Government Pension Fund Global Holdings of Fixed Income at 31 December 2018

GOVERNMENT PENSION FUND GLOBAL HOLDINGS OF FIXED INCOME AT 31 DECEMBER 2018

Country Market value Market value NOK USD

CORPORATE BONDS

21st Century Fox America Inc United States 1,411,830,129 163,044,887 3M Co United States 319,052,009 36,845,650 A2Dominion Housing Group Ltd United Kingdom 121,010,962 13,974,924 Abbott Ireland Financing DAC United States 972,618,148 112,322,589 Abbott Laboratories United States 1,479,183,741 170,823,203 AbbVie Inc United States 6,016,846,996 694,854,229 ABB Finance USA Inc Switzerland 260,554,978 30,090,133 Adecco International Financial Services BV Switzerland 179,024,137 20,674,562 Advance Auto Parts Inc United States 185,735,479 21,449,620 ADT Security Corp/The United States 122,252,333 14,118,283 AerCap Ireland Capital DAC Ireland 1,322,456,828 152,723,631 Aetna Inc United States 560,294,949 64,705,537 Agilent Technologies Inc United States 383,710,602 44,312,733 AHS Hospital Corp United States 98,874,504 11,418,500 Aircastle Ltd United States 172,362,305 19,905,222 Air Canada Canada 74,385,609 8,590,405 Air Lease Corp United States 1,299,096,962 150,025,922 Air Liquide Finance SA France 624,521,784 72,122,759 AIA Group Ltd Hong Kong 252,614,537 29,173,133 AIB Group PLC Ireland 800,407,937 92,434,932

Akzo Nobel Sweden Finance AB Netherlands 107,379,306 12,400,675

Alabama Power Co United States 128,616,664 14,853,267 Alandsbanken Abp Finland 493,080,918 56,943,339 Alexandria Real Estate Equities Inc United States 639,663,293 73,871,372

Alfa Laval Treasury International AB Sweden 61,482,485 7,100,291 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 1 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

Alfa SAB de CV Mexico 208,077,787 24,029,817 Alibaba Group Holding Ltd China 957,765,202 110,607,300 Allergan Funding SCS United States 2,116,378,317 244,409,476 Allergan Inc/United States United States 263,732,490 30,457,088 Allergan Sales LLC United States 694,369,105 80,189,061 Allianz Finance II BV Germany 546,585,789 63,122,337 Allianz SE Germany 29,592,375 3,417,469 Alphabet Inc United States 791,871,121 91,449,059 Altareit SCA France 168,187,363 19,423,080 ALD SA France 490,145,239 56,604,313 Amadeus Capital Markets SAU Spain 61,405,576 7,091,409 Amadeus IT Group SA Spain 148,059,393 17,098,606 Amazon.com Inc United States 2,984,550,356 344,670,130 Ambac Assurance Corp United States 477,963 55,197 Ambac LSNI LLC United States 914,190 105,575 Amcor Ltd/Australia Australia 196,632,588 22,708,070 American Airlines Group Inc United States 775,642,998 89,574,958 American Campus Communities Operating United States 135,953,391 15,700,547 Partnership LP American Express Co United States 1,286,189,787 148,535,340 United States 499,378,751 57,670,643 American Express Credit Corp

American Homes 4 Rent LP United States 346,130,202 39,972,769 American Honda Finance Corp Japan 825,378,048 95,318,599 American International Group Inc United States 2,053,240,126 237,117,976 American Tower Corp United States 981,665,812 113,367,457 American Tower Depositor Sub LLC United States 379,995,801 43,883,730 American Water Capital Corp United States 169,197,439 19,539,728

America Movil SAB de CV Mexico 1,178,912,151 136,146,406 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 2 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

AmerisourceBergen Corp United States 484,388,338 55,939,479 Amgen Inc United States 3,373,165,137 389,549,221 Amphenol Corp United States 255,675,258 29,526,600 Anadarko Petroleum Corp United States 552,864,535 63,847,437 Andeavor Logistics LP / Tesoro Logistics Finance United States 281,089,315 32,461,537 Corp Anheuser-Busch Cos LLC United States 1,881,422,862 217,275,698 Anheuser-Busch InBev Finance Inc Belgium 1,068,582,406 123,405,000 Anheuser-Busch InBev SA/NV Belgium 513,660,059 59,319,917 Anheuser-Busch InBev Worldwide Inc Belgium 140,932,256 16,275,530 Annington Funding PLC United Kingdom 470,896,308 54,381,355 Anthem Inc United States 1,196,862,975 138,219,453 Aon Corp United States 55,973,852 6,464,128 Aon PLC United States 127,362,603 14,708,442 Apache Corp United States 363,803,436 42,013,758 Apple Inc United States 7,175,509,556 828,662,115 Aptiv PLC United States 374,323,885 43,228,710 APT Pipelines Ltd Australia 689,832,882 79,665,196 Archer-Daniels-Midland Co United States 445,405,825 51,437,592 Argentum Netherlands BV for Zurich Insurance Co Ltd Switzerland 270,210,742 31,205,227 Aroundtown SA Germany 113,241,158 13,077,630 Assurant Inc United States 57,935,682 6,690,689 AstraZeneca PLC United Kingdom 1,152,025,834 133,041,446 ASML Holding NV Netherlands 56,023,415 6,469,852 Athene Global Funding United States 1,116,732,415 128,965,593 Atlas Copco AB Sweden 219,339,299 25,330,350 Atos SE France 410,397,422 47,394,654 AT&T Inc United States 10,083,928,228 1,164,540,195 Auchan Holding SADIR France 362,950,908 41,915,304

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 3 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

Ausgrid Finance Pty Ltd Australia 351,016,704 40,537,086 Autoliv Inc United States 246,876,981 28,510,533 AutoNation Inc United States 382,690,076 44,194,878 Autoroutes du Sud de la France SA France 585,381,144 67,602,610 AutoZone Inc United States 604,824,380 69,848,008 AvalonBay Communities Inc United States 131,737,169 15,213,638 Avangrid Inc United States 251,247,402 29,015,250 Aviation Capital Group LLC United States 441,991,194 51,043,254 Aviva PLC United Kingdom 578,727,622 66,834,230 AXA Equitable Holdings Inc United States 588,519,651 67,965,060 AXA SA France 621,244,434 71,744,274 AXIS Specialty Finance PLC United States 197,903,226 22,854,810 Ball Corp United States 283,615,716 32,753,298 Baltimore Gas & Electric Co United States 226,399,253 26,145,667 Banco Santander Chile Chile 254,153,413 29,350,850 Bank of America Corp United States 13,726,295,817 1,585,178,201 Bank of Ireland Group PLC Ireland 508,717,387 58,749,114 Bank of New York Mellon Corp/The United States 932,554,846 107,695,888 Banque Federative du Credit Mutuel SA France 1,569,305,740 181,230,922 Banque Internationale a Luxembourg SA Luxembourg 743,312,783 85,841,310 Barclays PLC United Kingdom 2,593,948,765 299,561,593 Baxalta Inc United States 202,659,387 23,404,074 Baxter International Inc United States 394,054,684 45,507,317 Bayer US Finance II LLC Germany 492,376,443 56,861,983 Bayer US Finance LLC Germany 689,253,487 79,598,285 BASF SE Germany 943,203,361 108,925,629 BB&T Corp United States 884,829,939 102,184,387 Becton Dickinson and Co United States 3,117,083,141 359,975,649 Bemis Co Inc United States 49,349,918 5,699,164

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 4 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Berkshire Hathaway Energy Co United States 1,744,428,913 201,454,983 Berkshire Hathaway Finance Corp United States 445,659,343 51,466,869 Berkshire Hathaway Inc United States 348,384,104 40,233,060 Bertelsmann SE & Co KGaA Germany 297,673,682 34,376,779 BG Energy Capital PLC United Kingdom 310,151,318 35,817,756 BHP Billiton Finance Ltd Australia 382,813,893 44,209,177 BHP Billiton Finance USA Ltd Australia 20,998,442 2,425,000 Biogen Inc United States 434,456,447 50,173,106 Blackstone Holdings Finance Co LLC United States 397,771,104 45,936,507 Blackstone Property Partners Europe Holdings Sarl Luxembourg 198,605,169 22,935,873 BMW Finance NV Germany 246,175,325 28,429,502 BNP Paribas Cardif SA France 319,309,530 36,875,390 BNP Paribas SA France 3,373,439,160 389,580,866 BNSF Railway Co United States 180,018,160 20,789,357 Board of Trustees of The Leland Stanford Junior United States 170,106,981 19,644,767 University/The Booking Holdings Inc United States 886,598,408 102,388,619 Boral Finance Pty Ltd Australia 337,196,537 38,941,067 Boston Gas Co United States 167,174,416 19,306,100 Boston Properties LP United States 89,250,220 10,307,042 BPCE SA France 3,156,036,895 364,474,215 BP AMI Leasing Inc United Kingdom 171,604,230 19,817,676 BP Capital Markets America Inc United Kingdom 741,065,473 85,581,780 BP Capital Markets PLC United Kingdom 2,549,435,462 294,420,984 Branch Banking & Trust Co United States 696,058,427 80,384,152

Braskem Netherlands Finance BV Brazil 335,413,137 38,735,111

Brenntag Finance BV Germany 192,143,428 22,189,641 Brighthouse Financial Inc United States 462,503,256 53,412,085

Bristol-Myers Squibb Co United States 41,990,095 4,849,217

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 5 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

British Telecommunications PLC United Kingdom 3,263,758,450 376,914,414 Brixmor Operating Partnership LP United States 273,534,152 31,589,030 Broadcom Corp United States 1,491,855,645 172,286,615 Broadridge Financial Solutions Inc United States 447,312,023 51,657,729 Brookfield Asset Management Inc Canada 303,162,518 35,010,656 Brookfield Finance Inc Canada 450,018,647 51,970,303 Brooklyn Union Gas Co/The United States 255,481,705 29,504,248 Buckeye Partners LP United States 886,217,143 102,344,588 Bunge Finance Europe BV United States 172,203,213 19,886,850 Bunge Ltd Finance Corp United States 561,827,951 64,882,575 Burlington Northern Santa Fe LLC United States 1,340,179,229 154,770,298 BUPA Finance PLC United Kingdom 124,036,311 14,324,306 Caisse Nationale de Reassurance Mutuelle Agricole France 202,604,130 23,397,693 Groupama CaixaBank SA Spain 1,403,742,320 162,110,868 California Institute of Technology United States 229,065,727 26,453,604 Campbell Soup Co United States 335,552,646 38,751,222 Canadian National Railway Co Canada 277,546,972 32,052,450 Canadian Natural Resources Ltd Canada 502,231,169 58,000,054 Canadian Pacific Railway Co Canada 233,768,157 26,996,663 Capgemini SE France 176,271,126 20,356,632 Capital One Bank USA NA United States 671,129,627 77,505,255 Capital One Financial Corp United States 1,706,912,574 197,122,417 Capital One NA United States 985,853,801 113,851,106 Cardinal Health Inc United States 694,800,455 80,238,875 Carrefour SA France 322,333,198 37,224,577 Caterpillar Financial Services Corp United States 107,216,325 12,381,853 Cboe Global Markets Inc United States 172,288,077 19,896,650 CBS Corp United States 176,299,327 20,359,888

