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No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 1

Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

AUSTRIA CROATIA Agrana Beteiligungs AG 7 370 0,092 0,092 Hrvatski Telekom dd 9 366 0,031 0,031 Andritz AG 44 606 0,261 0,261 A-TEC Industries AG 8 731 0,183 0,183 CYPRUS Austriamicrosystems AG 14 733 0,545 0,544 Bank of Cyprus Public Co Ltd 258 088 0,462 0,462 Austrian Airlines AG 4 904 0,115 0,115 Marfin Popular Bank Public Co Ltd 112 322 0,195 0,195 Boehler-Uddeholm AG 21 637 0,077 0,077 bwin Interactive Entertainment AG 23 914 0,346 0,346 BWT AG 7 777 0,151 0,151 Philip Morris CR AS 23 736 0,364 0,364 CA Immo International AG 6 034 0,151 0,151 CA Immobilien Anlagen AG 34 729 0,328 0,328 DENMARK CAT Oil AG 4 798 0,082 0,082 A P Moller - Maersk A/S 921 847 0,363 0,433 Conwert Immobilien Invest SE 26 735 0,328 0,328 ALK-Abello A/S 13 504 0,209 0,230 Erste Bank der Oesterreichischen Sparkassen AG 729 685 0,599 0,599 Alm Brand A/S 7 943 0,125 0,125 EVN AG 62 871 0,219 0,219 Amagerbanken A/S 5 234 0,176 0,176 Flughafen Wien AG 19 884 0,151 0,151 Auriga Industries 3 080 0,123 0,175 Immoeast AG 173 045 0,355 0,355 Bang & Olufsen A/S 21 199 0,342 0,377 AG 179 658 0,709 0,709 Bavarian Nordic A/S 3 610 0,148 0,148 Intercell AG 15 019 0,157 0,157 Biomar Holding A/S 2 573 0,112 0,112 Lenzing AG 3 475 0,033 0,033 Carlsberg A/S 97 282 0,199 0,039 Mayr Melnhof Karton AG 19 639 0,152 0,152 Coloplast A/S 95 563 0,423 0,457 Oesterreichische Post AG 20 127 0,151 0,000 D/S Norden 16 727 0,062 0,062 OMV AG 473 266 0,359 0,359 D/S Torm A/S 32 630 0,235 0,235 Palfinger AG 7 571 0,100 0,100 Danisco A/S 84 873 0,451 0,451 Raiffeisen International Bank Holding AG 294 734 0,232 0,232 Danske Bank A/S 1 080 332 0,727 0,727 RHI AG 21 681 0,260 0,260 Dfds A/S 13 750 0,204 0,204 Schoeller-Bleckmann Oilfield Equipment AG 19 533 0,250 0,250 DSV A/S 74 438 0,310 0,310 Semperit AG Holding 10 250 0,251 0,251 East Asiatic Co Ltd A/S 23 132 0,364 0,364 Telekom AG 365 807 0,526 0,526 EBH BANK A/S 3 725 0,067 0,067 Uniqa Versicherungen AG 18 242 0,092 0,092 FLSmidth & Co A/S 107 458 0,363 0,363 - Oesterreichische Elektrizitaetswirtschafts AG 125 579 0,107 0,219 Forstaedernes Bank A/S 5 233 0,155 0,155 Insurance Group 260 403 0,568 0,568 Genmab A/S 35 798 0,244 0,244 AG 523 352 0,811 0,811 GN Store Nord 20 791 0,234 0,234 AG 184 355 0,729 0,729 H Lundbeck A/S 128 113 0,421 0,421 Zumtobel AG 5 868 0,067 0,067 IC Companys A/S 15 672 0,259 0,259 Jyske Bank A/S 168 014 0,701 0,701 BELGIUM NKT Holding A/S 29 967 0,259 0,259 Ackermans & Van Haaren 48 159 0,270 0,270 Nordicom A/S 7 317 0,268 0,268 AGFA-Gevaert NV 95 130 0,886 0,886 Novo Nordisk A/S 1 165 994 0,505 0,606 Arseus NV 35 018 1,529 0,000 Novozymes A/S 202 681 0,503 0,603 Banque Nationale de Belgique 5 893 0,060 0,060 Ringkjoebing Landbobank A/S 6 460 0,135 0,135 Barco NV 13 549 0,258 0,258 Rockwool International AS 41 059 0,148 0,365 Befimmo SCA Sicafi 24 687 0,327 0,327 Roskilde Bank 5 715 0,132 0,132 Bekaert SA 37 844 0,261 0,261 Royal UNIBREW A/S 26 142 0,779 0,779 Belgacom SA 393 733 0,435 0,435 Schouw & Co 7 007 0,119 0,119 Brederode (SA Financiere) 8 062 0,104 0,104 SimCorp A/S 16 048 0,303 0,303 Cie du Bois Sauvage 5 659 0,125 0,125 Sjaelso Gruppen 9 604 0,249 0,249 Cofinimmo 27 962 0,257 0,257 Spar Nord Bank A/S 5 147 0,073 0,073 Colruyt SA 152 933 0,360 0,360 Sydbank A/S 56 167 0,356 0,356 Compagnie d’Entreprises CFE 18 216 0,250 0,250 Topdanmark A/S 45 645 0,331 0,331 Compagnie Maritime Belge SA 40 417 0,246 0,246 TrygVesta AS (68 278) -0,243 0,000 Cumerio NV/SA 15 025 0,257 0,214 Vestas Wind Systems A/S 830 781 0,763 0,763 Deceuninck NV 5 673 0,207 0,207 William Demant Holding 74 832 0,244 0,244 Delhaize Group 445 612 0,932 0,932 Dexia SA 752 492 0,471 0,304 FINLAND D’ieteren SA 23 007 0,211 0,213 Ahlstrom OYJ 10 553 0,174 0,174 Euronav NV 12 170 0,121 0,121 Alma Media 17 576 0,254 0,254 EVS Broadcast Equipment SA 27 686 0,316 0,316 Amer Sports OYJ 35 087 0,331 0,331 Exmar NV 8 536 0,151 0,151 Cargotec Corp 46 389 0,288 0,338 Fluxys 24 897 0,183 1,097 Citycon Oyj 66 415 1,038 1,038 Fortis 2 368 328 0,750 0,987 Cramo OYJ 72 130 1,711 1,711 Gimv NV 10 385 0,120 0,120 Elektrobit Corp 536 0,032 0,032 Groupe Bruxelles Lambert SA 1 558 151 1,384 1,384 Elisa OYJ 63 358 0,229 0,229 Henex 1 444 0,023 0,023 Finnair OYJ 11 692 0,142 0,142 Icos Vision Systems NV 6 367 0,249 0,250 Finnlines OYJ 2 091 0,042 0,042 InBev NV 1 040 293 0,375 0,375 Fortum Oyj 1 360 651 0,624 0,624 Intervest Offices 5 354 0,164 0,164 F-Secure Oyj 2 287 0,076 0,076 Ion Beam Applications 6 245 0,160 0,160 HKScan Oyj 5 395 0,108 0,123 KBC Ancora 182 195 0,378 0,378 Huhtamaki Oyj 30 225 0,444 0,444 KBC Groep NV 990 315 0,365 0,365 Kemira OYJ 23 526 0,165 0,165 Melexis NV 9 978 0,261 0,261 Kesko OYJ 143 594 0,490 0,726 Mobistar SA (7 800) -0,025 0,000 Kone OYJ 227 701 1,104 1,104 Nationale A Portefeuille 102 079 0,231 0,231 Konecranes Oyj 41 316 0,363 0,363 Nyrstar 24 812 0,190 0,190 Lassila & Tikanoja Oyj 11 552 0,165 0,165 Omega Pharma SA 31 665 0,319 0,319 Lemminkainen Oyj 2 080 0,049 0,049 Option NV 5 337 0,291 0,291 Metso Oyj 307 399 0,733 0,733 Recticel SA 2 961 0,130 0,132 M-real OYJ 245 658 2,901 0,935 RHJ International 20 048 0,264 0,264 Neste Oil OYJ 194 690 0,397 0,397 Roularta Media Group NV 2 250 0,052 0,052 Nokia OYJ 6 617 937 0,799 0,708 Sioen Industries NV 1 160 0,070 0,070 Nokian Renkaat OYJ 77 009 0,327 0,327 Sofina SA 66 927 0,289 0,289 OKO Bank plc 38 600 0,183 0,233 Solvay SA 173 894 0,270 0,270 Oriola-KD OYJ 3 154 0,094 0,147 Telenet Group Holding NV 106 689 0,614 0,627 Orion Oyj 22 195 0,123 0,015 Tessenderlo Chemie NV 22 859 0,314 0,314 Outokumpu OYJ 178 416 0,584 0,584 UCB SA 385 370 0,853 0,853 Outotec Oyj 46 856 0,374 0,374 Umicore 280 600 0,794 0,733 Perlos Oyj 1 036 0,049 0,049 VAN DE Velde 2 593 0,064 0,064 Poyry Oyj 16 635 0,207 0,207 VPK Packaging Group 611 0,022 0,022 Ramirent Oyj 65 446 0,676 0,676 Warehouses De Pauw SCA 7 628 0,246 0,246 Rautaruukki OYJ 221 982 0,673 0,673 Wereldhave Belgium NV 1 587 0,075 0,075 Sampo Oyj 428 254 0,516 0,517

2

Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Sanoma-WSOY Oyj 49 517 0,192 0,192 Geodis 46 522 0,705 0,705 Sponda OYJ 17 618 0,245 0,245 GFI Informatique 7 400 0,286 0,286 Stockmann Oyj Abp 18 715 0,142 0,252 GL Events 8 847 0,157 0,157 Stora Enso Oyj 215 190 0,336 0,055 Groupe Danone 1 191 278 0,477 0,477 Tietoenator Oyj 60 914 0,675 0,675 Groupe Eurotunnel SA 28 691 0,504 0,504 UPM-Kymmene Oyj 1 411 488 2,432 2,432 Groupe Partouche 10 428 0,248 0,248 Uponor Oyj 33 137 0,331 0,331 Groupe Steria SCA 12 744 0,228 0,228 Vacon Plc 6 033 0,177 0,177 Guerbet 1 841 0,055 0,055 Vaisala Oyj 5 299 0,103 0,127 Guyenne et Gascogne SA 16 765 0,261 0,261 Wartsila Oyj 301 636 0,758 0,237 Haulotte Group 7 727 0,138 0,138 YIT OYJ 52 541 0,348 0,348 Havas SA 29 648 0,260 0,260 Hermes International 402 005 0,552 0,552 FRANCE ICADE 249 529 0,626 0,626 Accor SA 713 769 0,718 0,718 Iliad SA 19 149 0,061 0,061 Aeroports de Paris 112 042 0,204 0,204 Imerys SA 92 044 0,323 0,323 Air France-KLM 183 984 0,321 0,321 IMS-Intl Metal Service 12 723 0,339 0,339 Air Liquide 1 325 094 0,687 0,687 Ingenico 9 840 0,173 0,173 Alain Afflelou SA 129 0,003 0,003 Ipsen 110 431 0,401 0,401 Alcatel-Lucent 720 420 0,791 0,790 IPSOS 11 246 0,213 0,213 Alstom 1 372 227 0,844 0,844 JC Decaux SA 376 321 0,795 0,795 Alten 13 883 0,214 0,214 Kaufman & Broad SA 2 062 0,043 0,043 Altran Technologies SA 8 408 0,215 0,215 Klepierre 136 681 0,355 0,355 April Group 83 933 0,562 0,562 Lafarge SA 1 099 943 0,646 0,646 Areva SA 86 592 0,039 0,000 Lagardere SCA 365 314 0,669 0,669 Arkema 159 661 0,740 0,740 Laurent-Perrier 4 730 0,077 0,077 Assystem 3 358 0,187 0,187 Legrand SA 92 188 0,184 0,184 Atos Origin SA 129 855 0,664 0,664 LISI 4 550 0,084 0,084 AXA SA 4 520 281 1,010 1,010 L’Oreal SA 1 578 658 0,328 0,328 Beneteau SA 16 807 0,139 0,139 LVMH Moet Hennessy Louis Vuitton SA 918 459 0,286 0,286 BioMerieux 28 181 0,114 0,114 M6-Metropole Television 61 772 0,333 0,333 BNP Paribas 5 791 920 1,086 1,086 Maisons France Confort 23 445 0,962 0,962 Boiron SA 1 659 0,052 0,052 Manitou BF SA 8 227 0,088 0,088 Bollore 32 700 0,121 0,121 Meetic 5 096 0,131 0,131 Bonduelle S.C.A. 8 525 0,161 0,161 Mercialys SA 10 216 0,067 0,067 Bongrain SA 6 644 0,072 0,072 Natixis 269 575 0,212 0,212 Bourbon SA 65 319 0,332 0,332 Neopost SA 43 345 0,245 0,245 Boursorama 2 104 0,038 0,038 Neuf Cegetel 124 836 0,217 0,217 Bouygues 1 027 975 0,667 0,667 Nexans SA 60 349 0,347 0,347 Bull SA 8 999 0,309 0,000 Nexity 29 607 0,227 0,227 Business Objects SA 73 385 0,225 0,225 NicOx SA 8 732 0,211 0,211 CA Atlantique Vendee-CCI 4 350 0,069 0,000 Norbert Dentressangle 3 665 0,066 0,066 CA Brie Picardie 6 523 0,244 0,000 NRJ Group 4 030 0,082 0,082 CA Ile et Vilaine 2 314 0,066 0,000 Oberthur Technologies 3 201 0,098 0,098 CA Loire-Haute-Loire 1 289 0,042 0,000 Orpea 12 119 0,092 0,092 CA Nord de France CCI 1 534 0,016 0,000 Outremer Telecom 668 0,023 0,023 CA Sud Rhone Alpes 5 192 0,086 0,000 PagesJaunes Groupe 119 764 0,392 0,392 CA Toulouse 3 938 0,092 0,000 Parrot SA 4 667 0,320 0,320 Caisse Regionale du Credit Agricole Mutuel du Languedoc 13 348 0,122 0,000 Pernod-Ricard SA 979 354 0,712 0,712 Canal 15 268 0,184 0,184 Peugeot SA 791 295 0,821 0,821 Cap Gemini SA 330 922 0,667 0,667 Pierre & Vacances 11 414 0,172 0,172 Carbone Lorraine 18 451 0,346 0,346 PPR 728 108 0,649 0,649 Carrefour SA 2 551 722 0,856 0,856 Publicis Groupe 14 502 0,034 0,034 Casino Guichard Perrachon SA 166 065 0,256 0,290 Rallye SA 15 758 0,104 0,104 Christian Dior SA 1 145 240 0,883 0,883 Recylex SA 12 594 0,431 0,431 Cie de Saint-Gobain 1 400 413 0,731 0,731 Remy Cointreau SA 21 057 0,118 0,118 Cie Generale de Geophysique-Veritas 412 521 0,972 0,880 Renault SA 1 160 004 0,529 0,529 Cie Generale d’Optique Essilor International SA 554 490 0,770 0,770 Rexel SA 53 244 0,210 0,210 Ciments Francais SA 75 368 0,214 0,214 Rhodia SA 113 413 0,539 0,539 Clarins 22 131 0,120 0,120 Rodriguez Group 5 692 0,260 0,260 Club Mediterranee 104 290 1,569 1,569 Rubis 12 860 0,243 0,243 CNP Assurances 253 303 0,241 0,241 Saft Groupe SA 11 786 0,259 0,259 Compagnie des Alpes 6 323 0,127 0,127 Sanofi-Aventis SA 4 225 262 0,619 0,512 Compagnie Generale des Etablissements Michelin 442 733 0,494 0,494 Schneider Electric SA 1 349 137 0,748 0,748 Compagnie Plastic-Omnium SA 4 858 0,089 0,089 SCOR SE 77 128 0,372 0,372 Credit Agricole SA 886 083 0,290 0,290 SEB SA 29 054 0,173 0,173 Dassault Systemes SA 126 865 0,338 0,338 Seche Environnement SA 18 380 0,202 0,202 Delachaux SA 75 121 1,098 1,098 Sechilienne-Sidec 42 767 0,346 0,346 Derichebourg 17 284 0,231 0,231 SeLoger.com 8 648 0,163 0,163 EDF Energies Nouvelles SA 26 582 0,113 0,113 Sequana Capital SA 8 984 0,103 0,103 Eiffage SA 269 965 0,542 0,542 Societe BIC SA 98 561 0,510 0,510 Electricite de France 1 096 205 0,093 0,093 Societe de la Tour Eiffel 9 595 0,248 0,248 Eramet 184 112 0,256 0,256 Societe Des Autoroutes Paris-Rhin-Rhone 80 563 0,134 0,134 Esso SA Francaise 12 394 0,067 0,067 Societe Fonciere Financiere et de Participations FFP 28 968 0,163 0,163 Etablissements Maurel et Prom 45 119 0,330 0,330 Societe Generale 3 216 429 0,878 0,878 Etam Developpement SA 37 899 1,298 1,298 Societe Immobiliere de Location pour l’Industrie et Euler Hermes SA 59 519 0,197 0,197 le Commerce 33 928 0,245 0,245 Eurazeo 133 838 0,356 0,356 Societe Television Francaise 1 124 797 0,403 0,403 Euro Disney SCA 1 297 0,042 0,023 Sodexho Alliance SA 281 479 0,531 0,531 Eurofins Scientific 7 378 0,084 0,084 SOITEC 15 127 0,277 0,277 Eutelsat Communications 121 533 0,344 0,344 Sopra Group SA 4 910 0,100 0,100 Faiveley SA 2 372 0,057 0,057 Sperian Protection 7 801 0,162 0,162 Faurecia 3 502 0,039 0,039 Spir Communication 2 247 0,063 0,063 Fimalac 14 770 0,115 0,115 Stallergenes 7 804 0,165 0,165 Fonciere Des Regions 46 920 0,164 0,164 Suez SA 4 467 052 0,927 0,940 France Telecom SA 1 915 243 0,376 0,376 Synergie SA 1 715 0,055 0,055 GameLoft 106 177 3,058 3,058 Technip SA 542 966 1,170 1,170 Gaz de France SA 535 966 0,172 0,172 Teleperformance 47 620 0,409 0,409 Gecina SA 116 442 0,219 0,219 Theolia SA 35 235 0,576 0,576 Gemalto NV 53 995 0,348 0,348 Thomson 171 817 0,824 0,824 Generale de Sante 4 622 0,046 0,046 Total SA 9 985 689 0,924 0,920

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 3

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Trigano SA 8 758 0,176 0,176 Indus Holding AG 4 602 0,133 0,133 UBISOFT Entertainment 243 465 0,965 0,965 Infineon Technologies AG 391 570 0,815 0,408 Unibail-Rodamco 806 212 0,829 0,830 Interhyp AG 5 132 0,201 0,201 Union Financiere de France BQE SA 2 236 0,044 0,044 Interseroh AG zur Verwertung von Sekundaerrohstoffen 5 346 0,142 0,142 Uniross Batteries SAS 3 638 0,789 0,789 IVG Immobilien AG 52 751 0,243 0,243 Valeo SA 112 038 0,640 0,640 Jenoptik AG 6 716 0,260 0,260 Vallourec 567 653 0,728 0,728 Jungheinrich AG 11 777 0,163 0,000 Veolia Environnement 1 284 176 0,550 0,550 K+S AG 699 402 1,312 1,312 Vilmorin & Cie 10 678 0,092 0,092 Kloeckner & Co AG 75 234 0,741 0,741 Vinci SA 1 540 155 0,789 0,789 Kloeckner-Werke AG 1 215 0,022 0,022 Virbac SA 7 988 0,168 0,168 Koenig & Bauer AG 1 577 0,063 0,063 Vivendi 2 046 267 0,706 0,706 Kontron AG 18 498 0,330 0,330 Wendel 138 677 0,351 0,351 Krones AG 23 919 0,173 0,173 Zodiac SA 61 243 0,317 0,317 KUKA AG 20 616 0,375 0,375 Lanxess AG 164 814 0,730 0,730 Leoni AG 26 214 0,331 0,331 Adidas AG 660 811 0,797 0,797 Linde AG 977 361 0,832 0,832 Air PLC 14 706 0,230 0,000 MAN AG 1 228 990 0,925 0,965 Aixtron AG 21 070 0,309 0,309 Medion AG 10 242 0,145 0,145 Allianz SE 4 359 577 0,825 0,825 Merck KGAA 256 428 0,167 0,566 Altana AG 65 253 0,352 0,352 Metro AG 480 227 0,323 0,324 AMB Generali Holding AG 46 342 0,102 0,102 MLP AG 40 739 0,439 0,439 Arcandor AG (58 218) -0,196 0,000 MPC Muenchmeyer Petersen Capital AG 6 764 0,131 0,131 Arques Industries AG 15 982 0,324 0,324 MTU Aero Engines Holding AG 45 575 0,261 0,261 AWD Holding AG 14 172 0,157 0,157 Muenchener Rueckversicherungs AG 1 880 983 0,818 0,818 Balda AG 10 206 0,540 0,540 MVV Energie AG 8 257 0,050 0,050 BASF SE 2 957 337 0,749 0,749 Norddeutsche Affinerie AG (12 165) -0,141 0,000 Bauer AG 15 801 0,240 0,240 Nordex AG 23 229 0,139 0,139 Bayer AG 3 292 960 0,868 0,868 Patrizia Immobilien AG 3 490 0,163 0,163 Bayerische Motoren Werke AG 686 084 0,313 0,136 Pfeiffer Vacuum Technology AG 13 586 0,347 0,347 BayWa AG 13 975 0,153 0,159 Pfleiderer AG 19 395 0,322 0,322 Beate Uhse AG 244 0,036 0,036 Porsche Automobil Holding SE 1 111 848 0,579 0,000 Bechtle AG 11 454 0,248 0,248 Praktiker Bau- und Heimwerkermaerkte AG 199 517 2,124 2,124 Beiersdorf AG 656 638 0,619 0,619 Premiere AG 140 455 1,220 1,220 Bilfinger Berger AG 40 819 0,262 0,262 ProSiebenSat.1 Media AG 213 990 0,757 0,000 Carl Zeiss Meditec AG 3 314 0,043 0,043 Puma AG Rudolf Dassler Sport 87 113 0,251 0,251 Celesio AG 135 234 0,236 0,236 Q-Cells AG 223 778 0,259 0,358 Colonia Real Estate AG 9 518 0,315 0,315 QSC AG 7 059 0,225 0,225 ComBOTS AG 3 274 0,092 0,092 Rational AG 17 533 0,139 0,139 Comdirect Bank AG 4 918 0,052 0,052 Rheinmetall AG 14 140 0,091 0,091 Commerzbank AG 967 593 0,706 0,706 Rhoen Klinikum AG 21 598 0,122 0,122 Conergy AG 17 090 0,261 0,261 RWE AG 3 178 874 0,746 0,783 Continental AG 1 073 765 0,940 0,940 SAF-Holland SA 8 242 0,401 0,401 CropEnergies AG 2 472 0,097 0,097 Salzgitter AG 222 955 0,435 0,435 CTS Eventim AG 29 817 0,591 0,591 SAP AG 2 013 491 0,573 0,573 DAB Bank AG 2 680 0,074 0,074 Sartorius AG 2 344 0,059 0,000 Daimler AG 4 080 414 0,736 0,732 Siemens AG 6 287 992 0,796 0,796 Demag Cranes AG 92 023 1,866 1,866 Singulus Technologies 7 091 0,347 0,347 Deutsche Bank AG 2 612 318 0,696 0,696 Sixt AG 10 817 0,197 0,166 Deutsche Beteiligungs AG 7 017 0,287 0,287 Software AG 31 062 0,227 0,227 Deutsche Boerse AG 2 344 105 1,088 1,088 Solarworld AG 94 072 0,254 0,254 Deutsche Euroshop AG 20 963 0,327 0,327 Solon AG Fuer Solartechnik 15 774 0,220 0,220 Deutsche Lufthansa AG 227 283 0,343 0,343 Stada Arzneimittel AG 42 282 0,216 0,216 Deutsche Post AG 1 377 887 0,612 0,612 Suedzucker AG 49 144 0,202 0,202 Deutsche Postbank AG 223 076 0,282 0,282 Symrise AG 60 709 0,336 0,336 Deutsche Telekom AG 2 964 229 0,570 0,570 Takkt AG 2 441 0,035 0,035 Deutsche Wohnen AG 10 542 0,238 0,244 Techem AG 27 532 0,251 0,243 Deutz AG 22 981 0,347 0,347 Telegate AG 1 225 0,050 0,050 DIC Asset AG 12 064 0,223 0,223 Thiel Logistik AG 1 535 0,064 0,064 Douglas Holding AG 61 601 0,502 0,502 Thielert AG 4 826 0,211 0,211 Draegerwerk AG & Co KGaA 5 334 0,106 0,000 ThyssenKrupp AG 795 102 0,508 0,508 Duerr AG 4 606 0,139 0,139 TUI AG 276 973 0,727 0,727 E.ON AG 6 014 544 0,752 0,752 United Internet AG 88 181 0,265 0,265 ElringKlinger AG 35 867 0,277 0,277 Vivacon AG 8 133 0,399 0,399 EM.Sport Media AG 3 208 0,151 0,151 Volkswagen AG 2 269 751 0,527 0,527 Epcos AG 22 832 0,371 0,371 Vossloh AG 24 369 0,259 0,259 Ersol Solar Energy AG 12 336 0,199 0,199 Wacker Chemie AG 179 088 0,219 0,219 Escada AG 5 858 0,230 0,230 Wincor Nixdorf AG 49 374 0,289 0,289 Fielmann AG 10 833 0,072 0,072 Wirecard AG 15 675 0,210 0,210 Fraport AG Airport Services Worldwide 103 485 0,264 0,264 Aareal Bank AG 24 203 0,228 0,228 Freenet AG 27 723 0,227 0,227 Fresenius Medical Care AG & Co KGaA 581 911 0,680 0,481 GIBRALTAR Fresenius SE 631 074 0,904 0,642 PartyGaming PLC 29 218 0,233 0,233 Fuchs Petrolub AG 22 541 0,179 0,168 GEA Group AG 330 124 0,929 0,929 Gerry Weber International AG 8 879 0,219 0,219 Aegean Marine Petroleum Network Inc 45 078 0,510 0,510 GFK AG 5 949 0,076 0,076 Agricultural Bank of Greece 17 995 0,066 0,066 Gildemeister AG 24 055 0,378 0,378 Alapis Holding Industrial and Commercial SA of GPC Biotech AG 2 244 0,284 0,284 Pharmaceutical Chemical & Organi 30 132 0,166 0,166 Grenkeleasing AG 4 019 0,162 0,162 AE 359 026 0,442 0,442 H&R WASAG AG 12 882 0,293 0,293 Anek Lines SA 9 497 0,324 0,332 Hannover Rueckversicherung AG (68 542) -0,227 0,000 Astir Palace Hotel SA 2 302 0,103 0,103 HeidelbergCement AG 147 293 0,146 0,146 Medical Center SA 2 785 0,088 0,088 Heidelberger Druckmaschinen AG 79 722 0,555 0,555 Athens Water Supply & Sewage Co SA/The 9 929 0,099 0,099 Henkel KGaA 649 020 0,515 0,509 Attica Holdings SA 11 359 0,063 0,251 Hochtief AG 602 990 1,179 1,179 Babis Vovos International SA 114 136 2,081 2,081 Hugo Boss AG 21 422 0,098 0,017 Bank of Attica 4 037 0,096 0,096 Hypo Real Estate Holding AG 438 843 0,761 0,761 Blue Star Maritime SA 5 269 0,166 0,166 IDS Scheer AG 6 577 0,168 0,168 Coca Cola Hellenic Bottling Co SA 126 968 0,149 0,149 IKB Deutsche Industriebank AG 10 172 0,236 0,236 Diana Shipping Inc 9 392 0,074 0,074

4

Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

DryShips Inc 11 254 0,075 0,075 Irish Life & Permanent PLC 173 355 0,664 0,670 EFG Eurobank Ergasias SA 402 659 0,401 0,401 Kerry Group PLC 166 015 0,543 0,549 Elval Aluminium Process Co 1 489 0,048 0,048 Kingspan Group PLC 48 490 0,348 0,348 SA 41 586 0,195 0,195 McInerney Holdings PLC 7 327 0,330 0,330 Eurobank Properties Real Estate Investment Co 10 357 0,235 0,000 Paddy Power PLC 22 897 0,259 0,262 Excel Maritime Carriers Ltd 3 291 0,075 0,076 Ryanair Holdings plc 318 290 0,579 0,340 Folli - Follie SA 17 351 0,260 0,260 Smurfit Kappa Group PLC 33 579 0,172 0,173 Forthnet SA 72 931 2,374 2,374 Total Produce PLC 5 525 0,336 0,336 Fourlis Holdings SA 257 878 2,352 2,352 United Drug PLC 16 577 0,230 0,231 Frigoglass SA 13 686 0,174 0,174 Waterford Wedgwood PLC 2 043 0,225 0,240 GEK Group of Cos SA 48 770 0,894 0,894 Geniki Bank 7 327 0,160 0,160 ISLE OF MAN Greek Postal Savings Bank 22 127 0,160 0,160 Hirco PLC 40 857 1,351 1,351 Halcor SA 3 242 0,128 0,128 Trading Emissions PLC 17 436 0,420 0,420 Hellenic Duty Free Shops SA 4 252 0,084 0,084 Hellenic Exchanges SA Holding Clearing Settlement ITALY and Registry 36 614 0,273 0,273 A2A SpA 367 911 0,820 0,821 Hellenic Petroleum SA 47 919 0,175 0,175 ACEA SpA 99 065 0,412 0,412 Hellenic Technodomiki Tev SA 88 889 0,646 0,646 AcegasAps SpA 102 0,004 0,004 Hellenic Telecommunications Organization SA 720 997 0,735 0,735 Actelios SpA 2 471 0,071 0,071 Heracles General Cement Co 4 955 0,053 0,053 Aedes SpA 4 085 0,145 0,145 Iaso SA 6 487 0,148 0,148 Alitalia SpA 28 065 0,318 0,318 Intracom Holdings SA 8 320 0,218 0,218 Alleanza Assicurazioni SpA 216 496 0,362 0,362 Intralot SA-Integrated Lottery Systems & Services 44 157 0,261 0,261 Amplifon SpA 10 214 0,187 0,187 J&P-Avax SA 45 401 1,144 1,144 Ansaldo STS SpA 54 152 0,785 0,785 JUMBO SA 32 298 0,271 0,271 Arnoldo Mondadori Editore SpA 49 108 0,424 0,424 Kleeman Hellas SA 21 861 2,559 2,559 Ascopiave SpA 2 127 0,068 0,068 Lambrakis Press SA 1 765 0,108 0,108 ASM SpA 19 948 0,065 0,065 Lamda Development SA 4 531 0,091 0,091 Assicurazioni Generali SpA 776 876 0,224 0,224 Marfin Investment Group SA 44 586 0,114 0,114 Astaldi SpA 6 229 0,153 0,153 Metka SA 14 184 0,223 0,223 Atlantia SpA 561 771 0,477 0,477 Michaniki SA 10 163 0,269 0,251 Autogrill SpA 82 371 0,350 0,350 Minoan Lines SA 7 162 0,262 0,262 Autostrada Torino-Milano SpA 27 019 0,259 0,259 MJ Maillis SA 1 534 0,150 0,150 Azimut Holding SpA 67 509 0,661 0,661 Motor Oil Hellas Corinth Refineries SA 17 772 0,128 0,128 Banca Carige SpA 115 465 0,299 0,343 Mytilineos Holdings SA 74 995 0,563 0,563 Banca CR Firenze 91 072 0,210 0,210 SA 1 420 860 0,801 0,801 Banca Generali SpA 30 790 0,507 0,507 Navios Maritime Holdings Inc 94 299 1,372 1,372 Banca Italease SpA 69 947 0,547 0,546 Navios Maritime Partners LP 32 754 1,738 3,000 Banca Monte dei Paschi di Siena SpA 253 226 0,286 0,353 Neochimiki LV Lavrentiadis SA 9 755 0,167 0,167 Banca Popolare dell’Emilia Romagna Scrl 352 0,001 0,001 OPAP SA 314 977 0,454 0,454 Banca Popolare dell’Etruria e del Lazio 12 331 0,308 0,308 SA 683 479 0,951 0,951 Banca Popolare di Intra Scrl 1 317 0,026 0,026 Proton Bank SA 11 846 0,243 0,243 Banca Popolare di Milano Scarl 217 392 0,708 0,708 Public Power Corp SA 71 566 0,108 0,108 Banca Profilo SpA 1 437 0,076 0,076 Quintana Maritime Ltd 7 032 0,098 0,098 Banco di Desio e della Brianza SpA 5 771 0,079 0,088 S&B Industrial Minerals SA 3 620 0,118 0,118 Banco Popolare Scarl 816 636 1,059 1,059 Sarantis SA 9 678 0,228 0,228 Benetton Group SpA 49 064 0,275 0,275 Sidenor Steel Products Manufacturing Co SA 9 315 0,120 0,120 Beni Stabili SpA 14 776 0,131 0,131 Technical Olympic SA 3 063 0,253 0,253 Biesse SpA 4 536 0,161 0,162 Terna SA 48 153 1,066 1,066 Brembo SpA 7 311 0,128 0,128 Titan Cement Co SA 17 526 0,085 0,092 Bulgari SpA 79 239 0,348 0,348 Tsakos Energy Navigation Ltd 47 158 0,616 0,616 Buongiorno SpA 3 587 0,246 0,246 Viohalco 26 326 0,167 0,167 Buzzi Unicem SpA 54 121 0,187 0,218 Caltagirone Editore SpA 3 116 0,070 0,070 GUERNSEY Caltagirone SpA 1 460 0,025 0,024 Alternative Investment Strategies Ltd 4 354 0,116 0,000 Cam Finanziaria SpA 3 091 0,078 0,078 Amdocs Ltd 199 264 0,507 0,507 Cementir Holding SpA 11 285 0,148 0,148 Dexion Absolute Ltd 9 916 0,131 0,000 CIR-Compagnie Industriali Riunite SpA 25 692 0,161 0,161 F&C Commercial Property Trust Ltd 3 630 0,050 0,000 Class Editori SpA 1 034 0,088 0,088 HSBC Infrastructure Co Ltd 3 618 0,116 0,116 Cofide SpA 4 895 0,078 0,078 ING UK Real Estate Income Trust Ltd 3 227 0,130 0,130 Credito Artigiano SpA 2 122 0,052 0,051 Invista Foundation Property Trust Ltd 3 788 0,123 0,123 Credito Emiliano SpA 17 038 0,081 0,081 Park Plaza Hotels Ltd 21 688 1,431 1,431 Cremonini SpA 1 765 0,064 0,064 Puma Brandenburg Ltd 11 548 0,765 0,765 Danieli & Co SpA 36 607 0,300 0,212 UK Commercial Property Trust Ltd/fund 2 367 0,036 0,036 Datalogic SpA 1 458 0,048 0,048 Davide Campari-Milano SpA 99 640 0,659 0,660 Digital Multimedia Technologies SpA 20 441 0,633 0,633 Tiszai Vegyi Kombinat NyRt 2 0,000 0,000 Ducati Motor Holding SpA 15 320 0,410 0,409 Zwack Unicum Rt. 25 523 2,500 2,500 Edison SpA 74 678 0,091 0,093 Enel SpA 2 246 260 0,562 0,562 IRELAND EnerTAD SpA 1 825 0,079 0,079 AER Lingus 12 816 0,145 0,145 Engineering Ingegneria Informatica SpA 573 0,021 0,021 Allied Irish Banks PLC 874 260 0,797 0,798 ENI SpA 5 852 303 0,735 0,735 Anglo Irish Bank Corp PLC 545 110 0,823 0,829 ERG SpA 95 847 0,624 0,624 Bank of Ireland 627 540 0,783 0,783 ERGO Previdenza SpA 1 846 0,065 0,064 Blackrock International Land PLC 1 798 0,119 0,119 Esprinet SpA 4 284 0,124 0,124 C&C Group PLC 213 144 2,004 2,004 Eutelia 2 203 0,125 0,126 CRH PLC 789 066 0,762 0,762 Fastweb 20 601 0,130 0,130 DCC PLC 42 719 0,345 0,347 Fiat SpA 1 039 926 0,595 0,619 Elan Corp PLC 756 410 1,370 0,418 Fiera Milano SpA 1 678 0,131 0,131 Experian Group Ltd 301 578 0,687 0,687 Fondiaria-Sai SpA 259 158 0,747 0,516 FBD Holdings PLC 17 398 0,261 0,261 Gas Plus 11 265 0,445 0,445 Fyffes PLC 8 350 0,316 0,316 Gemina SpA 46 300 0,330 0,331 Genesis Lease Ltd 47 010 1,280 0,000 Geox SpA 25 189 0,089 0,089 Glanbia PLC 17 369 0,161 0,161 Gewiss SpA 1 140 0,026 0,026 Grafton Group PLC 35 660 0,359 0,359 GranitiFiandre SpA 1 253 0,049 0,049 Greencore Group PLC 22 766 0,320 0,320 Gruppo Coin SpA 9 613 0,167 0,167 Iaws Group PLC 48 606 0,320 0,320 Gruppo Editoriale L’Espresso SpA 32 836 0,312 0,312 Independent News & Media PLC 30 559 0,205 0,206 Hera SpA 86 587 0,348 0,348 Irish Continental Group PLC 5 474 0,124 0,124 IFIL - Investments SpA 185 778 0,338 0,349

