4q09 Supplementary Information

Investor relations
Q4 Supplementary
Information 2009
for investors and analysts (preliminary and unaudited)
Group Chief Executive
Rune Bjerke
For further information, please contact

Bjørn Erik Næss, Chief Financial Officer [email protected] +47 2248 2922
Halfdan Bakøy, Head of Group Financial Reporting [email protected] +47 2248 1071
Per Sagbakken, Head of IR/Long-term Funding [email protected] +47 2248 2072
Thor Tellefsen, IR/Long-term Funding [email protected] +47 2294 9388
Trond Sannes Marthinsen, IR/Long-term Funding [email protected] +47 2294 9376
Gunn Gjøsæther, IR/Long-term Funding [email protected] +47 2294 9277
Address
DnB NOR ASA, N-0021 Oslo
Visiting address: Stranden 21 (Bryggetorget), Aker Brygge, Oslo
E-mail Investor Relations: [email protected]

Telefax Investor Relations: +47 2248 1994
DnB NOR switchboard: +47 915 03000
Information on the Internet

DnB NOR Investor Relations dnbnor.com
DnB NOR's home page dnbnor.no
Financial Calendar 2010

Preliminary results 2009 11 February
Annual general meeting 27 April
Ex-dividend date 28 April
First quarter 29 April
Second quarter 09 July
Third quarter 28 October
Fourth quarter 2009
Contents
1. DnB NOR - an overview ................................................................... 5

Financial highlights................................................................................................. 6
DnB NOR - Norway's leading financial services group .................................................. 7
DnB NOR's strategy ................................................................................................ 8
Legal structure....................................................................................................... 9
Group business structure .......................................................................................10
Equity-related data................................................................................................11
Rights issue..........................................................................................................12
Shareholder structure ............................................................................................13
Accounting principles etc. .......................................................................................14
2. Financial results DnB NOR Group ................................................... 17

Financial results ...................................................................................................18
Net interest income ..............................................................................................21
Net other operating income ....................................................................................26
Operating expenses...............................................................................................29
Cost programme ...................................................................................................32
Taxes ..................................................................................................................34
Lending................................................................................................................35
Write-downs on loans and guarantees......................................................................37
Capital adequacy...................................................................................................43
Financial results (detailed) .....................................................................................45
Key figures...........................................................................................................46
3. DnB NOR Group – business areas ................................................... 49

Business areas – financial performance ....................................................................50
Retail Banking ......................................................................................................55
Large Corporates and International .........................................................................62
DnB NOR Markets .................................................................................................72
Life and Asset Management ....................................................................................78
DnB NORD ...........................................................................................................94
4. The Norwegian economy ............................................................... 99
3
Fourth quarter 2009
Statements regarding DnB NOR's relative market positions are, unless otherwise specified, based
on internal DnB NOR analyses.
4
Section 1
DnB NOR - an overview
5
1. DnB NOR - an overview Fourth quarter 2009
Financial highlights
Fourth quarter 2009

• Pre-tax operating profits before write-downs were NOK 4.1 billion (5.2)
• Profit for the period was NOK 1.7 billion (1.6)
• Profit after minority interests was 2.1 billion (2.0)
• Earnings per share NOK 1.58 (1.52)
• Return on equity was 10.1 per cent (10.7)
• Cost/income ratio, excluding impairment losses for goodwill, was 49.3 cent
(42.2)
• The core capital ratio was 9.3 per cent (6.7)
Full year 2009

• Pre-tax operating profits before write-downs were NOK 18.7 billion (15.6)
• Profit for the period was NOK 7.0 billion (8.9)
• Profit after minority interests was 8.6 billion (9.2)
• Earnings per share NOK 6.43 (6.91)
• Return on equity was 10.6 per cent (12.4)
• Cost/income ratio, excluding impairment losses for goodwill, was 48.3 cent
(51.4)
• The proposed divided per share is NOK 1.75 (0)
Comparable figures for 2008 in parentheses.
6
Fourth quarter 2009 1. DnB NOR - an overview
DnB NOR – Norway's leading financial services group

DnB NOR Group As at 31 December 2009
• Total combined assets NOK 2 076 billion
• Total balance sheet NOK 1 823 billion
• Net lending to customers NOK 1 115 billion
• Customer deposits NOK 591 billion
• Market capitalisation NOK 102 billion
Life and Asset Management

• Total assets under management NOK 486 billion
of which:
- total assets under management (external clients) NOK 235 billion
- mutual funds NOK 66 billion
- discretionary management NOK 169 billion
- total assets under operations (external clients) NOK 19 billion
- total assets in Vital NOK 232 billion
- financial assets, customers bearing the risk NOK 21 billion
Customer base
• Serving 2.3 million private individuals throughout Norway, of whom 1.6 million use
one of the Group's Internet banks and 1.2 million use the Internet in active communication
(e-dialogue customers)
• More than 200 000 corporate customers in Norway
• Some 1 000 000 individuals insured in Norway
• Approximately 580 000 mutual fund customers in Norway and 268 institutional asset
management clients in Norway and Sweden
Market shares
See Section 3 for market shares.
Distribution network
• 163 domestic DnB NOR branches • Online equities trading in 16 markets
• 16 Nordlandsbanken branches • Online mutual fund trading
• 9 international branches • About 210 post office counters 1)
• 4 international representative offices • About 1 200 in-store postal outlets 1)
• 39 Postbanken sales outlets • About 1 800 rural postmen 1)
• 163 DnB NORD branches • About 900 in-store banking outlets 2)
• 9 DnB NOR Monchebank branches • 89 DnB NOR Eiendom sales offices
• DnB NOR Luxembourg (subsidiary) • 28 Postbanken Eiendom sales offices
• Internet banking • 213 Svensk Fastighetsförmedling
• Mobile bank and SMS services sales offices
• Telephone banking • 14 Vital sales offices
• 57 Vital agent companies
1) Provided by Norway Post (the Norwegian postal system).
2) Provided by NorgesGruppen.
Credit ratings from international rating agencies
Moody's Standard & Poor's Dominion Bond Rating Service

Long-term Short-term Long-term Short-term Long-term Short-term
DnB NOR Bank ASA Aa3 P-1 A+ A-1 AA R-1 (high)
7
DnB NOR's strategy

The escalating financial market turmoil through 2008 and 2009 had a profound impact on the
macroeconomic assumptions underlying DnB NOR’s growth strategy for the period 2008-2010,
presented in the autumn of 2007. Nevertheless, the Group’s long-term ambitions remain
unchanged, though they have been toned down somewhat in the short term, not least
internationally.
Business idea
DnB NOR will be customers’ best financial Cost efficiency in Norway

partner and will meet their needs for Cost efficiency will be given high priority.
financial solutions. Important initiatives include:
• reduce number of suppliers and clearly
DnB NOR’s strengths are a local presence define policies for procurement across
and a full range of services. DnB NOR has a the Group
unique platform in the Norwegian market: • streamline staff and support functions
• a high market share in all segments • establish a coordinated, lean marketing
• the largest customer base organisation for the entire Group
• the most extensive distribution network • realise synergies through one group IT
organisation
• reorganise operational processes
Strategy
The Group will give priority to ensuring the International growth

quality of operations and reducing the level Previously communicated ambitions regard-
of write-downs in consequence of the ing international growth in defined industries
ongoing international recession. Still, there and close geographic areas will continue to
will be scope for a high level of activity be part of the Group’s long-term strategy. In
within certain product and market areas, the short-term, however, the international
especially in the retail market and among growth ambitions will be toned down.
small and medium-sized enterprises. Parallel
to this, high priority will be given to DnB NOR will give priority to selected
implementing the streamlining measures industries built on core competencies:
defined in the Group’s cost programme. • shipping
• energy
• seafood
Growth in home market
DnB NOR will build and develop long-term Financial targets
relations with financially sound customers. DnB NOR gives priority to long-term value
In-depth knowledge of customers' creation for shareholders and seeks to
commitments, an effective distribution achieve a return on equity and share price
system and increased cross sales in Norway increases that are competitive relative to the
will be priority areas to strengthen the Group's Nordic peers. This goal has been
Group's market position. reflected in financial target figures for the
Group.
• organisational change for optimal
customer relationship management and
The Group is maintaining the goal to achieve
further growth in the home market
pre-tax operating profits before write-downs
• improve and coordinate services to
of NOK 20 billion in 2010. However,
retail customers and small and
macroeconomic developments have made
medium-sized businesses
this target more challenging to reach. Write-
• strengthen the Group's position in
downs on loans in 2010 are expected to be
the private banking segment
on level with 2009. Other updated financial
targets will be presented at the Capital
Markets Day event on 18 March 2010.
8
Legal structure
In accordance with the requirements of the Norwegian regulatory authorities, the banking, asset
management and life insurance activities of the DnB NOR Group are organised in separate limited
companies under the holding company DnB NOR ASA. Banking activities are organised in
DnB NOR Bank ASA and its subsidiaries. All asset management activities are organised under a
common holding company, DnB NOR Kapitalforvaltning Holding AS. Vital Forsikring ASA offers
life insurance and pension saving products, both products with guaranteed returns and products
with a choice of investment profile. DnB NOR Skadeforsikring AS offers non-life insurance
products as part of a total product package for retail customers and small and medium-sized
companies. From 1 January 2009 non-life insurance has been offered by DnB NOR
Skadeforsikring, and the insurance policies have been transferred from Vital Skade in accordance
with policy-renewals during 2009. Vital Skade was merged into DnB NOR Skadeforsikring in
December 2009.
The chart below shows the legal structure of the DnB NOR Group.
DnB NOR Group - legal structure at end-December 2009
DnB NOR ASA
DnB NOR
Vital DnB NOR
DnB NOR Kapital-
Forsikring Skadefor-
Bank ASA 1) forvaltning
ASA sikring AS
Holding AS
Post- Svensk
Nord- DnB NOR DnB NOR DnB NOR DnB NOR DnB NOR OAO Bank
DnB NOR banken DnB NOR Fastig- Salus-
lands- Nærings- Megler- Bolig- Nærings- Luxem- DnB NOR DnB
Finans Eiendom Eiendom hetsför- Ansvar
banken megling service kreditt kreditt bourg Monche- NORD AS
AS AS AS medling AB
ASA AS AS AS AS S.A. bank (51%)
AB
1) Major subsidiaries only. Ownership 100 per cent unless otherwise indicated.
9
Group business structure

With effect from 1 July 2009 the organisational structure was changed. The Group's operations in
the Norwegian regional network in the former business area Retail Banking and in the regional
divisions Coast and East in former Corporate Banking and Payment Services have been merged
into one business area, Retail Banking. The reorganisation will enable the Group to utilise its wide
range of products and services and expert skills in an optimal manner by coordinating activities
in local markets and thus strengthen relations to customers in all Norwegian market segments.
The reorganisation will also make it possible to capitalise on the size of the Group by coordinating
and streamlining operations. The large corporate customers will be served by the new business
area, Large Corporates and International. The business area will concentrate on large corporates
and further reinforce sound industry expertise. The other business areas remain unchanged.
The activities in DnB NOR are thus organised in the business areas Retail Banking, Large
Corporates and International, DnB NOR Markets and Life and Asset Management. The business
areas operate as independent profit centres and have responsibility for serving all of the Group's
customers and for the total range of products. DnB NORD is regarded as a separate profit centre.
Operational tasks and group services are carried out by the Group's staff and support units,
which provide infrastructure and cost efficient services to the business areas. In addition, they
perform functions for governing bodies and group management. The business areas have the
opportunity to influence staff and support units in the Group by changing their demand patterns
and levels of ambition.
The operational structure of DnB NOR deviates from its legal structure as activities in subsidiaries
fall within the business area relevant to the company's primary operations.
1)
DnB NOR Group - organisation chart at end-December 2009
Group management team

DnB NOR Group Business areas/
profit centres
Marketing and
Corporate Centre
Communications
Large 2) Group Finance

Retail Corporates DnB NOR Life and Asset
Operations HR IT and Risk
Banking and Markets Management
Management
International
DnB NORD
1) Reporting structure.
2) Renamed Insurance and Asset Management as from February 2010. The new business area comprises the activities of the former Life and Asset
Management as well as the non-life insurance company DnB NOR Skadeforsikring.
10
Equity-related data
Key figures
1)
2009 2008 2007 2006 2005
Number of shares at end of period (1 000) 1 628 799 1 332 654 1 332 654 1 334 089 1 336 875
Average number of shares (1 000) 1 335 838 1 332 654 1 333 402 1 335 449 1 334 474
Earnings per share (NOK) 6.43 6.91 11.08 8.74 7.59
Return on equity, annualised (%) 10.6 12.4 22.0 19.5 18.8
2)
RARORAC (%) 17.2 13.6 21.6 22.0 24.1
3)
RORAC (%) 12.6 15.3 31.9 28.4 30.9
Share price at end of period (NOK) 62.75 27.00 83.00 88.50 72.00
Diluted share price at end of period,
adjusted for rights issue (NOK) 62.75 25.64 78.82 84.04 68.37
4)
Price/earnings ratio 9.85 3.91 7.49 10.13 9.49
5)
Price/book value 1.20 0.47 1.51 1.84 1.68
Dividend per share (NOK) 1.75 0.00 4.50 4.00 3.50
Dividend yield (%) 2.79 0.00 5.42 4.52 4.86
Equity per share including allocated
dividend at end of period (NOK) 52.34 57.83 55.01 48.13 42.94
1) Including the effect of the 9 736 376 shares issued on 31 March 2005 in connection with the subscription rights programme for employees in the
former DnB Group.
2) RARORAC (Risk-Adjusted Return On Risk-Adjusted Capital) is defined as risk-adjusted profits relative to the risk-adjusted capital requirement. Risk-
adjusted profits indicate the level of profits in a normalised situation.
3) RORAC (Return On Risk-Adjusted Capital) is defined as profits for the period relative to the risk-adjusted capital requirement. Profits for the period
exclude profits attributable to minority interests and are adjusted for the period’s change in fair value recognised directly in equity and for the
difference between recorded interest on average equity and interest on risk-adjusted capital.
4) Closing price at end of period relative to earnings per share.
5) Closing price at end of period relative to recorded equity at end of period.
Share price development – 1 January 2009 to 29 January 2010
80
OSEBX (rebased)
DnB NOR
70
60
50
40
30
20
10
0
01.01.09 01.02.09 01.03.09 01.04.09 01.05.09 01.06.09 01.07.09 01.08.09 01.09.09 01.10.09 01.11.09 01.12.09 01.01.10
11
Rights issue
In the fourth quarter of 2009, DnB NOR completed an equity issue of NOK 14 billion. Existing
shareholders were given preferential subscription rights and were granted two new shares for
every nine shares held. The subscription price was NOK 47.30 per share, and a total of 99.4 per
cent of the subscription rights were used. A total of 296 million new shares were offered, and the
issue was oversubscribed by 40 per cent.
The capital increase was implemented to strengthen capital to a level which is certain to meet
future requirements from the regulatory authorities. Strong emphasis was also placed on
ensuring that DnB NOR will have the required capital strength to proactively meet its customers'
needs and the financial flexibility to implement the Group's strategy. A swift return to normalised
dividend payments was also an important consideration.
DnB NOR has more than 40 000 shareholders. Extensive efforts were made to reach all of these
through road shows, brochures and advertisements, text messages via mobile phones and
telephone calls. A total of 23 000 shareholders were contacted in person. It was thus gratifying
to note that so many shareholders used their subscription rights and that the ownership interests
of existing shareholders were safeguarded.
The final step in the rights issue was the payment of the new equity in late December 2009.
Consequently, the Group's share capital now totals NOK 16 288 million divided into
1 628 798 861 shares with a nominal value of NOK 10. At year-end 2009, the Group had total
recorded equity of NOK 101 billion and a market capitalisation of NOK 102 billion.
12
Shareholder structure as at 31 December 2009
Major shareholders
Shares in 1 000 Ownership in %
Norwegian Government/Ministry of Trade and Industry 553 792 34.00
Sparebankstiftelsen DnB NOR (Savings Bank Foundation) 163 369 10.03
Folketrygdfondet 62 512 3.84
Capital Research/Capital International 40 831 2.51
Fidelity Investments 36 532 2.24
Jupiter Asset Management 31 682 1.95
People's Bank of China 18 649 1.14
DnB NOR Funds 16 853 1.03
Blackrock Investments 15 305 0.94
Nordea Funds 14 251 0.87
Standard Life 13 575 0.83
State of New Jersey Com Pension Fund 12 611 0.77
Schroder Investment Managment 9 721 0.60
Vanguard 9 441 0.58
L&G Legal and General 7 756 0.48
Storebrand Funds 7 569 0.46
Deutsche Bank/DWS 7 438 0.46
Bessemer 7 041 0.43
DFA Dimentional Fund Advisors 7 019 0.43
State Street Global Advisors 6 639 0.41
Total largest shareholders 1 042 585 64.01
Other 586 214 35.99
Total 1 628 799 100.00
Ownership according to investor category
Other international
8%
Norwegian government/
Luxembourg and Germany Ministry of Trade and
4% Industry
34%
US
16%
Savings Bank Foundation

UK 10%
13%
Other Norwegian
14%
Norwegian investors: 58 per cent. International investors: 42 per cent.
13
Accounting principles etc.

Accounting principles
The fourth quarter accounts 2009 have been prepared according to IAS 34 Interim Financial
Reporting. A description of the accounting principles applied by the Group is found in the annual
report for 2008. The annual and interim accounts are prepared according to IFRS principles as
approved by the EU. The Group's accounting principles and calculation methods are essentially
the same as those used in the annual report for 2008. New or amended standards which have an
impact on the accounts of the DnB NOR Group as from 1 January 2009 are described below.
IFRS 7 – Financial Instruments: Disclosures
Financial instruments recorded at fair value should be grouped in three levels according to the
type of information used in the valuation: quoted prices, observable market data from active
markets and factors other than observable market data. If financial instruments are measured
using a valuation method based on factors other than observable market data, extended
disclosure requirements apply. In line with the transitional rules, no corresponding data has been
given for the comparison period. Amendments to IFRS 7 also require additional disclosures about
liquidity risk. The new requirements apply with effect from the 2009 annual accounts.
IAS 1 – Presentation of Financial Statements (revised)

The Group has applied the revised IAS 1 with effect from 1 January 2009. According to the
revised standard, the statement of changes in equity shall only show details on transactions with
owners. Other transactions which were previously recognised in equity should be included in
comprehensive income for the period.
Important accounting estimates and discretionary assessments

When preparing the consolidated accounts, management makes estimates and discretionary
assessments and prepares assumptions that influence the effect of the accounting principles
applied and thus the recorded values of assets and liabilities, income and expenses. A more
detailed account of important estimates and assumptions is presented in note 2 Important
accounting estimates and discretionary assessments in the annual report for 2008.
Fair value of margin-based loans

When calculating the fair value of margin-based loans in Norwegian kroner, the registered
portfolio margin is measured against an estimated margin requirement at the end of the period.
The difference between the estimated margin requirement and the registered margin represents
a change in fair value, which is calculated by discounting the estimated margin loss. The discount
period represents the expected time to the repricing of the portfolio. With effect from the first
quarter of 2009, the margin requirement is calculated based on the bank's product profitability
system. The margin requirement represents the bank's actual marginal funding costs, estimated
operating expenses and risk costs (normalised losses and the cost of capital) based on the
Group's total risk model.
Estimated impairment of goodwill

Goodwill is subject to impairment testing on an annual basis or if there are indications of
impairment. Assessments are based on the value in use of the cash-generating units. The value
in use represents the sum total of the estimated present value of anticipated cash flows for the
plan period and projected cash flows after the plan period. Cash flows are estimated during the
plan period, which in most cases is three years, and are based on budgets and plans approved by
management. Budgets and plans must be realistic in view of historical results in the unit. Beyond
the plan period, projections are based on the general expected economic growth rate, provided
that there are no strong arguments for a different growth rate. In the medium term, up until
2019, the annual growth rate has been stipulated at 5 per cent, which corresponds to the
expected long-term nominal GDP growth rate. An annual growth rate of 2.5 per cent has been
estimated after 2019, which corresponds to the expected long-term inflation rate.
The results of the impairment tests depend on estimated required rates of return. The discount
rate is based on an assessment of the market's required rate of return for the type of activity
performed in the cash-generating unit. This required rate of return reflects the risk of operations.
14
Fair value of PE-funds in Vital

When determining the fair value of Private Equity, PE, funds, the industry's recognised guidelines
for PE valuations are used. The industry standard has been prepared by the European Private
Equity & Venture Capital Association, EVCA. The method is considered to represent the best basis
for the best estimate of fair values for investments in not very liquid equity instruments. On the
balance sheet date, the Group will normally not have access to valuations of PE funds as at 31
December 2009. Valuations in the consolidated accounts are thus based on valuations received
for previous periods, adjusted for time lags in the reporting from the funds. The time lags are
assessed based on a weighted index consisting of stock market parameters, using MSCI World as
reference index, along with parameters for anticipated long-term returns on PE investments. If
developments in the weighted quarterly index are within a determined reliability interval, the
portfolio value is adjusted by the parameter for anticipated long-term returns. If developments in
the weighted quarterly index fall outside the reliability interval, a full valuation must be made
relative to the weighted index. The method has been tested on historical data and is considered
to have good prediction ability.
Norwegian government's stimulus package

The interest rate paid by the banks in the swap scheme with Norges Bank is determined through
auctions. In the opinion of DnB NOR, the market price of Treasury bills in the latest auctions
have been influenced by factors and limitations which are specific to the various auction
participants. In order to assess the fair value of the Group's existing funding through the swap
scheme with Norges Bank, it is necessary to calculate the anticipated long-term yield on Treasury
bills. The Group has thus made an assessment of the normal spread between the Treasury bill
yield and NIBOR, based on developments in the interest rate market, which has been used when
estimating the value of the funding as at 31 December 2009.
DnB NORD – evaluation of shareholder agreement

