1st Quarter 2011QPresentation of results from SpareBank 1 Gruppen

Kirsten Idebøen, CEO

29 April 201129 April 2011

Highlights

SPAREBANK 1 GRUPPEN

• Significantly improved profit for Q1

• Good return on equity of 12.4 (8.8) %

• Extensive restructuring in SpareBank 1 Livsforsikring has given tangible results• Extensive restructuring in SpareBank 1 Livsforsikring has given tangible results

2

Significantly improved profit

Pre-tax profit Group* as of Q1, (MNOK)

• Pre-tax profit for Q1: MNOK 162 (131)

• Profit after tax for Q1: MNOK 152 (93)131

162

• Profit after tax for Q1: MNOK 152 (93)

• Annualised return on equity: 12.4 (8.8) %

68

87

• Capital adequacy ratio of 16.1 (20.3) %. Core capital adequacy ratio of 12.6 (14.6) %

• The Group's total assets were NOK 41.3 billion, d b ll d

68

compared to NOK 40.7 billion at year-end 2010

2008 2009 2010 2011

3* Comparison figures for 2008 and 2009 have been restated and do not include the Bank 1 Oslo Group

Improved profits in life and P&C insurance

Pre-tax profit per subsidiary as of Q1, (MNOK)

• Good investment result in SpareBank 1 129 • Good investment result in SpareBank 1 Livsforsikring contributed to strongly improved profit

– The life insurance company continued to build up buffers throughout Q1

92

– Sufficient provisions for increased life expectancy

• Fewer winter-related claims in Q1 2011 reduced 36

15

50

claims ratio in SpareBank 1 Skadeforsikring

• ODIN Forvaltning’s securities fund had NOK 33.4 billion in total assets

14

1

15126

-1

iv de es on – Up NOK 1.1 billion since year-end 2010– Result affected by high non-recurring costs

SB1

Li

SB1

Skad

OD

IN

Oth

er

subs

idia

rie

Gro

up

corr

ecti o

2010 2011 s2010 2011

4

SpareBank 1 pLivsforsikring

Strong investment result Strong investment result contributes to good profit

5

SpareBank 1 LivsforsikringStrong investment result contributes to good profitg g p

Pre-tax profit as of Q1, (MNOK)Development in risk result as of Q1

(MNOK)129

8792

92

6369

24

• Net risk result: MNOK 69 (91)

-522008 2009 2010 2011 2008 2009 2010 2011

• Pre-tax result in Q1: MNOK 129 (92)

• Investment result: MNOK 206 (69) in Q1

• Net risk result: MNOK 69 (91)

• Gross due premium income: MNOK 1,018 (981)

• Provisions for increased life expectancy: MNOK 33

− CM: MNOK 696 (662)− RM: MNOK 322 (319)

6

• Administration result: MNOK -19 (-41) in Q1

SpareBank 1 LivsforsikringBuilt up solid buffersBuilt up solid buffers

Buffer capital trend, per quarter (%) Securities adjustment reserves per year(MNOK)

15.4 %16.1 %

14 6 % 14.8 %

13.0 %14.6 %

327

617

448

327

Q12010

Q22010

Q32010

Q42010

Q12011

Core capital in excess of minimum Interim profitAdditional provisions Securities adjustment reserve

2009 2010 Q1 2011

• Buffer capital including quarterly profits: 14.8 (13.0) %

• Securities adjustment reserves: MNOK 448 (454) in Q1

• Capital adequacy ratio: 19.2 (18.4) %– Core capital adequacy ratio: 17.6 (15.6) %

E ti t d l i 295 (275) %

• Total assets: NOK 26.2 billion, NOK 0.3 billion lower than at year-end 2010

7

• Estimated solvency margin: 295 (275) %

SpareBank 1 was the largest personal insurance provider in Norway in 2010in Norway in 2010

New contractsGross

premium

SpareBank 1 32.9 % 22.3 %Gjensidige 16.2 % 22.0 %

Nordea 17.7 % 12.5 %

Vital 2 5 % 9 8 %

Storebrand 7.2 % 17.5 %

Vital 2.5 % 9.8 %

Danica 4.5 % 6.1 %

Others* 19.0 % 9.8 %

* Other market playersNew Gross

contracts premium

Personal insurance comprises products within Life insurance, disability insurance and disability capital.

