Fully Fully Fully Fully Fully Fully Equinor ASA Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Kongsberg Gruppen ASA Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Norsk Hydro ASA Fully Fully To some extent Fully Fully Fully Fully Fully Fully Fully Telenor ASA Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Yara International ASA Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Non-listed companies in Categories 1–2 Ambita AS Fully To some extent Fully Fully Fully Fully Fully Fully Fully Fully Argentum Fondsinvesteringer AS Fully Not reported Fully To some extent Fully Fully To some extent Fully Fully Fully Baneservice AS To some extent Not reported To some extent Not reported Fully Not reported To some extent Fully To some extent Fully Eksportfinans ASA Fully Fully Not reported Fully Fully Not reported Fully Fully Not reported Fully Electronic Chart Centre AS To some extent Fully Fully Fully Fully Not reported Not reported To some extent To some extent Fully Flytoget AS Fully To some extent Fully Fully Fully Fully Fully Fully Fully Fully Investinor AS To some extent To some extent Fully Fully Fully Fully Fully Fully Not reported Fully Kommunalbanken AS Fully Fully Fully Fully Fully Not reported To some extent Fully To some extent Fully Mantena AS To some extent To some extent To some extent Fully Fully Fully Fully To some extent To some extent Fully Mesta AS Fully Fully Fully To some extent To some extent To some extent Fully Fully Fully Fully Nammo AS To some extent To some extent To some extent Not reported Fully Not reported Fully Fully To some extent Not reported Nysnø Klimainvesteringer AS Fully To some extent To some extent Fully Fully Fully Fully Fully Not reported Fully Posten Norge AS To some extent To some extent Fully Fully Fully Not reported Fully Fully Fully Fully Statkraft SF Fully To some extent Fully To some extent Fully Fully Fully Fully Fully Fully VYgruppen AS Fully Not reported Fully Not reported Fully Not reported Fully Fully Fully Fully Companies in Category 3 Andøya Space Center AS To some extent To some extent Not reported Not reported Not reported Not reported To some extent To some extent Not reported To some extent Avinor AS Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Bane NOR SF Fully To some extent To some extent Not reported Fully Not reported Fully Fully To some extent Fully Bjørnøen AS Fully Fully Not reported Not reported Not reported Not reported Fully Fully Fully Not reported Carte Blanche AS Fully Not reported Fully Not reported Fully Not reported To some extent To some extent Fully Not reported AS Den Nationale Scene Fully Fully Fully Not reported Fully Not reported Fully Fully Fully Not reported Den Norske Opera & Ballett AS Fully To some extent Fully Not reported Fully Not reported Fully To some extent To some extent Not reported Eksportkreditt Norge AS Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Enova SF Fully Fully To some extent Not reported Fully Not reported To some extent Fully Fully Not reported Entur AS To some extent To some extent Fully To some extent Fully To some extent Fully Fully To some extent Fully

124 Appendices THE STATE OWNERSHIP REPORT 2019

Appendices 125 Goals and measures How the company Material areas, goals Consolidated report The structure, level Clear goals and for increasing relevant The company's view on identifies and manages and measures within for the company’s The company's selected and development of The most important key strategies for the diversity, including the appropriate capital A justified tax policy any adverse impact to the company’s work on corporate governance risk level remuneration to senior performance indicators company better gender balance structure and dividend level people, society and the responsible business in accordance with executives at the company environment conduct. NUES.

Fiskeri- og havbruksnæringens To some extent To some extent To some extent Not reported Fully Not reported To some extent To some extent To some extent To some extent forskningsfinansiering AS Gassco AS Fully Fully Fully Not reported Fully Fully Fully Fully Fully Fully Gassnova SF To some extent To some extent To some extent To some extent To some extent To some extent To some extent To some extent To some extent To some extent Graminor AS Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Helse Midt-Norge RHF Fully Fully Fully Not reported Fully Not reported Fully Fully Fully Fully Helse Nord RHF Fully Fully Fully Not reported Fully Not reported Fully Fully Fully Fully Helse Sør-Øst RHF Fully Fully Fully Not reported Fully Not reported Fully Fully Fully Fully Helse Vest RHF Fully Fully Fully Not reported Fully Not reported Fully Fully Fully Fully Innovasjon Norge Fully Fully To some extent Fully Fully Not reported Fully To some extent Fully Fully Kimen Såvarelaboratoriet AS To some extent Not reported To some extent To some extent To some extent Not reported To some extent To some extent Fully To some extent Kings Bay AS Fully Fully Fully Fully Fully Not reported Fully Fully To some extent Not reported Nationaltheatret AS Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Nofima AS Fully Fully Fully Fully Fully Fully Fully Fully Fully Fully Nordisk Institutt for Odontologiske To some extent Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Materialer AS Norfund Fully Fully Fully Not reported Fully Fully Fully Fully Fully To some extent Norges sjømatråd AS Fully To some extent Fully To some extent Fully Not reported Fully Fully Fully To some extent Norsk Helsenett SF To some extent Fully To some extent Not reported Fully Not reported To some extent To some extent To some extent Not reported Norsk rikskringkasting AS To some extent Not reported Fully Not reported Not reported Not reported To some extent To some extent To some extent Not reported Norsk Tipping AS Fully Not reported To some extent Not reported Fully Not reported Fully To some extent Fully Fully Norske tog AS Fully To some extent Fully Not reported Fully Fully To some extent To some extent Fully Fully

NSD – Norsk senter for forskningsdata AS Fully To some extent To some extent Fully Fully Not reported To some extent To some extent To some extent Not reported

Nye Veier AS Fully To some extent To some extent Fully Fully Fully Fully Fully Fully Fully Petoro AS Fully Fully To some extent Not reported Fully Not reported Fully Fully Fully To some extent Rogaland Teater AS To some extent Not reported To some extent To some extent Fully Not reported To some extent To some extent To some extent Not reported Simula Research Laboratory AS Fully To some extent Fully Not reported To some extent Not reported Not reported Not reported Fully Not reported Siva – Selskapet for Industrivekst SF Fully Fully Fully Not reported Fully Not reported Fully Fully Fully To some extent Space Norway AS Fully To some extent To some extent Not reported Fully Fully To some extent To some extent To some extent To some extent Statnett SF Fully Fully Fully To some extent Fully To some extent Fully Fully Fully Fully Statskog SF To some extent Fully To some extent To some extent Fully Fully To some extent To some extent To some extent Fully

Store Norske Spitsbergen Kulkompani AS Fully Not reported Fully Fully Fully Not reported Fully Fully Fully Fully

Talent Norge AS Fully Not reported Fully Not reported Not reported Not reported To some extent To some extent Fully To some extent Trøndelag Teater AS Fully To some extent Fully Fully Fully Not reported Fully Fully Fully To some extent Universitetssenteret på Svalbard AS Fully Not reported Not reported Not reported To some extent Not reported To some extent Not reported Not reported Not reported AS Vinmonopolet Fully Fully Fully To some extent Fully To some extent Fully Fully Fully Fully

126 Appendices THE STATE OWNERSHIP REPORT 2019

NSD – Norsk senter for forskningsdata AS Fully To some extent To some extent Fully Fully Not reported To some extent To some extent To some extent Not reported

Store Norske Spitsbergen Kulkompani AS Fully Not reported Fully Fully Fully Not reported Fully Fully Fully Fully

Appendices 127 The companies' reporting standards and sustainability guidelines

The State expects that companies with a state ownership interest are transparent about and report on material matters relating to the company’s operations. The table shows the reporting standards and external guidelines, principles and/or conventions that the companies have stipulated they follow in the field of sustainability. ISO standards, the Norwegian Code of Practice for Corporate Govern ance (NUES) and internal guidelines are not included in the table. Large companies also report in accordance with Section 3-3c of the Accounting Act.

128 Flytoget Photo: Øyvind Haug 129 2019 REPORT THE STATE OWNERSHIP OWNERSHIP

Feedback from the companies regarding the reporting standards and guidelines they follow for sustainability and responsible business conduct. The table below shows the feedback from the companies regarding the reporting standards and guidelines they follow for sustainability and responsible business conduct. The request to the companies leaves room for different interpretations. This entails that the companies’ responses are not necessarily comparable because the companies may have different interpretations of the request. The overview must be read in light of this.

