1. Norges Bank 1 Executive Board meeting 15 August 2007

2. Norges Bank Source: Consensus Forecasts 2007 2008 Growth forecasts Consensus Forecasts GDP. Percentage change on previous year

3. Norges Bank 3 House prices 1) and housing starts in the US Seasonally adjusted. 12-month rise 2). January 2003 – June 2007 1) Median price for dwellings. 2) 3-month moving average. Housing starts Existing dwellings New dwellings Sources: Reuters (EcoWin) and Norges Bank

4. Norges Bank 4 Source: Reuters (EcoWin) US Emerging economies Norway Euro area Equities Indices,1 November 2006 = 100. 1 November 2006 – 14 August 2007 Japan

5. Norges Bank 5 Implied volatility from equity options Per cent. 1 January 2006 – 13 August 2007 Sources: Reuters (Ecowin) and Oslo Stock Exchange Europe Norway US

6. Norges Bank Credit premium on BBB-rated corporate bonds 5-year maturity. Percentage points. 1 January 2004 –13 August 2007 Source: Reuters (EcoWin) US Europe 6

7. Norges Bank Credit spreads on bonds secured on sub- prime loans and ordinary mortgage loans Basis points. 19 January 2006 – 13 August 2007 Subprime 2006 H1, BBB- Subprime 2006 H2, BBB- MBS (mortgage bonds), BBB- Subprime 2007 H1, BBB- Source: Lehman Brothers 7

8. Norges Bank Sources: Bloomberg and Thomson Datastream Price of hedging credit risk. 5-year CDS prices Basis points. 1 July 2005 –13 August 2007 DnB NOR European banks (Itraxx index) 8

9. Norges Bank Price of hedging credit risk. 5-year CDS prices Basis points. 3 October 2005 – 10 August 2007 Telenor Hydro Norske Skog (left-hand scale) Statoil Source: Thomson Datastream 9

10. Norges Bank Central bankDate Amount supplied in local currency Interest rateComment: ECB 9 AugustEUR 94.8bn4.0 per cent (fixed-rate loan) Largest single injection ever. ECB promised full allotment. 10 AugustEUR 61.05bn4.08 per cent (average) Variable interest rate. Average interest rate on allotment of 4.08 per cent. 13 AugustEUR 47.67bn4.07 per cent (average) Variable interest rate. Average interest rate on allotment of 4.07 per cent. Federal Reserve 9 AugustUSD 12bn + USD 12bn From 5.187 to 5.33 per cent First amount supplied as a 14-day repo. Second amount was an ordinary O/N repo. According to the Financial Times, this is about twice as much as normal. 10 AugustUSD 38bn5.236 (19bn) 5.266 (16bn) 5,127 (3bn) Three different repo tranches in the course of the weekend. Largest injection since the days following 11 September 2001. Bank of Canada 9 and 10 August CAD 1.69bn Bank of Japan 10 AugustJPY 1000bn0.553 per cent (average) O/N 13 AugustJPY 600bn0.609 per cent (average) 1-week repo The Reserve Bank of Australia 10 AugustAUD 4.95bnTwice the normal amount. Swiss National Bank 9 –13 August2.6 per cent (overnight) and 2.43 per cent (1-week) Has supplied a fair amount of liquidity. Reuters estimates the injection on Thursday 9 August at CHF 2-3bn. Norges Bank 9 AugustNOK 45bn4.61 per cent (average) Ordinary F-loan auction with allotment rate of 4.61 per cent. Supply of liquidity from various central banks

11. Norges Bank Norway 11 US Euro area 13 August 2007 Market after MPR 2/07 (27 June) Key policy rates and forward rates As at previous monetary policy meeting and as at 13 August 2007 Sources: Reuters (EcoWin), Bloomberg and Norges Bank

12. Norges Bank Sources: Bloomberg, Reuters (EcoWin) and Norges Bank I-44 (left-hand scale) Weighted interest rate differential (right-hand scale) 13 August 2007 1) A rising curve denotes an appreciation of the krone. 3-month interest rate differential and import-weighted exchange rate (I-44) 1) January 2002 – December 2010 Average 1 – 13 August 2007 Previous monetary policy meeting (27 June 2007) 12