Frende 5.7 % 3.4 %Terra 6.7 % 3.0 %If 6.2 % 2.7 %Handelsbanken 0.4 % 0.7 %

8Source: FNO market statistikk for 2010

Personal insurance comprises products within Life insurance, disability insurance and disability capital. New subscriptions and gross premium

SpareBank 1 SpareBank 1 Skadeforsikring GroupImproved results due to fewer winter-related claims

9

SpareBank 1 Skadeforsikring GroupImproved results due to fewer winter-related claimsImproved results due to fewer winter related claims

• Pre-tax profit for Q1: MNOK 50 (36)Pre tax profit for Q1: MNOK 50 (36)

– Insurance result: MNOK -30 (-53)54

Pre-tax profit as of Q1, (MNOK)

– Financial return of 1.1 (1.2) %

– Financial income: MNOK 95 (98)

48

36

50

• Total portfolio growth of MNOK 116, or 2.5 % since year-end 2010– MNOK 37 from Unison Forsikring– MNOK 79 from SpareBank 1

Skadeforsikring– Total portfolio as of Q1 NOK 4 8 billion

2008 2009 2010 2011

– Total portfolio as of Q1 NOK 4.8 billion

• The NAF agreement has been established and the first contracts sold

10

SpareBank 1 Skadeforsikring GroupFewer winter-related claims reduced combined ratio in Q1Fewer winter related claims reduced combined ratio in Q1

N t bi d ti t l (%) N t bi d ti l ti (%)Net combined ratio – quarterly (%) Net combined ratio – cumulative (%)

% % 20.2

%

% % .9 %

100.6 %93.9 % 90.9 %

99.6 %108.6 %

92.9 % 89.8 %100.3 %

105.5 %

% 6 % 0.7

%

.9 %

2.5

%

21.0

%87.2 % 89.9 %94.6 % 94.0 % 96.2 % 97.7 %

%

21.1

22.2

%

21.8

% 24.8

% 2

17.1

%

22.7

% 23.8

21

20.5

%

20.6 20 21 2 2

79.5

%

71.7

%

69.2

%

74.8

%

88.3

%

75.9

%

67.1

%

76.6

%

83.6

%

66.7

%

69.3

%

73.9

%

72.1

%

73.8

%

76.7

%

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Net claims ratio Net cost ratio2005 2006 2007 2008 2009 2010

• Claims ratio as of Q1 2011 is lower than in Q1 2010, but major losses and winter-related claims meant that l ll d h h

Net claims ratio Net cost ratio Net claims ratio Net cost ratio

11

claims ratio still stayed high

SpareBank 1 Skadeforsikring has the most satisfied customerssatisfied customers

• Norwegian customer barometer gsurvey shows SpareBank 1 Skadeforsikring has the industry's most satisfied and loyal customers

• The company also ranked 12th in customer satisfaction regardless of the sector (out of 194 companies)the sector (out of 194 companies)

12

ODIN ForvaltninggCombination fund and new marketing profile

13

ODIN ForvaltningCombination fund and new marketing profileCombination fund and new marketing profile

• Pre-tax profit for Q1: MNOK 12 (14)- Accounts charged with MNOK 8 in one-off

costs

Pre-tax profit as of Q1, (MNOK)30

• Profit after tax for Q1: MNOK 9 (11)

T t l t f NOK 33 4 billi14

12• Total assets of NOK 33.4 billion

- Up NOK 1.1 billion since year-end 2010

M k t h f 10 6 % f it f d • Market share of 10.6 % for equity fund as per Q1, compared with 10.7 % at year-end 2010

-7

2008 2009 2010 2011

• Market share of 3.2 % for newly acquired combination fund

14

Argo SecuritiesgThe work on building a powerful capitalmarkets environment continues

15

Argo SecuritiesThe work on building a powerful capital markets environmentg p pcontinues

• New recruitment will help achieve target market power

Proactive recruitment in Argo Securities

• The investments are expected to have significant result effects throughout 2012

Shakeb Syed was appointed Argo Securities's new chief economist

• Result as of Q1:− Pre-tax: MNOK -3.4 (-2.7)− After tax: MNOK -2.4 (-1.9)

• Increase in turnover− Commission income on stocks and

derivatives: MNOK 12.1 (11.0)− Debt capital markets: MNOK 5.8 (5.3)− Corporate Finance: MNOK 10.9 (3.9)

