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AUDITOR`S REPORT To the Annual Shareholders’ Meeting of Verdipapirsentralen Holding ASA We have audited the annual financial statements of Verdipapirsentralen ASA as of 31 December 2004, showing a profit of NOK 70.419.231 for the parent company and a profit of NOK 63.687.585 for the group. We have also audited the information in the Board of Directors’ report concerning the financial statements, the going concern assumption, and the proposal for the allocation of the profit. The financial statements comprise the balance sheet, the statements of income and cash flows, the accompanying notes and the group accounts. These financial statements are the responsibility of the Company’s Board of Directors and Managing Director. Our responsibility is to express an opinion on these financial statements and on the other information according to the requirements of the Norwegian Act on Auditing and Auditors. We conducted our audit in accordance with the Norwegian Act on Auditing and Auditors and good auditing practice in Norway. Good auditing practice require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. To the extent required by law and good auditing practice an audit also comprises a review of the management of the Company’s financial affairs and its accounting and internal control systems. We believe that our audit provides a reasonable basis for our opinion. In our opinion • the financial statements are prepared in accordance with the law and regulations and present the financial position of the Company and of the Group as of December 31, 2004, and the results of its operations and its cash flows for the year then ended, in accordance with good accounting practice in Norway • the company’s management has fulfilled its duty to produce a proper and clearly set out registration and documentation of accounting information in accordance with the law and good accounting practice in Norway • the information in the Board of Directors’ report concerning the financial statements, the going concern assumption, and the proposal for the allocation of the profit are consistent with the financial statements and comply with the law and regulations. Oslo, 16th of February 2005 NORAUDIT DA Kjetil Rivelsrud state authorised public accountant (Norway) Øyvind Hjemgård state authorised public accountant (Norway) 1994 The Norwegian Act relating to the Acquisition of Commercial Operations is amended following the EEA Agreement. Norwegians and foreigners are given equal rights as holders of securities. Companies start combining A and B shares in one class. The Freia chocolate factory is sold to American Kraft Foods. The purchase sum (NOK 9 bn) is processed in the VPS system. Photo: The University Library at Blindern is completed. Designed by Telje-Torp-Aasen arkitektkontor AS. TOP