The shareholder agreement in DnB NORD entitles the parties to require an evaluation of the joint
venture. In December 2009, the Board of Directors of DnB NOR decided to initiate the evaluation
period of the shareholder agreement with effect from 31 January 2010. During the evaluation
period, DnB NOR will consider the ownership structure, including the option to acquire NORD/LB's
ownership interest in DnB NORD. In accordance with the shareholder agreement, the evaluation
period will end on 31 July 2010. If DnB NOR does not avail itself of the right to acquire
NORD/LB's ownership interest in DnB NORD, NORD/LB will be entitled to transfer its ownership
interest in DnB NORD to DnB NOR or to take over the ownership interest of DnB NOR. The
initiation of the evaluation period is not considered to be an absolute signal of an ultimate take-
over of DnB NORD, as various outcomes of the process are possible. The accounting treatment of
DnB NORD will be subject to ongoing assessment throughout the evaluation period.
15
16
Section 2
Financial results
DnB NOR Group
17
2. Financial results DnB NOR Group Fourth quarter 2009
Financial results
Income statement – condensed 1)
Full year
Amounts in NOK million 4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
Net interest income 5 606 5 740 5 654 5 633 6 179 22 633 21 910
Net other operating income 3 160 3 951 2 694 5 190 4 615 14 994 12 438
Total ordinary operating expenses 4 319 4 548 4 600 4 714 4 559 18 180 17 662
Impairment losses for goodwill 338 100 291 0 1 058 730 1 058
Pre-tax operating profit before write-downs 4 109 5 043 3 457 6 109 5 176 18 717 15 627
Net gains on fixed and intangible assets 19 (4) 7 4 5 26 52
Write-downs on loans and guarantees 1 517 2 277 2 318 1 598 2 314 7 710 3 509
Pre-tax operating profit 2 610 2 762 1 146 4 514 2 868 11 032 12 170
Taxes 1 001 1 002 503 1 580 1 240 4 086 3 252
Profit from operations and non-current assets held
for sale, after taxes 80 0 0 0 0 80 0
Profit for the period 1 689 1 760 643 2 934 1 629 7 026 8 918
Profit attributable to shareholders 2 122 2 167 1 200 3 095 2 030 8 585 9 211
Profit attributable to minority interests (433) (408) (558) (161) (402) (1 559) (293)
1) For a more detailed income statement, see page 45.
Fair value of credit margins on own debt and other special IFRS
effects and non-recurring items
Full year
Net other operating income 61 (140) (1 093) 941 1 632 (230) 489
Pre-tax operating profit before write-downs (277) (240) (1 384) 941 574 (960) (570)
Balance sheet – condensed 1)

31 Dec. 30 Sept. 30 June 31 March 31 Dec. 31 Dec.
Amounts in NOK billion 2009 2009 2009 2009 2008 2007
Cash and lending to/deposits with credit institutions 94.2 100.2 122.3 134.2 110.9 74.2
Lending to customers 1 114.9 1 132.8 1 164.3 1 173.5 1 191.6 970.5
Commercial paper and bonds 405.2 402.3 325.7 275.4 280.7 220.8
Shareholdings 60.7 51.0 40.3 38.9 39.4 66.6
Fixed and intangible assets 46.8 47.6 45.8 45.6 46.6 44.5
Financial assets, customers bearing the risk 21.3 20.0 18.0 16.4 16.5 19.9
Other assets 80.3 95.0 99.0 125.1 146.0 77.5
Total assets 1 823.5 1 849.0 1 815.4 1 809.2 1 831.7 1 473.9
Loans and deposits from credit institutions 302.7 297.1 233.7 230.3 178.8 144.2
Deposits from customers 590.7 594.5 611.4 595.2 597.2 538.2
Debt securities issued 493.7 520.9 527.0 548.9 606.2 371.8
Insurance liabilities, customers bearing the risk 21.3 20.0 18.0 16.4 16.5 19.9
Liabilities to life insurance policyholders 193.6 191.4 189.0 188.0 184.8 191.6
Other liabilities and provisions 81.0 98.9 107.6 104.4 121.7 99.1
Primary capital 140.5 126.2 128.6 126.1 126.5 109.2
Total liabilities and equity 1 823.5 1 849.0 1 815.4 1 809.2 1 831.7 1 473.9
1) For a more detailed balance sheet, see page 45.
18
Fourth quarter 2009 2. Financial results DnB NOR Group
Financial highlights
Full year
4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
1)
Cost/income ratio (%) 49.3 46.9 55.1 43.6 42.2 48.3 51.4
Return on equity, annualised (%) 10.1 10.6 6.0 15.8 10.7 10.6 12.4
Earnings per share (NOK) 1.58 1.63 0.90 2.32 1.52 6.43 6.91
Total combined assets at end of period (NOK billion) 2 076 2 094 2 104 2 092 2 141 2 076 2 141
Core capital ratio at end of period (%) 2) 9.3 7.6 7.3 7.0 6.7 9.3 6.7
1) Excluding impairment losses for goodwill.

2) Including 50 per cent of profit for the year, except for year-end figures.
Norwegian and international units
Norwegian units
Per cent 4Q09 3Q09 4Q08
Share of group income 82.3 82.9 83.0
Cost/income ratio 46.0 44.9 39.9
Share of net Group lending to customers 80.58 79.12 75.70
Non-performing and impaired commitments relative to total commitments 0.98 1.03 0.73
1)
Write-down ratio 38.78 40.54 37.21
Individual write-downs in basis points, annualised 0.13 0.29 0.25
International units excl. DnB NORD

2)
1)
DnB NORD
2)
1)
1) Write-down ratio includes individual and collective write-downs as a percentage of gross non-performing and impaired
commitments subject to individual write-downs.
2) Excluding impairment losses for goodwill.
19
1)
International units
Per cent
2 9 9 ,6
2 9 8 ,7
2 9 7 ,8
2 9 6 ,9
2 9 6 ,0
2 9 5 ,1
2 9 4 ,2
2 9 3 ,3
2 9 2 ,4
2 2 9 9 1 0 ,5
6
2 8 9 ,7
2 8 8 ,8
2 8 7 ,9
2 8 7 ,0
2 8 6 ,1
2 8 5 ,2
2 8 4 ,3
2 8 3 ,4
2 8 1
2 ,5
6
2 8 0 ,7
2 7 9 ,8
2 7 8 ,9
2 7 8 ,0
2 7 7 ,1
2 7 6 ,2
2 7 5 ,3
2 7 4 ,4
2 7 3 ,5
2 7 1
2 ,6
7
2 7 0 ,8
2 6 9 ,9
2 6 9 ,0
2 6 8 ,1
2 6 7 ,2
2 6 6 ,3
2 6 5 ,4
2 6 4 ,5
2 6 2
3 ,7
6
2 6 1 ,8
2 6 0 ,9
2 6 0 ,0
2 5 9 ,1
2 5 8 ,2
2 5 7 ,3
2 5 6 ,4
2 5 5 ,5
2 5 4 ,6
2 5 2
3 ,78
2 5 1 ,9
2 5 1 ,0
2 5 0 ,1
2 4 9 ,2
2 4 8 ,3
2 4 7 ,4
2 4 6 ,5
2 4 5 ,6
2 4 3
4 ,78
2 4 2 ,9
2 4 2 ,0
2 4 1 ,1
2 4 0 ,2
2 3 9 ,3
2 3 8 ,4
2 3 7 ,5
2 3 6 ,6
2 3 5 ,7
2 3 3
4 ,89
2 3 3 ,0
2 3 2 ,1
2 3 1 ,2
2 3 0 ,3
2 2 9 ,4
2 2 8 ,5
2 2 7 ,6
2 2 6 ,7
2 2 4
5 ,89
2 2 4 ,0
2 2 3 ,1
2 2 2 ,2
2 2 1 ,3
2 2 0 ,4
2 1 9 ,5
2 1 8 ,6
2 1 7 ,7
2 1 6 ,8
2 2 1 1 5 5 ,9 ,0
2 1 4 ,1
2 1 3 ,2
2 1 2 ,3
2 1 1 ,4
2 1 0 ,5
18.2 Share of
2 0 9 ,6
2 0 8 ,7
2 0 7 ,8
2 2 0 6
0 6 ,9 ,0
2 0 5 ,1
17.7
2 0 4 ,2
2 0 3 ,3
2 0 2 ,4
2 0 1 ,5
2 0 0 ,6
1 9 9 ,7
17.1
1 9 8 ,8
17.0
1 9 7 ,9
1 1 9 9 6 7 ,1 ,0
1 9 5 ,2
1 9 4 ,3
1 9 3 ,4
1 9 2 ,5
1 9 1 ,6
group income
1 9 0 ,7
1 8 9 ,8
1 8 8 ,9
1 1 8 8 7 8 ,1 ,0
1 8 6 ,2
1 8 5 ,3
1 8 4 ,4
15.6
1 8 3 ,5
1 8 2 ,6
1 8 1 ,7
1 8 0 ,8
1 7 9 ,9
1 7 9 ,0
1 7 7
8 ,12
1 7 6 ,3
1 7 5 ,4
1 7 4 ,5
1 7 3 ,6
1 7 2 ,7
1 7 1 ,8
1 7 0 ,9
1 7 0 ,0
1 6 8
9 ,12
1 6 7 ,3
1 6 6 ,4
1 6 5 ,5
1 6 4 ,6
1 6 3 ,7
1 6 2 ,8
1 6 1 ,9
1 6 1 ,0
1 6 0 ,1
1 5 8
9 ,23
1 5 7 ,4
1 5 6 ,5
1 5 5 ,6
1 5 4 ,7
1 5 3 ,8
1 5 2 ,9
1 5 2 ,0
1 5 1 ,1
1 1 4 5 9 0 ,23
1 4 8 ,4
1 4 7 ,5
1 4 6 ,6
1 4 5 ,7
1 4 4 ,8
1 4 3 ,9
1 4 3 ,0
1 4 2 ,1
1 1 4 4 1 0 ,23
1 3 9 ,4
1 3 8 ,5
1 3 7 ,6
1 3 6 ,7
1 3 5 ,8
1 3 4 ,9
1 3 4 ,0
1 3 3 ,1
1 3 2 ,2
1 1 3 3 1 0 ,34
1 2 9 ,5
1 2 8 ,6
1 2 7 ,7
1 2 6 ,8
1 2 5 ,9
1 2 5 ,0
1 2 4 ,1
1 2 3 ,2
1 2 1
2 ,34
1 2 0 ,5
1 1 9 ,6
1 1 8 ,7
1 1 7 ,8
1 1 6 ,9
1 1 6 ,0
1 1 5 ,1
Share of group pre-

1 1 4 ,2
1 1 3 ,3
1 1 1
2 ,45
12.2
1 1 0 ,6
1 0 9 ,7
1 0 8 ,8
1 0 7 ,9
1 0 7 ,0
12.5
1 0 6 ,1
1 0 5 ,2
1 0 4 ,3
1 0 2
3 ,45
1 0 1 ,6
1 0 0 ,7
9 9 ,8
9 8 ,9
9 8 ,0
9 7 ,1
9 6 ,2
tax operating profit

9 5 ,3
9 4 ,4
9 2
3 ,5 6
9 1 ,7
9 0 ,8
8 9 ,9
8 9 ,0
8 8 ,1
8 7 ,2
8 6 ,3
8 5 ,4
8 3
4 ,5 6
8 2 ,7
8 1 ,8
8 0 ,9
8 0 ,0
7 9 ,1
7 8 ,2
7 7 ,3
before write-downs
7 6 ,4
7 5 ,5
7 3
4 ,6 7
7 2 ,8
7 1 ,9
7 1 ,0
9.0
7 0 ,1
6 9 ,2
6 8 ,3
6 7 ,4
6 6 ,5
6 4
5 ,6 7
6 3 ,8
6 2 ,9
6 2 ,0
6 1 ,1
6 0 ,2
5 9 ,3
5 8 ,4
5 7 ,5
5 6 ,6
5 4
5 ,7 8
5 3 ,9
5 3 ,0
5 2 ,1
5 1 ,2
5 0 ,3
4 9 ,4
4 8 ,5
4 7 ,6
4 5
6 ,7 8
4 4 ,9
4 4 ,0
4 3 ,1
4 2 ,2
5.2
4 1 ,3
4 0 ,4
3 9 ,5
3 8 ,6
3 7 ,7
3 5
6 ,8 9
3 5 ,0
3 4 ,1
3 3 ,2
3 2 ,3
3 1 ,4
3 0 ,5
2 9 ,6
2 8 ,7
2 6
7 ,8 9
2 6 ,0
2 5 ,1
2 4 ,2
2 3 ,3
2 2 ,4
2 1 ,5
2 0 ,6
1 9 ,7
1 8 ,8
1 1 7 7 ,9 ,0
1 6 ,1
1 5 ,2
1 4 ,3
1 3 ,4
1 2 ,5
1 1 ,6
1 0 ,7
9 ,8
8 8 ,9 ,0
7 ,1
6 ,2
5 ,3
4 ,4
3 ,5
2 ,6
1 ,7
0 ,8
-0 ,1
-1 -1 ,9 ,0
-2 ,8
-3 ,7
-4 ,6
-5 ,5
-6 ,4
-7 ,3
-8 ,2
-9 ,1
-1 -1 0 ,90 ,0
-1 1 ,8
-1 2 ,7
-1 3 ,6
-1 4 ,5
-1 5 ,4
-1 6 ,3
-1 7 ,2
-1 8 ,1
-1 1 - 9 9 ,9 ,0
-2 0 ,8
-2 1 ,7
-2 2 ,6
-2 3 ,5
-2 4 ,4
-2 5 ,3
-2 6 ,2
-2 7 ,1
-2 8 ,0
-2 9
8 ,9 8
-3 0 ,7
-3 1 ,6
-3 2 ,5
-3 3 ,4
-3 4 ,3
-3 5 ,2
-3 6 ,1
-3 7 ,0
-3 8
7 ,8 9
-3 9 ,7
-4 0 ,6
-4 1 ,5
-4 2 ,4
-4 3 ,3
-4 4 ,2
-4 5 ,1
-4 6 ,0
-4 6 ,9
-4 8
7 ,8 7
-4 9 ,6
-5 0 ,5
-5 1 ,4
-5 2 ,3
-5 3 ,2
-5 4 ,1
-5 5 ,0
(4.0)
-5 5 ,9
-5 7
6 ,8 7
-5 8 ,6
-5 9 ,5
-6 0 ,4
-6 1 ,3
-6 2 ,2
-6 3 ,1
-6 4 ,0
-6 4 ,9
-6 5 ,8
-6 7
6 ,7 6
-6 8 ,5
-6 9 ,4
-7 0 ,3
-7 1 ,2
-7 2 ,1
-7 3 ,0
-7 3 ,9
-7 4 ,8
-7 6
5 ,7 6
-7 7 ,5
-7 8 ,4
-7 9 ,3
-8 0 ,2
-8 1 ,1
-8 2 ,0
-8 2 ,9
-8 3 ,8
-8 4 ,7
-8 6
5 ,6 5
-8 7 ,4
-8 8 ,3
-8 9 ,2
-9 0 ,1
-9 1 ,0
-9 1 ,9
-9 2 ,8
-9 3 ,7
-9 5
4 ,6 5
-9 6 ,4
-9 7 ,3
-9 8 ,2
-9 9 ,1
-1 0 0 ,0
4Q08 1Q09 2Q09 3Q09 4Q09
1) Units outside Norway.
20
Net interest income
Changes in net interest income

NOK million
From 4th quarter 2008 to 4th quarter 2009
16 (106)
57
79
(165)
121
6 179 (576)
5 606
4Q08 Lending Lending Other Amortisation Guarantee Long- Equity 4Q09

and and interest effects in the fund term and non-
deposit deposit income liquidity levy funding interest
spreads volumes portfolio and interbank bearing
operations items
NOK million From 3rd quarter 2009 to 4th quarter 2009

179 (133)
(70)
5 740
(67)
(44)
5 606
3Q09 Interbank funding Lending and Exchange rate Lending and Other interest 4Q09
and interest rate deposit spreads movements deposit volumes income
instruments
21

Amounts in NOK million 2009 Change 2008
Net interest income 22 633 723 21 910
Lending and deposit spreads 1 856
Lending and deposit volumes 943
Exchange rate movements 569
Equity and non-interest bearing items (1 940)
Long term funding (853)
Guarantee fund levy (430)
Interbank funding and interest rate instruments (206)
Amortisation in the liquidity portfolio 397
Other interest items 387
1)
Net interest income
2)
Average volumes Spreads in per cent Net interest income
Amounts in NOK million 4Q09 3Q09 4Q08 4Q09 3Q09 4Q08 4Q09 3Q09 4Q08
Lending 1 111 916 1 138 898 1 142 318 1.61 1.63 1.34 4 523 4 689 3 849
Deposits 600 364 613 145 587 052 0.23 0.29 0.68 351 455 1 004
Equity and non-interest bearing items 69 880 66 639 61 236 2.00 2.00 6.01 352 336 926
Other 379 261 401
Total net interest income 5 606 5 740 6 179
1) Excluding lending to and deposits from credit institutions and impaired loans.
2) Including exchange rate movements.
1)
Segmental interest rate spreads
Full year
Per cent 4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
Lending:
*)
Retail Banking 1.80 1.85 1.85 1.86 1.51 1.83 1.01
Large Corporates and International 1.32 1.38 1.24 1.19 1.05 1.28 0.97
DnB NORD 1.06 1.12 0.90 1.00 1.06 1.02 1.14
Total 1.61 1.63 1.60 1.58 1.34 1.61 1.01
Deposits:
Retail Banking 0.30 0.30 0.28 0.29 0.81 0.27 1.39
DnB NORD 1.57 1.94 2.26 2.37 2.98 2.04 2.58
Total 0.23 0.29 0.30 0.33 0.68 0.29 1.08
Combined spread - lending and deposits:

Retail Banking 1.29 1.32 1.31 1.32 1.27 1.30 1.14
DnB NORD 1.17 1.29 1.18 1.27 1.46 1.23 1.46
Weighted total average 1.13 1.16 1.16 1.16 1.12 1.15 1.04
*) of which housing loan portfolio 1.15 1.23 1.20 1.31 1.09 1.22 0.53
1) Excluding lending to and deposits from credit institutions and impaired loans. Margins are calculated based on money market
rates and do not include additional funding costs related to liquidity measures.
22
Developments in average interest rate spreads

– Retail Banking 1)
Per cent
6.40 6.60
5.80 5.96 5.91
3.45
2.46 3-month NIBOR
1.89 2.05
1.86 1.85 1.85 1.80 Lending spread
1.62
1.48 1.53 1.48 1.51
1.32 1.31 1.32 1.29
1.28 1.14 1.27 Combined spread
1.08 1.10
- weighted total average
1.17 0.81
0.88 0.95
0.79
0.29 0.28 0.30 0.30
Deposit spread
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Excluding impaired loans
Developments in average interest rate spreads

– Large Corporates and International 1)
Per cent
6.40 6.60
5.80 5.96 5.91
3.45
2.46 2.46 2.46 3-month NIBOR
1.38 1.32 Lending spread

1.19 1.24
0.99 1.05
0.87 0.93
0.83 Combined spread
0.91 - weighted total average
0.83 0.85 0.86
0.71 0.73 0.75
0.62 0.66
0.32 0.33 0.31 0.27 Deposit spread
0.20 0.17 0.16 0.14 0.12
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Excluding lending to and deposits from credit institutions and impaired loans
23
1)
Developments in average volumes – lending and deposits
NOK billion
Total lending
1 163 1 162 1 150 currency adjusted
1 162 1 151 1 139
1 142
1 112 Total lending
1 070
1 026
976
929
598 613 600 Total

587 592
567 deposits
535 542 537
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Average volumes in the period excluding lending to and deposits from credit institutions and impaired loans
1)
Quarterly developments in interest rate spreads
Per cent
6.40 6.60
5.80 5.96 5.91
3.45
2.46
1.89 2.05 3-month NIBOR
1.58 1.60 1.63 1.61 Lending spread

1.38
1.30 1.34
1.24 1.16 Combined spread
1.12 1.16 1.16 1.16 1.13
1.01 1.01 0.98 1.04 - weighted total
0.97 0.68
0.88
0.80 0.81
0.33 0.30 0.29
0.23 Deposit spread
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Excluding lending to and deposits from credit institutions and impaired loans
24
1)
Developments in average volumes - lending
NOK billion
Total lending
(decrease 4Q08-4Q09: 2.7%)
1 142 1 162 1 151
2)
1 139
1 112
1 070
1 026
976
929
712 718 Retail Banking

687 693 702
662 677 (growth 4Q08-4Q09: 4.5%)
626 641
Large Corporates
371 380 365
349 and International
316 324
294 (decrease 4Q08-4Q09: 12.7%)
275
249
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Excluding lending to credit institutions and impaired loans

2) Of which DnB NORD: NOK 71 billion
Total lending excluding DnB NORD: NOK 1 041 billion (4.9% growth)
1)
Developments in average volumes - deposits
NOK billion
Total deposits
2)
(growth 4Q08-4Q09: 2.3%)
613
592 598 600
587
567
535 542 537
373 Retail Banking

359 360 365 365 368
344 346 (growth 4Q08-4Q09: 2.2%)
335
Large Corporates
204 207 209 211 202 and International
177 175 168 179 (decrease 4Q08-4Q09: 1.3%)
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Excluding deposits from credit institutions

2) Of which DnB NORD: NOK 19 billion
Total deposits excluding DnB NORD: NOK 581 billion (6.6% growth)
25
Net other operating income