13. Norges Bank Petroleum production in Norway January 2000 – May 2007 Source: Norwegian Petroleum Directorate Crude oil production (left-hand scale) Annual growth in total petroleum production (right-hand scale) Per cent In million barrels per day

14. Norges Bank 14 Oil price Brent Blend and futures prices USD per barrel. 3. January 2002 -13 August 2007 13 August 2007 Previous monetary policy meeting (26 June) Sources: Telerate, IPE and Norges Bank

15. Norges Bank Average prices for crude oil and natural gas 1997 Q1 – 2007 Q3 1) Sources: Reuters (EcoWin), Statistics Norway, Statoil, Norsk Hydro and Norges Bank Norwegian gas (left-hand scale) Weighted average gas price Statoil/Hydro (left-hand scale) Brent Blend, USD/barrel (right-hand scale) 1) Gas price UK (left-hand scale) 1) Gas price USD/1000 Sm 3 Oil price USD per barrel 1) Average daily figures to date in 2007 Q3. 15

16. Norges Bank Source: Statistics Norway Weighted median CPI-ATE 20 per cent trimmed mean CPI Various inflation indicators 12-month change. Per cent. January 2002 – July 2007 16

17. Norges Bank Sources: Statistics Norway and Norges Bank 1) A further adjustment is made for the estimated effect of new maximum day-care rates in 2006. 2) Norges Bank's projections. CPI-ATE CPI-ATE 1) Total and by supplier sector. Projections MPR 2/07 12-month rise. Per cent. July 2003 – July 2007 Goods and services produced in Norway (0.7) 2) Imported consumer goods (0.3) 2) 17

18. Norges Bank 18 Sources: Statistics Norway and Norwegian Labour and Welfare Organisation (NAV) Labour market 1) The changes to the LFS have resulted in a break in the time series between 2005 and 2006. LFS unemployment Registered unemployed Employment In 1000s Unemployment Per cent. Seasonally adjusted. LFS 1) QNA

19. Norges Bank Manufacturing output index Volume index. Seasonally adjusted 3-month moving average and trend Source: Statistics Norway 3-month moving average Trend

20. Norges Bank Capacity utilisation in manufacturing - Business tendency survey Per cent. 1983 Q1 – 2007 Q2 Source: Statistics Norway 21

21. Norges Bank Enterprise sector credit 1) and liquid assets 2) 12-month growth. Per cent. January 2000 – June 2007 (C3 to April) Source: Statistics Norway Total credit (C3) Money supply (M2) 1) Mainland non-financial enterprises (C3). 2) Non-financial enterprises' liquid assets (M2). 22

22. Norges Bank Retail sales index and index of commodity consumption Volume. Seasonally adjusted. January 2000 – June 2007 Sources: Statistics Norway and Norges Bank Retail sales index Index of commodity consumption

23. Norges Bank 24 House prices, household debt and the money supply Change on same month/quarter previous year. Per cent January 2001 – July 2007 (C2 and M2 June) House prices Debt and money supply Sources: Norwegian Association of Real Estate Agents, Association of Real Estate Agency Firms, Finn.no, ECON, Statistics Norway and Norges Bank Real estate business Statistics Norway C2 M2

24. Norges Bank Household saving ratio and net lending as a share of disposable income 1, 2) 1980 – 2006 Saving Net lending 1) There is a break in the series between 1995 and 1996. 2) Adjusted for estimated reinvested share dividends for 2000 – 2005. Sources: Statistics Norway and Norges Bank

25. Norges Bank Projections in Monetary Policy Report 2/07 Per cent. 2005 Q1 – 2010 Q4 30% 50% 70% 90% Output gap CPI-ATE Key policy rate CPI Sources: Statistics Norway and Norges Bank 26

26. Norges Bank 28 Monetary policy strategy - evaluation The interest rate path presented in MPR 2/07 reflects the Executive Board's trade-off between bringing inflation up to target and stabilising developments in output and employment. In the light of this trade-off, the interest rate will be increased gradually so that we can assess the effects of interest rate changes and other new information on economic developments. Given the inflation target, we will be mindful of the effects of higher interest rates on the krone exchange rate when inflation is low. The key policy rate should lie in the interval 4½ – 5½% in the period to the publication of the next Report on 31 October 2007, conditional on economic developments that are broadly in line with the projections. Monetary Policy Report 2/07

27. Norges Bank 29 Executive Board meeting 15 August 2007