1. Norges Bank 1 Executive Board Meeting 30 June 2005

2. Norges Bank 2 Estimated GDP growth in 2005 among Norway's trading partners. Per cent Source: Norges Bank

3. Norges Bank 3 CPI/HICP (core) in the US, the euro area, Japan and China 1) Percentage change on same month previous year Source: EcoWin / National statistics US Euro area Japan 1) CPI China

4. Norges Bank 4 Consumer prices in the Nordic countries Percentage rise on same month previous year Source: EcoWin / National statistics Norway (CPI-ATE) Sweden (UND1X) Denmark* * CPI excl. energy, food, alcohol and tobacco Finland*

5. Norges Bank 5 Indicator of external price impulses to imported consumer goods measured in foreign currency Annual figures. Per cent. 1995 – 2008 1) 1) Projections for 2005 -2008 Source: Norges Bank

6. Norges Bank 6 Developments in 10-year government bond yields Source: EcoWin Norway US Germany

7. Norges Bank 7 Interest rate expectations for the US, the euro area and Sweden Sources: Reuters and Norges Bank US Euro area 28 June 24 May Sweden

8. Norges Bank 8 Oil price Brent Blend and futures prices Daily figures, USD per barrel. January 2002 - June 2005 10 March (IR 1/05) Sources: Telerate, IPE and Norges Bank 28 June 24 June (IR 2/04) 24 May

9. Norges Bank 9 Oil futures prices USD per barrel light crude. Daily figures. January 2001 – June 2005 Delivery in 6-7 years Delivery in 1 month Source: EcoWin/ NYMEX

10. Norges Bank 10 CPI-ATE. Total and distributed by imported and domestically produced goods and services Historical and projections IR 1/05 (broken lines). 12-month change. Per cent Sources: Statistics Norway and Norges Bank Goods and services produced in Norway (0.7) Imported consumer goods (0.3) CPI-ATE

11. Norges Bank 11 3-month interest rate differential and import-weighted exchange rate (I-44) A fall in value denotes a depreciating currency. Daily figures Sources: Norges Bank and Bloomberg I-44 (right-hand scale) Weighted 3-month interest rate differential (left-hand scale) 24 May 05 28 June 05

12. Norges Bank 12 Sources: Norges Bank and EcoWin I-44, interest rate differential (3-month) and expected interest rate differential (12-month) 1 year ahead I-44 1) (left-hand scale) Expected 1-year interest rate differential 1 year ahead (euro, USD, SEK, GBP) 3-month interest rate differential against trading partners (9 currencies) (right- hand scale) 1) A rising curve denotes an appreciating currency

13. Norges Bank 13 3-month money market rate and I-44 1) in scenario with stronger exchange rate (IR 1/05) Quarterly figures. 2001 Q1 – 2008 Q4 I-44 in scenario with stronger exchange rate (right-hand scale) Interest rate in baseline scenario (left-hand scale) Interest rate in scenario with stronger exchange rate (left- hand scale) I-44 29 June 2005 1) The figure for 2005 Q2 are based on the average through 29 June Source: Norges Bank

14. Norges Bank 14 Interest rate expectations Norway Sources: Norges Bank and Reuters 24 May 28 June

15. Norges Bank 15 Summary from regional network Round 3 2005 Demand is growing in all sectors at approximately the same pace as in the last round. The same growth rate is expected in the period ahead. Lowered expectations in the export and building and construction industries Approximately 40% of our contacts have some or considerable problems in meeting growth in demand. Building and construction and parts of petroleum-related industry have reached capacity Plans for a moderate increase in investment, as in previous round. Expect moderate growth in employment in all industries apart from the public sector In the future more people expect higher inflation than expect lower inflation, but the number expecting higher inflation is lower than earlier in 2005. Profitability is still increasing throughout the private sector, primarily among suppliers to the petroleum industry.

16. Norges Bank 16 Employment and man-hours worked Seasonally adjusted. Index 1996 Q1=100. Quarterly figures 1996 Q1 – 2005 Q1 Sources: Statistics Norway and Norges Bank Number employed Man-hours

17. Norges Bank 17 Unemployed. LFS unemployment, registered unemployed and persons on labour market programmes In thousands. Seasonally adjusted. Monthly figures, Jan 2001 – May 2005 Sources: Statistics Norway and the Directorate of Labour Registered unemployed and on labour market programmes LFS unemployment Registered unemployed

18. Norges Bank 18 Investment intentions survey. Oil and gas recovery incl. pipeline transport. Estimated and actual investment. In billions of NOK 2002 2003 2005 2004 Estimate published previous yearEstimate published same year Source: Statistics Norway Final figures 2006

19. Norges Bank 19 House prices from the real estate business Annualised 3-month centred moving change. Seasonally adjusted figures. Per cent Sources: Associations of Norwegian real estate agents (NEF, EFF) and Norges Bank

20. Norges Bank 20 Developments in banks' interest margins Per cent Source: Norges Bank Interest margin, total Lending margin Deposit margin

21. Norges Bank 21 3-month money-market rate and import-weighted exchange rate (I-44) 1) 2) in the baseline scenario. Quarterly figures. 2004 Q1 – 2008 Q4 IR 2/05 Import-weight krone exchange rate I-44 (right-hand scale) 1) A rising curve denotes a weaker krone exchange rate. Reflects the forward rate on 24 June 2) The figures for 2005 Q2 are based on the average through 24 June Source: Norges Bank Interest rate (left-hand scale) IR 2/05 IR 1/05

22. Norges Bank 22 Projections for the CPI-ATE and output gap in the baseline scenario. Quarterly figures. Per cent. 04 Q1 – 08 Q4 Sources: Statistics Norway and Norges Bank CPI-ATE Output gap