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 6 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Celanese US Holdings LLC United States 154,424,629 17,833,694

Celgene Corp United States 3,099,441,832 357,938,346 Cenovus Energy Inc Canada 553,161,064 63,881,682

CenterPoint Energy Houston Electric LLC United States 66,852,768 7,720,477 CenterPoint Energy Inc United States 393,019,552 45,387,775

CenterPoint Energy Resources Corp United States 30,760,721 3,552,395 Charter Communications Operating LLC United States 2,788,740,933 322,057,123

Chorus Ltd New Zealand 305,110,579 35,235,627 Christian Dior SE France 850,389,681 98,207,062

Chubb Corp/The United States 102,714,427 11,861,953 Chubb INA Holdings Inc United States 983,768,731 113,610,312

Cigna Corp United States 2,595,299,560 299,717,589 Cigna Holding Co United States 137,111,069 15,834,241

Cisco Systems Inc United States 924,984,359 106,821,612

Citibank NA United States 1,073,340,970 123,954,542

Citigroup Inc United States 7,569,287,914 874,137,521 Citizens Bank NA/Providence RI United States 780,902,647 90,182,367

Citizens Financial Group Inc United States 85,444,547 9,867,544 CK Hutchison Europe Finance 18 Ltd Hong Kong 320,739,740 37,040,557

CK Hutchison Finance 16 II Ltd Hong Kong 172,182,088 19,884,410 CK Hutchison International 16 Ltd Hong Kong 292,463,170 33,775,044

CK Hutchison International 17 II Ltd Hong Kong 1,063,931,420 122,867,882 Close Brothers Finance PLC United Kingdom 55,575,265 6,418,097

Close Brothers Group PLC United Kingdom 42,043,902 4,855,431 CME Group Inc United States 175,710,895 20,291,933

CMS Energy Corp United States 190,260,068 21,972,141 CNA Financial Corp United States 27,516,210 3,177,703

CNP Assurances France 108,589,158 12,540,395 Coca-Cola Co/The United States 393,706,102 45,467,061

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 7 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Colbun SA Chile 97,140,914 11,218,297

Colonial Bank/Montgomery AL United States 4,114 475 Colonial Pipeline Co United States 426,246,899 49,225,028

Colorado Interstate Gas Co LLC United States 214,014,741 24,715,444 Columbia Pipeline Group Inc United States 982,207,569 113,430,021

Comcast Cable Holdings LLC United States 53,765,841 6,209,136 Comcast Corp United States 6,196,669,988 715,621,047

Comerica Inc United States 219,766,341 25,379,667 Commonwealth Edison Co United States 611,015,849 70,563,029

Compass Bank United States 936,791,009 108,185,100 Compass Group PLC United Kingdom 138,940,101 16,045,466

Conagra Brands Inc United States 477,030,611 55,089,773 Concho Resources Inc United States 164,852,032 19,037,900

Connecticut Light & Power Co/The United States 119,739,688 13,828,111 ConocoPhillips United States 426,327,140 49,234,294

ConocoPhillips Canada Funding Co I United States 130,493,352 15,069,996 Conoco Funding Co United States 111,965,022 12,930,256

Consolidated Edison Co of New York Inc United States 589,209,509 68,044,728 Consolidated Edison Inc United States 168,253,442 19,430,711 Constellation Brands Inc United States 834,722,360 96,397,725

Consumers Energy Co United States 172,296,945 19,897,674 Continental AG Germany 198,013,721 22,867,570

Continental Rubber of America Corp Germany 208,917,429 24,126,783 Cooperatieve Rabobank UA Netherlands 6,333,238,391 731,392,618

Corning Inc United States 541,620,559 62,548,929 Cox Communications Inc United States 645,219,475 74,513,027

CPI Property Group SA Czech Republic 109,180,934 12,608,736 Credit Agricole Assurances SA France 956,123,211 110,417,675

Credit Agricole SA France 1,738,864,657 200,812,396

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 8 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Credit Mutuel Arkea SA France 141,996,238 16,398,404

Credit Suisse Group AG Switzerland 1,928,814,639 222,748,727 Credit Suisse Group Funding Guernsey Ltd Switzerland 1,816,322,517 209,757,599

Crown Castle International Corp United States 1,043,849,107 120,548,681 CSX Corp United States 699,384,521 80,768,265

CVS Health Corp United States 5,733,845,758 662,171,894 CVS Pass-Through Trust United States 62,209,642 7,184,267

CYBG PLC United Kingdom 307,636,273 35,527,306 Daimler Finance North America LLC Germany 87,527,834 10,108,132

Danone SA France 562,561,870 64,967,332 Danske Bank A/S Denmark 1,929,147,607 222,787,180

Davide Campari-Milano SpA Italy 516,378,475 59,633,853 DBS Group Holdings Ltd Singapore 25,958,105 2,997,766

DCP Midstream Operating LP United States 253,145,336 29,234,432 Deere & Co United States 79,776,457 9,212,966 Delmarva Power & Light Co United States 213,788,314 24,689,296

Delta Air Lines Inc United States 1,118,249,501 129,140,793 Deutsche Post AG Germany 161,247,183 18,621,595

Deutsche Post Finance BV Germany 109,506,796 12,646,368 Deutsche Telekom International Finance BV Germany 3,120,766,345 360,401,003

Deutsche Wohnen SE Germany 506,010,731 58,436,536 Devon Energy Corp United States 364,299,000 42,070,989

DH Europe Finance SA United States 209,229,709 24,162,846

Diageo Capital PLC United Kingdom 385,561,674 44,526,504 Diageo Finance PLC United Kingdom 883,453,049 102,025,378

Diageo Investment Corp United Kingdom 275,048,702 31,763,938 Digital Euro Finco LLC United States 311,767,299 36,004,377

Digital Realty Trust LP United States 603,220,031 69,662,730 Digital Stout Holding LLC United States 296,958,958 34,294,239

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 9 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Discovery Communications LLC United States 1,277,724,104 147,557,682

Discover Bank United States 1,315,786,747 151,953,338 Discover Financial Services United States 440,582,741 50,880,599

Dominion Energy Gas Holdings LLC United States 513,156,575 59,261,772 Dominion Energy Inc United States 1,746,757,253 201,723,870

Doosan Heavy Industries & Construction Co Ltd South Korea 256,617,915 29,635,463 DowDuPont Inc United States 1,526,195,587 176,252,356

Dow Chemical Co/The United States 614,019,686 70,909,926 Dream Global Funding I Sarl Canada 442,972,617 51,156,594

DR Horton Inc United States 123,285,476 14,237,596 Duke Energy Florida LLC United States 72,799,596 8,407,245

Duke Energy Indiana LLC United States 119,858,872 13,841,875 Duke Energy Ohio Inc United States 88,381,519 10,206,720 Duke Realty LP United States 183,352,239 21,174,392

DXC Technology Co United States 1,060,454,921 122,466,399 easyJet PLC United Kingdom 102,215,259 11,804,306

Eastern Power Networks PLC United Kingdom 209,975,967 24,249,028 Eastman Chemical Co United States 1,084,573,524 125,251,731

Ecolab Inc United States 673,657,423 77,797,177 Edison International United States 164,249,547 18,968,322

Edwards Lifesciences Corp United States 36,679,046 4,235,871 EI du Pont de Nemours & Co United States 432,362,713 49,931,311

Electricity North West Ltd United Kingdom 81,681,890 9,433,015 Elia System Operator SA/NV Belgium 169,989,040 19,631,146

Elisa OYJ Finland 477,072,573 55,094,619 Eli Lilly & Co United States 407,717,195 47,085,129

Empresa de Transporte de Pasajeros Metro SA Chile 251,789,282 29,077,829 Empresa Nacional de Telecomunicaciones SA Chile 341,729,891 39,464,600

EMD Finance LLC Germany 1,008,619,284 116,480,172

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 10 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

Enable Midstream Partners LP United States 352,498,818 40,708,247

Enagas Financiaciones SAU Spain 81,626,216 9,426,585 Enbridge Energy Partners LP United States 845,135,914 97,600,332

Enbridge Inc Canada 874,343,119 100,973,319 Encana Corp Canada 133,390,372 15,404,557

Enel Finance International NV Italy 3,925,736,339 453,362,783 Enel SpA Italy 510,343,409 58,936,894

Energy Transfer Operating LP United States 1,494,529,433 172,595,397

Engie SA France 1,939,262,390 223,955,283 Eni SpA Italy 1,041,275,735 120,251,495

EnLink Midstream Partners LP United States 465,571,447 53,766,414 Entergy Arkansas LLC United States 363,912,729 42,026,380

Entergy Corp United States 246,486,036 28,465,385 Entergy Louisiana LLC United States 91,616,448 10,580,305

Enterprise Products Operating LLC United States 1,868,814,482 215,819,622 Equifax Inc United States 548,379,496 63,329,483

EQM Midstream Partners LP United States 345,156,204 39,860,287 EQT Corp United States 215,162,212 24,847,960

ERAC USA Finance LLC United States 391,945,099 45,263,692 ERP Operating LP United States 44,213,668 5,106,006

Essex Portfolio LP United States 314,425,080 36,311,310 EssilorLuxottica SA France 166,054,921 19,176,815

Essity AB Sweden 1,119,690,940 129,307,258 Euroclear Bank SA/NV Belgium 19,727,088 2,278,178

Eurofins Scientific SE France 786,914,587 90,876,655 Eurogrid GmbH Germany 178,804,953 20,649,250 Euronext NV France 80,146,349 9,255,683

Eutelsat SA France 104,636,133 12,083,880 Eversource Energy United States 518,951,692 59,931,020

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 11 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

Exelon Corp United States 1,084,639,558 125,259,357

Express Scripts Holding Co United States 1,245,586,491 143,846,277 E.ON SE Germany 793,116,906 91,592,928

E*TRADE Financial Corp United States 127,603,435 14,736,254 Fairfax Financial Holdings Ltd Canada 200,982,336 23,210,400 Farmers Exchange Capital II United States 147,059,629 16,983,148

Farmers Exchange Capital III United States 126,716,183 14,633,790 Farmers Insurance Exchange United States 168,931,155 19,508,977

FCA Bank SpA/Ireland Italy 95,649,961 11,046,114 FCE Bank PLC United Kingdom 689,094,316 79,579,903