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 5

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Immobiliare Grande Distribuzione 6 059 0,121 0,121 NETHERLANDS Immobiliare Lombarda SpA 3 523 0,086 0,085 Aalberts Industries NV 36 449 0,331 0,331 IMMSI SpA 5 383 0,152 0,152 Advanced Metallurgical Group NV 81 515 0,746 0,746 Impregilo SpA 86 327 0,581 0,586 Aegon NV 1 169 584 0,745 0,745 Indesit Co SpA 22 734 0,236 0,237 AerCap Holdings NV 239 443 2,485 2,485 Industria Macchine Automatiche SpA 2 629 0,070 0,070 Akzo Nobel NV 1 033 213 0,830 0,830 Interpump Group SpA 14 366 0,322 0,321 Arcadis NV 16 852 0,220 0,220 Intesa Sanpaolo SpA 4 141 612 0,759 0,792 ASM International NV 22 348 0,311 0,311 Iride SpA 13 159 0,079 0,089 ASML Holding NV 691 389 0,932 0,690 Istituto Finanziario Industriale SpA 22 463 0,074 0,158 Beter BED Holding NV 7 580 0,248 0,248 Italcementi SpA 143 280 0,485 0,378 BinckBank N.V. 34 655 0,560 0,560 Italmobiliare SpA 61 730 0,356 0,067 Boskalis Westminster 74 046 0,261 0,261 Juventus Football Club SpA 1 281 0,081 0,081 Brunel International 3 401 0,115 0,115 KME Group SpA 2 900 0,096 0,104 Core Laboratories NV 94 950 0,601 0,601 Lottomatica SpA 84 120 0,278 0,279 Corio NV 211 120 0,714 0,714 Luxottica Group SpA 172 948 0,217 0,217 Corporate Express 22 781 0,294 0,294 Management & Capitali SpA 12 579 0,389 0,393 Crucell NV 11 541 0,199 0,199 Marazzi Group SpA 6 812 0,127 0,127 CSM 42 384 0,333 0,333 Mariella Burani SpA 5 721 0,128 0,128 Draka Holding 21 394 0,264 0,329 MARR SpA 5 415 0,147 0,146 Eurocommercial Properties NV 31 953 0,319 0,319 Mediaset SpA 242 569 0,375 0,375 Exact Holding NV 11 438 0,238 0,238 Mediobanca SpA 401 339 0,437 0,437 Fugro NV 118 079 0,409 0,409 Mediolanum SpA 333 0,001 0,001 Grontmij 9 640 0,283 0,283 Meliorbanca SpA 2 527 0,071 0,071 Hagemeyer NV 76 246 0,348 0,348 Milano Assicurazioni SPA 20 832 0,102 0,108 Heijmans NV 31 841 0,645 0,645 Natuzzi SpA 17 864 1,280 0,000 Heineken Holding NV 374 378 0,497 0,497 Navigazione Montanari SpA 3 891 0,147 0,147 Heineken NV 520 758 0,303 0,303 Nice SpA 4 023 0,119 0,119 Hunter Douglas NV 38 353 0,226 0,226 Parmalat SpA 245 346 0,703 0,703 Imtech NV 31 865 0,294 0,294 Permasteelisa SpA 50 900 1,715 1,714 ING Groep NV 3 533 611 0,762 0,747 Piaggio & C SpA 14 890 0,203 0,203 James Hardie Industries NV 56 884 0,398 0,402 Piccolo Credito Valtellinese Scarl 22 156 0,193 0,193 Kardan NV 6 400 0,087 0,087 Pininfarina SpA 1 132 0,131 0,126 KAS Bank NV 4 252 0,136 0,136 Pirelli & C Real Estate SpA 13 874 0,163 0,163 Koninklijke Ahold NV 609 034 0,635 0,635 Pirelli & C SpA 155 122 0,483 0,478 Koninklijke BAM Groep NV 39 207 0,242 0,242 Premafin Finanziaria SpA 4 680 0,074 0,074 Koninklijke DSM NV 181 821 0,390 0,390 Prysmian SpA 20 674 0,086 0,086 Koninklijke Philips Electronics NV 2 087 540 0,779 0,779 RCS MediaGroup SpA 85 150 0,476 0,492 Koninklijke Vopak NV 29 162 0,152 0,152 Recordati SpA 18 466 0,183 0,183 Koninklijke Wessanen NV 24 164 0,391 0,391 Risanamento SpA 10 522 0,131 0,131 Macintosh Retail Group NV 10 152 0,248 0,248 Sabaf SpA 1 742 0,086 0,086 Nieuwe Steen Investments Funds NV 8 131 0,162 0,162 SAES Getters SpA 2 900 0,082 0,061 Nutreco Holding NV 33 929 0,310 0,310 Safilo Group SpA 19 993 0,385 0,386 OCE NV 22 720 0,265 0,265 Saipem SpA 621 911 0,647 0,647 OPG Groep NV 17 073 0,194 0,195 Saras SpA 107 493 0,358 0,358 Ordina NV 11 512 0,289 0,289 SAVE SpA 4 493 0,096 0,096 Pharming Group NV 5 154 0,540 0,540 Seat Pagine Gialle SpA 56 070 0,313 0,318 Qiagen NV 45 724 0,200 0,200 Sirti SpA 4 019 0,087 0,087 Randstad Holding NV 97 013 0,388 0,388 Snai SpA 5 113 0,107 0,107 Reed Elsevier NV 708 964 0,861 0,861 Snam Rete Gas SpA 144 376 0,213 0,213 Royal Dutch Shell PLC 10 634 007 0,738 0,738 Societa Cattolica di Assicurazioni SCRL 37 970 0,268 0,267 Royal KPN NV 1 973 096 1,084 1,083 Societa Iniziative Autostradali e Servizi SpA 18 786 0,100 0,100 SBM Offshore NV 145 768 0,593 0,593 Socotherm SpA 2 535 0,166 0,166 Schuitema NV 27 532 0,449 0,449 Sogefi SpA 4 145 0,083 0,083 Sligro Group NV 15 009 0,164 0,164 SOL SpA 36 972 1,050 1,050 Smit Internationale NV 18 330 0,214 0,214 Sorin SpA 11 805 0,235 0,234 SNS Reaal 112 626 0,353 0,353 Telecom Italia Media SpA 7 153 0,114 0,115 Stork NV 29 447 0,247 0,247 Telecom Italia SpA 2 053 998 0,677 0,280 Super De Boer 6 534 0,210 0,210 Terna Rete Elettrica Nazionale SpA 240 600 0,549 0,549 Tele Atlas NV 43 287 0,210 0,210 Tiscali SpA 33 017 0,490 0,490 Telegraaf Media Groep NV 51 774 0,522 0,522 Tod’s SpA 26 791 0,231 0,232 Ten Cate NV 13 497 0,339 0,339 Trevi Finanziaria SpA 9 371 0,151 0,151 TKH Group NV 6 457 0,159 0,159 Uni Land SpA 1 950 0,069 0,068 TNT NV 659 795 0,776 0,776 UniCredit SpA 3 564 395 0,592 0,592 TomTom NV 275 990 0,554 0,554 Unione di Banche Italiane SCPA 670 436 0,702 0,702 Unilever NV 3 081 983 0,510 0,900 Unipol Gruppo Finanziario SpA 154 376 0,356 0,367 Unit 4 Agresso NV 10 428 0,262 0,262 Vianini Lavori SpA 2 030 0,051 0,051 USG People NV 19 888 0,212 0,212 Van der Moolen Holding NV 2 688 0,257 0,257 JERSEY Van Lanschot NV 23 340 0,115 0,214 Meinl European Land Ltd 159 324 0,709 0,709 Vastned Offices/Industrial 12 451 0,327 0,327 Randgold Resources Ltd 8 248 0,054 0,054 Vastned Retail NV 28 551 0,325 0,325 Vedior NV 122 679 0,516 0,516 LIECHTENSTEIN Wavin NV 18 611 0,326 0,000 Liechtenstein Landesbank 9 682 0,066 0,066 Wegener NV 72 0,001 0,001 Verwalt & Privat-Bank AG 19 144 0,241 0,268 Wereldhave NV 47 099 0,382 0,382 Wolters Kluwer NV 573 715 1,029 1,029 LUXEMBOURG ArcelorMittal 3 333 770 0,545 0,545 PORTUGAL GAGFAH SA 13 873 0,065 0,065 Altri SGPS SA 15 068 0,347 0,347 Luxempart SA 52 977 1,138 1,138 Banco BPI SA 100 838 0,312 0,312 Millicom International Cellular SA 183 969 0,284 0,284 Banco Comercial Portugues SA 439 896 0,525 0,525 ProLogis European Properties 53 410 0,355 0,355 Banco Espirito Santo SA 114 928 0,193 0,193 RTL Group SA 65 653 0,066 0,066 Banif SGPS SA 9 983 0,126 0,126 SES 382 829 0,628 0,753 BRISA 221 051 0,462 0,462 Tenaris SA 64 410 0,045 0,000 Cimpor Cimentos de Portugal SGPS SA 69 538 0,217 0,217 Energias de Portugal SA 135 443 0,104 0,104 MONACO Galp Energia SGPS SA 193 908 0,160 0,214 Societe des Bains de Mer et du Cercle des Etrangers Grupo Media Capital SGPS 29 0,001 0,001 a Monaco 97 286 0,959 1,437 Impresa SGPS 2 977 0,108 0,108 Jeronimo Martins SGPS SA 41 241 0,153 0,153

6

Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Mota Engil SGPS SA 14 127 0,170 0,170 Prosegur Cia de Seguridad SA 17 299 0,145 0,145 Portugal Telecom SGPS SA 483 340 0,604 0,604 Red Electrica de Espana (12 640) -0,027 0,000 PT Multimedia Servicos de Telecomunicacoes e Renta Corp Real Estate SA 4 224 0,139 0,139 Multimedia SGPS SA 155 499 0,664 0,664 Repsol YPF SA 1 927 991 0,816 0,816 SAG GEST-Solucoes Automovel Globais SGPS SA 2 281 0,055 0,055 Sacyr Vallehermoso SA 140 502 0,234 0,234 Semapa-Sociedade de Investimento e Gestao 8 308 0,101 0,101 Sociedad General de Aguas de Barcelona SA 57 020 0,172 0,174 Sonae Industria SGPS SA 12 350 0,167 0,167 Sogecable SA 81 340 0,270 0,272 Sonae SGPS SA 57 099 0,182 0,182 Sol Melia SA 44 518 0,291 0,291 SONAECOM - SGPS SA 93 657 0,976 0,976 SOS Cuetara SA 36 835 0,241 0,241 Tecnicas Reunidas SA 33 796 0,174 0,174 RUSSIA Telefonica SA 6 978 070 0,828 0,829 Comstar United Telesystems 35 890 0,126 0,000 Tubacex SA 22 210 0,315 0,315 CTC Media Inc 6 287 0,025 0,025 Tubos Reunidos SA 15 324 0,194 0,194 Gazprom OAO 1 053 570 0,058 0,000 Union Fenosa SA 482 142 0,432 0,432 Golden Telecom Inc 7 454 0,034 0,034 Uralita SA 15 384 0,164 0,164 Mobile Telesystems OJSC 183 000 0,083 0,000 Vertice Trescientos Sesenta Grados 7 786 0,567 0,567 OGK-2 OAO 52 602 0,236 0,000 Vidrala SA 9 131 0,192 0,192 Pharmstandard 15 231 0,067 0,067 Viscofan SA 17 917 0,325 0,325 RGI International Ltd 10 398 0,159 0,159 Vocento SA 27 059 0,201 0,201 Rosneft Oil Co 179 076 0,032 0,032 Zardoya Otis SA 129 708 0,293 0,293 Sberbank 64 501 0,010 0,000 Zeltia SA 23 727 0,222 0,222 Surgutneftegaz 43 270 0,018 0,000 Uralkali 71 196 0,083 0,000 SWEDEN Vimpel-Communications 139 143 0,056 0,060 AarhusKarlshamn AB 8 280 0,204 0,204 Alfa Laval AB 255 821 0,749 0,749 SPAIN Assa Abloy AB 274 837 0,689 0,727 Abengoa SA 30 211 0,174 0,174 Atlas Copco AB 844 158 0,870 0,891 Abertis Infraestructuras SA 537 289 0,481 0,511 Autoliv Inc 99 524 0,458 0,227 Acciona SA 544 410 0,498 0,498 Avanza AB 5 764 0,184 0,184 Acerinox SA 205 432 0,593 0,593 Axfood AB 23 668 0,206 0,206 ACS Actividades de Construccion y Servicios SA 585 588 0,514 0,514 Axis Communications AB 21 467 0,232 0,232 Adolfo Dominguez SA 4 588 0,260 0,260 B&B Tools AB 115 267 2,487 2,586 Altadis SA 908 731 0,899 0,793 BE Group AB 6 003 0,247 0,247 Antena 3 de Television SA 49 233 0,280 0,280 Bilia AB 4 002 0,227 0,227 Astroc Mediterraneo SA 12 757 0,265 0,265 Billerud AB 11 646 0,391 0,391 Avanzit SA 13 753 0,217 0,217 Boliden AB 133 250 0,620 0,674 Banco Bilbao Vizcaya Argentaria SA 3 707 900 0,744 0,735 Brostrom AB 7 282 0,265 0,283 Banco de Sabadell SA 508 821 0,707 0,707 Cardo AB 3 930 0,078 0,078 Banco de Valencia SA 47 620 0,131 0,131 Castellum AB 31 767 0,327 0,327 Banco Espanol de Credito SA 59 239 0,081 0,081 Cision AB 1 898 0,178 0,178 Banco Guipuzcoano SA 6 400 0,048 0,048 Clas Ohlson AB 5 762 0,075 0,082 Banco Pastor SA 54 293 0,245 0,245 D Carnegie AB 33 246 0,407 0,407 Banco Popular Espanol SA 607 355 0,538 0,538 Electrolux AB 121 806 0,433 0,446 Banco Santander SA 2 431 976 0,331 0,331 Elekta AB 14 916 0,175 0,182 Bankinter SA 210 123 0,531 0,531 Eniro AB 34 447 0,436 0,436 Baron de Ley 2 561 0,091 0,091 Fabege AB 35 726 0,360 0,360 Bolsas y Mercados Espanoles 83 162 0,269 0,269 Gant Co AB 7 793 0,173 0,173 Campofrio Alimentacion SA 7 613 0,201 0,201 Getinge AB 62 440 0,212 0,227 Cementos Portland Valderrivas SA 15 161 0,093 0,093 Gunnebo AB 2 833 0,114 0,114 Cia de Distribucion Integral Logista SA 21 202 0,118 0,117 Hakon Invest AB 13 144 0,073 0,150 Cia Espanola de Petroleos SA 82 143 0,054 0,054 Haldex AB 3 693 0,174 0,174 Cie Automotive SA 4 979 0,076 0,076 Hennes & Mauritz AB 1 109 035 0,405 0,459 Cintra Concesiones de Infraestructuras de Transporte SA 121 459 0,274 0,274 Hexagon AB 75 186 0,249 0,261 Construcciones y Auxiliar de Ferrocarriles SA 19 830 0,264 0,264 Hoganas AB 6 236 0,155 0,159 Corp Dermoestetica 6 775 0,292 0,292 Holmen AB (93 927) -0,544 0,000 Corp Financiera Alba 154 756 0,657 0,657 HQ AB 6 710 0,170 0,170 Criteria Caixacorp SA 391 264 0,283 0,283 Hufvudstaden AB 13 825 0,121 0,131 Duro Felguera SA 8 228 0,117 0,117 Husqvarna AB 140 802 0,567 0,172 Ebro Puleva SA 37 073 0,242 0,242 Industrivarden AB 249 454 0,694 0,692 Enagas 119 140 0,314 0,314 Indutrade AB 7 436 0,180 0,180 Ercros SA 10 748 0,464 0,464 Intrum Justitia AB 11 840 0,155 0,155 FAES FARMA SA 22 437 0,220 0,220 Investor AB 386 507 0,413 0,094 Fomento de Construcciones y Contratas SA 176 012 0,330 0,330 JM AB 37 719 0,381 0,381 Gamesa Corp Tecnologica SA 364 388 0,590 0,590 KappAhl Holding AB 9 801 0,184 0,184 Gas Natural SDG SA 396 356 0,279 0,279 Kinnevik Investment AB 136 529 0,415 0,517 General de Alquiler de Maquinaria 16 594 0,304 0,304 Klovern AB 4 126 0,116 0,116 Gestevision Telecinco SA (8 016) -0,023 0,000 Kungsleden AB 28 717 0,348 0,348 Grifols SA 358 099 1,374 1,374 Latour Investment AB 2 090 0,018 0,022 Grupo Catalana Occidente SA 33 223 0,152 0,152 Lindab International AB 77 140 0,792 0,792 Grupo Empresarial Ence SA 23 392 0,239 0,239 Lundbergforetagen AB 8 970 0,047 0,076 Grupo Ferrovial SA 178 943 0,334 0,334 Lundin Petroleum AB 54 629 0,305 0,305 Iberdrola Renovables 433 394 0,229 0,229 Meda AB 45 882 0,273 0,273 Iberdrola SA 3 193 865 0,775 0,775 Mekonomen AB 4 979 0,132 0,132 Iberia Lineas Aereas de Espana 51 182 0,226 0,226 Micronic Systems AB 2 876 0,271 0,271 Inditex SA 723 659 0,348 0,348 Modern Times Group AB 72 111 0,283 0,364 Indra Sistemas SA 69 988 0,289 0,289 Munters AB 12 606 0,261 0,261 Inmobiliaria Colonial SA 51 765 0,212 0,212 NCC AB 23 987 0,190 0,039 La Seda de Barcelona SA 29 653 0,347 0,347 New Wave Group AB 6 394 0,170 0,249 Laboratorios Almirall SA 149 343 0,753 0,753 Nibe Industrier AB 10 026 0,163 0,189 Mapfre SA 106 711 0,196 0,196 Nobia AB 15 281 0,184 0,184 Mecalux SA 7 963 0,152 0,152 Nordea Bank AB 692 441 0,294 0,294 Metrovacesa SA 19 453 0,043 0,043 Nordnet AB 1 883 0,071 0,071 Miquel y Costas & Miquel SA 2 985 0,259 0,259 OMX AB 120 234 0,454 0,454 Natraceutical SA 5 054 0,242 0,242 Oresund Investment AB 3 868 0,054 0,054 NH Hoteles SA 49 709 0,347 0,347 PA Resources AB 10 712 0,172 0,172 Obrascon Huarte Lain SA 117 578 0,735 0,735 Peab AB 15 753 0,161 0,182 Papeles y Cartones de Europa SA 4 413 0,119 0,119 Peab Industri AB 6 193 0,152 0,000 Parquesol Inmobiliaria y Proyectos SA 10 437 0,163 0,163 Q-Med AB 8 822 0,126 0,126 Pescanova SA 5 558 0,133 0,133 Ratos AB 58 073 0,244 0,330 Promotora de Informaciones SA 117 283 0,526 0,526 Rezidor Hotel Group AB 12 286 0,251 0,251

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 7

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

rnb Retail and Brands AB 6 818 0,236 0,236 Julius Baer Holding AG 1 352 996 1,350 1,350 Sandvik AB 761 401 0,687 0,687 Kaba Holding AG 27 124 0,420 0,420 SAS AB 18 806 0,164 0,164 Kudelski SA 15 418 0,275 0,302 Scania AB 616 609 0,570 0,349 Kuehne & Nagel International AG 267 888 0,429 0,429 Seco Tools 3 0,000 0,000 Kuoni Reisen Holding AG 21 658 0,239 0,255 Sectra AB 1 904 0,103 0,111 Lindt & Spruengli AG 229 465 0,546 0,334 Securitas AB 176 592 0,556 0,671 Logitech International SA 117 925 0,309 0,309 Securitas Direct AB 42 130 0,530 0,557 Lonza Group AG 244 131 0,734 0,734 Securitas Systems AB 19 056 0,270 0,283 Luzerner Kantonalbank 2 166 0,020 0,020 Skandinaviska Enskilda Banken AB 1 184 402 1,243 1,285 Medisize Holding AG 29 060 1,618 1,618 Skanska AB 296 926 0,692 0,731 Micronas Semiconductor Hold 10 457 0,626 0,650 SKF AB 223 286 0,533 0,269 MicroValue AG 1 338 0,066 0,000 SkiStar AB 3 409 0,108 0,110 Mobimo Holding AG 2 867 0,076 0,076 Ssab Svenskt Stal AB 325 487 0,697 0,627 Nestle SA 8 465 074 0,804 0,864 Svenska Cellulosa AB 275 127 0,404 0,483 Nobel Biocare Holding AG 282 586 0,745 0,742 Svenska Handelsbanken AB 1 308 305 1,198 1,220 Novartis AG 5 295 530 0,652 0,615 Sweco AB 2 383 0,051 0,057 OC Oerlikon Corp AG 166 902 0,520 0,520 Swedbank AB 524 587 0,662 0,662 Panalpina Welttransport Holding AG 65 692 0,279 0,279 Swedish Match AB 528 001 1,524 1,524 Pargesa Holding SA 213 733 0,415 0,456 Systemair AB 9 010 0,317 0,317 Paris RE Holdings Ltd 8 590 0,090 0,090 Saab AB 20 428 0,172 0,181 Partners Group 56 854 0,292 0,292 Tele2 AB 343 100 0,709 0,776 Petroplus Holdings AG 247 109 0,856 0,856 Teleca AB 1 774 0,248 0,251 Phoenix Mecano AG 3 259 0,120 0,120 Telefonaktiebolaget LM Ericsson 1 523 988 0,739 0,391 PSP Swiss Property AG 44 746 0,348 0,348 Telelogic AB 12 872 0,331 0,331 PubliGroupe AG 3 642 0,083 0,083 TeliaSonera AB 627 363 0,275 0,275 Rieter Holding AG 37 097 0,348 0,348 TradeDoubler AB 8 900 0,268 0,268 Roche Holding AG 5 674 374 0,690 0,460 Trelleborg AB 38 713 0,376 0,421 Schindler Holding AG 226 636 0,520 0,489 Volvo AB 1 416 246 0,731 0,730 Schmolz + Bickenbach AG 25 502 0,194 0,194 Vostok Nafta Investment Ltd 13 536 0,304 0,304 Schulthess Group 26 897 0,391 0,391 Wallenstam Byggnads AB 5 323 0,085 0,093 Schweizerische National-Versicherungs-Gesellschaft 7 208 0,162 0,162 Wihlborgs Fastigheter AB 12 215 0,327 0,327 SCOR Holding Switzerland Ltd 177 0,002 0,002 WM-data AB 24 892 0,293 0,000 SEZ Holding AG 14 987 0,483 0,483 SGS SA 314 740 0,622 0,622 SWITZERLAND Siegfried Holding AG 2 943 0,114 0,114 ABB Ltd 3 111 680 0,861 0,861 Sika AG 192 645 0,740 0,874 Absolute Private Equity AG 19 372 0,292 0,000 Solvalor 61 5 250 0,195 0,000 Actelion Ltd 90 233 0,297 0,000 Sonova Holding AG 84 648 0,205 0,205 Addax Petroleum Corp 14 681 0,040 0,040 Speedel Holding AG 5 866 0,122 0,122 Adecco SA 364 919 0,656 0,656 St Galler Kantonalbank 17 099 0,128 0,128 AFG Arbonia-Forster Hldg 9 554 0,249 0,356 STMicroelectronics NV 368 950 0,518 0,521 Alcon Inc 135 214 0,058 0,077 Straumann Holding AG 70 643 0,302 0,302 Allreal Holding AG 12 620 0,177 0,177 Sulzer AG 102 445 0,353 0,353 Arpida Ltd 46 452 2,485 2,485 Swatch Group AG 882 752 0,950 0,926 Ascom Holding AG 4 798 0,225 0,225 Swiss Life Holding 550 597 1,160 1,160 Bachem Holding AG 3 094 0,050 0,099 Swiss Prime Site AG 17 100 0,242 0,242 Baloise Holding AG 262 939 0,911 0,911 Swiss Re Immoplus 6 120 0,159 0,000 Bank Sarasin & Cie AG 28 841 0,184 0,224 Swiss Reinsurance 1 138 544 0,797 0,797 Banque Cantonale Vaudoise 23 533 0,114 0,114 Swisscanto CH Real Estate Fund Ifca 3 241 0,155 0,155 Barry Callebaut AG 27 350 0,128 0,128 Swisscom AG 431 227 0,359 0,359 Basilea Pharmaceutica 142 414 1,419 1,419 Syngenta AG 1 136 719 0,815 0,815 Basler Kantonalbank 4 661 0,028 0,143 Synthes Inc 326 060 0,407 0,407 BB Biotech AG 26 279 0,260 0,260 Tecan Group AG 33 654 0,855 0,855 BB Medtech AG 11 768 0,227 0,000 Temenos Group AG 43 729 0,559 0,559 Belimo Holding AG 7 888 0,197 0,197 UBS AG 4 559 299 0,875 0,875 Bell Holding AG 129 0,004 0,004 Valartis Group AG 3 173 0,159 0,159 Bellevue Group AG 4 226 0,097 0,097 Valora Holding AG 28 423 0,654 0,654 BKW FMB Energie AG 42 383 0,116 0,116 Von Roll Holding AG 9 437 0,125 0,125 Bucher Industries AG 45 971 0,348 0,348 Vontobel Holding AG 23 324 0,137 0,137 Burckhardt Compression Holding AG 21 404 0,355 0,355 Xstrata PLC 2 186 772 0,587 0,587 Charles Voegele Holding AG 41 627 1,062 1,062 Ypsomed Holding AG 4 265 0,085 0,085 Ciba Specialty Chemicals AG 124 779 0,718 0,718 Zehnder Group AG 4 873 0,184 0,222 Clariant AG 31 834 0,274 0,274 Zueblin Immobilien Holding AG 4 898 0,225 0,225 Compagnie Financiere Richemont SA 1 546 775 0,723 0,795 Zurich Financial Services AG 2 117 065 0,912 0,912 Conzzeta Holding AG 1 305 0,021 0,024 Credit Suisse Group 2 935 635 0,773 0,773 TURKEY Credit Suisse Real Estate Fund Siat 9 431 0,125 0,125 Albaraka Turk Katilim Bankasi AS 19 969 0,256 0,256 Cytos Biotechnology AG 10 920 0,512 0,512 Coca-Cola Icecek AS 58 655 0,369 0,369 Daetwyler Holding AG 3 243 0,058 0,081 Turkiye Halk Bankasi AS 395 572 0,560 0,560 Dufry Group 13 856 0,163 0,163 Turkiye Vakiflar Bankasi Tao 298 241 0,622 0,622 Edipresse SA 31 766 1,191 1,650 Yapi ve Kredi Bankasi AS 85 877 0,131 0,131 EFG International 192 153 0,600 0,600 Emmi AG 3 660 0,097 0,097 EMS-Chemie Holding AG 28 897 0,144 0,144 3i Group PLC 308 687 0,737 0,737 Energiedienst Holding AG 2 125 0,027 0,027 3i Infrastructure Ltd 234 837 2,944 2,944 Financiere Tradition 4 125 0,077 0,077 888 Holdings PLC 1 960 0,038 0,038 Flughafen Zuerich AG 20 451 0,151 0,151 Abbot Group PLC 49 664 0,518 0,518 Forbo Holding AG 31 669 0,348 0,348 Aberdeen Asset Management PLC 154 041 1,321 1,321 Galenica AG 49 100 0,318 0,318 Aberforth Smaller Companies Trust PLC 7 724 0,123 0,123 Geberit AG 227 355 0,730 0,730 Acambis PLC 121 0,009 0,009 Georg Fischer AG 92 493 0,675 0,675 Admiral Group PLC 24 912 0,080 0,080 Givaudan SA 375 034 0,991 0,991 Aegis Group PLC 98 748 0,677 0,677 Gurit Holding AG 8 220 0,327 0,364 Afren PLC 15 942 0,513 0,513 Helvetia Holding AG 38 566 0,228 0,228 Aga Foodservice Group PLC 6 623 0,148 0,148 Hiestand Holding AG 16 382 0,233 0,233 Aggreko PLC 23 059 0,148 0,148 Holcim Ltd 888 530 0,579 0,579 Alba PLC 1 618 0,411 0,411 Huber & Suhner AG 9 055 0,123 0,123 Alfred McAlpine PLC 96 162 1,601 1,601 Immofonds 4 391 0,135 0,135 Alizyme PLC 109 0,009 0,009 Implenia AG 8 809 0,287 0,287 Allergy Therapeutics PLC 7 031 2,035 2,035 Jelmoli Holding AG 20 808 0,210 0,320 Alliance & Leicester PLC 217 001 0,737 0,737

8

Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Alliance Trust PLC/The 190 190 0,724 0,724 CLS Holdings PLC 12 106 0,509 0,509 Amec PLC 60 554 0,198 0,198 Cobham PLC 310 887 1,212 1,212 Amlin PLC 50 518 0,302 0,302 Collins Stewart PLC 3 011 0,066 0,066 Anglo & Overseas PLC 1 235 0,122 0,122 Colt Telecom Group SA 15 955 0,131 0,131 Anglo American PLC 3 303 456 0,751 0,751 Compass Group PLC 485 210 0,771 0,771 Antofagasta PLC 201 323 0,264 0,264 Computacenter PLC 3 556 0,110 0,110 ARC International PLC 10 656 1,872 1,872 6 266 0,139 0,139 Arena Leisure PLC 917 0,049 0,049 Cookson Group PLC 23 869 0,149 0,149 Aricom PLC 19 272 0,210 0,210 Cranswick PLC 4 768 0,113 0,113 ARM Holdings PLC 57 121 0,333 0,333 Croda International 40 715 0,476 0,476 Arriva PLC 167 916 0,984 0,984 CSR PLC 39 326 0,459 0,459 Ashmore Group PLC 6 200 0,030 0,030 Daejan Holdings 2 052 0,039 0,039 PLC 7 534 0,149 0,149 Daily Mail & General Trust 101 794 0,485 0,000 ASOS PLC 18 688 0,893 0,893 Dairy Crest Group PLC 50 962 0,611 0,611 Associated British PLC 261 699 0,340 0,340 Dana Petroleum PLC 137 798 1,064 1,064 Assura Group Ltd 5 258 0,119 0,119 Davis Service Group PLC 14 115 0,149 0,149 AstraZeneca PLC 2 803 533 0,823 0,836 De La Rue PLC 71 100 0,450 0,450 WS PLC 168 317 1,307 1,307 Debenhams PLC 8 343 0,112 0,112 Autonomy Corp PLC 30 012 0,147 0,147 Delta PLC 2 344 0,127 0,127 Aveva Group PLC 108 669 1,544 1,544 Derwent London PLC 49 922 0,325 0,325 Avis Europe PLC 51 713 1,283 1,283 Detica Group PLC 53 681 1,949 1,949 Aviva PLC 1 766 987 0,927 0,927 Development Securities PLC 2 599 0,119 0,119 Axon Group PLC 3 748 0,104 0,104 Diageo PLC 2 203 483 0,728 0,728 Babcock International Group 188 048 1,348 1,348 Dignity PLC 7 408 0,149 0,149 PLC 169 342 0,728 0,728 Dimension Data Holdings PLC 15 342 0,145 0,148 Bankers Investment Trust PLC/The 6 596 0,130 0,130 Domino Printing Sciences 4 772 0,134 0,134 Barclays PLC 2 805 397 0,780 0,780 Drax Group PLC 356 510 1,606 1,606 Baring Emerging Europe PLC 5 592 0,133 0,000 DS Smith PLC 13 273 0,149 0,149 PLC 127 158 0,745 0,745 DSG International PLC 145 868 0,765 0,765 BBA Aviation PLC 63 820 0,698 0,698 DTZ Holdings PLC 1 924 0,115 0,115 Beazley Group PLC 6 878 0,108 0,108 Dunedin Income Growth Investment Trust PLC 4 840 0,121 0,121 PLC 38 810 0,376 0,376 Dunelm Group PLC 2 121 0,056 0,056 Benfield Group Ltd 133 554 2,018 2,018 easyJet PLC 93 143 0,334 0,334 PLC 43 189 0,245 0,245 Edinburgh Dragon Trust PLC 4 880 0,118 0,000 BG Group PLC 3 523 742 0,843 0,833 Edinburgh Investment Trust PLC/The 13 088 0,133 0,133 BHP Billiton PLC 2 821 310 0,301 0,721 Edinburgh UK Tracker Trust PLC 4 278 0,132 0,000 Biffa PLC 56 391 0,452 0,452 Edinburgh US Tracker Trust PLC 5 682 0,130 0,000 Big Yellow Group PLC 5 211 0,095 0,095 Electra Private Equity PLC 8 314 0,132 0,132 Bloomsbury Publishing PLC 799 0,066 0,066 Electric and General Investment Trust PLC 3 896 0,130 0,130 BlueBay Asset Management/United Kingdom 1 866 0,025 0,025 Electrocomponents PLC 72 801 0,742 0,742 Bodycote International 45 371 0,695 0,695 Elementis PLC 5 054 0,138 0,138 Bovis Homes Group PLC 48 603 0,604 0,604 Emap PLC 192 182 0,895 0,895 BowLeven PLC 11 213 0,433 0,433 Enodis PLC 44 987 0,706 0,706 BP PLC 10 416 514 0,817 0,810 Enterprise Inns PLC 428 163 1,601 1,601 Bradford & Bingley PLC 130 868 0,731 0,731 Erinaceous Group PLC 46 0,128 0,128 Brewin Dolphin Holdings PLC 2 423 0,065 0,065 Euromoney Institutional Investor PLC 849 0,020 0,020 Brit Insurance Holdings PLC 8 352 0,107 0,107 Eurotunnel PLC 36 0,001 0,001 British Airways PLC 134 476 0,348 0,348 Evolution Group PLC 2 236 0,075 0,075 British American Tobacco PLC 2 517 093 0,587 0,587 Expro International Group 181 046 1,469 1,469 British Assets Trust PLC 5 381 0,122 0,000 F&C Asset Management PLC 2 956 0,029 0,029 Securities and General Trust PLC 9 740 0,129 0,129 F&C Global Smaller Companies PLC 2 297 0,123 0,123 British Energy Group PLC 454 978 0,742 0,742 Fairpoint Group PLC 12 571 1,507 1,507 British Land Co PLC 542 794 1,041 1,041 Faroe Petroleum PLC 18 252 0,980 0,980 British Sky Broadcasting Group PLC 603 443 0,515 0,515 Fenner PLC 5 730 0,138 0,138 Britvic PLC 8 746 0,108 0,108 Fiberweb PLC 11 216 2,291 2,290 Brixton PLC 11 063 0,128 0,128 Fidelity European Values PLC 11 414 0,133 0,000 BSS Group PLC 57 991 1,127 1,127 Fidelity Special Values PLC 4 233 0,122 0,000 BT Group PLC 1 641 451 0,696 0,696 Fidessa Group PLC 4 318 0,139 0,139 BTG PLC 133 0,009 0,009 Filtrona PLC 7 178 0,159 0,159 Bunzl PLC 187 299 0,748 0,748 Findel PLC 74 300 1,364 1,364 Burberry Group PLC 280 064 1,052 1,052 Finsbury Worldwide Pharmaceutical Trust PLC 3 108 0,104 0,104 Burren Energy PLC 24 794 0,134 0,134 Firstgroup PLC 57 188 0,149 0,149 Business Post Group PLC 20 201 1,198 1,198 FKI PLC 5 381 0,144 0,144 Cable & Wireless PLC 580 543 1,167 1,167 Foreign & Colonial Eurotrust PLC 5 670 0,129 0,129 Cadbury Schweppes PLC 1 180 633 0,834 0,812 Foreign & Colonial Investment Trust PLC 176 164 0,549 0,746 Cairn Energy PLC 380 322 0,875 0,875 Forth Ports PLC 41 708 0,436 0,436 Caledonia Investments PLC/fund 12 469 0,098 0,098 Foseco PLC 7 603 0,149 0,149 Candover Investments PLC/fund 5 354 0,127 0,127 French Connection Group PLC 10 843 0,874 0,874 Group PLC 338 902 0,738 0,738 Friends Provident PLC 260 440 0,635 0,635 Capital & Regional PLC 3 893 0,127 0,127 Future PLC 762 0,067 0,067 Care UK PLC 555 0,024 0,024 G4S PLC 251 505 0,858 0,858 PLC 112 615 1,055 1,055 Galiform PLC 9 014 0,145 0,145 Carnival PLC 445 155 0,235 1,122 PLC 6 255 0,149 0,149 Carpetright PLC 6 681 0,107 0,107 Game Group PLC 58 076 0,627 0,627 Carphone Warehouse Group PLC 101 215 0,297 0,297 Gartmore European Investment Trust PLC 2 839 0,124 0,124 Cattles PLC 10 618 0,092 0,092 GCAP Media PLC 14 740 0,681 0,681 Centaur Media PLC 13 335 0,916 0,916 Gem Diamonds Ltd 3 899 0,060 0,060 Centrica PLC 1 064 454 0,746 0,746 GKN PLC 144 572 0,673 0,673 Charter PLC 21 159 0,148 0,148 GlaxoSmithKline PLC 5 784 421 0,760 0,745 Chaucer Holdings PLC 3 760 0,099 0,099 Global Energy Development PLC 4 443 1,393 1,393 Chemring Group PLC 10 840 0,150 0,150 Go-Ahead Group PLC 18 186 0,155 0,155 Chesnara PLC 1 339 0,071 0,071 Grainger PLC 4 384 0,091 0,091 Chime Communications PLC 10 243 0,988 0,988 Graphite Enterprise Trust PLC 5 101 0,132 0,000 Chloride Group 7 219 0,147 0,147 Great Portland Estates PLC 11 900 0,129 0,129 Chrysalis Group PLC 12 653 1,744 1,744 Greene King PLC 17 828 0,154 0,154 City of London Investment Trust PLC/The 8 185 0,130 0,000 Greggs PLC 85 277 1,578 1,578 Clarkson PLC 22 127 1,074 1,074 Gyrus Group PLC 2 568 0,026 0,026 Clinton Cards PLC 1 232 0,101 0,101 Halfords Group PLC 10 717 0,150 0,150 Clipper Windpower PLC 15 348 0,186 0,186 Halma PLC 111 832 1,261 1,261 Close Brothers Group PLC 13 540 0,088 0,088 Hammerson PLC 233 098 0,728 0,728

