The return on the Petroleum Fund in the first half of the year was 2.8 per cent. Measured in NOK, the return was 5.4 per cent. The higher return in NOK is due to the krone's depreciation against the currencies in the benchmark portfolio. This has no effect, however, on developments in the Fund's international purchasing power.

The return on the Petroleum Fund's ordinary portfolio in the second quarter of 2004 was 0.08 percentage point higher than the return on the benchmark portfolio defined by the Ministry of Finance. The excess return for the first half of the year was 0.32 percentage point.

The return on the Environmental Fund in the second quarter was 1.5 per cent measured in terms of the benchmark portfolio's currency basket. The return in the first half of 2004 was 5.7 per cent.

The market value of the Petroleum Fund's combined securities portfolio was NOK 942.4 billion at the end of the second quarter. This represents an increase of NOK 27 billion during the quarter and an increase of NOK 97 billion since the beginning of the year. The increase since the beginning of the year is due partly to the transfer of new capital (NOK 51 billion), partly to the return in capital markets (NOK 25 billion) and partly to the depreciation of the krone (NOK 21 billion).

For further information, please contact:
Knut N. Kjær, Executive Director, Norges Bank Investment Management, tel. +47 22 31 60 00.

The quarterly report is available on www.nbim.no.