Federation des Caisses Desjardins du Quebec Canada 1,379,074,599 159,262,121 FedEx Corp United States 805,468,987 93,019,406

Fermaca Enterprises S de RL de CV Mexico 119,283,158 13,775,389 Fidelity International Ltd United Kingdom 282,175,045 32,586,922

Fidelity National Financial Inc United States 263,998,433 30,487,800 Fidelity National Information Services Inc United States 752,420,266 86,893,086

Fifth Third Bancorp United States 253,060,772 29,224,667 Fifth Third Bank/Cincinnati OH United States 338,594,413 39,102,500

Fiserv Inc United States 1,346,266,403 155,473,274 Five Corners Funding Trust United States 681,723,514 78,728,687

Florida Power & Light Co United States 333,360,442 38,498,056 Flowserve Corp United States 263,084,133 30,382,212

Fomento Economico Mexicano SAB de CV Mexico 728,426,357 84,122,155 Ford Motor Co United States 399,821,688 46,173,318

Ford Motor Credit Co LLC United States 2,435,658,080 281,281,428 Fortive Corp United States 503,744,611 58,174,834

GATX Corp United States 218,980,552 25,288,920 Geberit International BV Switzerland 14,059,187 1,623,622

Gecina SA France 624,104,158 72,074,529

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 12 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

General Electric Co United States 80,652,324 9,314,116 General Motors Co United States 276,165,762 31,892,941 General Motors Financial Co Inc United States 3,839,710,327 443,428,088 GE Capital European Funding Unlimited Co United States 287,226,131 33,170,245 GE Capital International Funding Co Unlimited Co United States 595,028,523 68,716,736

Gilead Sciences Inc United States 2,132,203,115 246,237,000 GlaxoSmithKline Capital PLC United Kingdom 803,483,696 92,790,135 Global Switch Holdings Ltd United Kingdom 288,822,041 33,354,549 Goldcorp Inc Canada 218,678,306 25,254,015

Goldman Sachs Group Inc/The United States 9,591,383,843 1,107,658,817 Goodman US Finance Two LLC Australia 272,942,038 31,520,650 Grand City Properties SA Germany 92,214,445 10,649,365 Great-West Lifeco Inc Canada 131,955,778 15,238,883

Grupo Televisa SAB Mexico 283,885,591 32,784,464 GS Caltex Corp South Korea 340,401,577 39,311,200 GTL Trade Finance Inc Brazil 61,666,821 7,121,579 Gulf Power Co United States 178,765,554 20,644,700

Halliburton Co United States 635,612,350 73,403,550 Harris Corp United States 86,388,010 9,976,500 Hartford Financial Services Group Inc/The United States 425,215,373 49,105,902 HCA Inc United States 385,782,727 44,552,032

HCP Inc United States 461,105,188 53,250,629 Healthcare Trust of America Holdings LP United States 376,872,771 43,523,068 Heathrow Funding Ltd United Kingdom 619,825,684 71,580,430 Heineken NV Netherlands 705,917,651 81,522,742

Hella GmbH & Co KGaA Germany 72,444,961 8,366,290 Henkel AG & Co KGaA Germany 296,682,076 34,262,263 Hess Corp United States 350,318,690 40,456,476 Hiscox Ltd United Kingdom 34,171,682 3,946,309

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 13 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Home Depot Inc/The United States 357,930,777 41,335,556 Hospitality Properties Trust United States 779,208,774 89,986,751 Host Hotels & Resorts LP United States 210,354,085 24,292,694

HSBC Bank PLC United Kingdom 658,709,115 76,070,875 HSBC Holdings PLC United Kingdom 7,156,315,136 826,445,452 HSBC USA Inc United States 1,037,787,005 119,848,600 Hubbell Inc United States 81,963,377 9,465,522

Humana Inc United States 614,542,293 70,970,279 Huntington Bancshares Inc/OH United States 514,676,135 59,437,258 Huntington National Bank/The United States 1,169,081,024 135,011,060 Hutchison Whampoa Finance 14 Ltd Hong Kong 122,180,292 14,109,964

Hutchison Whampoa International 14 Ltd Hong Kong 562,524,867 64,963,058 Hutchison Whampoa Ltd Hong Kong 299,333,266 34,568,435 Hyatt Hotels Corp United States 171,142,255 19,764,325

Hyundai Capital America United States 836,097,046 96,556,480 Hyundai Capital Services Inc South Korea 257,240,508 29,707,363 innogy Finance BV Germany 2,250,461,465 259,894,039 Iberdrola Finanzas SA Spain 553,879,035 63,964,596

Iberdrola International BV Spain 648,420,773 74,882,728 ICADE France 1,882,721 217,426 IDEX Corp United States 61,841,485 7,141,750 Iliad SA France 175,023,467 20,212,546

Illinois Tool Works Inc United States 323,379,805 37,345,444 Indigo Group SAS France 52,241,852 6,033,139 Indra Sistemas SA Spain 119,909,507 13,847,723 Infraestructura Energetica Nova SAB de CV Mexico 147,364,085 17,018,308

Ingredion Inc United States 141,391,124 16,328,522 Intel Corp United States 88,202,968 10,186,100 Intercontinental Exchange Inc United States 480,898,523 55,536,458 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 14 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

International Business Machines Corp United States 882,397,525 101,903,481

International Flavors & Fragrances Inc United States 128,971,978 14,894,300 International Game Technology PLC United States 370,509,285 42,788,182 International Paper Co United States 78,018,364 9,009,933 Interpublic Group of Cos Inc/The United States 219,539,532 25,353,474

Investor AB Sweden 273,695,185 31,607,627 ING Groep NV Netherlands 2,112,711,855 243,986,056 ISS Global A/S Denmark 72,326,360 8,352,594 ITC Holdings Corp United States 185,854,127 21,463,322

Jabil Inc United States 70,631,886 8,156,908

JAB Holdings BV Netherlands 1,299,582,491 150,081,993 JB Hunt Transport Services Inc United States 366,632,260 42,340,444

Jefferies Group LLC United States 151,613,731 17,509,078 Johnson Controls International plc United States 433,189,808 50,026,828 Johnson & Johnson United States 2,183,245,297 252,131,595 John Deere Capital Corp United States 351,572,771 40,601,303

JPMorgan Chase & Co United States 12,972,465,798 1,498,122,310 Kaiser Foundation Hospitals United States 599,397,331 69,221,267 Kansas City Southern United States 286,661,356 33,105,022 Kaupthing ehf Iceland 519,014 59,938 Kaupthing Singer & Friedlander Ltd United Kingdom 551 64

KBC Group NV Belgium 445,853,783 51,489,324 Kerry Group Financial Services Unltd Co Ireland 79,915,803 9,229,059 Kerr-McGee Corp United States 96,786,062 11,177,317 Keurig Dr Pepper Inc United States 1,634,473,702 188,756,830

KeyBank NA/Cleveland OH United States 164,466,758 18,993,407 KeyCorp United States 173,418,336 20,027,178 Keysight Technologies Inc United States 218,494,408 25,232,778 KeySpan Gas East Corp United States 326,110,055 37,660,747

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 15 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Kia Motors Corp South Korea 201,926,926 23,319,486 Kimco Realty Corp United States 545,504,571 62,997,473 Kinder Morgan Energy Partners LP United States 1,766,398,260 203,992,108

Kinder Morgan Inc/DE United States 966,757,480 111,645,771 KKR Group Finance Co II LLC United States 28,076,099 3,242,362 Klepierre SA France 202,000,642 23,327,999 Kohl's Corp United States 330,253,181 38,139,215

Koninklijke DSM NV Netherlands 500,285,914 57,775,407 Koninklijke Philips NV Netherlands 136,361,004 15,747,620 Kraft Heinz Foods Co United States 933,751,890 107,834,128 Kroger Co/The United States 822,846,835 95,026,283

L3 Technologies Inc United States 83,896,003 9,688,711 Laboratory Corp of America Holdings United States 292,218,635 33,746,804 Lambay Capital Securities PLC Ireland 704,157 81,319 Lam Research Corp United States 427,478,182 49,367,222

Land Securities Capital Markets PLC United Kingdom 53,028,522 6,123,987 Lansforsakringar Bank AB Sweden 197,135,396 22,766,137 Lazard Group LLC United States 797,563,307 92,106,420 Lear Corp United States 374,385,729 43,235,852 Legal & General Group PLC United Kingdom 260,480,585 30,081,542

Lehman Brothers Holdings Inc United States 37,989,483 4,387,207 Lehman Brothers Holdings PLC United Kingdom 3,093,346 357,234 Lennar Corp United States 749,346,100 86,538,067 Liberty Mutual Group Inc United States 601,086,409 69,416,329

Liberty Property LP United States 86,077,579 9,940,650 Life Technologies Corp United States 385,270,844 44,492,917 Lincoln National Corp United States 273,684,857 31,606,435 Lloyds Banking Group PLC United Kingdom 5,448,760,739 629,248,915

London Power Networks PLC United Kingdom 240,975,186 27,828,965

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 16 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Luxottica Group SpA Italy 92,426,812 10,673,890

LVMH Moet Hennessy Louis Vuitton SE France 308,861,050 35,668,749 LyondellBasell Industries NV United States 260,274,532 30,057,746 LYB International Finance BV United States 200,010,050 23,098,116 LYB International Finance II BV United States 220,470,141 25,460,945

Macquarie Group Ltd Australia 325,525,892 37,593,285 Magellan Midstream Partners LP United States 245,943,456 28,402,725 Magna International Inc Canada 299,715,599 34,612,589 ManpowerGroup Inc United States 179,959,475 20,782,580

Manufacturers & Traders Trust Co United States 337,781,704 39,008,644 Manulife Financial Corp Canada 414,057,306 47,817,315 Marathon Oil Corp United States 218,506,675 25,234,194 Marathon Petroleum Corp United States 889,775,112 102,755,480

Markel Corp United States 292,569,129 33,787,280 Marks & Spencer PLC United Kingdom 92,443,137 10,675,775 Marriott International Inc/MD United States 1,069,466,409 123,507,089 Martin Marietta Materials Inc United States 228,047,850 26,336,055 Masco Corp United States 86,821,833 10,026,600

Massachusetts Electric Co United States 72,534,948 8,376,682 Massachusetts Mutual Life Insurance Co United States 275,904,279 31,862,744 Mattel Inc United States 53,021,693 6,123,198

Maxim Integrated Products Inc United States 671,022,429 77,492,875

McDonald's Corp United States 2,262,076,616 261,235,412

McKesson Corp United States 1,047,479,858 120,967,977 Mead Johnson Nutrition Co United Kingdom 352,751,221 40,737,396 Memorial Sloan-Kettering Cancer Center United States 150,909,256 17,427,722 Merck Financial Services GmbH Germany 439,547,726 50,761,071

Merck & Co Inc United States 320,357,473 36,996,411 Methanex Corp Canada 81,996,646 9,469,364