16

SpareBank 1 Gruppen p ppFinans GroupGood performance in all business areasGood performance in all business areaswithin receivables management

17

SpareBank 1 Gruppen Finans GroupGood performance in all business areas within receivables management

Pre-tax profit as of Q1, (MNOK)

• Pre-tax profit for Q1: MNOK 6.8 (3.7)― Lower losses and high factoring volume helped to

increased income in BA Factoring

7.2 7.16.8

2010 2011

g

― BA Portfolio's total portfolio volume as of Q1 was MNOK 979, compared with MNOK 620 at year-end 20103.7

2 8― Conecto AS and Actor Fordringsforvaltning were

merged into one company as of 1 January 2011

• Profit after tax for Q1: MNOK 4.5 (2.5)1.0

2.8

1.1

Con

ecto

*bt

reco

very

)

A

orin

g

B1G

Fin

ans

Gro

up**

BA

or

tefø

lje

Profit after tax for Q1: MNOK 4.5 (2.5)

• Annualised return on equity 6.3% (6.0%) for Q1-1.6

C(d

eb

*The debt collection company Conecto was acquired with accounting effect from 10th September 2010. The profit up to the acquisition date has been recognised directly against equity in the group. The figure above shows proforma figures for 2010, i.e. the result as per Q1 2010 refers to Actor

BFa

ct SBPo

18

g y g q y g p g p g , p QFordringsforvaltning and Verdigjenvinning, including Conecto, in order to provide a more correct picture of operations in the company

**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes overheads and excess value amortisation

SpareBank 1 Gruppen Finans GroupSpareBank 1 Factoring consolidates its position as Norway's third largest factoring company

40.5 % 39.5 %41.1 %

37 7 %

• SpareBank 1 Factoring had a total growth of 41 3 % from Q1 2010 to

SpareBank 1 Factoring:Norway's third largest factoring company in Q1 2011 (%)

37.7 %36.2 %

35.5 % 36.2 %

32.2 %34.3 %

36.1 %

growth of 41.3 % from Q1 2010 to Q1 2011

- The total market growth was 6.9 % in the same period

12.1 % 12.0 %13.9 %

13.0 % 12.6 %10.4 % 11.0 % 11.5 %

13.7 % 13.8 %• Market share increased from 10.4 %

in Q1 2010 to 13.8 % in Q1 2011

Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011

DnB NOR Finans SG Finans Nordea Finans SB1 Factoring

19

Outlook

SPAREBANK 1 GRUPPEN

• The effects of the completed restructuring measures are expected to produce an improved administration result in SpareBank 1 Livsforsikring. The companyis on the offensive within personal insurance

• Profitable portfolio growth in SpareBank 1 SkadeforsikringProfitable portfolio growth in SpareBank 1 Skadeforsikring

• The unique and robust business model in the SpareBank 1-alliance gives a strategic advantage

20

The nation's savings bank21

21

The nation s savings bank

A diAppendix

22

SpareBank 1 AllianceSpareBank 1

SR-Bank (19.5%)

SpareBank 1SMN

(19.5%)

SpareBank 1Nord-Norge

(19.5%)

SparebankenHedmark (12%)

SamarbeidendeSparebanker

(19.5 %)

LO (Trade Union)(10 %)

SpareBank 1 Gruppen AS

Alliance CooperationSpareBank 1Livsforsikring

(100%)

ODIN Forvaltning

(100%)

Argo Securities(93.4%)

SpareBank 1Skadeforsikring

(100%)

SpareBank 1 Gruppen Finans

(100%)

SpareBank 1Medlemskort

(100%) Broad cooperation- Technology- Brand/communication- Expertise- Common processes and use of best practice

Conecto(100%)

Common processes and use of best practice- Purchasing

Regional competence centres- Payment services: Trondheim- Credit: Stavanger

T i i T(Bank-owned companies)

Unison Forsikring

(100%)