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 9

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Hamworthy PLC 22 438 1,082 1,082 Marks & Spencer Group PLC 1 050 223 1,031 1,031 Havelock Europa PLC 8 424 2,142 2,142 Marshalls PLC 5 565 0,152 0,152 Hays PLC 171 309 0,972 0,972 Marston’s PLC 54 036 0,556 0,556 HBOS PLC 2 284 437 0,771 0,771 Mcbride PLC 2 158 0,102 0,102 Headlam Group PLC 26 051 0,670 0,670 Mediterranean Oil & Gas PLC 10 928 1,751 1,751 Helical Bar PLC 4 007 0,121 0,121 Meggitt PLC 216 285 0,913 0,913 Helphire PLC 56 025 1,050 1,050 Melrose PLC 23 435 1,027 1,027 Henderson Group PLC 11 259 0,115 0,115 Melrose Resources PLC 20 051 0,618 0,618 Henderson Smaller Companies Investment Trust PLC/The 2 592 0,121 0,000 Merchants Trust PLC/The 6 326 0,122 0,122 Henderson TR Pacific Investment Trust PLC 3 689 0,124 0,000 Merrill Lynch Greater Europe Investment Trust PLC 2 830 0,122 0,000 Herald Investment Trust PLC 3 546 0,121 0,121 Merrill Lynch World Mining Trust PLC 14 645 0,131 0,000 Highway Insurance Holdings PLC 1 382 0,086 0,086 Michael Page International PLC 15 428 0,153 0,153 Hikma Pharmaceuticals PLC 1 540 0,018 0,018 Micro Focus International PLC 6 129 0,111 0,111 HMV Group PLC 57 555 1,111 1,111 Microgen PLC 4 223 0,817 0,817 Hochschild Mining PLC 22 733 0,158 0,158 Millennium & Copthorne Hotels PLC 44 461 0,340 0,340 Holidaybreak PLC 5 266 0,147 0,147 Minerva PLC 3 050 0,130 0,130 Home Retail Group PLC 184 076 0,592 0,592 Misys PLC 74 235 0,738 0,738 Homeserve PLC 84 790 0,723 0,723 Mitchells & Butlers PLC 137 492 0,744 0,744 HSBC Holdings PLC 9 902 917 0,913 0,919 Group 13 662 0,141 0,141 Hunting PLC 55 779 0,556 0,556 Mondi PLC 214 325 0,905 1,270 Huveaux PLC 6 254 1,952 1,952 Monks Investment Trust PLC/The 13 413 0,132 0,132 ICAP PLC 254 072 0,501 0,501 Morgan Crucible Co 9 040 0,150 0,150 IG Group Holdings PLC 82 842 0,578 0,578 Morgan Sindall PLC 5 358 0,111 0,111 Imagination Technologies Group PLC 15 289 0,526 0,526 Morse PLC 941 0,101 0,101 IMI PLC 21 136 0,154 0,154 Mothercare PLC 4 495 0,139 0,139 Imperial Chemical Industries PLC 672 307 0,773 0,773 Group PLC 57 870 1,035 1,035 Imperial Energy Corp PLC 71 832 0,839 0,839 Mucklow A & J Group PLC 957 0,043 0,043 Imperial Innovations Group PLC 8 380 0,382 0,382 Murray Income Trust PLC 5 417 0,120 0,120 Imperial Tobacco Group PLC 1 359 992 0,636 0,636 Murray International Trust PLC 7 730 0,123 0,123 Inchcape PLC 69 803 0,368 0,368 N Brown Group PLC 49 975 0,725 0,725 Informa PLC 109 699 0,518 0,518 National Express Group PLC 106 891 0,515 0,515 Inmarsat PLC 23 434 0,087 0,087 National Grid PLC 1 896 638 0,825 0,813 Innospec Inc 3 404 0,153 0,153 NDS Group PLC 27 766 0,149 0,543 Instore PLC 5 139 2,692 2,693 Nestor Healthcare Group PLC 219 0,053 0,053 Intercontinental Hotels Group PLC 212 950 0,756 0,756 New Star Asset Management Group Ltd 2 529 0,056 0,056 Intermediate Capital Group PLC 67 507 0,536 0,536 Next Fifteen Communications PLC 10 515 2,858 2,858 International Personal Finance PLC 52 128 0,979 0,979 Next PLC 235 357 0,657 0,657 International Power PLC 550 477 0,748 0,748 Northern Foods PLC 5 977 0,120 0,120 PLC 57 492 0,890 0,890 Northern Rock PLC 27 514 0,719 0,719 Intertek Group PLC 25 099 0,149 0,149 Northgate Information Solutions PLC 8 078 0,139 0,139 Invensys PLC 240 868 1,232 1,232 Northgate PLC 45 597 0,778 0,778 Investec PLC 82 050 0,258 0,402 Northumbrian Water Group PLC 21 421 0,112 0,112 ITE Group PLC 21 464 0,515 0,515 Novae Group PLC 2 503 0,094 0,094 ITV PLC 265 666 0,740 0,740 Old Mutual PLC 762 568 0,747 0,763 J Sainsbury PLC 596 150 0,744 0,744 Paragon Group of Cos PLC 1 601 0,096 0,096 James Fisher & Sons PLC 33 135 0,937 0,937 PayPoint PLC 5 479 0,112 0,112 Jardine Lloyd Thompson Group PLC 5 830 0,076 0,076 Pearson PLC 473 181 0,740 0,740 JJB Sports PLC 3 599 0,113 0,113 Pendragon PLC 12 950 0,518 0,518 JKX Oil & Gas PLC 6 601 0,098 0,098 Pennon Group PLC 91 088 0,358 0,358 John Menzies PLC 4 011 0,105 0,105 Perpetual Income and Growth Investment Trust PLC 7 067 0,129 0,000 PLC 203 935 0,831 0,831 194 737 0,750 0,750 Johnson Matthey PLC 329 218 0,754 0,754 Petrofac Ltd 105 547 0,514 0,514 Johnson Service Group PLC 362 0,136 0,136 Photo-Me International PLC 6 725 0,541 0,541 Johnston Press PLC 58 312 0,681 0,681 Polar Capital Technology Trust PLC 3 663 0,120 0,000 JPMorgan American Investment Trust PLC 3 578 0,116 0,116 Premier Farnell PLC 29 412 0,508 0,508 JPMorgan Asian Investment Trust PLC 4 436 0,120 0,120 Premier Foods PLC 137 456 0,735 0,735 JPMorgan Claverhouse IT PLC 3 976 0,121 0,121 Premier Oil PLC 105 946 0,911 0,911 JPMorgan Emerging Markets Investment Trust PLC 7 063 0,122 0,122 Provident Financial PLC 129 059 1,092 1,092 JPMorgan Eur Fledgeling Investment Trust plc 4 567 0,119 0,119 Prudential PLC 1 469 699 0,773 0,773 JPMorgan European Investment Trust PLC 4 216 0,121 0,121 Psion PLC 2 128 0,140 0,140 JPMorgan Fleming Mercantile Investment Trust PLC 15 851 0,132 0,132 Punch Taverns PLC 162 867 0,740 0,740 JPMorgan Indian Investment Trust PLC 6 520 0,130 0,000 PV Crystalox Solar PLC 34 866 0,511 0,511 JPMorgan Japanese Investment Trust PLC 5 977 0,168 0,000 PZ Cussons PLC 64 389 0,646 0,646 JPMorgan Overseas Investment Trust PLC 2 732 0,138 0,138 QinetiQ PLC 74 237 0,528 0,528 JPMorgan Russian Securities PLC 5 668 0,130 0,000 Quintain Estates & Development PLC 42 167 0,583 0,583 Just Retirement PLC 35 011 0,637 0,637 Rank Group PLC 56 129 1,457 1,457 Kazakhmys PLC 177 136 0,260 0,260 Rathbone Brothers 48 984 1,011 1,011 Kcom Group PLC 2 412 0,081 0,081 Raymarine PLC 3 346 0,131 0,131 Kelda Group PLC 240 940 0,745 0,745 Reckitt Benckiser Group PLC 1 841 840 0,821 0,821 PLC 6 763 0,142 0,142 Record PLC 10 025 0,263 0,263 Kesa Electricals PLC 99 610 0,745 0,745 34 110 0,605 0,605 PLC 54 355 0,936 0,936 Reed Elsevier PLC 694 264 0,745 0,745 Kiln Ltd 3 244 0,070 0,070 Regus Group PLC 9 863 0,113 0,113 Kingfisher PLC 334 648 0,908 0,908 Renishaw PLC 15 464 0,314 0,314 Ladbrokes PLC 163 899 0,767 0,767 Renovo Group PLC 12 765 0,464 0,464 Laird Group PLC 86 229 0,776 0,776 Rensburg Sheppards PLC 10 783 0,336 0,336 Land Securities Group PLC 629 637 0,832 0,832 PLC 176 064 0,742 0,742 Law Debenture Corp PLC/fund 5 329 0,118 0,000 Resolution PLC 414 925 0,785 0,785 Legal & General Group PLC 630 515 0,707 0,707 Restaurant Group PLC 77 122 1,944 1,944 Liberty International PLC 307 213 0,721 0,727 Reuters Group PLC 594 175 0,680 0,680 Lloyds TSB Group PLC 2 204 048 0,754 0,765 Rexam PLC 279 452 0,962 0,962 LogicaCMG PLC 262 734 1,417 1,417 Ricardo PLC 2 421 0,135 0,135 London Scottish Bank PLC 898 0,093 0,093 Rightmove PLC 2 559 0,039 0,039 Group PLC 33 853 0,057 0,057 Rio Tinto PLC 4 500 035 0,539 0,771 Lonmin PLC 417 885 0,800 0,655 RIT Capital Partners PLC 22 412 0,129 0,129 Lookers PLC 2 305 0,103 0,103 Robert Walters PLC 1 868 0,148 0,148 Lowland Investment Company PLC 3 137 0,130 0,130 Robert Wiseman Dairies PLC 1 868 0,043 0,043 Luminar Group Holdings PLC 32 376 1,142 1,142 3 327 0,136 0,136 Man Group PLC 994 905 0,943 0,943 Rolls-Royce Group PLC 978 091 1,204 0,74 Mapeley Ltd 2 093 0,043 0,043 Rotork PLC 73 065 0,809 0,809

10

Government Pension Fund – Global Holding of equities at 31 December 2007

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Royal & Sun Alliance Insurance Group 365 268 0,709 0,709 WH Smith PLC 9 624 0,149 0,149 Royal Bank of Scotland Group PLC 3 659 220 0,762 0,762 32 318 1,181 1,181 RPC Group PLC 3 197 0,138 0,138 Whitbread PLC 221 779 0,814 0,814 RPS Group PLC 10 750 0,148 0,148 William Hill PLC 203 374 1,033 1,033 RT Group PLC 44 0,000 0,000 Willis Group Holdings Ltd 66 891 0,227 0,227 SABMiller PLC 1 190 566 0,517 0,517 Wincanton PLC 4 964 0,103 0,103 Safestore Holdings Ltd 25 453 0,723 0,723 Witan Investment Trust PLC 91 510 0,530 0,792 Sage Group PLC 333 224 1,027 1,027 Witan Pacific Investment Trust plc 1 660 0,125 0,125 Savills PLC 4 750 0,119 0,119 WM Morrison Supermarkets PLC 1 020 059 1,091 1,091 Schroder UK Growth Fund PLC 2 795 0,116 0,000 Wolfson Microelectronics PLC 3 632 0,137 0,137 Schroders PLC (3 062) -0,008 0,000 Wolseley PLC 393 813 0,742 0,742 SCI Entertainment Group PLC 2 532 0,142 0,142 Woolworths Group PLC 2 759 0,135 0,135 Scottish & Newcastle PLC 535 754 0,706 0,706 Workspace Group PLC 6 473 0,126 0,126 Scottish & Southern Energy PLC 1 146 635 0,750 0,750 WPP Group PLC 657 842 0,791 0,791 Scottish Investment Trust PLC/fund 9 853 0,132 0,132 WSP Group PLC 5 838 0,149 0,149 Scottish Mortgage Investment Trust PLC 145 040 0,727 0,000 Yell Group PLC 229 173 0,678 0,678 SDL PLC 2 870 0,130 0,130 YouGov PLC 7 159 0,546 0,546 Securities Trust of Scotland PLC 1 676 0,120 0,120 Yule Catto & Co PLC 2 988 0,101 0,101 Segro PLC 159 335 0,719 0,719 Senior PLC 6 957 0,140 0,140 Severfield-Rowen PLC 6 058 0,138 0,112 Severn Trent PLC 286 950 0,742 0,742 Shaftesbury PLC 50 488 0,688 0,688 Shanks Group PLC 72 949 1,244 1,245 Shire PLC 517 232 0,740 0,745 Shore Capital Group PLC 6 256 0,482 0,482 SIG PLC 43 849 0,402 0,402 Signet Group PLC 96 155 0,748 0,748 Skyepharma PLC 95 0,009 0,009 SMG PLC 8 960 0,537 0,536 Smith & Nephew PLC 445 912 0,794 0,794 Smiths Group PLC 354 185 0,834 0,335 Smiths News PLC 2 819 0,137 0,137 Soco International PLC 23 311 0,135 0,135 Southern Cross Healthcare Ltd 94 042 0,873 0,873 Spectris PLC 13 155 0,153 0,153 PLC 48 566 1,064 1,064 Spirax-Sarco Engineering PLC 30 292 0,420 0,420 Spirent Communications PLC 8 857 0,167 0,167 Sports Direct International PLC 26 310 0,346 0,346 SSL International PLC 11 881 0,108 0,108 St Ives Group PLC 3 701 0,137 0,137 St James’s Place PLC 29 050 0,204 0,204 ST Modwen Properties PLC 42 224 0,811 0,811 Stagecoach Group PLC 32 430 0,148 0,148 Standard Chartered PLC 2 393 799 0,842 0,853 Standard Life PLC 409 286 0,689 0,689 Sthree PLC 3 202 0,097 0,097 SVG Capital PLC/fund 14 707 0,129 0,129 Tate & Lyle PLC 168 372 0,749 0,749 Taylor Nelson Sofres PLC 37 790 0,409 0,409 PLC 37 011 0,160 0,160 TDG PLC 1 480 0,082 0,082 Telecity Group PLC 102 802 1,600 1,600 Temple Bar Investment Trust PLC 5 620 0,122 0,122 Templeton Emerging Markets Investment Trust PLC 44 075 0,186 0,186 Tesco PLC 3 256 079 0,805 0,805 Third Advance Value Realisation Co Ltd 1 276 0,797 0,797 Thomas Cook Group PLC 111 130 0,373 0,373 Thorntons PLC 13 168 1,028 1,028 Throgmorton Trust PLC/The 2 852 0,125 0,125 THUS Group PLC 2 266 0,087 0,087 Tomkins PLC 124 736 0,741 0,741 Topps Tiles PLC 3 347 0,112 0,112 TR European Growth Trust PLC 4 769 0,122 0,122 TR Property Investment Trust PLC 7 781 0,160 0,128 Tradus PLC 9 857 0,110 0,110 PLC 118 547 0,743 0,743 Tribal Group PLC 765 0,068 0,068 Trinity Mirror PLC 75 360 0,686 0,686 TT electronics PLC 2 582 0,137 0,137 TUI Travel plc 57 562 0,162 0,162 Tullett Prebon PLC 8 007 0,074 0,074 Tullow Oil PLC 369 771 0,730 0,730 UK Coal PLC 4 220 0,054 0,054 Ultra Electronics Holdings 95 678 0,949 0,949 Unilever PLC 1 883 170 0,305 0,704 Uniq PLC 3 004 0,129 0,129 Unite Group PLC 5 947 0,125 0,125 United Business Media PLC 162 232 0,947 0,918 United Utilities PLC 532 873 0,741 0,741 UTV Media PLC 913 0,065 0,065 Vanco PLC 20 532 1,591 1,591 Venture Production PLC 110 590 0,902 0,902 Victrex PLC 89 245 1,393 1,393 Vodafone Group PLC 7 739 755 0,718 0,715 VT Group PLC 88 054 0,675 0,675 Warner Estate Holdings PLC 1 900 0,087 0,087 Weir Group PLC (The) 27 118 0,148 0,148 Wetherspoon (J.D.) PLC 67 569 1,195 1,195

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 11

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

ARGENTINA Cremer SA 17 440 1,029 1,029 Banco Patagonia SA 23 080 0,600 0,000 Cyrela Brazil Realty SA 1 030 0,004 0,004 Mercadolibre Inc 28 081 0,158 0,158 Cyrela Commercial Properties SA Empreendimentos e Participacoes 3 0,000 0,000 BAHAMAS Diagnosticos da America SA 20 577 0,318 0,318 Steiner Leisure Ltd 5 980 0,155 0,155 Drogasil SA 4 679 0,170 0,170 Teekay Corp 84 013 0,397 0,397 Duratex SA 28 681 0,174 0,000 Teekay Tankers Ltd 33 412 1,119 2,238 EDP - Energias do Brasil SA 17 825 0,123 0,123 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA 1 242 0,007 0,011 BERMUDA Empresa Brasileira de Aeronautica SA 133 205 0,293 0,293 Accenture Ltd 648 790 0,438 0,554 Fertilizantes Fosfatados SA 11 416 0,044 0,000 ACE Ltd 517 108 0,468 0,468 Gafisa SA 39 811 0,297 0,297 Allied World Assurance Co Holdings Ltd 64 039 0,389 0,389 Gerdau SA 123 288 0,124 0,060 Aquarius Platinum Ltd 9 573 0,060 0,060 Global Village Telecom Holding SA 86 544 0,626 0,626 Arch Capital Group Ltd 96 637 0,367 0,367 Gol Linhas Aereas Inteligentes SA 36 961 0,136 0,000 Argo Group International Holdings Ltd 8 571 0,122 0,122 Grendene SA 5 719 0,087 0,087 Aspen Insurance Holdings Ltd 142 039 1,041 1,041 Guararapes Confeccoes SA 695 0,006 0,012 Assured Guaranty Ltd 60 304 0,526 0,526 Investimentos Itau SA 229 915 0,155 0,000 Axis Capital Holdings Ltd 124 850 0,390 0,390 Iochpe Maxion SA 8 270 0,129 0,000 Catlin Group Ltd 35 546 0,339 0,339 Klabin SA 34 273 0,116 0,000 Central European Media Enterprises Ltd 201 549 0,757 0,890 Localiza Rent A CAR 18 243 0,157 0,157 Endurance Specialty Holdings Ltd 17 659 0,122 0,122 Lojas Americanas SA 6 624 0,018 0,000 Enstar Group Ltd 7 140 0,090 0,090 Lojas Renner SA 25 883 0,194 0,194 Everest Re Group Ltd 154 607 0,451 0,451 Lupatech SA 9 825 0,113 0,113 Global Crossing Ltd 1 651 0,025 0,025 Mahle-Metal Leve SA Industria e Comercio 573 0,019 0,000 Helen of Ltd 1 738 0,061 0,061 Marcopolo SA 3 500 0,072 0,000 Hiscox Ltd 13 041 0,108 0,108 Metalurgica Gerdau SA 54 599 0,136 0,000 Ingersoll-Rand Co Ltd 228 961 0,333 0,333 Natura Cosmeticos SA 46 290 0,208 0,208 IPC Holdings Ltd 11 428 0,121 0,121 NET Servicos de Comunicacao SA 24 396 0,109 0,000 Knightsbridge Tankers Ltd 2 262 0,101 0,101 Odontoprev SA 49 783 1,454 1,455 Lancashire Holdings Ltd 60 188 0,839 0,839 Paranapanema SA 513 0,010 0,001 Lazard Ltd 9 989 0,042 0,087 Perdigao SA 8 759 0,035 0,035 Max Capital Group Ltd 11 073 0,124 0,124 Petroleo Brasileiro SA 2 755 717 0,210 0,075 MF Global Ltd 921 234 4,506 4,506 Porto Seguro SA 16 764 0,108 0,108 Montpelier Re Holdings Ltd 11 454 0,121 0,121 Profarma Distribuidora de Produtos Farmaceuticos SA 143 121 3,589 3,589 Nabors Industries Ltd 100 778 0,239 0,239 Randon Participacoes SA 7 129 0,086 0,000 Nordic American Tanker Shipping 5 374 0,101 0,101 Redecard SA 197 762 0,334 0,334 Orient-Express Hotels Ltd 19 196 0,145 0,145 Refinaria Petroleo Ipiranga 3 125 0,073 0,000 PartnerRe Ltd 50 308 0,202 0,202 Rossi Residencial SA 21 278 0,194 0,194 Platinum Underwriters Holdings Ltd 341 577 3,092 3,092 Sadia SA 4 237 0,020 0,000 Primus Guaranty Ltd 1 547 0,090 0,090 Santos Brasil Participacoes SA 4 699 0,044 0,000 RenaissanceRe Holdings Ltd 71 668 0,309 0,309 Sao Martinho SA 33 441 0,480 0,480 Security Capital Assurance Ltd 1 123 0,081 0,081 Sao Paulo Alpargatas SA 2 619 0,032 0,000 Ship Finance International Ltd 8 258 0,075 0,075 Souza Cruz SA 1 024 0,002 0,002 TBS International Ltd 893 0,018 0,035 Suzano Papel e Celulose SA 40 678 0,146 0,000 Tyco Electronics Ltd 336 196 0,337 0,337 Tam SA 95 566 0,485 0,000 Tyco International Ltd 411 309 0,386 0,386 Tele Norte Leste Participacoes SA 56 762 0,112 0,020 WP Stewart & Co Ltd 860 0,065 0,065 Telecomunicacoes de Sao Paulo SA 10 674 0,015 0,048 XL Capital Ltd 151 347 0,311 0,311 Telemar Norte Leste SA 21 064 0,033 0,000 Xyratex Ltd 520 0,021 0,021 Telemig Celular Participacoes SA 8 638 0,109 0,132 Tim Participacoes SA 73 183 0,150 0,019 BRAZIL Totvs SA 5 134 0,107 0,107 AES Tiete SA 31 742 0,150 0,060 Tractebel Energia SA 55 408 0,131 0,131 All America Latina Logistica SA 137 614 0,340 0,340 Ultrapar Participacoes SA 6 117 0,039 0,000 Amil Participacoes SA 26 965 0,150 0,150 Uniao de Industrias Petroquimicas SA 4 070 0,080 0,000 Aracruz Celulose SA 42 734 0,095 0,000 Usinas Siderurgicas de Minas Gerais SA 129 011 0,152 0,093 ArcelorMittal Inox Brasil SA 22 890 0,102 0,000 Vivo Participacoes SA 149 791 0,312 0,000 B2W Cia Global Do Varejo 88 190 0,359 0,359 Votorantim Celulose e Papel SA 33 039 0,098 0,000 Banco Bradesco SA 495 661 0,148 0,000 Weg SA 52 558 0,111 0,111 Banco do Brasil SA 204 477 0,089 0,089 Banco do Estado do Rio Grande do Sul 70 402 0,525 0,000 CANADA Banco Itau Holding Financeira SA 658 300 0,200 0,000 AbitibiBowater Inc 239 529 3,714 3,714 Banco Nossa Caixa SA 39 0,001 0,001 Absolute Software Corp 4 904 0,103 0,103 Bolsa de Mercadorias e Futuros - BM&F 284 251 0,413 0,413 ACE Aviation Holdings Inc 17 414 0,108 0,143 Bovespa Holding SA 301 722 0,409 0,409 Aecon Group Inc 7 254 0,135 0,135 Bradespar SA 92 585 0,177 0,073 AGF Management Ltd 13 119 0,091 0,000 Brascan Residential Properties SA 5 389 0,087 0,087 Agnico-Eagle Mines Ltd 24 269 0,059 0,060 Brasil Telecom Participacoes SA 29 399 0,079 0,117 Agrium Inc 435 176 0,710 0,710 Brasil Telecom SA 33 884 0,083 0,000 Alamos Gold Inc 2 428 0,085 0,085 Braskem SA 2 128 0,011 0,000 Alimentation Couche Tard Inc 21 778 0,107 0,148 Centrais Eletricas Brasileiras SA 484 056 0,592 0,090 Altius Minerals Corp 2 963 0,060 0,060 Cia Brasileira de Distribuicao Grupo Pao de Acucar 39 352 0,156 0,000 Angiotech Pharmaceuticals Inc 53 0,003 0,003 Cia de Bebidas das Americas 145 476 0,060 0,023 Antrim Energy Inc 4 157 0,134 0,134 Cia de Concessoes Rodoviarias 6 836 0,020 0,020 Astral Media Inc 10 655 0,072 0,076 Cia de Gas de Sao Paulo 9 615 0,067 0,000 Atco Ltd 8 136 0,046 0,000 Cia de Saneamento Basico do Estado de Sao Paulo 134 941 0,472 0,037 Atrium Innovations Inc 3 927 0,111 0,111 Cia de Saneamento de Minas Gerais-COPASA 7 448 0,068 0,068 ATS Automation Tooling Systems Inc 2 847 0,130 0,130 Cia de Tecidos do Norte de Minas - Coteminas 2 291 0,063 0,000 Aura Minerals Inc 1 953 0,060 0,060 Cia de Transmissao de Energia Eletrica Paulista 12 214 0,072 0,000 Aurelian Resources Inc 3 409 0,060 0,060 Cia Energetica de Minas Gerais 93 765 0,191 0,061 Aurizon Mines Ltd 1 882 0,060 0,060 Cia Energetica de Sao Paulo 62 602 0,155 0,000 Aurora Energy Resources Inc 2 464 0,045 0,045 Cia Energetica do Ceara 1 158 0,023 0,000 Axcan Pharma Inc 1 574 0,023 0,023 Cia Paranaense de Energia 30 626 0,130 0,000 Ballard Power Systems Inc 1 480 0,045 0,045 Cia Siderurgica Nacional SA 199 841 0,153 0,153 Bank of Montreal 764 410 0,495 0,495 Cia Vale do Rio Doce 1 155 508 0,138 0,096 Bank of Nova Scotia 1 060 985 0,390 0,390 Confab Industrial SA 2 719 0,039 0,000 Barrick Gold Corp 1 274 816 0,638 0,641 Contax Participacoes SA 2 278 0,082 0,002 BCE Inc 244 977 0,140 0,140 Cosan Ltd 159 683 1,122 2,091 Biovail Corp 17 744 0,150 0,150 Cosan SA Industria e Comercio 45 980 0,210 0,210 Boardwalk Real Estate Investment Trust 18 404 0,134 0,146 CPFL Energia SA 1 220 0,002 0,002 Bombardier Inc 162 504 0,283 0,145

12

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Breakwater Resources Ltd 2 393 0,060 0,060 Hanfeng Evergreen Inc 5 478 0,111 0,111 Brookfield Asset Management Inc 373 269 0,328 0,328 Harry Winston Diamond Corp 6 137 0,059 0,059 Brookfield Properties Corp 103 712 0,249 0,249 Heritage Oil Corp 14 243 0,194 0,194 CAE Inc 27 548 0,148 0,148 High River Gold Mines Ltd 2 775 0,060 0,060 Calfrac Well Services Ltd 3 139 0,087 0,087 Highpine Oil & Gas Ltd 4 970 0,133 0,133 Calloway Real Estate Investment Trust 14 642 0,119 0,142 Home Capital Group Inc 8 567 0,108 0,108 Calvalley Petroleums Inc 4 206 0,119 0,119 HudBay Minerals Inc 8 011 0,059 0,059 Cameco Corp 193 375 0,256 0,256 Husky Energy Inc 182 717 0,088 0,088 Canaccord Capital Inc 3 662 0,091 0,091 Iamgold Corp 5 462 0,042 0,042 Canadian Apartment Properties REI 8 507 0,145 0,145 IGM Financial Inc 79 664 0,110 0,110 Canadian Hydro Developers Inc 2 432 0,049 0,049 Imperial Oil Ltd 344 464 0,126 0,126 Canadian Imperial Bank of Commerce/Canada 622 200 0,479 0,479 Industrial Alliance Insurance and Financial Services Inc 20 138 0,107 0,107 Canadian National Railway Co 477 573 0,379 0,379 ING Canada Inc 9 994 0,037 0,037 Canadian Natural Resources Ltd 676 870 0,314 0,314 Inmet Mining Corp 12 591 0,059 0,059 Canadian Pacific Railway Ltd 197 478 0,365 0,365 InnVest Real Estate Investment Trust 6 225 0,145 0,145 Canadian Real Estate Investment Trust 13 997 0,145 0,145 Ivanhoe Mines Ltd/CA 179 252 0,805 0,820 Canadian Tire Corp Ltd 106 142 0,317 0,000 Jean Coutu Group PJC Inc/The 2 843 0,018 0,033 Canadian Utilities Ltd 48 616 0,152 0,000 Katanga Mining Ltd 1 728 0,024 0,024 Canadian Western Bank 80 356 0,741 0,741 Kingsway Financial Services Inc 4 518 0,123 0,123 Canam Group Inc 2 312 0,060 0,060 Kinross Gold Corp 392 635 0,647 0,651 Canfor Corp 3 702 0,054 0,054 Kirkland Lake Gold Inc 2 314 0,060 0,060 Cangene Corp 18 0,001 0,001 Laurentian Bank of Canada 3 856 0,089 0,089 CanWest Global Communications Corp 2 765 0,039 0,070 Leon’s Furniture Ltd 1 415 0,028 0,028 Cardiome Pharma Corp 710 0,023 0,023 Linamar Corp 6 070 0,077 0,077 Cascades Inc 16 730 0,363 0,363 Loblaw Cos Ltd 68 712 0,134 0,134 Catalyst Paper Corp 616 0,033 0,033 Lundin Mining Corp 12 082 0,059 0,059 CCL Industries 9 458 0,136 0,000 MacDonald Dettwiler & Associates Ltd 13 860 0,146 0,146 Celestica Inc 19 180 0,263 0,302 MagIndustries Corp 32 721 1,573 1,573 Centerra Gold Inc 4 273 0,029 0,029 Magna International Inc 136 618 0,261 0,263 CGI Group Inc 51 328 0,248 0,278 Major Drilling Group International 10 883 0,134 0,134 Chartwell Seniors Housing Real Estate Investment Trust 8 499 0,145 0,145 Manitoba Telecom Services Inc 14 276 0,087 0,087 CHC Helicopter Corp 42 704 0,673 0,770 Manulife Financial Corp (132 420) -0,039 0,000 CML Healthcare Income Fund 1 736 0,021 0,021 Maple Leaf Foods Inc 38 909 0,368 0,444 Cogeco Cable Inc 7 561 0,059 0,088 Martinrea International Inc 7 227 0,148 0,148 Cognos Inc 80 220 0,308 0,308 MDS Inc 20 244 0,156 0,156 Cominar Real Estate Investment Trust 7 267 0,143 0,143 MEGA Brands Inc 1 629 0,130 0,130 Compton Petroleum Corp 26 280 0,405 0,405 Melcor Developments Ltd 1 635 0,048 0,048 Connacher Oil and Gas Ltd 5 524 0,126 0,126 Methanex Corp 22 983 0,153 0,153 Corridor Resources Inc 2 432 0,061 0,061 Metro Inc (43 284) -0,258 0,000 Corus Entertainment Inc 2 818 0,025 0,000 MI Developments Inc 2 763 0,038 0,039 Cott Corp 12 706 0,489 0,489 Miramar Mining Corp 4 740 0,062 0,062 Crescent Point Energy Trust 22 986 0,148 0,148 Molson Coors Canada Inc 7 751 0,077 0,000 Crystallex International Corp 86 450 2,611 2,667 Montreal Exchange Inc 6 111 0,093 0,093 Cyries Energy Inc 2 167 0,108 0,108 Morguard Real Estate Investment Trust 3 076 0,073 0,073 Denison Mines Corp 5 074 0,055 0,055 National Bank of Canada 125 825 0,277 0,277 Domtar Corp 101 185 0,464 0,520 Newmont Mining Corp of Canada Ltd 8 811 0,059 0,059 Dorel Industries Inc 6 947 0,129 0,148 Nexen Inc 366 574 0,393 0,393 Dundee Corp 6 765 0,089 0,090 Niko Resources Ltd 31 581 0,134 0,134 Dundee Real Estate Investment Trust 4 564 0,118 0,144 Norbord Inc 7 016 0,110 0,110 DundeeWealth Inc 10 361 0,072 0,089 Nortel Networks Corp 146 364 0,406 0,407 Duvernay Oil Corp 12 228 0,131 0,131 North American Palladium Ltd 289 0,019 0,019 Eastern Platinum Ltd 70 940 0,672 0,672 Northbridge Financial Corp 3 809 0,038 0,038 Eldorado Gold Corp 70 849 0,642 0,649 Northgate Minerals Corp 2 477 0,059 0,059 Emera Inc 6 949 0,052 0,052 Nova Chemicals Corp 77 684 0,527 0,606 Emergis Inc 4 178 0,103 0,103 Novagold Resources Inc 81 825 1,751 1,760 Empire Co Ltd 2 866 0,019 0,000 NuVista Energy Ltd 5 008 0,132 0,132 Enbridge Inc 292 838 0,361 0,361 Oilexco Inc 23 853 0,150 0,150 EnCana Corp 1 064 730 0,382 0,382 Oilsands Quest Inc 5 159 0,125 0,125 Ensign Energy Services Inc 16 973 0,133 0,133 Onex Corp 14 395 0,059 0,059 Entree Gold Inc 8 048 0,623 0,623 Open Text Corp 8 920 0,102 0,102 Equinox Minerals Ltd 43 748 0,258 0,258 OPTI Canada Inc 83 937 0,470 0,470 European Goldfields Ltd 3 247 0,060 0,060 Orezone Resources Inc 28 833 1,277 1,283 Extendicare Real Estate Investment Trust 6 033 0,122 0,144 PAN American Silver Corp 8 168 0,055 0,055 Fairfax Financial Holdings Ltd 33 362 0,114 0,124 Paramount Resources Ltd 7 989 0,153 0,153 Finning International Inc 93 809 0,323 0,333 Pason Systems Inc 6 393 0,116 0,116 First Calgary Petroleums Ltd 5 661 0,140 0,140 Patheon Inc 43 618 2,804 2,804 First Capital Realty Inc 3 901 0,037 0,037 Petro Andina Resources Inc 3 601 0,133 0,133 First National Financial Income Fund 17 581 1,948 1,948 Petrobank Energy & Resources Ltd 36 952 0,150 0,150 First Quantum Minerals Ltd 18 563 0,057 0,058 Petro-Canada 597 675 0,420 0,421 FirstService Corp 3 528 0,071 0,074 Petrolifera Petroleum Ltd 2 403 0,088 0,088 Flint Energy Services Ltd 4 716 0,100 0,100 Pinetree Capital Ltd 3 862 0,145 0,145 FNX Mining Co Inc 8 200 0,059 0,059 Potash Corp of Saskatchewan 1 532 393 0,614 0,617 Fortis Inc 12 865 0,052 0,052 Power Corp Of Canada 260 955 0,260 0,292 Forzani Group Ltd/The 5 356 0,168 0,168 Power Financial Corp 163 529 0,103 0,103 Franco-Nevada Corp 285 057 4,130 0,000 Primaris Retail Real Estate Investment Trust 4 621 0,074 0,074 Fronteer Development Group Inc 2 745 0,060 0,060 ProEx Energy Ltd 3 046 0,088 0,089 Gabriel Resources Ltd 58 656 2,123 2,123 QLT Inc 60 0,003 0,003 Galleon Energy Inc 38 887 0,715 0,721 Quadra Mining Ltd 3 211 0,060 0,060 Gammon Gold Inc 73 056 1,421 1,421 Quebecor Inc 7 274 0,055 0,087 Garda World Security Corp 3 504 0,134 0,134 Quebecor World Inc 1 104 0,086 0,133 Gennum Corp 1 892 0,091 0,091 Red Back Mining Inc 4 802 0,060 0,060 George Weston Ltd 51 323 0,133 0,133 Reitmans Canada Ltd 9 008 0,120 0,000 Gerdau Ameristeel Corp 43 626 0,130 0,130 Research In Motion Ltd 1 796 120 0,517 0,518 Gildan Activewear Inc 40 023 0,148 0,148 Richelieu Hardware Ltd 572 0,019 0,019 GLV Inc 48 0,003 0,003 Rider Resources Ltd 1 173 0,108 0,108 Gold Eagle Mines Ltd 2 802 0,060 0,060 RioCan Real Estate Investment Trust 36 358 0,144 0,144 Goldcorp Inc 380 551 0,290 0,290 Rogers Communications Inc 840 373 0,516 0,000 Great Canadian Gaming Corp 10 954 0,149 0,149 RONA Inc 46 572 0,430 0,430 Great-West Lifeco Inc 101 828 0,058 0,058 Rothmans Inc 9 137 0,096 0,096 H&R Real Estate Investment 21 219 0,144 0,144 Royal Bank of Canada (1 802 508) -0,506 0,000

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 13

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Russel Metals Inc 28 050 0,318 0,318 Grupo Televisa SA 260 072 0,408 0,299 Sandvine Corp 1 948 0,068 0,068 Impulsora Del Desarrollo Y El Empleo en America Saputo Inc 51 752 0,153 0,153 Latina SAB de CV 20 863 0,099 0,099 Saskatchewan Wheat Pool Inc 18 454 0,123 0,123 Industrias CH SAB de CV 2 236 0,022 0,022 Savanna Energy Services Corp 23 073 0,440 0,440 Industrias Penoles SAB de CV 289 847 0,637 0,637 Sears Canada Inc 5 295 0,034 0,034 Kimberly-Clark de Mexico SAB de CV 32 933 0,124 0,238 Shaw Communications Inc 186 285 0,329 0,000 Megacable Holdings SAB de CV 81 124 2,223 0,000 ShawCor Ltd 15 340 0,111 0,135 Organizacion Soriana SAB de CV 16 894 0,066 0,066 Sherritt International Corp 55 308 0,324 0,324 Promotora y Operadora de Infraestructura SA de CV 8 221 0,116 0,116 Shoppers Drug Mart Corp 157 600 0,248 0,248 Sare Holding SAB de CV 4 320 0,158 0,000 Shore Gold Inc 3 686 0,080 0,080 Telefonos de Mexico SAB de CV 332 057 0,171 0,000 Sierra Wireless Inc 3 258 0,128 0,128 TV Azteca SA de CV 9 380 0,134 0,134 Silver Standard Resources Inc 78 456 0,634 0,634 Urbi Desarrollos Urbanos SA de CV 32 718 0,195 0,195 Silver Wheaton Corp 25 915 0,126 0,131 Verzatec SAB de CV 770 0,036 0,036 Silvercorp Metals Inc 4 422 0,058 0,058 Vitro SAB de CV 4 705 0,108 0,108 Sino-Forest Corp 11 275 0,052 0,059 SNC-Lavalin Group Inc 59 199 0,148 0,148 NETHERLANDS ANTILLES Stantec Inc 8 673 0,089 0,089 Orthofix International NV 1 364 0,026 0,026 Sun Life Financial Inc 7 429 0,004 0,004 Suncor Energy Inc 1 054 333 0,384 0,384 PANAMA SunOpta Inc 5 647 0,122 0,122 Copa Holdings SA 6 164 0,070 0,000 Synenco Energy Inc 2 721 0,116 0,116 Willbros Group Inc 9 858 0,133 0,133 Talisman Energy Inc 507 425 0,492 0,492 Taseko Mines Ltd 2 381 0,060 0,060 PUERTO RICO Teck Cominco Ltd 265 385 0,306 0,314 First Bancorp/Puerto Rico 3 212 0,088 0,088 TELUS Corp 90 469 0,103 0,041 Oriental Financial Group 1 717 0,098 0,098 Tesco Corp 7 706 0,133 0,133 Popular Inc 189 716 1,176 1,176 Theratechnologies Inc 575 0,018 0,018 Santander BanCorp 399 0,018 0,018 Thompson Creek Metals Co Inc 6 172 0,058 0,058 W Holding Co Inc 536 0,049 0,049 Thomson Corp/The 26 655 0,019 0,019 Tim Hortons Inc 46 143 0,122 0,123 UNITED STATES OF AMERICA Toromont Industries Ltd 14 886 0,148 0,148 1st Source Corp 1 547 0,068 0,068 Toronto-Dominion Bank 1 351 345 0,492 0,492 3Com Corp 11 011 0,112 0,112 Torstar Corp 6 110 0,075 0,000 3M Co 1 136 912 0,348 0,348 TransAlta Corp 70 551 0,190 0,190 99 Cents Only Stores 20 851 0,689 0,689 Transat AT Inc 9 338 0,145 0,155 AAON Inc 1 827 0,090 0,090 TransCanada Corp 412 965 0,343 0,343 AAR Corp 15 135 0,193 0,193 Transcontinental Inc 8 711 0,120 0,151 Aaron Rents Inc 10 124 0,182 0,000 Trican Well Service Ltd 17 186 0,133 0,133 Abbott Laboratories 1 649 328 0,350 0,350 TriStar Oil and Gas Ltd 14 527 0,308 0,308 Abercrombie & Fitch Co 70 053 0,187 0,187 TSX Group Inc 13 528 0,070 0,070 ABM Industries Inc 3 523 0,064 0,064 Uex Corp 4 057 0,061 0,061 Abraxis Bioscience Inc/New 26 251 0,176 0,000 Uni-Select Inc 1 054 0,031 0,031 ABX Holdings Inc 1 036 0,078 0,078 Universal Energy Group Ltd 1 440 0,039 0,039 AC Moore Arts & Crafts Inc 1 375 0,091 0,091 Uranium One Inc 49 692 0,219 0,219 Acadia Realty Trust 9 623 0,215 0,215 Uranium Participation Corp 5 401 0,144 0,144 ACCO Brands Corp 9 564 0,203 0,203 UTS Energy Corp 16 933 0,121 0,121 Accuray Inc 553 0,012 0,012 West Fraser Timber Co Ltd 4 092 0,050 0,054 Accuride Corp 1 393 0,092 0,092 Westaim Corp 532 0,381 0,381 Achillion Pharmaceuticals Inc 8 432 1,992 1,992 WesternZagros Resources Ltd 70 0,003 0,000 ACI Worldwide Inc 6 618 0,179 0,179 Westjet Airlines Ltd 15 982 0,099 0,099 Acme Packet Inc 1 112 0,027 0,027 Yamana Gold Inc (6 594) -0,015 0,000 Acorda Therapeutics Inc 40 893 1,200 1,200 Zarlink Semiconductor Inc 2 359 0,322 0,455 Actel Corp 1 659 0,086 0,086 Activision Inc 152 049 0,324 0,324 CAYMAN ISLANDS Actuant Corp 17 942 0,174 0,174 Apex Silver Mines Ltd 243 137 4,995 4,995 Acuity Brands Inc 19 123 0,185 0,185 Fresh Del Monte Produce Inc 9 602 0,083 0,083 Acxiom Corp 4 442 0,086 0,086 Garmin Ltd 282 375 0,247 0,247 Adams Respiratory Therapeutics Inc 7 240 0,062 0,062 Herbalife Ltd 7 323 0,049 0,049 Adaptec Inc 1 883 0,085 0,085 Seagate Technology 285 003 0,387 0,387 ADC Telecommunications Inc 11 137 0,112 0,112 United America Indemnity Ltd 3 215 0,079 0,120 Administaff Inc 3 607 0,088 0,088 Adobe Systems Inc 579 512 0,435 0,435 MEXICO Adtran Inc 9 968 0,129 0,129 Alfa SAB de CV 35 530 0,180 0,180 Advance America Centers Inc 8 861 0,210 0,210 America Movil SAB de CV 2 446 858 0,421 0,000 Advance Auto Parts Inc 107 562 0,521 0,521 Carso Global Telecom SAB de CV 79 068 0,082 0,089 Advanced Analogic Technologies Inc 6 945 0,252 0,252 Carso Infraestructura y Construccion SAB de CV 12 178 0,091 0,091 Advanced Energy Industries Inc 5 955 0,185 0,185 Cemex SAB de CV 395 105 0,351 0,358 Advanced Medical Optics Inc 5 202 0,065 0,065 Coca-Cola Femsa SAB de CV 5 034 0,010 0,070 Advanced Micro Devices Inc 72 230 0,294 0,294 Consorcio ARA SAB de CV 20 986 0,269 0,269 Advanta Corp 1 494 0,082 0,066 Controladora Comercial Mexicana SAB de CV 8 513 0,058 0,000 Advent Software Inc 11 179 0,145 0,145 Corp GEO SAB de CV 24 943 0,300 0,300 Advisory Board Co/The 5 523 0,088 0,088 Desarrolladora Homex SAB de CV 55 737 0,371 0,371 Aecom Technology Corp 13 138 0,085 0,085 Dine SAB DE CV 1 141 0,084 0,000 Aeropostale Inc (104 981) -1,090 0,000 Empresas ICA SAB de CV 20 466 0,115 0,115 AES Corp/The 238 178 0,306 0,306 Fomento Economico Mexicano SAB de CV 380 738 0,513 0,307 Aetna Inc 627 283 0,400 0,400 Gruma SAB de CV 8 099 0,093 0,093 AFC Enterprises 1 656 0,097 0,097 Grupo Aeroportuario del Centro Norte Sab de CV 3 688 0,055 0,000 Affiliated Computer Services Inc 142 321 0,578 0,619 Grupo Aeroportuario del Pacifico SA de CV 36 202 0,266 0,231 Affiliated Managers Group Inc 18 422 0,097 0,097 Grupo Aeroportuario del Sureste SAB de CV 11 836 0,119 0,128 Affymetrix Inc 23 697 0,273 0,273 Grupo Bimbo SAB de CV 38 024 0,100 0,100 Aflac Inc 440 405 0,265 0,265 Grupo Continental SAB de CV 5 197 0,054 0,054 Aftermarket Technology Corp 2 013 0,061 0,061 Grupo Famsa SAB de CV 3 889 0,069 0,069 AGCO Corp 336 393 0,995 0,995 Grupo Financiero Banorte SAB de CV 301 549 0,666 0,666 Agilent Technologies Inc 259 499 0,352 0,352 Grupo Financiero Inbursa SA 41 241 0,097 0,097 Agilysys Inc 1 876 0,087 0,087 Grupo Industrial Saltillo SAB de CV 18 0,001 0,001 AGL Resources Inc 23 829 0,152 0,152 GRUPO KUO SAB DE CV 700 0,027 0,000 Air Products & Chemicals Inc 359 568 0,312 0,312 Grupo Mexico SAB de CV 237 984 0,270 0,270 Aircastle Ltd 11 176 0,100 0,100 Grupo Modelo SAB de CV 51 143 0,061 0,307 Airgas Inc 26 986 0,116 0,116 Grupo Simec SAB de CV 1 235 0,013 0,000 Airtran Holdings Inc 41 787 1,172 1,172