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 17 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

MetLife Capital Trust IV United States 49,392,225 5,704,050 MetLife Inc United States 1,521,842,201 175,749,606 Metropolitan Funding PLC United Kingdom 85,342,449 9,855,754

Metropolitan Life Global Funding I United States 1,280,547,746 147,883,770 Mexichem SAB de CV Mexico 392,703,150 45,351,235 Mexico City Airport Trust Mexico 18,201,761 2,102,026 Michelin Luxembourg SCS France 39,817,863 4,598,357

Microsoft Corp United States 1,853,292,559 214,027,076 MidAmerican Energy Co United States 158,477,050 18,301,687 Mississippi Power Co United States 115,541,700 13,343,307 Mitsubishi UFJ Financial Group Inc Japan 1,779,150,819 205,464,834 Mitsubishi UFJ Lease & Finance Co Ltd Japan 132,320,038 15,280,950

Mitsubishi UFJ Trust & Banking Corp Japan 692,201,483 79,938,733 Mizuho Bank Ltd Japan 877,476,925 101,335,226 Mizuho Financial Group Inc Japan 634,316,310 73,253,877 Molnlycke Holding AB Sweden 180,363,180 20,829,201

Molson Coors Brewing Co United States 1,802,712,470 208,185,846 Moody's Corp United States 127,448,256 14,718,333 Morgan Stanley United States 7,974,187,933 920,897,309 Motability Operations Group PLC United Kingdom 299,180,403 34,550,782

Motiva Enterprises LLC United States 143,509,715 16,573,187 Motorola Solutions Inc United States 429,113,068 49,556,027 Motors Liquidation Co GUC Trust United States 527,342 60,900 MPLX LP United States 1,362,245,071 157,318,567

Muenchener Rueckversicherungs-Gesellschaft AG in Germany 284,382,935 32,841,900 Muenchen MUFG Bank Ltd Japan 1,044,561,238 120,630,921 Mylan Inc United States 341,458,449 39,433,253

Mylan NV United States 572,434,527 66,107,473

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 18 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

Narragansett Electric Co/The United Kingdom 133,389,609 15,404,469

Nasdaq Inc United States 99,325,294 11,470,559 National Fuel Gas Co United States 682,512,362 78,819,787 National Oilwell Varco Inc United States 163,678,617 18,902,389 National Rural Utilities Cooperative Finance Corp United States 905,937,844 104,622,029

Nationwide Mutual Insurance Co United States 104,190,613 12,032,430 Natwest Markets PLC United Kingdom 331,530,321 38,286,705 NBCUniversal Media LLC United States 89,873,967 10,379,075 Nestle Finance International Ltd Switzerland 210,899,987 24,355,738 Nestle Holdings Inc Switzerland 2,080,396,739 240,254,152

Newell Brands Inc United States 258,887,370 29,897,550 NewMarket Corp United States 308,650,447 35,644,428 New England Power Co United States 158,617,348 18,317,889 New York Life Global Funding United States 1,219,730,765 140,860,334

New York State Electric & Gas Corp United States 77,971,555 9,004,528 Next PLC United Kingdom 819,102,762 94,593,899 NGG Finance PLC United Kingdom 310,806,121 35,893,375 NGPL PipeCo LLC United States 381,694,226 44,079,872

Niagara Mohawk Power Corp United Kingdom 264,036,093 30,492,149 Nippon Life Insurance Co Japan 175,166,829 20,229,102 Nissan Motor Acceptance Corp United States 304,836,813 35,204,011 NiSource Inc United States 761,523,944 87,944,422

Noble Energy Inc United States 125,948,203 14,545,100 Nordea Bank Abp Finland 2,186,870,438 252,550,243 Nordstrom Inc United States 124,381,041 14,364,117 Norfolk Southern Corp United States 793,007,206 91,580,260

Northern Natural Gas Co United States 253,905,905 29,322,267 Northern Powergrid Yorkshire PLC United Kingdom 171,279,950 19,780,227 Northwell Healthcare Inc United States 329,705,795 38,076,000

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 19 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

NorthWestern Corp United States 299,550,392 34,593,510 Notting Hill Housing Trust United Kingdom 239,892,911 27,703,979 Novartis Capital Corp Switzerland 2,532,328,210 292,445,357

Novartis Finance SA Switzerland 743,546,275 85,868,275

Novartis Securities Investment Ltd Switzerland 229,086,447 26,455,997 NRAM Ltd United Kingdom 355,119,924 41,010,945

Nuveen Finance LLC United States 84,964,243 9,812,077 NVIDIA Corp United States 805,868,067 93,065,493 NXP BV Netherlands 792,655,705 91,539,667 O2 Telefonica Deutschland Finanzierungs GmbH Germany 330,587,745 38,177,852

Oglethorpe Power Corp United States 90,383,587 10,437,928 Oklahoma Gas & Electric Co United States 301,968,493 34,872,764 Omega Healthcare Investors Inc United States 269,717,749 31,148,294 Oncor Electric Delivery Co LLC United States 257,285,323 29,712,538

ONEOK Partners LP United States 196,367,220 22,677,424 ONE Gas Inc United States 433,330,162 50,043,037 OP Corporate Bank plc Finland 1,773,298,508 204,788,981 Oracle Corp United States 3,913,758,376 451,979,510

Orange SA France 423,333,294 48,888,551 ORIX Corp Japan 427,827,194 49,407,528 Owens & Minor Inc United States 255,933,263 29,556,396 O'Reilly Automotive Inc United States 506,673,107 58,513,030 Pacific Gas & Electric Co United States 766,773,812 88,550,702

Pacific Life Insurance Co United States 223,463,695 25,806,655 Pacific National Finance Pty Ltd Australia 44,409,762 5,128,651 Packaging Corp of America United States 240,659,491 27,792,508 United States 1,444,581,334 166,827,152 Penske Truck Leasing Co LP

PepsiCo Inc United States 574,773,050 66,377,537

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 20 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

Pernod Ricard SA France 270,139,358 31,196,983 Perrigo Finance Unlimited Co United States 344,107,352 39,739,161

Petro-Canada Canada 396,079,586 45,741,162 PECO Energy Co United States 312,126,206 36,045,825 Pfizer Inc United States 2,345,510,178 270,870,718 Pharmacia LLC United States 106,261,625 12,271,600

Phillips 66 Partners LP United States 1,065,049,000 122,996,945 Phoenix Group Holdings PLC United Kingdom 172,806,995 19,956,577 Plains All American Pipeline LP United States 247,515,864 28,584,314 PNC Bank NA United States 1,975,594,690 228,151,111

PNC Financial Services Group Inc/The United States 576,972,062 66,631,489 Potomac Electric Power Co United States 176,747,089 20,411,598 Power Finance Corp Ltd India 43,922,312 5,072,358 Powszechna Kasa Oszczednosci Bank Polski SA Poland 278,327,123 32,142,546

PPG Industries Inc United States 149,197,241 17,230,010 PPL Capital Funding Inc United States 366,894,247 42,370,700 PPL Electric Utilities Corp United States 168,141,931 19,417,833 President & Fellows of Harvard College United States 118,098,034 13,638,525

Pricoa Global Funding I United States 253,677,881 29,295,933 Principal Financial Group Inc United States 289,584,441 33,442,594

Principal Life Global Funding I United States 53,212,666 6,145,253

Principal Life Insurance Co United States 214,974,704 24,826,306 Progressive Corp/The United States 575,318,159 66,440,489 Protective Life Global Funding United States 1,021,342,142 117,949,469

Prudential Financial Inc United States 876,265,761 101,195,355 Prudential PLC United Kingdom 624,536,145 72,124,417 Publicis Groupe SA France 101,055,144 11,670,331 Public Service Electric & Gas Co United States 581,564,753 67,161,875

Public Service Enterprise Group Inc United States 150,812,519 17,416,550

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 21 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Puget Sound Energy Inc United States 33,412,026 3,858,580 QUALCOMM Inc United States 518,978,855 59,934,157 QVC Inc United States 432,038,786 49,893,903 Radian Group Inc United States 137,460,703 15,874,619

Ralph Lauren Corp United States 87,022,004 10,049,717 Raymond James Financial Inc United States 85,675,795 9,894,250 RCI Banque SA France 117,580,459 13,578,753 Reckitt Benckiser Treasury Services PLC United Kingdom 1,092,561,564 126,174,228

Red Electrica Financiaciones SAU Spain 182,945,864 21,127,462 Regency Centers LP United States 254,513,244 29,392,405 Reliance Holding USA Inc India 183,224,150 21,159,600 Rentokil Initial PLC United Kingdom 436,787,003 50,442,249

Repsol International Finance BV Spain 155,685,174 17,979,267 Republic Services Inc United States 431,814,081 49,867,952

Richemont International Holding SA Switzerland 1,496,663,225 172,841,818 Robert Bosch GmbH Germany 213,524,690 24,658,851

Rochester Gas & Electric Corp United States 125,698,819 14,516,300 Roche Holdings Inc Switzerland 1,967,990,998 227,273,000 Rockwell Collins Inc United States 634,976,191 73,330,083 Rolls-Royce PLC United Kingdom 173,462,009 20,032,221

Roper Technologies Inc United States 954,123,452 110,186,733 Royal Bank of Scotland Group PLC United Kingdom 3,122,433,137 360,593,492 RSA Insurance Group PLC United Kingdom 45,890,657 5,299,672 Ruby Pipeline LLC United States 266,513,267 30,778,225

RWJ Barnabas Health Inc United States 205,862,849 23,774,025 Ryanair DAC Ireland 512,410,798 59,175,646 Ryder System Inc United States 987,717,974 114,066,389 Sabal Trail Transmission LLC United States 171,592,603 19,816,333 Sabine Pass Liquefaction LLC United States 459,233,691 53,034,500 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 22 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

Sampo Oyj Finland 129,774,341 14,986,961 Sands China Ltd Hong Kong 87,705,644 10,128,667

Sanofi France 3,707,164,229 428,121,031 Santander Bank Polska SA Poland 296,957,030 34,294,016 Santander Consumer Finance SA Spain 295,177,703 34,088,531 Santander Holdings USA Inc United States 1,817,678,415 209,914,185

Santander UK Group Holdings PLC United Kingdom 1,148,858,140 132,675,625 San Diego Gas & Electric Co United States 225,224,582 26,010,010 SAP SE Germany 3,201,810,586 369,760,379 SBA Tower Trust United States 897,613,117 103,660,650

Scentre Group Trust 1 Australia 339,118,724 39,163,050 Schlumberger Finance BV United States 401,943,330 46,418,335 Schlumberger Finance France SAS United States 99,620,957 11,504,704 Schlumberger Holdings Corp United States 631,856,040 72,969,753