Company Reporting standards, guidelines, principles

Listed companies

DNB ASA GRI Standards, Principles of Responsible Banking Entra ASA GRI Standards, European Public Real Estate Association Sustainability Best Practices Recommendations on Sustainability Reporting (EPRA BPR), TCFD, United Nations Sustainable Development Goals. Equinor ASA GRI Standards, UNGC, TCFD Kongsberg Gruppen ASA GRI Standards, UNGC, Oslo Stock Exchange guidance on the reporting of corporate social responsibility

Norsk Hydro ASA GRI Standards, UNGP, United Nations Sustainable Development Goals, TCFD, CDP, industry standards ICMM and ASI, Euronext's Guidelines for ESG Reporting and GHG Protocol Telenor ASA EU Non-Financial Reporting Directive, OECD Guidelines for Multinational Enterprises, Global Network Initiative (GNI) Guiding Principles, GRI Standards, CDP, UNGP, United Nations Sustainable Development Goals, Oslo Stock Exchange guidance on the reporting of corporate social responsibility. Yara International ASA GRI Standards, TCFD Non-listed companies (Categories 1–2) Ambita AS UNGC, OECD Guidelines for Multinational Enterprises Argentum Fondsinvesteringer AS Baneservice AS Eksportfinans ASA OECD Common Approaches on the Environment and Officially Supported Export Credits, OECD Action Statement on Bribery and Officially Supported Export Credits Electronic Chart Centre AS Flytoget AS GRI Standards Investinor AS PRI Kommunalbanken AS GRI Standards, TCFD Mantena AS Mesta AS Greenhouse Gas Protocol Initiative Nammo AS GRI Standards, UNGC, OECD Guidelines for Multinational Enterprises, Euronext ESG reporting guidelines Nysnø Klimainvesteringer AS PRI Posten Norge AS GRI Standards, United Nations Sustainable Development Goals Statkraft SF GRI Standards, UNGP, IFC Performance Standards, UNGC, OECD Guidelines for Multinational Enterprises VYgruppen AS GRI Standards Companies in Category 3 Andøya Space Center AS Avinor AS GRI Standards, UNGC, OECD Guidelines for Multinational Enterprises Bane NOR SF GRI Standards, UNGC, United Nations Sustainable Development Goals, OECD Guidelines for Multinational Enterprises Bjørnøen AS Carte Blanche AS United Nations Sustainable Development Goals.

Abbreviations and explanations of the most commonly used standards and guidelines: GRI Standards: Global Reporting Initiative Standards UNGC: UN Global Compact UNGP: UN Guiding Principles on Business and TCFD: Task Force on Climate-related Financial Human Rights Disclosures PRI: Principles for Responsible Investment

130 Corporate governance

THE STATE OWNERSHIP REPORT 2019

Company Reporting standards, guidelines, principles

AS Den Nationale Scene Den Norske Opera & Ballett AS Eksportkreditt Norge AS Enova SF Entur AS United Nations Sustainable Development Goals, GRI Standards, Fiskeri- og havbruksnæringens forskningsfinansiering AS Gassco AS UNGC, GHG Protocol corporate standard, United Nations Sustainable Development Goals, OECD Guidelines for Multinational Enterprises, Oslo Stock Exchange guidance on the reporting of corporate social responsibility Gassnova SF OECD Guidelines for Multinational Enterprises Graminor AS Helse Midt-Norge RHF Helse Nord RHF Helse Sør-Øst RHF Helse Vest RHF Innovasjon Norge United Nations Sustainable Development Goals. Kimen Såvarelaboratoriet AS Kings Bay AS Nationaltheatret AS Nofima AS United Nations Sustainable Development Goals. Nordisk Institutt for Odontologiske Materialer AS Norfund IFC Performance Standards, PRI, HIPSO Norges sjømatråd AS UNGC, Eco-Lighthouse (Miljøfyrtårn) Norsk Helsenett SF Norsk rikskringkasting AS GHG Protocol Norsk Tipping AS GRI Standards, OECD Guidelines for Multinational Enterprises, EL/WLA Responsible Gaming Standard Norske tog AS GRI Standards, United Nations Sustainable Development Goals, ILO’s core conventions NSD – Norsk senter for forskningsdata AS Nye Veier AS GRI Standards, United Nations Sustainable Development Goals Petoro AS Rogaland Teater AS The ILO’s core conventions Simula Research Laboratory AS Siva – Selskapet for Industrivekst SF Space Norway AS United Nations Sustainable Development Goals. Statnett SF GRI Standards, United Nations Sustainable Development Goals, UNGC Statskog SF GRI Standards, PEFC, FSC Staur gård AS Store Norske Spitsbergen Kulkompani AS Talent Norge AS Trøndelag Teater AS Universitetssenteret på Svalbard AS AS Vinmonopolet GRI Standards

Corporate governance 131 Remuneration to the board and auditors for 2019 NOK thousand

Chair* Vice chair* Board Total Total Statutory audit member* remuneration auditors' fees as a percentage of board of total members** remuneration to the auditor

Listed companies DNB ASA 546 376 376 3,332 45,528 67% Entra ASA 465 233 233 2,043 3,879 75% Equinor ASA 968 889 410 7,515 90,640 73% Kongsberg Gruppen ASA 535 277 269 2,771 23,741 82% Norsk Hydro ASA 686 413 362 5,342 60,000 82% Telenor ASA 683 388 343 4,160 61,900 53% Yara International ASA 646 386 340 4,462 45,822 87% Non-listed companies in Categories 1–2 Aker Kværner Holding AS 210 - 140 1,072 34 100% Ambita AS 278 139 139 1,108 1,811 54% Argentum Fondsinvesteringer AS 391 218 187 1,376 455 73% Baneservice AS 414 - 207 2,070 1,672 51% Eksportfinans ASA 391 313 268 2,155 1,500 93% Electronic Chart Centre AS 231 123 123 595 129 49% Flytoget AS 330 182 164 1,505 424 58% GIEK Kredittforsikring AS 305 179 179 1,255 659 73% Investinor AS 283 165 165 1,034 251 88% Kommunalbanken AS 322 167 156 2,236 2,779 35% Mantena AS 390 211 189 1,539 920 72% Mesta AS 406 - 208 1,994 1,159 88% Nammo AS 371 319 204 2,145 8,833 67% Nysnø Klimainvesteringer AS 257 154 154 523 248 62% Posten Norge AS 452 383 225 2,662 9,499 79% Statkraft SF 524 370 304 3,022 19,551 87% VYgruppen AS 456 277 227 2,281 6,000 67% Companies in Category 3 Andøya Space Center AS 240 120 120 1,200 459 88% Avinor AS 456 277 227 2,403 3,300 82% Bane NOR SF 456 277 227 2,526 11,200 28% Bjørnøen AS 28 11 11 70 - Carte Blanche AS 72 37 4 237 139 71% AS Den Nationale Scene 116 67 52 491 415 38% Den Norske Opera & Ballett AS 195 134 67 801 585 73% Eksportkreditt Norge AS 342 - 210 1,515 230 84% Enova SF 417 250 212 2,363 563 11% Entur AS 358 189 169 1,224 567 67%

* Remuneration of the chair, vice chair and the board members as approved at the annual general meeting / corporate assembly in 2019. ** Total remuneration of board members comprises the ordinary remuneration that has been paid and remuneration for work on board committees, as stated in the companies’ annual reports for 2019.

132 Appendices THE STATE OWNERSHIP REPORT 2019

Chair* Vice chair* Board Total Total Statutory audit member* remuneration auditors' fees as a percentage of board of total members** remuneration to the auditor

Fiskeri- og havbruksnæringens forsknings 140 70 70 560 231 58% finansiering AS Gassco AS 417 265 213 1,889 2,009 91% Gassnova SF 412 247 210 1,499 428 58% Graminor AS 103 42 42 355 133 74% Helse Midt-Norge RHF 263 176 128 1,350 1,981 93% Helse Nord RHF 263 176 128 1,547 1,564 67% Helse Sør-Øst RHF 374 255 141 1,771 9,585 39% Helse Vest RHF 264 177 128 1,425 2,341 76% Innovasjon Norge 314 188 157 1,803 553 84% Kimen Såvarelaboratoriet AS 42 21 21 153 37 100% Kings Bay AS 240 135 135 760 244 36% Nationaltheatret AS 175 - 521 696 221 88% Nofima AS 172 78 78 729 422 45% Nordisk Institutt for Odontologiske Materialer AS 75 20 20 205 89 83% Norfund 260 - 128 1,028 973 71% Norges sjømatråd AS 174 124 85 974 185 78% Norsk Helsenett SF 267 173 139 1,415 236 86% Norsk rikskringkasting AS 277 164 113 1,105 934 56% Norsk Tipping AS 258 166 141 1,514 444 85% Norske tog AS 358 189 169 881 571 55% NSD – Norsk senter for forskningsdata AS 95 - 53 428 154 53% Nye Veier AS 456 277 227 2,087 818 67% Petoro AS 429 277 225 1,906 2,500 12% Rogaland Teater AS 90 55 40 315 175 83% Simula Research Laboratory AS 95 - 53 569 458 63% Siva – Selskapet for Industrivekst SF 235 166 148 1,123 702 63% Space Norway AS 240 - 140 800 286 61% Statnett SF 444 292 236 2,570 3,485 43% Statskog SF 225 129 110 908 496 78% Staur gård AS 100 30 30 160 30 100% Store Norske Spitsbergen Kulkompani AS 333 181 167 1,579 1,410 55% Talent Norge AS 165 - 82 659 179 71% Trøndelag Teater AS 101 55 48 204 162 92% Universitetssenteret på Svalbard AS 95 63 53 579 204 61% AS Vinmonopolet 240 160 130 1,326 762 59% Not categorised Filmparken AS 162 - 152 314 184 51%