14

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

AK Steel Holding Corp 16 634 0,059 0,059 Anadigics Inc 1 209 0,032 0,032 Akamai Technologies Inc 88 357 0,283 0,283 Analog Devices Inc 252 033 0,483 0,483 Akorn Inc 583 0,017 0,017 Analogic Corp 1 002 0,020 0,020 Alabama National Bancorporation 10 538 0,122 0,122 Anchor Bancorp Wisconsin Inc 2 392 0,088 0,088 Alaska Air Group Inc 8 890 0,162 0,162 Andersons Inc/The 5 241 0,120 0,120 Alaska Communications Systems Group Inc 6 517 0,187 0,187 Angiodynamics Inc 7 758 0,312 0,312 Albany International Corp 10 857 0,183 0,205 Anheuser-Busch Cos Inc 584 248 0,280 0,280 Albany Molecular Research Inc 67 0,003 0,003 Anixter International Inc 18 440 0,145 0,145 Albemarle Corp 24 974 0,116 0,116 Annaly Capital Management Inc 56 710 0,143 0,143 Alberto-Culver Co 36 768 0,280 0,280 AnnTaylor Stores Corp 13 127 0,154 0,154 Alcoa Inc 724 859 0,431 0,431 Ansoft Corp 2 506 0,076 0,076 Alexander & Baldwin Inc 75 444 0,629 0,629 Ansys Inc 17 607 0,100 0,100 Alexander’s Inc 5 513 0,057 0,057 Anthracite Capital Inc 3 614 0,146 0,146 Real Estate Equities Inc 48 067 0,273 0,273 Anworth Mortgage Asset Corp 2 397 0,095 0,095 Alexion Pharmaceuticals Inc 39 573 0,258 0,258 AO Smith Corp 4 666 0,078 0,108 Alfa Corp 5 681 0,060 0,060 AON Corp 232 029 0,307 0,307 Alico Inc 906 0,062 0,062 Apache Corp 755 109 0,389 0,389 Align Technology Inc 18 086 0,291 0,291 Apartment Investment & Management Co 59 963 0,333 0,333 Alkermes Inc 41 458 0,479 0,481 Apogee Enterprises Inc 3 888 0,144 0,144 Alleghany Corp 16 000 0,090 0,090 Apollo Group Inc 217 936 0,343 0,000 Allegheny Energy Inc 133 946 0,233 0,233 Apollo Investment Corp 15 735 0,142 0,142 Allegheny Technologies Inc 116 387 0,243 0,243 APP Pharmaceuticals Inc 9 256 0,104 0,104 Allegiant Travel Co 1 062 0,029 0,029 Apple Inc 3 968 870 0,421 0,424 Allergan Inc/United States 229 864 0,214 0,255 Applera Corp - Applied Biosystems Group 137 776 0,445 0,445 Allete Inc 5 435 0,082 0,082 Applera Corp - Celera Group 22 528 0,329 0,329 Alliance Data Systems Corp 89 859 0,280 0,280 Applied Industrial Technologies Inc 9 924 0,146 0,146 Alliance Imaging Inc 43 0,002 0,002 Applied Materials Inc 539 385 0,405 0,405 Alliance One International Inc 1 689 0,086 0,086 Applied Micro Circuits Corp 15 914 0,491 0,491 Alliant Energy Corp 57 980 0,238 0,238 Apria Healthcare Group Inc 1 603 0,031 0,031 Allied Capital Corp 58 964 0,327 0,327 Aptargroup Inc 22 381 0,147 0,147 Allied Waste Industries Inc 222 738 1,003 1,003 Aqua America Inc 7 629 0,050 0,050 Allis-Chalmers Energy Inc 936 0,033 0,033 Aquila Inc 3 792 0,050 0,050 Allscripts Healthcare Solutions Inc 4 476 0,075 0,075 Arbitron Inc 5 698 0,089 0,089 Allstate Corp/The 495 715 0,306 0,306 Arch Chemicals Inc 7 154 0,145 0,145 Alnylam Pharmaceuticals Inc 1 006 0,016 0,016 Arch Coal Inc 310 370 0,889 0,889 Alon USA Energy Inc 2 728 0,039 0,039 Archer-Daniels-Midland Co 346 700 0,214 0,214 Alpha Natural Resources Inc 6 580 0,057 0,057 Arena Pharmaceuticals Inc 8 530 0,278 0,278 Alpharma Inc 986 0,021 0,021 Arena Resources Inc 10 140 0,131 0,131 Altera Corp 105 808 0,300 0,300 Ares Capital Corp 8 186 0,142 0,142 Altria Group Inc 3 502 976 0,405 0,405 Argon ST Inc 2 012 0,091 0,091 Altus Pharmaceuticals Inc 863 0,100 0,100 Ariba Inc 4 623 0,095 0,095 AM Castle & Co 1 089 0,033 0,033 Arkansas Best Corp 2 991 0,100 0,100 AMAG Pharmaceuticals Inc 80 381 1,457 1,457 Armstrong World Industries Inc 7 237 0,058 0,058 Amazon.Com Inc 1 237 525 0,593 0,593 Arqule Inc 15 338 1,114 1,114 AMB Property Corp 101 168 0,327 0,327 Array Biopharma Inc 38 304 1,777 1,777 AMBAC Financial Group Inc 142 414 1,002 1,002 Arris Group Inc 5 206 0,085 0,085 Ambassadors Group Inc 2 479 0,128 0,128 Arrow Electronics Inc 87 406 0,334 0,334 AMCOL International Corp 2 511 0,043 0,043 Arrow Financial Corp 1 112 0,090 0,090 Amcore Financial Inc 2 497 0,091 0,091 Arthrocare Corp 1 865 0,026 0,026 Amedisys Inc 2 145 0,031 0,031 Arthur J Gallagher & Co 38 158 0,309 0,309 Amerco Inc 7 874 0,110 0,110 Aruba Networks Inc 1 074 0,017 0,017 Ameren Corp 67 515 0,110 0,110 ArvinMeritor Inc 3 462 0,075 0,075 American Axle & Manufacturing Holdings Inc 3 024 0,056 0,056 Asbury Automotive Group Inc 4 232 0,164 0,164 American Campus Communities Inc 5 646 0,142 0,142 Ashford Hospitality Trust Inc 6 845 0,143 0,143 American Capital Strategies Ltd 47 528 0,139 0,139 Ashland Inc 53 315 0,329 0,329 American Commercial Lines Inc 922 0,021 0,021 Aspect Medical Systems Inc 42 0,003 0,003 American Eagle Outfitters Inc 14 694 0,061 0,061 Aspen Technology Inc 7 797 0,101 0,101 American Electric Power Co Inc 134 681 0,133 0,133 Asset Acceptance Capital Corp 701 0,041 0,041 American Equity Investment Life Holding Co 2 701 0,105 0,105 Associated Banc-Corp 49 113 0,263 0,263 Co 47 353 0,014 0,014 Assurant Inc 230 213 0,537 0,537 American Financial Group Inc/OH 11 288 0,062 0,062 Astec Industries Inc 6 539 0,145 0,145 American Financial Realty Trust 8 119 0,145 0,145 Astoria Financial Corp 32 237 0,266 0,266 American Greetings Corp 4 730 0,077 0,084 ASV Inc 1 855 0,092 0,092 American International Group Inc 2 710 961 0,338 0,338 Asyst Technologies Inc 487 0,055 0,055 American Medical Systems Holdings Inc 1 103 0,019 0,019 AT&T Inc 3 735 985 0,273 0,273 American National Insurance 5 074 0,029 0,029 Atheros Communications Inc 7 598 0,081 0,081 American Railcar Industries Inc 1 420 0,064 0,064 Atlas Air Worldwide Holdings Inc 4 706 0,075 0,075 American Reprographics Co 2 644 0,065 0,065 Atlas America Inc 11 361 0,131 0,131 American Science & Engineering Inc 4 114 0,144 0,144 Atmel Corp 12 406 0,118 0,118 American States Water Co 1 743 0,050 0,050 ATMI Inc 6 566 0,111 0,111 American Superconductor Corp 8 811 0,144 0,144 Atmos Energy Corp 6 766 0,050 0,050 American Tower Corp 1 589 419 1,698 1,698 ATP Oil & Gas Corp 25 688 0,263 0,263 American Woodmark Corp 1 377 0,097 0,097 Atwood Oceanics Inc 22 560 0,131 0,131 AmeriCredit Corp 23 674 0,299 0,299 Autodesk Inc 178 522 0,286 0,286 AMERIGROUP Corp 3 276 0,031 0,031 Automatic Data Processing Inc 617 852 0,486 0,486 Ameriprise Financial Inc 192 119 0,277 0,277 AutoNation Inc 42 590 0,272 0,272 AmerisourceBergen Corp 70 342 0,173 0,173 Autozone Inc (85 723) -0,208 0,000 Ameristar Casinos Inc 5 014 0,059 0,059 Auxilium Pharmaceuticals Inc 10 493 0,160 0,160 Ameron International Corp 6 641 0,145 0,145 AvalonBay Communities Inc 131 500 0,327 0,327 Ametek Inc 39 543 0,145 0,145 Avatar Holdings Inc 1 553 0,083 0,083 Amgen Inc 1 029 491 0,375 0,375 Aventine Renewable Energy Holdings Inc 33 496 1,152 1,152 AMIS Holdings Inc 3 353 0,069 0,069 Avery Dennison Corp 101 609 0,331 0,331 Amkor Technology Inc 6 857 0,081 0,081 Avid Technology Inc 10 660 0,169 0,169 AMN Healthcare Services Inc 2 833 0,090 0,090 Avis Budget Group Inc 10 711 0,146 0,146 Amphenol Corp 148 167 0,330 0,330 Avista Corp 3 091 0,050 0,050 AMR Corp 71 592 0,377 0,377 Avnet Inc 93 801 0,329 0,329 Amsurg Corp 1 408 0,031 0,031 Avocent Corp 6 939 0,110 0,110 Amtrust Financial Services Inc 1 088 0,024 0,024 Avon Products Inc 217 571 0,236 0,236 Amylin Pharmaceuticals Inc 164 393 0,607 0,607 AVX Corp 7 328 0,059 0,059 Anadarko Petroleum Corp 521 611 0,314 0,314 Axcelis Technologies Inc 2 763 0,108 0,108

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 15

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Baker Hughes Inc 591 584 0,422 0,422 Bronco Drilling Co Inc 1 129 0,054 0,054 Baldor Electric Co 12 225 0,146 0,146 Brookdale Senior Living Inc 2 449 0,016 0,016 Baldwin & Lyons Inc 1 727 0,077 0,000 Brookfield Homes Corp 1 447 0,063 0,063 Ball Corp 83 249 0,339 0,339 Brookline Bancorp Inc 2 883 0,088 0,088 Bally Technologies Inc 21 306 0,145 0,145 Brooks Automation Inc 5 436 0,107 0,107 Bancfirst Corp 1 439 0,041 0,041 Brown & Brown Inc 54 645 0,304 0,304 Bancorpsouth Inc 9 308 0,088 0,088 Brown Shoe Co Inc 5 320 0,146 0,146 Bank Mutual Corp 1 538 0,051 0,051 Brown-Forman Corp 79 132 0,159 0,094 Bank of America Corp 2 526 647 0,254 0,254 Bruker BioSciences Corp 986 0,013 0,013 Bank of Hawaii Corp 12 133 0,089 0,089 Brunswick Corp/DE 27 130 0,333 0,333 Bank of New York Mellon Corp/The 1 016 284 0,337 0,337 Brush Engineered Materials Inc 5 965 0,145 0,145 Bank of the Ozarks Inc 1 664 0,070 0,070 Buckeye Technologies Inc 649 0,024 0,024 BankAtlantic Bancorp Inc 774 0,062 0,068 Buckle Inc/The 3 914 0,073 0,073 Bankrate Inc (21 820) -0,453 0,000 Bucyrus International Inc 45 699 0,226 0,226 BankUnited Financial Corp 866 0,065 0,066 Buffalo Wild Wings Inc 854 0,038 0,038 Banner Corp 2 134 0,088 0,088 Builders FirstSource Inc 677 0,048 0,048 Bare Escentuals Inc 5 918 0,049 0,049 Building Materials Holding Corp 1 104 0,125 0,125 Barnes & Noble Inc 13 459 0,117 0,117 Bunge Ltd 367 584 0,481 0,481 Barnes Group Inc 10 644 0,109 0,109 Burger King Holdings Inc 18 801 0,090 0,090 Barr Pharmaceuticals Inc 276 827 0,891 0,965 Burlington Northern Santa Fe Corp 455 749 0,288 0,288 Basic Energy Services Inc 6 413 0,132 0,132 CA Inc 149 373 0,214 0,214 Baxter International Inc 465 560 0,233 0,233 Cabela’s Inc 5 905 0,101 0,110 BB&T Corp 234 702 0,256 0,256 Cablevision Systems Corp 187 157 0,478 0,609 BE Aerospace Inc 38 722 0,146 0,146 Cabot Corp 40 504 0,343 0,343 BEA Systems Inc 95 183 0,274 0,274 Cabot Microelectronics Corp 5 075 0,108 0,108 Beacon Roofing Supply Inc 2 539 0,125 0,125 Cabot Oil & Gas Corp 27 953 0,131 0,131 Bear Stearns Cos Inc/The 200 691 0,290 0,363 CACI International Inc 6 489 0,089 0,089 BearingPoint Inc 2 036 0,064 0,064 Cadence Design Systems Inc 73 074 0,294 0,294 Homes USA Inc 1 890 0,120 0,120 Cal Dive International Inc 1 915 0,025 0,025 Bebe Stores Inc 1 600 0,026 0,026 Calamos Asset Management Inc 2 747 0,017 0,080 Beckman Coulter Inc 247 113 0,997 0,997 California Pizza Kitchen Inc 2 985 0,121 0,121 Becton Dickinson & Co 464 260 0,419 0,419 California Water Service Group 2 083 0,050 0,050 Bed Bath & Beyond Inc 343 440 0,813 0,813 Callaway Golf Co 9 804 0,156 0,156 Belden Inc 15 761 0,144 0,144 Cambrex Corp 1 591 0,121 0,121 Belo Corp 6 970 0,072 0,084 Camden National Corp 497 0,049 0,049 Bemis Co Inc 49 385 0,330 0,330 Camden Property Trust 20 986 0,145 0,145 Benchmark Electronics Inc 10 225 0,149 0,149 Cameron International Corp 128 344 0,225 0,225 Berkshire Hathaway Inc 1 539 673 0,129 0,069 Campbell Soup Co 172 779 0,232 0,232 Berry Petroleum Co 13 452 0,126 0,132 Capella Education Co 984 0,016 0,016 Best Buy Co Inc 241 701 0,202 0,202 Capital City Bank Group Inc 1 942 0,072 0,072 Big 5 Sporting Goods Corp 2 192 0,127 0,127 Capital One Financial Corp 252 979 0,256 0,256 Big Lots Inc 13 569 0,173 0,173 Capital Southwest Corp 2 673 0,107 0,107 Bill Barrett Corp 26 706 0,263 0,263 Capital Trust Inc/NY 969 0,032 0,033 BioForm Medical Inc 7 233 0,422 0,422 CapitalSource Inc 75 269 0,371 0,371 Biogen Idec Inc 567 129 0,625 0,625 Capitol Bancorp Ltd 918 0,049 0,049 BioMarin Pharmaceutical Inc 113 708 0,611 0,611 Capitol Federal Financial 3 283 0,026 0,026 BioMed Realty Trust Inc 11 784 0,143 0,143 CARBO Ceramics Inc 4 861 0,098 0,098 Bio-Rad Laboratories Inc 2 356 0,016 0,019 Cardinal Health Inc 331 704 0,293 0,293 BJ Services Co 208 166 0,540 0,540 Care Investment Trust Inc 8 730 0,712 0,712 BJ’s Restaurants Inc 2 914 0,125 0,125 Career Education Corp 41 148 0,331 0,331 BJ’s Wholesale Club Inc 17 751 0,151 0,151 Carlisle Cos Inc 18 251 0,146 0,146 Black & Decker Corp 83 488 0,353 0,353 Carmax Inc 114 308 0,489 0,489 Black Box Corp 4 985 0,144 0,144 Carmike Cinemas Inc 450 0,089 0,089 Black Hills Corp 10 511 0,116 0,116 Carnival Corp 351 000 0,184 0,233 Blackbaud Inc 1 560 0,023 0,023 Carpenter Technology Corp 12 158 0,061 0,061 Blackboard Inc 4 780 0,075 0,075 Carrizo Oil & Gas Inc 10 144 0,122 0,122 BlackRock Inc/New York (11 890) -0,009 0,000 Carter’s Inc 4 492 0,074 0,074 BlackRock Kelso Capital Corp 3 486 0,081 0,081 Cascade Bancorp 1 886 0,089 0,089 Blockbuster Inc 4 939 0,126 0,126 Cascade Corp 4 357 0,150 0,150 Blount International Inc 4 594 0,145 0,145 Casey’s General Stores Inc 11 818 0,145 0,145 Blue Coat Systems Inc 4 876 0,072 0,072 Cash America International Inc 5 503 0,107 0,107 Blue Nile Inc 6 390 0,108 0,108 Caterpillar Inc 1 142 686 0,456 0,456 Bluegreen Corp 1 158 0,095 0,095 Cathay General Bancorp 6 307 0,088 0,088 Blyth Inc 3 715 0,084 0,084 Cato Corp/The 3 839 0,145 0,153 BMC Software Inc 117 749 0,311 0,311 Cavium Networks Inc 1 046 0,021 0,021 Bob Evans Farms Inc 6 245 0,129 0,129 CB Richard Ellis Group Inc 28 589 0,106 0,106 Bois d’Arc Energy Inc 2 382 0,033 0,033 Cbeyond Inc 3 738 0,062 0,062 BOK Financial Corp 4 966 0,026 0,026 CBIZ Inc 3 035 0,088 0,088 Borders Group Inc 4 952 0,146 0,146 CBL & Associates Properties Inc 12 135 0,142 0,142 BorgWarner Inc 75 783 0,249 0,249 CBRL Group Inc 5 227 0,125 0,125 Borland Software Corp 924 0,078 0,078 CBS Corp 21 624 0,021 0,000 Boston Private Financial Holdings Inc 4 778 0,087 0,087 C-COR Inc 961 0,000 0,000 Boston Properties Inc 194 591 0,327 0,327 CDI Corp 1 744 0,065 0,065 Boston Scientific Corp 276 012 0,293 0,293 CEC Entertainment Inc 5 565 0,134 0,134 Bowne & Co Inc 2 354 0,092 0,092 Cedar Shopping Centers Inc 3 510 0,143 0,143 Boyd Gaming Corp 17 794 0,110 0,110 Celadon Group Inc 44 132 3,734 3,734 Brady Corp 13 983 0,135 0,000 Celanese Corp 50 148 0,144 0,144 Brandywine Realty Trust 12 119 0,143 0,143 Celgene Corp 384 800 0,397 0,397 BRE Properties Inc 15 872 0,142 0,142 Cell Genesys Inc 30 0,003 0,003 Briggs & Stratton Corp 8 885 0,146 0,146 Centene Corp 2 019 0,031 0,031 Brigham Exploration Co 1 965 0,105 0,105 Centennial Bank Holdings Inc 1 729 0,102 0,102 Bright Family Solutions Inc 7 151 0,145 0,145 Centennial Communications Corp 1 878 0,035 0,035 Brightpoint Inc 4 206 0,062 0,062 Centerpoint Energy Inc 90 783 0,304 0,304 Brinker International Inc 36 895 0,330 0,330 Centex Corp 54 801 0,329 0,329 Brink’s Co/The 13 790 0,088 0,088 Central European Distribution Corp 11 966 0,094 0,094 Bristol-Myers Squibb Co 1 013 756 0,356 0,356 Central Garden and Pet Co 2 572 0,120 0,122 Bristow Group Inc 9 612 0,132 0,132 Central Pacific Financial Corp 2 696 0,090 0,090 Broadcom Corp 358 495 0,467 0,537 Central Vermont Public Service Corp 570 0,033 0,033 Broadridge Financial Solutions Inc 46 165 0,272 0,272 Century Aluminum Co 5 122 0,043 0,043 Brocade Communications Systems Inc 21 860 0,143 0,143 CenturyTel Inc 65 442 0,263 0,263

16

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Cenveo Inc 3 348 0,066 0,066 Colgate-Palmolive Co 140 776 0,065 0,065 Cephalon Inc 384 669 1,472 1,472 Collective Brands Inc 91 342 1,477 1,477 Cepheid Inc 1 160 0,015 0,015 Colonial BancGroup Inc/The 29 622 0,263 0,263 Ceradyne Inc 10 061 0,145 0,145 Colonial Properties Trust 8 251 0,143 0,143 Cerner Corp 24 373 0,100 0,100 Columbia Banking System Inc 2 521 0,087 0,087 CF Industries Holdings Inc 48 652 0,146 0,146 Columbia Sportswear Co 5 081 0,059 0,059 CH Energy Group Inc 1 921 0,050 0,050 Comcast Corp 1 366 012 0,449 0,304 CH Robinson Worldwide Inc 239 370 0,480 0,480 Comerica Inc 130 229 0,365 0,365 Champion Enterprises Inc 5 718 0,145 0,145 Comfort Systems USA Inc 1 192 0,042 0,042 Charles River Laboratories International Inc 2 316 0,010 0,010 Commerce Bancorp Inc/NJ 507 461 1,258 1,258 Charles Schwab Corp/The 436 993 0,272 0,272 Commerce Bancshares Inc/Kansas City MO 45 977 0,262 0,262 Charlotte Russe Holding Inc 1 977 0,090 0,090 Commerce Group Inc 11 149 0,095 0,095 Charming Shoppes Inc 5 524 0,161 0,161 Commercial Metals Co 10 764 0,058 0,058 Chart Industries Inc 6 758 0,144 0,144 CommScope Inc 87 134 0,529 0,529 Charter Communications Inc 4 051 0,158 0,158 Community Bank System Inc 2 834 0,089 0,089 Chattem Inc 3 512 0,045 0,045 Community Health Systems Inc 30 703 0,160 0,160 Checkpoint Systems Inc 8 185 0,146 0,146 Community Trust Bancorp Inc 2 014 0,090 0,090 Cheesecake Factory/The 11 259 0,123 0,123 Commvault Systems Inc 4 985 0,100 0,100 Chemed Corp 10 611 0,146 0,146 Compass Minerals International Inc 3 051 0,042 0,042 Chemical Financial Corp 2 751 0,089 0,089 Complete Production Services Inc 6 965 0,098 0,098 Chemtura Corp 82 130 0,801 0,801 CompuCredit Corp 1 077 0,040 0,040 Cheniere Energy Inc 11 032 0,131 0,131 Computer Programs & Systems Inc 516 0,039 0,039 Chesapeake Energy Corp 256 763 0,236 0,236 Computer Sciences Corp 125 184 0,268 0,268 Chevron Corp 1 493 477 0,140 0,140 Compuware Corp 41 408 0,300 0,300 Chico’s FAS Inc 119 352 1,382 1,382 Comstock Resources Inc 10 792 0,132 0,132 Childrens Place Retail Stores Inc/The 2 965 0,072 0,072 Comtech Telecommunications Corp 5 983 0,085 0,085 Chipotle Mexican Grill Inc 25 857 0,108 0,103 Comverge Inc 1 173 0,033 0,033 Chiquita Brands International Inc 5 121 0,120 0,120 Comverse Technology Inc 71 935 0,377 0,377 Chittenden Corp 7 893 0,087 0,087 ConAgra Foods Inc 193 179 0,307 0,307 Hotels International Inc 17 473 0,154 0,154 Conceptus Inc 797 0,026 0,026 ChoicePoint Inc 40 459 0,286 0,286 Concur Technologies Inc 8 494 0,098 0,098 Christopher & Banks Corp 3 291 0,149 0,149 Conexant Systems Inc 2 402 0,108 0,108 Chubb Corp 321 883 0,283 0,283 Conmed Corp 935 0,026 0,026 Church & Dwight Co Inc 18 897 0,098 0,098 Conn’s Inc 1 991 0,089 0,089 Churchill Downs Inc 1 492 0,037 0,037 ConocoPhillips 2 521 684 0,329 0,329 Ciber Inc 1 139 0,056 0,056 Conseco Inc 13 576 0,107 0,107 Ciena Corp 13 862 0,086 0,086 Consol Energy Inc 448 524 0,637 0,637 Cigna Corp 117 651 0,144 0,144 Consolidated Edison Inc 352 574 0,490 0,490 Cimarex Energy Co 25 312 0,133 0,133 Consolidated Graphics Inc 3 116 0,099 0,099 Cincinnati Bell Inc 5 372 0,084 0,084 Constellation Brands Inc 68 660 0,248 0,279 Cincinnati Financial Corp 113 405 0,318 0,318 Constellation Energy Group Inc 371 735 0,370 0,370 Cinemark Holdings Inc 1 122 0,011 0,011 Contango Oil & Gas Co 5 832 0,132 0,132 Cintas Corp 59 132 0,204 0,204 Continental Airlines Inc 11 805 0,100 0,100 CIRCOR International Inc 4 518 0,108 0,108 Continental Resources Inc/OK 9 417 0,039 0,039 Circuit City Stores Inc 10 460 0,272 0,272 Convergys Corp 32 989 0,283 0,283 Cirrus Logic Inc 2 746 0,108 0,108 Con-way Inc 10 236 0,101 0,101 Cisco Systems Inc 3 384 139 0,379 0,379 Cooper Cos Inc/The 129 489 1,397 1,396 CIT Group Inc 82 199 0,332 0,332 Cooper Industries Ltd 173 896 0,336 0,336 Citadel Broadcasting Corp 1 956 0,066 0,066 Cooper Tire & Rubber Co 4 228 0,075 0,075 Citigroup Inc 2 834 038 0,356 0,356 Copano Energy LLC 22 686 0,262 0,272 Citizens Communications Co 45 559 0,201 0,201 Copart Inc 23 128 0,112 0,112 Citizens Inc/TX 1 271 0,102 0,105 Corinthian Colleges Inc 10 512 0,148 0,148 Citizens Republic Bancorp Inc 12 815 0,215 0,215 Corn Products International Inc 18 076 0,121 0,121 Citrix Systems Inc 190 255 0,486 0,486 Corning Inc 1 107 112 0,539 0,539 City Bank/Lynnwood WA 1 814 0,095 0,095 Corporate Executive Board Co 10 346 0,089 0,089 City Holding Co 2 710 0,090 0,090 Corporate Office Properties Trust SBI MD 11 513 0,142 0,142 City National Corp/CA 41 474 0,267 0,267 Corrections Corp of America 17 240 0,087 0,087 CKE Restaurants Inc 5 500 0,140 0,140 Corus Bankshares Inc 2 266 0,070 0,070 CKX Inc 3 998 0,063 0,063 Corvel Corp 44 0,003 0,003 Clarcor Inc 15 012 0,146 0,146 CoStar Group Inc 18 887 0,382 0,382 Clayton Williams Energy Inc 1 070 0,056 0,056 Costco Wholesale Corp 414 204 0,252 0,252 Clean Energy Fuels Corp 1 077 0,030 0,000 Countrywide Financial Corp 688 782 2,452 2,452 Clean Harbors Inc 6 114 0,109 0,109 Courier Corp 1 955 0,086 0,086 Clear Channel Communications Inc 297 682 0,319 0,319 Cousins Properties Inc 6 635 0,107 0,107 Clear Channel Outdoor Holdings Inc 209 868 0,393 0,393 Covance Inc 9 376 0,031 0,031 Clearwire Corp (7 042) -0,058 0,000 Covanta Holding Corp 265 501 1,149 1,149 Cleco Corp 4 520 0,050 0,050 Covenant Transportation Group Inc 15 975 3,121 3,750 Cleveland-Cliffs Inc 12 834 0,056 0,056 Coventry Health Care Inc 139 857 0,281 0,281 Clorox Co (61 781) -0,126 0,000 Covidien Ltd 282 884 0,236 0,236 CME Group Inc 571 109 0,288 0,288 Cox Radio Inc 2 064 0,033 0,090 CMGI Inc 5 029 0,144 0,144 CR Bard Inc 82 587 0,157 0,157 CMS Energy Corp 10 614 0,050 0,050 CRA International Inc 2 651 0,093 0,093 CNA Financial Corp 13 607 0,027 0,027 Crane Co 20 362 0,145 0,145 CNA Surety Corp 2 359 0,050 0,050 Crawford & Co 781 0,074 0,066 CNET Networks Inc 83 157 1,103 1,103 Credence Systems Corp 1 133 0,085 0,085 CNX Gas Corp 6 892 0,026 0,026 Credit Acceptance Corp 872 0,026 0,026 Coach Inc 130 370 0,213 0,213 Cree Inc 13 654 0,107 0,107 CoBiz Financial Inc 1 399 0,075 0,075 CROCS Inc 7 150 0,043 0,043 Coca-Cola Co/The 2 172 047 0,282 0,282 Cross Country Healthcare Inc 2 187 0,089 0,089 Coca-Cola Enterprises Inc 203 817 0,297 0,297 Crosstex Energy Inc 9 174 0,099 0,099 Coeur d’Alene Mines Corp 7 368 0,099 0,099 Crown Castle International Corp 886 187 1,376 1,376 Cogent Communications Group Inc 164 218 2,648 2,648 Crown Holdings Inc 33 180 0,149 0,149 Cogent Inc 2 130 0,037 0,037 Crown Media Holdings Inc 477 0,013 0,018 Cognex Corp 6 918 0,146 0,146 CSG Systems International Inc 3 357 0,118 0,118 Cognizant Technology Solutions Corp 144 703 0,270 0,270 CSK Auto Corp 1 743 0,146 0,146 Cohen & Steers Inc 1 263 0,019 0,019 CSS Industries Inc 1 020 0,047 0,047 Coherent Inc 6 189 0,144 0,144 CSX Corp 368 265 0,367 0,367 Cohu Inc 1 681 0,088 0,088 CTS Corp 2 547 0,134 0,134 Coinstar Inc 3 734 0,087 0,087 Cubic Corp 6 237 0,110 0,110 Coldwater Creek Inc 3 713 0,109 0,109 Cubist Pharmaceuticals Inc 152 0,002 0,002

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 17

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Cullen/Frost Bankers Inc 14 270 0,089 0,089 Earthlink Inc 4 748 0,103 0,103 Cummins Inc 238 585 0,338 0,338 East West Bancorp Inc 7 007 0,084 0,084 Cumulus Media Inc 732 0,039 0,046 EastGroup Properties Inc 7 411 0,137 0,137 Curtiss-Wright Corp 17 637 0,145 0,145 Eastman Chemical Co 92 230 0,343 0,343 CV Therapeutics Inc 8 092 0,276 0,276 Eastman Kodak Co 113 635 0,332 0,332 CVB Financial Corp 4 167 0,089 0,089 Eaton Corp 254 364 0,331 0,331 CVS Caremark Corp 1 208 741 0,379 0,379 Eaton Vance Corp 27 553 0,095 0,000 Cyberonics Inc 45 0,002 0,002 eBay Inc 791 398 0,324 0,324 Cymer Inc 7 338 0,114 0,114 Echelon Corp 4 474 0,098 0,098 Cypress Semiconductor Corp 207 519 0,666 0,666 Eclipsys Corp 90 442 1,227 1,227 Cytec Industries Inc 23 534 0,147 0,147 Ecolab Inc 226 860 0,332 0,332 Daktronics Inc 7 049 0,144 0,144 Edison International 408 274 0,432 0,432 Danaher Corp 611 669 0,406 0,406 Edwards Lifesciences Corp 3 727 0,026 0,026 Darden Restaurants Inc 65 122 0,305 0,305 eHealth Inc 27 357 0,648 0,648 Darling International Inc 6 133 0,120 0,120 EI Du Pont de Nemours & Co 664 490 0,309 0,309 Data Domain Inc 3 494 0,043 0,043 El Paso Corp 258 025 0,393 0,393 Datascope Corp 75 0,002 0,002 El Paso Electric Co 3 186 0,051 0,051 DaVita Inc 51 432 0,158 0,158 Electro Rent Corp 1 931 0,092 0,092 Dawson Geophysical Co 3 857 0,130 0,130 Electro Scientific Industries Inc 4 441 0,148 0,148 DCT Industrial Trust Inc 12 074 0,142 0,142 Electronic Arts Inc 1 253 790 1,255 1,255 DealerTrack Holdings Inc 5 442 0,070 0,070 Electronic Data Systems Corp 187 088 0,325 0,325 Dean Foods Co 108 963 0,590 0,590 Electronics for Imaging 7 570 0,109 0,109 Deckers Outdoor Corp 15 742 0,144 0,144 Eli Lilly & Co 1 522 331 0,463 0,491 Deere & Co 887 410 0,401 0,401 Elizabeth Arden Inc 2 812 0,088 0,088 Deerfield Capital Corp 3 209 0,143 0,143 Embarq Corp 228 828 0,557 0,557 Del Monte Foods Co 31 665 0,307 0,307 EMC Corp/Massachusetts 686 713 0,325 0,325 Delek US Holdings Inc 1 868 0,032 0,032 EMCOR Group Inc 12 086 0,145 0,145 dELiA*s Inc 563 0,124 0,124 Emeritus Corp 1 105 0,021 0,021 Dell Inc 980 099 0,329 0,329 Emerson Electric Co 812 595 0,336 0,336 Delphi Financial Group Inc 8 839 0,093 0,105 Empire District Electric Co/The 1 891 0,046 0,046 Delta Air Lines Inc 70 019 0,322 0,322 Employers Holdings Inc 5 677 0,126 0,126 Delta Petroleum Corp 110 205 1,622 1,622 Emulex Corp 24 611 0,332 0,332 Deltic Timber Corp 1 981 0,057 0,057 Enbridge Energy Management LLC 4 984 0,129 0,129 Deluxe Corp 8 124 0,087 0,087 Enbridge Energy Partners LP 12 349 0,050 0,081 Denbury Resources Inc 95 718 0,243 0,243 Encore Acquisition Co 9 447 0,096 0,096 Dendreon Corp 92 0,003 0,003 Encore Capital Group Inc 970 0,080 0,080 Dentsply International Inc 57 511 0,155 0,155 Encore Wire Corp 2 689 0,133 0,133 Developers Diversified Realty Corp 85 022 0,333 0,333 Endo Pharmaceuticals Holdings Inc 21 841 0,114 0,114 Devon Energy Corp 781 919 0,364 0,364 Energen Corp 117 172 0,468 0,468 DeVry Inc 28 995 0,144 0,144 Energizer Holdings Inc 98 240 0,281 0,281 Diamond Management & Technology Consultants Inc 1 520 0,127 0,127 Energy Conversion Devices Inc 10 560 0,145 0,145 Diamond Offshore Drilling Inc 168 511 0,157 0,157 Energy East Corp 54 740 0,234 0,234 DiamondRock Hospitality Co 10 996 0,143 0,143 Energy Partners Ltd 2 661 0,131 0,131 Dick’s Sporting Goods Inc 138 416 0,827 1,084 EnerNOC Inc 1 175 0,023 0,023 Diebold Inc 30 254 0,292 0,292 EnerSys 7 002 0,109 0,109 Digital Realty Trust Inc 18 083 0,134 0,134 Ennis Inc 2 181 0,087 0,087 Digital River Inc 7 271 0,100 0,100 EnPro Industries Inc 5 171 0,144 0,144 Dillard’s Inc 11 352 0,148 0,156 ENSCO International Inc 209 634 0,447 0,447 Dime Community Bancshares 2 145 0,091 0,091 Entegris Inc 11 106 0,205 0,205 Diodes Inc 5 283 0,081 0,081 Entercom Communications Corp 1 933 0,067 0,085 Dionex Corp 12 671 0,151 0,151 Entergy Corp 214 858 0,170 0,170 DIRECTV Group Inc/The 139 433 0,096 0,096 Entertainment Properties Trust 9 654 0,135 0,135 Services 153 822 0,393 0,393 Entravision Communications Corp 2 268 0,053 0,089 Discovery Holding Co 137 448 0,358 0,374 Enzo Biochem Inc 83 0,003 0,003 DISH Network Corp 241 933 0,264 0,565 Enzon Pharmaceuticals Inc 75 0,003 0,003 DivX Inc 595 0,023 0,023 EOG Resources Inc 441 294 0,370 0,370 DNP Select Income Fund Inc 42 672 0,326 0,326 Epicor Software Corp 3 732 0,100 0,100 Dolby Laboratories Inc 11 169 0,037 0,084 EPIQ Systems Inc 2 878 0,086 0,086 Dollar Financial Corp 4 186 0,104 0,104 Equifax Inc 90 994 0,350 0,350 Dollar Thrifty Automotive Group 4 488 0,163 0,163 Equinix Inc 96 166 0,483 0,483 Dollar Tree Stores Inc 45 702 0,353 0,353 Equitable Resources Inc 207 507 0,590 0,590 Dominion Resources Inc/VA 210 853 0,157 0,157 Equity Income Fund First Exchange Series-AT&T Shares 910 0,016 0,016 Domino’s Pizza Inc 4 100 0,092 0,092 Equity Lifestyle Properties Inc 8 624 0,143 0,143 Donaldson Co Inc 29 166 0,146 0,146 Equity One Inc 6 593 0,071 0,071 Douglas Emmett Inc 9 639 0,071 0,071 Equity Residential 179 613 0,335 0,335 Dover Corp 167 983 0,338 0,338 eResearchTechnology Inc 1 018 0,031 0,031 Dow Chemical Co/The 675 418 0,334 0,334 Erie Indemnity Co 19 700 0,130 0,000 Downey Financial Corp 3 104 0,066 0,066 ESCO Technologies Inc 8 189 0,147 0,147 DPL Inc 133 227 0,729 0,729 Esmark Inc 431 0,020 0,020 DR Horton Inc 154 806 0,687 0,687 eSpeed Inc 657 0,021 0,036 DreamWorks Animation SKG Inc 10 938 0,079 0,094 Essex Property Trust Inc 19 047 0,143 0,143 Dress Barn Inc 12 981 0,318 0,318 Estee Lauder Cos Inc/The (26 798) -0,059 0,000 Dresser-Rand Group Inc 23 855 0,131 0,131 Esterline Technologies Corp 12 017 0,146 0,146 Drew Industries Inc 3 513 0,108 0,108 Ethan Allen Interiors Inc 7 080 0,154 0,154 Dril-Quip Inc 12 050 0,099 0,099 Eurocastle Investment Ltd 27 610 0,325 0,325 DRS Technologies Inc 17 689 0,146 0,146 Euronet Worldwide Inc 6 890 0,087 0,087 DSP Group Inc 2 333 0,109 0,109 ev3 Inc 1 082 0,015 0,015 DST Systems Inc 355 038 1,289 1,289 Evergreen Solar Inc 13 801 0,145 0,145 DSW Inc 2 025 0,045 0,122 EW Scripps Co 62 165 0,156 0,000 DTE Energy Co (29 793) -0,076 0,000 Exar Corp 2 293 0,108 0,108 Duke Energy Corp 442 205 0,320 0,320 Excel Technology Inc 2 439 0,143 0,143 Duke Realty Corp 67 410 0,327 0,327 EXCO Resources Inc 25 900 0,295 0,295 Dun & Bradstreet Corp 76 071 0,273 0,273 Exelixis Inc 9 880 0,202 0,202 Dycom Industries Inc 5 179 0,087 0,087 Exelon Corp 702 489 0,240 0,240 Dynamic Materials Corp 5 797 0,149 0,149 ExlService Holdings Inc 922 0,026 0,026 DynCorp International Inc 6 083 0,073 0,073 Expedia Inc 333 587 0,683 0,750 Dynegy Inc 25 484 0,078 0,131 Expeditors International Washington Inc 260 437 0,504 0,504 E*Trade Financial Corp 22 433 0,252 0,252 Express Scripts Inc 220 137 0,220 0,220 Eagle Bulk Shipping Inc 92 813 1,378 1,378 Exterran Holdings Inc 68 918 0,236 0,236 Eagle Materials Inc 13 610 0,160 0,160 Extra Space Storage Inc 7 195 0,142 0,142

