The year 2010 and the fourth quarter The Sparebanken Vest Group. Managing Director Stein Klakegg 22 February 2011

Transcription

1 The year and the fourth quarter The Sparebanken Vest Group Managing Director Stein Klakegg 22 February

2 : Best ever result before write-downs and tax: NOK 927 million Key developments in : Net operating revenues exceed NOK 2 billion Assets under management exceed NOK 105 billion Improved ROE (11.3%) Good development in nominal net interest and other operating income Improved financial strength satisfies Basel III Key developments in the fourth quarter: Profit performance improved by NOK 20 million Improved risk profile and accumulated profit boost our financial strength Good underlying growth in earnings from the product companies Good return on the share portfolio 2

3 Improved profit performance and financial strength Year Fourth quarter Operating profit/loss before write-downs and tax NOK 927 mill. NOK 770 mill. NOK 215 mill. NOK 213 mill. Pre-tax profit NOK 800 mill. NOK 500 mill. NOK 168 mill. NOK 148 mill. Profit/diluted profit per equity certificate NOK 5.86 NOK 4.53 NOK 1.12 NOK 1.40 Net interest 1.49 % 1.58 % 1.44 % 1,58 % Cost ratio 1.20 % 1.27 % 1.26 % 1.23 % Annualised return on equity (ROE) 11.3 % 8.0 % 8.3 % 10.0 % The Board s proposed dividend per equity certificate NOK 3.50 NOK 2.00 The Board s proposed donations for the public benefit NOK 30.0 mill. NOK 25.0 mill. Deposits/loans ratio (year end) 55.1 % 54.5 % Liquidity indicator (year end) % % Core capital adequacy, year end 10.8 % 10.6 % Capital adequacy, year end 11.6 % 11.8 % Core capital adequacy, year end (Basel II fully implemented) 13.9 % 11.8 % Total capital adequacy, year end (Basel II fully implemented) 15.0 % 13.2 % Dividend, donations and capital adequacy presume that profit is allocated in accordance with the Board's proposal 3

4 Return on equity and credit spread effect The return on equity for is 11.3% (8.0%) The return on equity for Q4 is 8.3% (10%) The return on equity for, adjusted for issuing of new certificate, is 11.9% (9.0%) 15,8 % 15,4 % 18,0 % 17,9 % 15,8 % 16,2 % 11,8 % 11,3 % 10,8 % 20,0 % 18,0 % 16,0 % 14,0 % 12,0 % 10,0 % The return on equity for, adjusted for the credit spread, is 10.8% (11.8%) The principle equalises the return on equity ,9 % 1,8 % 8,0 % 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % ROE accounted ROE adjusted for FVO-effect 4

5 Good underlying profit development - pre-tax profit Per year Per quarter One-off items (AFP in Q1 & Nordito in Q2) 5

6 The pre-tax profit is up NOK 300 million in

7 The profit in the fourth quarter is up NOK 20 million

8 Increase in nominal net interest Comments Nominal net interest + NOK 63 mill. so far this year + NOK 5 mill. comp. with 4Q 09 Net interest 1.49% (1.58%) Net interest Q4 1.44% (1.58%) Net interest influenced by - Reduced interest rate - Increase in volume of lendings and deposits - Issue and refinancing of subordinated bond Net interest per quarter (including full consolidation of Sparebanken Vest Boligkreditt AS) ,53 % 1 Q ,52 % 2 Q ,64 % 3 Q ,71 % 4 Q ,53 % 1 Q ,69 % 2 Q ,52 % 3 Q ,58 % 4 Q ,54 % 1 Q ,51 % 2 Q ,47 % 3 Q 10 Net interest income and credit commisions (NOKm) 382 1,44 % 4 Q 10 Net interest income and credit commisions per capital unit (% p.a.) 3,50 % 3,00 % 2,50 % 2,00 % 1,50 % 1,00 % 0,50 % 0,00 % 8