- Training: TromsøSpareBank 1 Boligkreditt

EiendomsMegler 1BNbank

SpareBank 1 Oslo og Akershus

23

SpareBank 1 GruppenProfit as of Q1 2011Profit as of Q1 2011

YearFigures in MNOK 2011 2010 2010

Q1g

Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 129.4 91.9 350.4 - SpareBank 1 Skadeforsikring Group 50.3 36.3 641.1 - ODIN Forvaltning 11.9 14.4 64.6g - Argo Securities -3.4 -2.7 -57.6 - SpareBank 1 Medlemskort 3.1 3.4 11.1 - SpareBank 1 Gruppen Finans Group 6.8 -0.1 8.6 - Correction Group -0.9 15.1 17.6Net result before tax from subsidiaries 197.1 158.2 1.036.0Net result before tax from subsidiaries 197.1 158.2 1.036.0Total operating costs (parent company) -27.7 -20.0 -7.6Net investment charges (parent company) -7.1 -6.9 -43.2Gains from sale of companies 0.0 0.0 0.0Share of associated company 0.0 0.0 0.0Pre-tax result 162.4 131.3 985.1Pre tax result 162.4 131.3 985.1Taxes -10.5 -38.5 -153.6Net result for the period 151.9 92.8 831.6

Majority interest 152.4 93.3 841.0Minority interest -0.5 -0.5 -9.5Minority interest 0.5 0.5 9.5

YearKey figures 2011 2010 2010Annualised return on equity 12.4 % 8.9 % 18.7 %

Q1

24

SpareBank 1 GruppenQuarterly resultsQuarterly results

Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Figures in MNOK 2011 2010 2010 2010 2010 2009 2009 2009 2009

Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 129.4 72.5 85.8 100.3 91.9 81.0 81.2 205.6 24.4 - SpareBank 1 Skadeforsikring Group 50.3 307.5 253.9 43.4 36.3 115.3 272.8 184.9 48.1 SpareBank 1 Skadeforsikring Group 50.3 307.5 253.9 43.4 36.3 115.3 272.8 184.9 48.1 - ODIN Forvaltning 11.9 16.5 17.0 16.7 14.4 24.0 16.0 9.6 -7.5 - Argo Securities -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 -14.6 -11.9 -12.9 - SpareBank 1 Medlemskort 3.1 1.9 2.7 3.3 3.4 0.7 1.8 4.1 5.6 - SpareBank 1 Gruppen Finans Group 6.8 6.6 -4.9 7.0 -0.1 2.3 3.9 11.0 5.3 - Correction Group -0.9 -6.3 -7.4 16.3 15.1 -8.6 12.0 -6.0 7.4Net result before tax from subsidiaries 197.1 374.6 318.1 185.1 158.2 205.2 373.1 355.4 112.3Total operating costs (parent company) -27.7 -16.5 40.7 -11.9 -20.0 -15.5 -13.2 -12.1 -13.3Net investment charges (parent company) -7.1 -15.6 -11.4 -9.3 -6.9 -9.8 -2.1 -7.0 -17.3Gains from sale of companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29.2 0.0Share of associated company 0.0 0.0 0.0 0.0 0.0 -2.8 0.0 8.4 5.1Pre tax result 162 4 342 5 347 4 163 9 131 3 177 2 357 7 373 8 86 8Pre-tax result 162.4 342.5 347.4 163.9 131.3 177.2 357.7 373.8 86.8Taxes -10.5 -18.5 -88.4 -8.3 -38.5 -9.3 -27.3 -131.4 -92.5Net result for the period 151.9 324.0 259.1 155.6 92.8 167.9 330.4 242.4 -5.7

Majority interest 152.4 327.9 263.9 155.9 93.3 169.6 333.1 244.6 -3.4Minority interest -0.5 -3.9 -4.8 -0.3 -0.5 -1.7 -2.6 -2.1 -2.3Minority interest 0.5 3.9 4.8 0.3 0.5 1.7 2.6 2.1 2.3

25

SpareBank 1 LivsforsikringProfit as of Q1 2011Profit as of Q1 2011

YearFigures in MNOK 2011 2010 2010 Insurance risk income 335.8 315.3 1.292.6 Insurance risk claims -255.5 -209.3 -939.0

