PRESS CONFERENCE 2 November 2012

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1 PRESS CONFERENCE 2 November 212 3Q 212

2 Fund s market value Quarterly numbers, 3 September 212. Billions of kroner Asset class Value Percentage fund Equities % Fixed Income % Real Estate 11.3% Source: NBIM 2

3 Change in market value Billions of kroner Q 212 Return Krone rate Inflow Total Q 211 3Q 211 4Q 211 1Q 212 2Q 212 3Q Source: NBIM 3

4 Quarterly return Percent 15 1 Quarterly return Accumulated annualised return Third quarter return in % Accumulated return in % Since % Source: NBIM 4

5 Quarterly relative return* Percentage points Quarterly relative return Accumulated annualised relative return Third quarter relative return in % Accumulated relative return in % Since % * Excluding real estate investments -2 Source: NBIM 5

6 Changes in value since 1996 Billions of kroner Market value of fund Gross inflow of new capital Management costs 2 19 Changes due to fluctuations in krone Accumulated return Equity Fixed Income Real Estate 6

7 Historical key figures As of Annualised data in international currency. Percent Last 12 months Last 5 years Since Gross annual return on fund Annual price inflation Annual management costs Annual net real return on fund

8 Expected absolute volatility Percent (left-hand axis) and billions of kroner (right-hand axis) 25 1, 2 Risk measured in kroner Risk measured in percent Source: NBIM 8

9 Price developments in regional and global equity markets Measured in USD. Indexed = Q 212 FTSE All-World 7 % S&P 5 6 % Stoxx Europe 6 9 % MSCI Asia Pacific 6 % MSCI Emerging Markets 8 % Jan-11 Jul-11 Jan-12 Jul Source: Bloomberg 9

10 Price moves in stock sectors FTSE Global All Cap. Measured in US dollars. Indexed = Oil & gas Health Industrials Consumer goods Financials 3Q 212 9% 8% 7% 6% 1% Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Source: FTSE, NBIM 1

11 Bank stocks performance Measured in local currency. Indexed ( = 1) Emerging markets UK Japan USA Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Source: FTSE, NBIM 11

12 Bank stocks performance in Europe Measured in local currency. Indexed ( = 1) 14 Germany Spain France Ireland Italy Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Source: FTSE, NBIM 12

13 Price developments of government debt Barclays Global Aggregate Index. Measured in local currency. Indexed = Q 212 Dollar 1.6 % Euro 3.7 % Pound 2.5 % Yen.5 % Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct Source: Barclays Capital 13

14 Price developments in fixed-income sectors Barclays Global Aggregate Index. Measured in US dollars. Indexed = Q Government bonds Government-related bonds Corporate bonds Inflation-linked bonds Securitised debt 3.1% 3.5% 4.8% 3.2% 2.2% 8 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct Source: Barclays Capital 14

15 The fund s fixed-income investments Yield Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Jul-12. Source: NBIM

16 Changing the regional allocation Starting point 54% 35% 11% Of which: Emerging markets 6% Source: NBIM, Ministry of Finance 16

17 Changing the regional allocation Starting point 54% Target 41% 35% 11% 4% 19% Of which: Emerging markets 6% Of which: Emerging markets 1% Source: NBIM, Ministry of Finance 17

18 Changing the regional allocation Starting point 54% Target 41% 35% 11% 4% 19% Of which: Emerging markets 6% Of which: Emerging markets 1% Equities Fixed income Total Americas, Africa, Middle East 35.3% 42.% 37.8% Europe 49.4% 45.% 47.8% Asia / Oceania 15.3% 13.% 14.4% Of which: Emerging markets 9.1% 8.% 8.6% Source: NBIM, Ministry of Finance 18

19 The fund s fixed-income investments Currency allocation, 3 September 212. Percent CAD 3. AUD CHF 1.3 SEK 1.2 DKK.6 SGD.3 NZD.2 Emerging markets 7.9 MXN 1.3 KRW 1.2 CNY.8 RUB.8 BRL Other JPY GBP USD INR.5 TRY.4 IDR.4 Andre EUR Dec-1 Dec-11 Jun-12 Sep-12 MoF strategic target Source: NBIM 19

20 Fixed income investments in new markets Billions of krone. 3 September 212 2

21 The fund s bond portfolio 3. September % 9 % 6.9 % 7.1 % 1.4 %.8 % 5.9 % 8.2 % 2.2 % 8 % 7 % 18.3 % 6.9 % 7.5 % 11.2 % 6 % 5 % 6.5 % 22.5 % 32.9 % 8.6 % 9.7 % 4. % Other emerging CNY Other developed JPY 4 % 3 % 2.9 % GBP EUR USD 2 % 38.5 % 36.6 % 1 % 25.4 % % Market-weighted index Share of bond portfolio GDP-weighted portfolio Source: NBIM

22 Market size Billions of dollar GDP Equity market Bond market US UK Japan Germany Brazil China India Source: IMF, FTSE, Barclays

23 The fund s holdings in selected European countries Millions of euro Italy Spain Ireland Portugal Greece Q 211 1Q 211 2Q 211 3Q 211 4Q 211 1Q 212 2Q 212 3Q 212 Source: NBIM 23

24 Ownership policies Revised expectations document for the strategic focus area climate change risk management Expanded with climate change as a result of tropical deforestation Expectations for corporate reporting and risk management 24

25 Key points Market value of fund increased by 162 billion kroner Return of 4.7 percent in the third quarter 212 Currency distribution of fixed-income investments significantly changed Revised expectations document of the strategic focus area climate change risk management 25

26

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