18

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Extreme Networks 1 693 0,077 0,077 FreightCar America Inc 3 405 0,152 0,152 Exxon Mobil Corp 7 853 763 0,283 0,283 Fremont General Corp 1 290 0,085 0,085 F5 Networks Inc 11 393 0,087 0,087 Friedman Billings Ramsey Group Inc 3 421 0,132 0,145 Factset Research Systems Inc 9 313 0,063 0,063 Frontier Financial Corp 3 894 0,088 0,088 Fair Isaac Corp 21 793 0,248 0,248 Frontier Oil Corp 23 313 0,100 0,100 Fairchild Semiconductor International Inc 146 372 1,501 1,501 FTI Consulting Inc 12 531 0,078 0,078 Fairpoint Communications Inc 2 088 0,084 0,084 FuelCell Energy Inc 5 351 0,146 0,146 FalconStor Software Inc 1 866 0,060 0,060 Fulton Financial Corp 27 819 0,263 0,263 Family Dollar Stores Inc (181 437) -1,237 0,000 Furniture Brands International Inc 3 860 0,146 0,146 Farmer Bros Co 763 0,038 0,038 G&K Services Inc 3 840 0,084 0,089 Farmers Capital Bank Corp 496 0,046 0,046 GAMCO Investors Inc 1 867 0,018 0,067 FARO Technologies Inc 1 076 0,044 0,044 GameStop Corp (134 181) -0,247 0,000 Fastenal Co 110 078 0,334 0,334 Gannett Co Inc 29 780 0,061 0,061 FBL Financial Group Inc 2 841 0,051 0,053 Gap Inc/The 1 068 123 1,231 1,231 FBR Capital Markets Corp 67 571 1,972 1,972 Gardner Denver Inc 14 008 0,146 0,146 FCStone Group Inc 3 910 0,057 0,057 Gartner Inc 4 382 0,044 0,044 Federal Agricultural Mortgage Corp 1 085 0,076 0,000 GateHouse Media Inc 1 114 0,040 0,040 Federal National Mortgage Association 610 760 0,288 0,288 GATX Corp 8 710 0,091 0,091 Federal Realty Invs Trust 35 833 0,137 0,137 Gaylord Entertainment Co 13 084 0,144 0,144 Federal Signal Corp 4 246 0,145 0,145 Gemstar-TV Guide International Inc 4 664 0,042 0,042 Federated Investors Inc 47 110 0,207 0,000 Genco Shipping & Trading Ltd 6 444 0,075 0,075 FedEx Corp 732 727 0,489 0,489 Genentech Inc 1 083 373 0,282 0,282 FEI Co 5 736 0,117 0,117 General Cable Corp 98 658 0,472 0,472 FelCor Lodging Trust Inc 7 506 0,142 0,142 General Communication Inc 1 084 0,043 0,046 Ferro Corp 7 142 0,146 0,146 Co 7 147 019 0,351 0,351 FiberTower Corp 1 674 0,093 0,093 General Growth Properties Inc 179 844 0,330 0,330 Fidelity National Financial Inc 18 551 0,108 0,108 General Maritime Corp 3 279 0,075 0,075 Fidelity National Information Services Inc 138 070 0,315 0,315 General Mills Inc 471 796 0,453 0,453 Fifth Third Bancorp 231 339 0,318 0,318 General Motors Corp 198 058 0,259 0,259 Financial Federal Corp 3 293 0,106 0,106 Genesco Inc 6 845 0,146 0,146 Finisar Corp 2 130 0,088 0,088 Genesee & Wyoming Inc 5 082 0,110 0,124 First Acceptance Corp 502 0,046 0,046 Genesis Microchip Inc 958 0,055 0,055 First American Corp 53 576 0,315 0,315 Genlyte Group Inc 16 227 0,111 0,111 First Bancorp/Troy NC 1 377 0,093 0,093 Gen-Probe Inc 143 878 0,783 0,783 First Busey Corp 3 504 0,089 0,089 Gentex Corp 35 864 0,257 0,257 First Cash Financial Services Inc 2 639 0,108 0,108 Gentiva Health Services Inc 906 0,031 0,031 First Charter Corp 4 934 0,087 0,087 Genuine Parts Co 111 166 0,263 0,263 First Citizens BancShares Inc/NC 4 582 0,052 0,066 Inc 1 571 373 2,592 2,592 First Commonwealth Financial Corp 3 741 0,089 0,089 Genzyme Corp 847 735 0,789 0,789 First Community Bancorp Inc/CA 5 743 0,092 0,092 Geo Group Inc/The 6 792 0,088 0,088 First Community Bancshares Inc/VA 1 701 0,088 0,088 Gulf Corp (1 342) -0,109 0,000 First Financial Bancorp 1 741 0,075 0,075 Geovic Mining Corp 28 090 2,987 2,987 First Financial Bankshares Inc 3 694 0,087 0,087 Geron Corp 74 0,003 0,003 First Financial Corp/IN 1 468 0,073 0,073 Getty Images Inc 18 995 0,203 0,203 First Financial Holdings Inc 1 689 0,098 0,098 Getty Realty Corp 3 831 0,107 0,107 First Horizon National Corp 32 821 0,264 0,264 Gevity HR Inc 1 208 0,124 0,124 First Indiana Corp 1 932 0,067 0,067 GFI Group Inc (19 243) -0,126 0,000 First Industrial Realty Trust Inc 12 195 0,145 0,145 Gibraltar Industries Inc 2 293 0,092 0,092 First Marblehead Corp/The 11 345 0,146 0,146 Gilead Sciences Inc 1 377 474 0,592 0,592 First Merchants Corp 1 949 0,090 0,090 Glacier Bancorp Inc 4 778 0,088 0,088 First Midwest Bancorp Inc/IL 7 185 0,089 0,089 Glatfelter 2 117 0,056 0,056 First Niagara Financial Group Inc 6 042 0,088 0,088 Glimcher Realty Trust 4 179 0,143 0,143 First Solar Inc 163 631 0,145 0,145 Global Cash Holdings Inc 1 725 0,063 0,063 FirstEnergy Corp 56 802 0,047 0,047 Global Industries Ltd 13 453 0,101 0,101 FirstFed Financial Corp 2 490 0,094 0,094 Global Payments Inc 17 867 0,090 0,090 FirstMerit Corp 7 603 0,087 0,087 Global Traffic Network Inc 19 082 2,987 2,987 Fiserv Inc 135 340 0,273 0,273 GMH Communities Trust 1 527 0,122 0,122 Fisher Communications Inc 813 0,045 0,045 Gold Reserve Inc 31 852 2,020 2,060 Flagstar Bancorp Inc 737 0,032 0,032 Golden Star Resources Ltd 3 353 0,082 0,082 Fleetwood Enterprises Inc 2 524 0,121 0,121 Goldman Sachs Group Inc/The 1 634 190 0,329 0,352 Flir Systems Inc 33 475 0,145 0,145 Goodman Global Inc 9 636 0,105 0,105 Flotek Industries Inc 4 732 0,132 0,132 Goodrich Petroleum Corp 2 302 0,056 0,056 Flowers Foods Inc 14 140 0,121 0,121 Goodyear Tire & Rubber Co/The 127 601 0,394 0,394 Flowserve Corp 43 576 0,146 0,146 Google Inc 4 237 580 0,361 0,479 Fluor Corp 349 306 0,499 0,499 Gorman-Rupp Co/The 4 132 0,146 0,146 Flushing Financial Corp 1 738 0,094 0,094 Graco Inc 19 314 0,152 0,152 FMC Corp 33 235 0,148 0,148 GrafTech International Ltd 52 043 0,526 0,526 FMC Technologies Inc 95 163 0,238 0,238 Gramercy Capital Corp/New York 4 375 0,095 0,095 FNB Corp/PA 4 200 0,087 0,087 Granite Construction Inc 11 983 0,146 0,146 Foot Locker Inc 38 157 0,333 0,333 Grant Prideco Inc 50 816 0,133 0,133 Force Protection Inc 1 019 0,059 0,059 Graphic Packaging Corp 1 968 0,049 0,049 Ford Motor Co 501 615 0,650 0,673 Gray Television Inc 1 156 0,055 0,063 Forest City Enterprises Inc 62 112 0,250 0,086 Great Atlantic & Pacific Tea Co 6 459 0,064 0,064 Forest Laboratories Inc 489 068 0,792 0,792 Great Plains Energy Inc 72 614 0,529 0,529 Forest Oil Corp 71 189 0,293 0,293 Great Southern Bancorp Inc 791 0,049 0,049 Forestar Real Estate Group Inc 14 932 0,328 0,328 Greatbatch Inc 14 847 0,609 0,609 Formfactor Inc 9 303 0,107 0,107 Green Mountain Coffee Roasters Inc 4 637 0,089 0,089 Forrester Research Inc 2 319 0,066 0,066 Greenbrier Cos Inc 2 428 0,124 0,124 Fortune Brands Inc 198 111 0,328 0,328 Greenhill & Co Inc 6 550 0,067 0,068 Forward Air Corp 5 014 0,102 0,102 Greif Inc 12 890 0,080 0,009 Fossil Inc 11 356 0,072 0,072 Grey Wolf Inc 7 060 0,133 0,133 Foster Wheeler Ltd 404 734 0,669 0,669 Griffon Corp 1 838 0,091 0,091 Foundation Coal Holdings Inc 7 359 0,057 0,057 Group 1 Automotive Inc 4 093 0,139 0,139 Foundry Networks Inc 12 484 0,087 0,087 GSI Commerce Inc 5 378 0,109 0,109 FPL Group Inc 419 276 0,280 0,280 GTx Inc 487 0,018 0,018 Franklin Electric Co Inc 5 229 0,109 0,109 Guaranty Financial Group Inc 10 128 0,328 0,328 Franklin Resources Inc 443 526 0,291 0,291 Guess ? Inc 11 215 0,058 0,058 Franklin Street Properties Corp 8 133 0,144 0,144 Gulfmark Offshore Inc 7 674 0,131 0,131 Freddie Mac 354 538 0,290 0,290 Gulfport Energy Corp 4 154 0,099 0,099 Fred’s Inc 2 553 0,121 0,121 Gymboree Corp 7 445 0,157 0,157

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 19

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

H&E Equipment Services Inc 1 913 0,049 0,049 Huron Consulting Group Inc 7 165 0,088 0,088 H&R Block Inc 107 282 0,327 0,327 Hutchinson Technology Inc 3 021 0,080 0,080 Haemonetics Corp 2 355 0,027 0,027 IAC/InterActiveCorp 137 395 0,331 0,364 Hain Celestial Group Inc 8 296 0,120 0,120 IBERIABANK Corp 2 868 0,089 0,089 Halliburton Co 449 652 0,267 0,267 Iconix Brand Group Inc 8 843 0,140 0,140 Halozyme Therapeutics Inc 597 0,020 0,020 ICU Medical Inc 70 0,003 0,003 Hancock Holding Co 5 840 0,089 0,089 Idacorp Inc 126 249 1,467 1,467 Hanesbrands Inc 20 776 0,148 0,148 Idearc Inc 37 302 0,266 0,266 Hanmi Financial Corp 1 389 0,063 0,063 IDEX Corp 17 510 0,110 0,110 Hanover Insurance Group Inc/The 15 557 0,120 0,120 Idexx Laboratories Inc 17 156 0,088 0,088 Hansen Medical Inc 572 0,016 0,016 IDT Corp 1 776 0,052 0,089 Hansen Natural Corp (16 514) -0,074 0,000 Ihop Corp 4 082 0,121 0,121 Harley-Davidson Inc 165 302 0,270 0,270 IHS Inc 9 396 0,046 0,058 Harleysville Group Inc 7 060 0,122 0,122 II-VI Inc 7 167 0,146 0,146 Harleysville National Corp 2 003 0,081 0,081 IKON Office Solutions Inc 427 0,006 0,006 Harman International Industries Inc 208 626 0,862 0,862 Illinois Tool Works Inc 531 248 0,336 0,336 Harmonic Inc 4 690 0,088 0,088 Illumina Inc 1 132 0,006 0,006 Harrah’s Entertainment Inc 440 519 0,487 0,487 Imation Corp 5 201 0,116 0,116 Harris Corp 123 476 0,265 0,265 ImClone Systems Inc 162 826 0,809 0,809 Harsco Corp 42 749 0,146 0,146 Immucor Inc 3 312 0,026 0,026 Harte-Hanks Inc 4 357 0,066 0,066 IMPAC Mortgage Holdings Inc 297 0,128 0,128 Hartford Financial Services Group Inc 457 222 0,308 0,308 IMS Health Inc 66 820 0,275 0,275 Harvest Natural Resources Inc 3 355 0,142 0,142 Incyte Corp 150 0,003 0,003 Hasbro Inc 73 998 0,362 0,362 Independent Bank Corp/MI 774 0,066 0,066 Hawaiian Electric Industries Inc 5 084 0,050 0,050 Independent Bank Corp/Rockland MA 1 848 0,091 0,091 Haynes International Inc 890 0,020 0,020 IndyMac Bancorp Inc 2 281 0,088 0,088 HB Fuller Co 10 795 0,147 0,147 Infinera Corp 883 0,013 0,013 HCC Insurance Holdings Inc 21 009 0,117 0,117 Infinity Property & Casualty Corp 4 602 0,143 0,143 HCP Inc 132 983 0,326 0,326 Informatica Corp 8 695 0,101 0,101 Headwaters Inc 3 927 0,145 0,145 Infospace Inc 3 398 0,100 0,100 Health Care REIT Inc 27 942 0,135 0,135 infoUSA Inc 1 219 0,045 0,045 Health Management Associates Inc 12 550 0,159 0,159 Ingram Micro Inc 100 755 0,596 0,596 Health Net Inc 158 285 0,548 0,548 Inland Real Estate Corp 7 158 0,142 0,142 Healthcare Realty Trust Inc 9 405 0,135 0,135 Innerworkings Inc 2 926 0,065 0,065 Healthcare Services Group 1 494 0,031 0,031 Insight Enterprises Inc 5 283 0,110 0,110 HealthExtras Inc 1 863 0,031 0,031 Insituform Technologies Inc 2 688 0,122 0,122 Healthsouth Corp 17 169 0,191 0,191 Inspire Pharmaceuticals Inc 45 0,002 0,002 Healthspring Inc 1 393 0,022 0,022 Insulet Corp 676 0,020 0,020 Healthways Inc 3 518 0,031 0,031 Integra Bank Corp 1 498 0,095 0,095 Hearst-Argyle Television Inc 1 156 0,010 0,018 Integra LifeSciences Holdings Corp 1 168 0,019 0,019 Heartland Express Inc 5 718 0,077 0,077 Integrated Device Technology Inc 12 773 0,109 0,109 Heartland Payment Systems Inc 1 928 0,035 0,035 Integrys Energy Group Inc 113 909 0,532 0,532 Hecla Mining Co 3 469 0,057 0,057 Intel Corp 3 214 554 0,380 0,380 Heico Corp 8 535 0,127 0,114 Interactive Brokers Group Inc 6 311 0,009 0,090 Heidrick & Struggles International Inc 3 179 0,089 0,089 Interactive Data Corp 5 703 0,034 0,034 Helix Energy Solutions Group Inc 59 567 0,289 0,289 IntercontinentalExchange Inc 246 196 0,339 0,339 Helmerich & Payne Inc 86 619 0,385 0,385 InterDigital Inc 6 453 0,107 0,107 Henry Schein Inc 45 618 0,153 0,153 Interface Inc 7 134 0,130 0,146 Hercules Inc 17 886 0,147 0,147 Interline Brands Inc 4 204 0,109 0,109 Hercules Offshore Inc 39 325 0,343 0,343 Intermec Inc 5 434 0,081 0,081 Herman Miller Inc 15 817 0,148 0,148 InterMune Inc 36 272 1,286 1,286 Hershey Co/The 109 576 0,226 0,308 Internap Network Services Corp 2 261 0,102 0,102 Hertz Global Holdings Inc 40 436 0,146 0,146 International Bancshares Corp 5 215 0,067 0,067 Hess Corp 539 998 0,309 0,309 International Business Machines Corp 2 194 358 0,271 0,271 Hewitt Associates Inc 19 674 0,090 0,090 International Coal Group Inc 2 533 0,057 0,057 Hewlett-Packard Co 2 745 886 0,389 0,389 International Flavors & Fragrances Inc 77 466 0,366 0,366 Hexcel Corp 18 117 0,144 0,144 International Game Technology 701 975 0,933 0,933 Hibbett Sports Inc 4 956 0,150 0,150 International Paper Co 137 558 0,183 0,183 Highwoods Properties Inc 12 942 0,142 0,142 International Rectifier Corp 14 531 0,109 0,109 Hilb Rogal & Hobbs Co 9 766 0,120 0,120 International Speedway Corp 10 158 0,087 0,148 Hillenbrand Industries Inc 28 924 0,154 0,154 Interpublic Group of Cos Inc 253 606 1,222 1,222 Hilltop Holdings Inc 3 584 0,107 0,107 Intersil Corp 33 145 0,190 0,190 Hittite Microwave Corp 3 482 0,043 0,043 Interwoven Inc 3 395 0,097 0,097 HJ Heinz Co 251 393 0,313 0,313 Intuit Inc 290 407 0,509 0,509 HLTH Corp 35 935 0,270 0,270 Intuitive Surgical Inc 174 939 0,260 0,260 HMS Holdings Corp 1 276 0,029 0,029 Invacare Corp 1 100 0,025 0,026 HNI Corp 12 897 0,147 0,147 inVentiv Health Inc 4 573 0,084 0,084 Holly Corp 15 022 0,098 0,098 Inverness Medical Innovations Inc 5 324 0,023 0,023 Hologic Inc 91 704 0,196 0,196 Invesco Ltd 885 048 1,518 0,829 Home Depot Inc 1 303 072 0,528 0,528 Investment Technology Group Inc 10 172 0,090 0,090 Home Properties Inc 11 690 0,144 0,144 INVESTools Inc 5 431 0,086 0,086 Horace Mann Educators Corp 5 349 0,120 0,120 Investors Bancorp Inc 3 754 0,044 0,044 Horizon Lines Inc 2 569 0,078 0,078 Investors Real Estate Trust 3 867 0,141 0,141 Hormel Foods Corp 118 929 0,399 0,399 Invitrogen Corp 32 824 0,139 0,139 Hornbeck Offshore Services Inc 8 295 0,131 0,131 ION Geophysical Corp 9 130 0,114 0,114 Hospira Inc 306 969 0,841 0,841 Ionatron Inc 1 157 0,094 0,094 Hospitality Properties Trust 53 728 0,327 0,327 Iowa Telecommunications Services Inc 1 293 0,046 0,046 Host Hotels & Resorts Inc 158 611 0,328 0,328 iPCS Inc 2 791 0,084 0,084 HOT Topic Inc 1 730 0,126 0,126 IPG Photonics Corp 1 084 0,023 0,023 Hovnanian Enterprises Inc 23 477 0,957 1,265 Iron Mountain Inc 412 904 1,025 1,025 HRPT Properties Trust 12 597 0,133 0,133 Irwin Financial Corp 430 0,037 0,037 HUB Group Inc 139 110 2,485 2,528 iShares MSCI Brazil Index Fund (109 547) -0,269 0,000 Hubbell Inc 20 931 0,128 0,148 Isis Pharmaceuticals Inc 739 0,010 0,010 Hudson City Bancorp Inc 114 258 0,269 0,269 Isle of Capri Casinos Inc 1 416 0,061 0,061 Hudson Highland Group Inc 1 424 0,122 0,122 iStar Financial Inc 59 333 0,318 0,318 Hughes Communications Inc 1 745 0,031 0,031 ITC Holdings Corp 204 833 1,563 1,563 Human Genome Sciences Inc 22 370 0,293 0,293 Itron Inc 23 110 0,145 0,145 Humana Inc 109 942 0,159 0,159 ITT Corp 215 450 0,331 0,331 Huntington Bancshares Inc/OH 77 390 0,264 0,264 ITT Educational Services Inc 27 571 0,150 0,150 Huntsman Corp 33 738 0,109 0,109 Ixia 745 0,021 0,021

20

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

J Crew Group Inc 17 489 0,109 0,109 Lawson Products 2 253 0,128 0,128 J&J Snack Foods Corp 3 027 0,095 0,095 Lawson Software Inc 7 720 0,078 0,078 j2 Global Communications Inc 4 302 0,076 0,076 Layne Christensen Co 1 045 0,020 0,020 Jabil Circuit Inc 56 445 0,327 0,327 La-Z-Boy Inc 2 728 0,123 0,123 Jack Henry & Associates Inc 11 979 0,101 0,101 LCA-Vision Inc 72 0,003 0,003 Jack in the Box Inc 10 647 0,127 0,127 Leap Wireless International Inc 422 511 2,446 2,446 Jackson Hewitt Tax Service Inc 7 368 0,142 0,142 Leapfrog Enterprises Inc 1 629 0,070 0,124 Jacobs Engineering Group Inc 204 597 0,325 0,325 Lear Corp 8 629 0,075 0,075 Jakks Pacific Inc 5 261 0,145 0,145 LECG Corp 3 020 0,146 0,146 Janus Capital Group Inc 77 403 0,255 0,255 Lee Enterprises Inc 2 662 0,070 0,084 Jarden Corp 14 399 0,145 0,145 Legg Mason Inc 143 919 0,270 0,274 JB Hunt Transport Services Inc 93 766 0,494 0,494 Leggett & Platt Inc 54 676 0,339 0,339 JC Penney Co Inc 66 632 0,126 0,126 Lehman Brothers Holdings Inc 514 950 0,273 0,273 JDA Software Group Inc 3 354 0,100 0,100 Lennar Corp 109 189 0,712 0,255 JDS Uniphase Corp 138 587 0,874 0,898 Lennox International Inc 16 836 0,117 0,117 Jefferies Group Inc 10 436 0,066 0,066 Lenovo Group Ltd 35 476 0,078 0,081 JetBlue Airways Corp 18 809 0,326 0,326 Leucadia National Corp 110 907 0,195 0,195 JM Smucker Co/The 19 318 0,120 0,120 Level 3 Communications Inc 67 156 0,265 0,265 Jo-Ann Stores Inc 1 640 0,093 0,093 Levitt Corp 37 0,003 0,003 John Wiley & Sons Inc 9 323 0,069 0,083 Lexicon Pharmaceuticals Inc 32 0,001 0,001 Johnson & Johnson 2 369 758 0,229 0,229 Lexington Realty Trust 7 230 0,144 0,144 Johnson Controls Inc 299 877 0,258 0,258 Lexmark International Inc 52 432 0,292 0,292 Jones Apparel Group Inc 31 132 0,421 0,421 Liberty Global Inc 484 963 0,638 0,825 Jones Lang LaSalle Inc 20 678 0,143 0,143 Liberty Media Corp - Capital 238 499 0,292 0,306 JOS A Bank Clothiers Inc 4 075 0,145 0,145 Liberty Media Corp - Interactive 167 605 0,256 0,269 Journal Communications Inc 1 451 0,048 0,063 Liberty Property Trust 47 081 0,329 0,329 Joy Global Inc 128 662 0,335 0,335 Life Time Fitness Inc 7 674 0,073 0,073 JPMorgan Chase & Co 487 931 0,061 0,061 Lifecell Corp 818 0,010 0,010 Juniper Networks Inc 638 411 0,679 0,679 LifePoint Hospitals Inc 29 589 0,315 0,315 Kaiser Aluminum Corp 3 781 0,043 0,043 Ligand Pharmaceuticals Inc 87 0,003 0,003 Kaman Corp 7 166 0,146 0,146 Lin TV Corp 1 146 0,034 0,063 Kansas City Life Insurance Co 537 0,019 0,019 Lincare Holdings Inc 25 973 0,170 0,170 Kansas City Southern 14 387 0,100 0,100 Lincoln Electric Holdings Inc 24 065 0,144 0,144 Kaydon Corp 12 211 0,148 0,148 Lincoln National Corp 857 847 1,008 1,008 KB Home 34 644 0,330 0,330 Lindsay Corp 6 532 0,145 0,145 KBR Inc 52 174 0,146 0,146 Linear Technology Corp 114 838 0,297 0,297 KBW Inc 1 057 0,026 0,026 Linn Energy LLC 8 808 0,057 0,057 Kearny Financial Corp 1 431 0,031 0,031 Liquidity Services Inc 16 244 0,830 0,830 Kellogg Co 101 919 0,091 0,091 Lithia Motors Inc 1 470 0,100 0,123 Kellwood Co 2 893 0,124 0,124 Littelfuse Inc 5 845 0,146 0,146 Kelly Services Inc 2 933 0,079 0,000 Live Nation Inc 7 549 0,131 0,131 Kemet Corp 4 408 0,146 0,146 Liz Claiborne Inc 57 043 0,519 0,519 Kendle International Inc 1 129 0,029 0,029 LKQ Corp 11 071 0,073 0,073 Kenexa Corp 1 552 0,058 0,058 LodgeNet Interactive Corp 989 0,046 0,046 Kennametal Inc 34 884 0,218 0,218 Loews Corp 448 204 0,310 0,310 Kenneth Cole Productions Inc 1 415 0,074 0,124 Loews Corp - Carolina Group 139 248 0,173 0,000 Keryx Biopharmaceuticals Inc 10 847 0,545 0,545 Longs Drug Stores Corp 77 185 0,802 0,802 Keycorp 106 755 0,216 0,216 Loral Space & Communications Inc 3 320 0,088 0,088 Kilroy Realty Corp 13 823 0,141 0,141 Louisiana-Pacific Corp 18 321 0,238 0,238 Kimball International Inc 2 456 0,089 0,000 Lowe’s Cos Inc 126 844 0,071 0,071 Kimberly-Clark Corp 656 095 0,412 0,412 LSI Corp 60 475 0,297 0,297 Kimco Realty Corp 163 738 0,328 0,328 LTC Properties Inc 4 582 0,147 0,147 Kinder Morgan Management LLC 27 968 0,137 0,137 Ltd Brands Inc 125 617 0,346 0,346 Kindred Healthcare Inc 1 257 0,024 0,024 Lubrizol Corp 29 821 0,148 0,148 Kinetic Concepts Inc 24 082 0,115 0,115 Lufkin Industries Inc 6 163 0,135 0,135 King Pharmaceuticals Inc 20 220 0,149 0,149 Luminent Mortgage Capital Inc 7 0,003 0,004 Kirby Corp 86 621 0,642 0,642 Luminex Corp 104 0,003 0,003 Kla-Tencor Corp 146 781 0,308 0,308 M&F Worldwide Corp 5 652 0,091 0,091 KNBT Bancorp Inc 1 947 0,088 0,088 M&T Bank Corp 107 856 0,228 0,228 Knight Capital Group Inc 6 920 0,091 0,091 Macerich Co/The 91 481 0,327 0,327 Knight Transportation Inc 121 440 1,744 1,744 Mack-Cali Realty Corp 17 934 0,143 0,143 Knoll Inc 6 481 0,144 0,144 Macrovision Corp 20 760 0,389 0,389 Knology Inc 1 198 0,046 0,000 Macy’s Inc 542 000 0,891 0,891 Knot Inc/The 46 792 1,713 1,713 Magellan Health Services Inc 3 142 0,028 0,031 Kohl’s Corp 127 732 0,164 0,164 Magma Design Automation Inc 2 029 0,074 0,074 Kopin Corp 970 0,083 0,083 Maguire Properties Inc 10 747 0,142 0,142 Koppers Holdings Inc 7 197 0,147 0,147 Manhattan Associates Inc 2 815 0,077 0,077 Korn/Ferry International 4 660 0,098 0,098 Manitowoc Co Inc/The 48 186 0,140 0,140 Kraft Foods Inc 915 490 0,334 0,334 MannKind Corp 9 148 0,210 0,210 Krispy Kreme Doughnuts Inc 1 365 0,121 0,121 Manpower Inc 262 557 1,049 1,049 Kroger Co/The 184 456 0,189 0,189 Mantech International Corp 6 799 0,083 0,143 K-Swiss Inc 3 809 0,112 0,145 Marathon Oil Corp 795 427 0,339 0,339 KV Pharmaceutical Co 29 144 0,380 0,066 Marcus Corp 2 248 0,088 0,125 L-1 Identity Solutions Inc 10 680 0,146 0,146 Marine Products Corp 908 0,064 0,064 Laboratory Corp of America Holdings 77 300 0,164 0,164 Mariner Energy Inc 14 253 0,132 0,132 LaBranche & Co Inc 1 091 0,065 0,065 Markel Corp 80 990 0,305 0,305 Laclede Group Inc/The 2 012 0,050 0,050 MarketAxess Holdings Inc 4 707 0,202 0,219 Ladish Co Inc 4 972 0,146 0,146 Markwest Hydrocarbon Inc 2 016 0,049 0,049 Lakeland Bancorp Inc 1 379 0,094 0,094 Marriott International Inc/DE 374 258 0,548 0,548 Lam Research Corp 84 940 0,291 0,291 Marsh & McLennan Cos Inc 288 537 0,386 0,386 Lamar Advertising Co 384 008 1,557 1,860 Marshall & Ilsley Corp 101 603 0,267 0,273 Lancaster Colony Corp 6 122 0,095 0,095 Martek Biosciences Corp 6 234 0,120 0,120 Lance Inc 4 160 0,120 0,120 Martha Stewart Living Omnimedia 429 0,016 0,032 LandAmerica Financial Group Inc 3 694 0,131 0,131 Martin Marietta Materials Inc 44 004 0,146 0,146 Landauer Inc 3 765 0,145 0,145 Marvel Entertainment Inc 12 906 0,114 0,114 Landry’s Restaurants Inc 1 979 0,115 0,115 Marvell Technology Group Ltd 338 689 0,753 0,753 Landstar System Inc 140 229 1,140 1,140 Masco Corp 146 475 0,338 0,338 Las Vegas Sands Corp 230 842 0,116 0,116 Massey Energy Co 75 793 0,490 0,490 LaSalle Hotel Properties 9 896 0,143 0,143 MasTec Inc 2 120 0,057 0,057 Lattice Semiconductor Corp 1 715 0,084 0,084 Mastercard Inc 313 275 0,203 0,319

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 21

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Matria Healthcare Inc 859 0,031 0,031 Morningstar Inc 4 616 0,025 0,025 Mattel Inc 185 017 0,488 0,488 Mosaic Co/The 399 416 0,174 0,176 Matthews International Corp 11 758 0,149 0,149 Motorola Inc 589 508 0,296 0,296 Maxim Integrated Products Inc 144 703 0,314 0,314 Movado Group Inc 3 897 0,109 0,146 MAXIMUS Inc 4 050 0,105 0,105 Move Inc 2 549 0,123 0,123 Maxygen Inc 40 0,002 0,002 MPS Group Inc 5 372 0,090 0,090 MB Financial Inc 4 923 0,083 0,083 MSC Industrial Direct Co 15 160 0,104 0,145 MBIA Inc 91 854 0,724 0,724 MSC.Software Corp 3 096 0,098 0,098 McAfee Inc 92 628 0,284 0,284 MSCI Inc 2 023 0,010 0,060 McClatchy Co 1 558 0,028 0,040 MTC Technologies Inc 1 802 0,093 0,093 McCormick & Co Inc/MD 73 424 0,279 0,000 MTR Gaming Group Inc 1 213 0,119 0,119 McDermott International Inc 317 862 0,440 0,440 MTS Systems Corp 6 008 0,147 0,147 McDonald’s Corp 1 169 562 0,309 0,309 Mueller Industries Inc 8 483 0,145 0,145 MCG Capital Corp 5 623 0,136 0,136 Mueller Water Products Inc 7 800 0,127 0,143 Mcgrath Rentcorp 5 177 0,146 0,146 Multi-Fineline Electronix Inc 1 131 0,049 0,049 McGraw-Hill Cos Inc/The 399 254 0,510 0,510 Multimedia Games Inc 1 499 0,126 0,126 McKesson Corp 664 814 0,646 0,646 Municipal Mortgage & Equity LLC 3 268 0,106 0,106 McMoRan Exploration Co 5 676 0,157 0,157 Murphy Oil Corp 466 906 0,536 0,536 MDC Holdings Inc 9 647 0,104 0,104 MVC Capital Inc 39 919 1,877 1,877 MDU Resources Group Inc 146 453 0,536 0,536 Myers Industries Inc 3 014 0,109 0,109 MeadWestvaco Corp 22 193 0,071 0,071 Mylan Inc 106 392 0,461 0,461 Medarex Inc 688 0,010 0,010 Myriad Genetics Inc 826 0,007 0,007 Medcath Corp 661 0,023 0,023 Nabi Biopharmaceuticals 39 0,003 0,003 Medco Health Solutions Inc 280 525 0,190 0,190 NACCO Industries Inc 5 204 0,116 0,144 Media General Inc 2 148 0,082 0,084 Nalco Holding Co 16 614 0,089 0,089 Mediacom Communications Corp 985 0,037 0,050 Nara Bancorp Inc 1 541 0,093 0,093 Medical Properties Trust Inc 3 892 0,140 0,140 Nasdaq Stock Market Inc/The 120 645 0,395 0,395 Medicines Co/The 26 309 0,488 0,488 Nash Finch Co 3 749 0,145 0,145 Medicis Pharmaceutical Corp 1 620 0,020 0,020 NATCO Group Inc 7 138 0,132 0,132 Medis Technologies Ltd 2 743 0,134 0,134 National CineMedia Inc 1 091 0,019 0,019 Medtronic Inc 1 773 771 0,575 0,575 National City Corp 133 124 0,235 0,235 MEMC Electronic Materials Inc 237 596 0,216 0,216 National Financial Partners Corp 118 936 1,239 1,239 Men’s Wearhouse Inc 11 590 0,149 0,149 National Fuel Gas Co 10 606 0,050 0,050 Mentor Corp 1 870 0,026 0,026 National Health Investors Inc 6 014 0,143 0,143 Mentor Graphics Corp 5 018 0,096 0,096 National Healthcare Corp 827 0,024 0,024 Mercator Minerals Ltd 1 185 0,032 0,032 National Instruments Corp 15 797 0,110 0,110 Merck & Co Inc 2 171 169 0,316 0,335 National Interstate Corp 1 060 0,031 0,031 Mercury Computer Systems Inc 1 698 0,086 0,086 National Oilwell Varco Inc 590 537 0,415 0,415 Mercury General Corp 22 404 0,151 0,151 National Penn Bancshares Inc 3 538 0,088 0,088 Meredith Corp 7 257 0,051 0,064 National Presto Industries Inc 1 773 0,091 0,091 Meridian Bioscience Inc 1 268 0,019 0,019 National Retail Properties Inc 12 114 0,133 0,133 Meridian Gold Inc 9 784 0,049 0,049 National Semiconductor Corp 97 265 0,300 0,300 Merit Medical Systems Inc 68 0,003 0,003 National Western Life Insurance Co 4 055 0,099 0,105 Meritage Homes Corp 1 756 0,085 0,085 Nationwide Financial Services (8 712) -0,026 0,000 Merrill Lynch & Co Inc 884 442 0,354 0,356 Nationwide Health Properties Inc 22 157 0,140 0,140 Metal Management Inc 9 345 0,145 0,145 Nautilus Inc 1 012 0,122 0,122 Metavante Technologies Inc 22 374 0,149 0,000 Navigant Consulting Inc 3 088 0,086 0,086 Methode Electronics Inc 4 450 0,131 0,131 Navigators Group Inc 5 356 0,090 0,090 MetLife Inc 355 665 0,144 0,144 NAVTEQ Corp 136 227 0,337 0,337 MetroPCS Communications Inc 297 043 0,810 0,810 NBT Bancorp Inc 3 622 0,091 0,091 Mettler Toledo International Inc 33 594 0,151 0,151 NBTY Inc 9 074 0,091 0,091 MFA Mortgage Investments Inc 8 594 0,143 0,143 NCI Building Systems Inc 4 594 0,151 0,151 MGE Energy Inc 2 103 0,050 0,050 NCR Corp 72 058 0,292 0,292 MGI Pharma Inc 3 614 0,020 0,020 Neenah Paper Inc 831 0,035 0,035 MGIC Investment Corp 22 040 0,221 0,221 Nektar Therapeutics 110 0,003 0,003 MGM Mirage 302 840 0,222 0,222 Nelnet Inc 1 075 0,031 0,041 Micrel Inc 2 928 0,084 0,084 NetFlix Inc 14 219 0,150 0,150 Microchip Technology Inc 109 119 0,299 0,299 Netgear Inc 4 482 0,066 0,066 Micron Technology Inc 110 580 0,369 0,369 Netlogic Microsystems Inc 2 986 0,081 0,081 Micros Systems Inc 16 809 0,108 0,108 Network Appliance Inc 207 576 0,445 0,445 Microsemi Corp 9 961 0,107 0,107 Neurocrine Biosciences Inc 31 0,003 0,003 Microsoft Corp 6 861 554 0,379 0,379 NeuStar Inc 81 890 0,684 0,684 MicroStrategy Inc 4 987 0,079 0,103 New Jersey Resources Corp 3 819 0,051 0,051 Mid-America Apartment Communities Inc 8 415 0,142 0,142 New York & Co Inc 980 0,048 0,048 Middleby Corp 9 683 0,139 0,139 New York Community Bancorp Inc 81 081 0,262 0,262 Midland Co/The 6 065 0,089 0,089 New York Times Co/The (45 885) -0,335 0,000 Midway Games Inc 868 0,063 0,063 NewAlliance Bancshares Inc 6 218 0,089 0,089 Midwest Banc Holdings Inc 1 301 0,069 0,069 Newcastle Investment Corp 5 301 0,143 0,143 Millennium Pharmaceuticals Inc 338 005 1,287 1,287 Newell Rubbermaid Inc 247 711 0,631 0,631 Millipore Corp 113 768 0,525 0,525 Newfield Exploration Co 319 625 0,853 0,853 Mine Safety Appliances Co 10 626 0,106 0,106 NewMarket Corp 7 637 0,156 0,156 Minerals Technologies Inc 10 181 0,145 0,145 Newmont Mining Corp 971 216 0,798 0,430 Mirant Corp 126 989 0,234 0,234 Newpark Resources 3 482 0,131 0,131 MKS Instruments Inc 4 834 0,082 0,082 Newport Corp 3 842 0,149 0,149 Mobile Mini Inc 11 089 0,320 0,320 News Corp 1 337 543 0,380 0,043 Modine Manufacturing Co 2 222 0,076 0,076 Nicor Inc 5 138 0,050 0,050 Mohawk Industries Inc 90 379 0,327 0,327 Nighthawk Radiology Holdings Inc 673 0,020 0,020 Molex Inc 66 588 0,252 0,250 NII Holdings Inc 94 660 0,208 0,208 Molina Healthcare Inc 738 0,012 0,012 Nike Inc 335 283 0,193 0,246 Molson Coors Brewing Co 234 526 0,459 0,000 NiSource Inc 65 854 0,234 0,234 Momenta Pharmaceuticals Inc 35 0,002 0,002 NL Industries Inc 743 0,025 0,025 Monaco Coach Corp 1 778 0,123 0,123 Noble Corp 367 260 0,445 0,445 MoneyGram International Inc 20 079 0,291 0,291 Noble Energy Inc 336 752 0,455 0,455 Monolithic Power Systems Inc 1 033 0,027 0,027 Nordson Corp 11 091 0,105 0,105 Monsanto Co 1 399 807 0,422 0,422 Nordstrom Inc 298 508 0,645 0,645 Monster Worldwide Inc 446 153 1,982 2,059 Norfolk Southern Corp 342 969 0,318 0,318 Moody’s Corp 136 568 0,273 0,273 North Pittsburgh Systems Inc 847 0,046 0,046 Moog Inc 13 861 0,130 0,145 Northeast Utilities 68 008 0,258 0,258 Morgan Stanley 999 026 0,326 0,326 Northern Trust Corp 220 028 0,241 0,241 Morgans Hotel Group Co 1 209 0,033 0,033 NorthStar Realty Finance Corp 4 230 0,142 0,142