Full year
Money transfer and interbank transactions 507 529 471 463 456 1 969 1 881
Asset management services 254 251 236 221 227 962 1 001
Credit broking 52 78 94 92 86 315 288
Real estate broking 198 203 205 167 122 774 658
Custodial services 52 38 44 36 56 169 248
Securities trading 47 49 59 52 58 207 283
Sale of insurance products 586 591 585 575 542 2 336 2 381
Other income from banking services 71 137 87 90 50 385 435
Net gains on equity investments 319 140 42 12 (528) 513 (1 126)
Corporate finance etc. 48 110 93 61 78 312 377
Profit from companies accounted for by the
1)
equity method (49) (284) (471) 897 1 201 93 632
Other income 70 83 (10) 147 135 289 452
*)
Net financial and risk result from Vital 238 227 228 148 545 841 462
Net premium income/insurance claims, non-life insurance 20 9 14 12 - 55 -
Customer trading in FX and interest rate instruments,
DnB NOR Markets 272 376 758 568 840 1 973 2 183
FX and interest rate instruments, DnB NOR Markets 425 550 412 1 541 1 048 2 928 1 355
FX and interest rate instruments, other 52 865 (153) 108 (301) 872 927
**)
As a percentage of total income 36.0 40.8 32.3 48.0 42.8 39.8 36.2
*) Of which:
Net gains on assets in Vital 4 114 4 487 3 607 1 257 2 288 13 464 (813)
Guaranteed returns and allocations to
policyholders in Vital 3 798 4 295 3 418 1 201 1 641 12 712 (1 027)
Premium income etc. included in the risk result in Vital 1 169 1 187 1 169 1 180 1 177 4 705 4 543
Insurance claims etc. included in the risk result in Vital 1 240 1 177 1 101 1 096 1 312 4 613 4 407
Net financial and risk result in Vital 246 202 256 139 513 844 350
Eliminations in the group accounts (8) 25 (28) 9 32 (3) 112
Net financial and risk result from Vital 238 227 228 148 545 841 462
For a detailed specification of Vital's income statement, see page 84.
**) Of which:
DnB NORD 182 156 161 185 276 684 754
1) Wider credit margins caused sizeable unrealised gains on funding in Eksportfinans in the fourth quarter of 2008.
26
1)
Net other operating income, operational reporting
Full year
1. Net stock market related income including
financial instruments 720 587 474 382 (109) 2 163 783
2. Net financial and risk result from Vital 238 227 228 148 545 841 462
3. Net other commissions and fees including guarantees 1 330 1 399 1 355 1 299 1 235 5 383 5 396
4. Net gains on FX and interest rate instruments
excluding guarantee commissions 633 1 726 899 2 137 1 487 5 396 4 054
Real estate broking 198 203 205 167 122 774 658
Other income 40 (192) (467) 1 056 1 336 438 1 085
Spesifications
Asset management services 254 251 236 221 227 962 1 001
Custodial services 52 38 44 36 56 169 248
Securities trading 47 49 59 52 58 207 283
Corporate finance etc. 48 110 93 61 78 312 377
Net stock market related commissions and fees (I) 401 447 432 370 419 1 650 1 910
Net gains on equity investments including dividends 319 140 42 12 (528) 513 (1 126)
1. Net stock market related income including
financial instruments 720 587 474 382 (109) 2 163 783
Net stock market related income as a percentage

8.2 6.1 5.7 3.5 (1.0) 5.7 2.3
of total income
Net stock market related income as a percentage
22.8 14.9 17.6 7.4 (2.4) 14.3 6.3
of net other operating income
Net financial result from Vital 309 216 160 64 680 749 326
Net risk result from Vital (71) 11 68 84 (135) 92 136
2. Net financial and risk result from Vital 238 227 228 148 545 841 462
Money transfer and interbank transactions 507 529 471 463 456 1 969 1 881
Credit broking 52 78 94 92 86 315 288
Sale of insurance products 586 591 585 575 542 2 336 2 381
Other income from banking services 71 137 87 90 50 385 435
Net other commissions and fees (II) 1 215 1 334 1 237 1 219 1 134 5 006 4 984
Net gains on financial instruments - guarantee commissions 115 65 118 80 100 377 411
3. Net other commissions and fees including guarantees 1 330 1 399 1 355 1 299 1 235 5 383 5 396
Net commissions and fees (I + II) 1 616 1 782 1 668 1 589 1 554 6 655 6 894
Customer trading in FX and interest rate instruments,

DnB NOR Markets 272 376 758 568 840 1 973 2 183
FX and interest rate instruments, DnB NOR Markets 425 550 412 1 541 1 048 2 928 1 355
FX and interest rate instruments, other 52 865 (153) 108 (301) 872 927
Net gains on FX and interest rate instruments 748 1 791 1 017 2 217 1 587 5 773 4 465
Net gains on financial instruments - guarantee commissions 115 65 118 80 100 377 411
4. Net gains on FX and interest rate instruments
excluding guarantee commissions 633 1 726 899 2 137 1 487 5 396 4 054
1) In this table items are classified according to main operational areas. Thus, net guarantee commissions, which according to
IFRS are classified as "Net gains on financial instruments at fair value" in the income statement, are classified as "Commissions
and fees". Stock market related commissions and fees are classified as "Stock market related income".
27
Changes in net other operating income

NOK million From 4th quarter 2008 to 4th quarter 2009
77 50 (307)
829
(854)
4 615
(1 250)
3 160
4Q08 Net Income Other Net Net gains Profit 4Q09

stock from operating financial on FX from
market- real estate income and risk and associated
related broking result from interest- companies 3)
income Vital 1) rate
2)
instruments
1) After guaranteed returns and allocations to policyholders
2) Excluding guarantees
3) Wider credit margins caused sizeable unrealised gains on funding in Eksportfinans in the fourth quarter of 2008

Net other operating income 14 994 2 556 12 438
Net stock market related income including financial instruments 1 379
Unrealised losses in the liquidity portfolio 1 333
1)
Net financial and risk result from Vital 379
Real estate broking 115
2)
Net gains on FX and interest rate instruments 9
Profit from associated companies (539)
Other income (120)
1) After guaranteed returns and allocations to policyholders.

2) Excluding guarantees and unrealised losses in the liquidity portfolio.
Amounts in NOK million 4Q09 Change 3Q09

Net other operating income 3 160 (791) 3 951
Profit from associated companies 235
Net stock market related income including financial instruments 132
Real estate broking (4)
Net other commissions and fees including guarantee commissions (69)
Net gains on FX and interest rate instruments 1) (1 093)
Other income 8
1) Excluding guarantees.
28
Operating expenses
Full year
Ordinary salaries 1 755 1 802 1 789 1 859 1 755 7 206 6 876
Employer's national insurance contributions 280 261 255 286 270 1 082 1 018
Pension expenses 224 245 247 245 228 960 1 042
Restructuring expenses 10 36 19 17 62 82 106
Other personnel expenses 224 110 107 146 101 587 421
Total salaries and other personnel expenses 2 493 2 454 2 417 2 553 2 416 9 917 9 463
1)
Fees 69 344 393 349 518 1 155 1 462
1)
EDP expenses 446 412 414 468 260 1 741 1 559
Postage and telecommunications 93 98 107 114 117 412 421
Office supplies 24 21 28 26 35 99 118
Marketing and public relations 118 140 155 158 168 572 725
Travel expenses 75 40 71 49 88 234 272
Reimbursement to Norway Post for transactions executed 49 51 52 51 46 203 207
Training expenses 20 11 16 26 21 73 89
Operating expenses on properties and premises 324 324 324 334 305 1 306 1 233
Operating expenses on machinery, vehicles and
office equipment 32 36 35 42 40 145 147
Other operating expenses 198 196 247 206 204 846 807
Other expenses 1 446 1 672 1 843 1 823 1 802 6 784 7 040
Other depreciations and write-downs of fixed
and intangible assets 380 422 341 338 341 1 479 1 159
Total depreciations and write-downs of fixed
and intangible assets 718 522 632 338 1 400 2 210 2 217
Total operating expenses 4 657 4 648 4 891 4 714 5 618 18 911 18 721
Of which DnB NORD 768 439 965 417 543 2 589 1 704
1) Fees include system development fees and must be viewed relative to EDP expenses.
Changes in operating expenses

Total operating expenses 18 911 190 18 721
Impairment losses for goodwill 730 (328) 1 058
Total ordinary operating expenses 18 180 518 17 662
Cost programme (470)
Restructuring expenses, cost programme 38
Marketing expenses etc. (152)
Wage and price inflation 537
Operational leasing 230
IT expenses 139
Other operating expenses 196
29

Total operating expenses 4 657 (961) 5 618
Impairment losses for goodwill 338 (720) 1 058
Total ordinary operating expenses 4 319 (241) 4 559
Cost programme (126)
IT expenses (190)
Fees etc. (35)
Wage and price inflation 109
Operational leasing 49
Other operating expenses (14)

Total operating expenses 4 657 9 4 648
Impairment losses for goodwill 338 238 100
Total ordinary operating expenses 4 319 (230) 4 548
Cost programme (37)
IT expenses (280)
Pension expenses (21)
Other operating expenses 82
Ordinary cost/income ratio

Per c ent
78.6
74.3
Cost/income ratio,
67.8
international units
65.2
64.3
62.3
60.2 60.4
56.9
54.7
53.5 55.1
51.9 Cost/income ratio,
49.0 50.6 DnB NOR Group
53.9 49.3
46.9
49.9
47.8 43.6 Cost/income ratio,
45.7 42.2 46.0 Norwegian units
44.9
41.5
39.9
1) 2) 2) 2) 2)
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Excluding allocations to employees
2) Excluding impairment losses for goodwill
30
Number of employees – full-time positions
31 Dec . 30 Sep t. 3 0 Ju ne 31 Marc h 3 1 Dec. 3 1 D ec.

Full-tim e pos itions 2 009 2 00 9 2 00 9 2 00 9 2 00 8 2 00 7
1)2)
Retail Banking 5 090 5 228 5 233 5 332 5 241 5 102
Large Corporates and International 1) 1 061 1 058 1 064 1 068 1 115 997
DnB NOR Markets 647 661 658 656 655 612
Operations 1 148 1 199 1 194 1 225 1 242 1 382
Life and Asset Management 961 1 074 1 095 1 122 1 169 1 130
DnB NORD 3 174 3 303 3 383 3 480 3 597 3 236
Staff and support units 3) 1 236 1 001 1 084 1 045 1 038 996
Total ordinary operations 13 317 13 524 13 711 13 928 14 057 13 455
1) As of 1 July 2009, operations were restructured, whereby retail customers and small and medium-sized companies in Norway
are now organised under the same business area, Retail Banking, while the largest corporate clients are served by the business
area Large Corporates and International. Figures for previous periods have been restated.
2) Due to changes in the agreement with Norway Post, 162.6 full-time positions were transferred from Norway Post on 1 May
2009. Costs and corresponding head-count figures were included with effect from the first quarter of 2009. Includes 68 full-
time positions in the Norwegian operations of SkandiaBanken Bilfinans, which were acquired on 31 January 2008, and 52 full-
time positions in the company's Swedish operations, which were acquired on 29 February 2008.
3) The increase in staff numbers in the fourth quarter 2009 mainly reflects the transfer of some 200 full-time positions to the IT
unit from other units in the Group in connection with the centralisation of IT functions.
IT expenses
Full year
IT operating expenses 437 474 483 494 404 1 888 1 731
1)
Systems development expenses 165 376 362 357 369 1 261 1 297
IT expenses in Vital, after eliminations 101 133 119 129 120 482 463
Total IT expenses 2) 702 983 964 980 893 3 630 3 491
1) Including write-downs on IT investments in DnB NORD of NOK 66 million in third quarter of 2009.
2) Including salaries and indirect costs.
31
Cost programme
Target: Reduce annual costs by NOK 2 billion by the end of 2012

NOK million
2 000
1 700
1 400
954 900
463
310
2008 2009 2010 2011 2012
Annualised realised cost savings (at end of period)

Targeted annualised cost savings (at end of period)
Breakdown of scheduled cost savings
Cost programme 2008-2010

NOK 850-950 million
- process efficiency and general streamlining
Procurement programme NOK 300-400 million
Retail Banking
NOK 100-150 million
- restructuring of Norwegian banking operations
Staff/support functions NOK 150-200 million

- centralisation/streamlining
One IT
NOK 400-600 million
- coordination and consolidation
32
Accumulated reduction in full-time positions

Full-time positions
1 200
1 140
1 100
717
549
275
209
2008 2009 2010 2011 2012
Actual reduction in full-time positions under the cost programme (at end of period)
Target for reduction in full-time positions under the cost programme (at end of period)
1)
Quarterly effects of recorded cost savings
NOK million
218
20
Effects
181
34 from:
17
4Q09
154
21 21 3Q09
11
129 2Q09
27 27 27
13 1Q09
4Q08
93 3Q08
47 47 47 47
24 2Q08
59 1Q08
19 19 19 19 19 4Q07
9
42
16 16 16 16 16 16
8
20
28 28 28 28 28 28 28
3 14
3 6 6 6 6 6 6 6 6
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1) Annual effect/4
33
Taxes
The DnB NOR Group's total tax charge for 2009 was NOK 4 086 million, a rise of NOK 834 million
from 2008. Relative to pre-tax operating profits, the tax charge increased from 26.7 to 37.0 per
cent from 2008 to 2009. Impairment losses for goodwill, which give no tax deduction, have
resulted in a higher relative tax charge. Adjusted for this factor, the tax charge was 24.6 per cent
and 34.7 per cent in 2008 and 2009, respectively. The tax charge in 2009 was particularly high
due to developments in DnB NORD, exchange rates and interest levels.
34
Lending
1) 2)
Net lending to principal sectors

Amounts in NOK billion 2009 2009 2009 2009 2008 2007
Private individuals 531.8 520.8 512.7 502.9 498.9 456.1
International shipping 122.5 129.3 140.1 133.9 137.8 91.0
Real estate 156.8 155.4 159.2 175.8 180.3 148.5
Manufacturing 46.1 52.5 61.7 84.2 90.0 55.3
Services and management 95.1 105.1 109.4 85.2 88.0 76.4
Trade 36.3 38.4 41.9 45.3 47.7 38.5
Oil and gas 17.1 18.7 20.7 31.7 33.3 17.9
Transportation and communication 26.1 25.4 28.2 29.7 29.8 20.2
Building and construction 29.8 33.5 32.6 15.9 15.8 12.5
Power and water supply 14.1 13.8 14.4 13.9 14.6 9.9
Seafood 14.4 14.6 15.4 14.6 15.3 11.2
Hotels and restaurants 5.7 6.1 6.5 5.4 5.2 3.8
Agriculture and forestry 7.7 7.9 8.1 8.0 8.2 6.9
Central and local government 5.1 5.9 5.2 11.3 5.8 9.0
Other sectors 7.0 5.8 8.1 14.1 17.0 10.8
Net lending to customers 1 115.7 1 133.1 1 164.1 1 171.7 1 187.7 968.0
Net lending to principal sectors as at 31 December 2009 1) 2)

Other sectors
Seafood
2.3% (3.0%)
1.3% (1.3%)
Power and water Private individuals
supply 47.7% (42.0%)
1.3% (1.2%)
Building and
construction
2.7% (1.3%)
Transportation and
communication
2.3% (2.5%)
Oil and gas

1.5% (2.8%)
Trade International
3.3% (4.0%)
shipping
11.0% (11.6%)
Services and
management
8.5% (7.4%)
Manufacturing Real estate
4.1% (7.6%) 14.1% (15.2%)
Comparable figures as at
31 December 2008 in parentheses
1) Lending after individual write-downs, nominal amounts.

2) The breakdown into principal sectors is based on standardised sector and industry categories set up by Statistics Norway. With
effect from the second quarter of 2009, a new standard for industry codes has been introduced which corresponds to the new
EU standard, NACE Rev. 2. Customers are classified according to their main line of business.
35
1)
Risk classification of portfolio
NOK billion
1 047 31 Dec. 2008

31 Dec. 2009
816
395 416
156
107
12 19
PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% - Net non-performing and

impaired commitments
1) Based on DnB NOR's risk classification system. The volume represents the expected outstanding amount in the event of default
in Corporate Banking and Payment Services, Retail Banking and DnB NORD.
PD = probability of default.
1)
DnB NOR's risk classification
Probability of default
External rating
(per cent)
Risk class As from Up to Moody's Standard & Poor's

1 0.01 0.10 Aaa - A3 AAA - A-
2 0.10 0.25 Baa1 - Baa2 BBB+ - BBB
3 0.25 0.50 Baa3 BBB-
4 0.50 0.75 Ba1 BB+
5 0.75 1.25 Ba2 BB
6 1.25 2.00
7 2.00 3.00 Ba3 BB-
8 3.00 5.00 B1 B+
9 5.00 8.00 B2 B
10 8.00 impaired B3, Caa/C B-, CCC/C
1) DnB NOR's risk classification system, where 1 represents the lowest risk and 10 the highest risk.
36
Write-downs on loans and guarantees

Full year
New individual write-downs 1 531 1 923 2 142 1 479 1 863 7 075 3 260
Reassessments and recoveries 230 219 290 271 164 1 010 581
Total individual write-downs 1 301 1 704 1 852 1 208 1 699 6 065 2 679
Change in collective write-downs on loans 216 572 466 390 615 1 645 830
1)
Individual write-dows in relation to average

volumes, annualised (%) 0.46 0.59 0.64 0.41 0.59 0.53 0.25
- Norwegian units 0.13 0.29 0.22 0.29 0.25 0.24 0.13
- International units excl. DnB NORD 0.45 0.25 0.41 0.07 0.54 0.29 0.13
- DnB NORD 4.04 4.62 5.31 2.15 4.14 4.00 1.57
Total write-downs in relation to average
volumes, annualised (%) 0.54 0.79 0.80 0.55 0.80 0.67 0.33
1) Of which Norwegian units 413 1 080 602 931 1 014 3 038 1 760
Full year
Individual write-downs
Retail Banking:
- Private individuals 109 44 99 152 95 405 414
- Small and medium-sized enterprises 61 313 57 202 325 633 489
- DnB NOR Finans 158 91 105 102 208 456 330
- Nordlandsbanken 16 28 31 20 15 94 34
Large Corporates and International:
- Nordic and International Corporates 133 28 196 244 77 601 160
- Shipping, Offshore and Logistics 55 243 201 (23) 3 476 (1)
- Special and Structured Finance 2 0 0 0 0 2 0
- Northern Europe 0 9 15 24 51 48 57
Other units 0 5 0 21 5 18
DnB NOR excl. DnB NORD 534 756 709 721 792 2 719 1 501
DnB NORD 768 948 1 143 487 907 3 346 1 178
Total individual write-downs 1 301 1 704 1 852 1 208 1 699 6 065 2 679
Collective write-downs
DnB NOR excl. DnB NORD 139 480 156 286 469 1 062 620
DnB NORD 77 92 310 104 146 583 210
Total collective write-downs on loans 216 572 466 390 615 1 645 830
1)
1) Of which Norwegian units 413 1 080 602 931 1 014 3 038 1 760
37
1)
Write-downs on loans and guarantees for principal sectors
Full year
Private individuals 283 144 335 300 200 1 061 635
International shipping 70 240 209 0 5 520 7
Real estate 100 224 447 199 723 970 926
Manufacturing 192 299 203 70 212 765 283
Services and management 109 81 210 174 281 574 368
Trade 192 105 229 352 63 878 113
Oil and gas 0 0 (9) 8 46 (0) 126
Transportation and communication 35 185 52 65 36 337 56
Building and construction 265 210 89 73 30 637 52
Power and water supply (2) 2 1 0 1 1 1
Fishing 0 4 2 (17) 19 (10) 25
Hotels and restaurants 53 15 21 4 22 92 26
Agriculture and forestry 0 42 27 (7) 7 62 31
Other sectors 9 147 41 (13) 44 184 23
Total customers 1 308 1 698 1 859 1 208 1 689 6 073 2 672
Credit institutions (7) 7 (7) 0 10 (8) 7
Change in collective write-downs on loans 216 572 466 390 615 1 645 830
*)
*) Of which individual write-downs on guarantees (2) 4 10 2 (4) 14 5
1) The breakdown into principal sectors is based on standardised sector and industry categories set up by Statistics Norway. With
effect from the second quarter of 2009, a new standard for industry codes has been introduced which corresponds to the new
EU standard, NACE Rev. 2. Customers are classified according to their main line of business.
38
1)
Net non-performing and impaired commitments
Per cent
1.68 1.71
1.50 1.56
1.18
1.04 0.99 19.2 19.1
18.3
NOK billion 0.70
0.61
0.45 0.42 0.43 0.44 14.0
11.9
8.4
6.9
6.0
4.9 4.4 4.8
3.8 4.2
31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 30 30 31 31 30 30 31

2)
2003 1) 2004 1) 2005 2006 2007 March June Sept. Dec. March June Sept. Dec.
2008 2009
DnB NORD
DnB NOR Group excl. DnB NORD
As a percentage of net lending
1) Pro forma figures prior to 2005
2) Adjusted for updated figures regarding DnB NORD Latvia
Write-down ratio – net non-performing and impaired

commitments 1)
Amounts in NOK million 2009 2009 2009 2009 2008 2007
Non-performing commitments subject to

individual write-downs 19 523 17 496 18 025 14 392 11 421 5 055
Other impaired commitments 7 353 8 657 6 890 4 547 4 871 1 170
Gross non-performing and impaired commitments
subject to individual write-downs 26 876 26 153 24 915 18 939 16 292 6 225
Individual write-downs 7 749 6 924 6 593 4 987 4 370 2 051
Net non-performing and impaired commitments 19 127 19 229 18 322 13 952 11 922 4 174
Collective write-downs 2 969 2 856 2 363 1 911 1 625 712
Write-down ratio (per cent) 39.9 35.6 35.9 36.4 36.8 44.4
Collateral for loans 18 928 17 817 17 064 11 425 9 789 3 824

Coverage ratio (per cent) 110.3 105.5 104.4 96.7 96.9 105.8
1) Write-down ratio includes individual and collective write-downs as a percentage of gross non-performing and impaired
commitments subject to individual write-downs.
39
1)
Specification of net non-performing and impaired commitments
DnB NOR Group excl. DnB NORD DnB NORD

NOK 11 088 million as at 31 December 2009 (8 037) NOK 8 039 million as at 31 December 2009 (3 885)
Other sectors Estonia

(13%)
(3%)
Poland Denmark
Private
Building and individuals (15%)
7% (17%) 3%
construction 3% 5%
5% (37%)
(3%) 3%
5% 31%
Trade
(2%) 38%
Latvia
51% (31%)
24%
Services and 10%
management
International
(8%) 15% shipping
(0%) Lithuania
Manu- (34%)
facturing Real estate
(20%) (16%)
1) Includes non-performing commitments and, in addition, commitments subject to individual write-downs.