Schlumberger Investment SA United States 649,694,326 75,029,804 Schneider Electric SE France 845,698,329 97,665,282 Scotland Gas Networks PLC United Kingdom 341,297,815 39,414,702 Scottish Power UK PLC United Kingdom 198,542,416 22,928,627

SCOR SE France 20,570,517 2,375,582 Seagate HDD Cayman United States 408,700,334 47,198,667 Securitas AB Sweden 945,417,548 109,181,334 Segro PLC United Kingdom 475,911,008 54,960,476 Select Income REIT United States 126,428,425 14,600,558

Sempra Energy United States 1,901,435,597 219,586,864 Senior Housing Properties Trust United States 424,627,941 49,038,063 Severn Trent Utilities Finance PLC United Kingdom 92,877,568 10,725,945 SELP Finance Sarl United Kingdom 169,959,264 19,627,708

SES GLOBAL Americas Holdings GP France 173,914,987 20,084,533 Shell International Finance BV United Kingdom 1,317,144,593 152,110,149

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 23 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Sherwin-Williams Co/The United States 335,580,740 38,754,467 Shire PLC United Kingdom 1,581,580,735 182,648,497 Siemens Financieringsmaatschappij NV Germany 1,953,572,087 225,607,835 Sierra Pacific Power Co United States 293,347,901 33,877,217

Sigma Alimentos SA de CV Mexico 264,296,527 30,522,225 Simon International Finance SCA United States 279,781,976 32,310,559 Simon Property Group LP United States 129,224,654 14,923,480 SITE Centers Corp United States 492,065,296 56,826,051

Sky Group Finance PLC United Kingdom 32,006,614 3,696,277 Sky Ltd United Kingdom 1,295,415,585 149,600,779 SKF AB Sweden 164,199,931 18,962,592 SK Telecom Co Ltd South Korea 157,501,020 18,188,970

SL Green Operating Partnership LP United States 126,392,128 14,596,367 Smithfield Foods Inc United States 498,490,717 57,568,089 Smiths Group PLC United Kingdom 273,485,458 31,583,407 Snam SpA Italy 99,170,131 11,452,640 Snap-on Inc United States 86,153,636 9,949,433

Societe Fonciere Lyonnaise SA France 409,385,409 47,277,782 Societe Generale SA France 1,894,757,588 218,815,656 Sodexo SA France 104,809,425 12,103,893 Southern California Edison Co United States 885,882,017 102,305,887

Southern California Gas Co United States 569,988,266 65,824,967 Southern Copper Corp United States 378,269,995 43,684,426 Southern Co Gas Capital Corp United States 583,421,733 67,376,328 Southern Co/The United States 1,311,406,034 151,447,432

Southern Gas Networks PLC United Kingdom 287,705,927 33,225,655 Southern Natural Gas Co LLC United States 125,813,120 14,529,500 South Carolina Electric & Gas Co United States 69,224,146 7,994,335

South Eastern Power Networks PLC United Kingdom 98,236,692 11,344,842

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 24 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Spectra Energy Partners LP United States 776,962,635 89,727,356

Spirit Realty LP United States 78,137,096 9,023,645 SP Distribution PLC United Kingdom 470,719,818 54,360,973

SSE PLC United Kingdom 1,014,002,023 117,101,797

Standard Chartered PLC United Kingdom 1,546,363,851 178,581,483 Stanford Health Care United States 145,520,570 16,805,410

Starbucks Corp United States 1,517,776,245 175,280,050 State Grid Overseas Investment 2016 Ltd China 438,850,773 50,680,583

State Street Corp United States 296,314,797 34,219,848

Steinhoff Europe AG South Africa 211,415,898 24,415,318 Stora Enso OYJ Finland 437,896,289 50,570,355

Sumitomo Mitsui Financial Group Inc Japan 4,567,370,130 527,461,717

Sumitomo Mitsui Trust Bank Ltd Japan 430,748,094 49,744,847 Sunoco Logistics Partners Operations LP United States 283,052,446 32,688,248

Suntory Holdings Ltd Japan 333,873,156 38,557,267

SunTrust Banks Inc United States 518,309,010 59,856,800 SunTrust Bank/Atlanta GA United States 603,839,872 69,734,313

Svenska Handelsbanken AB Sweden 1,819,968,048 210,178,603 Swedbank AB Sweden 2,801,234,206 323,499,905

Sydbank A/S Denmark 294,501,730 34,010,466

Sydney Airport Finance Co Pty Ltd Australia 126,171,663 14,570,906 Symrise AG Germany 201,136,282 23,228,178

Synchrony Financial United States 173,883,237 20,080,867

Sysco Corp United States 430,274,129 49,690,112 S&P Global Inc United States 327,025,380 37,766,453

Takeda Pharmaceutical Co Ltd Japan 948,969,933 109,591,580 Talanx Finanz Luxembourg SA Germany 49,668,505 5,735,956

Tanger Properties LP United States 226,644,742 26,174,017

Tapestry Inc United States 255,590,399 29,516,800

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 25 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

TCI Communications Inc United States 82,908,542 9,574,674 TC PipeLines LP United States 164,892,730 19,042,600

TDC A/S Denmark 301,558,493 34,825,415

TDF Infrastructure SAS France 63,572,270 7,341,629 Teachers Insurance & Annuity Association of America United States 283,018,732 32,684,355

Technicolor SA France 19,995 2,309

Teck Resources Ltd Canada 72,931,077 8,422,429 Telecom Italia Capital SA Italy 101,536,724 11,725,946

Telecom Italia SpA/Milano Italy 266,681,711 30,797,678 Telefonica Emisiones SA Spain 480,487,088 55,488,944

Telefonica Europe BV Spain 938,450,502 108,376,746

Telstra Corp Ltd Australia 1,441,888,783 166,516,203 Tencent Holdings Ltd China 788,234,385 91,029,072

Tennessee Gas Pipeline Co LLC United States 53,476,409 6,175,711 Terega SA France 210,578,887 24,318,656

Terna Rete Elettrica Nazionale SpA Italy 298,363,132 34,456,399

Tesco PLC United Kingdom 31,765,990 3,668,488 Teva Pharmaceutical Industries Ltd Israel 783,868,655 90,524,896

Texas Eastern Transmission LP United States 206,208,758 23,813,972

Thames Water Utilities Finance PLC United Kingdom 745,350,395 86,076,624 Thermo Fisher Scientific Inc United States 1,118,367,094 129,154,374

Thomson Reuters Corp Canada 55,143,257 6,368,207 Time Warner Cable LLC United States 736,830,860 85,092,747

Time Warner Entertainment Co LP United States 1,269,563,644 146,615,273

Total Capital International SA France 557,206,982 64,348,924 Total Capital SA France 221,542,621 25,584,800

Total System Services Inc United States 622,025,227 71,834,444

Toyota Motor Credit Corp United States 214,434,880 24,763,964 TOTAL SA France 1,097,559,031 126,751,359

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 26 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Transcanada Trust Canada 270,119,923 31,194,739 Transcontinental Gas Pipe Line Co LLC United States 121,508,801 14,032,417

TransCanada PipeLines Ltd Canada 701,697,325 81,035,359 Transelec SA Chile 216,608,127 25,014,941

Transportadora de Gas del Peru SA Peru 210,389,924 24,296,833

Transurban Finance Co Pty Ltd Australia 162,497,176 18,765,950 Travelers Cos Inc/The United States 399,225,502 46,104,468

Trinity Acquisition PLC United Kingdom 80,141,248 9,255,094 TTX Co United States 161,463,706 18,646,600

Tyco Electronics Group SA United States 354,912,480 40,986,988

Tyson Foods Inc United States 382,703,690 44,196,450 T-Mobile USA Inc United States 328,100,995 37,890,670

Ubisoft Entertainment SA France 218,372,730 25,218,726

UBS Group Funding Switzerland AG Switzerland 2,777,480,897 320,756,760 UDR Inc United States 131,706,249 15,210,067

Unibail-Rodamco SE Netherlands 1,046,912,570 120,902,464 UniCredit SpA Italy 617,803,706 71,346,923

Unilever Capital Corp Netherlands 505,356,492 58,360,981

Unilever NV Netherlands 2,337,939,637 269,996,436 Unilever PLC United Kingdom 536,994,461 62,014,685

Union Pacific Corp United States 806,705,601 93,162,216

UnitedHealth Group Inc United States 2,556,760,940 295,266,965

United Airlines Inc United States 624,803,428 72,155,284 United Parcel Service Inc United States 102,710,763 11,861,530

United Rentals North America Inc United States 173,838,738 20,075,728

United Technologies Corp United States 2,387,399,089 275,708,250 United Utilities Water Ltd United Kingdom 122,874,152 14,190,094

University of Southern California United States 177,604,795 20,510,650 US Bancorp United States 1,823,416,513 210,576,848

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 27 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Valero Energy Corp United States 623,342,975 71,986,624

Valero Energy Partners LP United States 602,284,391 69,554,678

Vale Canada Ltd Brazil 86,185,706 9,953,137 Vale Overseas Ltd Brazil 282,406,898 32,613,697

Validus Holdings Ltd United States 296,950,988 34,293,318 Vantiv LLC United States 55,580,676 6,418,722

Ventas Realty LP United States 636,056,471 73,454,839

Veolia Environnement SA France 291,689,279 33,685,671 Verisk Analytics Inc United States 347,722,950 40,156,707

VeriSign Inc United States 41,942,878 4,843,764 Verizon Communications Inc United States 6,931,867,677 800,525,187

Viacom Inc United States 127,394,738 14,712,153

Vinci SA France 129,170,654 14,917,244 Virginia Electric & Power Co United States 722,656,914 83,455,872

Visa Inc United States 213,567,664 24,663,814

Vivendi SA France 301,673,994 34,838,754 Vodafone Group PLC United Kingdom 1,686,373,930 194,750,516

Volkswagen Bank GmbH Germany 77,155,656 8,910,304 Volkswagen Financial Services AG Germany 716,219,168 82,712,410

Volkswagen International Finance NV Germany 2,144,620,921 247,671,067

Volkswagen Leasing GmbH Germany 407,200,571 47,025,467 Vonovia Finance BV Germany 1,963,332,821 226,735,052

Voya Financial Inc United States 498,563,886 57,576,539

Wabtec Corp United States 788,736,020 91,087,003 Wales & West Utilities Finance PLC United Kingdom 5,691,272 657,255

Walgreens Boots Alliance Inc United States 506,823,701 58,530,422 Walgreen Co United States 187,748,133 21,682,051

Walt Disney Co/The United States 132,388,459 15,288,852

Warner Media LLC United States 1,339,870,954 154,734,697

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 28 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Washington Mutual Bank / Debt not acquired by United States 20,882 2,412 JPMorgan Waste Connections Inc Canada 177,220,329 20,466,250

Wellcome Trust Ltd/The United Kingdom 40,536,503 4,681,349 Wells Fargo Bank NA United States 431,562,776 49,838,931