9 Productmargin Interest margin maintained Comments Interest margin per quarter 2,50 % Less re-pricing with effect from mid-july Falling lending margin increasing deposit margin 2,00 % 1,50 % 2,10 % 1,09 % 1,00 % 1,01 % 0,50 % 0,00 % 1 Q Q Q Q Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1 Q 2 Q 3 Q 4 Q Loans 0,90 0,80 0,72 0,56 0,67 0,62 0,56 0,72 0,99 1,28 1,21 1,39 1,36 1,20 1,14 1,01 Deposits 1,28 1,43 1,58 1,67 1,42 1,55 1,75 1,66 1,32 0,97 0,96 0,80 0,83 0,95 1,00 1,09 *Product margins and interest margins (parent bank and housing credit company) seen in relation to the bank's intra-group interest Interest margin 2,18 2,23 2,30 2,23 2,09 2,17 2,31 2,38 2,31 2,25 2,17 2,19 2,19 2,15 2,14 2,10 9

10 Income growth 4.8% this quarter and 10.8% this year MNOK Increase in nominal net interest Good underlying income development from banking services Q Q Q Q Q Q Q Q Q Q Q Q Stable earnings from financial instruments Continued good earnings in Eiendomsmegler Vest The product companies contribute to good underlying income growth Net interest income Net banking services Net financial instruments Other income Associated companies 10

11 Improved productivity Costs as % per annum of average assets under management Cost-income ratio 2,00 % 1,80 % 1,60 % 1,40 % 1,20 % 1,73 % 1,64 % 1,46 % 1,31 % 1,27 % 1,20 % 70,0 % 60,0 % 50,0 % 40,0 % 60,6 % 55,3 % 53,9 % 63,5 % 60,4 % 56,9 % 1,00 % 0,80 % 30,0 % 0,60 % 20,0 % 0,40 % 0,20 % 10,0 % 0,00 % ,0 %

12 The retail market accounts for 70% of the credit portfolio - lendings growth last 12 months 7.5% (RM 7.8% and CM 6.6%) Lendings Good diversification in the CM portfolio NOKbn 90,0 80,0 70,0 60,0 15,8 14,5 17,2 18,9 21,1 21,1 21,2 21,4 22,2 22,9 23,7 23,3 23,7 1,4 % 2,0 % 1,8 % 4,3 % 4,2 % 1,0 % 1,2 % 1,1 % 1,0 % 0,6 % 0,5 % 0,3 % Personmarked Eiendom Shipping Annet Industri 50,0 Bygg og anlegg 40,0 10,4 % Verftsindustri 30,0 20,0 10,0 50,2 51,5 52,8 54,2 55,2 55,8 57,0 58,0 60,1 61,1 62,4 63,7 64,8 70,7 % Varehandel Fiskeoppdrett Fiskeri og fiskeindustri Energi og småkraft 0,0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2007 RM CM Landbasert transport Jord- og skogbruk Hotell og restaurant 12

13 % Improved deposits/loans ratio in - growth in deposits in last 12 months 8.6% (RM 5.5% and CM 12.8%) Deposits development Deposits/loans ratio NOKbn 80,0 120,0 Financing ratio - deposits as a percentage of lendings Financing ratio parent bank 70,0 110,0 100,0 60,0 90,0 50,0 40,0 30,0 14,3 14,6 15,8 18,0 15,1 15,2 17,5 17,8 18,8 19,1 20,3 21,0 21,2 80,0 70,0 60,0 50,0 40,0 60,0 59,1 66,0 62,9 63,4 62,4 69,5 71,3 72,9 20,0 10,0 23,3 24,0 25,6 24,3 25,4 25,4 26,9 25,5 26,1 26,2 28,2 27,5 27,6 30,0 20,0 10,0 57,4 59,1 58,0 53,2 52,8 56,9 54,6 54,5 54,0 56,3 55,8 55,1 0,0 4Q 1Q Q 3Q 4Q 1Q 2Q 3Q RM CM 4Q 1Q 2Q 3Q 4Q 0,0 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1Q 2Q 3Q Liquidity indicator as of Q4 : 102,8 % 4Q 13

14 RM portfolio of high quality 94% of RM exposed to housing loans Good security coverage 6 % 94 % 94% of the RM portfolio consists of loans secured by mortgages 33% of housing loans are flexible loans (overdraft facilities), the remainder are ordinary instalment loans Flexible loans are furnished for up to 75% of a house's market value *Including housing credit company, group figures 33 % 67 % Other Retail Mortgages Instalment loans Flexi-mortgages 100,00 % 90,00 % 80,00 % 70,00 % 60,00 % 50,00 % 40,00 % 30,00 % 20,00 % 10,00 % 0,00 % LTV <= 75 % LTV > 75 % Ordinary instalment loans are normally furnished within 90% of the house's value, but 100% borrowing is accepted for first-time buyers with a young people's savings programme (BSU) 95% of house loans are within 75% of the house's value 14

