Aspectos teóricos básicos sobre los tipos de evaluación

The operational structure of DnB NOR includes four business areas and four staff and support units. Throughout 2010, DnB NOR owned 51 per cent of DnB NORD's operations. With effect from 23 December 2010, however, DnB NOR took over all shares in the company. Operations were organised under Large Corporates and International, but will still be regarded as a separate profit centre. The business areas are independent profit centres and have responsibility for serving all of the Group's customers and for the total range of products. DnB NOR's business areas comprised Retail Banking, Large Corporates and International, DnB NOR Markets and Insurance and Asset Management. From January 2010, organisational responsibility for DnB NOR Skadeforsikring and DnB NOR Luxembourg was transferred from Retail Banking to the business areas Insurance and Asset Management and Large Corporates and International, respectively. Figures for previous periods have been restated. The other business areas were not directly affected by the change.

Retail Banking - offers a broad range of financial products and services through several brands and a wide distribution network.

In cooperation with several of the Group's product areas, customers are offered various financing and leasing, deposit and investment alternatives, as well as real estate broking and financial advisory services. In addition, extensive everyday banking services are provided through the Internet bank, mobile banking, SMS services, branch offices, in-store banking outlets, in-store postal outlets and Norway Post.

Large Corporates - offers a broad range of financial products and services to large Norwegian and international corporates and International in cooperation with several of the Group's product areas, including various types of financing solutions,

deposits and investments, insurance, e-commerce products, commercial property brokerage, foreign currency, interest rate products, trade finance and corporate finance services.

DnB NOR Markets - is the group's investment bank with the key product include foreign exchange, interest rate and commodity products, securities and other investment products, debt and equity financing in capital markets, research and advisory services, as well as custodial and other securities services.

Insurance and

Asset Management - is responsible for life insurance, non-life insurance, pension savings and asset management.

DnB NORD - are mainly concentrated in the Baltic States and Poland and provides a broad range of products to both the retail and corporate markets.

The income statement and balance sheet for the business areas have been prepared on the basis of internal financial reporting for the functional organisation of the DnB NOR Group into business areas. Figures for the business areas are based on DnB NOR's management model and the Group's accounting principles. The figures have been restated in accordance with the Group's current principles for allocating costs and capital between business areas and are based on a number of assumptions, estimates and discretionary distribution. Internal transfer rates used between the business areas are determined based on observable market rates, e.g. NIBOR. Additional costs relating to the Group's long-term funding are charged to the business areas. According to the Group's liquidity management policy over 90 per cent of lending is financed through stable deposits and long-term funding.

The risk-adjusted capital requirement is a measure of the Group's economic capital, based on its risk systems. It is used to measure the capital required to fund transactions and volumes. The Group's actual equity is affected by external parameters and is not directly comparable with the risk-adjusted capital requirement. Returns in the table of key figures below are calculated based on the risk-adjusted capital requirement.

Certain customers and transactions of major importance require extensive cooperation within the Group. To stimulate such cooperation, operating income and expenses relating to some of these customers and transactions are recorded in the accounts of all relevant business areas. This refers primarily to income from customer trading in DnB NOR Markets. With effect from 1 January 2010, the internal management reporting has been changed, whereby these double entries are presented gross in the income statement. Income is presented under "Income attributable to product suppliers", appurtenant costs under "Costs attributable to product suppliers" and write-downs under "Write-downs attributable to product suppliers". The net result of such transactions was previously included in other operating income. Double entries also include income from Insurance and Asset Management. Figures for 2009 have been adjusted correspondingly. Double entries are eliminated in the group accounts.

Note 3 Segments (continued)

Income statement DnB NOR Group

Amounts in NOK million 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009

Net interest income - ordinary operations 13 643 14 425 5 884 5 333 928 1 100 (253) (243) 1 383 1 462 1 851 556 23 436 22 633 Interest on allocated capital ²⁾ 497 500 608 793 145 144 339 239 38 96 (1 627) (1 771) 0 0 Net interest income 14 139 14 925 6 492 6 126 1 073 1 244 86 (5) 1 422 1 559 224 (1 216) 23 436 22 633 Profit from companies accounted for by