22

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Northwest Airlines Corp 226 200 1,228 1,228 Park National Corp 4 377 0,089 0,089 Northwest Bancorp Inc 1 893 0,027 0,027 Parker Drilling Co 6 026 0,131 0,131 Northwest Natural Gas Co 3 065 0,044 0,044 Parker Hannifin Corp 234 696 0,341 0,341 NorthWestern Corp 2 886 0,049 0,049 Parkway Properties Inc/Md 4 562 0,147 0,147 Novatel Wireless Inc 496 0,017 0,017 Patriot Coal Corp 43 514 0,723 0,723 Novell Inc 13 108 0,100 0,100 Patterson Cos Inc 39 372 0,153 0,153 Novellus Systems Inc 54 294 0,312 0,312 Patterson-UTI Energy Inc 27 864 0,170 0,170 Noven Pharmaceuticals Inc 62 0,003 0,003 Paychex Inc 203 652 0,285 0,285 NPS Pharmaceuticals Inc 4 542 0,470 0,470 PDL BioPharma Inc 137 998 1,239 1,239 NRG Energy Inc 165 651 0,295 0,295 Peabody Energy Corp 694 115 0,780 0,780 NSTAR 48 905 0,233 0,233 Pediatrix Medical Group Inc 50 409 0,281 0,281 NTELOS Holdings Corp 4 272 0,063 0,063 Penn National Gaming Inc 223 987 0,799 0,799 Nu Skin Enterprises Inc 5 223 0,090 0,090 Penn Virginia Corp 11 724 0,121 0,121 Nuance Communications Inc 14 615 0,071 0,071 PennantPark Investment Corp 24 858 2,169 0,000 Nucor Corp 234 322 0,242 0,242 Pennsylvania Real Estate Investment Trust 8 927 0,142 0,142 NutriSystem Inc 6 097 0,121 0,121 Penske Auto Group Inc 6 581 0,073 0,073 NuVasive Inc 1 463 0,019 0,019 Pentair Inc 62 324 0,331 0,331 Nuveen Investments Inc 1 670 0,000 0,000 Peoples Bancorp Inc/OH 1 401 0,100 0,100 Nvidia Corp 378 846 0,369 0,369 People’s United Financial Inc 75 987 0,264 0,264 NVR Inc 51 177 0,350 0,350 PEP Boys-Manny Moe & Jack 4 686 0,146 0,146 Nymex Holdings Inc 177 282 0,263 0,263 Pepco Holdings Inc 72 255 0,227 0,227 NYSE Euronext 343 139 0,272 0,272 Pepsi Bottling Group Inc 101 726 0,212 0,212 Occidental Petroleum Corp 1 163 624 0,336 0,336 PepsiAmericas Inc 48 812 0,207 0,207 Oceaneering International Inc 26 466 0,131 0,131 PepsiCo Inc 2 454 309 0,370 0,370 O’Charleys Inc 2 429 0,135 0,135 Perficient Inc 1 036 0,039 0,039 Och-Ziff Capital Management Group LLC 94 622 0,187 0,894 Performance Food Group Co 7 503 0,145 0,145 Ocwen Financial Corp 1 588 0,084 0,084 Pericom Semiconductor Corp 2 298 0,087 0,087 Odyssey HealthCare Inc 50 0,003 0,003 Perini Corp 4 428 0,073 0,073 Odyssey Re Holdings Corp 6 946 0,050 0,050 PerkinElmer Inc 24 466 0,146 0,146 Office Depot Inc 68 596 0,333 0,333 Perot Systems Corp 5 794 0,064 0,064 OfficeMax Inc 34 063 0,403 0,403 Perrigo Co 3 672 0,021 0,021 OGE Energy Corp 23 603 0,130 0,130 PetroHawk Energy Corp 20 763 0,130 0,130 Oil States International Inc 4 832 0,052 0,052 Petroleum Development Corp 6 245 0,131 0,131 Old Dominion Freight Line Inc 4 703 0,101 0,101 Petroquest Energy Inc 4 889 0,128 0,128 Old National Bancorp/IN 4 734 0,088 0,088 PetSmart Inc 57 228 0,348 0,348 Old Republic International Corp 58 965 0,306 0,306 PF Chang’s China Bistro Inc 47 490 1,473 1,473 Old Second Bancorp Inc 1 686 0,095 0,095 PFF Bancorp Inc 794 0,054 0,054 Olin Corp 4 400 0,057 0,057 Pfizer Inc 1 835 252 0,218 0,218 OM Group Inc 13 896 0,146 0,146 PG&E Corp 742 273 0,896 0,896 Omega Financial Corp 1 768 0,088 0,088 Pharmaceutical Product Development Inc 8 119 0,031 0,031 Omega Healthcare Investors Inc 8 474 0,143 0,143 PharmaNet Development Group Inc 1 262 0,031 0,031 Omnicare Inc 24 043 0,159 0,159 PharMerica Corp 45 552 1,991 1,991 Omnicell Inc 1 075 0,021 0,021 Pharmion Corp 1 950 0,015 0,015 Omnicom Group Inc 552 158 0,654 0,654 Phase Forward Inc 5 023 0,101 0,101 Omniture Inc 7 951 0,074 0,074 PHH Corp 5 133 0,099 0,099 Omnivision Technologies Inc 5 030 0,107 0,107 Philadelphia Consolidated Holding Co 18 383 0,120 0,120 Omrix Biopharmaceuticals Inc 510 0,016 0,016 Phillips-Van Heusen Corp 16 357 0,145 0,145 ON Semiconductor Corp 150 867 1,071 1,071 Phoenix Cos Inc/The 7 729 0,105 0,105 Oneok Inc 123 279 0,489 0,489 Photronics Inc 2 427 0,086 0,086 ONEOK Partners LP 14 966 0,054 0,097 Pico Holdings Inc 3 662 0,107 0,107 Onyx Pharmaceuticals Inc 157 777 0,948 0,948 Piedmont Natural Gas Co 5 267 0,051 0,051 Openwave Systems Inc 654 0,056 0,056 Pier 1 Imports Inc 3 131 0,125 0,125 Opko Health Inc 507 0,019 0,019 Pike Electric Corp 1 787 0,059 0,059 Opnext Inc 825 0,027 0,027 Pilgrim’s Pride Corp 9 492 0,091 0,091 optionsXpress Holdings Inc 7 604 0,066 0,066 Pinnacle Entertainment Inc 59 393 0,776 0,776 Oracle Corp 1 940 646 0,309 0,309 Pinnacle Financial Partners Inc 1 880 0,088 0,088 Orbital Sciences Corp 11 509 0,146 0,146 Pinnacle West Capital Corp (10 772) -0,047 0,000 O’Reilly Automotive Inc 43 656 0,215 0,215 Pioneer Drilling Co 4 210 0,131 0,131 Oritani Financial Corp 523 0,019 0,019 Pioneer Natural Resources Co 129 787 0,410 0,410 Ormat Technologies Inc 2 531 0,020 0,020 Piper Jaffray Cos 4 120 0,094 0,094 Oshkosh Truck Corp 27 514 0,144 0,144 Pitney Bowes Inc 100 841 0,225 0,225 OSI Pharmaceuticals Inc 248 653 1,626 1,626 Plains Exploration & Production Co 126 948 0,382 0,382 OSI Systems Inc 3 011 0,122 0,122 PlanetOut Inc 1 962 1,416 1,416 Otter Tail Corp 2 802 0,050 0,050 Plantronics Inc 5 958 0,087 0,087 Overseas Shipholding Group Inc 57 253 0,454 0,454 Playboy Enterprises Inc 638 0,039 0,000 Overstock.com Inc 1 865 0,093 0,093 Plexus Corp 9 634 0,145 0,145 Owens & Minor Inc 2 432 0,026 0,026 Plum Creek Timber Co Inc 142 834 0,332 0,332 Owens Corning Inc 15 757 0,110 0,110 PMA Capital Corp 1 082 0,076 0,076 Owens-Illinois Inc 115 103 0,273 0,273 PMC - Sierra Inc 27 884 0,362 0,362 Oxford Industries Inc 3 649 0,146 0,146 PMI Group Inc/The 17 948 0,307 0,307 Paccar Inc 334 791 0,304 0,304 PNC Financial Services Group Inc 318 482 0,262 0,262 Pacer International Inc 1 579 0,057 0,057 PNM Resources Inc 64 113 0,717 0,717 Pacific Capital Bancorp NA 4 529 0,089 0,089 Polaris Industries Inc 13 448 0,148 0,148 Pacific Ethanol Inc 2 260 0,125 0,125 Polo Ralph Lauren Corp 29 435 0,086 0,151 Pacific Sunwear Of California 7 616 0,141 0,141 Polycom Inc 12 187 0,089 0,089 Packaging Corp of America 17 616 0,109 0,109 PolyOne Corp 4 842 0,146 0,146 Pactiv Corp 62 310 0,330 0,330 Polypore International Inc 1 115 0,029 0,000 PAETEC Holding Corp 995 0,018 0,018 Pool Corp 7 752 0,152 0,152 Pall Corp 88 445 0,330 0,330 Portfolio Recovery Associates Inc 3 614 0,111 0,111 Palm Harbor Homes Inc 1 567 0,120 0,120 Portland General Electric Co 4 730 0,050 0,050 Palm Inc 40 210 1,093 1,093 Post Properties Inc 11 787 0,141 0,141 Palomar Medical Technologies Inc 38 0,002 0,002 Potlatch Corp 13 289 0,141 0,141 Panera Bread Co 54 584 0,870 0,909 Powell Industries Inc 2 406 0,090 0,090 Pantry Inc/The 3 545 0,113 0,113 Power-One Inc 2 367 0,125 0,125 Papa John’s International Inc 3 361 0,095 0,095 Powerwave Technologies Inc 46 162 1,610 1,610 Par Pharmaceutical Cos Inc 29 938 0,679 0,679 PPG Industries Inc 208 374 0,334 0,334 Parallel Petroleum Corp 4 777 0,124 0,124 PPL Corp 126 951 0,121 0,121 Parametric Technology Corp 11 232 0,101 0,101 Praxair Inc 632 108 0,415 0,415 Parexel International Corp 2 289 0,031 0,031 Precision Castparts Corp 341 848 0,329 0,329 Park Electrochemical Corp 4 558 0,146 0,146 Premiere Global Services Inc 4 364 0,087 0,087

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 23

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Pre-Paid Legal Services Inc 4 401 0,114 0,114 Rite Aid Corp 2 813 0,023 0,023 Presidential Life Corp 1 746 0,062 0,062 Riverbed Technology Inc 2 570 0,025 0,025 Prestige Brands Holdings Inc 33 0,002 0,002 RLI Corp 8 908 0,124 0,124 priceline.com Inc 104 846 0,439 0,439 Robbins & Myers Inc 7 530 0,107 0,107 Pricesmart Inc 1 037 0,028 0,028 Robert Half International Inc 65 535 0,277 0,277 Pride International Inc 187 155 0,609 0,609 Rock-Tenn Co 6 064 0,116 0,116 Primedia Inc 535 0,026 0,026 Rockwell Automation Inc/DE 121 397 0,217 0,217 Principal Financial Group Inc 27 966 0,029 0,029 Rockwell Collins Inc 215 951 0,339 0,339 PrivateBancorp Inc 3 354 0,068 0,068 Rockwood Holdings Inc 14 595 0,110 0,110 ProAssurance Corp 60 241 0,618 0,618 Rofin-Sinar Technologies Inc 11 336 0,140 0,140 Procter & Gamble Co 3 785 021 0,306 0,306 Rogers Corp 4 553 0,108 0,108 Progenics Pharmaceuticals Inc 85 0,003 0,003 Rohm & Haas Co 163 908 0,291 0,291 Progress Energy Inc 154 163 0,242 0,242 Rollins Inc 7 462 0,071 0,071 Progress Software Corp 7 685 0,100 0,100 Roper Industries Inc 43 653 0,145 0,145 Progressive Corp/The 120 575 0,166 0,166 Rosetta Resources Inc 7 168 0,131 0,131 Prologis 289 393 0,327 0,327 Ross Stores Inc 1 635 0,009 0,009 Prosperity Bancshares Inc 4 621 0,066 0,066 Rowan Cos Inc 14 382 0,060 0,060 Protective Life Corp 59 278 0,379 0,379 Royal Caribbean Cruises Ltd 127 573 0,248 0,248 Provident Bankshares Corp 3 280 0,089 0,089 Royal Gold Inc (8 719) -0,175 0,000 Provident Financial Services Inc 4 358 0,091 0,091 RPC Inc 2 985 0,048 0,048 Provident New York Bancorp 2 564 0,089 0,089 RPM International Inc 19 485 0,146 0,146 Prudential Financial Inc 641 628 0,280 0,281 RR Donnelley & Sons Co 122 790 0,279 0,279 PS Business Parks Inc 6 515 0,107 0,107 RSC Holdings Inc 7 706 0,110 0,110 PSS World Medical Inc 1 870 0,027 0,027 RTI International Metals Inc 4 921 0,057 0,057 Psychiatric Solutions Inc 2 254 0,023 0,023 Ruby Tuesday Inc 3 324 0,121 0,121 Public Service Enterprise Group Inc 1 074 411 0,792 0,792 Ruddick Corp 9 441 0,104 0,104 Public Storage 166 503 0,243 0,247 Rudolph Technologies Inc 1 148 0,064 0,064 Puget Energy Inc 346 027 1,983 1,983 Rural Cellular Corp 1 086 0,029 0,029 Pulte Homes Inc 84 408 0,576 0,576 Rush Enterprises Inc 1 129 0,030 0,044 QLogic Corp 35 235 0,334 0,334 Russ Berrie & Co Inc 1 713 0,091 0,091 Qualcomm Inc 2 076 907 0,594 0,594 Ryder System Inc 43 503 0,294 0,294 Quality Systems Inc 3 398 0,075 0,075 Ryland Group Inc 8 865 0,141 0,141 Quanex Corp 15 232 0,145 0,145 S&T Bancorp Inc 3 221 0,087 0,087 Quanta Services Inc 127 006 0,522 0,524 S1 Corp 2 397 0,104 0,104 Quantum Corp 3 162 0,106 0,106 Safeco Corp (124 303) -0,435 0,000 Quest Diagnostics Inc 67 336 0,121 0,121 Safety Insurance Group Inc 3 890 0,121 0,121 Quest Software Inc 5 128 0,050 0,050 Safeway Inc 209 466 0,255 0,255 Questar Corp 139 917 0,276 0,276 SAIC Inc 12 054 0,027 0,066 Quicksilver Resources Inc 48 543 0,190 0,190 Saks Inc 23 306 0,146 0,146 Quidel Corp 921 0,027 0,027 Salesforce.com Inc 30 085 0,075 0,075 Quiksilver Inc 33 823 0,580 0,580 Salix Pharmaceuticals Ltd 66 0,003 0,003 Qwest Communications International Inc 141 216 0,206 0,206 Sally Beauty Holdings Inc 9 489 0,107 0,107 Rackable Systems Inc 1 365 0,085 0,085 Sanderson Farms Inc 3 520 0,095 0,095 Radian Group Inc 22 136 0,434 0,434 SanDisk Corp 119 950 0,291 0,291 Radiation Therapy Services Inc 617 0,016 0,016 Sandy Spring Bancorp Inc 1 956 0,079 0,079 Radio One Inc 520 0,041 0,000 Sanmina-SCI Corp 16 107 0,307 0,307 RadioShack Corp 41 726 0,348 0,348 Sapient Corp 51 312 0,861 0,861 RAIT Financial Trust 3 525 0,123 0,123 Sara Lee Corp 195 285 0,309 0,309 Ralcorp Holdings Inc 10 365 0,122 0,122 Sauer-Danfoss Inc 2 350 0,036 0,036 Rambus Inc 60 819 0,509 0,509 Saul Centers Inc 5 467 0,106 0,106 Ramco-Gershenson Properties 2 658 0,124 0,124 Savient Pharmaceuticals Inc 10 316 0,154 0,154 Range Resources Corp 104 196 0,250 0,250 SAVVIS Inc 4 024 0,050 0,050 Raven Industries Inc 5 497 0,146 0,146 SBA Communications Corp 127 069 0,655 0,655 Raymond James Financial Inc 18 650 0,087 0,088 SCANA Corp 63 391 0,237 0,237 Rayonier Inc 28 555 0,143 0,143 Scansource Inc 4 897 0,108 0,108 RBC Bearings Inc 7 417 0,146 0,146 Schawk Inc 1 455 0,064 0,064 RC2 Corp 4 705 0,163 0,163 Schering-Plough Corp 1 568 063 0,669 0,669 RCN Corp 2 690 0,084 0,084 Schlumberger Ltd 2 611 571 0,409 0,409 RealNetworks Inc 3 753 0,078 0,078 Schnitzer Steel Industries Inc 4 739 0,044 0,059 Realty Income Corp 21 192 0,143 0,143 Scholastic Corp 11 678 0,160 0,168 Red Hat Inc 234 965 1,071 1,071 School Specialty Inc 5 782 0,152 0,152 Red Robin Gourmet Burgers Inc 29 601 1,015 1,015 Schulman A Inc 4 664 0,143 0,143 Reddy Ice Holdings Inc 2 635 0,088 0,088 Schweitzer-Mauduit International Inc 38 571 1,761 1,761 Redwood Trust Inc 7 428 0,124 0,124 Sciele Pharma Inc 621 0,016 0,016 Regal Entertainment Group 18 510 0,123 0,146 Scientific Games Corp 18 322 0,109 0,109 Regal-Beloit Corp 11 405 0,146 0,146 Scotts Miracle-Gro Co/The 9 533 0,073 0,073 Regency Centers Corp 78 599 0,322 0,322 Seaboard Corp 3 712 0,037 0,037 Regeneron Pharmaceuticals Inc 275 0,003 0,003 Seacoast Banking Corp of Florida 695 0,065 0,065 Regions Financial Corp 239 185 0,268 0,268 SEACOR Holdings Inc 15 622 0,134 0,134 Regis Corp 9 835 0,147 0,147 Sealed Air Corp 67 600 0,333 0,333 RehabCare Group Inc 671 0,034 0,034 Sealy Corp 4 042 0,073 0,073 Reinsurance Group of America Inc 172 316 0,975 0,975 Sears Holdings Corp 131 364 0,172 0,172 Reliance Steel & Aluminum Co 45 144 0,205 0,205 Seattle Genetics Inc/WA 526 0,013 0,013 Reliant Energy Inc 113 328 0,231 0,231 Secure Computing Corp 1 084 0,031 0,031 Renaissance Learning Inc 640 0,029 0,029 SEI Investments Co 70 015 0,206 0,206 Renasant Corp 13 888 0,565 0,565 Select Comfort Corp 2 524 0,148 0,148 Rent-A-Center Inc/TX 8 004 0,152 0,152 Selective Insurance Group 8 178 0,123 0,123 Rentech Inc 2 360 0,147 0,147 Sempra Energy 383 441 0,437 0,437 Republic Airways Holdings Inc 3 333 0,086 0,086 Semtech Corp 5 757 0,106 0,106 Republic Services Inc 106 271 0,334 0,334 Senior Housing Properties Trust 14 586 0,134 0,134 Res-Care Inc 920 0,023 0,023 Sensient Technologies Corp 10 516 0,144 0,144 Resmed Inc 4 339 0,020 0,010 Sepracor Inc 67 981 0,427 0,427 Resource America Inc 1 545 0,109 0,109 Service Corp International/US 32 027 0,151 0,151 Resources Connection Inc 4 172 0,088 0,088 Shaw Group Inc/The 208 681 0,778 0,778 Respironics Inc 39 225 0,149 0,149 Sherwin-Williams Co/The (6 651) -0,017 0,000 Revlon Inc 1 271 0,039 0,041 Shuffle Master Inc 2 908 0,127 0,127 Reynolds American Inc 299 607 0,284 0,284 Shutterfly Inc 1 051 0,031 0,031 RF Micro Devices Inc 9 854 0,163 0,163 Sierra Health Services Inc 3 984 0,031 0,031 RH Donnelley Corp 116 996 0,829 0,829 Sierra Pacific Resources 101 496 0,471 0,471 Rigel Pharmaceuticals Inc 137 0,003 0,003 Sigma Designs Inc 9 145 0,103 0,103

24

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Sigma-Aldrich Corp 128 650 0,334 0,334 Stewart Information Services Corp 2 278 0,089 0,095 Signature Bank/New York NY 4 763 0,088 0,088 Stifel Financial Corp 1 157 0,027 0,027 Silgan Holdings Inc 11 626 0,109 0,109 Stillwater Mining Co 7 657 0,158 0,158 Silicon Image Inc 1 798 0,087 0,087 Stone Energy Corp 8 890 0,125 0,125 Silicon Laboratories Inc 9 142 0,082 0,082 Strategic Hotels & Resorts Inc 9 659 0,143 0,143 Silicon Storage Technology Inc 1 488 0,088 0,088 Strattec Security Corp 270 0,034 0,034 Simmons First National Corp 1 792 0,089 0,089 Strayer Education Inc 19 724 0,147 0,147 Simon Property Group Inc 345 351 0,328 0,328 Stryker Corp 234 717 0,141 0,141 Simpson Manufacturing Co Inc 7 364 0,105 0,105 Student Loan Corp/The 6 924 0,058 0,058 Sinclair Broadcast Group Inc 734 0,019 0,031 Suffolk Bancorp 1 583 0,098 0,098 SiRF Technology Holdings Inc 8 806 0,108 0,108 Sulphco Inc 1 331 0,059 0,059 Sirius Satellite Radio Inc (34 150) -0,141 0,000 Sun Bancorp Inc/NJ 1 421 0,073 0,073 Sirona Dental Systems Inc 783 0,008 0,008 Sun Communities Inc 2 991 0,143 0,143 Six Flags Inc 1 276 0,122 0,122 Sun Healthcare Group Inc 1 140 0,028 0,028 SJW Corp 1 294 0,037 0,037 Sun Microsystems Inc 249 241 0,306 0,306 Skechers U.S.A. Inc 5 029 0,104 0,144 Sunoco Inc 269 808 0,583 0,583 Skyline Corp 1 665 0,125 0,125 Sunpower Corp (3 192) -0,005 0,000 Skywest Inc 9 120 0,103 0,103 Sunrise Senior Living Inc 2 630 0,031 0,031 Skyworks Solutions Inc 7 997 0,107 0,107 Sunstone Hotel Investors Inc 8 496 0,144 0,144 SL Green Realty Corp 43 188 0,144 0,144 SunTrust Banks Inc 274 019 0,232 0,232 SLM Corp 305 913 0,548 0,548 Superior Energy Services 15 035 0,100 0,100 Smart Modular Technologies WWH Inc 3 662 0,109 0,109 Superior Essex Inc 3 888 0,145 0,145 Smith & Wesson Holding Corp 1 221 0,091 0,091 Superior Industries International Inc 1 972 0,075 0,075 Smith International Inc 385 472 0,480 0,480 Supertex Inc 2 178 0,094 0,094 Smithfield Foods Inc 541 177 2,566 2,566 SUPERVALU Inc (20 360) -0,047 0,000 Smurfit-Stone Container Corp 47 042 0,321 0,321 SureWest Communications 824 0,061 0,061 Snap-On Inc 22 205 0,147 0,147 SurModics Inc 1 379 0,026 0,026 Solera Holdings Inc 4 403 0,051 0,000 Susquehanna Bancshares Inc 9 387 0,109 0,109 Sonic Automotive Inc 4 747 0,108 0,107 SVB Financial Group 8 290 0,091 0,091 Sonic Corp 9 292 0,129 0,129 Swift Energy Co 9 460 0,131 0,131 Sonic Solutions Inc 1 127 0,077 0,077 SWS Group Inc 1 228 0,064 0,064 SonicWALL Inc 3 319 0,092 0,092 SY Bancorp Inc 1 796 0,100 0,100 Sonoco Products Co 25 948 0,147 0,147 Sybase Inc 12 880 0,101 0,101 SonoSite Inc 791 0,026 0,026 Sycamore Networks Inc 3 834 0,065 0,065 Sonus Networks Inc 27 834 0,328 0,328 SYKES Enterprises Inc 2 623 0,066 0,066 Sotheby’s 19 991 0,145 0,145 Symantec Corp 286 581 0,377 0,377 South Financial Group Inc/The 5 428 0,088 0,088 Symmetry Medical Inc 649 0,019 0,019 South Jersey Industries Inc 63 623 1,098 1,098 Symyx Technologies 1 737 0,124 0,124 Southern Co 436 837 0,273 0,273 Synaptics Inc 6 230 0,090 0,090 Southern Copper Corp 87 381 0,052 0,052 Synchronoss Technologies Inc 1 013 0,016 0,016 Southern Union Co 129 135 0,675 0,675 Syniverse Holdings Inc 4 462 0,077 0,077 Southwest Airlines Co 466 638 0,960 0,960 SYNNEX Corp 558 0,017 0,017 Southwest Gas Corp 4 619 0,067 0,067 Synopsys Inc 57 822 0,280 0,280 Southwestern Energy Co 124 454 0,241 0,241 Synovus Financial Corp 114 852 0,267 0,267 Sovereign Bancorp Inc 1 046 913 3,519 3,519 Syntel Inc 1 988 0,023 0,023 Sovran Self Storage Inc 6 719 0,142 0,142 SYSCO Corp 321 556 0,312 0,312 Spansion Inc 2 342 0,081 0,081 Systemax Inc 1 010 0,025 0,025 Spartech Corp 3 597 0,156 0,156 T Rowe Price Group Inc 232 872 0,267 0,267 SPDR S&P Retail ETF (199 389) -0,305 0,000 Take-Two Interactive Software Inc 10 781 0,145 0,145 SPDR Trust Series 1 (79 390) -0,015 0,000 TAL International Group Inc 1 565 0,038 0,038 Spectra Energy Corp 369 259 0,417 0,417 Talbots Inc 1 830 0,052 0,052 Spectrum Brands Inc 1 259 0,082 0,082 Taleo Corp 1 188 0,028 0,029 Speedway Motorsports Inc 4 311 0,059 0,059 Tanger Factory Outlet Centers 9 154 0,143 0,143 Spherion Corp 2 812 0,127 0,127 Target Corp 1 068 663 0,474 0,474 Spirit Aerosystems Holdings Inc 28 084 0,108 0,146 Taser International Inc 7 191 0,146 0,146 Sprint Nextel Corp 754 494 0,372 0,382 Taubman Centers Inc 15 157 0,108 0,108 SPSS Inc 2 812 0,075 0,075 TCF Financial Corp 394 376 3,198 3,198 SPX Corp 100 538 0,344 0,344 TD Ameritrade Holding Corp 89 087 0,137 0,137 SRA International Inc 4 468 0,049 0,064 Tech Data Corp 90 000 0,792 0,792 St Joe Co/The 47 060 0,327 0,327 Techne Corp 1 022 0,007 0,007 St Jude Medical Inc 523 155 0,692 0,692 Technitrol Inc 9 197 0,145 0,145 St Mary Land & Exploration Co 17 514 0,133 0,133 TechTarget Inc 820 0,025 0,025 Stage Stores Inc 5 064 0,152 0,152 TECO Energy Inc 16 482 0,084 0,084 Stamps.com Inc 1 263 0,096 0,096 Tecumseh Products Co 2 094 0,093 0,002 StanCorp Financial Group Inc 15 074 0,111 0,111 Tejon Ranch Co 2 260 0,060 0,060 Standard Microsystems Corp 5 111 0,103 0,103 Tekelec 4 263 0,091 0,091 Standard Register Co/The 1 434 0,079 0,094 Teledyne Technologies Inc 14 835 0,146 0,146 Standard-Pacific Corp 1 339 0,101 0,101 Teleflex Inc 19 519 0,144 0,144 Standex International Corp 1 468 0,124 0,124 Telephone & Data Systems Inc 96 572 0,251 0,266 Stanley Inc 978 0,025 0,025 TeleTech Holdings Inc 5 278 0,065 0,065 Stanley Works/The 71 418 0,330 0,330 Tellabs Inc 42 302 0,271 0,271 Staples Inc 381 022 0,430 0,430 Temple-Inland Inc 39 593 0,330 0,330 Starbucks Corp 252 058 0,310 0,310 Tempur-Pedic International Inc 1 543 0,015 0,015 Starent Networks Corp 854 0,013 0,013 Tenet Healthcare Corp 16 529 0,126 0,126 Starwood Hotels & Resorts Worldwide Inc 165 784 0,348 0,348 Tennant Co 6 623 0,148 0,148 State Auto Financial Corp 7 019 0,120 0,120 Tenneco Inc 4 929 0,075 0,075 State Street Corp 932 804 0,548 0,548 Teradata Corp 73 216 0,272 0,272 Steak N Shake Co/The 1 568 0,093 0,093 Teradyne Inc 65 186 0,669 0,669 Steel Dynamics Inc 12 522 0,040 0,040 Terex Corp 121 631 0,333 0,333 Steelcase Inc 7 899 0,064 0,111 Terra Industries Inc 26 125 0,113 0,113 Stein Mart Inc 996 0,093 0,093 TerreStar Corp 1 072 0,031 0,031 Stepan Co 1 017 0,062 0,062 Tesoro Corp 67 396 0,190 0,190 Stericycle Inc 41 685 0,149 0,149 Tessera Technologies Inc 11 761 0,109 0,109 STERIS Corp 2 645 0,027 0,027 Tetra Tech Inc 9 895 0,145 0,145 Sterling Bancorp/NY 863 0,065 0,065 Tetra Technologies Inc 8 258 0,131 0,131 Sterling Bancshares Inc/TX 3 883 0,088 0,088 Texas Capital Bancshares Inc 2 259 0,087 0,087 Sterling Financial Corp/PA 38 423 1,450 1,450 Texas Industries Inc 15 199 0,146 0,146 Sterling Financial Corp/WA 4 117 0,088 0,088 Texas Instruments Inc 1 078 673 0,425 0,425 Steven Madden Ltd 3 386 0,155 0,155 Texas Roadhouse Inc 3 804 0,085 0,091 Stewart Enterprises Inc 7 241 0,153 0,158 Textron Inc 318 848 0,330 0,330

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 25

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

TFS Financial Corp 7 556 0,035 0,035 Universal Corp/Richmond VA 7 204 0,095 0,095 Theravance Inc 32 604 0,506 0,598 Universal Display Corp 2 851 0,072 0,072 Thermo Fisher Scientific Inc 327 689 0,249 0,249 Universal Forest Products Inc 3 337 0,110 0,110 Thomas & Betts Corp 80 035 0,519 0,519 Universal Health Realty Income Trust 2 726 0,120 0,120 Thor Industries Inc 12 664 0,110 0,110 Universal Health Services Inc 76 143 0,510 0,548 Thoratec Corp 1 382 0,026 0,026 Universal Technical Institute Inc 1 701 0,065 0,065 Thornburg Mortgage Inc 8 451 0,129 0,129 Unum Group 422 563 0,907 0,907 THQ Inc 14 977 0,148 0,148 Urban Outfitters Inc 405 074 1,648 1,648 TIBCO Software Inc 8 820 0,106 0,106 URS Corp 51 121 0,209 0,209 Tidewater Inc 21 856 0,134 0,134 Urstadt Biddle Properties Inc 1 911 0,086 0,120 TierOne Corp 2 033 0,094 0,094 US Airways Group Inc/NEW 1 836 0,025 0,025 Tiffany & Co 111 802 0,330 0,330 US Bancorp 719 542 0,242 0,242 Timberland Co 5 456 0,091 0,112 US Cellular Corp 15 816 0,039 0,063 Time Warner Cable Inc 183 466 0,125 0,136 USA Mobility Inc 1 856 0,088 0,088 Time Warner Inc 985 748 0,303 0,304 USANA Health Sciences Inc 3 092 0,095 0,095 Time Warner Telecom Inc 39 416 0,245 0,245 USB Holding Co Inc 1 664 0,070 0,070 Timken Co 24 931 0,146 0,146 USEC Inc 41 972 0,778 0,778 Titan International Inc 1 232 0,027 0,027 USG Corp 20 907 0,109 0,109 Titanium Metals Corp 13 174 0,057 0,057 UST Inc 132 201 0,284 0,284 Tivo Inc 6 446 0,144 0,144 U-Store-It Trust 4 055 0,141 0,141 TJX Cos Inc 212 207 0,311 0,311 Utstarcom Inc 1 024 0,057 0,057 TNS Inc 1 221 0,052 0,052 Vail Resorts Inc 6 661 0,059 0,059 Toll Brothers Inc 41 852 0,245 0,245 Valassis Communications Inc 2 548 0,084 0,084 TomoTherapy Inc 701 0,013 0,013 Valeant Pharmaceuticals International 1 234 0,021 0,021 Tompkins Financial Corp 1 468 0,073 0,073 Valero Energy Corp 596 225 0,285 0,285 Tootsie Roll Industries Inc 4 922 0,060 0,092 Valhi Inc 2 891 0,029 0,029 Torchmark Corp (50 293) -0,166 0,000 Valley National Bancorp 33 015 0,266 0,266 Toreador Resources Corp 577 0,078 0,078 Valmont Industries Inc 13 542 0,105 0,105 Toro Co 17 150 0,152 0,152 Valspar Corp 13 050 0,106 0,106 Total System Services Inc 16 312 0,054 0,054 Valueclick Inc 9 982 0,086 0,086 Tower Group Inc 5 051 0,120 0,120 Valuevision Media Inc 1 207 0,098 0,098 Tractor Supply Co 11 149 0,148 0,148 Varian Inc 2 823 0,026 0,026 TradeStation Group Inc 1 139 0,033 0,033 Varian Medical Systems Inc 55 280 0,156 0,156 Trane Inc 172 308 0,353 0,353 Varian Semiconductor Equipment Associates Inc 17 160 0,113 0,113 Transatlantic Holdings Inc 31 668 0,121 0,121 Vasco Data Security International Inc 4 253 0,075 0,075 TransDigm Group Inc 8 081 0,070 0,070 VCA Antech Inc 29 516 0,146 0,146 Transocean Inc 827 515 0,337 0,337 Vector Group Ltd 2 944 0,045 0,045 Travelers Cos Inc/The 377 284 0,200 0,200 Vectren Corp 32 824 0,272 0,272 Tredegar Corp 5 039 0,154 0,154 Veeco Instruments Inc 2 731 0,095 0,095 TreeHouse Foods Inc 4 715 0,121 0,121 Venoco Inc 1 164 0,021 0,021 Triad Guaranty Inc 660 0,083 0,083 Ventana Medical Systems Inc 4 198 0,026 0,026 Triarc Cos Inc 4 106 0,093 0,093 Ventas Inc 64 138 0,196 0,196 Tri-Continental Corporation 39 937 0,327 0,327 VeraSun Energy Corp 5 688 0,074 0,074 Trident Microsystems Inc 1 791 0,084 0,084 Verenium Corp 42 0,002 0,002 Trimble Navigation Ltd 155 415 0,780 0,780 VeriFone Holdings Inc 8 381 0,081 0,081 Trinity Industries Inc 17 881 0,146 0,146 VeriSign Inc 473 288 1,049 1,049 TriQuint Semiconductor Inc 5 504 0,108 0,108 Verizon Communications Inc 1 695 018 0,247 0,247 Triumph Group Inc 10 399 0,139 0,139 Vertex Pharmaceuticals Inc 179 868 1,078 1,078 Trizetto Group 3 226 0,075 0,075 VF Corp 136 673 0,333 0,333 Tronox Inc 1 329 0,067 0,109 Viacom Inc 668 892 0,427 0,000 TrueBlue Inc 3 199 0,093 0,093 Viad Corp 3 168 0,090 0,090 Trustco Bank Corp NY 3 555 0,088 0,088 Viasat Inc 4 952 0,087 0,087 Trustmark Corp 6 917 0,088 0,088 Vicor Corp 2 311 0,066 0,092 TRW Automotive Holdings Corp 190 081 1,665 1,665 Vignette Corp 1 719 0,081 0,081 Tuesday Morning Corp 1 101 0,097 0,097 Virgin Media Inc 81 879 0,269 0,269 Tupperware Brands Corp 16 119 0,146 0,146 Virgin Mobile USA Inc 68 256 2,655 2,661 Tween Brands Inc 6 511 0,184 0,184 Viropharma Inc 620 0,021 0,021 TXCO Resources Inc 7 847 0,351 0,351 Vishay Intertechnology Inc 15 581 0,135 0,146 Tyler Technologies Inc 1 567 0,058 0,058 VistaPrint Ltd 56 718 0,558 0,558 Tyson Foods Inc 643 642 2,174 2,707 Visteon Corp 2 308 0,075 0,075 UAL Corp 38 702 0,172 0,172 Vital Signs Inc 48 0,001 0,001 UAP Holding Corp 15 776 0,143 0,143 Volcano Corp 625 0,020 0,020 UCBH Holdings Inc 6 988 0,087 0,087 Volcom Inc 2 881 0,099 0,099 UDR Inc 20 752 0,143 0,143 Volt Information Sciences Inc 2 146 0,096 0,096 UGI Corp 7 872 0,050 0,050 Vornado Realty Trust 237 437 0,327 0,327 UIL Holdings Corp 2 522 0,050 0,050 Vulcan Materials Co 211 209 0,515 0,515 Ultimate Software Group Inc 4 254 0,101 0,101 W&T Offshore Inc 6 503 0,052 0,052 Ultra Petroleum Corp 186 385 0,315 0,315 Wabash National Corp 1 605 0,127 0,127 UMB Financial Corp 5 890 0,068 0,068 WABCO Holdings Inc 47 992 0,261 0,261 Umpqua Holdings Corp 4 489 0,090 0,090 Wabtec Corp 13 337 0,146 0,146 Under Armour Inc 9 151 0,079 0,109 Wachovia Corp 633 947 0,155 0,155 Unifirst Corp/MA 2 592 0,065 0,088 Waddell & Reed Financial Inc 14 565 0,089 0,089 Union Pacific Corp 1 015 463 0,567 0,567 Walgreen Co 755 923 0,369 0,369 UnionBanCal Corp 38 650 0,105 0,105 Walt Disney Co/The 454 980 0,136 0,136 Unisource Energy Corp 3 014 0,050 0,050 Walter Industries Inc 14 847 0,147 0,147 Unisys Corp 24 239 0,268 0,268 Warnaco Group Inc/The 12 572 0,146 0,146 Unit Corp 15 256 0,131 0,131 Warner Chilcott Ltd 1 993 0,008 0,008 United Bankshares Inc 5 752 0,087 0,087 Warner Music Group Corp 6 996 0,142 0,142 United Community Banks Inc/GA 3 664 0,090 0,090 Warren Resources Inc 52 177 1,169 1,169 United Fire & Casualty Co 3 947 0,091 0,091 Washington Federal Inc 8 758 0,087 0,087 United Natural Foods Inc 10 341 0,140 0,140 Washington Mutual Inc 168 477 0,262 0,262 United Online Inc 3 278 0,075 0,075 Washington Post Co/The 26 931 0,066 0,076 United Parcel Service Inc 772 300 0,191 0,292 Washington Real Estate Investment Trust 11 378 0,143 0,143 United Rentals Inc 5 440 0,064 0,064 Washington Trust Bancorp Inc 1 708 0,093 0,093 United States Steel Corp 200 740 0,259 0,259 Waste Connections Inc 16 779 0,147 0,147 United Stationers Inc 10 069 0,160 0,160 Waste Management Inc 436 407 0,484 0,484 United Therapeutics Corp 50 175 0,445 0,445 Waters Corp 93 050 0,216 0,216 UnitedHealth Group Inc 1 607 380 0,394 0,394 Watsco Inc 7 088 0,127 0,146 Unitrin Inc 39 066 0,231 0,231 Watson Pharmaceuticals Inc 698 0,005 0,149 Universal American Corp 5 420 0,052 0,052 Watson Wyatt Worldwide Inc 9 445 0,088 0,088