Q1

Risk result 80.2 106.0 353.6 Tecnical allocations -10.8 -14.2 -28.2Risk result after tecnical allocations 69.4 91.8 325.4 Fees 170.7 146.3 637.9 Expenses, exclusive comissions -129.7 -131.2 -589.2 C i i 59 8 55 9 235 6 Comissions -59.8 -55.9 -235.6Administration result -18.7 -40.8 -186.9 Net investment income 319.1 176.3 764.3 Guaranteed interest to policyholders -113.3 -107.0 -447.0Investment result 205.8 69.3 317.3 R 33 0 12 0 45 3 Reserves -33.0 -12.0 -45.3Investment result after reserves 172.8 57.3 272.0 Compensation guaranteed interest 5.4 5.2 29.9Result before additional provisions 228.8 113.6 440.4 Undistributed profits to customers -118.9 -42.2 -161.7 Ret n on compan 's assets 19 5 20 5 71 6 Return on company's assets 19.5 20.5 71.6Net profit to owner before tax 129.4 91.9 350.4 Taxes 0.5 0.0 -60.2Net profit/loss for the period 129.9 91.9 290.2

Key figures Q1 Year2011 2010 2010

Capital adequacy ratio 19.2 % 18.4 % 19.3 %Buffer capital in % of insurance provisions 14.8 % 13.0 % 14.6 %

26

The company's accounts did not show taxes in 2010 since the deferred tax assets were not included in accordance with the IAS 12 accounting standard.

SpareBank 1 LivsforsikringProfit by portfolio as of Q1 2011Profit by portfolio as of Q1 2011

Figures in MNOKGroup

portfolio

Previouslyestablished

individual productsInvestment choice

portfolioCompanyportfolio Total

Risk result 75.0 3.6 -9.2 0.0 69.4Administration result 18.1 -10.4 -26.5 0.0 -18.8Net investment result 137.9 63.5 3.7 0.7 205.8Reserves - long life 0.0 -33.0 0.0 0.0 -33.0Compensation interest guarantee 5.4 0.0 0.0 0.0 5.4Transferred to policyholders -99.9 -18.9 -0.1 0.0 -118.9Return on company's assets 0 0 0 0 0 0 19 5 19 5Return on company s assets 0.0 0.0 0.0 19.5 19.5Sum 136.5 4.8 -32.1 20.2 129.4

27

SpareBank 1 LivsforsikringPremium income trends as of Q1 2011Premium income trends as of Q1 2011

Q1 YearFigures in MNOK 2011 2010 2010 Individual annuity and pension insurance 73.1 75.2 306.7 Individual endowment insurance 138.5 126.9 519.1 Group pension insurance 242.7 252.1 549.5 Individual life insurance 48.0 44.5 183.1 Group life insurance 217.5 209.8 587.7 Unit Linked - Annuity 10.7 13.7 46.6 Unit Linked - Endowment 51.6 59.0 237.0 Defined contribution pension 236.2 200.0 864.2Total gross due premium income 1.018.2 981.3 3.293.8 Premium reserves transferred from other companies 142.0 80.8 352.5 Reinsurance ceded -40.2 -43.5 -152.0Premium income for own account 1.120.0 1.018.6 3.494.2

28

SpareBank 1 LivsforsikringAsset allocation by portfolioAsset allocation by portfolio

As of 31 03 11 (31 12 10)As of 31.03.11 (31.12.10)

Group portfolio Company portfolio Investment choice portfolio

34.7 (34.8) %14.6 (14.8) %

-0.4 (0.9) %

0.7 (-1.6) %0.1 (0.1) %

21.3 (21.0) %40.2 (39.0) %

28.9 (28.0) % 22.2 (21.5) %49 5 (48 4) % 28 4 (28 8) % 59 8 (61 0) %49.5 (48.4) % 28.4 (28.8) % 59.8 (61.0) %

0.0 (0.0) %Stocks OtherReal estate Bonds - amortized costBonds - market value

Stocks OtherReal estate Bonds - amortized costBonds - market value Stocks Other Bonds

NOK 15.6 (16.0) billion NOK 3.0 (2.8) billion NOK 6.8 (6.7) billion

29

SpareBank 1 LivsforsikringV l dj t d t f t tf li ith t f Q1 Value adjusted return for customer portfolios with guarantee as of Q1 (excluding property value change)