the equity method (56) 4 34 86 0 0 0 0 (6) 0 207 2 180 93 Other operating income 3 557 3 319 1 116 1 186 4 398 5 999 4 116 3 587 632 683 2 157 126 15 976 14 901 Income attributable to product suppliers 1 263 1 336 2 006 2 032 0 0 0 0 0 0 (3 269) (3 368) 0 0 Net other operating income 4 764 4 660 3 157 3 304 4 398 5 999 4 116 3 587 627 684 (905) (3 239) 16 156 14 994 Operating expenses 9 135 8 987 2 084 1 852 1 820 1 898 2 166 2 220 1 199 1 418 (150) 327 16 254 16 701 Depreciation and impairment

of fixed and intangible assets 1 155 1 001 46 25 13 15 122 116 501 1 172 420 (119) 2 256 2 210 Cost attributable to product suppliers 675 770 806 749 0 0 0 0 0 0 (1 481) (1 519) 0 0 Total operating expenses 10 965 10 758 2 935 2 627 1 833 1 913 2 288 2 335 1 700 2 589 (1 211) (1 312) 18 511 18 911 Pre-tax operating profit before write-downs 7 938 8 826 6 713 6 803 3 638 5 331 1 913 1 247 348 (347) 530 (3 143) 21 081 18 717 Net gains on fixed and intangible assets 6 1 0 0 0 0 0 0 (15) (13) 33 38 24 26 Write-downs on loans and guarantees ³⁾ 1 225 1 586 586 1 128 0 0 0 0 1 813 3 929 (627) 1 067 2 997 7 710 Write-downs attributable to product suppliers 0 0 3 6 0 0 0 0 0 0 (3) (6) 0 0 Pre-tax operating profit 6 719 7 241 6 124 5 669 3 638 5 331 1 913 1 247 (1 481) (4 289) 1 194 (4 166) 18 108 11 032 Taxes 4 121 4 086 Profit from operations and non-current

assets held for sale, after taxes 75 80 75 80 Profit for the year 1 268 (4 087) 14 062 7 026

Management DnB NORD eliminations ¹⁾ Group

and Asset operations/ DnB NOR

Insurance Other

Retail Banking and International Markets Large Corporates DnB NOR

Balance sheets DnB NOR Group

Amounts in NOK billion 31.12.10 31.12.09 31.12.10 31.12.09 31.12.10 31.12.09 31.12.10 31.12.09 31.12.10 31.12.09 31.12.10 31.12.09 31.12.10 31.12.09

Net lending to customers ⁴⁾ 759 723 354 340 25 8 3 3 59 68 (10) (21) 1 190 1 120 Investments in associated companies ⁵⁾ 0 0 0 0 0 0 0 0 0 0 2 2 2 3 Opertaions and non-current assets held for sale 0 0 0 0 0 0 0 0 0 0 1 1 1 1 Other assets 8 9 33 21 588 676 249 234 18 15 (227) (256) 668 699 Total assets 767 732 388 361 613 684 252 237 77 83 (235) (275) 1 862 1 823 Assets under management 0 0 0 0 0 0 279 252 0 0 0 0 279 252 Total combined assets 767 732 388 361 613 684 531 489 77 83 (235) (275) 2 141 2 076 Deposits from customers ⁴⁾ 384 369 235 195 27 28 0 0 25 20 (4) (4) 667 608 Operations held for sale 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other liabilities 363 344 128 136 580 651 238 228 48 56 (273) (300) 1 084 1 114 Total liabilities 747 713 363 331 607 679 238 228 72 75 (276) (304) 1 751 1 722 Allocated capital ⁶⁾ 20 19 25 30 6 6 14 9 5 8 42 29 111 101 Total liabilities and equity 767 732 388 361 613 684 252 237 77 83 (235) (275) 1 862 1 823

Other

eliminations Group Management

operations/ DnB NOR Retail Banking and International Markets DnB NORD

Large Corporates DnB NOR and Asset Insurance

1) Other operations/eliminations:

Amounts in NOK million 2010 2009 2010 2009 2010 2009 2010 2009

Net interest income - ordinary operations 0 0 (87) (99) 1 939 655 1 851 556 Interest on allocated capital ²⁾ 0 0 0 0 (1 627) (1 771) (1 627) (1 771) Net interest income 0 0 (87) (99) 312 (1 116) 224 (1 216) Profit from companies accounted for by the equity method 0 0 0 0 207 2 207 2 Other operating income 0 0 (1 138) (436) 3 295 562 2 157 126 Income attributable to product suppliers (3 269) (3 368) 0 0 0 0 (3 269) (3 368) Net other operating income (3 269) (3 368) (1 138) (436) 3 502 564 (905) (3 239)