Comparable figures as at 31 December 2008 in parentheses.
See page 96 for more details on lending and write-downs in DnB NORD.
40
1)
Net non-performing and impaired commitments

Retail Banking 7 512 7 137 7 324 6 955 6 076 3 091

Large Corporates and International 3 576 5 169 4 872 2 148 1 960 154
DnB NORD 8 039 6 924 6 125 4 849 3 885 929
*)
Net non-performing and impaired commitments 19 127 19 229 18 322 13 952 11 922 4 174
*) Of which Norwegian units 8 722 9 201 9 317 7 648 6 533 3 083
1) Includes non-performing commitments and, in addition, commitments subject to individual write-downs.
1)
Development in net non-performing and impaired commitments
4Q09 3Q09 2Q09 1Q09 4Q08
Private Corporate Private Corporate Private Corporate Private Corporate Private Corporate
Amounts in NOK million individuals customers individuals customers individuals customers individuals customers individuals customers
Net non-performing and impaired

commitments at beginning of period 5 541 13 688 5 128 13 194 4 822 9 130 4 129 7 793 3 432 3 515
New non-performing and impaired

commitments 1 238 2 155 1 273 2 294 1 859 6 016 1 971 3 972 1 130 5 271
Transferred to current commitments 485 2 507 730 1 759 1 489 1 862 1 204 2 103 392 954
Write-offs etc. 188 317 130 40 65 90 74 532 42 41

commitments at end of period 6 107 13 020 5 541 13 688 5 128 13 194 4 822 9 130 4 129 7 793
1) Of which DnB NORD:

commitments at beginning of period 2 115 4 809 1 647 4 479 1 454 3 395 1 128 2 757 798 1 103
New non-performing and impaired

commitments 875 1 529 819 1 621 484 2 183 594 1 690 413 1 961
Transferred to current commitments 349 835 351 1 264 284 1 021 268 546 83 303
Write-offs etc. 0 104 0 27 7 78 0 506 0 4

commitments at end of period 2 641 5 398 2 115 4 809 1 647 4 479 1 454 3 395 1 128 2 757
41
1)
Net impaired commitments
1.10 1.08 1.08
0.80
0.73
Per cent
0.54 12.9
0.36 0.35 12.4 12.1
0.34
9.5
8.8
NOK billion
6.1
3.6 3.5 3.8
2)
31 Dec. 31 March 30 June 30 Sept. 31 Dec. 31 March 30 June 30 Sept. 31 Dec.
2007 2008 2009
DnB NORD
DnB NOR Group excl. DnB NORD
As a percentage of net lending
1) Includes loans and guarantees on which individual write-downs have been recorded
2) Adjusted for updated figures regarding DnB NORD Latvia
1)
Write-down ratio – net impaired commitments

Gross impaired commitments subject to

individual write-downs 19 848 19 281 19 471 14 470 13 177 5 639
Individual write-downs 7 749 6 924 6 593 4 987 4 370 2 051
Net impaired commitments 12 099 12 357 12 878 9 483 8 807 3 588
Collective write-downs 2 969 2 856 2 363 1 911 1 625 712
Write-down ratio (per cent) 54.0 47.5 46.0 47.7 45.5 49.0
Collateral for loans 18 928 17 817 17 064 11 425 9 789 3 824

Coverage ratio (per cent) 149.4 134.1 133.6 126.6 119.8 116.8
1) Write-down ratio includes individual and collective write-downs as a percentage of gross impaired commitments subject to
individual write-downs.
42
Capital adequacy
The DnB NOR Group follows the Basel II regulations for capital adequacy calculations. Valuation
rules used in the statutory accounts form the basis for the consolidation, which is subject to
special consolidation rules governed by the Consolidation Regulations.
Primary capital DnB NOR Bank DnB NOR Bank Group DnB NOR Group
31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.
Share capital 17 514 17 514 17 514 17 514 16 231 13 327
Other equity 54 948 51 702 65 800 59 969 85 172 67 949
Total equity 72 462 69 217 83 314 77 483 101 403 81 275
Deductions
Pension funds above pension commitments 0 0 (3) (1) (119) (152)
Goodwill (1 650) (1 657) (3 853) (4 737) (5 653) (6 854)
Deferred tax assets (1 153) (10) (295) (306) (300) (316)
Other intangible assets (912) (516) (1 980) (1 584) (2 270) (1 842)
Dividends payable etc. 0 0 (3 750) 0 (2 850) 0
Unrealised gains on fixed assets 0 0 (30) (30) (30) (30)
50 per cent of investments in other financial institutions (1 033) (1 070) (1 033) (1 070) (2) 0
50 per cent of expected losses exceeding actual losses,
IRB portfolios (101) (288) (222) (339) (222) (339)
Adjustments for unrealised losses/(gains) on liabilites
recorded at fair value 182 (323) (404) (2 284) (404) (2 284)
Additions
1)
Portion of unrecognised actuarial gains/losses, pension costs - 555 - 594 - 608
Equity Tier 1 capital 67 796 65 908 71 745 67 726 89 553 70 066
2) 3)
Perpetual subordinated loan capital securities 8 468 9 742 8 655 9 945 8 655 9 945
Tier 1 capital 76 264 75 649 80 400 77 671 98 208 80 010
Perpetual subordinated loan capital 6 830 8 007 6 830 8 007 6 830 8 007
3)
Term subordinated loan capital 21 111 23 843 23 003 26 083 23 003 26 083
Deductions
50 per cent of investments in other financial institutions (1 033) (1 070) (1 033) (1 070) (2) 0
50 per cent of expected losses exceeding actual losses,
IRB portfolios (101) (288) (222) (339) (222) (339)
Additions
45 per cent of unrealised gains on fixed assets 0 0 18 18 18 18
Tier 2 capital 26 807 30 492 28 597 32 700 29 628 33 770
4)
Total eligible primary capital 103 071 106 141 108 997 110 371 127 836 113 780
Risk-weighted volume 831 885 965 059 960 208 1 120 428 1 052 566 1 200 590
Minimum capital requirement 66 551 77 205 76 817 89 634 84 205 96 047
Equity Tier 1 capital ratio (%) 8.1 6.8 7.5 6.0 8.5 5.8
Tier 1 capital ratio (%) 9.2 7.8 8.4 6.9 9.3 6.7
Capital ratio (%) 12.4 11.0 11.4 9.9 12.1 9.5
1) Upon implementation of NRS 6A (IAS 19) in 2005, unrecognised actuarial gains/losses for pension commitments were charged
to equity in the accounts. The Ministry of Finance established a transitional rule for the years 2005 to 2008 meant to reduce
the negative effect when calculating capital adequacy.
2) Perpetual subordinated loan capital securities can represent up to 15 per cent of core capital. The excess will qualify as
perpetual supplementary capital.
3) As at 31 December 2009, calculations of capital adequacy included a total of NOK 735 million in subordinated loan capital in
associated companies, in addition to subordinated loan capital in the balance sheets of the banking group and the DnB NOR
Group.
4) Primary capital and nominal amounts used in calculating risk-weighted volume deviate from figures in the DnB NOR Group's
accounts, as associated companies which are assessed according to the equity method in the accounts, are assessed according
to the gross method in capital adequacy calculations.
Due to transitional rules, the minimum capital adequacy requirements for 2008 and 2009 cannot
be reduced below 90 and 80 per cent respectively relative to the Basel I requirements. Risk-
weighted volume for the Group at the end of 2009 represented 89.1 per cent of the corre-
sponding volume based on the Basel I rules.
43
Tier 1 capital ratio

Per cent
11.7
9.6 9.8
9.3
8.7 8.5
7.3 7.6
6.7 6.8
6.5
5.8
31 December 30 June 30 September 31 December

2008 2009 1) 2009 1) 2009
Equity Tier 1 capital ratio
Tier 1 capital ratio
Tier 1 capital ratio subject to full IRB implementation
1) Include 50 per cent of profit for the period.
Basel II implementation - further progress

A major reduction in risk-weighted assets is expected upon full implementation of the IRB
system. The IRB system is defined as the models, work processes, decision-making processes,
control mechanisms, IT systems and internal guidelines and routines used to classify and
quantify credit risk. Below is a time schedule for the implementation of the different reporting
methods used for the Group's portfolios.
Reporting methods for capital adequacy
Portfolios 31 Dec. 2009 31 Dec. 2010 31 Dec. 2011
Retail:
- mortgage loans, DnB NOR Bank and
1) 1) 1)
DnB NOR Boligkreditt IRB IRB IRB
1) 1)
- qualifying revolving retail exposure, DnB NOR Kort Standardised IRB IRB
1) 1)
- mortgage loans, Nordlandsbanken Standardised IRB IRB
- loans in Norway, DnB NOR Finans excluding the portfolio from
1) 1)
SkandiaBanken Bilfinans Standardised IRB IRB
1)
- remaining portfolios, DnB NOR Finans Standardised Standardised IRB
Corporates:
- small and medium-sized corporates,
DnB NOR Bank Advanced IRB Advanced IRB Advanced IRB
- large corporate clients, DnB NOR Bank Standardised Advanced IRB Advanced IRB
- corporate clients, Nordlandsbanken Standardised Advanced IRB Advanced IRB
- leasing and loans in Norway, DnB NOR Finans
excluding the portfolio from SkandiaBanken Bilfinans Standardised Advanced IRB Advanced IRB
- remaining portfolios, DnB NOR Finans Standardised Standardised Advanced IRB
- corporate clients, DnB NOR Næringskreditt Standardised Advanced IRB Advanced IRB
Institutions:
- banks and financial institutions Standardised Standardised Advanced IRB
Exceptions:
- approved exceptions: government and
municipalities, equity positions, commercial paper Standardised Standardised Standardised
- temporary exceptions: DnB NORD, DnB NOR Luxembourg,
Monchebank and various other portfolios Standardised Standardised Standardised
1) For mortgage loans, no distinction is made between the foundation and the advanced IRB approach.
44
Financial results
Income statement Full year
Total interest income 12 667 13 317 14 692 17 687 22 675 58 363 81 953
Total interest expenses 7 061 7 577 9 038 12 054 16 496 35 730 60 044
Commissions and fees receivable etc. 2 137 2 312 2 217 2 058 2 151 8 724 9 207
Commissions and fees payable etc. 521 530 549 469 597 2 069 2 313
Net gains on financial instruments at fair value 1 066 1 931 1 059 2 229 1 059 6 286 3 339
Guaranteed returns and allocations to
policyholders in Vital 3 798 4 295 3 418 1 201 1 641 12 712 (1 027)
Premium income non-life insurance 221 134 149 89 - 593 -
Insurance claims etc. non-life insurance 201 125 135 78 - 538 -
Profit from companies accounted for by
the equity method (49) (284) (471) 897 1 201 93 632
Other income 268 286 195 315 257 1 063 1 111
Total income 8 766 9 691 8 347 10 823 10 794 37 627 34 347
Salaries and other personnel expenses 2 493 2 454 2 417 2 553 2 416 9 917 9 463
Other expenses 1 446 1 672 1 843 1 823 1 802 6 784 7 040
Depreciation and write-downs of fixed and
intangible assets 718 522 632 338 1 400 2 210 2 217
Total operating expenses 4 657 4 648 4 891 4 714 5 618 18 911 18 721
Net gains on fixed and intangible assets 19 (4) 7 4 5 26 52
Taxes 1 001 1 002 503 1 580 1 240 4 086 3 252
Profit from operations and non-current assets held for sale, after taxes 80 0 0 0 0 80 0
Profit for the period 1 689 1 760 643 2 934 1 629 7 026 8 918
Profit attributable to shareholders 2 122 2 167 1 200 3 095 2 030 8 585 9 211
Profit attributable to minority interests (433) (408) (558) (161) (402) (1 559) (293)
Earnings/diluted earnings per share (NOK) 1.58 1.63 0.90 2.32 1.52 6.43 6.91
Earnings per share excluding operations held for sale (NOK) 1.52 1.63 0.90 2.32 1.52 6.37 6.91
Balance sheet 31 Dec. 30 Sept. 30 June 31 March 31 Dec. 31 Dec.

Cash and deposits with central banks 31 859 29 899 58 524 58 185 51 147 9 816
Lending to and deposits with credit institutions 62 317 70 346 63 789 75 977 59 717 64 379
Lending to customers 1 114 886 1 132 793 1 164 270 1 173 547 1 191 635 970 504
Commercial paper and bonds 225 415 229 441 157 479 120 641 125 571 161 162
Shareholdings 58 227 48 396 37 397 35 484 36 839 65 122
Financial assets, customers bearing the risk 21 337 20 044 18 031 16 448 16 454 19 868
Financial derivatives 70 072 86 116 87 416 112 930 136 552 65 933
Commercial paper and bonds, held to maturity 179 832 172 906 168 201 154 808 155 156 59 641
Investment property 33 381 33 303 32 215 32 136 32 558 33 078
Investments in associated companies 2 521 2 617 2 940 3 410 2 517 1 435
Intangible assets 7 644 8 409 7 862 8 028 8 480 7 742
Deferred tax assets 246 248 395 249 263 136
Fixed assets 5 482 5 634 5 356 5 182 5 326 3 496
Operations and non-current assets held for sale 1 255 168 164 201 246 225
Other assets 8 979 8 727 11 380 12 017 9 236 11 382
Total assets 1 823 453 1 849 047 1 815 419 1 809 242 1 831 699 1 473 919
Loans and deposits from credit institutions 302 669 297 107 233 723 230 256 178 822 144 198
Deposits from customers 590 745 594 539 611 386 595 246 597 242 538 151
Debt securities issued 493 732 520 878 526 954 548 867 606 222 371 784
Insurance liabilities, customers bearing the risk 21 337 20 044 18 031 16 448 16 454 19 868
Liabilities to life insurance policyholders 193 556 191 423 189 047 187 994 184 791 191 626
Insurance liabilities, non-life insurance 704 635 552 359 - -
Payable taxes 9 093 2 886 1 893 1 707 384 1 431
Deferred taxes 525 5 587 5 825 5 547 5 457 1 994
Other liabilities 12 331 16 333 28 112 13 506 15 410 27 717
Operations held for sale 366 0 0 0 0 0
Provisions 4 923 5 057 4 992 4 923 4 918 5 207
Subordinated loan capital 39 051 39 940 43 629 42 624 45 225 33 226
Total liabilities 1 722 050 1 762 819 1 730 399 1 725 788 1 750 424 1 397 944
Minority interests 2 755 3 265 4 010 3 644 4 211 2 662

Share capital 16 231 13 327 13 327 13 327 13 327 13 327
Share premium reserve 22 609 11 697 11 697 11 697 11 697 11 697
Other equity 59 808 57 939 55 987 54 786 52 041 48 290
Total equity 101 403 86 228 85 020 83 453 81 275 75 976
Total liabilities and equity 1 823 453 1 849 047 1 815 419 1 809 242 1 831 699 1 473 919
45
Key figures
Full year
4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
Interest rate analysis

1 Combined weighted total average spread for lending
and deposits (%) 1.13 1.16 1.16 1.16 1.12 1.15 1.04
2 Spread for ordinary lending to customers (%) 1.61 1.63 1.60 1.58 1.34 1.61 1.01
3 Spread for deposits from customers (%) 0.23 0.29 0.30 0.33 0.68 0.29 1.08
Rate of return/profitability
4 Net other operating income, per cent of total income 36.0 40.8 32.3 48.0 42.8 39.8 36.2
5 Cost/income ratio (%) 49.3 46.9 55.1 43.6 42.2 48.3 51.4
6 Return on equity, annualised (%) 10.1 10.6 6.0 15.8 10.7 10.6 12.4
7 RARORAC, annualised (%) 15.5 18.8 11.6 22.9 24.5 17.2 13.6
8 RORAC, annualised (%) 12.9 12.9 6.7 18.1 11.7 12.6 15.3
9 Average equity including allocated dividend (NOK million) 84 110 81 986 80 410 78 437 76 048 81 236 74 044
10 Return on average risk-weighted volume, annualised (%) 0.63 0.64 0.22 1.00 0.58 0.83 0.79
Financial strength
11 Core (Tier 1) capital ratio at end of period (%) 9.3 7.3 7.1 6.8 6.7 9.3 6.7
12 Core (Tier 1) capital ratio incl. 50% of profit
for the period (%) - 7.6 7.3 7.0 - - -
13 Capital adequacy ratio at end of period (%) 12.1 10.1 10.1 9.6 9.5 12.1 9.5
14 Capital adequacy ratio incl. 50% of profit
for the period (%) - 10.3 10.2 9.7 - - -
15 Core capital at end of period (NOK million) 98 208 80 010 80 231 78 613 80 010 98 208 80 010
16 Risk-weighted volume at end of period (NOK million) 1 052 566 1 093 934 1 122 620 1 147 791 1 200 590 1 052 566 1 200 590
Loan portfolio and write-downs

17 Individual write-downs relative to average net lending
to customers, annualised 0.46 0.59 0.64 0.41 0.59 0.53 0.25
18 Write-downs relative to average net lending to
customers, annualised 0.54 0.79 0.80 0.55 0.80 0.67 0.33
19 Net non-performing and impaired commitments,
per cent of net lending 1.71 1.68 1.56 1.18 0.99 1.71 0.99
20 Net non-performing and impaired commitments
at end of period (NOK million) 19 127 19 229 18 322 13 952 11 922 19 127 11 922
Liquidity
21 Ratio of customer deposits to net lending to
customers at end of period (%) 53.0 52.5 52.5 50.7 50.1 53.0 50.1
Total assets owned or managed

by DnB NOR
22 Customer assets under management at
end of period (NOK billion) 468 456 496 487 510 468 510
23 Total combined assets at end of period (NOK billion) 2 076 2 094 2 104 2 092 2 141 2 076 2 141
24 Average total assets (NOK billion) 1 935 1 927 1 880 1 881 1 821 1 906 1 635
25 Customer savings at end of period (NOK billion) 1 059 1 052 1 108 1 083 1 108 1 059 1 108
Staff
26 Number of full-time positions at end of period 13 317 13 524 13 711 13 928 14 057 13 317 14 057
The DnB NOR share

27 Number of shares at end of period (1 000) 1 628 799 1 332 654 1 332 654 1 332 654 1 332 654 1 628 799 1 332 654
28 Average number of shares (1 000) 1 345 391 1 332 654 1 332 654 1 332 654 1 332 654 1 335 838 1 332 654
29 Earnings per share (NOK) 1.58 1.63 0.90 2.32 1.52 6.43 6.91
30 Earnings per share excluding operations held for sale (NOK) 1.52 1.63 0.90 2.32 1.52 6.37 6.91
1)
31 Dividend per share (NOK) - - - - - 1.75 0.00
32 Total shareholder's return (%) (1.2) 36.5 62.0 12.0 (39.2) 144.7 (65.6)
33 Dividend yield (%) - - - - - 2.79 0.00
34 Equity per share including allocated dividend
at end of period (NOK) 52.34 62.25 60.79 59.89 57.83 52.34 57.83
35 Share price at end of period (NOK) 62.75 66.90 49.00 30.25 27.00 62.75 27.00
36 Diluted share price at end of period, adjusted for rights issue (NOK) 62.75 63.53 46.53 28.73 25.64 62.75 25.64
37 Price/earnings ratio 10.33 10.28 13.60 3.26 4.43 9.85 3.91
38 Price/book value 1.20 1.07 0.81 0.51 0.47 1.20 0.47
39 Market capitalisation (NOK billion) 102.2 89.2 65.3 40.3 36.0 102.2 36.0
1) Proposed dividend for 2009.
For definitions of selected key figures, see next page.
46
Definitions to key figures
1, 2, 3 Based on nominal values excluding lending to and deposits with credit institutions and impaired loans,
measured against the 3-month money market rate.
5 Total operating expenses relative to total income. Expenses exclude allocations to employees and
impairment losses for goodwill.
6 Profit for the period, excluding profit attributable to minority interests, adjusted for the period’s change in
fair value recognised in equity. Average equity is calculated on the basis of recorded equity excluding
minority interests.
7 RARORAC (Risk-Adjusted Return On Risk-Adjusted Capital) is defined as risk-adjusted profits relative to
the risk-adjusted capital requirement. Risk-adjusted profits indicate the level of profits in a normalised
situation. The risk-adjusted capital requirement is described in further detail in the chapter "Management
in DnB NOR" in the DnB NOR Group's annual report for 2008.
8 RORAC (Return On Risk-Adjusted Capital) is defined as profits for the period relative to the risk-adjusted
capital requirement. Profits for the period exclude profits attributable to minority interests and are
adjusted for the period’s change in fair value recognised directly in equity and for the difference between
recorded interest on average equity and interest on risk-adjusted capital.
10 Profit for the period relative to average risk-weighted volume.
22 Total assets under management for customers in Life and Asset Management.
23 Total assets and customer assets under management.
25 Total deposits from customers, assets under management and equity-linked bonds.
29 Excluding profits attributable to minority interests. Holdings of own shares are not included in calculations
of the number of shares.
30 Excluding operations held for sale and profits attributable to minority interests. Holdings of own shares are
not included in calculations of the number of shares.
32 Closing price at end of period less closing price at beginning of period, including dividends reinvested in
DnB NOR shares on the dividend payment date, relative to closing price at beginning of period.
34 Equity at end of period excluding minority interests relative to number of shares at end of period.
37 Closing price at end of period relative to annualised earnings per share.
38 Closing price at end of period relative to recorded equity at end of period.
39 Number of shares multiplied by the closing share price at end of period.
47
48
Section 3
DnB NOR Group -

business areas
With effect from 1 July 2009 the business structure has been changed.
Figures prior to the third quarter of 2009 have been restated accordingly.
DnB NOR Group
Large
Group Finance
Retail Corporates DnB NOR Life and Asset Operations HR IT and Risk
Banking and Markets Management
Management
International
DnB NOR Asset