Wells Fargo & Co United States 8,300,200,812 958,546,833

Welltower Inc United States 820,524,243 94,758,059 Wendel SA France 173,252,830 20,008,064

Wessex Water Services Finance PLC United Kingdom 154,234,979 17,811,792

Western Gas Partners LP United States 238,001,067 27,485,500 Western Power Distribution East Midlands PLC United Kingdom 759,110,665 87,665,725

Western Power Distribution West Midlands PLC United Kingdom 299,702,788 34,611,109 Westfield America Management Ltd Netherlands 145,517,339 16,805,037

Westlake Chemical Corp United States 108,544,213 12,535,204

Weyerhaeuser Co United States 147,301,265 17,011,054 WEA Finance LLC Netherlands 1,101,156,776 127,166,844

Williams Cos Inc/The United States 1,373,284,363 158,593,437

Willow No 2 Ireland PLC Switzerland 110,425,138 12,752,422 Wolters Kluwer NV Netherlands 148,598,812 17,160,900

Woodside Finance Ltd Australia 323,139,273 37,317,667 WPC Eurobond BV United States 288,636,502 33,333,122

WPP Finance 2016 United Kingdom 203,745,325 23,529,483

WPP Finance UK United Kingdom 326,576,379 37,714,600 Wuerth Finance International BV Germany 173,690,145 20,058,568

Wyeth LLC United States 366,743,332 42,353,272 Wyndham Destinations Inc United States 210,249,935 24,280,667

Xilinx Inc United States 513,823,330 59,338,772

XLIT Ltd United States 217,698,349 25,140,845 Yorkshire Water Finance PLC United Kingdom 115,777,079 13,370,490

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 29 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

ZF North America Capital Inc Germany 36,050,599 4,163,295 Zimmer Biomet Holdings Inc United States 1,188,802,451 137,288,585

Zoetis Inc United States 850,011,153 98,163,348

Zurich Finance UK PLC United Kingdom 54,483,646 6,292,032

CORPORATE BONDS/SECURITIZED BONDS

Aareal Bank AG Germany 3,094,938,815 357,418,316 ABN AMRO Bank NV Netherlands 4,966,218,157 573,522,593

Achmea Bank NV Netherlands 760,668,974 87,845,686

ANZ New Zealand Int'l Ltd New Zealand 1,021,395,481 117,955,629 Australia & New Zealand Banking Group Ltd Australia 965,248,274 111,471,481

Banco de Sabadell SA Spain 886,489,826 102,376,079 Banco Santander SA Spain 3,217,452,154 371,566,742

Bank of Montreal Canada 1,896,858,179 219,058,242

Bank of Nova Scotia/The Canada 4,035,082,833 465,990,638 Bank of Scotland PLC United Kingdom 556,219,436 64,234,877

BNZ International Funding Ltd New Zealand 2,080,263,173 240,238,727 Canadian Imperial Bank of Commerce Canada 2,417,949,830 279,236,395

Commerzbank AG Germany 8,160,338,326 942,394,845

Commonwealth Bank of Australia Australia 4,336,845,418 500,839,623 Credit Suisse AG Switzerland 4,278,937,086 494,152,092

Deutsche Bank AG Germany 2,620,334,293 302,608,719

Intesa Sanpaolo SpA Italy 1,858,692,018 214,650,632 ING Bank NV Netherlands 667,951,227 77,138,198

Leeds Building Society United Kingdom 574,475,556 66,343,181 Lloyds Bank PLC United Kingdom 4,079,230,618 471,089,035

National Australia Bank Ltd Australia 1,314,922,662 151,853,549

National Westminster Bank PLC United Kingdom 964,504,740 111,385,614 Nationwide Building Society United Kingdom 5,354,490,135 618,362,095

Oversea-Chinese Banking Corp Ltd Singapore 783,910,705 90,529,752 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 30 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Royal Bank of Canada Canada 5,190,554,820 599,430,062

Santander UK PLC United Kingdom 2,765,439,336 319,366,143

Skandinaviska Enskilda Banken AB Sweden 3,367,344,724 388,877,052 Skipton Building Society United Kingdom 559,723,738 64,639,571

Toronto-Dominion Bank/The Canada 4,361,302,606 503,664,055

UBS AG Switzerland 2,673,771,412 308,779,893 Westpac Banking Corp Australia 4,418,753,064 510,298,709

Yorkshire Building Society United Kingdom 1,067,277,941 123,254,354 GOVERNMENT

Government of Australia Australia 36,398,741,605 4,203,500,529

Government of Austria Austria 12,124,992,321 1,400,252,025 Government of Belgium Belgium 15,374,963,021 1,775,574,164

Government of Brazil Brazil 23,284,364,532 2,688,989,627

Government of Canada Canada 18,274,864,701 2,110,468,660 Government of Chile Chile 1,585,991,438 183,157,866

Government of China China 1,974,135,854 227,982,637 Government of Colombia Colombia 10,790,204,308 1,246,104,330

Government of Croatia Croatia 203,798,871 23,535,667

Government of Cyprus Cyprus 485,758,429 56,097,703 Government of Denmark Denmark 9,177,478,607 1,059,859,063

Government of Finland Finland 11,718,313,755 1,353,286,842 Government of France France 47,998,479,771 5,543,093,695

Government of Germany Germany 106,116,278,250 12,254,814,647

Government of Hungary Hungary 197,010,446 22,751,707 Government of Iceland Iceland 497,073,776 57,404,454

Government of India India 17,007,120,793 1,964,063,539

Government of Indonesia Indonesia 25,114,255,836 2,900,314,215 Government of Ireland Ireland 7,540,464,462 870,808,851

Government of Israel Israel 227,033,445 26,218,907

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 31 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Government of Italy Italy 36,516,835,498 4,217,138,576

Government of Japan Japan 237,178,995,090 27,390,563,172 Government of Korea South Korea 43,365,770,540 5,008,086,306

Government of Latvia Latvia 1,491,616,550 172,259,004

Government of Lithuania Lithuania 2,510,069,781 289,874,847 Government of Luxembourg Luxembourg 1,114,306,650 128,685,454

Government of Malaysia Malaysia 16,957,895,878 1,958,378,811

Government of Malta Malta 153,466,491 17,723,043 Government of Mexico Mexico 42,594,442,218 4,919,009,628

Government of New Zealand New Zealand 1,553,383,896 179,392,192 Government of Peru Peru 503,432,966 58,138,843

Government of Poland Poland 6,957,334,730 803,466,244

Government of Portugal Portugal 3,579,583,325 413,387,379 Government of Romania Romania 272,729,308 31,496,083

Government of Russian Federation Russia 10,649,348,292 1,229,837,604 Government of Singapore Singapore 13,856,796,884 1,600,249,087

Government of Slovakia Slovakia 3,915,238,498 452,150,442

Government of Slovenia Slovenia 4,759,197,823 549,614,896 Government of South Africa South Africa 21,138,885,687 2,441,219,483

Government of Spain Spain 41,388,185,642 4,779,705,357

Government of Sweden Sweden 8,089,566,323 934,221,756 Government of Switzerland Switzerland 18,756,815,209 2,166,126,607

Government of the Czech Republic Czech Republic 329,775,801 38,084,085 Government of the Netherlands Netherlands 3,117,334,018 360,004,621

Government of the Philippines Philippines 5,065,114,671 584,943,634

Government of Thailand Thailand 2,088,416,683 241,180,333 Government of Turkey Turkey 2,965,607,313 342,482,497

Government of United States of America United States 638,714,802,215 73,761,836,002

New Zealand Government Inflation Linked Bond New Zealand 1,948,374,714 225,007,618

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 32 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

United Kingdom Government United Kingdom 64,844,326,291 7,488,532,511 GOVERNMENT RELATED BONDS

Adif - Alta Velocidad Spain 551,564,804 63,697,338

Affordable Housing Finance PLC United Kingdom 112,720,970 13,017,556 International African Development Bank 1,971,836,432 227,717,089 Organisations

Agence Francaise de Developpement France 2,097,086,832 242,181,604 Agence France Locale France 298,873,324 34,515,319

Akron Student Housing Association LLC United States 78,514,091 9,067,182

Alameda County Joint Powers Authority United States 124,856,989 14,419,081 Alliander NV Netherlands 130,019,579 15,015,282

Altitude Investments 16 LLC United States 424,549,661 49,029,023 International Asian Development Bank 1,913,574,154 220,988,683 Organisations

Auckland Council New Zealand 96,636,530 11,160,048 Australian Capital Territory Australia 316,651,261 36,568,400

Autobahnen- und Schnell- strassen-Finanzierungs AG Austria 510,378,434 58,940,939 Autonomous Community of Andalusia Spain Spain 169,721,773 19,600,281

Autonomous Community of Catalonia Spain 214,767,127 24,802,334

Banco del Estado de Chile Chile 257,431,652 29,729,437 Banks' Shareholdings Purchase Corp Japan 1,999,594,434 230,922,716

Bank Gospodarstwa Krajowego Poland 404,470,334 46,710,166

Bank of China Ltd China 99,429,956 11,482,646 Basellandschaftliche Kantonalbank Switzerland 38,954,658 4,498,670

Bayerische Landesbodenkreditanstalt Germany 506,535,471 58,497,136 Bay Area Toll Authority United States 146,646,927 16,935,488

BNG Bank NV Netherlands 1,108,658,947 128,033,230

Bpifrance Financement SA France 2,685,204,192 310,100,205 Caisse Centrale du Credit Immobilier de France SA France 1,297,514,826 149,843,209

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 33 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Caisse des Depots et Consignations France 100,566,039 11,613,847 Caisse d'Amortissement de la Dette Sociale France 835,509,202 96,488,593

California Statewide Communities Development United States 141,768,008 16,372,047 Authority California State University United States 118,409,152 13,674,454

Canada Mortgage & Housing Corp Canada 31,785,180,227 3,670,704,426 Canton of Basel-City Switzerland 345,823,156 39,937,310

Canton of Geneva Switzerland Switzerland 405,776,219 46,860,976

Canton of Zurich Switzerland 167,458,539 19,338,912 CDP Financial Inc Canada 4,388,978,971 506,860,254

Centrais Eletricas Brasileiras SA Brazil 176,177,767 20,345,850 Central Nippon Expressway Co Ltd Japan 513,610,380 59,314,180

Chiba Prefecture Japan 7,951,518 918,279

China Development Bank China 148,396,322 17,137,516 City of Chicago IL United States 566,969,825 65,476,383

City of Fukuoka Japan Japan 8,137,641 939,774

City of Gothenburg Sweden Sweden 99,792,263 11,524,487 City of Kyoto Japan 41,682,909 4,813,741

City of Lunds Sweden Sweden 150,997,581 17,437,922 City of Montreal Canada Canada 250,608,669 28,941,486