Appendices 133 Remuneration to the CEO for 2019 NOK thousand

Total Fixed Long-term Earned Other Pension Increase Increase in remuneration salary Incentive bonus remunera- allow- in fixed total schemes tion ance salary in remuneration the past in the past year* year*

DNB ASA** 9,594 5,586 767 2,254 213 774 - - Entra ASA** 4,759 3,090 456 950 155 108 - - Equinor ASA 15,286 9,416 2,702 2,482 686 0 3% -9% Kongsberg Gruppen ASA 10,383 5,502 1,048 2,594 315 924 7% 17% Norsk Hydro ASA** 1,050 5,699 407 1,589 224 -6,869 - - Telenor ASA 14,522 6,606 1,804 1,928 469 3,715 -1% -9% Yara International ASA 14,133 6,758 2,033 3,106 1,971 264 1% 8% Non-listed companies in Categories 1-2 Ambita AS 2,645 2,046 - 192 150 257 5% 7% Argentum Fondsinvesteringer AS 7,544 4,958 - 2,404 11 171 3% 3% Baneservice AS 3,335 2,355 - 730 170 80 5% 13% Eksportfinans ASA 3,770 2,094 - 450 185 1,041 - - Electronic Chart Centre AS 1,345 1,300 - - 18 26 - - Flytoget AS 3,443 2,388 - 359 217 479 6% -2% GIEK Kredittforsikring AS 2,167 1,790 - 105 16 256 2% 4% Investinor AS 2,601 2,298 - 138 47 118 - - Kommunalbanken AS 4,062 3,287 - 347 194 234 1% 7% Mantena AS 2,569 2,391 - 0 178 0 - - Mesta AS 1,069 1,033 - 0 4 32 - - Nammo AS 2,567 6,616 - 1,224 489 238 17% 26% Nysnø Klimainvesteringer AS 2,655 2,522 - 0 11 122 - - Posten Norge AS 5,848 5,440 - - 289 119 18% 1% Statkraft SF 8,831 5,491 - 921 202 2,217 4% 2% VYgruppen AS 6,166 3,969 - 1,073 186 938 3% -2% Companies in Category 3 Andøya Space Center AS 1,401 1,215 - - 10 176 1% 2% Avinor AS 4,049 3,038 - - 22 989 7% 9% Bane NOR SF 3,166 2,925 - - 8 233 3% 4% Bjørnøen AS ------Carte Blanche AS 872 806 - - 21 44 -19% -18% AS Den Nationale Scene 1,390 1,307 - - 1 82 1% 1% Den Norske Opera & Ballett AS 1,798 1,639 - - 5 154 4% 4% Eksportkreditt Norge AS 3,495 3,054 - 267 174 136 3% -4% Enova SF 2,389 2,133 - - 104 153 4% 4% Entur AS 2,329 1,923 - 400 6 5% 9% Fiskeri- og havbruksnæringens forsk 1,952 1,540 - - 219 193 - - ningsfinansiering AS

* Growth in fixed salary and total remuneration in the past year is not reported for companies where the figures between 2019 and 2018 cannot be compared directly, for example, due to changes in management. ** DNB ASA, Entra ASA and Norsk Hydro ASA recruited a new CEO internally in 2019. With regard to Norsk Hydro, adjusted terms for the new CEO’s agreement relating to early retirement agreement between the ages of 62 and 65 contributed to a net negative change in value for the pension for 2019.

134 Appendices THE STATE OWNERSHIP REPORT 2019

Gassco AS 3,829 3,310 - 281 23 215 3% 4% Gassnova SF 3,010 2,302 - - 339 369 1% -1% Graminor AS 1,232 1,155 - - 10 67 -8% -6% Helse Midt-Norge RHF 2,538 2,005 - - 165 368 2% 3% Helse Nord RHF 2,414 2,094 - - 154 166 2% 2% Helse Sør-Øst RHF 2,648 2,312 - - 5 331 0% 0% Helse Vest RHF 3,161 2,482 - - 22 657 3 4% Innovasjon Norge 1,273 1,265 - - 8 0 - - Kimen Såvarelaboratoriet AS 781 753 - - 12 16 10% 11% Kings Bay AS 1,097 1,002 - - 95 18 18% 22% Nationaltheatret AS 1,639 1,445 - - 9 185 2% 2% Nofima AS 2,643 2,414 - - 43 186 4% 3% Nordisk Institutt for Odontologiske 1,286 1,110 - - 6 168 4% 5% Materialer AS Norfund 2,847 2,671 - - 19 156 - - Norges sjømatråd AS 2,696 2,460 - - 176 60 5% 5% Norsk Helsenett SF 744 731 - - 14 301 - - Norsk rikskringkasting AS 3,413 3,169 - - 33 128 3% 2% Norsk Tipping AS 3,201 2,744 - - 30 427 8% 15% Norske tog AS 2,302 1,940 - - 132 230 -8% -8% NSD – Norsk senter for 1,254 1,226 - - 24 4 2% 5% forskningsdata AS Nye Veier AS 1,923 1,652 - - 111 160 - - Petoro AS 5,850 3,477 - 209 180 1,984 3% -6% Rogaland Teater AS 1,273 1,101 - - 18 154 3% 17% Simula Research Laboratory AS 3,067 2,738 - - 155 174 2% 4% Siva – Selskapet for Industrivekst SF 2,326 2,069 - - 97 165 - - Space Norway AS 1,641 1,632 - - - 95 6% 18% Statnett SF 5,742 3,142 - - 184 2,416 3% 2% Statskog SF 1,070 1,823 - - 11 136 3% 3% Staur gård AS 1,032 849 - - 24 159 -7% -5%

Store Norske Spitsbergen Kulkompani AS 2,423 1,749 - 360 155 159 - -

Talent Norge AS 1,150 1,067 - - 10 72 4% 2% Trøndelag Teater AS 1,183 1,042 - - 10 131 1% 2% Universitetssenteret på Svalbard AS 1,534 1,367 - - 0 167 3% 4% AS Vinmonopolet 2,036 1,685 - - 158 193 - - Not categorised Filmparken AS 716 616 - 100 0 6 - -

Appendices 135 Gender balance on the board and in management Figures for the board are as of 31 March 2020. Figures for management are as of 31 December 2019.

Gender balance Gender balance among Gender balance in group Gender balance for execu- Gender balance for executives for Gender balance at the company as Chair CEO on the board* owner-appointed/shareholder- management/the company's tives at the level below group the two top levels a whole elected board members management group management/the company's management group

