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Listing Prospectus Posten Norge AS Registration Document Joint bookrunners Oslo, 14 April 2008 1 av 29 Important information The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company's (including subsidiaries and affiliates) lines of business. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the company's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Registration Document. Although it is believed that the expectations are based upon reasonable assumptions, the Borrower can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Neither Nordea and DnBNOR nor the Borrower are making any representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Registration Document, and neither Joint arrangers, the Borrower, nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. This Registration Document is subject to the general business terms of the Joint arrangers, available at their websites. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Joint arrangers may prevent employees of the Joint arrangers who are preparing this presentation from utilizing or being aware of information available to of the Joint arrangers and/or affiliated companies and which may be relevant to the recipient’s decisions. The Joint arrangers and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Joint arrangers corporate finance department may act as manager or co-manager for this Company in private and/or public placement and/or resale not publicly available or commonly known. Copies of this presentation are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States. Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States. Securities will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The distribution of the Registration Document may be limited by law also in other jurisdictions, for example in Canada, Japan and in the United Kingdom. Verification and approval of the Registration Document by Oslo Børs implies that the Registration Document may be used in any EEA country. No other measures have been taken to obtain authorisation to distribute the Registration Document in any jurisdiction where such action is required. 2 av 29 Table of contents: 1. Risk factors ...................................................................................................................4 2. Definitions.....................................................................................................................7 3. Persons responsible ........................................................................................................8 4. Statutory Auditors ..........................................................................................................9 5. Information about the issuer ..........................................................................................10 6. Business overview ........................................................................................................11 7. Organizational structure ................................................................................................16 8. Trend information.........................................................................................................17 9. Administrative, management and supervisory bodies .........................................................19 10. Major shareholders .....................................................................................................23 11. Financial information concerning the issuer's assets and liabilities, financial position and profits and losses.......................................................................................................................24 12. Documents on display .................................................................................................26 Cross Reference List .........................................................................................................27 Posten Norge AS memorandum and articles of association .....................................................28 3 av 29 1. Risk factors Readers of this Listing Prospectus should carefully consider all of the information contained herein and in particular the following factors which may affect some or all of the Company’s activities and its ability to service the bond debt. The risk factors described below will have the same meaning and possible impact on the Company even though the term Group is used in the text. This list is not exhaustive. The actual results of the Group could be impacted by the results of many factors, including the risks described below and elsewhere in the Prospectus. Market and competitive situation Great focus is placed on maintaining a good return on equity over time. A likely negative growth in prioritised letters (A-mail) and liberalisation in the mail segment are challenging. A small number of large customers generate a considerable share of both revenues and returns for Posten Norge. The number of administrative letters will continue to decline as a result of substitution. The margins are low in the area of unaddressed direct mail segment, and the competition is fierce Addressed direct mail are more likely to grow than the unaddressed mail, and focus is put on product development. Growth potentials in the Nordic market are strategically positioned by CityMail in Sweden and Denmark. The market share in parcel distribution is under pressure. Competitors have improved their network systems and market positions regarding the B2B and B2C distribution. A key reason for this development is that 20% of the parcel volumes are imported to Norway, and Posten Norge wants to strengthen its position in the cross border flow. Posten is alert to global players who are strengthening their efforts to obtain a position in the parcel distribution. In order to succeed, the three main business segments continue to develop the company as a Nordic player. While Posten Norge is focused on increasing the market share within general cargo and parcel/express distribution, competitors are also positioning themselves into these product segments. Posten Norge is in a good position for growth due to its broad range of logistics services (“one-stop-shopping”) and a strong expertise in IT. Liberalisation and regulatory framework The new Postal Directive will bring the letter monopoly to an end in Europe from 2011 (or no later than 2013). In Sweden, Finland, Estonia, Great Britain, and Germany the letter monopoly is already abolished. The existing liberalisation of mail letters above 50 grams, and in some countries regional distribution, has resulted in an attractive market. In countries such as the Netherlands, France and Spain, new postal players have been established and they are positioning themselves until the liberalisation takes effect in 2011 at the latest. Several countries will speed up liberalisation and the Netherlands may liberalise in 2008. Liberalisation of the Postal markets will lead to a more open market and sharpen the competition. Posten Norge has recommended a restructuring of the postal network and the Ministry of Transport and Communications is backing this recommendation. The final political resolution will take place when the Parliament makes a decision on this matter, expectedly in early May. If Parliament rejects the restructuring plan, Posten Norge will claim governmental compensation for non- profitable service obligations. Posten Norge has a so called universal service obligation (USO), i.e. an obligation specified in its license to provide certain services with a specified quality throughout the country. A part of the USO is unprofitable to Norway Post. The loss, or “extra cost” is covered by monopoly profit, if any, and if the monopoly profit is not sufficient, by a purchase from the state. As the purchase from the state is subject to ordinary budgetary considerations, there is a risk that the extra costs that arise from the USO are not fully covered by monopoly profit and the state. Posten Norge is subject