15 Risk profile - low in the retail market, moderate in the corporate market Expected losses: Debt-servicing ability + security coverage (PD/LGD) More than 70% RM share makes positive contribution to the overall low risk profile - Large proportion secured by mortgage and low LTV Somewhat improved risk profile in the CM More than 80% of the portfolio has low risk 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % 6,8 % 5,7 % 5,7 % 6,8 % 5,9 % 5,4 % 5,7 % 6,4 % 12,9 % 14,2 % 14,9 % 16,0 % 16,8 % 17,1 % 15,7 % 14,8 % 80,7 % 80,1 % 79,7 % 78,0 % 76,4 % 77,1 % 78,6 % 78,4 % 1Q 2Q 3Q 4Q 1Q 2Q Q3 Q4 < 0,2 % 0,2 % > < 0,75 % > 0,75 % 15

16 Capitalised write-downs NOKm Provisions in % of loans Unchanged percentage provided for and low write-downs in Q4 - default of payment low and stable in RM, the increase in CM is due to a few commitments in different industries Capitalised write-downs and percentage provided for Default of payment for more than 90 days/ gross lendings ,28 % ,21 % ,22 % ,23 % ,24 % ,29 % ,43 % ,49 % ,51 % ,60 % ,63 % ,62 % ,63 % ,64 % ,64 % ,70 % 0,60 % 0,50 % 0,40 % 0,30 % 0,20 % 0,10 % 0,00 % 1,40 % 1,20 % 1,00 % 0,80 % 0,60 % 0,40 % 0,20 % 0,00 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Default rate 90 days, Retail Individual write-downs Group write-downs Percentage provided for Default rate 90 days, Corporate Default rate 90 days, Total 16

17 NOKm Continued low losses Write-downs per quarter Comments -11 1Q -21 2Q -57 3Q Q -59 1Q -53 2Q -93 3Q -65 4Q -16 1Q -35 2Q -29 3Q -47 4Q Write-downs NOK 127 (270) million - Loss cost 0.15% (0.34%) per annum of average gross lendings - Confirmed losses of NOK 110 (96) million NOK 57 (57) million covered by previous write-downs Q4 - Write-downs NOK 47 (65) million - Loss cost 0.22% (0.30%) per annum of average gross lendings - Confirmed losses of NOK 50 (16) million NOK 22 (3) million covered by previous write-downs 17

18 Rating Status - outlook from Moody s raised from 'Negative' to 'Stable' Moody s Fitch Long-term Short-term Outlook Long-term Short-term Outlook Sparebanken Vest A2 P-1 Stable* A- F2 Stable Sparebanken Vest Boligkreditt AS Covered bond program Moody s Rating Aaa Fitch Rating AAA *) Moody s 27 October 18

19 Structural liquidity 14 months (liquidity indicator 102.8%) - reduced liquidity portfolio due to natural fluctuations in the portfolio NOKm Months kv. 2 kv. 3 kv. 4 kv. 1 kv. 2 kv. 3 kv. 4 kv. 1 kv. 2 kv. 3 kv. 4 kv State Local and county authoroties Banks Others Covered bonds Equities Interbank "Used as collateral in NB" Structural liquidity - 19

20 NOK Million Capital market financing as of December - well-diversified financing portfolio Some widening of the credit spread in the covered bond market, but relatively stable spreads in the senior market in Q4 Capital market financing totalling NOK 44.5 billion (excl. the swap arrangement) - The swap arrangement NOK 7.4 billion - 30% of the financing is from outside Norway Two successful international issues of EUR 500 million each. Five-year covered bonds in May and February year 1-2 years 2-3 years 3-4 years 4-5 years 5+ years "Long-term financing" Covered Bonds sold in market Government swap arrangement 20