Listed companies Women Men Women Men Women Men Women Men Women Men Women Men DNB ASA 43% 57% 40% 60% 50% 50% 40% 60% 41% 59% 47% 53% 1 1 Entra ASA 57% 43% 60% 40% 43% 57% 41% 59% 41% 59% 38% 62% 1 1 Equinor ASA 36% 64% 38% 62% 27% 73% 43% 57% 43% 57% 31% 69% 0 0 Kongsberg Gruppen ASA 38% 62% 40% 60% 25% 75% 34% 66% 33% 67% 20% 80% 0 0 Norsk Hydro ASA 30% 70% 43% 57% 40% 60% 31% 69% 32% 68% 18% 82% 0 1 Telenor ASA 44% 56% 50% 50% 30% 70% 30% 70% 30% 70% 37% 63% 1 0 Yara International ASA 45% 55% 43% 57% 38% 62% 24% 76% 20% 80% 22% 78% 0 0 Average for listed companies 42% 58% 45% 55% 36% 64% 35% 65% 34% 66% 30% 70% 43% 43% Non-listed companies in Categories 1–2 Aker Kværner Holding AS 33% 67% 40% 60% ------0 0 Ambita AS 57% 43% 60% 40% 38% 62% 50% 50% 43% 57% 32% 68% 1 0 Argentum Fondsinvesteringer AS 50% 50% 50% 50% 33% 67% - - - - 32% 68% 0 0 Baneservice AS 25% 75% 40% 60% 38% 62% 10% 90% 17% 83% 7% 93% 0 1 Eksportfinans ASA 33% 67% 40% 60% 25% 75% - - - - 27% 73% 0 0 Electronic Chart Centre AS 50% 50% 50% 50% 40% 60% - - - - 40% 60% 1 1 Flytoget AS 38% 62% 40% 60% 50% 50% 42% 58% 44% 56% 39% 61% 0 0 GIEK Kredittforsikring AS 50% 50% 60% 40% 28% 72% 0% 100% 0% 100% 48% 52% 1 1 Investinor AS 40% 60% 40% 60% 0% 100% - - - - 20% 80% 0 0 Kommunalbanken AS 56% 44% 57% 43% 36% 64% 57% 43% 44% 56% 42% 58% 1 1 Mantena AS 29% 71% 50% 50% 25% 75% 15% 85% 19% 81% 7% 93% 1 0 Mesta AS 38% 62% 60% 40% 44% 56% 28% 72% 31% 69% 10% 90% 0 1 Nammo AS 38% 62% 33% 67% 20% 80% 17% 83% 18% 82% 25% 75% 0 0 Nysnø Klimainvesteringer AS** 25% 75% 25% 75% 50% 50% - - - - 33% 67% 0 1 Posten Norge AS 50% 50% 50% 50% 50% 50% 32% 68% 34% 66% 31% 69% 0 1 Statkraft SF 44% 56% 50% 50% 29% 71% 27% 73% 27% 73% 26% 74% 1 0 VYgruppen AS 38% 62% 40% 60% 29% 71% 25% 75% 24% 76% 18% 82% 0 0 Average for non-listed companies in 41% 59% 46% 54% 33% 67% 28% 72% 27% 73% 27% 73% 35% 41% Categories 1-2 Companies in Category 3 Andøya Space Center AS 44% 56% 43% 57% 25% 75% 22% 78% 23% 77% 28% 72% 0 0 Avinor AS 50% 50% 60% 40% 42% 58% 32% 68% 34% 66% 23% 77% 1 0 Bane NOR SF 57% 43% 60% 40% 50% 50% 40% 60% 41% 59% 35% 65% 1 0 Bjørnøen AS 50% 50% 50% 50% ------0 0 Carte Blanche AS 57% 43% 50% 50% 100% 0% 60% 40% 71% 29% 50% 50% 1 1 AS Den Nationale Scene 29% 71% 40% 60% 57% 43% 33% 67% 42% 58% 50% 50% 1 0 Den Norske Opera & Ballett AS 50% 50% 50% 50% 43% 57% 41% 59% 42% 58% 54% 46% 1 0 Eksportkreditt Norge AS 67% 33% 60% 40% 29% 71% 67% 33% 40% 60% 57% 43% 1 0 Enova SF 50% 50% 43% 57% 25% 75% 50% 50% 42% 58% 49% 51% 0 0 Entur AS 50% 50% 50% 50% 43% 57% 59% 41% 54% 46% 54% 46% 1 0 Fiskeri- og havbruksnæringens 43% 57% 43% 57% 33% 67% - - 33% 67% 61% 39% 1 0 forskningsfinansiering AS

* Includes both owner-appointed/shareholder-elected and employee-elected board members. ** Katharina Asting resigned from the board on 17 January 2020. A replacement will be elected at the ordinary general meeting in June 2020.

136 Appendices THE STATE OWNERSHIP REPORT 2019

Appendices 137 Gender balance Gender balance among Gender balance in group Gender balance for execu- Gender balance for executives for Gender balance at the company as Chair CEO on the board* owner-appointed/shareholder- management/the company's tives at the level below group the two top levels a whole elected board members management group management/the company's management group

Gassco AS 17% 83% 25% 75% 57% 43% 33% 67% 41% 59% 27% 73% 0 0 Gassnova SF 33% 67% 40% 60% 71% 29% - - 71% 29% 35% 65% 0 1 Graminor AS 43% 57% 50% 50% 67% 33% 50% 50% 58% 42% 35% 65% 0 1 Helse Midt-Norge RHF 56% 44% 50% 50% 43% 57% 0% 100% 33% 67% 75% 25% 1 0 Helse Nord RHF 60% 40% 57% 43% 57% 43% 51% 49% 51% 49% 70% 30% 1 1 Helse Sør-Øst RHF 50% 50% 57% 43% 38% 62% 47% 53% 44% 56% 58% 42% 0 1 Helse Vest RHF 56% 44% 50% 50% 33% 67% 42% 58% 41% 59% 75% 25% 0 1 Innovasjon Norge 45% 55% 44% 56% 55% 45% 65% 35% 61% 39% 57% 43% 0 0 Kimen Såvarelaboratoriet AS 16% 84% 0% 100% 80% 20% 100% 0% 80% 20% 95% 5% 0 1 Kings Bay AS 50% 50% 50% 50% 33% 67% 3% 97% 50% 50% 36% 64% 0 0 Nationaltheatret AS 63% 37% 60% 40% 80% 20% 50% 50% 54% 46% 52% 48% 1 1 Nofima AS 50% 50% 40% 60% 43% 57% 81% 19% 67% 33% 60% 40% 0 0 Nordisk Institutt for Odontologiske Materialer 60% 40% 60% 40% 67% 33% - - 66% 34% 58% 42% 1 0 AS Norfund 56% 44% 57% 43% 50% 50% 25% 75% 41% 59% 43% 57% 1 0 Norges sjømatråd AS 50% 50% 43% 57% 43% 57% - - - - 53% 47% 1 1 Norsk Helsenett SF 44% 56% 50% 50% 43% 57% 40% 60% 41% 59% 31% 69% 0 0 Norsk rikskringkasting AS 50% 50% 60% 40% 40% 60% 52% 48% 50% 50% 46% 54% 0 0 Norsk Tipping AS 50% 50% 50% 50% 43% 57% 31% 69% 33% 67% 37% 63% 1 1 Norske tog AS 50% 50% 67% 33% 40% 60% 40% 60% 40% 60% 15% 85% 1 0 NSD – Norsk senter for forskningsdata AS 43% 57% 40% 60% 40% 60% 100% 0% 67% 33% - - 0 1 Nye Veier AS 57% 43% 60% 40% 25% 75% 23% 77% 23% 77% 30% 70% 0 1 Petoro AS 43% 57% 40% 60% 25% 75% - - - - 32% 68% 1 1 Rogaland Teater AS 57% 43% 40% 60% 33% 67% 67% 33% 47% 53% 61% 39% 1 0 Simula Research Laboratory AS 56% 44% 57% 43% 46% 54% 26% 74% 34% 66% 30% 70% 1 0 Siva – Selskapet for Industrivekst SF 38% 62% 43% 57% 67% 33% 33% 67% 50% 50% 49% 51% 0 1 Space Norway AS 40% 60% 40% 60% 33% 67% 0% 100% 14% 86% 14% 86% 0 0 Statnett SF 38% 62% 40% 60% 29% 71% 32% 68% 32% 68% 26% 74% 0 0 Statskog SF 57% 43% 60% 40% 21% 79% 25% 75% 14% 86% 33% 67% 0 0 Staur gård AS 33% 67% 33% 67% 0% 100% 0% 100% 0% 100% 0% 100% 0 0 Store Norske Spitsbergen Kulkompani AS 43% 57% 60% 40% 13% 87% 31% 69% 24% 76% 15% 85% 1 0 Talent Norge AS 57% 43% 57% 43% 100% 0% - - 100% 0% 50% 50% 0 1 Trøndelag Teater AS 43% 57% 40% 60% 50% 50% 50% 50% 50% 50% 52% 48% 0 1 Universitetssenteret på Svalbard AS 45% 55% 43% 57% 38% 62% 0% 100% 33% 67% 50% 50% 0 0 AS Vinmonopolet 44% 56% 50% 50% 29% 71% 58% 42% 58% 42% 66% 34% 1 1 Average for companies in Category 3 48% 52% 48% 52% 45% 55% 41% 59% 45% 55% 45% 55% 47% 38% Uncategorised companies

Filmparken AS 33% 67% 33% 67% 100% 0% 100% 0% 100% 0% - 1 1 Average for all companies 45% 55% 47% 53% 42% 58% 39% 61% 42% 58% 39% 61% 44% 40%

* Includes both owner-appointed/shareholder-elected and employee-elected board members.

