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Press Release 28 January 1998

Managers appointed in Norges Bank Investment Management

The Executive Board of Norges Bank has now appointed the senior management for Norges Bank Investment Management.

This unit is responsible for managing the Government Petroleum Fund and will also manage the long-term foreign exchange reserves. Four of the eight managers in Norges Bank Investment Management were recruited externally.

Sigbjørn Atle Berg (50) has been appointed as staff manager. He will be responsible for administration and budgets, the dissemination and coordination of information, and will participate in the management of professional activities. Berg is an economist and has broad experience in economic research and analysis from the University of Oslo and Norges Bank's Research Department. Prior to joining the project in May 1997, where he has responsibility for developing the new management unit, he worked in Norges Bank's central staff unit.

Helge Eide (33) has been appointed as manager for fixed income. He will be responsible for the internal fixed income management and for the selection and follow-up of external fixed income managers. Eide has a degree in business administration and has worked as a portfolio manager in Norges Bank since 1990. In recent years he has managed the group in the Market Operations Department responsible for the management of the foreign exchange reserves and the Government Petroleum Fund. Since May 1997 he has been responsible for the selection of equity managers for the Government Petroleum Fund.

Morten Jensen (42) has been appointed as investment director and manager for the risk allocation and analysis department. This department is responsible for the tactical allocation of portfolios and for ensuring that the risk in management is allocated to those areas where there is most likelihood of achieving extra returns. Jensen is currently the administrative director of DnB Investor. He is an economist and has previously worked for Statistics Norway, the University of Hamburg, ECON, DnB/DnC and Elcon Securities.

Steinar Selnes (36) has been appointed as manager of the risk control department. This department is responsible for monitoring market and operational risks, internal and external compliance, reporting and custodian and investment manager evaluation. Selnes has a degree in business administration and has been employed by Norges Bank since 1986. During his career he has worked as a portfolio manager in the Market Operations Department and in Norges Bank's New York office, as well as working for the IMF. His most recent position in the Market Operations Department was as head of division for the accounting and control group. Since May 1997, he has been responsible for developing systems and routines for risk control, as well as the selection of custodian banks for the equity portfolio.

Yngve Slyngstad (35) has been appointed as equity manager. His department will be responsible for the selection and follow-up of external equity managers, as well as establishing equity management in Norges Bank. Slyngstad previously worked as investment manager for Storebrand Investment Management and was responsible for investing in Asian equities. He has degrees in law and business administration and has earlier worked in Norges Bank's Research Department.

Ole Christian Frøseth (37) is currently the manager of Norges Bank's representative office in New York. The office is to be transferred from the Market Operations Department and will become a department of Norges Bank Investment Management. Frøseth has a degree in business administration and worked at the Ministry of Finance before joining Norges Bank in 1988. He was manager of the investment group in the Market Operations Department before being appointed manager of the New York office in 1995.

Marius Nygaard Haug (37) was appointed as legal manager on a one-year contract in the autumn of 1997. He has a leave of absence from his position as general counsel at the Banking, Insurance and Securities Commission of Norway. Nygaard Haug has previously worked at the London Stock Exchange, the Ministry of Finance and EFTA's Surveillance Authority.

Knut N. Kjær (41) was appointed in 1997 as the executive manager of Norges Bank Investment Management for the period until 1 July 1998. He has responsibility for developing the new management organisation. Prior to joining Norges Bank he was the executive vice president of Storebrand. The position of executive manager of Norges Bank Investment Management will be advertised in spring 1998.

Managers appointed in the Market Operations Department

Some responsibilities related to investment management do not fall directly under the control of Norges Bank Investment Management. These responsibilities come under the Market Operations Department and relate to settlement, control and advising the Ministry of Finance and Norges Bank's Executive Board on guidelines for the management of the Government Petroleum Fund and the foreign exchange reserves.

Executive director Leif Eide (59) was the director for Wing I until 31 December 1997, together with executive director Jan F. Qvigstad. For personal reasons, Eide wished to reduce his work load. Leif Eide's main responsibility will now be to participate in quality assurance work in connection with Norges Bank's international investment management, on behalf of the central bank governor. In this capacity, he will chair a committee which has been appointed to advise the central bank governor on activities in this important area.

Harald Bøhn (46) will until further notice act as deputy for executive director Jan F. Qvigstad, as director for Wing I. In addition, he will continue to be director of the Market Operations Department. He is an economist and has worked in various departments in Norges Bank and at the Ministry of Finance.

Bjørn Taraldsen (42) was appointed as assistant director of the Market Operations Department in January 1997. He has a degree in business administration and an MBA and will now manage the strategy and compliance section.

Birger Vikøren (36) has been appointed as strategies manager in the Market Operations Department. He has a PhD in economy and has previously worked in several departments in Norges Bank. His main area of responsibility will now be advice and recommendations regarding guidelines for investment management.

For further information, please contact:

Poul Henrik Poulsson, Information Director, tel. +47 22 31 62 74

Harald Bøhn, Director, tel. +47 22 31 60 87, regarding the reorganisation of the Market Operations Department

Knut N. Kjær, Executive Manager, tel. +47 22 31 62 36, regarding the reorganisation of Norges Bank Investment Management.

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