21 The bank's capital adequacy/financial strength - capital adequacy above the bank's target (9% core capital, 12% own funds) Captial Ratio - transitional scheme Additional Capital Hybrid Capital (Tier 1) Common Equity 11,8 % 11,6 % 11,4 % 11,6 % 11,6 % 1,2 % 1,2 % 1,0 % 0,9 % 0,8 % 2,6 % 1,4 % 1,4 % 1,4 % 2,5 % Capital Ratio - Basel II Additional Capital Hybrid Capital (Tier 1) Common Equity 14,7 % 15,0 % 13,2 % 13,4 % 13,8 % 1,1 % 1,1 % 1,4 % 1,3 % 1,2 % 1,8 % 1,7 % 1,7 % 2,8 % 2,9 % 8,0 % 7,9 % 9,0 % 9,3 % 9,4 % 9,0 % 9,1 % 10,9 % 11,8 % 12,2 % Q4 Q1 Q2 Q3 Q4 Total Capital 11,8 % 11,6 % 11,4 % 11,6 % 11,6 % Additional Capital 1,2 % 1,2 % 1,0 % 0,9 % 0,8 % Tier 1 Capital 10,6 % 10,4 % 10,4 % 10,7 % 10,8 % Hybrid Capital (Tier 1) 2,6 % 2,5 % 1,4 % 1,4 % 1,4 % Common Equity 8,0 % 7,9 % 9,0 % 9,3 % 9,4 % The group s capital adequacy based on the transitional arrangement is unchanged in the fourth quarter. Measured in accordance with BASEL II, the capital adequacy is strengthened. Q4 Q1 Q2 Q3 Q4 Total Capital 13,2 % 13,4 % 13,8 % 14,7 % 15,0 % Additional Capital 1,4 % 1,3 % 1,2 % 1,1 % 1,1 % Tier 1 Capital 11,8 % 12 % 12,6 % 13,6 % 13,9 % Hybrid Capital (Tier 1) 2,8 % 2,9 % 1,7 % 1,8 % 1,7 % Common Equity 9,0 % 9,1 % 10,9 % 11,8 % 12,2 % The development in financial strength is explained by lower risk weights in the RM segment.

22 New regulations and status Sparebanken Vest - currently satisfies the Basel III requirements by a good margin Common Equity Tier 1 Capital Total Capital Minimum 4,5% 6,0% 8,0% Conservation Buffer 2,5% 2,5% 2,5% Minimum + Conservation buffer Countercyclical buffer range 0-2,5 % 7,0% 8,5% 10,5% SPV BASEL II 12,2% 13,9% 15,0% SPV Overgang 9,4% 10,8% 11,6% 22

23 Development of product and supplier strategy - in collaboration with a number of independent savings banks Fully-integrated financial services group that offers a wide range of financial services Profit/loss 1 Owned by eight independent savings banks and Sparebanken Vest (40%) NOK 0.1 mill. Business areas: bond brokering, online trading, stockbroking and corporate finance. 26 employees, around 12,500 customers Frende Skade - premiums worth around NOK 600 million at the end of the fourth quarter divided between 60,000 customers. Frende Liv - premiums worth around NOK 328 million at the end of the fourth quarter divided between 28,100 customers. NOK -7.3 mill. NOK mill. Market leader in Western Norway Acquired 70% of Herland Eiendom AS in the fourth quarter Wholly-owned company that manages housing loans financed by the issuing of covered bonds manages loans of NOK 21.7 billion NOK 29.8 mill. NOK 90.2 mill. Owned by nine independent savings banks and Sparebanken Vest (49.9%) In full operation from 1 December Head office in Bergen and 16 employees 1 For associated companies, Sparebanken Vest refers to its share of the companies' profit/loss after tax for NOK -3.1 mill. 23

24 mar. 08 jun. 08 sep. 08 des. 08 mar. 09 jun. 09 sep. 09 des. 09 mar. 10 jun. 10 sep. 10 des. 10 Premium basis Customers Antall kunder Frende Skadeforsikring (strategic change of insurance supplier) - almost 85% of the volume 'recouped' in a little over two years Sparebanken Vest Frende's biggest distributor Development in Frende Skadeforsikring Frende Forsikring became operative in spring Frende Skade now has NOK 600 mill. in premiums divided between 60,000 customers Sparebanken Vest's share of total premiums is 48.1% in Frende Skade and 56.4% in Frende Liv Bestandspremie Mkr Bestandspremie Premium basis Antall Customers kunder 24