138 Appendices THE STATE OWNERSHIP REPORT 2019

Filmparken AS 33% 67% 33% 67% 100% 0% 100% 0% 100% 0% - 1 1 Average for all companies 45% 55% 47% 53% 42% 58% 39% 61% 42% 58% 39% 61% 44% 40%

Appendices 139 Gender balance on the boards as of 31 March 2008-2020

60 %

47 % 46 % 45 % 44 % 44 % 46 % 46 % 47 % 47 % 47 % 47 % 49 % 47 50 % 45 44 % 43 % 44 % 43 % 43 % 44 % 44 % 44 % 46 % 45 % 45 % 46 % 44 40 % 47 % 45 % 43 % 43 % 38 % 36 % 30 % 30 % 29 % 27 % 27 % 28 % 23 % 20 %

10 %

0 % 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Average proportion of women among owner-appointed / shareholder-elected board members Average proportion of women on boards Proportion of women among board chairs

Gender balance in senior management positions as of 31 December 2014-2019

45 % 42 40 % 40 40 % 36 % 37 % 33 % 35 % 39 35 % 33 % 34 % 32 % 32 % 34 % 30 % 29 % 25 % 26 % 24 % 20 % 20 % 21 % 15 %

10 %

5 %

0 % 2014 2015 2016 2017 2018 2019

Average proportion of women in group management/the company's management group Average proportion of female executives at the level below group management/the company's management group Proportion of women among chief executives

140 Appendices Photo: Statkraft

Percentage of women in senior management positions as of 31 December 2014-2018.

141 Owner-appointed and shareholder-elected board members Overview as of 31 March 2020. Sorted alphabetically by surname

COUNTY OF COUNTY OF SURNAME FIRST NAME COMPANY SURNAME FIRST NAME COMPANY RESIDENCE RESIDENCE

Aas Christina Andøya Space Center AS Oslo Bergkastet Geir Norsk rikskringkasting AS Oslo Linda Den Norske Opera & Ballett Aase Enova SF Vestland Bergrabb Gro Nordland Litlekalsøy AS NSD – Norsk senter for Vestfold og Aasen Petter Bernander John Gordon Talent Norge AS Agder forskningsdata AS Telemark Vestfold og Vestfold og Aasnæs Hans Investinor AS Birkeland Asbjørn Space Norway AS Telemark Telemark Fiskeri- og Bjaarstad Cathrine Nammo AS Oslo Janne-Grethe Aasnæs havbruksnæringens Oslo Strand forskningsfinansiering AS Bjerkan Leif Trøndelag Teater AS Møre og Romsdal Troms og Universitetssenteret på Abeler Marianne Norske tog AS Bjerknes Robert Vestland Finnmark Svalbard AS Maja Siva – Selskapet for Adriaensen Viken Bjordal Kjell Entra ASA Møre og Romsdal Hvammen Industrivekst SF Bjordal Brian Petoro AS Rogaland Agerup Karl-Christian DNB ASA Oslo Bjørnov Tove Filmparken AS Oslo Agerup Wenche Equinor ASA Oslo Nordisk Institutt for Bjørnsen Anders AS Den Nationale Scene Oslo Agustsdottir Helga Abroad Odontologiske Materialer AS Borgersen Bjarne GIEK Kredittforsikring AS Oslo Akselsen Jill Baneservice AS Agder Borgerud Ingeborg M. Ambita AS Viken Algard Alexandria Rogaland Teater AS Rogaland Bovim Gunnar Innovasjon Norge Trøndelag NSD – Norsk senter for Allern Elin Oslo forskningsdata AS Breiby Anne GIEK Kredittforsikring AS Møre og Romsdal Vestfold og Almlid Torbjørn Staur gård AS Domestic Breivega Ane Rongen Bane NOR SF Telemark Andenæs Arvid Innovasjon Norge Vestland Brekke Cathrine Gassnova SF Viken Anker-Nilssen Kirsti Kimen Såvarelaboratoriet AS Viken Bremnes Hallgeir Ivan Norges sjømatråd AS Trøndelag Anmdal Solvor Ingjerd Trøndelag Teater AS Trøndelag Fiskeri- og Edmund Troms og Broback havbruksnæringens Aqraou Jacob Telenor ASA Abroad Johannes Finnmark forskningsfinansiering AS Arntsen Ingelise Eksportkreditt Norge AS Vestland Broberg Kari Mantena AS Domestic Arntsen Ingelise Statkraft SF Vestland Brunvand Simula Research Laboratory Hilde Agder Fiskeri- og Nordvik AS Asmyhr Hans Frode havbruksnæringens Abroad NSD – Norsk senter for forskningsfinansiering AS Bye Torstein Arne Oslo forskningsdata AS Nordisk Institutt for Auero Merja Abroad Odontologiske Materialer AS Carlsen Sigurd Eksportfinans ASA Oslo Aune Dina E. Enova SF Trøndelag Dahlstrøm Audhild Talent Norge AS Nordland Store Norske Spitsbergen Vestfold og Aune Dina E. Trøndelag Dale Wenche M. Graminor AS Kulkompani AS Telemark Aven Eyvind Kommunalbanken AS Rogaland Dalen Dag Morten Nye Veier AS Viken

Bakken Hilde Yara International ASA Viken Danielsen Terje R. Trøndelag Teater AS Trøndelag

Baksaas Jon Fredrik Statnett SF Viken Davis Sally Telenor ASA Abroad

Bakstad Gro DNB ASA Oslo Devold Kristin M.K. Aker Kværner Holding AS Oslo Troms og Bang Tverfjeld Elin Bjørnøen AS Disch Eli Cathrine Ambita AS Oslo Finnmark Drinkwater Anne Equinor ASA Abroad Troms og Bang Tverfjeld Elin Kings Bay AS Finnmark Jannicke Driveklepp Mesta AS Møre og Romsdal Nordisk Institutt for Westlie Barkvoll Pål Oslo Odontologiske Materialer AS Fiskeri- og Bemer Stein Flytoget AS Oslo Drivenes Britt Kathrine havbruksnæringens Vestland forskningsfinansiering AS Argentum Berg Christian Viken Fondsinvesteringer AS Drønen Hilde Statkraft SF Vestland Drønen Berg Bjørn Eksportfinans ASA Oslo Amund Norges sjømatråd AS Viken Ringdal Berge Kjersti AS Den Nationale Scene Vestland Dåvøy Laila Carte Blanche AS Vestland Den Norske Opera & Ballett Berge Håkon Oslo AS Egidius Nanna Kommunalbanken AS Domestic Nordisk Institutt for Berge Gunnar Helse Vest RHF Rogaland Eide Graff Ingvild Vestland Odontologiske Materialer AS Berger Trond Yara International ASA Oslo Eidesvik Toril Eksportfinans ASA Vestland Nordisk Institutt for Ole Johan Troms og Berggreen Ellen Vestland Eira Statskog SF Odontologiske Materialer AS Jonsson Finnmark