26

Government Pension Fund – Global Holding of equities at 31 December 2007

Americas Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Watts Water Technologies Inc 7 391 0,118 0,145 VIRGIN ISLANDS BRITISH Wausau Paper Corp 31 170 1,271 1,271 UTi Worldwide Inc 43 465 0,411 0,411 Wauwatosa Holdings Inc 554 0,025 0,025 WCI Communities Inc 1 021 0,118 0,118 WD-40 Co 3 222 0,093 0,093 Weatherford International Ltd 575 689 0,458 0,458 Websense Inc 4 158 0,099 0,099 Webster Financial Corp 54 566 0,588 0,588 Weight Watchers International Inc 29 444 0,151 0,151 Weingarten Realty Investors 47 824 0,329 0,329 Weis Markets Inc 3 451 0,059 0,059 WellCare Health Plans Inc 1 494 0,016 0,016 WellPoint Inc 1 197 632 0,440 0,440 Wells Fargo & Co (51 651) -0,009 0,000 Wendy’s International Inc 37 391 0,305 0,305 Werner Enterprises Inc 36 088 0,545 0,545 WesBanco Inc 2 051 0,089 0,089 Wesco Financial Corp 9 578 0,061 0,061 WESCO International Inc 13 945 0,148 0,148 West Coast Bancorp/OR 1 509 0,096 0,096 West Marine Inc 986 0,093 0,093 West Pharmaceutical Services Inc 10 649 0,149 0,149 Westamerica Bancorporation 6 321 0,089 0,089 Westar Energy Inc 6 465 0,046 0,046 Western Alliance Bancorp 2 010 0,066 0,066 Western Digital Corp 39 510 0,109 0,109 Western Refining Inc 4 640 0,052 0,052 Western Union Co/The 697 622 0,705 0,705 Westlake Chemical Corp 2 950 0,044 0,044 Westwood One Inc 452 0,048 0,048 Weyerhaeuser Co 197 810 0,234 0,236 WGL Holdings Inc 4 386 0,050 0,050 W-H Energy Services Inc 12 300 0,131 0,131 Whirlpool Corp 138 302 0,404 0,404 White Mountains Insurance Group Ltd 91 677 0,311 0,311 Whiting Petroleum Corp 17 511 0,132 0,132 Whitney Holding Corp 8 414 0,088 0,088 Whole Foods Market Inc 193 924 0,628 0,628 Williams Cos Inc 426 509 0,370 0,370 Williams Partners LP 19 157 0,171 0,197 Williams-Sonoma Inc 6 776 0,045 0,045 Wilmington Trust Corp 11 512 0,089 0,089 Wilshire Bancorp Inc 608 0,049 0,049 Wind River Systems Inc 4 199 0,099 0,099 Windstream Corp (37 611) -0,112 0,000 Winn-Dixie Stores Inc 7 217 0,146 0,000 Winnebago Industries 5 137 0,152 0,152 Wintrust Financial Corp 3 745 0,089 0,089 Wisconsin Energy Corp 72 539 0,235 0,235 WM Wrigley Jr Co (66 503) -0,076 0,000 WMS Industries Inc 10 700 0,106 0,106 Wolverine World Wide Inc 9 910 0,142 0,142 Woodward Governor Co 18 472 0,148 0,148 World Acceptance Corp 2 711 0,110 0,110 World Fuel Services Corp 4 487 0,100 0,100 Worthington Industries Inc 4 710 0,059 0,059 WP Carey & Co LLC 7 568 0,109 0,109 WR Berkley Corp 302 826 1,022 1,022 WR Grace & Co 14 568 0,146 0,146 Wright Express Corp 6 788 0,089 0,089 Wright Medical Group Inc 741 0,013 0,013 WSFS Financial Corp 1 606 0,095 0,095 WW Grainger Inc 131 240 0,349 0,349 Wyeth 1 410 955 0,439 0,439 Wyndham Worldwide Corp 75 510 0,332 0,332 Wynn Resorts Ltd 66 351 0,095 0,095 Xcel Energy Inc 120 638 0,234 0,234 XenoPort Inc 1 140 0,015 0,015 Xerium Technologies Inc 577 0,045 0,045 Xerox Corp 183 742 0,226 0,226 Xilinx Inc 219 720 0,629 0,629 XM Satellite Radio Holdings Inc 408 862 1,958 1,958 Xtent Inc 7 784 0,634 0,634 XTO Energy Inc 488 837 0,363 0,363 Yahoo! Inc 725 266 0,430 0,430 Young Innovations Inc 29 0,003 0,003 YRC Worldwide Inc 5 379 0,102 0,102 Yum! Brands Inc 386 542 0,366 0,366 Zale Corp 6 245 0,161 0,161 Zebra Technologies Corp 42 930 0,335 0,335 Zenith National Insurance Corp 8 401 0,093 0,093 Zep Inc 2 569 0,159 0,000 Zimmer Holdings Inc 251 180 0,298 0,298 Zions Bancorporation 883 456 3,257 3,257 Zoll Medical Corp 771 0,026 0,026 Zoltek Cos Inc 11 426 0,145 0,145 Zoran Corp 6 279 0,100 0,100 Zumiez Inc 4 117 0,107 0,107 Zymogenetics Inc 71 0,002 0,002

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 27

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

AUSTRALIA Emeco Holdings Ltd 4 936 0,153 0,153 Abacus Property Group 8 105 0,152 0,152 Energy Developments Ltd 4 572 0,166 0,166 ABB Grain Ltd 8 953 0,148 0,148 Energy Resources of Ltd 20 975 0,118 0,118 ABC Learning Centres Ltd 45 697 0,390 0,390 Envestra Ltd 11 483 0,290 0,290 Adelaide Brighton Ltd 13 421 0,149 0,149 Equigold NL 2 460 0,061 0,061 Aditya Birla Minerals Ltd 4 494 0,133 0,133 ERG Ltd 199 0,052 0,052 AGL Energy Ltd 109 102 0,396 0,396 Fairfax Media Ltd 54 116 0,160 0,160 Alesco Corp Ltd 4 016 0,092 0,092 FKP Property Group 12 805 0,161 0,161 Allco Finance Group Ltd 24 616 0,226 0,226 Fleetwood Corp Ltd 2 858 0,111 0,111 Allegiance Mining NL 2 779 0,070 0,070 FlexiGroup Ltd 7 560 0,374 0,374 Alliance Resources Ltd 865 0,050 0,050 Flight Centre Ltd 41 706 0,272 0,272 Alumina Ltd 276 243 0,779 0,684 Fortescue Metals Group Ltd 229 880 0,229 0,209 Amcor Ltd 114 746 0,402 0,402 Foster’s Group Ltd 211 994 0,353 0,353 AMP Ltd 403 218 0,448 0,453 Funtastic Ltd 852 0,167 0,167 Ansell Ltd 22 810 0,286 0,286 Futuris Corp Ltd 26 635 0,344 0,344 Anvil Mining Ltd 1 076 0,018 0,018 Goodman Fielder Ltd 43 032 0,359 0,359 APA Group 16 514 0,208 0,208 Goodman Group 156 849 0,392 0,392 APN News & Media Ltd 11 632 0,092 0,094 GPT Group 156 650 0,387 0,387 APN/UKA European Retail Property Group 3 748 0,145 0,145 GRD Ltd 1 309 0,067 0,067 Arana Therapeutics Ltd 593 0,046 0,046 Great Southern Ltd 2 288 0,078 0,078 ARB Corp Ltd 796 0,060 0,060 GUD Holdings Ltd 2 520 0,089 0,089 ARC Energy Ltd 3 070 0,153 0,153 Gunns Ltd 19 530 0,280 0,280 Aristocrat Leisure Ltd 99 003 0,398 0,398 GWA International Ltd 18 083 0,381 0,381 Arrow Energy Ltd 12 100 0,138 0,138 Harvey Norman Holdings Ltd 46 463 0,135 0,135 Asciano Group 76 699 0,350 0,350 Hastings Diversified Utilities Fund 4 872 0,162 0,162 ASX Ltd 191 911 0,389 0,389 Healthscope Ltd 4 092 0,066 0,066 Austal Ltd 3 261 0,125 0,125 HFA Holdings Ltd 29 766 1,011 1,011 Austar United Communications Ltd 2 029 0,021 0,021 Hills Industries Ltd 7 427 0,165 0,165 Austereo Group Ltd 6 283 0,157 0,157 Housewares International Ltd 1 194 0,090 0,090 Australand Property Group 20 107 0,196 0,196 Hutchison Telecommunications Australia Ltd 10 0,001 0,001 Australia & Banking Group Ltd 790 628 0,363 0,363 IBA Health Group Ltd 3 951 0,118 0,118 Australian Agricultural Co Ltd 3 534 0,090 0,090 iiNET Ltd 698 0,054 0,054 Australian Infrastructure Fund 9 114 0,164 0,164 Iluka Resources Ltd 15 342 0,289 0,289 Australian Pharmaceutical Industries Ltd 4 413 0,197 0,197 Independence Group NL 3 914 0,080 0,080 Australian Wealth Management Ltd 29 224 0,429 0,429 Infomedia Ltd 351 0,042 0,042 Australian Worldwide Exploration Ltd 16 104 0,224 0,224 ING Industrial Fund 22 127 0,164 0,164 AVJennings Ltd 50 0,004 0,004 ING Office Fund 15 980 0,164 0,164 AWB Ltd 16 898 0,349 0,349 Insurance Australia Group Ltd 130 425 0,358 0,358 AXA Pacific Holdings Ltd 154 970 0,259 0,259 International Ferro Metals Ltd 24 631 0,377 0,377 Babcock & Brown Communities Ltd 687 0,024 0,024 InterOil Corp 2 783 0,087 0,087 Babcock & Brown Infrastructure Group 20 971 0,123 0,123 Invocare Ltd 4 858 0,146 0,146 Babcock & Brown Property Trust 5 253 0,150 0,150 IOOF Holdings Ltd 3 203 0,116 0,116 Babcock & Brown Ltd 118 468 0,311 0,311 Iress Market Technology Ltd 7 767 0,172 0,172 Babcock & Brown Wind Partners 10 592 0,154 0,154 JB Hi-Fi Ltd 42 535 0,540 0,540 Bank of Queensland Ltd 40 488 0,330 0,330 Jubilee Mines NL 17 988 0,127 0,127 BBI EPS Ltd 523 0,000 0,000 Just Group Ltd 4 590 0,103 0,103 Beach Petroleum Ltd 15 367 0,242 0,242 Kagara Ltd 10 502 0,165 0,165 Bendigo Bank Ltd 60 139 0,332 0,332 Kingsgate Consolidated Ltd 1 612 0,078 0,078 Bendigo Mining Ltd 677 0,086 0,086 Leighton Holdings Ltd 125 001 0,154 0,154 BHP Billiton Ltd 1 553 929 0,145 0,225 Lend Lease Corp Ltd 157 932 0,477 0,477 Billabong International Ltd 68 950 0,470 0,470 Lion Nathan Ltd 63 274 0,258 0,258 BlueScope Steel Ltd 103 429 0,303 0,303 Lion Selection Ltd 1 982 0,127 0,127 Boart Longyear Group 21 067 0,125 0,125 MacArthur Coal Ltd 9 863 0,112 0,112 Boom Logistics Ltd 2 533 0,165 0,165 Macmahon Holdings Ltd 7 081 0,168 0,168 Boral Ltd 68 657 0,391 0,391 Macquarie Airports 91 462 0,276 0,276 Bradken Ltd 21 774 0,544 0,544 Macquarie Capital Alliance Group 5 913 0,129 0,129 Brambles Ltd 339 766 0,435 0,435 Macquarie Communications Infrastructure Group 16 374 0,123 0,123 Bunnings Warehouse Property Trust 3 980 0,118 0,118 Macquarie CountryWide Trust 41 193 0,392 0,392 Cabcharge Australia Ltd 10 978 0,182 0,182 Macquarie DDR Trust 5 833 0,171 0,171 Caltex Australia Ltd 45 796 0,184 0,184 Macquarie Group Ltd 388 408 0,392 0,392 CBH Resources Ltd 1 295 0,060 0,060 Macquarie Infrastructure Group 129 514 0,373 0,373 Cellestis Ltd 344 0,024 0,024 Macquarie Leisure Trust Group 5 974 0,163 0,163 Centennial Coal Co Ltd 12 259 0,172 0,172 Macquarie Media Group Ltd 6 537 0,158 0,158 Centro Properties Group 15 970 0,392 0,392 Macquarie Office Trust 53 279 0,393 0,393 Centro Retail Group 40 629 0,392 0,392 McGuigan Simeon Wines Ltd 1 720 0,126 0,126 CFS Retail Property Trust 73 395 0,293 0,293 McPherson’s Ltd 1 680 0,172 0,172 Challenger Financial Services Group Ltd 37 463 0,262 0,262 Metcash Ltd 83 317 0,526 0,526 City Pacific Ltd 2 847 0,106 0,106 MFS Ltd 16 854 0,166 0,166 Clough Ltd 1 186 0,042 0,042 Minara Resources Ltd 31 561 0,228 0,228 Coca-Cola Amatil Ltd 87 679 0,257 0,257 Mincor Resources NL 3 152 0,079 0,079 Cochlear Ltd 113 470 0,571 0,571 Mineral Deposits Ltd 41 721 1,541 1,541 Cockatoo Ridge Wines Ltd 2 811 1,274 1,274 Mirvac Group 78 367 0,267 0,267 Commander Communications Ltd 441 0,147 0,147 Mirvac Industrial Trust 1 455 0,118 0,118 Commonwealth Bank of Australia (425 173) -0,115 0,000 Monadelphous Group Ltd 8 952 0,164 0,164 Commonwealth Property Office Fund 46 675 0,392 0,392 Mortgage Choice Ltd 15 453 1,267 1,267 Compass Resources NL 1 091 0,060 0,060 Moto Goldmines Ltd 56 918 4,506 4,506 Computershare Ltd 110 868 0,424 0,424 Mount Gibson Iron Ltd 11 930 0,112 0,112 ConnectEast Group 16 935 0,171 0,171 Murchison Metals Ltd 8 341 0,126 0,126 Consolidated Media Holdings Ltd 34 053 0,247 0,247 MYOB Ltd 1 720 0,065 0,065 Consolidated Minerals Ltd 4 687 0,079 0,079 National Australia Bank Ltd (550 956) -0,187 0,000 Corporate Express Australia Ltd 9 679 0,192 0,192 Newcrest Mining Ltd 493 822 0,691 0,691 Crane Group Ltd 8 862 0,165 0,165 Nexus Energy Ltd 7 030 0,146 0,146 Credit Corp Group Ltd 1 347 0,136 0,136 Novogen Ltd 31 0,005 0,005 Crown Ltd 129 220 0,296 0,296 Nufarm Ltd 45 912 0,396 0,396 CSL Ltd/Australia 330 933 0,347 0,347 Oakton Ltd 3 803 0,156 0,156 CSR Ltd 57 314 0,395 0,395 OneSteel Ltd 107 822 0,420 0,420 David Jones Ltd 20 246 0,160 0,160 Orica Ltd 187 910 0,395 0,395 DB RREEF Trust 109 644 0,392 0,392 Origin Energy Ltd 140 204 0,380 0,380 Downer EDI Ltd 23 351 0,281 0,281 Oxiana Ltd 77 661 0,303 0,303 Dyno Nobel Ltd 313 057 3,591 3,591 Pacific Brands Ltd 13 176 0,169 0,169

28

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Pacific Magazines Ltd 3 965 0,136 0,136 Bank of China Ltd 23 032 0,002 0,002 Pacifica Group Ltd 21 0,002 0,002 Bank of Communications Co Ltd (40 686) -0,009 0,000 Paladin Energy Ltd 59 671 0,301 0,301 Baoshan Iron & Steel Co Ltd 54 373 0,024 0,024 Pan Australian Resources Ltd 10 770 0,159 0,159 Baoye Group Co Ltd 54 317 1,508 1,508 PaperlinX Ltd 16 472 0,288 0,288 Beijing Jingkelong Co Ltd 19 081 0,972 0,972 Perilya Ltd 5 809 0,235 0,235 Belle International Holdings Ltd 22 739 0,033 0,033 Perpetual Ltd 44 049 0,336 0,336 Bio-Treat Technology Ltd 2 719 0,104 0,104 Pharmaxis Ltd 5 516 0,141 0,141 Bosideng International Holdings Ltd 2 392 0,017 0,017 Platinum Capital Ltd 1 048 0,105 0,105 BYD Electronic International Co Ltd 48 180 0,208 0,208 Portman Ltd 1 363 0,015 0,015 Celestial Nutrifoods Ltd 3 536 0,143 0,143 Primary Health Care Ltd 5 810 0,072 0,072 China Citic Bank 52 039 0,021 0,021 Programmed Maintenance Services Ltd 2 347 0,107 0,107 China Coal Energy Co 59 662 0,030 0,030 Qantas Airways Ltd 88 255 0,177 0,177 China Communications Construction Co Ltd 243 587 0,115 0,115 QBE Insurance Group Ltd 463 915 0,329 0,329 China Communications Services Corp Ltd 107 937 0,366 0,366 Queensland Gas Co Ltd 13 291 0,115 0,115 China Construction Bank Corp 60 460 0,005 0,006 Ramsay Health Care Ltd 4 551 0,050 0,050 China COSCO Holdings Co Ltd 14 009 0,006 0,006 Redflex Holdings Ltd 2 469 0,171 0,171 China Dongxiang Group Co 2 000 0,009 0,009 Resolute Mining Ltd 1 825 0,079 0,079 China Enterprise Co Ltd 12 242 0,084 0,084 Reverse Corp Ltd 27 715 1,513 1,513 China Fishery Group Ltd 6 930 0,127 0,127 Ridley Corp Ltd 1 567 0,096 0,096 China Flexible Packaging Holdings Ltd 965 0,125 0,125 Rio Tinto Ltd 428 047 0,046 0,147 China High Speed Transmission Equipment Group Co Ltd 29 345 0,163 0,163 Roc Oil Co Ltd 6 532 0,151 0,151 China Life Insurance Co Ltd 369 663 0,033 0,033 RP Data Ltd 6 908 0,604 0,604 China Merchants Bank Co Ltd 233 332 0,056 0,056 Rubicon America Trust 1 465 0,102 0,102 China Milk Products Group Ltd 3 830 0,125 0,125 SAI Global Ltd 3 533 0,164 0,164 China Molybdenum Co Ltd 98 746 0,204 0,204 Sally Malay Mining Ltd 9 614 0,199 0,199 China National Building Material Co Ltd 443 251 0,959 0,959 Salmat Ltd 2 260 0,075 0,075 China Nepstar Chain Drugstore Ltd 12 600 0,128 0,000 Santos Ltd 153 393 0,389 0,389 China New Town Development Co Ltd 26 193 0,840 0,840 Seek Ltd 47 679 0,437 0,437 China Petroleum & Chemical Corp 63 444 0,005 0,005 Senetas Corp Ltd 344 0,191 0,191 China Railway Group Ltd 5 385 0,003 0,003 Seven Network Ltd 12 570 0,090 0,090 China Shenhua Energy Co Ltd 365 379 0,040 0,040 Sigma Pharmaceuticals Ltd 20 501 0,285 0,285 China Shineway Pharmaceutical Group Ltd 51 0,002 0,002 Silex Systems Ltd 5 452 0,132 0,132 China Sun Bio-chem Technology Group Co Ltd 2 162 0,146 0,146 Sims Group Ltd 63 511 0,392 0,392 China Telecom Corp Ltd 111 784 0,032 0,032 Sino Gold Mining Ltd 9 689 0,131 0,131 China United Telecommunications Corp Ltd 85 467 0,045 0,045 Skilled Group Ltd 1 305 0,042 0,042 China Yurun Food Group Ltd 100 783 0,730 0,730 Sonic Healthcare Ltd 75 436 0,284 0,284 CNinsure Inc 8 295 0,221 0,000 SP AusNet 23 218 0,192 0,192 Comtech Group Inc 996 0,030 0,030 SP Telemedia Ltd 357 0,047 0,047 Country Garden Holdings Co Ltd 44 063 0,043 0,043 Specialty Fashion Group Ltd 1 451 0,096 0,096 Dashang Group Co Ltd 56 120 0,526 0,526 Spotless Group Ltd 15 832 0,368 0,368 Datang International Power Generation Co Ltd (6 204) -0,004 0,000 St Barbara Ltd 8 027 0,217 0,217 Dongfeng Motor Group Co Ltd 32 356 0,098 0,098 St George Bank Ltd 281 317 0,336 0,336 Focus Media Holding Ltd (9 254) -0,023 0,000 Stockland 269 786 0,463 0,458 Foxconn International Holdings Ltd 55 363 0,065 0,065 Straits Resources Ltd 11 297 0,159 0,159 Fujian Longxi Bearing Group Co Ltd 15 444 0,678 0,678 STW Communications Group Ltd 2 250 0,096 0,096 Fuyao Group Glass Industries Co Ltd 57 723 0,216 0,216 Suncorp-Metway Ltd 251 540 0,335 0,335 Giant Interactive Group Inc 55 384 0,304 0,304 Sunland Group Ltd 8 136 0,118 0,118 Global Sweeteners Holdings Ltd 13 0,001 0,000 Super Cheap Auto Group Ltd 1 782 0,082 0,082 Golden Eagle Retail Group Ltd 164 0,002 0,002 Symbion Health Ltd 36 014 0,293 0,293 Gree Electric Appliances Inc 91 717 0,299 0,299 TABCORP Holdings Ltd 145 089 0,392 0,392 Greentown China Holdings Ltd 121 336 0,933 0,933 Tap Oil Ltd 7 154 0,468 0,468 Guangdong Electric Power Development Co Ltd 17 554 0,072 0,072 Tatts Group Ltd 95 235 0,396 0,396 Guangzhou Shipyard International Co Ltd 200 066 0,789 0,789 Telstra Corp Ltd 302 422 0,108 0,139 Guoguang Electric Co Ltd 17 838 0,849 0,849 Ten Network Holdings Ltd 19 495 0,162 0,162 Hainan Airlines Co Ltd 1 0,000 0,000 Thakral Holdings Group 581 0,019 0,019 Hangzhou Steam Turbine Co 29 770 0,603 0,603 ThinkSmart Ltd 1 563 0,180 0,180 Hidili Industry International Development Ltd 69 426 0,404 0,000 Timbercorp Ltd 1 746 0,070 0,070 Huaneng Power International Inc 9 719 0,008 0,008 Tishman Speyer Office Fund 4 407 0,166 0,166 Huaxin Cement Co Ltd 14 698 0,195 0,195 Toll Holdings Ltd 189 312 0,538 0,538 Hunan Valin Steel Tube and Wire Co Ltd 10 904 0,055 0,055 Tower Australia Group Ltd 15 729 0,353 0,353 Industrial & Commercial Bank of China 215 561 0,012 0,012 Transfield Services Ltd 15 796 0,122 0,122 Intime Department Store Group Co Ltd 8 043 0,069 0,069 Transpacific Industries Group Ltd 18 116 0,128 0,128 Jiangsu Expressway Co Ltd 35 811 0,097 0,097 Transurban Group 121 380 0,344 0,344 Jilin Sino-Microelectronics Co Ltd 25 036 0,623 0,623 United Group Ltd 24 299 0,162 0,162 Kailuan Clean Coal Co Ltd 106 762 0,583 0,583 Valad Property Group 16 005 0,171 0,171 Kingsoft Corp Ltd 931 0,031 0,031 Ventracor Ltd 589 0,069 0,069 Lianhua Supermarket Holdings Co Ltd 54 934 1,208 1,208 Village Roadshow Ltd 38 0,001 0,001 Memtech International Ltd 285 0,052 0,052 Vision Group Holdings Ltd 14 036 1,240 1,382 Nanjing Chinxia Development Co Ltd 10 091 0,146 0,146 Wattyl Ltd 1 548 0,155 0,155 New World Department Store China Ltd 347 0,003 0,003 Wesfarmers Ltd 615 551 0,585 0,456 Parkson Retail Group Ltd 2 650 0,007 0,007 West Australian Newspapers Holdings Ltd 12 138 0,097 0,097 People’s Food Holdings Ltd 39 987 0,845 0,845 Western Areas NL 2 611 0,060 0,060 PetroChina Co Ltd 4 453 0,000 0,000 Westfield Group 825 950 0,425 0,425 Pine Agritech Ltd 1 491 0,043 0,043 Westpac Banking Corp 1 750 990 0,693 0,700 Ping An Insurance Group Co of China Ltd 48 756 0,009 0,009 WHK Group Ltd 1 876 0,071 0,071 SAIC Motor Corp Ltd 47 410 0,037 0,037 Woodside Petroleum Ltd 531 621 0,321 0,321 Semiconductor Manufacturing International Corp 6 797 0,064 0,064 Woolworths Ltd 969 938 0,493 0,493 Shandong Chenming Paper Holdings Ltd 51 302 0,301 0,301 WorleyParsons Ltd 215 914 0,378 0,378 Shandong Huatai Paper Co Ltd 64 322 0,549 0,549 Wotif.com Holdings Ltd 23 286 0,450 0,450 Shandong Pharmaceutical Glass Co Ltd 11 742 0,421 0,421 Zinifex Ltd 86 038 0,299 0,299 Shandong Weigao Group Medical Polymer Co Ltd 137 881 1,105 1,105 Shanghai International Airport Co Ltd 83 222 0,155 0,155 CHINA PEOPLES’ REPUBLIC OF Shanghai Zhangjiang High-Tech Park Development Co Ltd 59 892 0,371 0,371 Advanced Semiconductor Manufacturing Corp 4 049 0,984 0,984 Shanxi Guoyang New Energy Co Ltd 73 098 0,382 0,382 Air China Ltd (39 245) -0,020 0,000 Shanxi Lu’an Environmental Energy Development Co Ltd 72 271 0,212 0,212 AirMedia Group Inc 14 072 0,174 0,000 Shenzhen Chiwan Wharf Holdings Ltd 31 069 0,274 0,274 American Oriental Bioengineering Inc 20 893 0,463 0,463 Shenzhen Yantian Port Holding Co Ltd 22 543 0,143 0,143 Anhui Conch Cement Co Ltd 48 007 0,059 0,057 Sina Corp/China 13 239 0,101 0,101 Anta Sports Products Ltd 12 969 0,069 0,069 Sino-Ocean Land Holdings Ltd 9 902 0,033 0,000 Baidu.com (26 497) -0,037 0,000 Sinotrans Ltd 47 910 0,471 0,471

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 29

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Sinotrans Shipping Ltd 4 509 0,025 0,025 Comba Telecom Systems Holdings Ltd 25 0,002 0,002 Sohu.com Inc 8 255 0,074 0,074 Cosco International Holdings Ltd 594 0,008 0,008 Suzhou New District Hi-Tech Industrial Co Ltd 16 354 0,307 0,307 COSCO Pacific Ltd 25 313 0,078 0,078 Synear Food Holdings Ltd 9 397 0,107 0,107 Cross-Harbour Holdings Ltd 83 0,004 0,004 Tencent Holdings Ltd 234 091 0,319 0,319 Dah Chong Hong Holdings Ltd 2 916 0,066 0,066 Tingyi Cayman Islands Holding Corp 94 481 0,193 0,193 Dah Sing Banking Group Ltd 43 480 0,370 0,370 Tong Ren Tang Technologies Co Ltd 47 457 2,382 2,382 Dah Sing Financial Holdings Ltd 22 550 0,168 0,168 Tongwei Co Ltd 45 433 0,647 0,647 Denway Motors Ltd 86 585 0,330 0,330 United Food Holdings Ltd 308 0,043 0,043 Dickson Concepts International Ltd 42 0,002 0,002 Weichai Power Co Ltd 94 394 0,311 0,282 Digital China Holdings Ltd 138 0,004 0,004 Xinao Gas Holdings Ltd 65 761 0,604 0,604 DMX Technologies Group Ltd 717 0,113 0,113 Xinhua Finance Media Ltd 44 731 1,989 0,000 EganaGoldpfeil Holdings Ltd 4 0,001 0,001 Xining Special Steel Co 24 628 0,205 0,205 Emperor Entertainment Hotel Ltd 44 0,003 0,003 Xinjiang Guanghui Industry Co Ltd 19 956 0,158 0,158 Enerchina Holdings Ltd 71 0,006 0,006 Yantai North Andre Juice Co 70 297 3,034 3,034 Esprit Holdings Ltd 189 576 0,190 0,190 Yantai Wanhua Polyurethanes Co Ltd 64 841 0,138 0,138 eSun Holdings Ltd 111 0,004 0,004 Yanzhou Coal Mining Co Ltd (10 335) -0,015 0,000 Far East Consortium 184 0,004 0,004 Yunnan Yunwei Co Ltd 26 887 0,359 0,359 First Pacific Co 19 287 0,142 0,142 Zhaojin Mining Industry Co Ltd 226 667 1,372 1,372 Fountain SET Hldgs 44 0,004 0,004 Zhejiang Expressway Co Ltd 50 006 0,132 0,132 FU JI Food and Catering Services Holdings Ltd 138 0,002 0,002 Zhengzhou Yutong Bus Co Ltd 47 105 0,460 0,460 Fubon Bank Hong Kong Ltd 2 370 0,061 0,061 Zhong An Real Estate Ltd 11 960 0,188 0,188 Galaxy Entertainment Group Ltd 23 679 0,118 0,118 Zhuzhou CSR Times Electric Co Ltd 14 711 0,169 0,169 Giordano International Ltd 7 672 0,198 0,198 Zijin Mining Group Co Ltd 252 781 0,265 0,265 Global Bio-Chem Technology Group Co Ltd 5 118 0,134 0,134 ZTE Corp 45 269 0,106 0,106 Golden Resorts Group Ltd 55 0,003 0,003 GOME Electrical Appliances Holdings Ltd 58 186 0,127 0,127 HONG KONG Great Eagle Holdings Ltd 12 182 0,099 0,099 AAC Acoustic Technologies Holdings Inc 60 147 0,664 0,664 Guangdong Investment Ltd 64 859 0,343 0,343 Agile Property Holdings Ltd 31 762 0,086 0,086 Guangnan Holdings 21 0,002 0,002 Alco Holdings Ltd 49 0,004 0,004 Guangzhou Investment Co Ltd 18 307 0,161 0,161 Allied Group Ltd 298 0,004 0,004 Guoco Group Ltd 18 611 0,078 0,078 Allied Properties HK Ltd 485 0,004 0,004 GZI Real Estate Investment Trust 86 0,004 0,004 Apac Resources Ltd 10 028 0,212 0,212 GZI Transportation Ltd 69 0,001 0,001 Arts Optical International Hldgs 21 0,003 0,003 Haier Electronics Group Co Ltd 35 0,002 0,002 Asia Financial Holdings Ltd 124 0,004 0,004 Hang Lung Group Ltd 216 098 0,546 0,546 Asia Standard International Group 36 0,003 0,003 Hang Lung Properties Ltd (14 451) -0,014 0,000 ASM Pacific Technology 15 142 0,098 0,098 Hang Seng Bank Ltd 139 171 0,065 0,065 Bank of East Asia Ltd 123 987 0,212 0,212 Henderson Investment Ltd 3 075 0,086 0,086 Beijing Enterprises Holdings Ltd 93 986 0,320 0,320 Henderson Land Development Co Ltd 139 973 0,127 0,127 BOC Hong Kong Holdings Ltd 232 454 0,144 0,144 Hengan International Group Co Ltd 181 066 0,687 0,687 Bossini International Hldg 7 0,002 0,002 HKR International Ltd 187 0,003 0,003 Brilliance China Automotive Holdings Ltd 4 785 0,121 0,121 Hong Kong & China Gas Co (200 005) -0,198 0,000 Cafe de Coral Holdings Ltd 10 810 0,147 0,147 Hong Kong Aircraft Engineerg 59 0,000 0,000 Cathay Pacific Airways Ltd 88 820 0,159 0,159 Hong Kong Exchanges and Clearing Ltd 501 087 0,304 0,304 CATIC International Holdings Ltd 53 124 3,751 3,751 Hong Kong Health Check and Laboratory Holdings Co Ltd 22 729 3,724 3,724 CDC Corp 2 300 0,076 0,076 Hongkong & Shanghai Hotels/The 39 681 0,288 0,288 Champion REIT 232 0,003 0,003 Hongkong Chinese Ltd 25 0,002 0,002 Chaoda Modern Agriculture 11 125 0,094 0,094 HongKong Electric Holdings 231 432 0,347 0,347 Chen Hsong Holdings 10 741 0,529 0,529 Hongkong Land Holdings Ltd 161 307 0,262 0,262 Cheung Kong Holdings Ltd 596 023 0,256 0,256 Hopewell Highway Infrastructure Ltd 6 315 0,046 0,046 Cheung Kong Infrastructure Holdings Ltd 18 162 0,040 0,040 Hopewell Holdings 77 989 0,346 0,346 Chevalier International Holdings Ltd 45 0,003 0,003 Hopson Development Holdings Ltd 18 998 0,086 0,086 China Everbright Ltd 29 334 0,107 0,107 Huabao International Holdings Ltd 108 633 0,652 0,652 China Foods Ltd 228 585 2,024 2,024 Hutchison Harbour Ring Ltd 3 108 0,086 0,086 China Gas Holdings Ltd 293 0,004 0,004 Hutchison Telecommunications International Ltd 376 045 0,963 0,963 China Grand Forestry Resources Group Ltd 115 211 1,767 1,767 Hutchison Whampoa Ltd 3 284 187 1,251 1,251 China Infrastructure Machinery Holdings Ltd 18 501 0,198 0,198 Hysan Development Co Ltd 26 385 0,164 0,164 China Insurance International Holdings Co Ltd 107 311 0,509 0,509 I-CABLE Communications Ltd 402 0,018 0,018 China LotSynergy Holdings Ltd 101 321 1,961 1,961 IDT International Ltd 36 0,004 0,004 China Mengniu Dairy Co Ltd 93 944 0,331 0,331 Industrial and Commercial Bank of China Asia Ltd 14 331 0,085 0,085 China Merchants Holdings International Co Ltd 67 563 0,083 0,083 Jardine Matheson Holdings Ltd 50 777 0,054 0,054 China Mining Resources Group Ltd 144 0,005 0,005 Jardine Strategic Holdings Ltd 77 716 0,084 0,084 China Mobile Ltd 1 225 557 0,064 0,066 Johnson Electric Holdings Ltd 10 841 0,099 0,099 China Netcom Group Corp Hong Kong Ltd 33 463 0,031 0,031 K Wah International Holdings Ltd 180 0,002 0,002 China Oriental Group Co Ltd 204 0,002 0,002 Kerry Properties Ltd 96 355 0,155 0,155 China Overseas Land & Investment Ltd 94 791 0,109 0,109 KHD Humboldt Wedag International Ltd 5 492 0,112 0,112 China Pharmaceutical Group Ltd 85 0,003 0,003 Kingboard Chemical Holdings Ltd 40 825 0,151 0,151 China Power International Development Ltd 123 079 1,662 1,662 Kingmaker Footwear Holdings Ltd 15 0,004 0,004 China Railway Logistics Ltd 13 757 1,004 1,004 Kingway Brewery Holdings Ltd 14 270 0,551 0,551 China Resources Enterprise 73 558 0,132 0,132 Kowloon Development Co Ltd 436 0,003 0,003 China Resources Land Ltd 12 462 0,028 0,028 Lai Fung Holdings Ltd 47 0,002 0,002 China Resources Logic Ltd 43 0,002 0,002 Lee & Man Paper Manufacturing Ltd 10 323 0,038 0,038 China Resources Power Holdings Co 49 883 0,064 0,064 Li & Fung Ltd 135 282 0,179 0,179 China Solar Energy Holdings Ltd 62 0,004 0,004 Li Ning Co Ltd 850 0,004 0,004 China State Construction International Holdings Ltd 103 0,002 0,002 Lifestyle International Holdings Ltd 526 0,002 0,002 China Ting Group Holdings Ltd 50 725 1,790 1,790 Link REIT/The 53 519 0,212 0,212 China Travel International Inv HK 127 617 0,626 0,626 Linmark Group Ltd 7 0,002 0,002 China Unicom Ltd 178 524 0,105 0,105 Luen Thai Holdings Ltd 10 0,001 0,001 China Water Affairs Group Ltd 167 288 4,047 4,047 Lung Kee (Bermuda) Holdings 16 848 1,105 1,105 Chinese Estates Holdings Ltd 19 314 0,085 0,085 Macau Success Ltd 38 0,002 0,002 Chong Hing Bank Ltd 4 235 0,075 0,075 Mandarin Oriental International Ltd 7 279 0,057 0,057 Chow Sang Sang Hldg 225 0,004 0,004 Matsunichi Communication Holdings Ltd 203 562 3,305 3,305 Citic 21CN Co Ltd 63 0,004 0,004 Melco International Development 10 112 0,101 0,101 CITIC International Financial Holdings Ltd 153 324 0,785 0,785 Melco PBL Entertainment Macau Ltd 70 879 0,257 0,257 Citic Pacific Ltd 70 916 0,106 0,106 Midland Holdings Ltd 257 0,004 0,004 Citic Resources Holdings Ltd 257 0,002 0,002 Ming An Holdings Co Ltd/The 5 453 0,103 0,103 CLP Holdings Ltd 284 474 0,319 0,319 Mingyuan Medicare Development Co Ltd 56 0,002 0,002 CNOOC Ltd 294 769 0,072 0,072 MTR Corp 116 355 0,104 0,104 Cnpc Hong Kong Ltd 16 818 0,100 0,100 NAM TAI Electronics Inc 2 532 0,092 0,092 Coastal Greenland Ltd 103 0,003 0,003 Natural Beauty Bio-Technology Ltd 52 0,002 0,002