25 Strengthening market position in Western Norway - annual share of volume The RM segment The CM segment Deposits Loans Deposits Loans 25

26 High and stable customer loyalty and satisfaction (CL) despite increased competition High customer satisfaction Market position All-time high score for customer satisfaction (CL) for RM, and high and improving score for CM In accordance with a nationwide survey carried out by EPSI Norge (October ), Sparebanken Vest's score would put it in a good third place among retail customers and in equal second place among corporate customers Source: TNS Gallup CL RM CL CM 26

27 Adaptation to new regulations based on a long-term strategy

28 Evaluation of alternatives related to how the bank wishes to adapt to new legislation Defined opportunities and challenges for Sparebanken Vest seen in light of new framework conditions and the bank's long-term strategy Assessed how new legislation requires the bank to organise differently than at present The bank s stakeholder groups on the Supervisory Board (equity certificate holders, customers, employees and society at large) were involved in the assessments Three important points that recur among all stakeholder groups Strategy Stakeholder groups find it very important to implement the bank s regional strategy and find the bank s support the bank's establishment of product companies value-adding Access to capital Profitability and ROE are most crucial to access to capital and attractiveness in the equity certificate market Independent bank Strategic choices and owner model to ensure that Sparebanken Vest over time will remain a strong regional bank 28

29 Continued equity certificate savings bank The bank s Board of Directors has concluded that the equity certificate model with an attractive level of dividend that, as far as possible, satisfies the requirements of the stakeholders is the best possible foundation for reaching the bank s strategic goals and thereby achieving an attractive return for our equity certificate holders. Adjusted dividend policy in order to underpin flexibility to distribute dividend at an attractive level possibility of retaining a higher proportion of profit for allocation to primary capital continued power of decision for governing bodies in relation to donations and thereby close contact with society at large Strengthened position/attractiveness for Sparebanken Vest relating to structural changes in small savings banks 29

30 Adjusted dividend policy Sparebanken Vest's objective is to achieve results that provide a competitive return on the bank s equity. The profit for the year after tax shall be divided between the equity certificate capital and primary capital in proportion to their relative share of the bank s equity (the owner fraction). The equity certificate capital s share of the profit will be divided between dividend and the equalisation reserve. Sparebanken Vest will endeavour to ensure an attractive cash dividend for equity certificate holders that will normally amount to 50-80% of the equity certificate holders share of the profit. The proportion of the profit that is allocated to dividend and donations will be adjusted to suit the bank s equity situation. Sparebanken Vest will continually asses whether to offer dividend in the form of equity certificates (dividend shares). 30

31 Financial targets Target figures 31 Dec. ROE 1 Risk-free interest after tax + 8 pp % (annualised) 8.3% (11.8% 1 ) Capital adequacy (Basel II) Core capital adequacy (Basel II) 12% 15% 13.2% 9% 13.9% 11.8% Deposits/loans ratio 55 % 55.1% 54.5% Liquidity indicator 100 % 102.8% 101.7% 1 Adjusted for credit spread FVO 2 In the build-up period for the product companies (up to and incl. 2013), the target will be risk-free interest after tax + 7 pp 31

32 Outlook External factors Low international/national growth Debt situation in Europe Consolidation of fiscal policy Different industrial structure in Western Norway Sparebanken Vest Expected profit in 2011 on a par with Pressure on net interest and low losses Expected volume growth in step with market developments Expected increased contribution from subsidiaries/associated companies 32

33 Summary Sparebanken Vest by /2011 A strong distribution network in Western Norway Strengthened market position and a strong brand High RM share and low risk Product companies developing well and long-term value being created Well positioned for further utilisation of Boligkreditt as a 'funding tool' Good capitalisation 33

34 Appendix

35 Well-diversified CM portfolio % 2 Real estate 32 % %2 1 % 3 % Shipping 4 % Other 3 % Primary industries 5 % 35 % Building and construction 5 % Shipyard 6 % Wholesale and retail trade Fish farming 6 % Fisheries and seafood industry 13 % Energy 15 % Mainland transportation Corporate segment 29.7% of total Real estate 10.4% of total Agriculture and forestry Hotels and restaurants 2 % 3 % Commercial apartment letting Housing cooperatives 21 % 22 % 0 % 27 % 6 % 21 % 14 % 4 % 13 % 2 % 2 % 30 % 1 % 2 % Resort/holiday homes Hotel Industrial Shop/shopping centre Office Other commercial Non-classified Shipping 4.2% of total 0 % 1 % Container Ferry/cruise Reefer Offshore Tank Bulk, small Bulk, large Wellboat Chemicals Non-classified 35 *Volume without subsidiaries