142 Appendices THE STATE OWNERSHIP REPORT 2019

COUNTY OF COUNTY OF SURNAME FIRST NAME COMPANY SURNAME FIRST NAME COMPANY RESIDENCE RESIDENCE

Ekenstierna Bengt Statkraft SF Abroad Hasaas Øyvind Mantena AS Viken Siri Beate Ellingsen Grete Andøya Space Center AS Nordland Hatlen Bane NOR SF Viken Hatlen Enger Andreas Posten Norge AS Oslo Hatlen Siri Eksportkreditt Norge AS Viken Troms og Eriksen Tom Børje Helse Nord RHF Siri Beate Finnmark Hatlen Entra ASA Viken Hatlen Eriksen Øyvind Aker Kværner Holding AS Oslo Kristian Haug Helse Midt-Norge RHF Trøndelag Espolin Dahlberg Ida Kommunalbanken AS Oslo Johnson Haugen Baard Bane NOR SF Oslo Falck Thomas Eksportfinans ASA Oslo Havnelid Åsne Vygruppen AS Viken Falck Thomas Investinor AS Oslo Simula Research Laboratory Heggernes Pinar Vestland AS Falk Hansen Ole Baneservice AS Agder Hegrestad Trond Andøya Space Center AS Viken Thomas Farstad Nofima AS Oslo Henning Hellerud Catharina Mesta AS Oslo Fiksdahl Liv Posten Norge AS Oslo Helno Sverre AS Vinmonopolet Oslo Five Thor Egil Investinor AS Trøndelag Henden Olin J. Helse Vest RHF Vestland Fjeld Jostein Graminor AS Domestic Henriksen Morten Kongsberg Gruppen ASA Agder Fjeld Jostein Kimen Såvarelaboratoriet AS Domestic Rebecca Herlofsen Equinor ASA Oslo Trude Johanne Glasser Fjeldstad Petoro AS Oslo Haugen Hilland Jannicke Nysnø Klimainvesteringer AS Vestland Fjell Olav Nofima AS Viken Hille Sigurd Helse Vest RHF Vestland Fladmark Helene Falch Innovasjon Norge Agder Argentum Hindar Jon Oslo Fondsinvesteringer AS Flatheim Hege Space Norway AS Rogaland Holm Tore Enova SF Viken Flåthen Knut Ole Electronic Chart Centre AS Oslo Holmen Marianne Gassnova SF Oslo Troms og Forså Tom Erik Helse Nord RHF Finnmark Holte Øyvind Eksportkreditt Norge AS Vestland Fosen Arne Enova SF Viken Hope Ole Carte Blanche AS Vestland Fougner Else B. Aker Kværner Holding AS Oslo Hovland Ingrid Dahl Entra ASA Agder Fougner Else B. Eksportkreditt Norge AS Oslo Ellen Hovland Graminor AS Viken Margrethe Frisak Nina Space Norway AS Viken Hustad Johan E. Gassco AS Trøndelag Universitetssenteret på Frisak Nina Viken Svalbard AS Hustad Arild Space Norway AS Oslo Frøstrup Anne C. Helse Sør-Øst RHF Viken Höjsgaard Henrik Posten Norge AS Abroad Fure Håkon Yara International ASA Abroad Ibsen Mai-Lill GIEK Kredittforsikring AS Oslo Fyllingen Kjerstin GIEK Kredittforsikring AS Vestland Fiskeri- og Ingebrigtsen Kjell havbruksnæringens Nordland Giske Eli M. Nye Veier AS Viken forskningsfinansiering AS Gyrid Gjedrem Svein Ingvar Helse Sør-Øst RHF Viken Ingerø Flytoget AS Oslo Skalleberg Nordisk Institutt for Gjerdet Nils Roar Vestland Odontologiske Materialer AS Instanes Tor Bjørnøen AS Vestland

Gjessing Sverre Kristian Entur AS Vestland Instanes Tor Kings Bay AS Vestland

Gjesteland Egil Statnett SF Viken Isaksen Barbro Kimen Såvarelaboratoriet AS Viken

Godal Bjørn T. Equinor ASA Oslo Isaksen Geir Yara International ASA Viken Sveinung Golimo Talent Norge AS Viken Ishaq Bushra Helse Sør-Øst RHF Oslo Andreas Argentum Jaakonsalo Ville Nammo AS Abroad Grimeland Kjell Martin Viken Fondsinvesteringer AS Jarlsby Nicolai Electronic Chart Centre AS Agder Gundersen Gunnar Staur gård AS Domestic Jebsen Finn Norfund Oslo Gustafsson Björn Helse Midt-Norge RHF Trøndelag Jebsen Finn Norsk Hydro ASA Oslo Universitetssenteret på Troms og Hald Morten Svalbard AS Finnmark Jensen Leif Harald Entur AS Rogaland

Halleraker Svein Carte Blanche AS Vestland Jenssen Svenn Are Helse Nord RHF Nordland Vestfold og Hansen David Norsk Tipping AS Johnsen Sigbjørn Innovasjon Norge Domestic Telemark Johnsen Marianne Norges sjømatråd AS Viken Hasaas Olav Enova SF Viken

Appendices 143 Owner-appointed and shareholder-elected board members Overview as of 31 March 2020. Sorted alphabetically by surname

COUNTY OF COUNTY OF SURNAME FIRST NAME COMPANY SURNAME FIRST NAME COMPANY RESIDENCE RESIDENCE Cathrine Marie Justad Annette Malm Norske tog AS Oslo Medhus Norsk Helsenett SF Oslo Lofhus Store Norske Spitsbergen Justad Annette M. Oslo Kulkompani AS Mejdell Dag Norsk Hydro ASA Oslo Troms og Jørgensen Kari Helse Nord RHF Mejdell Dag Vygruppen AS Oslo Finnmark Melbø Olaf Trygve Bane NOR SF Domestic Universitetssenteret på Kalvig Siri Rogaland Svalbard AS Nordisk Institutt for Meling Steinar Rogaland Siva – Selskapet for Odontologiske Materialer AS Kamsvåg Mette Møre og Romsdal Industrivekst SF Mellbye Peter Statkraft SF Oslo Troms og Kanck Bjørn Andøya Space Center AS Finnmark Meyer Anne Lise Norsk Tipping AS Oslo Kartum Marianne Mantena AS Trøndelag Midseim Anne-Lene Gassco AS Oslo Kielland Hans Frode Graminor AS Viken Midtgaard Rune Olav Kommunalbanken AS Oslo Asmyhr Misund Kristin Innovasjon Norge Viken Kilaas Liselott Norsk Hydro ASA Oslo Moengen Trond Gassnova SF Viken Kildahl Jørgen Telenor ASA Abroad Mohn Klaus Nysnø Klimainvesteringer AS Rogaland Kinserdal Finn Posten Norge AS Vestland Monseth Per Olav Norsk Tipping AS Trøndelag Klingenberg Ellen Tveit Statskog SF Trøndelag Simula Research Laboratory Myhre Ingvild Oslo Knudsen Cecilie Broch Talent Norge AS Oslo AS Kold Bakkevig Martha Kongsberg Gruppen ASA Rogaland Nag Toril Ambita AS Rogaland

Korssjøen Jan Erik Rygge 1 AS Viken Nag Toril Bane NOR SF Rogaland Nordisk Institutt for Kristiansen Eirik G. Enova SF Vestland Naslund Blixt Mariana Abroad Odontologiske Materialer AS Kristiansen Kjell Olav Gassnova SF Viken Neteland Dagfinn Baneservice AS Vestland Merete Troms og Kristiansen Innovasjon Norge Simula Research Laboratory Nygaard Finnmark Nielsen Petter Oslo AS Kristoffersen Eva M. Norges sjømatråd AS Nordland Nikolaisen Harald V. Baneservice AS Oslo Kukielski Peter Norsk Hydro ASA Abroad Nikolaisen Harald V. Nye Veier AS Vestland Langeggen Ellen Bjørnøen AS Oslo Nilsen Geir Helse Sør-Øst RHF Domestic Langeggen Ellen Kings Bay AS Oslo Store Norske Spitsbergen Nilsen Birger Viken Henrik Kulkompani AS Langeland Nationaltheatret AS Oslo Helliesen Nilssen Herlof Avinor AS Rogaland Larsen Kåre Oskar Kimen Såvarelaboratoriet AS Viken Nilssen Herlof Norsk Helsenett SF Rogaland Tine Anette Laskerud Nofima AS Vestland Grytnes Nilsson Per-Harald Carte Blanche AS Rogaland

Lein-Mathisen Kimberly Yara International ASA Oslo Njærheim Anne Beth Carte Blanche AS Vestland

Lewis Jonathan Equinor ASA Abroad Norheim Hildegunn Graminor AS Viken

Lie-Nilsen Henrik Ambita AS Vestland Nygren Eva Nye Veier AS Abroad

Lie-Nilsen Roy-Eddy AS Den Nationale Scene Vestland Nyheim John Mesta AS Viken Store Norske Spitsbergen Lillestøl Bente Oslo Næss Bjørn Erik Aker Kværner Holding AS Oslo Kulkompani AS Fiskeri- og Limi Vibeke Helse Sør-Øst RHF Viken Oaland Øyvind havbruksnæringens Vestland forskningsfinansiering AS Lunde Einar Helse Sør-Øst RHF Agder Olafsson Kjartan Norsk Helsenett SF Vestland Lunde Jørand Ø. Innovasjon Norge Domestic Olofsson Gunnar Statskog SF Abroad Kjartan Lunde Rogaland Teater AS Rogaland Alexander Olsen Dag Rune AS Den Nationale Scene Oslo Lundin Mikael Statkraft SF Abroad Vestfold og Olsen Per Arne AS Vinmonopolet Simula Research Laboratory Telemark Lundqvist Mats Abroad AS Olsen Roar Norsk Helsenett SF Trøndelag Lydersen Asta Busingye Nationaltheatret AS Oslo Universitetssenteret på Olsen Arild Nordland Svalbard AS Løhaugen Solveig AS Vinmonopolet Agder Opedal Dag J. Nammo AS Oslo Vestfold og Løkling Jan Innovasjon Norge Telemark Opedal Espen Norske tog AS Vestland Vibeke Madsen Norfund Oslo Hammer Orgland Karin Bing Entur AS Oslo Magnus Birger Norsk rikskringkasting AS Viken Panengstuen Anne Marit Mesta AS Viken Lars Jacob Marum Finn I. Eksportkreditt Norge AS Oslo Pedersen AS Vinmonopolet Vestland Tynes