DnB NORD Vital
Management
49
3. DnB NOR Group – business areas Fourth quarter 2009
Business areas – financial performance

With effect from 1 July 2009 the organisational structure has been changed. The Group's
operations in the Norwegian regional network in former Retail Banking area and in the regional
divisions Coast and East in Corporate Banking and Payment Services have been merged into one
business area, Retail Banking, while the large corporate customers will be served by the new
business area, Large Corporates and International.
DnB NOR's business areas; Retail Banking, Large Corporates and International, DnB NOR
Markets and Life and Asset Management are independent profit centres carrying responsibility for
customer segments served by the Group and the products offered. In addition, DnB NORD is
reported as a separate profit centre.
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 new
organisational structure and the Group's current principles for allocating costs and capital
between business areas. The figures for business areas are based on a number of assumptions,
estimates and discretionary distributions. 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, 90 per cent of lending is financed through stable deposits and long-
term funding. The additional costs thus arising were charged to the business areas. In the
management accounts, Retail Banking and Large Corporates and International are measured
based on the business areas' ordinary operations. Volatile IFRS effects are not allocated to the
business areas.
Return on capital for the business areas are presented in the descriptions of each area in this
section. Return on capital is measured as the business area's profits after taxes relative to
average allocated capital. Capital is allocated to the business areas as part of the Group's
financial planning process and corresponds to the areas' risk-adjusted capital requirement based
on the risk involved in operations. The capital requirement is measured in accordance with
DnB NOR's total risk model.
Internal pricing
DnB NOR's financial management model and operational organisation entail the sale of products
and services between the business areas in the Group. The pricing of such intra-group
transactions is regulated by internal agreements based on market terms.
Certain customers and transactions of major importance require extensive cooperation within
the Group. To stimulate such cooperation, net income relating to some of these customers and
transactions is recorded in the accounts of all relevant business areas. This refers primarily to
income from customer trading in DnB NOR Markets. In the fourth quarter of 2009, such income
totalled NOK 292 million. Double entries are eliminated in the group accounts.
Services provided by staff and support units will as far as possible be scaled and priced according
to use. Joint expenses incurred by group staff units and other group expenditures that cannot be
debited according to use, are charged to the business areas' accounts on the basis of special
distribution formulas. Costs relating to the Group's equity transactions, including strategic
investments, and direct shareholder-related expenses and costs concerning the Group's
governing bodies are not charged to the business areas.
50
Fourth quarter 2009 3. DnB NOR Group – business areas

Change Change
Amounts in NOK million 4Q09 3Q09-4Q09 4Q08-4Q09
Net interest income 5 606 (135) (573)
Retail Banking 3 615 (268) (59)
Large Corporates and International 1 425 (85) (441)
DnB NOR Markets 315 (3) (82)
Life and Asset Management 0 1 9
DnB NORD 369 (8) (110)
Other (118) 228 111
Changes in net other operating income

Change Change
Net other operating income 3 160 (791) (1 455)
Retail Banking 963 (27) 157
Large Corporates and International 586 71 (100)
DnB NOR Markets 943 (313) (1 184)
Life and Asset Management 923 25 (204)
- Vital 719 36 (214)
- DnB NOR Asset Management 203 (11) 10
DnB NORD 182 27 (94)
Other (438) (574) (31)

Change Change
Operating expenses 4 657 9 (961)
Retail Banking 2 496 (123) (61)
Large Corporates and International 405 (41) (129)
DnB NOR Markets 459 4 (68)
Life and Asset Management 558 19 113
- Vital 415 52 79
- DnB NOR Asset Management 143 (34) 34
DnB NORD 768 329 225
1)
Other (29) (179) (1 042)
1) Impairment losses for goodwill totalled NOK 1 058 million in the fourth quarter of 2008.
Changes in write-downs on loans and guarantees

Change Change
Write-downs on loans and guarantees 1 517 (759) (797)
Retail Banking 344 (131) (298)
Large Corporates and International 189 (92) 62
DnB NORD, including collective write-downs on loans 845 (196) (208)
Unallocated collective write-downs on loans excl. DnB NORD 139 (341) (330)
Other 0 0 (23)
51
Extracts from income statement, fourth quarter
Large Other
Retail DnB NOR Life and Asset DnB NOR
Corporates and DnB NORD operations/
Banking Markets Management 1) Group
International eliminations
Amounts in NOK million 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08
Net interest income - ordinary operations 3 515 3 371 1 271 1 394 288 289 (46) (136) 354 394 223 867 5 606 6 179
2)
Interest on allocated capital 100 303 153 472 28 109 46 128 14 86 (341) (1 097)
Net interest income 3 615 3 674 1 425 1 866 315 398 0 (9) 369 479 (118) (230) 5 606 6 179
Net other operating income 963 806 586 687 943 2 127 923 1 127 182 276 (438) (407) 3 160 4 615
Total income 4 578 4 480 2 011 2 553 1 259 2 525 923 1 118 551 755 (556) (637) 8 766 10 794
Operating expenses 2 496 2 557 405 534 459 527 558 445 768 543 (29) 1 012 4 657 5 618
Pre-tax operating profit before write-downs 2 082 1 923 1 606 2 018 800 1 998 365 673 (217) 213 (527) (1 650) 4 109 5 176
Net gains on fixed and intangible assets 0 (1) 0 0 0 0 0 0 (15) 3 34 4 19 5
Write-downs on loans and guarantees 344 643 189 127 0 1 0 0 845 1 053 139 491 1 517 2 314
Pre-tax operating profit 1 738 1 279 1 417 1 892 800 1 997 365 673 (1 078) (837) (632) (2 136) 2 610 2 868
1) Other operations/eliminations:
Eliminations of double
Other eliminations Group Centre Total
entries
Amounts in NOK million 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08
Net interest income - ordinary operations 0 0 (3) (30) 227 898 223 867
Interest on allocated capital 0 0 (341) (1 097) (341) (1 097)
Net interest income 0 0 (3) (30) (114) (199) (118) (230)
Net other operating income (292) (625) (160) (111) 14 329 (438) (407)
Total income (292) (625) (164) (142) (101) 130 (556) (637)
Operating expenses (164) (134) 135 1 147 (29) 1 012
Pre-tax operating profit before write-downs (292) (625) 0 (9) (236) (1 017) (527) (1 650)
Net gains on fixed and intangible assets 0 9 34 (5) 34 4
Write-downs on loans and guarantees 0 0 139 491 139 491
Pre-tax operating profit (292) (625) 0 0 (341) (1 512) (632) (2 136)
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 double entries 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, investments in IT infrastructure and shareholder-related. In addition, the Group Centre includes
that part of the Group’s equity that is not allocated to the business areas.
2) The interest is calculated on the basis of internal measurement of risk-adjusted capital. Figures for previous periods have been restated.
52
Main average balance sheet items
Large Other
Banking Markets Management Group
Amounts in NOK billion 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08
1)
Net lending to customers 723.8 682.9 341.3 388.0 6.4 7.2 2.8 2.5 75.9 87.8 (19.9) (6.8) 1 130.3 1 161.6
1)
Deposits from customers 370.6 360.6 219.5 222.1 28.0 21.3 20.0 23.1 (18.0) (18.6) 620.0 608.5
2)
Assets under management 0.1 480.0 531.7 (0.1) 480.0 531.7
Key figures
Large
Retail DnB NOR Life and Asset Other DnB NOR
Corporates and DnB NORD
Banking Markets Management operations Group
International
Per cent 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08 4Q09 4Q08
3)
Cost/income ratio 52.3 54.8 20.2 20.9 36.5 20.9 60.4 39.8 72.6 54.2 49.3 42.2
1) 4)
Ratio of deposits to lending 51.2 52.8 64.3 57.2 26.4 26.4 54.9 52.4
Return on allocated capital,
5)
annualised 25.3 18.3 13.3 17.4 41.5 80.3 49.3 10.4 (28.9) (28.4) 12.9 11.7
6)
Full-time positions as at 31 Dec. 5 090 5 241 1 061 1 115 647 655 961 1 169 3 174 3 597 2 385 2 280 13 317 14 057
1) Based on nominal values and includes lending to and deposits from credit institutions.
2) The figures include total assets in Vital and was NOK 232.5 billion as at 31 December 2009 and NOK 224.1 billion as at 31 December 2008..
3) Total operating expenses relative to total income. Expenses exclude impairment losses for goodwill.
4) Deposits from customers relative to net lending to customers.
5) The return is calculated on the basis of internal measurement of risk-adjusted capital.
6) Due to changes in the agreement with Norway Post, 162.6 full-time positions were transferred from Norway Post on 1 May 2009. Costs and
corresponding head-count figures relating to these positions were included with effect from the first quarter of 2009. In 2009, some 200 full-time
positions were transferred to the IT unit from other units in the Group in connection with the centralisation of IT functions.
Extracts from income statement, full year
Large Other
Banking Markets Management Group
Amounts in NOK million 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Net interest income - ordinary operations 14 495 12 347 5 273 4 492 1 100 708 (251) (588) 1 462 1 411 554 3 539 22 633 21 910
1)
Interest on allocated capital 503 1 224 793 1 606 144 305 231 502 96 303 (1 767) (3 939)
Net interest income 14 998 13 571 6 066 6 097 1 244 1 014 (20) (86) 1 559 1 714 (1 213) (400) 22 633 21 910
Net other operating income 3 756 3 717 2 525 2 334 5 999 4 671 3 582 2 988 684 754 (1 552) (2 027) 14 994 12 438
Total income 18 753 17 288 8 591 8 431 7 243 5 685 3 562 2 902 2 242 2 468 (2 765) (2 427) 37 627 34 347
Operating expenses 10 185 9 620 1 806 2 021 1 913 1 749 2 211 2 153 2 589 1 704 207 1 473 18 911 18 721
Pre-tax operating profit before write-downs 8 569 7 669 6 785 6 410 5 331 3 936 1 351 748 (347) 764 (2 972) (3 900) 18 717 15 627
Net gains on fixed and intangible assets 1 0 0 17 0 0 0 0 (13) 19 38 16 26 52
Write-downs on loans and guarantees 1 586 1 267 1 128 212 0 1 0 0 3 929 1 388 1 067 641 7 710 3 509
Pre-tax operating profit 6 984 6 402 5 657 6 216 5 331 3 935 1 351 748 (4 289) (605) (4 001) (4 525) 11 032 12 170
1) The interest is calculated on the basis of internal measurement of risk-adjusted capital. Figures for previous periods have been restated accordingly.
53
Market shares lending and deposit, Norwegian customers

1)
Retail customers
31 Dec. 30 Sept. 30 June 31 March 31 Dec.
Per cent 2009 2009 2009 2009 2008
2)
Total lending to households 28.4 28.4 28.4 28.2 28.2
3)
Bank deposits from households 32.4 32.5 32.4 32.5 32.7
30 Sept. 30 June 31 March 31 Dec. 30 Sept.

Per cent 2008 2008 2008 2007 2007
2)
Total lending to households 28.4 28.5 28.7 28.9 29.1
3)
Bank deposits from households 33.0 32.8 32.8 32.8 33.4
1) Based on nominal values.

2) Total lending includes all credits extended to Norwegian customers by domestic commercial and savings banks, state banks, insurance companies
and finance companies.
3) Domestic commercial and savings banks.
Source: Norges Bank, DnB NOR
1) 2)
Corporate customers
31 Dec. 30 Sept. 30 June 31 March 31 Dec.
Per cent 2009 2009 2009 2009 2008
3)
Of total lending to corporate clients 14.0 14.5 14.9 14.4 15.2
4)
Of deposits from corporate clients 35.5 36.1 35.7 37.1 36.6
30 Sept. 30 June 31 March 31 Dec. 30 Sept.

Per cent 2008 2008 2008 2007 2007
3)
Of total lending to corporate clients 15.0 15.2 14.8 15.2 15.0
4)
Of deposits from corporate clients 36.3 35.8 34.5 35.6 37.1

2) Updated according to adjusted data from Norges Bank.
3) Overall lending includes all credits extended to Norwegian customers by domestic commercial and savings banks, state banks, insurance companies,
finance companies and foreign institutions, as well as bonds and commercial paper. Excluding lending to financial institutions, central government
and social security services.
4) Excluding deposits from financial institutions, central government and social security services.
Source: Norges Bank, DnB NOR
54
Retail Banking
Retail Banking aims to maintain its leading market position and stand out as the customers' best
financial partner. Karin Bing Orgland, group executive vice president, heads the business area.
Retail Banking included from 1 July 2009:

• The retail market activities (private individuals and small and medium sized enterprises) of
DnB NOR Bank, Postbanken and Nordlandsbanken
• DnB NOR Boligkreditt (excluding funding activities)
• DnB NOR Finans
• DnB NOR Skadeforsikring
• Residential real estate broking activities through DnB NOR Eiendom and Postbanken Eiendom
• Retail banking activities in Luxembourg and Sweden
• Svensk Fastighetsförmedling
• SalusAnsvar
Customers/markets
• Serving 2.3 million private customers and 101 000 corporate customers, of which 535 000
customers have loans
• 1 367 000 customers subscribe to DnB NOR loyalty programmes and Postbanken Leve
• 1.2 million customers have agreed to receive notifications from the bank, such as account
statements, via e-mail
• 64 million payment transactions were carried out through the Internet banks in 2009
• 6.0 million payment transactions were carried out through in-store postal and banking outlets
• 29.6 million SMS messages were received in 2009
• Brand names
DnB NOR
Postbanken
Nordlandsbanken
Cresco
DnB NOR Skadeforsikring
Organisation and distribution

Retail Banking offers a wide range of financial products and services through Norway's largest
distribution network, in terms of number of contact points with customers. The major distribution
channels are:
• Branch offices: 163 DnB NOR, 39 Postbanken and 16 Nordlandsbanken
• Investment Advisory Services for private and corporate customers: 87
• In-store postal and banking outlets: 2 165
• Postal offices: 208
• Internet and telephone
• Real estate outlets in Norway: 116
• Real estate outlets in Sweden: 213
DnB NOR Bank ASA and Norway Post have an agreement relating to the distribution of financial
services through the postal network. The agreement is mainly based on transaction-specific
prices and a common aim to increase the number of financial services distributed through the
postal network, and will remain in force until December 2012.
Postbanken and Norway Post have established joint service solutions provided through in-store
postal outlets where customers can carry out everyday banking transactions in their local
supermarkets. The distribution of standard banking services through in-store banking outlets is
based on an agreement between DnB NOR and NorgesGruppen.
55
Employees
At end-December 2009, the business area had a staff of 5 090 full-time positions, with 4 660
positions in Norway, including 1 289 in Norwegian subsidiaries, and 430 in international units.
Streamlining measures in the Group's cost programme resulted in staff reductions in Norwegian
operations compared with 2008.
Cooperation with other group entities

Cross selling of products is one of the major strengths of the DnB NOR Group. Through its
distribution network Retail Banking offers:
• Asset management services, Life and pension insurance (Life and Asset Management)
• Financial instruments (DnB NOR Markets)
1)
Financial performance
Full year
Net interest income - ordinary operations 3 515 3 783 3 720 3 477 3 371 14 495 12 347
2)
Interest on allocated capital 100 100 129 174 303 503 1 224
Net other operating income 963 990 932 870 806 3 756 3 717
Total income 4 578 4 872 4 782 4 522 4 480 18 753 17 288
Operating expenses 2 496 2 619 2 483 2 586 2 557 10 185 9 620
Net gains on fixed and intangible assets 0 0 0 1 (1) 1 0
Write-downs on loans and guarantees 344 475 290 476 643 1 586 1 267
3)
Net lending to customers (NOK billion) 723.8 719.2 710.0 700.2 682.9 713.3 664.1
3)
Deposits from customers (NOK billion) 370.6 372.0 364.1 364.4 360.6 367.7 352.5
Ratio of deposits to lending (%) 51.2 51.7 51.3 52.0 52.8 51.6 53.1
Return on allocated capital, annualised (%) 25.3 26.2 30.4 22.6 18.3 26.1 23.6
1) In connection with the restructuring of Retail Banking and Large Corporates and International, figures for previous periods have been restated after
the release of the third quarter results for 2009.
3) Average balances. Based on nominal values.
Net interest income

1) 2)
Lending 717 905 712 176 687 006 1.80 1.85 1.51 3 261 3 320 2 617
1)
Deposits 368 208 372 529 360 195 0.30 0.30 0.81 274 278 738
Allocated capital 19 653 19 381 20 023 2.00 2.00 6.01 100 100 303
Other (20) 185 16

2) Excluding impaired loans.
56
1)
Developments in average volumes and interest spreads
NOK billion
712 718
687 693 702
1.86% 1.85% 1.85% 1.80%

1.51%
360
365 365 373 368
0.81%
0.29% 0.28% 0.30% 0.30%
4Q08 1Q09 2Q09 3Q09 4Q09
Lending volumes Deposit volumes

Lending spread Deposit spread
1) Excluding impaired loans
Residential mortgages
Distribution of lending according to collateral value
NOK billion
377 383
370 364 372
67 71 73 73
55
14 17 19 20 21
31 Dec. 2008 31 March 2009 30 June 2009 30 Sept. 2009 31 Dec. 2009
Mortgage within 60 per cent of collateral value

Mortgage between 60 and 80 per cent of collateral value
Mortgage above 80 per cent of collateral value
1) Residential mortgages in the business area Retail Banking in Norway.
57
Average mortgage lending - volumes and spreads

NOK billion
451 460
430 440
425
1.31%
1.20% 1.23%
1.09% 1.15%
4Q08 1Q09 2Q09 3Q09 4Q09
Residential mortgages, average lending volumes Lending spreads
Retail corporate customers
Exposure at default according to sector 1) Risk classification of portfolio 2)
Public NOK billion

Oil and Other 31 Dec. 2008
energy corporate 31 Dec. 2009
7% customers
Manu-
4%
facturing
25%
7%
151
130
Trade 7%
93
3% 2% 86
Finance
Fishing and 44
fish farming 26
45%
2 3
PD 0.01% - PD 0.75% - PD 2.0% - Net non-

Real estate 0.75% 2.0% performing and
and impaired
contractors commitments
1) Corporate customers. Figures as at 31 December 2009.