City of New York NY United States 293,685,911 33,916,252

City of Osaka Japan Japan 39,509,748 4,562,774 City of Rome Italy Italy 60,261,656 6,959,304

City of Stockholm Sweden Sweden 200,201,059 23,120,175

City of Toronto Canada Canada 890,073,145 102,789,898 City of Zurich Switzerland Switzerland 181,765,767 20,991,179

Comision Federal de Electricidad Mexico 716,506,219 82,745,560 Commonwealth Financing Authority United States 280,105,535 32,347,925

Commonwealth of Pennsylvania United States 243,433,570 28,112,871

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 34 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Comunidad Autonoma de Canarias Spain 67,499,193 7,795,129

Comunidad Autonoma de las Islas Baleares Spain 30,350,600 3,505,032

International Corp Andina de Fomento 4,903,167,407 566,241,191 Organisations

Corp Nacional del Cobre de Chile Chile 134,435,120 15,525,210 International Council Of Europe Development Bank 1,868,343,198 215,765,196 Organisations

CPPIB Capital Inc Canada 873,403,308 100,864,786 CP - Comboios de Portugal EPE Portugal 226,672,481 26,177,221

Deposit Insurance Corp of Japan Japan 2,239,741,876 258,656,089

Deutsche Bahn Finance GMBH Germany 55,793,393 6,443,287 Development Bank of Japan Inc Japan 4,166,555,463 481,173,725

Dexia Credit Local SA Belgium 4,459,460,352 514,999,781 East Nippon Expressway Co Ltd Japan 1,818,406,099 209,998,221

Electricite de France SA France 3,103,321,036 358,386,335

United Arab Emirates Telecommunications Group Co PJSC 946,859,951 109,347,910 Emirates

Emissionszentrale fuer Gemeinnuetzige Switzerland 91,445,107 10,560,518 Wohnbautraeger

Erste Abwicklungsanstalt Germany 497,533,727 57,457,571 International European Bank for Reconstruction & Development 54,231,775 6,262,944 Organisations International European Financial Stability Facility 9,380,568,945 1,083,312,905 Organisations

International European Investment Bank 19,529,709,381 2,255,384,118 Organisations

International European Stability Mechanism 5,196,384,001 600,103,244 Organisations

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 35 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

International European Union 2,631,769,241 303,929,282 Organisations International EUROFIMA 1,747,850,588 201,850,134 Organisations

Export Development Canada Canada 304,818,820 35,201,933 Export-Import Bank of China/The China 6,786,427,820 783,729,098

Export-Import Bank of India India 137,518,681 15,881,314 Export-Import Bank of Korea South Korea 6,152,778,355 710,552,231

Finnfund Finland 445,132,217 51,405,994

Finnvera OYJ Finland 1,085,267,819 125,331,911 Flemish Community/The Belgium 140,004,929 16,168,438

FMS Wertmanagement Germany 8,534,802,397 985,639,745

Fukushima Prefecture Japan 58,433,970 6,748,234 Gemeinsame Deutsche Bundeslaender Germany 535,701,413 61,865,358

Health & Educational Facilities Authority of the State United States 242,883,038 28,049,293 of Missouri

Helios Leasing I LLC United States 101,876,789 11,765,218

Hera SpA Italy 31,695,928 3,660,397 Heta Asset Resolution AG Austria 803,370,103 92,777,017

Housing New Zealand Ltd New Zealand 89,534,604 10,339,884

Housing & Development Board Singapore 1,836,699,259 212,110,803 HSH Finanzfonds AoeR Germany 1,091,419,741 126,042,365

Hydro-Quebec Canada 557,488,344 64,381,417 Idaho State Building Authority United States 183,207,180 21,157,640

Industrial Bank of Korea South Korea 343,055,511 39,617,689

Infraestruturas de Portugal SA Portugal 104,763,267 12,098,562 Instituto de Credito Oficial Spain 197,917,861 22,856,500

International International Bank for Reconstruction & Development 3,500,408,167 404,243,854 Organisations

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 36 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Country Market value Market value NOK USD

International International Finance Corp 1,574,051,522 181,778,988 Organisations

International Inter-American Development Bank 1,440,549,511 166,361,538 Organisations Investitionsbank Schleswig-Holstein Germany 248,018,205 28,642,327

Japan Bank for International Cooperation Japan 1,826,030,088 210,878,676

Japan Expressway Holding and Debt Repayment Japan 2,147,960,631 248,056,753 Agency

Japan Finance Corp Japan 244,605,847 28,248,252 Japan Finance Organization for Municipalities Japan 3,881,748,061 448,282,806

KA Finanz AG Austria 350,372,780 40,462,722

Kommunekredit Denmark 1,607,007,209 185,584,868 Kommuninvest I Sverige AB Sweden 1,669,296,579 192,778,342

Korea Development Bank/The South Korea 1,713,595,721 197,894,218

Korea Expressway Corp South Korea 175,762,928 20,297,942 Korea National Oil Corp South Korea 343,545,522 39,674,278

Kreditanstalt fur Wiederaufbau Germany 27,475,459,312 3,172,997,270 Landesbank Baden-Wuerttemberg Germany 2,422,758,331 279,791,704

Landeskreditbank Baden-Wuerttemberg Foerderbank Germany 1,443,120,343 166,658,430

Landsvirkjun Iceland 479,216,219 55,342,178 Landwirtschaftliche Rentenbank Germany 3,974,057,568 458,943,149

Land Berlin Germany 1,053,517,386 121,665,220

Land Thueringen Germany 982,720,069 113,489,207 La Banque Postale SA France 290,413,876 33,538,381

La Poste SA France 198,877,207 22,967,290 LCR Finance PLC United Kingdom 696,440,609 80,428,288

LGFV Program Trust Australia 249,631,684 28,828,659

Los Angeles County Public Works Financing Authority United States 388,965,601 44,919,605 Los Angeles Unified School District/CA United States 6,018,157 695,006

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 37 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Luzerner Kantonalbank AG Switzerland 160,980,784 18,590,830

Maexim Secured Funding DAC Hungary 349,631,313 40,377,094

Major Joint Local Government Bond Japan 1,950,947,802 225,304,770

Metropolitan Transportation Authority United States 172,448,208 19,915,143

Mexican Aircraft Finance V LLC United States 289,583,238 33,442,455 Municipality Finance PLC Finland 815,058,228 94,126,817

Municipal Electric Authority of Georgia United States 379,737,516 43,853,902

Municipal Finance Authority of British Columbia Canada 2,420,478,614 279,528,431 Muskrat Falls / Labrador Transmission Assets Canada 152,272,961 17,585,209 Funding Trust National Archives Facility Trust United States 22,660,665 2,616,962

Nederlandse Financierings-Maatschappij voor Netherlands 196,764,265 22,723,277 Ontwikkelingslanden NV Nederlandse Waterschapsbank NV Netherlands 1,339,291,015 154,667,723

Network Rail Infrastructure Finance PLC United Kingdom 546,535,385 63,116,517

New Jersey Transportation Trust Fund Authority United States 68,689,348 7,932,574 New South Wales Treasury Corp Australia 3,356,291,704 387,600,596

New York City Transitional Finance Authority Future United States 280,612,844 32,406,511 Tax Secured Revenue

New York City Water & Sewer System United States 292,376,795 33,765,069

New York State Dormitory Authority United States 190,767,617 22,030,756 New York State Urban Development Corp United States 821,617,555 94,884,319

New Zealand Local Government Funding Agency New Zealand 2,665,775,179 307,856,450 Bond

Nexen Energy ULC China 166,391,578 19,215,694

Norddeutsche Landesbank Girozentrale Germany 1,968,172,055 227,293,909 International Nordic Investment Bank 1,058,257,715 122,212,655 Organisations

Northern Territory Treasury Corp Australia 574,856,692 66,387,196

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 38 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

International North American Development Bank 637,923,910 73,670,500 Organisations

NOVA Chemicals Corp Canada 94,449,159 10,907,440 NRW Bank Germany 1,796,544,256 207,473,511

Nuclear Damage Compensation and Japan 394,841,296 45,598,159 Decommissioning Facilitation Corp

OeBB-Infrastruktur AG Austria 603,627,657 69,709,805

Oesterreichische Kontrollbank AG Austria 1,154,326,899 133,307,184 Oleoducto Central SA Colombia 214,647,340 24,788,500

Ontario Electricity Financial Corp Canada 237,638,812 27,443,665

Ooredoo International Finance Ltd Qatar 45,057,045 5,203,403 Orsted A/S Denmark 475,741,531 54,940,904

Osaka Prefecture Japan 532,931,576 61,545,484 Parpublica - Participacoes Publicas SGPS SA Portugal 87,372,359 10,090,177

Petroleos Mexicanos Mexico 2,870,159,451 331,459,722

Philadelphia Authority for Industrial Development United States 138,260,753 15,967,012 Phoenix 2012 LLC United States 115,753,165 13,367,728

Port Authority of New York & New Jersey United States 47,530,267 5,489,022 Private Export Funding Corp United States 739,638,623 85,417,001

Province of Alberta Canada Canada 2,463,498,618 284,496,587

Province of British Columbia Canada Canada 2,749,070,074 317,475,742 Province of Manitoba Canada Canada 2,074,094,689 239,526,361

Province of New Brunswick Canada Canada 1,101,172,612 127,168,673

Province of Nova Scotia Canada Canada 556,244,156 64,237,732 Province of Ontario Canada Canada 16,190,073,310 1,869,706,993

Province of Quebec Canada Canada 11,526,227,265 1,331,103,776 Province of Saskatchewan Canada Canada 203,873,098 23,544,239

Prs Finance Plc United Kingdom 550,501,205 63,574,509

Public Finance Authority United States 64,851,993 7,489,418

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 39 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Queensland Treasury Corp Australia 7,418,433,800 856,716,167

Regie Autonome des Transports Parisiens France 410,949,245 47,458,382 Regional Municipality of Peel Ontario Canada 105,666,931 12,202,922

Regional Municipality of York Canada 238,856,030 27,584,235

Region of Ile de France France 894,089,608 103,253,738 Reliance Industries Ltd India 705,628,715 81,489,374

REC Ltd India 37,723,098 4,356,444 RTE Reseau de Transport d'Electricite SADIR France 441,968,098 51,040,587

Sales Tax Securitization Corp United States 42,539,590 4,912,675

Salmon River Export LLC United States 1,360,907,883 157,164,142 SFIL SA France 487,082,437 56,250,606

Singapore Telecommunications Ltd Singapore 46,252,879 5,341,503

SingTel Group Treasury Pte Ltd Singapore 443,019,948 51,162,060 SNCF Mobilites France 95,971,821 11,083,284

SNCF Reseau EPIC France 706,111,147 81,545,088 Societe Du Grand Paris EPIC France 822,748,471 95,014,923

South Australian Government Financing Authority Australia 1,031,425,184 119,113,907

