The President and CEO’s Message Shareholder Information The VPS Group Market Developments The Board of Directors’ Report Profit and Loss Account Balance Sheet Funds Flow Statement Notes to the Accounts Auditor’s Report Supervisory Committee’s Report Registrations at 31 December Corporate Governance Governing Bodies

GOVERNING BODIES BOARD OF DIRECTORS OF VPS HOLDING ASA AND VPS ASA Leif Teksum (Chairman) DnBNOR ASA Leiv Askvig (Vice-chairman) Sundt AS Sveinung Dyrdal Nordea Bank Norge ASA Elin Sjødin Drange Sparebanken Vest Anne Johnsrud Hagen Norsk Hydro ASA Per Victor Nordan KLP Forsikring Svein Støle Nordic-Partners Inc. Anne Ekeren Bjone VPS ASA Claes Unger VPS ASA COMPLAINTS BOARD FOR VPS ASA Sissel Berdal Haga (Chairman) Oslo City Court Henrik Bull (Vice-chairman) University of Oslo Anna Lena Rømo Statistics Norway Anne Hege Tangen (alternate) Statistics Norway Jon Bonnevie Høyer alternate) Asker and Bærum District Court Per Fiskerud (varamedlem) Bankklagenemnda SUPERVISORY COMMITTEE FOR VPS ASA Jan Petter Romsaas (Chairman) Advokatfirmaet Hjort Anton Jørgensen Fokus Bank Vegard Østlien Nordea Bank Norge ASA Kjell Sverre Hatlen (alternate) Storebrand Kapitalforvaltning ELECTION COMMITTEE FOR VPS HOLDING ASA Erik Must (Chairman) Erik Must AS Bjarte Bøe Skandinaviska Enskilda Banken AB Ottar Ertzeid DnBNOR ASA Inge K. Hansen (alternate) Aker Kværner ASA 2003 VPS is privatised and the Central Securities Depositories Act is replaced by the Act relating to the Registration of Financial Instruments. VPS is quoted on the OTEC list. A new settlement system, with two settlements per day, is launched and wins national and international acclaim. VPS moves to more modern premises in the centre of Oslo. Photo: The converted Postgiro building, designed by HRTB Arkitekter.