Q42010

Q12011

Q42010

Q12011

Q42010

Q12011

Q42010

Q12011

7 17.1

5.76.4

6.8

Perc

ent

1.11.5 1.3

1.7

SpareBank 1 Storebrand Vital Nordea

30 Source: company presentations

SpareBank 1 Livsforsikring

Booked return on customer portfolios with guarantee

Q42010

Q12011

Q42010

Q12011

Q42010

Q12011

Q42010

Q12011

6 2

5.24.8

6.2

4.9

2 2

Perc

ent

2.2

1.4 1.5 1.5

SpareBank 1 Storebrand Vital Nordea

31 Source: company presentations

SpareBank 1 LivsforsikringReturn on ordinary customer portfolio with guarantee as of y p g31.03.11

0.3Norwegian shares

Percent

0.6

2.1

Money market

Foreign shares

0 8

0.0

Foreign bonds

Norwegian bonds

1.3

0.8

Held to maturity

Foreign bonds

1.7Real estate

32

SpareBank 1 LivsforsikringBalance sheet as of Q1 2011Balance sheet as of Q1 2011

YearQ1Figures in MNOK 2011 2010 2010 Intangible assets 53 36 42 Investments 3.013 2.750 2.862 Reinsurance's part of insurance obligations 223 223 221

Q

Accounts receivable 134 254 153 Other assets 215 189 335 Prepayed liabilities and accrued income 2 0 0 Investments group portfolio 15.786 15.775 16.169 Investments options portfolio 6 788 5 992 6 701 Investments options portfolio 6.788 5.992 6.701Total assets 26.215 25.218 26.483 Paid in capital 1.602 1.243 1.602 Other equity 516 489 386 Subordinated loan capital 400 525 400p Insurance obligations - contractual 15.776 15.813 16.127 Insurance obligations - investment options 6.895 6.082 6.805 Provisions for obligations 131 88 144 Premium deposits from reinsurance companies 135 130 134 Othe obligations 659 771 764 Other obligations 659 771 764 Accrued liabilities, prepaied income 101 78 120Total liabilities and equity 26.215 25.218 26.483

33

SpareBank 1 SkadeforsikringProfit as of Q1 2011Profit as of Q1 2011

YearFigures in MNOK 2011 2010 2010

Q1

Gross written premium 1.553.3 1.325.2 4.731.8Net earned premium 1.100.8 965.4 4.184.4Net incurred claims -920.7 -852.5 -3.208.5Net insurance operating costs -241.1 -195.1 -880.6Other insurance income/costs 4.5 -0.4 132.0Other insurance income/costs 4.5 0.4 132.0Changes in other technical reserves 26.5 29.9 39.6Operating result before finance -29.9 -52.8 266.9Net financial income 95.1 97.6 432.7Other costs 0.0 -1.0 -2.7R lt b f h i it 65 1 43 8 696 9Result before changes in security reserve 65.1 43.8 696.9Changes in security reserve -14.8 -7.5 -55.8Pre-tax profit 50.3 36.3 641.1Taxes -10.5 5.4 -60.1Net profit/loss for the period 39.8 41.7 581.1

Key figures YearFigures in percentage 2011 2010 2010Claims ratio net 83 6 % 88 3 % 76 7 %

Q1

Claims ratio, net 83.6 % 88.3 % 76.7 %Cost ratio, net 21.9 % 20.2 % 21.0 %Combined ratio, net 105.5 % 108.5 % 97.7 %Capital adequacy ratio 30.3 % 32.6 % 32.5 %

34

SpareBank 1 SkadeforsikringAllocation of financial assetsAllocation of financial assets

As per 31.03.11 (31.12.10)

66.3 (65.6) %

11.0 (11.1) %Bonds held as current assets

Bonds held to maturity

Real state

Stocks

Hedgefond13.7 (14.1) %

0.1 (0.1) % 9.0 (9.1) %

NOK 8.7 (8.5) billion

35

ODIN ForvaltningProfit as of Q1 2011Profit as of Q1 2011

YearFigures in MNOK 2011 2010 2010Management fees 86.8 78.3 317.9

Q1

gTotal operating income 86.8 78.3 317.9Salaries 29.2 25.6 104.2Depreciations 3.9 3.9 14.8Other operating costs 42 5 34 6 137 8Other operating costs 42.5 34.6 137.8Total operating costs 75.6 64.1 256.8Operating profit 11.2 14.2 61.1Net financial income 0.7 0.3 3.6Pre-tax profit 11.9 14.4 64.6Taxes 3.3 3.9 19.3Net profit/loss for the period 8.6 10.5 45.3

36