2) Based on DnB NOR's risk classification system. The volume represents the expected outstanding amount in the event of default.
PD = probability of default
58
Residential real estate broking

DnB NOR's real estate broking activities are coordinated by DnB NOR Eiendom AS, a market
leader within the real estate broking business in Norway. DnB NOR Eiendom had 89 outlets
located in DnB NOR branches at the end of September 2009. Postbanken Eiendom has
established 27 real estate broking customer service centres.
After the acquisition of Svensk Fastighetsförmedling DnB NOR became the largest provider of
real estate brokerage services in the Nordic region Svensk Fastighetsförmedling had 213 outlets
in Sweden at end-December.
In addition to fee income, real estate broking operations generate business in the form of
residential mortgages and savings.
Real estate broking in Norway
5 306
5 025
4 525
4 096
2 874 167 169

159
134
81
4Q08 1Q09 2Q09 3Q09 4Q09
Properties sold Fees on real estate broking (NOK million)
1)
Properties sold and market shares
Full year
Properties sold 4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
DnB NOR Eiendom 3 702 4 361 4 085 3 265 2 286 15 413 13 347
Postbanken Eiendom 823 945 940 831 588 3 539 3 024
Total properties sold 4 525 5 306 5 025 4 096 2 874 18 952 16 371
2)
Market shares, per cent 19 % 18 %
1) Norwegian operations only

2) Management's estimates
59
Consumer finance
Average volumes
Full year
Amounts in NOK billion 4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
Net lending to customers 14 14 14 13 13 14 12
Business profile
• DnB NOR's card-based services and consumer finance activities are coordinated in DnB NOR
Kort, an entity within DnB NOR Bank ASA.
• Consumer finance activities generated healthy profits in the fourth quarter of 2009.
• DnB NOR Kort is Norway's leading card issuer in terms of number of cards issued and lending
volume. As at 31 December 2009, the entity had issued more than 1.7 million credit and
charge cards
DnB NOR Finans
Average volumes
Full year
• There was an 11.4 per cent decrease in new leasing and lending contracts in 2009 compared
to 2008.
• The value of processed factoring invoices was down 5 per cent in 2009 relative to 2008.
Business profile
DnB NOR Finans is Norway’s leading finance company. The company provides administrative,
financial and risk-reducing services related to investments and operations. In its operations,
DnB NOR Finans focuses mainly on leasing, leasing concepts for information and communication
technology, factoring, motor vehicle financing and Auto lease (DnB NOR Finans’ product concept
for long-term leasing and management of company cars and service vehicles).
DnB NOR Finans has a strong local presence in Norway through 14 branches, most of which
are co-located with branches of DnB NOR Bank. In addition, DnB NOR Finans has local
representation in Denmark, where it offers Auto lease services, and in Sweden, where it offers
Auto lease services, car finance, equipment finance and information and communication
technology finance.
Nordlandsbanken
Average volumes
Full year
Customer deposits 13 13 12 13 12 13 12
Business profile
Nordlandsbanken is a wholly owned subsidiary of DnB NOR ASA. Nordlandsbanken serves private
customers, businesses and the public sector through 16 branches in Nordland county.
Nordlandsbanken aim to be the leading bank in Nordland county for customers who seek local
expertise.
60
Non-life insurance
DnB NOR Skadeforsikring AS was established in the autumn of 2008, offering non-life insurance
products, mainly to private individuals (home, car, travel etc.). The company is insurer for the
portfolio established by the agent company Vital Skade AS, and the portfolio was transferred in
accordance with policy-renewals during 2009.
DnB NOR Skadeforsikring AS provides non-life insurance products within the Group's distribution
network and customer base, with products accommodated to the bank assurance concept. High
level of service in claims handling and advisory, are significant components in creating customer
loyalty. Furthermore, the company aims to achieve sufficient profitability with a long-term
combined ratio below 100 per cent.
Written premium generated in DnB NOR Skadeforsikring AS in the fourth quarter of 2009,
amounted NOK 972 million.
From February 2010 the responsibility for DnB NOR Skadeforsikring was transferred to the
business area Insurance and Asset Management. DnB NOR Skadeforsikring will continue as a
separate company, and non-life insurance will be sold through Retail Banking's distribution
channels.
61
Large Corporates and International
Large Corporates and International (LCI) aims to offer good solutions to the customers in a
challenging market situation, and maintain and build strong relations for the future. Leif Teksum,
group executive vice president, heads the business area.
LCI is organised in six divisions:

• Nordic Corporates
• International Corporates and Institutions
• Shipping, Offshore and Logistics
• Northern Europe
• Special and Structured Finance
• Business Development and Cash Management
DnB NOR Monchebank is a separate subsidiary in the Business Development and Cash
Management Division.
Employees
At end-December 2009, the business area had a staff of 1 061 full-time positions, with 461
positions in Norway and 601 in international units.
1)
Full year
Net interest income - ordinary operations 1 271 1 355 1 321 1 325 1 394 5 273 4 492
Interest on allocated capital 2) 153 154 205 280 472 793 1 606
Net other operating income 586 516 809 614 687 2 525 2 334
Total income 2 011 2 025 2 335 2 220 2 553 8 591 8 431
Operating expenses 405 446 464 490 534 1 806 2 021
Net gains on fixed and intangible assets 0 0 0 0 0 0 17
Write-downs on loans and guarantees 189 281 413 246 127 1 128 212
Net lending to customers (NOK billion) 3) 341.3 367.3 382.5 396.7 388.0 371.8 329.2
3)
Deposits from customers (NOK billion) 219.5 232.4 230.3 227.5 222.1 227.4 196.3
1) In connection with the restructuring of Retail Banking and Large Corporates and International, figures for previous periods have been restated after
the release of the third quarter results for 2009.
62
Average total volumes

Full year
1)
Loans 341 367 383 397 388 372 329
Guarantees 61 66 70 73 75 68 68
Total loans and guarantees 402 434 452 470 463 439 397
Adjusted for exchange rate movements 402 420 418 415 442 439 427
Commercial paper during the period 6 9 6 10 14 31 58
2)
Syndicated loans during the period 0 0 0 0 0 0 35
Bond issues during the period 17 48 27 49 52 142 88

2) Difference between DnB NOR underwriting and DnB NOR final hold.
Net interest income

1)
Lending 323 960 349 099 371 203 1.32 1.38 1.05 1 076 1 224 979
1)
Deposits 201 722 210 506 204 389 0.12 0.14 0.20 60 75 103
Other 135 56 312
1) Based on nominal values excluding lending to and deposits from credit institutions and impaired loans.
63
1)
Developments in average volumes and interest spreads
NOK billion
371 380
365
349
324
1.38% 1.32%
1.19% 1.24%
1.05%
204 207 209 211 202
0.20% 0.17% 0.16% 0.14% 0.12%
4Q08 1Q09 2Q09 3Q09 4Q09
Lending volumes Deposit volumes

Lending spread Deposit spread
1) Excluding lending to and deposits from credit institutions and impaired loans.
1)
Risk classification of portfolio
NOK billion
31 Dec. 2008
31 Dec. 2009
481
244
163
114
65
24
2 4
PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% - Net non-performing

and impaired
commitments
64
1)
Risk classification of international portfolio
NOK billion
259
31 Dec. 2008
31 Dec. 2009
142
103
71
49
13
PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% -
The international portfolio comprises customers with an address outside Norway
1)
Risk classification of commercial property
NOK billion
31 Dec. 2008
31 Dec. 2009
115
91
72
66
27
11
PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% -
65
Commercial property exposure according to segment as at 31 December 2009
Housing cooperative financing

13.3%
Other 16.0%
Residential building loans 4.5%

Retail store facility building loans
0.3%
Hotel building loans 0.8%
Shopping centre building loans
0.3%
Office premises building loans
Leasing of 3.4%
warehouse/logistics/combi. 8.2%
Warehouse/logistics/combi.
building loans 1.3%
Leasing of residential property

5.3%
Leasing of retail store facilities

5.0%
Leasing of office premises 25.0%
Leasing of hotels 8.1%
Leasing of shopping centres 8.4%
Geographic distribution of commercial property exposure as at 31 December 2009
Sweden 5.6%
Central/Northern Norway
11.9%
Oslo/Akershus 47.2%
Western Norway 14.8%
Rest of Eastern Norway

20.4%
66
Nordic Corporate Division
• The NC Division serves the bank's largest Norwegian and Nordic corporate clients within the
retail and service industries, commercial real estate and contractors, financial institutions, the
public sector and non-government organisations. The NC Division also serves international
clients in the same segments.
• DnB NOR is the market leader in these segments in Norway. The majority of Norway's largest
corporations use DnB NOR as their lead banker. In addition, DnB NOR has extensive
interaction with most other institutions in these segments.
• Commercial real estate broking services are offered through the subsidiary DnB NOR
Næringsmegling AS.
Average volumes
Full year
- Adjusted for exchange rate movements 84 88 89 87 92 87 91
Guarantees 14 14 14 14 16 14 15
1) 2)
Exposure at default according to sector Risk classification of portfolio
Public sector NOK billion
(4%) Services
(4%) Other
Manu- corporate 31 Dec. 2008
customers
facturing 2%5% 31 Dec. 2009
3% (14%)
(3%)
17%
12%
6% Finance
(10%)
Trade
(14%) 106
55% 62
37
27
Real estate 13
and 2
contractors
(53%) PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% -
1) Figures as at 31 December 2009. Percentages as at 31 December 2008 in parentheses.

67
International Corporate and Institutions Division
• The International Corporates and Institutions Division serves large Norwegian corporates
including international companies with business in Norway, international customers in the oil
and energy-, seafood-, telecom-, media-, technology-, healthcare-, and forest industry
sectors as well as financial institutions.
• The division serves a majority of the Norwegian companies in the defined industries as their
lead banker. In addition there is a broad interaction with a majority of the other corporates in
these segments in Norway, as well as with selected corporates within LCI's strategy
internationally.
Average volumes
Full year
Guarantees 34 38 41 45 45 40 39
1) 2)
Other NOK billion
corporate
Services customers (12%)
(3%) 31 Dec. 2008
Finance
31 Dec. 2009
9% (0%)
15%
Media and
telecom 7% 2% Real estate
(8%) 1%
and 143
contractors
9%
(1%)
102
Oil and 33%

energy 18%
(37%) Seafood
(7%)
7%
24 21
Offshore, 9 12
Manu-
cruise and
facturing
aviation
(15%) (17%)
PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% -

68
Shipping, Offshore and Logistics Division
• The Shipping, Offshore and Logistics Division provides commercial and investment banking
services to high-quality Norwegian and international shipping, offshore and logistics clients.
• The division aims to achieve satisfactory growth in risk-adjusted profitability by being one of
the leading international shipping banks.
• The division aims to be the preferred strategic discussion partner for clients.
• The division focuses on competence development to further improve the quality and range of
client services.
Average volumes
Full year
Guarantees 10 11 12 12 11 11 11
1) 2)
Logistics NOK billion
Gas (7%)
(8%)
31 Dec. 2008
Other non- 193 31 Dec. 2009
shipping 7% Offshore
(2%) (27%)
10%
(2%) 26%
Other 5%
2%
shipping
3%
(4%)
C hemical 2%
4% 93
(2%) 8%
Tankers
Shuttle
14% (9%) 58
(5%)
Product 14% 47
5% 32
Ro/
C ontainer/
12
Dry cargo
(16%) C ruise PC C
(4%) (15%)
PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% -

Portfolio
• DnB NOR has a diversified portfolio in the maritime sector, as shown above.
• Clients within the dry bulk segment are mainly well-established operators with good contract
coverage.
• The container portfolio is characterised by companies that are among the major operators
and tonnage providers.
• Within the crude tanker portfolio, clients are mainly leading international tanker owners.
• Lessons are learned from previous downturns, and internal credit analysis has been based on
low rate estimates.
• DnB NOR is proactively addressing the downturn, and financial covenants are actively used in
risk management.
69
Northern Europe
Beginning 1 July 2009, the Group’s corporate business units in Northern Europe have been
organised in a separate division called Northern Europe. The division has been established in
order to more effectively utilise the business potential in the Nordic/Northern European region,
which is increasingly becoming an integrated market with a growing number of corporate
customers operating cross-border. The division consists of the Group’s offices in Sweden,
Germany, Denmark and Finland, and aims to serve and cross-sell solutions to corporate
customers within the Group’s defined industry sectors in these countries. The division also aims
to be the preferred provider of financial services for DnB NORD customers doing business in
Northern European countries.
Average volumes
Full year
Guarantees 2 2 2 2 2 2 2
1) 2)
Inter- NOK billion
national
shipping
(0%) Other 31 Dec. 2008
Services 2% corporate 31 Dec. 2009
6% customers
(12%) 15%
(8%)
Media and 15% 3%
telecom Finance
(13%) (9%)
1%
26%
Public sector 29% Real estate

(3%) and 39
4% contractors
23
Manu- (22%) 16
11 9
facturing 1
(30%) Trade
(4%) PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% -

70
Monchebank
(part of the Administration and Business Support Division)
DnB NOR Monchebank is a regional bank serving corporate and retail customers and has a firm
foothold in the Murmansk region in Russia. The bank holds a general licence for banking
operations throughout Russia. The bank will be the fundament for further development of
DnB NOR's business in the Murmansk and Arkhangelsk region.
Average volumes
Full year
Net lending to customers 0.6 0.7 0.7 0.7 0.7 0.7 0.4
Guarantees - - - - - - -
Customer deposits 0.9 0.8 0.8 1.0 1.0 0.9 0.8
71
DnB NOR Markets

DnB NOR Markets is Norway's largest provider of a wide range of securities and investment
banking services. Ottar Ertzeid, group executive vice president, is head of DnB NOR Markets.
DnB NOR Markets comprises the following units:

• Fixed Income/Currencies/Commodities
• Equities
• Investment Products
• Corporate Finance
• Securities Services
The Group Treasury is organised within DnB NOR Markets though profits and losses for the unit
are not recorded under this business area.
DnB NOR Markets aims to be the leading investment bank for Norwegian and Norwegian-related
customers, as well as international clients requiring services relating to Norway and the
Norwegian krone. Clients outside Norway are served through the Group's international units,
especially shipping, energy and seafood clients and Norwegian companies' international entities.
DnB NOR Markets is a full-service investment bank with leading market positions in Norway.
The business area has:
• A diversified business/revenues mix (products and customers)
• A sound mix of customer and trading activities
• Cost and capital-efficient operations
Investment bank
Customer Customer
(Markets)
• Facilitate transactions
• Engage in market making
• Act as customers' counterparty
• Issuers Markets • Investors

• Sellers Markets • Buyers
• Risk takers Markets • Hedgers
Through its diversified business and products, DnB NOR Markets is well positioned to
capitalise on the Group's customer base and interest rate and currency positions.
Products and services

• Currency, interest rate and commodity derivatives.
• Securities and other investment products.
• Debt and equity financing in capital markets, as well as merger and acquisition and other
advisory and corporate finance services.
• Custodial and other securities services.
72
Customers and market shares

• In spite of intensifying competition, DnB NOR Markets maintained its leading market position
in Norway within foreign exchange and interest rate activities and was also manager for the
greatest number of Norwegian kroner bond and commercial paper issues in NOK in the
domestic market in the fourth quarter of 2009 (Source: Stamdata, Bloomberg and DnB NOR
Markets).
• The largest brokerage house on Oslo Børs with respect to equities and fixed income securities
in the secondary market in the fourth quarter of 2009.
• Leading within domestic securities services (Source: Norwegian Central Securities
Depository).
• 53.7 per cent of limited companies use DnB NOR Markets as registrar in the Norwegian
Central Securities Depository (Source: Norwegian Central Securities Depository).
Employees
DnB NOR Markets staff located in offices in Norway and abroad represents 647 full-time
positions.
Full year
Net interest income - ordinary operations 288 291 282 239 289 1 100 708
1)
Interest on allocated capital 28 28 37 51 109 144 305
Net interest income 315 319 320 290 398 1 244 1 014
Net other operating income 943 1 256 1 428 2 372 2 127 5 999 4 671
Total income 1 259 1 575 1 748 2 662 2 525 7 243 5 685
Pre-tax operating profit before write-downs 800 1 120 1 277 2 133 1 998 5 331 3 936
Write-downs on loans and guarantees 0 0 0 0 1 0 1
Pre-tax operating profit 800 1 120 1 277 2 133 1 997 5 331 3 935
73
Income distribution
NOK million
2 611
2 416
Inco me o n
custo mer
business 1 766 1 711
Inco me o n 1 547
trading /
1 301
market making 1 231
1 115
To tal revenues 997
846 832
714 715
634 597
4Q08 1Q 0 9 2Q09 3Q09 4Q09
Total revenues 2 416 2 611 1 711 1 547 1 231

Interest on allocated capital 109 51 37 28 28
Total income 2 525 2 662 1 748 1 575 1 259
Revenues within various segments, quarterly

Amounts in NOK million 4Q09 3Q09 2Q09 1Q09 4Q08
FX, interest rate and commodity derivatives 311 281 584 488 724
Investment products 135 218 228 185 176
Corporate finance 130 173 136 131 142
Securities services 58 43 49 41 73
Total customer revenues 634 715 997 846 1 115
Net income liquidity portfolio incl. changes in credit spreads 230 308 313 296 259
Other market making/trading revenues 367 524 401 1 470 1 042
Total trading revenues 597 832 714 1 766 1 301
Interest income on allocated capital 28 28 37 51 109
Total income 1 259 1 575 1 748 2 662 2 525
Revenues within various segments, annual

Amounts in NOK million 2009 2008 2007 2006 2005
FX, interest rate and commodity derivatives 1 665 1 936 1 332 1 044 970
Investment products 766 574 705 851 797
Corporate finance 570 643 828 695 387
Securities services 190 333 388 316 237
Total customer revenues 3 191 3 486 3 253 2 907 2 392
Net income liquidity portfolio incl. changes in credit spreads 1 147 (707) (1 139) 98 89
Other market making/trading revenues 2 761 2 600 986 808 487
Total trading revenues 3 908 1 893 (153) 906 576
Interest income on allocated capital 144 305 117 59 47
Total income 7 243 5 685 3 217 3 872 3 015
74
Distribution and cooperation with other entities

Maintaining a broad distribution network and effective cooperation with other business areas
within the Group is a key priority for DnB NOR Markets. Customers are served through:
• Central units located in Oslo.
• International offices (Stockholm, London, New York, Houston, Singapore and Shanghai) and
13 regional offices in Norway. DnB NOR Markets has established a separate unit for equities
sales in London in the fourth quarter of 2009.
Daily revenue statistics

Fourth quarter Full year
Amounts in NOK thousand 2009 2008 2009 2008
Minimum (48 637) (95 226) (67 096) (369 269)
Maximum 169 022 385 922 231 705 942 453
Average 19 063 27 161 27 411 20 691
Loss days 13 11 43 82
Gain days 52 55 216 178
Daily revenue distribution in the fourth quarter of 2009
Number of days
15
7 8
6
5
2 3 3 2 3 2 3 2
0 0 1 1 1 1 0 0 0 0 0
<( 60 000) (35 000) (20 000) (10 000) 0 10 000 20 000 40 000 60 000 80 000 100 000 120 000
( 40 000) ( 25 000) ( 15 000) (5 000) 5 000 15 000 30 000 50 000 70 000 90 000 110 000 >120 000
Revenues, NOK t housand
Daily revenue distribution in 2009
Number of days 47
32
23
20
17 18
16
13
10
8 7
6 6
4 4 5 5
2 3 3 3 2 3 2
<( 60 000) (35 000) (20 000) (10 000) 0 10 000 20 000 40 000 60 000 80 000 100 000 120 000
( 40 000) ( 25 000) ( 15 000) (5 000) 5 000 15 000 30 000 50 000 70 000 90 000 110 000 >120 000
Revenues, NOK t housand
75
Total income
Amounts in NOK million 4Q09 Full year 2009

Total daily revenues 1 231 7 100
Interest on allocated capital 28 144
Total income 1 259 7 243
Risk profile
DnB NOR Markets has a moderate risk profile. Customer activities represent the main business.
Trading activities support customer activities with products and prices, with focus on Norwegian
kroner products.
Value-at-Risk 1)
Market risk arises as a consequence of open positions in foreign exchange, interest rates and
equities. The risk is linked to variations in financial results due to fluctuations in market prices or
exchange rates. Value-at-risk has decreased during 2009.
31 Dec. 2009 Fourth quarter 2009

Amounts in NOK thousand Actual Average Maximum Minimum
Currency risk 24 560 34 414 50 340 23 882
Interest rate risk 25 070 26 786 36 820 16 700
Equities 589 605 1 814 23
2)
Diversification effects (21 310) (21 287)
Total 28 909 40 518
1) Value-at-Risk is the maximum loss that could be incurred on trading positions from one day to the next at a 99 per cent confidence level.
2) Diversification effects refer to currency and interest rate risk only.
Interest rate sensitivity

The value of financial investments recorded on and off the balance sheet is affected by interest
rate movements. The table below shows potential losses for DnB NOR resulting from parallel one
percentage point changes in all interest rates. The calculations are based on a hypothetical
situation where interest rate movements in all currencies are unfavourable for DnB NOR relative
to the Group's positions. Also, all interest rate movements within the same interval are assumed
to be unfavourable for the Group. The calculations are based on the Group's positions as at
31 December 2009 and market rates at the same date.
76
Potential losses for DnB NOR resulting from parallel one percentage point changes in
all interest rates
From From From

Up to 1 month 3 months 1 year More than
Amounts in NOK million 1 month to 3 months to 1 year to 5 years 5 years Total
Trading portfolio
NOK 5 25 122 62 142 62
USD 11 55 5 25 1 97
EURO 1 1 5 16 10 19
GBP 3 4 6 2 2 5
Other currencies 17 50 70 16 12 36
Banking portfolio
NOK 76 234 142 1 72 57
EURO 0 0 9 9 0 0
Total
NOK 81 259 20 60 214 4
USD 11 55 5 25 1 97
EURO 1 1 4 7 10 19
GBP 3 4 6 2 2 5
Other currencies 17 50 70 16 12 36
77
Life and Asset Management

Operations in Vital Forsikring ASA and DnB NOR Kapitalforvaltning Holding AS, both with
subsidiaries, form one business area, "Life and Asset Management" headed by Tom Rathke,
managing director of Vital Forsikring and group executive vise president in DnB NOR.
Life and Asset Management is responsible for life insurance, pension savings and asset
management operations and aspires to be the most attractive provider of these services in the
Norwegian market. An important instrument in achieving this position is to develop a customer-
oriented and cost-effective organisation with strong distribution power. Life and Asset
Management will focus on profitable growth while ensuring competitive returns for the owner and
customers.
Insurance operations in the DnB NOR Group were integrated in one business area with effect
from February 2010. DnB NOR Skadeforsikring was thus transferred from the Retail Banking
business area to the Life and Asset Management business area, which was renamed Insurance
and Asset Management. The purpose of the reorganisation is to give customers a more
coordinated insurance offering.
Pre-tax operating profits for Vital and DnB NOR Asset Management, respectively, are shown
below. Descriptions of the financial performance of Vital and DnB NOR Asset Management are
divided into two separate sections on the next pages.
78
Life and Asset Management Full year

1)
Total income 923 897 919 823 1 118 3 562 2 902
Pre-tax operating profit 365 358 325 303 673 1 351 748
Taxes (754) 115 287 238 452 (114) 493
Operating profit 1 118 245 38 65 221 1 466 256
2)
Assets under management (NOK billion) 486 474 516 506 533 486 533
3)
Number of full-time positions at end of period 961 1 074 1 095 1 122 1 169 961 1 169
Vital
Total income 714 680 712 588 918 2 695 1 999
Pre-tax operating profit including interest on
299 317 294 223 581 1 134 512
allocated capital
Difference between recorded equity and
(5) (3) (5) (9) (15) (23) (133)
allocated capital
Recorded pre-tax operating profit 304 320 300 232 596 1 156 644
Key figures
2)
3)
Number of full-time positions at end of period 738 829 843 859 882 738 882
DnB NOR Asset Management

Total income 209 217 207 235 200 868 903
Operating expenses 143 176 176 155 108 650 666
Pre-tax operating profit 66 41 30 80 92 217 236
Key figures
2)
3)
Number of full-time positions at end of period 223 244 252 262 287 223 287
1) Total income includes interest on allocated capital. The interest is calculated on the basis of internal measurement of risk-adjusted capital. Figures for
previous periods have been restated accordingly.
2) Assets at end of period.
79
Vital
Vital comprises Vital Forsikring ASA including subsidiaries. Vital Forsikring provides both products
with guaranteed returns and products with a choice of investment profile.
Vital aims to be Norway's strongest provider of pension savings. Vital seeks continued growth
within the company's business segments and aims to deliver competitive results to its policy-
holders and owner. Devoting further efforts to improving cost efficiency, providing top-quality
advisory services, maintaining high levels of service and customer relationship management
exploiting the DnB NOR Group distribution network and customer base, and serving as an
attractive entry portal for customers into the DnB NOR Group will be instrumental in reaching
these targets.
Business model
Vitals products falls into three main categories:
• Guaranteed products without profit sharing, where the company's main source of income is
fee's charged based on guaranteed investment return and insurance risk covered
• Fee based products without interest guaratees
• Guaranteed products where total profit is spilt between policy owners and the company.
In addition the corporate portfolio (i.e. shareholders equity, subordinated loan etc) is managed in
a separate investment portfolio.
Corporate sector - defined benefit NOK 62 billion in reserves

