Government Pension Fund Norway (discontinued), 2nd half-year 2004

In the same period, the all-share index on Oslo Børs rose by 38.4 per cent. The modest appreciation in the Fund's total capital can be explained by the significant investments in low-risk securities.

It is important to notice that prior to 31 December 2004 the National Insurance Scheme Fund valued financial instruments at original cost, while unrealised gain/losses were recorded as other financial assets. As of 31 December 2004, the financial assets are valued at market value.

Tables:

• Table 1 National Insurance Scheme Fund. Balance sheet. 31 December 1999 - 31 December 200. Million kroner
• Table 2 National Insurance Scheme Fund. Bonds and shares and other equity by debtor sector. Million kroner