Publication of financial information pursuant to the Capital Adequacy Regulation (Pillar 3)

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1 Publication of financial information pursuant to the Capital Adequacy Regulation (Pillar 3) The purpose of the requirements for the public disclosure of financial information is to help various market participants to evaluate Fondsfinans risk exposure, and its risk management and control. Information relating to minimum capital adequacy is updated continuously. Other financial information is updated annually. In the event that Fondsfinans becomes aware of a significant change in its financial condition, this information will be updated as quickly as possible. Fondsfinans operates with the following risk categories: Credit risk The risk of loss caused by a counterparty not being able to settle its obligations at the agreed time in accordance with the contract entered into, and any collateral held is insufficient to meet the unpaid claim. Securities lending to customers is included as part of credit risk, but lending for share trading is carried out only to a small extent. Fondsfinans has a Credit Committee that reviews all customers (both new and existing) on a regular basis and sets trading limits based on the individual customer s financial condition. Steps are taken to recover unpaid amounts in accordance with established internal procedures. Market risk The risk of loss caused by changes in market value of the firm s holdings of financial instruments for its own account resulting from fluctuations in the prices of such instruments, or in exchange rates and interest rates. The Board of Directors of Fondsfinans has set limits for exposure to financial instruments. The limits permit only limited exposure, both in total and to any one issuer. Actual exposure relative to the limits is monitored on a daily basis. Settlement risk In the period before settlement between the buyer and seller takes place, there is a risk that the party that first settles its commitment could lose the principal amount if its counterparty defaults on settling its commitment. Settlement risk is monitored by the Settlement Department at Fondsfinans, which employs three qualified members of staff with long experience of the securities industry. Operational risk The risk of loss caused by inadequate or insufficient internal processes, mistakes or failures by individuals or systems, or external incidents. Fondsfinans focuses on continual review and maintenance of its internal procedures, and on recruiting and retaining the necessary expertise to manage operational risk.

2 Reputational risk Fondsfinans focuses on maintaining very high ethical standards and upholding its good reputation, both in the market and with the authorities. Legal risk Legal risk is defined as the risk of incurring a loss because a contract that has been entered into cannot be enforced. Legal risk will typically be related to factors such as insufficient documentation, a counterparty not having legal competence to enter into the contract in question, uncertainty over the legal enforceability of a contract or specific clauses in a contract, as well as problems with enforcing contractual rights in the event of a counterparty being wound up or subject to other insolvency procedures. Fondsfinans does not have a separate legal department, but makes use of competent external advisers with extensive experience of the securities industry. Liquidity risk The risk that the firm is not able to meet its commitments as they fall due. The risk that Fondsfinans might not be able to meet its commitments as they fall due is considered to be extremely low. The firm has available a standing offer of overdraft facilities from its normal banking connection on attractive terms. Concentration risk The risk of loss as a result of the concentration of exposure to large single customers, or to specific industries and sectors, geographic areas, collateral with the same risk characteristics, counterparties in interbank operations or in respect of trade in financial derivatives. The firm s internal rules for large exposures deal with concentration risk. Currency risk The risk of loss as result of movements in exchange rates. The overwhelming majority of Fondsfinans revenue and expenses are dominated in Norwegian kroner. The firm s net currency exposure is therefore extremely low, and is monitored continually by the staff members responsible for currency management. Other risk types Other risk types are considered to have little relevance for the activities of Fondsfinans.