Fee - based
with
Municipal sector - defined benefit NOK 27 billion in reserves
guarantee
Individual sector - defined benefit NOK 8 billion in reserves
Fee - based Unit linked - individual NOK 13 billion in reserves

without Defined contribution - corporate NOK 3 billion in reserves
guarantee
Risk products - individual/corporate NOK 1 billion in reserves
Paid-up policies (profit sharing 20/80) NOK 50 billion in reserves
Profit sharing
Previously established individual products
NOK 49 billion in reserves
(profit sharing 35/65)
Corporate
portfolio NOK 14 billion in reserves
Products
• Group pension schemes to businesses and the public sector, the most important products
being defined-benefit and defined-contribution occupational pension schemes
• Employer's Liability Insurance to the corporate market
• Group pension schemes to businesses, adapted to customer needs for defined-benefit and
defined-contribution schemes. In addition, Vital offers Employer's Liability Insurance in the
corporate market.
• Long-term savings alternatives in the form of individual pension agreements and annuities in
the retail market.
• Products are offered with guaranteed returns or with a choice of investment profile.
• Risk products in both the corporate and individual markets.
• Savings products from other units in the DnB NOR Group, including mutual funds from
DnB NOR Asset Management and equity-linked bonds from DnB NOR Markets.
80
Organisation and markets

The business area is represented in most parts of Norway through sales offices and provides
services through DnB NOR's and Postbanken's distribution networks and independent agents, as
well as via the Internet.
As part of the wind-up of operations in the Baltic States, Vital signed a sales agreement with the
German insurance company Ergo in December 2009. The portfolio will be transferred during the
first half of 2010, subject to final approval by the Norwegian and local authorities. Vital's
employees in Latvia and Lithuania will be offered jobs in Ergo.
Employees
Vital gives priority to retaining and developing a high level of expertise within insurance products,
management and other relevant areas of competence. At end-December 2009, Vital's staff
included 738 permanent full-time positions and 174 temporary employees. On 1 October 2009,
105 full-time positions were transferred to DnB NOR IT in consequence of the decision to
coordinate all of the Group's IT resources in the same organisational unit.
Full year
Net result from equities 1 674 1 202 491 (587) 561 2 780 (7 348)
*)
Net result from other asset classes 1 912 2 199 1 764 2 106 3 356 7 981 7 759
1) 2)
Value-adjusted financial result 3 587 3 401 2 255 1 519 3 917 10 762 411
Guaranteed return on policyholders' funds 1 617 1 625 1 580 1 591 1 484 6 413 6 376
Financial result after guaranteed returns 1 970 1 776 674 (72) 2 432 4 349 (5 965)
+ From securities adjustment reserve (617) (781) 92 0 0 (1 306) 3 342
Recorded interest result before the application of/
(transfers to) additional allocations 1 353 996 766 (72) 2 432 3 043 (2 623)
Application of/(transfers to) additional allocations (173) (8) (181) 189 (1 727) (173) 2 993
Recorded interest result 1 180 988 585 117 705 2 870 370
**)
Risk result (71) 13 66 84 (135) 92 136
Administration result 2 (9) (73) (28) (34) (108) (143)
Profit on risk and guaranteed rate of return 112 128 118 119 116 477 437
Transferred from security reserve (12) (9) (1) (14) (61) (36) (68)
Allocations to policyholders, products with
guaranteed returns 908 789 395 47 (4) 2 138 89
Net profit in Vital 304 320 300 232 596 1 156 644
Tax charge (771) 102 278 216 427 (175) 427
Profit from Vital 1 075 219 21 16 170 1 331 218

3)
Return on allocated capital, annualised 50.8 10.3 0.8 0.4 7.9 16.0 1.2
4)
*) Of which property revaluation 5 (276) (340) (276) (1 232) (887) (2 395)
5)
**) Of which provisions for higher life expectancy (44) (45) (44) (44) - (177) -
1) Before changes in unrealised gains on long-term securities.

2) See table below. For developments in the asset mix and return on assets from products with guaranteed returns, see tables on pages 86 and 83.
4) Changes in the value of directly owned properties, Vital Eiendomsfond and properties owned through joint ventures. The total value of investment
properties was NOK 32 766 million as at 31 December 2009.
5) In the annual report for 2008, the required increase in premium reserves within individual pension insurance and group association insurance is
estimated at NOK 2 billion. In accordance with Section 9-25 of the Insurance Act, Vital has applied to Finanstilsynet (the Financial Supervisory
Authority of Norway) for permission to use a ten-year escalation period. The application is under consideration by Finanstilsynet. As at 31 December
2009, allocations of NOK 177 million had been made in accordance with the escalation plan.
81
Result
Full year
Return on corporate portfolio 132 114 169 115 229 530 490
1)
Owner's share of risk result, common portfolio (44) 12 43 29 (107) 40 50
Income based on new regulations 200 254 329 262 238 1 046 977
Inadequate additional allocations:
Previously established individual products 5 (37)
Paid-up policies 2 2 (5) (13) (48)
Common portfolio with low risk 8
Common portfolio with moderate risk 34 (12)
Common portfolio with high risk (14) (18)
2)
Total inadequate additional allocations 0 2 2 (5) 20 0 (115)
*)
Total negative return 0 0 0 0 416 0 (41)
3)
Administration result, common portfolio 23 14 11 7 35 55 105
Unit linked products (20) (19) (73) (32) (86) (144) (264)
4)
Risk products (43) (5) 10 (1) (26) (38) (53)
5)
Other items 144 75 19 (2) 237 35
Pre-tax operating profit 304 320 300 232 596 1 156 644
*) Negative return, of which the owner must cover on financial assets:

Full year
4Q09 3Q08 2Q09 1Q09 4Q08 2009 2008
NOK Return NOK Return NOK Return NOK Return NOK Return NOK Return NOK Return
million in % million in % million in % million in % million in % million in % million in %
Previously established individual products 1.4% 1.3% 1.2% 0.7% 36 2.2% 4.7% 1.9%
Paid-up policies 1.3% 1.1% 1.1% 0.7% 145 1.6% 4.3% 1.4%
Common portfolio with low risk 1.3% 1.0% 1.1% 0.7% 3.8% 4.2% 4.6%
Common portfolio with moderate risk 1.5% 1.4% 1.1% 0.7% 1.9% 4.8% 2.2%
Common portfolio with high risk 1.9% 1.9% 1.3% 0.7% 235 1.3% 5.8% (41) (0.2%)
Total negative return - - - - 416 - (41)
1) According to new regulations, 50 per cent of the positive risk result from the common portfolio may be allocated to the risk equalisation fund. The
positive risk result for individual products and paid-up policies established previously will be allocated to the owner according to the profit sharing
model, i.e. by 35 per cent and 20 per cent respectively. A negative result will be charged to the owner.
2) According to new regulations, additional allocations have been individualised. If the return on financial assets is between zero and the guaranteed
rate of return, the owner must cover the difference if there are inadequate (or no) additional allocations in the portfolio.
3) According to new regulations, the administration result from the low, moderate and high-risk portfolios and from paid-up policies will be allocated to
the owner. If the overall result for individual products established previously show a profit, the administration result will be divided between
policyholders and the owner (65/35). A negative result will be charged to the owner.
4) Includes Employer's Liability Insurance and group life insurance.
5) Including the owner's share of the interest result from paid-up policies and previously established individual products.
1)
Changes in property values from 2007
Full year
Changes in property values 5 (276) (340) (276) (1 232) (887) (3 201)

Value changes resulting from restructuring 806
Net changes in property values 5 (276) (340) (276) (1 232) (887) (2 395)
1) Changes in the value of directly owned properties, Vital Eiendomsfond and properties owned through joint ventures. The total value of investment
properties was NOK 32 766 million as at 31 December 2009.
82
1)
Tax charge in Vital after the introduction of the "exemption model"
Full year
Amounts in NOK million 2009 2008 2007 2006 2005
Tax charge (175) 427 (2 074) (771) (331)
1) With effect from the 2004 fiscal year, new rules were introduced for the taxation of dividends and income from shares for corporate shareholders,
the so-called "exemption model". This model implies that as a rule, corporate shareholders will only be subject to a limited tax on dividends and
income from shares etc. Correspondingly, there will be no tax deduction for losses upon the realisation of shares. Non-deductible losses in 2009
mainly related to properties owned through limited companies.
Value-adjusted return on assets

Full year
Per cent 4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
1)
Return - common portfolio
Financial assets
Norwegian equities 16.4 15.6 23.9 2.3 (21.1) 72.2 (50.9)
2)
International equities 5.9 13.8 17.2 (10.3) 4.0 35.7 (21.6)
Norwegian bonds 1.3 1.3 0.7 1.8 6.7 5.2 11.0
International bonds 0.4 4.5 1.6 (0.7) 10.1 6.4 9.4
Money market instruments 0.7 0.5 0.9 1.1 3.3 3.2 7.3
Bonds held to maturity 1.3 1.0 1.2 1.1 1.2 4.8 5.0
Investment property 1.3 0.4 0.4 0.1 (2.0) 2.5 (1.7)
3)
Value-adjusted return on assets I 1.8 1.6 1.2 0.7 1.7 5.4 0.0
4)
Value-adjusted return on assets II 1.9 1.9 1.1 0.7 3.2 5.7 0.8
5)
Recorded return on assets 1.5 1.3 1.1 0.7 1.7 4.7 1.7
3)
Value-adjusted return on assets I, annualised 7.4 6.6 4.8 2.9 6.9 5.4 0.0
Value-adjusted return on assets II, annualised 4) 8.0 8.0 4.3 2.7 10.3 5.7 0.8
Return - corporate portfolio

3)
Value-adjusted return on assets I 1.1 1.1 1.6 1.3 2.6 5.1 5.8
1) Returns are calculated on a quarterly basis and there may be differences to the full year figures.
2) International equities include Vital's exposure in hedge funds, private equities and real estate funds.
3) Excluding changes in value of commercial paper and bonds held to maturity.
4) Including changes in unrealised gains on commercial paper and bonds held to maturity.
5) Excluding changes in unrealised gains on financial instruments.
Key figures per sub-portfolio as at 31 December 2009
Common portfolio
Advance pricing of
guaranteed rate of return Profit sharing
Common
Common portfolio Common Previously
portfolio with portfolio established
Corporate Total with moderate with Paid-up individual
Per cent portfolio portfolio low risk risk high risk policies products
Recorded return on assets 4.7 4.2 4.8 5.7 4.3 4.6
Value-adjusted return on assets 5.1 5.4 4.9 5.5 6.4 5.0 5.4
Asset class breakdown:
1)
- Equity exposure 6.6 13.5 10.3 13.9 20.4 11.7 12.8
- Money market instruments 81.3 8.5 11.7 8.1 1.6 10.3 9.2
1) The equity exposure includes financial derivatives and exposure in private equity, hedge funds and property funds.
83
Premium income
Full year
1) 2)
Total premiums due 2 614 3 960 2 731 6 785 3 640 16 090 17 232
Inflow of reserves 241 1 097 596 1 435 26 3 368 3 512
Outflow of reserves 761 1 097 591 1 484 661 3 933 3 380
Net premiums paid 2 093 3 960 2 736 6 737 3 005 15 526 17 364
Outflow of reserves 761 1 097 591 1 484 661 3 933 3 380

Total premium income 2 854 5 057 3 327 8 220 3 666 19 459 20 744
1) Of which group pensions - defined benefit 547 2 443 1 120 4 884 1 811 8 994 10 501
2) Of which group pensions - defined contribution 646 660 580 738 718 2 625 2 385
Reconciliation of Vital's and the Group's income statement
The table below shows how lines in Vital's income statement are included in the Group's income
statement.
Full year
4Q09 3Q09 2Q09 1Q09 4Q08 2009 2008
DnB NOR Group:

Guaranteed returns and allocations to policyholders in Vital 3 799 4 295 3 418 1 201 1 641 12 712 (1 027)
Vital:
Recorded interest result 1 180 988 585 117 705 2 870 370
Allocations to policyholders, products with
guaranteed returns 908 789 395 47 (4) 2 138 89
Risk result (71) 13 66 84 (135) 92 136
Transferred from security reserve (12) (9) (1) (14) (61) (36) (68)
+ Costs from subsidiaries which are fully consolidated
in Vital's accounts 55 55
DnB NOR Group:

Commissions and fees receivable 553 568 543 545 551 2 209 2 237
Commissions and fees payable 79 87 82 87 132 336 456
Administration result including profit for risk and
guaranteed rate of return 59 118 44 92 83 313 295
Vital:
Administration result 2 (9) (73) (28) (34) (108) (143)
- Costs from subsidiaries which are fully consolidated
in Vital's accounts 55 55
Administration result including profit for risk and
guaranteed rate of return 59 118 44 92 83 313 295
84
1) 2)
Balance sheets
Cash and deposits with central banks
Lending to and deposits with credit institutions 4 871 4 064 4 987 3 136 6 723 12 152
Lending to customers 3 076 2 892 3 177 3 151 2 623
Commercial paper and bonds 52 673 57 127 67 514 68 940 72 841 46 620
Shareholdings 44 955 37 794 28 099 25 764 26 964 55 802
Financial assets, customers bearing the risk 21 337 20 044 18 031 16 448 16 454 19 868
Commercial paper and bonds, held to maturity 68 128 68 912 66 717 64 740 57 089 59 641
3)
Investment property 32 766 32 719 31 632 31 473 32 392 32 908
Investments in associated companies 19 19 19 19 19 19
Intangible assets 288 278 274 260 243 184
Deferred tax assets 52 1 164
Fixed assets 43 39 42 42 45 46
Operations and non-current assets held for sale 0
Other assets 2 109 2 095 2 660 4 204 3 093 2 688
Total assets 232 465 229 075 226 796 223 103 224 129 232 579
Loans and deposits from credit institutions
Deposits from customers
Debt securities issued
*)
Insurance liabilities, customers bearing the risk 21 337 20 044 18 031 16 448 16 454 19 868
**)
Liabilities to life insurance policyholders 193 556 191 423 189 047 187 994 184 791 191 626
Payable taxes 654 599 191 157 28
Deferred taxes 0 584 890 667 584
Other liabilities 2 277 2 330 3 069 2 386 2 851 6 030
Provisions 227 157 157 157 157 154
Subordinated loan capital 2 489 2 491 2 543 2 559 2 575 2 500
Total liabilities 222 448 220 134 218 073 214 347 215 389 221 188
Minority interests
Share capital 1 321 1 321 1 321 1 321 1 321 1 321
Share premium reserve
Other equity 8 697 7 621 7 403 7 435 7 420 10 070
Total equity 10 018 8 942 8 723 8 756 8 740 11 391
Total liabilities and equity 232 465 229 075 226 796 223 103 224 129 232 579
*) Of which group pensions - defined contribution 8 474 7 535 6 600 5 372 5 012 3 665
**) Of which group pensions - defined benefit 138 396 135 144 132 899 132 826 129 769 127 425
1) The figures encompass Vital Forsikring ASA including subsidiaries as included in the DnB NOR Group accounts before eliminations for intra-group
transactions and balances.
2) New regulations were introduced for the life insurance industry in Norway as from 1 January 2008. The accounts for Vital for 2008 have been
adapted to the new regulations. Figures for previous periods have not been restated.
3) During 2009, Vital wrote down its property portfolio by NOK 0.9 billion.
85
1)
Financial exposure - common portfolio
Amounts in NOK million 194 365

193 695 188 654 189 926 191 117
1.2% 2.3%
6.7% 3.6% 2.4%
17.1% 16.6%
Other 16.7%
16.8% 16.7%
Real estate
Bonds held to maturity 28.8%

35.5% 36.4% 35.7%
34.3%
Money market instruments
14.0%
8.5%
Bonds, international
17.4% 19.8% 16.9% 4.5%
7.2%
Bonds, Norw egian 2.0%
3.7% 0.9% 18.8%
Equities, international 2) 3) 22.7% 17.0%

20.7% 20.3%
7.3% 10.2%
3)
Equities, Norw egian 2.5% 2.5% 3.3%
1.3% 1.1% 1.1% 2.1% 3.3%
31 Dec. 2008 31 Marc h 2009 30 June 2009 30 Sept. 2009 31 Dec. 2009
1) The figures represent net exposure after derivative contracts.

2) International equities include Vital's exposure in hedge funds, private equities and real estate funds.
3) Equity exposure per sub-portfolio in the common portfolio, see table on page 83.
Market shares in Norway

Per cent 30 Sept. 2009 31 Dec. 2008 30 Sept. 2008
Of insurance funds including products with a choice of
investment profile 32.0 32.7 32.8
- Corporate market 41.2 42.0 42.1
- Public market 10.7 10.5 10.4
- Retail market 54.1 54.1 53.9
Source: The Norwegian Financial Services Association (FNH) and DnB NOR

• By taking advantage of the strength of the DnB NOR Group's total distribution network, Vital
is well positioned to enjoy continued market growth.
• In the fourth quarter of 2009, other business areas accounted for 34.9 per cent of the sales
of Vital's products in the retail market, compared with 21.7 per cent in the corresponding
period of 2008.
86
1) 2) 3)
Solvency capital
Interim profit, accumulated - 2 082 973 89 - -
Securities adjustment reserve 1 306 689 92 0 0 3 342
Additional allocations 5 550 5 426 5 445 5 112 5 341 8 632
Security reserve 143 115 108 111 97 255
Equity 10 018 8 686 8 686 8 740 8 740 8 363
Subordinated loan capital and perpetual
subordinated loan capital securities 2 489 2 491 2 543 2 559 2 575 2 500
Unrealised gains on long-term securities 865 541 (102) 124 200 (1 304)
Solvency capital 20 372 20 030 17 744 16 734 16 953 21 788
4)
Buffer capital 9 259 7 841 7 978 8 148 8 274 13 785
1) According to prevailing regulations for the statutory accounts of life insurance companies.
2) The table shows the composition of and development in solvency capital. All these elements, with the exception of part of the security reserve, can
be used to meet the guaranteed rate of return on policyholders' funds.
4) Buffer capital represents the sum of equity in excess of the minimum statutory capital requirement, interim profits, additional allocations and the
securities adjustment reserve.
1) 2)
Capital adequacy and solvency margin capital

3)
Capital adequacy
Total eligible primary capital 11 269 10 138 10 172 10 393 10 398 10 531
Capital adequacy ratio (%) 11.6 10.7 11.8 12.4 12.3 9.7
Core capital 9 465 8 272 8 254 8 289 8 277 8 266
Core capital (%) 9.7 8.7 9.6 9.9 9.8 7.6
Risk-weighted assets 97 239 94 903 86 016 83 904 84 608 109 044
4)
Solvency margin capital
Solvency margin capital 14 247 12 975 13 022 13 167 13 202 14 958
Solvency margin capital exceeding minimum requirement 5 930 4 714 4 819 5 047 5 054 7 448
Solvency margin capital in per cent of
solvency margin capital requirement (%) 171 157 159 162 162 199
1) Prepared in accordance with prevailing regulations for life insurance companies. New regulations are expected upon the introduction of Solvency II.
3) Capital adequacy regulations regulate the relationship between the company's primary capital and the investment exposure on the asset side of the
balance sheet. Life insurance companies are subject to a minimum capital adequacy requirement of 8 per cent.
4) Solvency margin capital is measured against the solvency margin requirement, which is linked to the company's insurance commitments on the
liabilities side of the balance sheet. The solvency margin requirements for Norwegian life insurance companies are subject to regulations on the
calculation of solvency capital requirements and solvency margin capital, as laid down by the Ministry of Finance on 19 May 1995.
87
DnB NOR Asset Management
DnB NOR Asset Management provides mutual funds and discretionary portfolio management
services to Norwegian, Nordic and European corporate clients, the public sector, private pension
funds and retail clients. Torkild Varran is head of DnB NOR Asset Management.
DnB NOR Asset Management seeks to provide first-class returns on customer funds within the
preferred risk profile and investment horizon. The company aspires to be the leading asset
manager for clients in the Nordic region, providing sound long-term returns and a high level of
service based on a thorough understanding of customer needs.
Products and services

