The Competence Development Fund of Southern Norway

Capital and asset management

As at 1 January 2005, CDFSN was registered with a basic capital of NOK 517 million and an additional capital of NOK 21 million.

The Competence Development Fund of Southern Norway's articles of association stipulate that the basic capital and additional capital may not be encroached upon. In order to secure the distribution of funds in years where the yield is poor, CDFSN has built up a buffer of approx. NOK 100 million.

In 2005, CDFSN had assets of approx. NOK 700 million.

The three asset management companies Carnegie, Pareto and Storebrand manage the Competence Development Fund of Southern Norway's funds in accordance with guidelines laid down by the board of the Competence Development Fund of Southern Norway. The Competence Development Fund of Southern Norway's investment structure is essentially as follows:

• 70% in long-term and short-term interest-bearing securities.
• 20% in Norwegian and foreign shares
• 10% in real property