3 Risk management and control The objective of risk management is not to eliminate risk, but rather to identify and analyse factors and relationships to which the firm is exposed in order to provide the best possible basis for decisions in order to avoid undesirable risk exposure. Financial risk, changes in regulatory requirements and customers that change their normal behaviour are all factors that affect the firm s overall risk exposure. Monitoring and control of risk exposure is carried out on a continuous basis, with reporting to the relevant internal functions. Organisational arrangements for risk management and internal control The Board of Directors of Fondsfinans is responsible for ensuring that the firm has appropriate systems for risk management and internal control. The Managing Director is responsible for establishing competent internal control arrangements on the basis of an evaluation of the risks to which the firm is exposed in accordance with guidelines laid down by the Board of Directors. The Board of Directors of Fondsfinans has approved a complete set of policy rules and procedures. All Employees of Fondsfinans are required to sign an employee agreement whereby they commit themselves to be fully aware of the rules and procedures that are relevant for their duties. Fondsfinans has a separate Compliance Officer, who reports directly to the Board of Directors. Control functions The following departments/functions make up the control system of Fondsfinans ASA: Compliance The head of the Compliance Department reports directly to the Board of Directors. The Compliance Department is responsible for ensuring that the firm s activities, including proprietary trading, are carried out in compliance with the requirements of the authorities and in accordance with the internal rules and procedures. Any breach of the internal or external rules and regulations is reported to the Board of Directors. Managing Director The Managing Director is responsible for producing monthly financial reports and reports on the firm s activities to the Board of Directors that address all areas of the firm s business and all material risk factors. The Managing Director is responsible for initiating the process of annual review of internal risk management and control, together with reporting to the Board on the results of the review. One of the objectives of the review is to identify new risk factors. All departmental heads play an active role in the process of risk evaluation and the choice of appropriate control measures. The external auditor of Fondsfinans reviews the Managing Director s report to the Board of Directors together with the relevant supporting documentation.

4 Credit Committee The Credit Committee is responsible for approving new customers and bank relationships, and for setting trading limits. The Credit Committee determines the investor category of each customer in accordance with the MiFID rules, and allocates customers to risk groups in accordance with the Money Laundering Regulation. The Credit Committee carries out regular reviews of all customer relationships. Accounting/Financial Controller The heads of these departments report directly to the Managing Director. The Accounting /Financial Controller departments are responsible for daily control and reporting of positions and profit/loss, as well as for collecting and processing statistics relevant for the monitoring of the firm s business activities. Back Office The head of the Back Office department reports directly to the Managing Director. The Back Office is responsible for the operation and control of settlement of all transactions carried out by Fondsfinans AS. Unsettled transactions are monitored continuously. Capital adequacy (Pillar 1) and Primary Capital

5 As at Asset calculation base Capital requirement NOK 1000 Credit risk using the standard method Operational risk Market risk - Position risk - equity instruments Position risk - debt instruments Settlement risk 413 Currency risk - Total market risk Deductions from the asset calculation base Core capital Supplementary capital Net primary capital Capital adequacy ratio in accordance with the capital adequacy regulation 46,99 % Core capital adequacy ratio in accordance with the capital adequacy regulation 37,44 % Capital requirement equivalent to 8% of the asset calculation base Surplus primary capital Reconciliation of primary capital Share capital Other equity Over-funding of pension liabilities Total equity Subordinated loan Total primary capital Deductions for core capital Over-funding of pension liabilities Holdings of subordinated capital in other financial institutions - Core capital in accordance with the capital adequacy regulation Supplementary capital in accordance with the capital adequacy regulation Net subordinated capital in accordance with the capital adequacy regulation

6 Evaluation of the overall capital adequacy requirement in relation to risk profile (International Convergence of Capital Measurement and Capital Standards - ICAAP). Pillar 2. Fondsfinans operates with the objective of maintaining a level of capital that at all times meets the requirements stipulated by the authorities. Fondsfinans is committed to strengthening its activities in corporate finance, DCM and second hand trading, and anticipates that its current level of capital will be sufficient to accommodate the growth currently planned in the firm s activities. The following credit exposure is included by Fondsfinans in its asset calculation base for credit risk: As at NOK (1,000) Lending past due (standard method) 3,408 Securities financing for customers 7,624 Other lending 7,624 Total gross lending 16,363 Fondsfinans treats lending as being in default when it is 90 days or more past due. Lending past due includes NOK 2.6 million of loans in default (gross value). Specific loan loss provisions and general loan loss provisions amount to NOK 0.5 million in total. Of the balance of lending in default, NOK 2,6 million is secured by collateral. Equity positions not part of the trading portfolio: As at NOK (1,000) Equity investment in Fondsfinans Inc. (100% owned) 7,910

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