• Mutual funds, hedge funds and absolute return products
• Discretionary portfolio management
• Management and monitoring of investment portfolios
• Asset allocation and risk management advisory services
Organisation
• One holding company, DnB NOR Kapitalforvaltning Holding AS, with separate asset
management companies in major markets.
• Customer activity is concentrated in Norway, Sweden and Luxembourg. In order to provide
competitive global asset management, investment operations have also been established in
Hong Kong and Chennai.
• A combination of regional and sector-oriented management teams with a presence in major
financial markets.
• Asset management services are provided through channels adapted to the various markets:
Retail clients in Norway
DnB NOR's extensive network of branches and regional financial services centres
Post offices and in-store postal outlets
The Internet
External channels including brokers, investment advisers and regional and local savings
banks
Retail clients in Sweden
Local distributors
Institutional markets in Sweden and Norway
The business area's own sales force and, in Norway, through cooperation with Retail
Banking
Employees
• Staff cuts corresponding to 24 full-time positions in the fourth quarter of 2009.
• 223 full-time positions at the end of the quarter.
88
Full year
Net interest income - ordinary operations 2 (1) (8) (7) (3) (14) 6
1)
Net interest income 6 2 (4) (1) 7 3 47
Net commission income
- from retail customers 73 76 67 53 37 269 280
- from institutional clients 131 138 140 119 143 528 553
Other income 0 1 3 65 14 68 23
Total income 209 217 207 235 200 868 903
Operating expenses 143 176 176 155 108 650 666
Pre-tax operating profit before write-downs 66 41 30 80 92 217 236
Pre-tax operating profit 66 41 30 80 92 217 236
2)
Assets under management (NOK billion)
Institutional 384 377 417 416 441 384 441
3)
- of which Vital 188 184 175 174 169 188 169
Retail 57 52 47 41 37 57 37
Total 441 429 464 457 478 441 478
Key figures
4)
2) Assets under management and assets under operation at end of period.
3) Managed on behalf of Vital Forsikring.
89
Assets under management - distribution by market segment
NOK billion
478
1)
457 464
37 43% 429 441 1)
41 47 30%
52 57
1) 1)
441 82% 77%
416 417
377 384
3 1 D ec . 2 0 0 8 3 1 M arc h 2 0 0 9 3 0 J une 2 0 0 9 3 0 Sept. 2 0 0 9 3 1 D ec . 2 0 0 9
Institutional clients Retail market
1) Share of total assets in the institutional and retail market respectively, invested in bonds, fixed-income funds and money market funds.
Assets under management - distribution by investment type
31 December 2008 31 December 2009
Equity and
balanced funds Equity and
Equity and Equity and
4% balanced funds
balanced funds balanced funds
9%
17 % 21 16 20 %
Bonds and money 40
market 17
80 investments Bonds and money
Retail 88
3% market Retail
market
investments market
4%
Institu- Institu-
tional 361 tional 297
clients clients
Bonds and money
market Bonds and money
investments market
76 % investments
67 %
Total: NOK 478 billion

Total: NOK 441 billion
(Amounts in NOK billion and per cent of total assets)
90
Changes in assets under management - net inflow
Full year
Amounts in NOK million 4Q09 3Q09 2Q09 1Q091) 4Q08 20091) 20082)
Retail market 2 215 1 045 739 1 211 (2 984) 5 210 (10 937)
Institutional clients 5 549 (61 374) (16 789) (4 217) (8 774) (76 832) (30 650)
Total 7 764 (60 330) (16 050) (3 006) (11 758) (71 622) (41 588)
1) Excluding dividends of NOK 2 705 million, of which NOK 816 million refers to retail and NOK 1 889 million to institutional clients
2) Excluding dividends of NOK 2 700 million, of which NOK 872 million refers to retail and NOK 1 828 million to institutional clients.
Changes in assets under management

NOK billion
478
55
441
(20)
(72)
Assets under Net flow Market Exchange Assets under

management changes rate movements management
31 December 2008 31 December 2009
Comments to changes in assets under management as from 31 December 2008

• Assets under management were reduced by NOK 37 billion or 7.7 per cent.
Net flow:
There was a net outflow of funds from institutional clients of NOK 76.9 billion or 16.1 per
cent. The termination of an asset management mandate in Denmark accounted for
approximately NOK 12 billion of the reduction and the renegotiation of the contract with
Skandia Liv resulted in a NOK 62.3 billion reduction in asset under management.
New institutional mandates were obtained in both Sweden and Norway.
There was a net inflow of funds from the retail market of NOK 5.2 billion or 1.1 per cent.
• Market changes:
Market developments led to a NOK 54.8 billion increase in assets under management,
representing 11.5 per cent measured in clients' base currencies.
During the last four quarters, Morgan Stanley's global equity index increased by 30.0 per
cent measured in USD and increased by 3.6 per cent measured in NOK.
Prices on the stock exchange in Stockholm (OMX) increased by 1.7 per cent, and the
stock exchange in Oslo (OSEBX) experienced a 6.4 per cent growth in prices during the
last four quarters.
• Exchange rate movements:
The appreciation of NOK against other currencies, especially SEK, decreased assets under
management by NOK 20.2 billion.
91
Development in commission income and assets under management

1 157
1 133
1 007
274
311
833
294 797 Commission income
(NOK million):
274 180 4th quarter

269 204
3rd quarter
239
187 2nd quarter
549 1) 549 541
214
1st quarter
478
441
Assets under management
273 328 at end of period
232 237 (NOK billion)
207
280 281
242 230
172
2005 2006 2007 2008 2009
1) Reduced to NOK 519 billion in the beginning of January 2006 following termination of an investment mandate.
Investment returns on assets under management

• Returns on a number of major client portfolios and funds outperformed relevant benchmarks.
• Total Information Ratio was 2.18 by the end of December.
• Fund managers' specialisation has led to strong relative performance for several funds
(return in excess of benchmark):
Equity funds:
DnB NOR Nordic Technology (48.8 per cent)
Avanse Norden (17.3 per cent)
DnB NOR Grønt Norden (20.8 per cent)
DnB NOR SMB (33.0 per cent)
DnB NOR Miljøinvest (26.6 per cent)
DnB NOR Private Equity (18.6 per cent)
Carlson Asian Small Cap (35.4 per cent)
Money Market funds:
DnB NOR Lang Likviditet (3.3 per cent)
DnB NOR Likviditet 20 (V) (3.1 per cent)
Bond funds:
DnB NOR Obligasjon (III) (7.0 per cent)
DnB NOR Kredittobligasjon (6.0 per cent)
92
Clients/markets
• DnB NOR Asset Management serves the Nordic and European savings markets, offering
domestic and international asset management services.
• Brand names:
DnB NOR Kapitalforvaltning in the Norwegian institutional and retail markets.
Carlson in the Swedish institutional and retail markets.
DnB NOR Asset Management and Carlson in the European institutional and retail markets,
respectively.
• A leading position in the institutional market in both Norway and Sweden with 268
institutional clients. The largest clients are Skandia Liv and Vital Forsikring.
• The number of mutual fund clients in Norway was approximately 580 000 at the end of
December 2009. The number of active savings schemes reached 309 000.
• Market shares:
DnB NOR Kapitalforvaltning (retail mutual funds in Norway) 34.4 per cent 1)
Carlson Fonder (total mutual funds in Sweden and Luxembourg) ≈ 1.8 per cent
Institutional market in Norway (mutual funds in Norway) 20.5 per cent 1)
Institutional market in Sweden > 15 per cent
1) Source: Norwegian Mutual Fund Association.
Retail: Fund capital and market shares in Norway
31 December 2009 31 December 2008 31 December 2007

Fund Market Fund Market Fund Market
Amounts in NOK million and per cent capital share capital share capital share
Equity funds 21 098 26.2 12 962 25.7 24 527 27.8
Balanced funds 6 802 60.3 5 948 70.4 8 915 71.9
Fixed-income funds 14 693 45.8 15 106 49.4 21 431 52.4
Total mutual funds 42 593 34.4 34 017 38.0 54 873 38.7
Source: Norwegian Mutual Fund Association

• DnB NOR's extensive network represents the major distribution channel in the Norwegian
retail market.
• DnB NOR Asset Management and Retail Banking cooperate in providing a complete range of
financial services to corporate clients.
• DnB NOR Asset Management manages Vital's equity and bond portfolios.
• DnB NOR Asset Management cooperates with other group entities in developing products
adapted to the various markets.
93
DnB NORD
DnB NORD is owned 51 per cent by DnB NOR. The bank is headquartered in Copenhagen and is
headed by Thomas Bürkle, CEO of DnB NORD.
In the future DnB NORD has decided to focus on its Eastern European core markets Estonia,
Latvia, Lithuania and Poland, where the bank has a strong market position or a long-term growth
potential. The bank provides a broad range of products to both the retail and corporate markets
and is committed to developing a strong brand as a full-service bank.
Organisation and market

• DnB NORD serves more than 930 000 retail and corporate clients.
• At end-December DnB NORD had 163 branches and offices in four countries.
• DnB NORD's staff represented 3 174 full-time positions at end-December 2009.
• At year-end 2009, DnB NORD was the third largest bank in Lithuania and number four in
Latvia, measured by total assets. In Estonia, the bank was number five in terms of total
lending.
• The Baltic States have experienced a serious economic cool-down over the past few quarters,
but on a macro level there are some early indications of stabilization of the economies. DnB
NORD expects the level of write-downs on loans to decrease somewhat in 2010, from a very
high level in 2009. DnB NORD will concentrate on consolidating operations, following up high-
risk commitments and improving cost efficiency.
• The economic situation is more favourable in Poland, and DnB NORD will continue to develop
products and services for retail customers there.
Full year
Net interest income - ordinary operations 354 359 340 409 394 1 462 1 411
1)
Net interest income 369 376 366 448 479 1 559 1 714
Net other operating income 182 156 161 185 276 684 754
Total income 551 532 527 633 755 2 242 2 468
2)
Pre-tax operating profit before write-downs (217) 93 (439) 216 213 (347) 764
Net gains on fixed and intangible assets (15) (4) 6 1 3 (13) 19
Write-downs on loans and guarantees 845 1 041 1 453 590 1 053 3 929 1 388
Pre-tax operating profit (1 078) (951) (1 886) (374) (837) (4 289) (605)
Net lending to customers (NOK billion) 3) 75.9 81.9 86.0 90.7 87.8 83.6 75.1
Deposits from customers (NOK billion) 3) 20.0 21.5 21.7 22.4 23.1 21.4 22.1
4)
Return on allocated capital, annualised (%) (28.9) (38.7) (54.2) (15.6) (28.4) (34.4) (5.8)
1) Interest on allocated capital is calculated according to internal DnB NOR capital allocation rules. "Net interest income - ordinary operations" does not
include interest on equity.
2) Operating expenses include impairment losses for goodwill of NOK 570 million related to the operations in the Baltic States in the second quarter and
NOK 368 million related to the operations in the Baltic States and Poland in the fourth quarter of 2009.
4) Total operating expenses excluding impairment losses for goodwill relative to total income.
94
1)
Net interest income
Lending 70 881 77 487 85 730 1.06 1.12 1.06 189 218 229
Deposits 19 295 20 931 22 358 1.57 1.94 2.98 76 102 167
Other 89 38 (2)
Total net interest income 369 376 479
1) Based on nominal values excluding lending to and deposits from credit institutions and impaired loans.
Development in lending volumes
NOK billion
98
88
85
26
78
24 21 68
12 20 Other units
12 Poland
10 11
Lithuania
11 12 Latvia
34
30 30
27 25
27 23 23 20 19
31 Dec. 2008 31 March 2009 30 June 2009 30 Sept. 2009 31 Dec 2009
• Measured in NOK, lending volumes declined by 31.1 per cent from end-December 2008 to
end-December 2009. The decrease in other units was partly due to transferral of a portfolio
of loans in Denmark and Finland, amounting to NOK 7.6 billion, to DnB NOR at end-2009.
• Measured in euro, lending volumes declined by 18.9 per cent from end-December 2008.
95
Lending volumes and write-downs
Of which net non-performing and

impaired commitments Net individual Collective Total
Net lending As a percentage write-downs write-downs write-downs
NOK million
Amounts in NOK million 31 Dec. 2009 of net lending 4Q09 4Q09 4Q09
Latvia 18 948 3 069 16.2% 174 74 248
Lithuania 25 408 4 119 16.2% 449 (28) 421
Estonia 3 296 216 6.6% 9 9 18
Total Baltic States 47 652 7 404 15.5% 632 55 687
Poland 11 899 268 2.3% 77 10 87
Other 8 500 367 4.3% 59 12 71
Total DnB NORD 68 051 8 039 11.8% 768 77 845
Write-down ratio
31 Dec. 30 Sept. 31 Dec.

Amounts in NOK million 2009 2009 2008
Non-performing commitments subject to individual write-downs 9 879 8 207 4 310

Other impaired commitments 1 900 1 824 1 289
Gross non-performing and impaired commitments subject to individual write-downs 11 779 10 031 5 599
Individual write-downs 3 741 3 107 1 714
Net non-performing and impaired commitments subject to individual write-downs 8 039 6 924 3 885
Collective write-downs 827 782 410
1)
Write-down ratio (per cent) 38.78 38.78 37.93
Non-performing and impaired commitments relative to total commitments (per cent) 11.80 8.81 3.92
Collateral for loans 12 739 11 243 4 796
Coverage ratio (per cent) 146.92 150.86 123.59
Adjusted third quarter figures: Lending volumes and write-downs
Of which net non-performing and

impaired commitments Net individual Group Total
Net lending As a percentage write-downs write-downs write-downs
NOK million
Amounts in NOK million 30 Sept. 2009 of net lending 3Q09 3Q09 3Q09
Latvia 19 991 2 783 13.9% 224 127 351
Lithuania 27 058 3 184 11.8% 468 48 516
Estonia 3 482 155 4.5% 45 7 52
Total Baltic States 50 531 6 122 12.1% 737 182 919
Poland 10 876 362 3.3% 73 6 79
Other 17 092 440 2.6% 138 (95) 42
Total DnB NORD 78 499 6 924 8.8% 948 92 1 041
96
Risk classification of portfolio 1)

NOK billion
31 Dec. 2008
31 Dec. 2009
57
32
26 27
24
17
8
4
PD 0.01% - 0.75% PD 0.75% - 2.0% PD 2.0% - Net non-performing and

impaired commitments
97
98
Section 4
The Norwegian
economy
99
4. The Norwegian economy Fourth quarter 2009
Basic information
Area 385 199 square kilometres

Population 4.8 million
Fertility rate 1.9
Life expectancy M: 78.3 F: 83.0
Work participation rate, per cent 15–74 years 73.9 (M: 77.1 F:70.7)
Gross domestic product 2008 USD 450.0 billion
GDP per capita 2008 USD 93 800
Rating AAA, Aaa
Currency exchange rate used 5.64 USD/NOK (Average 2008)
Current balance 2008 USD 79.6 billion or 17.7 per cent of GDP
Source: Statistics Norway
1)
Key macro-economic indicators, Norway
Per cent 2008 F 2009 F 2010 F 2011 F 2012

GDP growth
- Norway, total 1.8 (1.1) 1.5 1.7 2.0
- Mainland Norway 2.2 (1.1) 2.0 2.4 2.7
Private consumption 1.3 0.1 4.0 2.7 2.5
Gross fixed investment 1.4 (7.5) (6.8) 0.2 3.1
Inflation (CPI) 3.8 2.2 1.5 1.5 2.1
1)
Savings ratio 3.4 7.2 6.0 6.1 6.2
Unemployment rate 2.5 3.1 3.5 4.0 3.9
2)
Current account 20.0 14.6 16.2 17.9 20.0
Source: Statistics Norway and DnB NOR Markets: Economic Outlook 3/2009
1) Per cent of disposable income. Households

2) Per cent of GDP
Key macro-economic indicators, Poland and the Baltic states

Percentage change from previous year 2008 F 2009 F 2010 F 2011
Poland
GDP 5.0 1.6 2.4 3.3
Private consumption 5.9 2.5 2.1 3.1
Gross fixed investments 8.2 (1.8) 1.4 5.8
Inflation (CPI) 4.2 3.5 2.4 2.5
Estonia
GDP (3.6) (14.6) (0.9) 3.4
Private consumption (4.8) (17.4) (3.9) 2.0
Gross fixed investments (12.1) (32.2) (2.3) 5.6
Inflation (CPI) 10.4 (0.1) (0.1) 1.6
Latvia
GDP (4.6) (17.6) (3.3) 2.5
Private consumption (5.5) (22.8) (7.3) 0.6
Inflation (CPI) 15.4 3.5 (2.4) 0.4
Lithuania
GDP 2.8 (15.7) (2.4) 2.3
Private consumption 3.6 (17.5) (5.4) 2.1
Inflation (CPI) 11.1 4.2 (0.1) 1.4
Source: Consensus Economics
100
Fourth quarter 2009 4. The Norwegian economy
Contribution to volume growth in GDP, mainland Norway
Per cent 2008 F 2009 F 2010 F 2011 F 2012

Household demand (0.0) (0.9) 2.0 1.7 1.6
Gross fixed capital formation, mainland companies 0.7 (1.8) (1.0) 0.1 0.3
Gross fixed capital formation, petroleum activity (1.0) (0.2) (0.5) (0.0) 0.3
Public sector demand 1.2 2.0 1.9 0.4 0.5
Exports, mainland Norway 1.1 (1.6) 0.6 1.0 1.2
Imports, mainland Norway (0.4) 3.8 (0.4) (0.9) (1.2)
Changes in stocks and statistical discrepancies 0.6 (2.3) (0.7) (0.0) (0.0)
GDP, mainland Norway 2.2 (1.1) 2.0 2.4 2.7
Source: Statistics Norway and DnB NOR Markets
Government net financial liabilities 2010

Per cent of GDP
Norway
Finland
Luxembourg
Korea
New Zealand
Sweden
Slovenia
Australia
Denmark
Czech Republic
Slovak Republic
Switzerland
Ireland
Poland
Canada
Netherlands
Iceland
Spain
Estonia
Austria
United Kingdom
France
Germany
Portugal
Hungary
United States
Greece
Belgium
Japan
Italy
(150) (100) (50) 0 50 100
Source: OECD Ecomomic Outlook No. 86, December 2009
101
Current account and net foreign assets (incl. private sector)

Per cent of GDP
100 Net foreign assets Current account 22
90 20
80 18
16
70
14
60
12
50
10
40
8
30
6
20
4
10 2
0 0
(10) (2)
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Net foreign assets Current account
1)
Household interest and debt burden
Debt burden: Loan debt as a percentage of disposable income adjusted for estimated reinvested
share dividends.
Interest burden: Interest expenses after tax as percentage of disposable income.
250 Per cent Per cent
12
10
200
150
6
Debt burden (left hand scale)
100
Interest burden (right hand scale)
4
50
2
0 0
1987 1990 1993 1996 1999 2002 2005 2008 2011
Source: Norges Bank, Financial stability 2/09
1) Forecast 1Q09-4Q12
102
Household financial assets and liabilities

280
Per cent of disposible income
260
240
Financial assets
220
200
180
160
Liabilities
140
120
100
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008
Financial market growth

31 Dec. 31 Dec. 31 Dec. 31 Dec.
Percentage change from previous year 2006 2007 2008 2009
1)
Credit
Total 14.4 14.4 10.3 4.1
Total retail market 12.4 11.2 7.1 6.7
Total corporate market 20.1 21.2 15.5 (1.4)
Savings
2) 4)
Total 16.7 12.4 (2.4) 7.1
4)
- of which commercial and savings banks 18.3 14.1 4.9 3.0
2) 4)
Total retail market 8.1 3.9 (3.6) 7.1
3) 4)
Total corporate market 23.0 17.9 (1.6) 7.1
1) Commercial and savings banks, state banks, insurance companies, mortgage institutions, finance companies, bonds, commercial paper.
2) Deposits in commercial and savings banks, participation in mutual funds, funds for insurance commitments, equity-linked bonds.
3) Deposits in commercial and savings banks, participation in mutual funds, funds for insurance commitments.
4) Figures as at 30 November 2009.
103
House prices and household liabilities
40
12-month percentage growth
30
20
Household
liabilities
10
(10)
House prices
(20)
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
Corporates: domestic credit and gross capital formation, mainland Norway
30
12-month percentage growth
20
Domestic credit
10
Gross capital formation, mainland Norway

(10)
(20)
(30)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
104
Debt-servicing capacity for different industries 1)
Commercial property
Shipping
Manufacturing and mining
Business services
2006
Retail trade 2007

2008
Fisheries
Oil services
Construction
Hotels, restaurants and tourism
Telecom
0 10 20 30 40 50 60 70
Per cent
Source: Norges Bank, Financial Stability 2/09
1) Ordinary result before tax, write-downs and depreciation as a percentage of bank debt and bonds. Non-financial firms,
mainland Norway. Group-financed firms are not included.
Business surveys, manufacturing sector

General assessment of outlook for next quarter, trend
70
65
60
55
50
45
40
35
1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
1) The survey is based on a sample of mainly larger enterprises. The survey focuses on the industry leaders' assessment of the
general business situation and the outlook for a fixed set of variables e.g. production, new orders etc.
105
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dnbnor.com

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Investor relations

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Information on the Internet

Financial Calendar 2010

1. DnB NOR - an overview ................................................................... 5

2. Financial results DnB NOR Group ................................................... 17

3. DnB NOR Group – business areas ................................................... 49

4. The Norwegian economy ............................................................... 99

DnB NOR - an overview

Fourth quarter 2009

Full year 2009

Comparable figures for 2008 in parentheses.

DnB NOR – Norway's leading financial services group

Life and Asset Management

Credit ratings from international rating agencies

Moody's Standard & Poor's Dominion Bond Rating Service

DnB NOR's strategy

DnB NOR will be customers’ best financial Cost efficiency in Norway

The Group will give priority to ensuring the International growth

DnB NOR Group - legal structure at end-December 2009

DnB NOR ASA

Group business structure

Group management team

Large 2) Group Finance

Share price development – 1 January 2009 to 29 January 2010

Shareholder structure as at 31 December 2009

Ownership according to investor category

Savings Bank Foundation

Norwegian investors: 58 per cent. International investors: 42 per cent.

Accounting principles etc.

IAS 1 – Presentation of Financial Statements (revised)

Important accounting estimates and discretionary assessments

Fair value of margin-based loans

Estimated impairment of goodwill

Fair value of PE-funds in Vital

Norwegian government's stimulus package

DnB NORD – evaluation of shareholder agreement

1) For a more detailed income statement, see page 45.

Balance sheet – condensed 1)

1) For a more detailed balance sheet, see page 45.

1) Excluding impairment losses for goodwill.

Norwegian and international units

International units excl. DnB NORD

Share of group pre-

tax operating profit

4Q08 1Q09 2Q09 3Q09 4Q09

1) Units outside Norway.

Net interest income

Changes in net interest income

4Q08 Lending Lending Other Amortisation Guarantee Long- Equity 4Q09

NOK million From 3rd quarter 2009 to 4th quarter 2009

Changes in net interest income

Other 379 261 401

Total net interest income 5 606 5 740 6 179

Combined spread - lending and deposits:

Developments in average interest rate spreads

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

1) Excluding impaired loans

Developments in average interest rate spreads