36 Capitalised write-downs and percentage provided for - by segment RM CM ,10 % 0,10 % 0,08 % 0,06 % 0,07 % 0,07 % 0,08 % 0,11 % 0,12 % ,12 % 0,12 % 0,13 % 0,12 % ,11 % 0,11 % 0,12 % 0,12 % ,14 % 0,12 % 0,10 % 0,08 % 0,06 % 0,04 % 0,02 % 0,00 % ,76 % 0,74 % 0,98 % 1,09 % 1,37 % ,75 % ,28 % 0,85 % 0,73 % ,46 % ,97 % 230 1,88 % 190 1,54 % ,07 % 1,96 % 1,95 % ,05 % ,10 % 1,60 % 1,10 % 0,60 % 0,10 % -0,40 % Individual Individuelle write-downs nedskrivninger RMPM Percentage Avsetningsgrad provided PM for RM Group Gruppenedskrivninger write-downs RMPM Individual Individuelle write-downs nedskrivninger CMBM Percentage Avsetningsgrad provided BM for CM Group Gruppeneskrivninger write-downs CM BM 36

37 Risk profile - expected losses RM (debt-servicing ability + security) - low and stable risk, 95% within 0.2% in expected losses. 100 % 90 % 1,6 % 1,6 % 1,6 % 1,5 % 1,3 % 4,3 4,2 4,1 3,9 3,7 3,3 1,2 % 3,4 1,2 % 3,4 1,2 % 80 % 70 % 60 % 50 % 40 % 94,1 % 94,2 % 94,2 % 94,6 % 95,0 % 95,4 % 95,3 % 95,4 % 30 % 20 % 10 % 0 % 1Q 2Q 3Q 4Q 1Q 2Q Q3 Q4 < 0,2 % 0,2 % > < 0,75 % > 0,75 % 37

38 Risk profile - expected losses CM (debt-servicing ability+ security) - moderate risk profile, movements in individual commitments have some effect 100 % 90 % 18,8 % 15,0 % 15,5 % 18,8 % 16,7 % 15,0 % 16,1 % 18,8 % 80 % 70 % 60 % 38,8 % 42,1 % 48,0 % 46,5 % 44,9 % 41,5 % 39,9 % 35,1 % 50 % 40 % 30 % 20 % 42,5 % 43,0 % 36,5 % 34,7 % 38,5 % 43,5 % 44,0 % 46,1 % 10 % 0 % 1Q 2Q 3Q 4Q 1Q 2Q Q3 Q4 < 0,2 % 0,2 % > < 0,75 % > 0,75 % 38

39 SVEG vs OSEEX pr Total return from 2006 SVEG OSEEX

40 Biggest owners at Note 15 Key information about equity certificate Sec. no (31 Dec. ) The twenty biggest owners No of ECs Proportion of equity share capital % Turnover statistics, the last 12 months SPARBANKSTIFTELSEN SAUDA ,79 FRANK MOHN AS ,03 SKAGEN VEKST ,61 MP PENSJON ,17 BERGEN KOMMUNALE PENSJONSKASSE ,75 ODIN NORGE ,61 ODIN NORDEN ,52 HERFO FINANS AS ,35 HOLBERG NORGE ,57 VERDIPAPIRFONDET ,41 KOMMUNAL LANDPENSJONKASSE ,26 SPAREBANKEN VEST ,82 KLP AKSJE NORGE ,64 KLP AKSJE NORDEN ,52 GOLDMAN SACHS & CO*) ,09 VPF NORDEA KAPITAL ,95 HELGELAND SPAREBANK ,91 VPF NORDEA NORGE ,88 PROFOND AS ,84 VPF NORDEA AVKASTNING ,78 Month Volume OSE (number) Market price ultimo January ,10 February ,94 March ,57 April ,50 May ,00 June ,50 July ,40 August ,70 September ,00 October ,00 November ,00 December ,00 Total ,50 1) Nominee accounts

41 41