Auditor’s report

We have audited the annual financial statements of the Verdipapirsentralen Holding ASA as of 31 December 2006, showing a profit of NOK 210 598 609 for the parent company and a profit of NOK 215 983 599 for the group. We also have 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 annual financial statements comprise the parent company’s financial statements and the group accounts. The parent company’s financial statements comprise the balance sheet, the statements of income and cash flows, the statement of changes in equity and the accompanying notes. The group accounts comprise the balance sheet, the statements of income and cash flows, the statement of changes in equity and the accompanying notes. The rules of the Norwegian accounting act and good accounting practice in Norway have been applied to produce the financial statements for the parent company. The rules of the International Financial Reporting Standards as adopted by the EU have been applied to produce the financial statements. These financial statements are the responsibility of the Company’s Board of Directors and Managing Director. Our responsibility is 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, including standards on auditing adopted by Den Norske Revisorforening. These auditing standards 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 give a true and fair view of the financial position of the Company and of the Group as of December 31, 2006, and the results of its operations and its cash flows and the changes in equity for the year then ended, in accordance with good accounting practice in Norway for the parent company.

• The financial statements are prepared in accordance with the law and regulations and give a true and fair view of the financial position of the Group as of December 31. 2006, and the results of its operations and its cash flows and the changes in equity for the year then ended, in accordance with International Financial Reporting Standards as adopted by the EU.

• 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 bookkeeping 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, 28 March 2007
BDO Noraudit Oslo DA

Kjetil Rivelsrud
State Authorized Public Accountant