HNA/HNB - Results first quarter 2006

Highlights first-quarter 2006

• After-tax profit of NOK 1,071 million - up NOK 773 million compared with 1Q 2005.
• Operating profit: NOK 1,313 million - of which value growth of Renewable Energy Corporation (REC) shares amounted to NOK 783 million.
• Operating profit excluding REC: NOK 531 million - up 14 percent compared with 1Q 2005.
• All profit centers except retail-market power sales delivered profits in line with or exceeding 1Q 2005.
• Return on equity: 18.2 percent p.a. (1Q 2005: 13.5 percent p.a.) provided 13.5 percent return on the REC investment.
• Stock-exchange listing of REC scheduled for 9 May.