Operating expenses 0 0 (1 226) (535) 1 076 862 (150) 327

Depreciaton and impairment of fixed and intangible assets 0 0 0 0 420 (119) 420 (119) Cost attributable to product suppliers (1 481) (1 519) 0 0 0 0 (1 481) (1 519) Total operating expenses (1 481) (1 519) (1 226) (535) 1 496 743 (1 211) (1 312) Pre-tax operating profit before write-downs (1 788) (1 849) 0 0 2 319 (1 294) 530 (3 143) Net gains on fixed and intangible assets 0 0 0 0 33 38 33 38 Write-downs on loans and guarantees ³⁾ 0 0 0 0 (627) 1 067 (627) 1 067 Write-downs attributable to product suppliers (3) (6) 0 0 0 0 (3) (6) Pre-tax operating profit (1 785) (1 843) 0 0 2 979 (2 324) 1 194 (4 166)

income/cost attributable to product

Total Group Centre ^*)

suppliers eliminations Elimination of

Other

The eliminations refer mainly to internal services from support units to business areas and between business areas. Further, intra-group transactions and gains and losses on transactions between companies in the Group are eliminated. The elimination of income/cost attributable to product suppliers primarily concerns net profits on customer business carried out in cooperation between DnB NOR Markets and other business areas and taken to income in both areas.

The Group Centre includes Operations, HR (Human Resources), IT, Group Finance and Risk Management, Marketing and Communications, Corporate Centre, the partially owned company Eksportfinans AS, investments in IT infrastructure and shareholder-related expenses. In addition, the Group Centre includes that part of the Group’s equity that is not allocated to the business areas.

*) Group Centre - pre-tax operating profit in NOK million 2010 2009

+ Gains Nordito ^**) 1 170 0

+ Interest on unallocated equity etc. 616 124

+ Income from equities invetments 247 (525)

+ Mark-to-market adjustments Treasury and fair value on lending 247 (525)

+ Eksportfinans AS 200 (200)

+ Net interest income DnB NOR ASA (117) (241)

- Unallocated write-downs on loans and guarantees (627) 1 067

- Contractual pension (CPA) scheme (367) 0

- Allocation to employees 234 131

- Ownership-related expenses (costs relating to shareholders, investor relations, strategic planning etc.) 219 208

- Uncallocated pension expenses (9) 213

- Impairment loss for intangible assets 51 0

- Funding costs on goodwill 48 46

Other (274) 175

Pre-tax operating profit 2 979 (2 324)

**) Nordito AS merged with PBS Holding AS 14 April 2010. The merger consideration provided a gain for the DnB NOR Group of NOK 1 170 million. See note 2 Changes in group structure.

2) The interest is calculated on the basis of internal measurement of risk-adjusted capital requirement.

3) See note 10 Write-downs on loans and guarantees.

4) Net lending to customers includes lending to credit institutions totalling NOK 19.5 billion in 2010 and NOK 5.5 billion in 2009. Customer deposits include deposits from credit institutions of NOK 24.7 billion in 2010 and NOK 16.9 billion in 2009. Deposits with and from banks are not included.

5) See note 39 Investments in associated companies.

6) Allocated capital for the business areas is calculated on the basis of internal measurement of risk-adjusted capital requirement. Allocated capital for the Group is recorded equity.

Key figures DnB NOR Group

Per cent 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009

Cost/income ratio ¹⁾ 57.0 53.9 30.4 27.9 33.5 26.4 54.5 65.2 66.2 70.6 47.6 48.1

Ratio of deposits to lending as at 31 Dec. ²⁾ 50.6 51.0 66.3 57.4 41.7 29.0 56.0 54.2

Return on allocated capital ³⁾ 24.1 27.1 18.0 13.5 44.8 69.8 18.6 15.2 (19.1) (33.7) 25.2 12.6

Number of full-time positions as at 31 Dec. 4 842 4 997 1 103 1 061 668 647 1 047 1 054 3 159 3 174 2 203 2 385 13 021 13 317 Insurance

Management operations Group

Large Corporates DnB NOR and Asset

Retail Banking and International Markets DnB NORD

Other DnB NOR

1) Total operating expenses relative to total income. Expenses exclude impairment losses for goodwill and intangible assets.

2) Deposits from customers relative to net lending to customers. Customer deposits and net lending to customers include credit institutions.

3) The return on allocated capital for the business areas is calculated on the basis of internal measurement of risk-adjusted capital requirement.

Recorded return on capital is used for the Group.

Note 3 Segments (continued)