144 Appendices THE STATE OWNERSHIP REPORT 2019

COUNTY OF COUNTY OF SURNAME FIRST NAME COMPANY SURNAME FIRST NAME COMPANY RESIDENCE RESIDENCE

Pedersen Ann Baneservice AS Nordland Selvaag Olav H. Nationaltheatret AS Viken Den Norske Opera & Ballett Petersen Jan Oslo Semlitsch Jaan Ivar DNB ASA Viken AS Troms og Semmingsen Semming Vygruppen AS Pettersen Tove Elisabeth Statnett SF Oslo Finnmark Adele Bugge Pran Yara International ASA Oslo Seres Silvija Norsk rikskringkasting AS Viken Norman Silseth Linda B. Avinor AS Viken Rahka- Beate Helse Nord RHF Nordland Knutsen Linda Silseth Norsk Tipping AS Viken Audhild Bernander Randa Entur AS Oslo Andersen Sjursen Egil Herman Nysnø Klimainvesteringer AS Vestland Rautalinko Esa Nammo AS Abroad Vestfold og Sjøblom Tove Stuhr Norfund Rikke Argentum Telemark Reinemo Oslo Tobiasson Fondsinvesteringer AS Sjøseth Arnfinn Kimen Såvarelaboratoriet AS Viken Reinhardsen Jon Erik Equinor ASA Oslo Skancke Martin Norfund Oslo Reinhardsen Jon Erik Telenor ASA Oslo Skatteboe Rolf Andøya Space Center AS Viken Reistad Eli Statskog SF Viken Skillingstad Beate Helse Midt-Norge RHF Trøndelag Reiten Eivind K. Kongsberg Gruppen ASA Oslo Skjærpe Tor Rasmus Gassco AS Rogaland Reiten Kåre Rogaland Teater AS Rogaland Skjærstad Mari Nye Veier AS Domestic Repstad Jon A. Kimen Såvarelaboratoriet AS Viken Skogseth Jan S. Gassco AS Rogaland Marianne Ribe Flytoget AS Oslo Ødegaard Skrøvset Eli Avinor AS Viken Rimmereid Tore O. DNB ASA Oslo Slungård Anne Kathrine Investinor AS Trøndelag

Rimmereid Tore Olaf Space Norway AS Oslo Smith Merete Nationaltheatret AS Oslo Simula Research Laboratory Ringen Asting Katharina Viken Solberg Ronny Mantena AS Viken AS Sormunen Sirpa-Helena Nammo AS Abroad Siva – Selskapet for Roland Kjell Oslo Industrivekst SF Stabbetorp Bjørn Graminor AS Viken Roverud Rolf Flytoget AS Rogaland Steen jr. Petter Kommunalbanken AS Rogaland Rugland Brit Kommunalbanken AS Rogaland Steinsvik Sund Tina Electronic Chart Centre AS Trøndelag Rugland Brit Norfund Rogaland Steinsvåg Tone B. Helse Vest RHF Vestland Rummelhoff Irene Norsk Hydro ASA Rogaland Stensen Trine AS Vinmonopolet Viken Ruud Morten Gassnova SF Oslo Stenseth Turid Trøndelag Teater AS Trøndelag Ruyter Finn Bjørn Equinor ASA Oslo NSD – Norsk senter for Troms og Stensland Eva forskningsdata AS Finnmark Røkke Kjell Inge Aker Kværner Holding AS Viken Stette Liv Helse Midt-Norge RHF Møre og Romsdal Siva – Selskapet for Vestfold og Rørvik Tine Industrivekst SF Telemark Stiegler Tina Posten Norge AS Oslo Røynesdal Ingrid Talent Norge AS Oslo Stokke Geir Inge Vygruppen AS Viken Salbuvik Widar Bjørnøen AS Viken Storelvmo Edel Nofima AS Nordland Salbuvik Widar Entra ASA Viken Strand Ola H. Avinor AS Trøndelag Salbuvik Widar Kings Bay AS Viken Strand Solveig Norges sjømatråd AS Møre og Romsdal Salbuvik Widar Nysnø Klimainvesteringer AS Viken Fiskeri- og Strand NSD – Norsk senter for Vestfold og Janne-Grethe havbruksnæringens Oslo Salvanes Kjell Gunnar Aasnæs forskningsdata AS Telemark forskningsfinansiering AS Sandal Hugo Petoro AS Viken Strøm Inger Lise Helse Nord RHF Nordland Nordisk Institutt for Strømdal Wik Tina Trøndelag Sandsmark Maria Statnett SF Møre og Romsdal Odontologiske Materialer AS Sandvik Tore O. Trøndelag Teater AS Trøndelag Strøm- Anne-Grete Carte Blanche AS Oslo Erichsen Sbertoli Per Kristian Norfund Oslo Strøm- Anne-Grete Kongsberg Gruppen ASA Vestland Schjerven Dag Nammo AS Oslo Erichsen Nordisk Institutt for Strømsvåg Einar Anders Helse Vest RHF Rogaland Schlafer Sebastian Abroad Odontologiske Materialer AS Strømsvåg Einar Statnett SF Rogaland Schulz Thomas Norsk Hydro ASA Abroad Støre Hege Electronic Chart Centre AS Oslo Schøyen Per A. Petoro AS Rogaland Argentum Sund Tina S. Trøndelag Seip Ellen AS Vinmonopolet Oslo Fondsinvesteringer AS

Selmer-Olsen Eirik Nofima AS Viken Sund Tina Steinsvik Helse Midt-Norge RHF Trøndelag

Appendices 145 Owner-appointed and shareholder-elected board members Overview as of 31 March 2020. Sorted alphabetically by surname

COUNTY OF COUNTY OF SURNAME FIRST NAME COMPANY SURNAME FIRST NAME COMPANY RESIDENCE RESIDENCE

Sunde Rasmus Andøya Space Center AS Oslo Tørklep Christine Statskog SF Viken Siva – Selskapet for Sundland Siren Talent Norge AS Vestland Ulriksen Arve Nordland Industrivekst SF Svarva Olaug DNB ASA Oslo Store Norske Spitsbergen Undeli Johnny Domestic Kulkompani AS Svarva Olaug Investinor AS Oslo Valle Paul S. Helse Midt-Norge RHF Møre og Romsdal Svarva Olaug Norfund Oslo van der Veer Jeroen Equinor ASA Abroad Sverdrup Aslak Flytoget AS Vestland Vestre Knut Helge Norges sjømatråd AS Møre og Romsdal Sætershagen Randi B. Norsk rikskringkasting AS Domestic Viksaas Grete Telenor ASA Oslo Sætersmoen Eli Staur gård AS Domestic Universitetssenteret på Morten Vinje Kristin Oslo Sørby Mesta AS Abroad Svalbard AS Karlsen Vågeng Sigrun E. Helse Sør-Øst RHF Oslo Simula Research Laboratory Søreide Ingolf Viken AS Walderhaug Morten Rogaland Teater AS Oslo Sørlie Per A. Kongsberg Gruppen ASA Viken Weiby Universitetssenteret på Øyvind Trøndelag Gregersen Svalbard AS Takvam Martha Kommunalbanken AS Viken Westby Stine Andøya Space Center AS Viken Tanum Anne Carine Avinor AS Oslo Westby Einar GIEK Kredittforsikring AS Oslo Den Norske Opera & Ballett Tanum Anne Carine Viken AS Linda Westbye Norsk Tipping AS Vestland Vøllestad Tanum Anne Carine Posten Norge AS Viken Widvey Thorhild Statkraft SF Oslo Teigland Wenche Vygruppen AS Vestland Kristin Wieland Norsk Helsenett SF Oslo Tepfers Camilla AC Entra ASA Oslo Weidemann Thaulow Sven Størmer Ambita AS Oslo Wiinholt Marianne Norsk Hydro ASA Abroad Susanne Argentum Den Norske Opera & Ballett Thore Oslo Willand Sarah Viken Munch Fondsinvesteringer AS AS Den Norske Opera & Ballett Troms og Thorsen Rolf Oslo Winje Tone Nationaltheatret AS AS Finnmark Thorsheim Andreas Egge Norsk Tipping AS Oslo Wærness Eirik Innovasjon Norge Rogaland

Thuestad John G. Yara International ASA Rogaland Wærsted Gunn Petoro AS Oslo

Torgersen Line Hødal Eksportfinans ASA Oslo Wærsted Gunn Telenor ASA Oslo

Trovik Katrine AS Den Nationale Scene Vestland Økland Hege Enova SF Vestland Siva – Selskapet for Trovik Katrine Helse Vest RHF Rogaland Østby Heine Agder Industrivekst SF Tuvstein Trond Norges sjømatråd AS Trøndelag Siva – Selskapet for Østbø Bjørn T. Vestland Tvedt Industrivekst SF Veslemøy Norsk rikskringkasting AS Vestland Fredriksen Østensjø Inger Lise Rogaland Teater AS Oslo Fiskeri- og Tveit Sveen Elin havbruksnæringens Vestland forskningsfinansiering AS

146 Appendices Photo: Øyvind Sætre, Gassco 147 The State’s direct ownership is administered Contact by a number of ministries. Contact details for details these ministries are given below.