Specialfastigheter Sverige AB Sweden 116,803,507 13,489,027 State of Brandenburg Germany 1,077,326,394 124,414,798

State of Bremen Germany 259,414,135 29,958,383 State of California United States 2,197,102,282 253,731,865

State of Colorado United States 45,192,104 5,219,000

State of Illinois United States 1,128,860,424 130,366,193 State of Lower Saxony Germany 3,803,269,003 439,219,670

State of North Rhine-Westphalia Germany Germany 6,348,509,241 733,156,169

State of Oregon United States 190,979,618 22,055,238 State of Rhineland-Palatinate Germany 750,081,191 86,622,959

State of Schleswig-Holstein Germany Germany 741,021,915 85,576,750 State of Wisconsin United States 147,469,596 17,030,493

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 40 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

St Galler Kantonalbank AG Switzerland 188,231,252 21,737,844 Svensk Exportkredit AB Sweden 1,071,321,163 123,721,285

Syngenta Finance NV Switzerland 222,744,647 25,723,616

Tagua Leasing LLC United States 130,773,610 15,102,361 Tasmanian Public Finance Corp Australia 320,079,065 36,964,259

TenneT Holding BV Netherlands 1,093,182,287 126,245,912

Texas A&M University United States 93,977,901 10,853,017 Tokyo Metropolitan Government Japan 2,318,120,367 267,707,612

Town of Stratford CT United States 64,683,187 7,469,923 Treasury Corp of Victoria Australia 2,424,746,754 280,021,336

Tyottomyysvakuutusrahasto Finland 448,139,926 51,753,339

University of California United States 144,625,247 16,702,014 University of Massachusetts Building Authority United States 310,121,684 35,814,333

UNEDIC ASSEO France 2,206,308,903 254,795,090 Uppsala Kommun Sweden 78,891,200 9,110,733

VCH Lease SA United States 45,695,444 5,277,128

Western Australian Treasury Corp Australia 2,627,516,460 303,438,150 West Contra Costa Unified School District United States 122,885,375 14,191,390

West Nippon Expressway Co Ltd Japan 552,317,576 63,784,272

Windermere Aviation LLC United States 279,730,008 32,304,557 Xunta de Galicia Spain 215,603,927 24,898,971

Zuercher Kantonalbank Switzerland 818,194,645 94,489,025 SECURITIZED BONDS

ABSC NIMs Trust United States 28,226 3,260

Adjustable Rate Mortgage Trust United States 2,203 254 Aegis Asset Backed Securities Trust United States 26 3

Aegon Bank NV Netherlands 398,775,699 46,052,522

Aktia Bank OYJ Finland 380,197,849 43,907,064 Arkea Home Loans SFH SA France 789,848,486 91,215,476

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 41 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

ASB Finance Ltd New Zealand 690,198,888 79,707,464 AXA Bank Europe SCF France 117,087,396 13,521,812

Ayt Cedulas Cajas Global Spain 103,494,483 11,952,037 AyT Cedulas Cajas IX FTA Spain 481,178,285 55,568,767

Banco BPM SpA Italy 415,396,903 47,972,018

Banco Santander Totta SA Portugal 151,989,674 17,552,494 Banc of America Mortgage Securities Inc United States 1,270 147

Bankia SA Spain 99,282,686 11,465,639 Bank of Ireland Mortgage Bank Ireland 301,445,334 34,812,347

Bank of Queensland Ltd Australia 159,962,075 18,473,184

Barclays Bank UK PLC United Kingdom 1,010,228,179 116,665,975

Bayerische Landesbank Germany 494,449,448 57,101,384 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Austria 300,845,493 34,743,074 Oesterreichische Postsparkasse AG Belfius Bank SA Belgium 249,127,827 28,770,471

Berlin Hyp AG Germany 2,736,226,352 315,992,488

BNP Paribas Fortis SA Belgium 797,571,159 92,107,327 BPCE SFH SA France 699,346,614 80,763,887

BPER Banca Italy 296,771,327 34,272,570

Caisse Centrale Desjardins Canada 299,556,590 34,594,226 Caisse de Refinancement de l'Habitat SA France 896,554,710 103,538,420

Caisse Francaise de Financement Local France 3,290,122,473 379,959,058 Caixa Economica Montepio Geral Caixa Economica Portugal 199,923,765 23,088,151 Bancaria SA

Caixa Geral de Depositos SA Portugal 153,138,487 17,685,164 Cajamar Caja Rural SCC Spain 910,424,808 105,140,205

Caja Rural de Navarra SCC Spain 966,223,177 111,584,067 Cie de Financement Foncier SA France 1,149,282,608 132,724,645

CIF Euromortgage SA France 995,247,537 114,935,939 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 42 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

Coventry Building Society United Kingdom 507,606,678 58,620,844

Credit Agricole Home Loan SFH SA France 1,981,801,982 228,867,958

Credit Agricole Public Sector SCF SA France 197,420,659 22,799,081 Credit Mutuel - CIC Home Loan SFH SA France 397,556,212 45,911,690

Credit Suisse First Boston Mortgage Securities Corp United States 8,281 956 de Volksbank NV Netherlands 140,898,783 16,271,664

Danske Hypotek AB Sweden 791,019,365 91,350,694

Danske Kiinnitysluottopankki Oyj Finland 149,050,918 17,213,112 DBS Bank Ltd Singapore 494,327,884 57,087,345

Deutsche Apotheker-und Aerztebank eG Germany 500,243,455 57,770,503

Deutsche Bank SA Espanola Spain 1,694,151,568 195,648,715 Deutsche Hypothekenbank AG Germany 2,579,394,079 297,880,748

Deutsche Kreditbank AG Germany 199,072,415 22,989,833 Deutsche Pfandbriefbank AG Germany 3,111,651,201 359,348,343

DLR Kredit A/S Denmark 410,759,564 47,436,476

DZ HYP AG Germany 1,153,074,939 133,162,601 Erste Group Bank AG Austria 748,813,242 86,476,530

Eurocaja Rural SCC Spain 202,049,648 23,333,658

GSAMP NIM Trust United States 4,067 470 GSMPS Mortgage Loan Trust United States 1,761 203

Hamburger Sparkasse AG Germany 747,263,253 86,297,530 Hasco NIM Trust United States 9,835 1,136

HSH Nordbank AG Germany 1,134,685,323 131,038,881

Hypoe NOE Landesbank fuer Niederoesterreich und Austria 150,338,733 17,361,835 Wien AG

Hypo Tirol Bank AG Austria 201,178,290 23,233,030 Hypo Vorarlberg Bank AG Austria 247,524,499 28,585,311

Ibercaja Banco SA Spain 98,003,820 11,317,949

ING Belgium SA Belgium 179,838,201 20,768,574

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 43 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

ING-DiBa AG Germany 497,028,668 57,399,244

Jyske Realkredit A/S Denmark 799,022,262 92,274,907 Kookmin Bank South Korea 638,826,356 73,774,719

Korea Housing Finance Corp South Korea 1,026,907,395 118,592,171 Landesbank Hessen-Thueringen Girozentrale Germany 2,515,030,279 290,447,709

Landshypotek Bank AB Sweden 330,313,424 38,146,172

Lansforsakringar Hypotek AB Sweden 1,560,847,928 180,254,174 La Banque Postale Home Loan SFH SA France 505,131,746 58,335,027

mBank Hipoteczny SA Poland 650,542,514 75,127,757

Mastr Alternative NIM United States 5,009 578 Mediobanca Banca di Credito Finanziario SpA Italy 249,435,390 28,805,990

MMB SCF SACA France 247,896,650 28,628,289 Muenchener Hypothekenbank eG Germany 951,650,209 109,901,111

Nationale-Nederlanden Bank NV/The Netherlands Netherlands 574,407,847 66,335,362

National Bank of Canada Canada 352,841,246 40,747,792 Natixis Pfandbriefbank AG Germany 586,618,454 67,745,501

NIBC Bank NV Netherlands 866,253,350 100,039,074

Nordea Hypotek AB Sweden 2,195,527,229 253,549,971

Nordea Kredit Realkreditaktieselskab Denmark 1,845,521,815 213,129,674 Nordea Mortgage Bank Plc Finland 1,894,631,558 218,801,101

NORD/LB Luxembourg SA Covered Bond Bank Luxembourg 2,298,379,664 265,427,861

Nykredit Realkredit A/S Denmark 473,372,654 54,667,335 Oberoesterreichische Landesbank AG Austria 246,040,371 28,413,917

Oma Saastopankki Oyj Finland 593,254,317 68,511,842 OP Mortgage Bank Finland 647,872,123 74,819,367

Pfandbriefbank schweizerischer Hypothekarinstitute Switzerland 3,117,387,757 360,010,827 AG Pfandbriefzentrale der schweizerischen Switzerland 925,003,643 106,823,839 Kantonalbanken AG Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 44 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2018 Market value Market value Country NOK USD

PKO Bank Hipoteczny SA Poland 561,585,917 64,854,624 Raiffeisenlandesbank Niederoesterreich-Wien AG Austria 748,058,115 86,389,324

Raiffeisenlandesbank Oberoesterreich AG Austria 198,202,468 22,889,368

Raiffeisenlandesbank Vorarlberg Waren-und Austria 237,376,154 27,413,332 Revisionsverband registrierte GenmbH

Raiffeisen-Landesbank Steiermark AG Austria 70,433,210 8,133,964 Residential Asset Securities NIM Corp United States 98 11

Santander Consumer Bank AG Germany 392,973,962 45,382,510

SB Finance Trust United States 7,100 820 Sharp SP I LLC Net Interest Margin Trust United States 33,158 3,829

Societe Generale SFH SA France 1,415,130,591 163,426,040

Sparkasse KoelnBonn Germany 403,046,778 46,545,767 SP-Kiinnitysluottopankki Oyj Finland 436,303,541 50,386,417

Stadshypotek AB Sweden 4,977,693,603 574,847,832 Sumitomo Mitsui Banking Corp Japan 398,268,101 45,993,903

Suomen Hypoteekkiyhdistys Finland 688,278,474 79,485,685

Sveriges Sakerstallda Obligationer AB Sweden 1,749,546,411 202,045,976 Swedbank Hypotek AB Sweden 2,815,735,420 325,174,575

Turkiye Vakiflar Bankasi TAO Turkey 413,404,574 47,741,935

UniCredit Bank AG Germany 984,095,653 113,648,066 UniCredit Bank Austria AG Austria 335,572,535 38,753,519

Unione di Banche Italiane SpA Italy 240,333,766 27,754,891 United Overseas Bank Ltd Singapore 158,083,191 18,256,202

Van Lanschot NV Netherlands 210,836,551 24,348,412

Westpac Securities NZ Ltd New Zealand 248,966,561 28,751,848 Wuestenrot Bausparkasse AG Germany 548,048,806 63,291,294