Increase in market value due to the depreciation of the krone, with no effect on the international purchasing power of the Petroleum Fund.

Higher market value measured in international currencies:
Total return 9,25 %
• Equity portfolio 12,86 %
• Fixed income portfolio 9,31 %
Excess return relative to benchmark: 0,20 percentage point measured in NOK.

Transfers from the Ministry of Finance in 1998:
30 June NOK 11,8 billion,
30 Sept. NOK 10,0 billion,
30 Nov. NOK 11,0 billion.

In 1996 and 1997 the Petroleum Fund’s portfolio consisted only of bonds.
On 31 December 1998, investments consisted of:
• equity portfolio NOK 69,5 billion
• fixed income portfolio NOK 102,3 billion