Ministry of Finance Ministry of Local Government and Telephone: +47 22 24 90 90 Modernisation Telephone: +47 22 24 90 90 Department of Asset Management Folketrygdfondet Department of Local Government Kommunalbanken AS Ministry of Defence Telephone: +47 23 09 80 00 Ministry of Culture Telephone: +47 22 24 90 90 Department of Finance and Management Rygge 1 AS Department of Media and Art Carte Blanche AS, AS Den Nationale Scene, Den Norske Opera & Ballett AS, Filmparken AS, Ministry of Health and Care Services Nationaltheatret AS, Norsk rikskringkasting AS, Telephone: +47 22 24 90 90 Norsk Tipping AS, Rogaland Teater AS, Rosenkrantzgate 10 AS, Talent Norge AS, Department of Hospital Ownership Trøndelag Teater AS Helse Midt-Norge RHF, Helse Nord RHF, Helse Sør-Øst RHF, Helse Vest RHF and Norsk Helsenett SF Ministry of Education and Research Department of Public Health Telephone: +47 22 24 90 90 AS Vinmonopolet Department for Governance of Higher Education Department of Municipal Health Care Services and Research Institutions Nordisk Institutt for Odontologiske Materialer AS NSD – Norsk senter for forskningsdata AS, Simula Research Laboratory AS, Universitetssenteret på Svalbard AS Ministry of Climate and Environment Telephone: +47 22 24 90 90 Ministry of Agriculture and Food Marine and Pollution Department Telephone: +47 22 24 90 90 Bjørnøen AS, Kings Bay AS Department of Research and Administrative Affairs Climate Department Staur gård AS Enova SF Department of Food Policy Kimen Såvarelaboratoriet AS

Department of Forest and Natural Resource Policy Graminor AS, Statskog SF

148 Appendices THE STATE OWNERSHIP REPORT 2019

Ministry of Trade, Industry and Fisheries Ministry of Transport Telephone: +47 22 24 90 90 Telephone: +47 22 24 90 90

Ownership Department Department of Management, Administration Aker Kværner Holding AS, Ambita AS, and Public Safety and Security Argentum Fondsinvesteringer AS, Baneservice AS, Avinor AS, Bane NOR SF, Entur AS, DNB ASA, Eksportfinans ASA, Electronic Chart Centre AS, Norske tog AS, Nye Veier AS, Entra ASA, Flytoget AS, GIEK Kredittforsikring AS, Vygruppen AS Investinor AS, Kongsberg Gruppen ASA, Mesta AS, Mantena AS, Nammo AS, Norsk Hydro ASA, Nysnø Klimainvesteringer AS, Posten Norge AS, Ministry of Foreign Affairs Statkraft SF, Store Norske Spitsbergen Kulkompani AS, Telephone: +47 23 95 00 00 Telenor ASA, Yara International ASA Department for Economic Relations and Research and Innovation Department Development Andøya Space Center AS, Fiskeri- og havbruksnæringens forskningsfinansiering AS, Innovasjon Norge, Nofima AS, Norfund Siva – Selskapet for Industrivekst SF, Space Norway AS

Trade Policy Department Eksportkreditt Norge AS, Norges sjømatråd AS

Ministry of Petroleum and Energy Telephone: +47 22 24 90 90

Climate, Industry and Technology Department Gassnova SF

Energy and Water Resources Department Statnett SF

Oil and Gas Department Gassco AS

Department for Economic and Administrative Affairs Equinor ASA, Petoro AS

Appendices 149 Comments and definitions

Comments Definitions • Public grant: Funds from the State, county council and/or municipality for assignments • The data used in this report were provided • Return: Share price performance including given specifically to the company. Normally by the companies, including in their annual reinvested dividends (source: FactSet). The accompanies a letter of assignment/grant reports/annual accounts for 2019. geometric average (CAGR) is used to letter. General public grants are not included. calculate the average annual return over the • The information is up-to-date as of 31 past five years . • Dividend: Distribution that involves a free December 2019, with the exception of transfer of funds from the company to share information relating to board composition, • Operating result (EBIT): Operating revenues holders, except for the repayment of paid-up which is up-to-date as at 31 March 2020, the less operating expenses, depreciation and share capital (including premium) and table showing the State’s ownership as of amortisation. disbursement in the event of liquidation. The May 2020, and “Key issues for the State as dividends referred to in the report are • Operating margin (EBIT margin): Operating owner” which is up-to-date as of 22 May dividends for the stated financial year and profit (EBIT) divided by operating revenues. 2020. payment normally takes place the following year. • The key figures have been calculated using • Equity ratio: Equity as a percentage of total assets. a common method for all the companies • Dividend percentage: Funds set aside for (see the definitions provided below). These • Return on equity: Profit after taxes and dividends as a proportion of the group’s may therefore differ from the figures stated minority interests divided by the majority’s annual profit. Average dividend percentage is by the companies in their reports. share of average book equity. The arithmetic calculated as the total dividend divided by the total consolidated profit after taxes and • At the time of printing, several of the mean is used to calculate the average return minority interests for the past five years. companies had not held their annual on equity over the past five years. general meeting/corporate assembly. The • Capital contributions from the State: Capital • Distribution in connection with redemption figures for these companies have been contributed by the State during the past and cancellation of shares. The amount the approved by the auditors, but the dividends year. State receives in the event of the repayment paid may be altered at the company’s or cancellation of shares, such that the annual general meeting/company meeting. • Investments: Investments in fixed assets, State’s ownership interest remains un intangible assets and ownership interests in changed. Applies for listed companies. • Data concerning previous years may be companies or activities that have not been corrected in annual reports, etc. This State consolidated into the accounts in the past • Weighted return: The return, including Ownership Report uses the most recent year. reinvested dividends, weighted according to information available. This means that the market value of the portfolio with the historical data may differ from what was • Cost ratio: Operating expenses divided by eight listed companies in which the State has stated in previous ownership reports. total revenue. ownership interests. The geometric average (CAGR) is used when calculating the average • The method for calculating the number of • Minority share/interests: Shows the annual return for all of the companies over employees at different companies may vary ownership interests of other outside the past five years (source: FactSet). between employees at year-end, number of shareholders in subsidiaries. full-time equivalents, and the average for • Public procurements: Payments from the • Weighted return on equity: Return on equity the year. State, county council and/or municipality for weighted in relation to the state’s share of book equity less minority interests as at the • For the regional health authorities, profit or the purchase of services from the company. close of 2019. loss for the year after tax and minority The purchase is regulated by agreement. interests (see pages 84-87) is the profit or • Return on capital employed: The sum of • Value of the state’s equity: For listed loss defined as any deviation from the operating profit (EBIT), financial income and companies, the values are based on market performance requirements set by the share of profit from associates, divided by prices as at the close of 2019 and the Ministry of Health and Care Services. average capital employed over the past two number of shares owned by the state as of • The Ministry of Trade, Industry and years. the same date (source: FactSet). For unlisted Fisheries cannot be held responsible for companies where the State’s goal is the • Remuneration of board members: Standard any errors in the figures or calculations. highest possible return over time, book remuneration of the chair, vice chair and the More information on the individual equity is used less minority interests, board members as approved at the annual companies under the Ministry of Trade, multiplied by the State's ownership interest general meeting/corporate assembly in 2019. Industry and Fisheries can be found in the at the end of 2019. For companies in which Total remuneration of board members companies’ annual reports. there are public policy goals for the State’s comprises the ordinary remuneration that ownership, book equity is used, less minority has been paid and remuneration for work on interests, multiplied by the State's ownership board committees for the entire board in interest at the end of 2019. 2019, including both owner-elected and employee-elected board members. • Capital employed: Sum of equity and Definitions of terms in the State Ownership interest-bearing debt. Report may differ from those used by the companies. • Repayment of capital: Payment to the State in the event of a capital reduction.

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