30

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Neo-China Land Group Holdings Ltd 179 0,002 0,002 Infrastructure Development Finance Co Ltd 315 0,001 0,001 New World China Land Ltd 296 0,002 0,002 Macmillan India Ltd 1 306 0,241 0,241 New World Development Ltd 100 274 0,140 0,140 MAX India Ltd 12 040 0,150 0,150 Next Media Ltd 2 153 0,046 0,046 McDowell Holdings Ltd 2 729 0,446 0,447 Nine Dragons Paper Holdings Ltd 22 425 0,038 0,038 Sobha Developers Ltd 171 0,002 0,002 Noble Group Ltd 26 392 0,111 0,111 State Bank of India Ltd 70 903 0,041 0,040 Orient Overseas International Ltd 15 349 0,061 0,061 Sun TV Network Ltd 3 007 0,014 0,014 Oriental Press Group 727 0,032 0,032 Pacific Andes International Holdings Ltd 4 0,000 0,000 Pacific Basin Shipping Ltd (12 413) -0,089 0,000 Bank Nisp Tbk PT 28 358 0,937 0,917 Pacific Century Premium Developments Ltd 91 0,002 0,002 Bank Permata Tbk PT 6 038 0,152 0,152 PCCW Ltd 24 949 0,114 0,114 Bank UOB Buana Tbk PT 12 715 0,321 0,321 Peace Mark Holdings Ltd 350 0,004 0,004 Indosat Tbk PT 32 404 0,119 0,119 Playmates Holdings Ltd 61 0,005 0,005 International Nickel Indonesia Tbk PT 22 813 0,041 0,041 Polytec Asset Holdings Ltd 145 0,002 0,002 PT Astra International Tbk 53 581 0,084 0,084 Ports Design Ltd 417 0,004 0,004 Telekomunikasi Indonesia Tbk PT 38 140 0,032 0,032 Prime Success International Group Ltd 2 427 0,037 0,037 Unilever Indonesia Tbk PT 24 057 0,081 0,081 Prosperity REIT 72 0,005 0,005 Public Financial Holdings Ltd 21 898 0,574 0,574 ISRAEL PYI Corp Ltd 90 0,003 0,003 Bank Hapoalim BM 54 0,000 0,000 Qin Jia Yuan Media Services Co Ltd 30 083 1,619 1,619 Cellcom Israel Ltd 14 140 0,084 0,084 Regal Hotels International Holdings Ltd 109 0,002 0,002 Check Point Software Technologies 76 741 0,289 0,289 Road King Infrastructure 115 0,002 0,002 Emblaze Ltd 13 153 1,804 1,804 Roadshow Holdings Ltd 8 0,002 0,002 Israel Chemicals Ltd 177 039 0,199 0,199 SA SA International Holdings Ltd 49 0,002 0,002 Makhteshim-Agan Industries Ltd 116 601 0,521 0,521 Samson Holding Ltd 50 0,002 0,002 Orbotech Ltd 4 665 0,148 0,148 SCMP Group Ltd 2 548 0,086 0,086 Partner Communications 55 128 0,292 0,105 Seaspan Corp 6 742 0,088 0,101 Queenco Leisure International Ltd 15 549 0,487 0,000 Shanghai Industrial Holdings Ltd 169 284 0,667 0,667 Saifun Semiconductors Ltd 10 0,001 0,001 Shangri-La Asia Ltd 81 030 0,165 0,165 Syneron Medical Ltd 65 0,003 0,003 Shenzhen International Holdings 13 131 0,126 0,126 Teva Pharmaceutical Industries Ltd 362 228 0,179 0,000 Shenzhen Investment Ltd 13 441 0,107 0,107 Shimao Property Holdings Ltd 39 127 0,086 0,086 JAPAN Shougang Concord International Enterprises Co Ltd 19 428 0,125 0,125 77 Bank Ltd/The 29 490 0,226 0,226 Shui On Construction and Materials Ltd 119 0,002 0,002 A&D Co Ltd 469 0,039 0,039 Shun Tak Holdings Ltd 62 272 0,313 0,313 ABC-Mart Inc 218 784 2,206 2,206 Silver Grant International 85 0,004 0,004 ABILIT Corp 16 0,004 0,004 Singamas Container Holdings Ltd 38 0,002 0,002 Accordia Golf Co Ltd 1 494 0,025 0,025 Sino Land Co 73 008 0,079 0,079 Achilles Corp/Japan 493 0,036 0,036 Sinofert Holdings Ltd 629 0,002 0,002 Acom Co Ltd 25 781 0,145 0,145 Sino-I Technology Ltd 34 0,002 0,002 ADEKA Corp 1 585 0,027 0,027 Sinolink Worldwide Holdings 158 0,004 0,004 Aderans Holdings Co Ltd 188 0,005 0,005 Sinopec Kantons Holdings Ltd 22 0,002 0,002 Advan Co Ltd 32 0,003 0,003 SmarTone Telecommunications Holding Ltd 2 281 0,078 0,078 Advantest Corp 91 470 0,297 0,297 Solomon Systech International Ltd 62 0,005 0,005 Aeon Co Ltd 285 359 0,448 0,448 SRE Group Ltd 119 0,003 0,003 Aeon Credit Service Co Ltd 18 025 0,142 0,142 Sun Hung Kai Properties Ltd 619 056 0,209 0,209 Aeon Fantasy Co Ltd 1 004 0,060 0,060 Swire Pacific Ltd 231 378 0,207 0,084 Aeon Mall Co Ltd 143 793 0,554 0,554 Symphony Holdings Ltd 21 0,002 0,002 Agrex Inc 9 348 1,495 1,495 TAI Cheung Holdings 119 0,004 0,004 Ahresty Corp 540 0,028 0,028 TCL Communication Technology Holdings Ltd 51 0,003 0,003 Ai Holdings Corp 683 0,033 0,033 TCL Multimedia Technology Holdings Ltd 47 0,002 0,002 Aica Kogyo Co Ltd 12 631 0,352 0,352 Techtronic Industries Co 17 529 0,215 0,215 Aichi Bank Ltd/The 926 0,018 0,018 Television Broadcasts Ltd 16 441 0,115 0,115 Aichi Corp 612 0,015 0,015 Texwinca Holdings Ltd 6 398 0,099 0,099 Aichi Machine Industry Co Ltd 22 0,002 0,002 Tian An China Investment 418 0,005 0,004 Aichi Steel Corp 4 136 0,078 0,078 Tianjin Development Hldgs 7 279 0,109 0,109 Aida Engineering Ltd 657 0,028 0,028 Tianjin Port Development Holdings Ltd 53 532 0,723 0,723 Aiful Corp 15 665 0,114 0,114 Titan Petrochemicals Group Ltd 43 0,002 0,002 Aigan Co Ltd 28 0,004 0,004 Tom Group Ltd 37 0,002 0,002 Aioi Insurance Co Ltd 265 445 1,368 1,368 Tomson Group Ltd 75 0,003 0,003 Aiphone Co Ltd 603 0,035 0,035 Tongda Group Holdings Ltd 24 129 2,241 2,241 Air Water Inc 9 502 0,093 0,093 Top Form International Ltd 26 0,004 0,004 Airport Facilities Co Ltd 18 546 1,021 1,021 TPV Technology Ltd 12 345 0,159 0,159 Aisan Industry Co Ltd 3 073 0,085 0,085 Varitronix International Ltd 67 0,005 0,005 Aisin Seiki Co Ltd 102 512 0,154 0,154 Venture International Investment Holdings Ltd 10 116 3,844 3,844 Ajinomoto Co Inc 90 331 0,209 0,209 Victory City International Hlds 63 0,006 0,006 Akebono Brake Industry Co Ltd 1 020 0,027 0,027 VST Holdings Ltd 59 539 3,400 3,400 Akita Bank Ltd/The 1 369 0,028 0,028 VTech Holdings Ltd 390 0,004 0,004 Alfresa Holdings Corp 25 192 0,182 0,182 Wharf Holdings Ltd 83 479 0,107 0,103 All Nippon Airways Co Ltd 43 239 0,110 0,110 Wheelock & Co Ltd 29 114 0,086 0,086 Aloka Co Ltd 77 0,003 0,003 Wing Hang Bank Ltd 59 162 0,247 0,247 Alpen Co Ltd 35 843 1,056 1,056 Wing Lung Bank 16 599 0,107 0,107 Alpha Corp/Japan 18 0,002 0,002 Wing On Co International Ltd 60 0,002 0,002 Alpha Systems Inc 34 0,002 0,002 Xinyi Glass Holdings Co Ltd 105 749 1,156 1,156 Alpine Electronics Inc 1 138 0,018 0,018 Xinyu Hengdeli Holdings Ltd 60 984 0,807 0,807 Alps Electric Co Ltd 28 819 0,225 0,225 Xiwang Sugar Holdings Co Ltd 60 835 3,134 3,134 Alps Logistics Co Ltd 10 987 1,298 1,298 Yue Yuen Industrial Holdings Ltd (18 034) -0,056 0,000 Amada Co Ltd 43 594 0,227 0,227 Amano Corp 1 447 0,027 0,027 INDIA Amuse Inc 5 955 0,705 0,705 Axis Bank Ltd 793 231 1,660 0,000 Ando Corp 23 0,004 0,004 Bajaj Auto Ltd 100 715 0,275 0,275 Anritsu Corp 784 0,027 0,027 BGR Energy Systems Ltd 2 921 0,061 0,061 AOC Holdings Inc 68 167 1,105 1,105 Bharti Airtel Ltd 394 014 0,176 0,176 AOKI Holdings Inc 850 0,018 0,018 Financial Technologies India Ltd 56 577 0,343 0,343 Aomori Bank Ltd/The 934 0,025 0,025 GMR Infrastructure Ltd 74 089 0,119 0,119 Aoyama Trading Co Ltd 45 176 0,474 0,474 ICICI Bank Ltd 30 255 0,016 0,000 Aozora Bank Ltd 39 591 0,151 0,151 Idea Cellular Ltd 68 581 0,136 0,136 Apamanshop Holdings Co Ltd 4 455 0,291 0,291 Info Edge India Ltd 43 686 0,860 0,867 Aplus Co Ltd 15 0,001 0,001 Infosys Technologies Ltd 64 579 0,046 0,000 Arakawa Chemical Industries Ltd 559 0,049 0,049

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 31

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Arc Land Sakamoto Co Ltd 578 0,040 0,040 Commuture Corp 27 0,002 0,002 Arcs Co Ltd 553 0,020 0,020 Computer Engineering & Consulting Ltd 34 0,004 0,004 Ardepro Co Ltd 37 514 0,747 0,747 COMSYS Holdings Corp 1 829 0,028 0,028 Ariake Japan Co Ltd 604 0,019 0,019 Corona Corp 35 0,002 0,002 Arisawa Manufacturing Co Ltd 719 0,032 0,032 Cosel Co Ltd 35 483 1,280 1,280 Arnest One Corp 16 0,001 0,001 Cosmo Oil Co Ltd 37 296 0,216 0,216 Arrk Corp 304 0,027 0,027 Cosmo Securities Co Ltd 499 0,019 0,019 Aruze Corp 43 360 0,262 0,262 Initia Co Ltd 8 226 0,440 0,440 As One Corp 601 0,025 0,025 Cosmos Pharmaceutical Corp 31 0,002 0,002 Asahi Breweries Ltd 83 581 0,188 0,188 Create SD Co Ltd 12 392 0,448 0,448 Asahi Diamond Industrial Co Ltd 784 0,028 0,028 Credit Saison Co Ltd 200 866 0,744 0,744 Asahi Glass Co Ltd 193 901 0,224 0,224 Creed Corp 496 0,027 0,027 Asahi Kasei Corp 116 679 0,230 0,230 Cross Plus Inc 9 116 1,957 1,957 Asahi Organic Chemicals Industry Co Ltd 520 0,033 0,033 CSK Holdings Corp 29 841 0,216 0,216 Asahi Pretec Corp 148 0,003 0,003 Culture Convenience Club Co Ltd 74 297 1,326 1,326 Asatsu-DK Inc 13 159 0,192 0,192 CyberAgent Inc 7 532 0,267 0,266 Asics Corp 230 925 1,476 1,476 Cybernet Systems Co Ltd 15 0,002 0,002 ASKA Pharmaceutical Co Ltd 45 0,003 0,003 Cybozu Inc 28 0,003 0,003 ASKUL Corp 2 216 0,035 0,035 D&M Holdings Inc 45 0,002 0,002 Astellas Pharma Inc 541 282 0,441 0,441 Dai Nippon Printing Co Ltd 105 044 0,185 0,185 Asunaro Aoki Construction Co Ltd 34 0,002 0,002 Dai Nippon Toryo Co Ltd 28 0,003 0,003 Atrium Co Ltd 1 238 0,025 0,025 Daibiru Corp 1 250 0,018 0,018 Atsugi Co Ltd 569 0,040 0,040 Daicel Chemical Industries Ltd 27 132 0,228 0,228 Autobacs Seven Co Ltd 9 358 0,217 0,217 Dai-Dan Co Ltd 626 0,057 0,057 Avex Group Holdings Inc 82 0,003 0,003 Daido Metal Co Ltd 527 0,042 0,042 Awa Bank Ltd/The 16 522 0,227 0,227 Daido Steel Co Ltd 26 702 0,151 0,151 Bando Chemical Industries Ltd 627 0,028 0,028 Daidoh Ltd 597 0,024 0,024 Bank of Ikeda Ltd/The 50 617 1,002 1,002 Daiei Inc/The 7 361 0,127 0,206 Bank of Iwate Ltd/The 1 685 0,028 0,028 Daifuku Co Ltd 6 260 0,071 0,071 Bank of Kyoto Ltd/The 51 302 0,221 0,221 Daihatsu Motor Co Ltd 147 171 0,675 0,675 Bank of Nagoya Ltd/The 15 825 0,227 0,227 Daihen Corp 30 936 0,767 0,767 Bank of Okinawa Ltd/The 13 963 0,335 0,335 Daiichi Chuo Kisen Kaisha 1 041 0,014 0,014 Bank of Saga Ltd/The 843 0,027 0,027 Daiichi Jitsugyo Co Ltd 1 050 0,078 0,078 Bank of the Ryukyus Ltd 977 0,037 0,037 Daiichi Sankyo Co Ltd 806 916 0,657 0,657 Bank of Yokohama Ltd/The 121 234 0,228 0,228 Dai-ichi Seiko Co Ltd 488 0,035 0,035 Belc Co Ltd 150 0,015 0,015 Daiken Corp 10 238 0,601 0,601 Belluna Co Ltd 414 0,019 0,019 Daikin Industries Ltd 781 696 0,876 0,876 Benefit One Inc 18 829 1,398 1,397 Daikoku Denki Co Ltd 11 0,001 0,001 Benesse Corp 150 844 0,612 0,612 Daikyo Inc 21 312 0,389 0,389 Best Denki Co Ltd 830 0,025 0,025 Daimei Telecom Engineering Corp 456 0,029 0,029 BML Inc 17 756 0,928 0,928 Dainichiseika Color & Chemicals Manufacturing Co Ltd 529 0,025 0,025 Bookoff Corp 13 0,002 0,002 Dainippon Ink and Chemicals Inc 68 514 0,317 0,317 Bosch Corp 14 331 0,121 0,121 Dainippon Screen Manufacturing Co Ltd 17 437 0,226 0,226 Bridgestone Corp 179 187 0,228 0,228 Dainippon Sumitomo Pharma Co Ltd (3 976) -0,025 0,000 Brother Industries Ltd 58 760 0,302 0,302 Daio Paper Corp 222 0,004 0,004 Bunka Shutter Co Ltd 20 554 1,220 1,220 Daisan Bank Ltd/The 709 0,021 0,021 CAC Corp 10 884 1,380 1,380 Daiseki Co Ltd 1 845 0,028 0,028 Calsonic Kansei Corp 6 855 0,090 0,090 Daishi Bank Ltd/The 18 795 0,229 0,229 Canon Electronics Inc 717 0,014 0,014 Daiso Co Ltd 528 0,027 0,027 Canon Finetech Inc 553 0,017 0,017 Daisyo Corp 44 0,003 0,003 Canon Inc 1 321 635 0,392 0,392 Daito Bank Ltd/The 27 0,004 0,004 Canon Marketing Japan Inc 26 730 0,175 0,175 Daito Trust Construction Co Ltd 99 415 0,267 0,267 Capcom Co Ltd 14 515 0,158 0,158 Daiwa House Industry Co Ltd 190 184 0,452 0,452 Casio Computer Co Ltd 53 527 0,304 0,304 Daiwa Industries Ltd 534 0,033 0,033 Cawachi Ltd 630 0,018 0,018 Daiwa Securities Group Inc 209 412 0,302 0,302 CCS Inc/Japan 2 256 0,885 0,867 Daiwabo Co Ltd 865 0,037 0,037 Cecile Co Ltd 15 0,002 0,002 Daiwabo Information System Co Ltd 603 0,044 0,044 Central Finance Co Ltd 430 0,028 0,028 DCM Japan Holdings Co Ltd 775 0,013 0,013 Central Glass Co Ltd 9 676 0,218 0,218 Dena Co Ltd 73 490 0,576 0,576 Central Japan Railway Co 264 488 0,255 0,255 Denki Kagaku Kogyo K K 35 174 0,302 0,302 Century Leasing System Inc 515 0,021 0,021 Denki Kogyo Co Ltd 564 0,027 0,027 Chiba Bank Ltd/The 89 665 0,226 0,226 Denso Corp 412 713 0,210 0,210 Chiba Kogyo Bank Ltd/The 665 0,019 0,019 Dentsu Inc 45 952 0,115 0,115 Chiyoda Co Ltd 3 693 0,094 0,094 Denyo Co Ltd 521 0,040 0,040 Chiyoda Corp 36 629 0,306 0,306 Descente Ltd 613 0,029 0,029 Chiyoda Integre Co Ltd 20 326 1,440 1,440 Disco Corp 20 083 0,194 0,194 Chofu Seisakusho Co Ltd 11 060 0,362 0,362 Don Quijote Co Ltd 16 638 0,216 0,216 Chori Co Ltd 17 0,001 0,001 Doshisha Co Ltd 25 796 1,425 1,425 Chubu Electric Power Co Inc 381 343 0,346 0,346 Doutor Nichires Holdings Co Ltd 19 846 0,447 0,447 Chudenko Corp 959 0,015 0,015 DOWA HOLDINGS CO LTD 24 550 0,212 0,212 Chuetsu Pulp & Paper Co Ltd 33 0,003 0,003 Dream Incubator Inc 30 0,004 0,004 Chugai Pharmaceutical Co Ltd 96 697 0,222 0,222 DTS Corp 598 0,027 0,027 Chugai Ro Co Ltd 556 0,032 0,032 Duskin Co Ltd 2 124 0,033 0,033 Chugoku Bank Ltd/The 40 060 0,226 0,226 Dwango Co Ltd 24 028 0,714 0,713 Chugoku Electric Power Co Inc/The 88 814 0,226 0,226 Dydo Drinco Inc 26 690 0,797 0,797 Chugoku Marine Paints Ltd 52 450 1,533 1,533 eAccess Ltd 10 489 0,213 0,213 Chukyo Bank Ltd/The 618 0,018 0,018 Eagle Industry Co Ltd 437 0,014 0,014 Chuo Mitsui Trust Holdings Inc 124 270 0,302 0,302 Earth Chemical Co Ltd 659 0,025 0,025 Chuo Spring Co Ltd 20 0,002 0,002 East Japan Railway Co 904 243 0,504 0,504 Circle K Sunkus Co Ltd 9 838 0,142 0,142 Ebara Corp 20 143 0,257 0,257 Citizen Holdings Co Ltd 45 584 0,226 0,226 EDION Corp 13 317 0,213 0,213 CKD Corp 725 0,027 0,027 Ehime Bank Ltd/The 962 0,028 0,028 Clarion Co Ltd 70 0,002 0,002 Eighteenth Bank Ltd/The 931 0,027 0,027 Cleanup Corp 28 0,002 0,002 Eiken Chemical Co Ltd 27 0,003 0,003 CMIC Co Ltd 15 0,001 0,001 Eisai Co Ltd 435 762 0,687 0,687 CMK Corp 499 0,019 0,019 Eizo Nanao Corp 504 0,016 0,016 Coca-Cola Central Japan Co Ltd 83 0,002 0,002 Electric Power Development Co Ltd 101 927 0,302 0,302 Coca-Cola West Holdings Co Ltd 16 745 0,125 0,125 Elpida Memory Inc 86 485 0,354 0,354 Colowide Co Ltd 39 0,003 0,003 en-japan Inc 4 357 0,116 0,116 Columbia Music Entertainment Inc 7 0,001 0,001 Enplas Corp 602 0,048 0,048

32

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

EPS Co Ltd 11 702 0,694 0,697 Higo Bank Ltd/The 19 134 0,227 0,227 Epson Toyocom Corp 12 496 0,297 0,334 Hikari Tsushin Inc 7 445 0,069 0,069 ESPEC Corp 36 0,004 0,004 Hino Motors Ltd 24 505 0,121 0,121 Exedy Corp 1 639 0,018 0,018 Hioki EE Corp 19 0,001 0,001 Ezaki Glico Co Ltd 15 297 0,200 0,200 Hirano Tecseed Co Ltd/Kinzoku 22 260 2,209 2,209 Faith Inc 13 0,002 0,002 Hirose Electric Co Ltd 56 460 0,225 0,225 FamilyMart Co Ltd 35 690 0,215 0,215 Hiroshima Bank Ltd/The 41 501 0,225 0,225 Fancl Corp 185 0,004 0,004 HIS Co Ltd 13 177 0,398 0,398 Fanuc Ltd 585 083 0,462 0,462 Hisaka Works Ltd 857 0,027 0,027 Fast Retailing Co Ltd 62 083 0,151 0,151 Hisamitsu Pharmaceutical Co Inc 20 012 0,127 0,127 FCC Co Ltd 746 0,015 0,015 Hitachi Cable Ltd 14 555 0,121 0,121 FDK Corp 12 0,002 0,002 Hitachi Capital Corp 7 145 0,082 0,082 Fields Corp 31 496 1,297 1,297 Hitachi Chemical Co Ltd 132 740 0,511 0,511 Foster Electric Co Ltd 58 626 1,604 1,604 Hitachi Construction Machinery Co Ltd 42 302 0,121 0,121 FP Corp 1 018 0,027 0,027 Hitachi High-Technologies Corp 14 819 0,091 0,091 France Bed Holdings Co Ltd 561 0,030 0,030 Hitachi Information Systems Ltd 3 215 0,064 0,064 Fudo Tetra Corp 28 0,003 0,003 Hitachi Koki Co Ltd 23 841 0,226 0,226 Fuji Co Ltd/Ehime 610 0,021 0,021 Hitachi Kokusai Electric Inc 1 930 0,028 0,028 Fuji Electric Holdings Co Ltd 51 198 0,361 0,361 Hitachi Ltd 306 538 0,225 0,225 Fuji Electronics Co Ltd 20 0,002 0,002 Hitachi Maxell Ltd 5 679 0,087 0,087 Fuji Fire & Marine Insurance Co Ltd/The 6 218 0,087 0,087 Hitachi Medical Corp 45 0,003 0,003 Fuji Heavy Industries Ltd 44 666 0,225 0,225 Hitachi Metals Ltd 147 583 0,549 0,549 Fuji Kyuko Co Ltd 576 0,027 0,027 Hitachi Plant Technologies Ltd 1 065 0,025 0,025 Fuji Oil Co Ltd 717 0,019 0,019 Hitachi Powdered Metals Co Ltd 34 0,003 0,003 Fuji Seal International Inc 87 449 2,946 2,946 Hitachi Software Engineering Co Ltd 21 156 0,319 0,319 FUJI SOFT INC 5 436 0,169 0,169 Hitachi Systems & Services Ltd 646 0,022 0,022 Fuji Television Network Inc 38 485 0,181 0,181 Hitachi Tool Engineering Ltd 38 0,002 0,002 Fujicco Co Ltd 56 0,003 0,003 Hitachi Transport System Ltd 718 0,011 0,011 FUJIFILM Holdings Corp 441 922 0,374 0,374 Hitachi Zosen Corp 2 108 0,036 0,036 Fujikura Kasei Co Ltd 559 0,045 0,045 Hodogaya Chemical Co Ltd 26 0,002 0,002 Fujikura Ltd 31 362 0,307 0,307 Hogy Medical Co Ltd 27 380 0,732 0,732 Fujimi Inc 693 0,027 0,027 Hokkaido Electric Power Co Inc 57 332 0,226 0,226 Fujimori Kogyo Co Ltd 33 0,004 0,004 Hokkaido Gas Co Ltd 41 0,004 0,004 Fujita Kanko Inc 576 0,011 0,011 Hokkan Holdings Ltd 34 0,003 0,003 Fujitec Co Ltd 816 0,028 0,028 Hokkoku Bank Ltd/The 19 510 0,226 0,226 Fujitsu Business Systems Ltd 471 0,028 0,028 Hokuetsu Bank Ltd/The 644 0,020 0,020 Fujitsu Frontech Ltd 22 0,002 0,002 Hokuetsu Paper Mills Ltd 146 0,003 0,003 Fujitsu General Ltd 483 0,016 0,016 Hokuhoku Financial Group Inc 49 776 0,226 0,226 Fujitsu Ltd 171 545 0,226 0,226 Hokuriku Electric Industry Co Ltd 641 0,069 0,069 Fujiya Co Ltd 607 0,037 0,037 Hokuriku Electric Power Co 56 491 0,226 0,226 Fukuda Corp 18 0,002 0,002 Hokuto Corp 15 809 0,537 0,537 Fukui Bank Ltd/The 1 117 0,028 0,028 Honda Motor Co Ltd 922 819 0,276 0,276 Fukuoka Financial Group Inc 82 542 0,302 0,302 Honeys Co Ltd 175 479 4,757 4,757 Fukushima Bank Ltd/The 577 0,047 0,047 Hoosiers Corp 16 0,003 0,003 Fukuyama Transporting Co Ltd 6 959 0,114 0,114 Horiba Ltd 2 272 0,027 0,027 Fullcast Co Ltd 19 0,002 0,002 Hosiden Corp 2 181 0,035 0,035 Funai Electric Co Ltd 14 051 0,165 0,165 Hosokawa Micron Corp 534 0,030 0,030 Furukawa Co Ltd 1 160 0,027 0,027 House Foods Corp 13 136 0,130 0,130 Furukawa Electric Co Ltd 33 709 0,225 0,226 HOYA CORP 215 010 0,286 0,286 Furukawa-Sky Aluminum Corp 10 828 0,321 0,321 Hudson Soft Co Ltd 5 610 0,310 0,310 Furuno Electric Co Ltd 602 0,024 0,024 Hurxley Corp 12 0,002 0,002 Furusato Industries Ltd 438 0,050 0,050 Hyakugo Bank Ltd/The 17 810 0,226 0,226 Furuya Metal Co Ltd 14 030 0,897 0,897 Hyakujushi Bank Ltd/The 19 142 0,226 0,226 Fuso Pharmaceutical Industries Ltd 42 0,003 0,003 Ibiden Co Ltd 252 379 0,444 0,444 Futaba Corp/Chiba 6 299 0,127 0,127 IBJ Leasing Co Ltd 4 597 0,140 0,140 Futaba Industrial Co Ltd 6 648 0,062 0,062 Ichibanya Co Ltd 32 0,002 0,002 Future Architect Inc 38 0,003 0,003 Ichikoh Industries Ltd 38 0,003 0,003 Fuyo General Lease Co Ltd 1 077 0,025 0,025 Ichiyoshi Securities Co Ltd 651 0,027 0,027 Gakken Co Ltd 48 0,004 0,004 Icom Inc 525 0,026 0,026 Gecoss Corp 17 0,002 0,002 Idec Corp/Japan 676 0,028 0,028 Geo Corp 60 470 1,054 1,053 Idemitsu Kosan Co Ltd 33 118 0,144 0,144 Glory Ltd 54 938 0,596 0,596 IHI Corp 37 615 0,226 0,226 GMO internet Inc 570 0,031 0,031 Iida Home Max 10 0,001 0,001 Godo Steel Ltd 85 0,003 0,003 Iino Kaiun Kaisha Ltd 1 004 0,018 0,018 Goldcrest Co Ltd 14 766 0,254 0,254 Inaba Denki Sangyo Co Ltd 1 846 0,037 0,037 Goodwill Group Inc/The 952 0,054 0,054 Inaba Seisakusho Co Ltd 25 0,002 0,002 Gourmet Kineya Co Ltd 4 920 0,504 0,504 Inabata & Co Ltd 499 0,027 0,027 Green Hospital Supply Inc 656 0,031 0,031 Inageya Co Ltd 45 0,002 0,002 GS Yuasa Corp 1 241 0,027 0,027 Industrial & Infrastructure Fund Investment Corp 14 788 0,835 0,835 Gulliver International Co Ltd 2 964 0,074 0,074 Ines Corp 654 0,048 0,048 Gun-Ei Chemical Industry Co Ltd 454 0,048 0,048 Information Services International-Dentsu Ltd 36 0,002 0,002 Gunma Bank Ltd/The 41 000 0,226 0,226 Inpex Holdings Inc 544 888 0,393 0,393 Gunze Ltd 11 813 0,216 0,216 INTEC Holdings Ltd 4 474 0,119 0,119 H2O Retailing Corp 13 636 0,155 0,155 Intelligence Ltd 20 757 0,604 0,603 Hachijuni Bank Ltd/The 44 490 0,226 0,226 Internet Initiative Japan Inc 565 0,013 0,013 Hakuhodo DY Holdings Inc 20 184 0,172 0,172 Inui Steamship Co Ltd 581 0,024 0,024 Hakuto Co Ltd 599 0,034 0,034 Invoice Inc 584 0,030 0,030 Hamakyorex Co Ltd 36 0,004 0,004 Iseki & Co Ltd 485 0,028 0,028 Hamamatsu Photonics KK 157 123 1,044 1,044 Isetan Co Ltd 37 513 0,225 0,225 Hankyu Hanshin Holdings Inc 146 316 0,490 0,490 Ishihara Sangyo Kaisha Ltd 30 513 0,746 0,746 Hanwa Co Ltd 1 721 0,036 0,036 Isuzu Motors Ltd 94 863 0,226 0,226 Harmonic Drive Systems Inc 13 862 0,589 0,590 Ito En Ltd 17 711 0,188 0,168 Haruyama Trading Co Ltd 11 0,002 0,002 ITOCHU Corp 190 310 0,226 0,226 Haseko Corp 35 149 0,295 0,295 Itochu Enex Co Ltd 618 0,018 0,018 Heian Ceremony Service Co Ltd 4 650 1,255 1,255 Itochu Techno-Solutions Corp 14 127 0,115 0,115 Heiwa Corp 8 106 0,116 0,116 Itochu-Shokuhin Co Ltd 31 0,002 0,002 Heiwa Real Estate Co Ltd 18 894 0,372 0,372 Itoham Foods Inc 732 0,015 0,015 Heiwado Co Ltd 790 0,015 0,015 Itoki Corp 551 0,031 0,031 Hibiya Engineering Ltd 606 0,037 0,037 Iwai Securities Co Ltd 668 0,039 0,039 Higashi-Nippon Bank Ltd/The 582 0,017 0,017 Iwasaki Electric Co Ltd 35 0,004 0,004

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 33

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Iwatani International Corp 1 073 0,027 0,027 Kenwood Corp 829 0,033 0,033 Iwatsu Electric Co Ltd 23 0,004 0,004 KEY Coffee Inc 44 0,003 0,003 Iyo Bank Ltd/The 38 940 0,226 0,226 Keyence Corp 452 478 0,672 0,672 Izumi Co Ltd 13 702 0,137 0,137 Kibun Food Chemifa Co Ltd 553 0,042 0,042 Izumiya Co Ltd 768 0,029 0,029 Kikkoman Corp 29 434 0,200 0,200 J Front Retailing Co Ltd 114 095 0,444 0,444 Kinden Corp 25 700 0,226 0,226 Jaccs Co Ltd 50 553 2,793 2,793 Kinki Nippon Tourist Co Ltd 19 0,002 0,002 Jafco Co Ltd 48 043 0,556 0,556 Kinki Sharyo Co Ltd 16 0,001 0,001 Jalux Inc 19 0,002 0,002 Kintetsu Corp 65 036 0,225 0,225 Janome Sewing Machine Co Ltd 490 0,050 0,050 Kintetsu World Express Inc 31 808 0,466 0,466 Japan Airlines Corp 34 096 0,101 0,101 Kioritz Corp 24 0,003 0,003 Japan Airport Terminal Co Ltd 107 802 1,159 1,159 Kirin Holdings Co Ltd 148 278 0,189 0,189 Japan Asia Investment Co Ltd 136 755 3,602 3,602 Kisoji Co Ltd 632 0,024 0,024 Japan Aviation Electronics Industry Ltd 1 349 0,018 0,018 Kissei Pharmaceutical Co Ltd 105 071 1,661 1,661 Japan Cash Machine Co Ltd 32 0,003 0,003 Kitagawa Iron Works Co Ltd 543 0,056 0,056 Japan Digital Laboratory Co Ltd 529 0,023 0,023 Kita-Nippon Bank Ltd/The 575 0,033 0,033 Japan General Estate Co Ltd/The 689 0,027 0,027 Kitano Construction Corp 30 0,004 0,004 Japan Petroleum Exploration Co 195 095 0,860 0,860 Kitz Corp 908 0,027 0,027 Japan Pile Corp 65 0,007 0,007 Kiyo Holdings Inc 2 572 0,043 0,043 Japan Pulp & Paper Co Ltd 60 0,002 0,002 KK DaVinci Advisors 62 554 0,830 0,830 Japan Pure Chemical Co Ltd 568 0,044 0,044 Koa Corp 555 0,029 0,029 Japan Radio Co Ltd 702 0,028 0,028 Koatsu Gas Kogyo Co Ltd 446 0,025 0,025 Japan Securities Finance Co Ltd 82 605 1,754 1,754 Kobayashi Pharmaceutical Co Ltd 10 991 0,127 0,127 Japan Steel Works Ltd/The 67 323 0,226 0,226 Kobe Steel Ltd 87 629 0,159 0,159 Japan Tobacco Inc 1 914 691 0,590 0,590 Koei Co Ltd 6 036 0,085 0,085 Japan Transcity Corp 611 0,037 0,037 Kohnan Shoji Co Ltd 634 0,025 0,025 Japan Vilene Co Ltd 4 756 0,296 0,296 Koito Manufacturing Co Ltd 135 064 1,133 1,133 Japan Wind Development Co Ltd 20 721 1,564 1,561 Kojima Co Ltd 27 0,003 0,003 Japan Wool Textile Co Ltd/The 979 0,027 0,027 Kokuyo Co Ltd 11 939 0,189 0,189 JBCC Holdings Inc 42 0,004 0,004 Komatsu Ltd 574 437 0,389 0,389 Jeol Ltd 603 0,033 0,033 Komatsu Seiren Co Ltd 48 0,005 0,005 JFE Holdings Inc 268 855 0,159 0,159 Komehyo Co Ltd 4 976 1,151 1,151 JFE Shoji Holdings Inc 140 0,002 0,002 Komeri Co Ltd 19 626 0,247 0,247 JGC Corp 157 250 0,647 0,647 Komori Corp 2 324 0,027 0,027 J-Oil Mills Inc 70 0,002 0,002 Konaka Co Ltd 746 0,045 0,045 Joint Corp 1 255 0,027 0,027 Konami Corp 57 584 0,225 0,225 Joshin Denki Co Ltd 766 0,030 0,030 Konica Minolta Holdings Inc 190 312 0,372 0,372 Joyo Bank Ltd/The 70 733 0,283 0,283 Konishi Co Ltd 343 0,035 0,035 JS Group Corp 220 559 0,810 0,810 Kosaido Co Ltd 26 0,003 0,003 JSP Corp 959 0,049 0,049 Kose Corp 8 705 0,099 0,099 JSR Corp 81 214 0,226 0,226 Kourakuen Corp 17 0,002 0,002 JTEKT Corp 94 520 0,302 0,302 KRS Corp 10 0,002 0,002 Juki Corp 1 069 0,025 0,025 K’s Holdings Corp 24 411 0,340 0,340 Jupiter Telecommunications Co Ltd 26 819 0,084 0,084 Kubota Corp 72 174 0,152 0,152 Juroku Bank Ltd/The 24 840 0,227 0,227 Kumagai Gumi Co Ltd 26 0,002 0,002 kabu.com Securities Co Ltd 17 208 0,316 0,316 Kumiai Chemical Industry Co Ltd 18 0,002 0,002 Kadokawa Group Holdings Inc 173 0,004 0,004 Kurabo Industries Ltd 830 0,028 0,028 Kaga Electronics Co Ltd 678 0,029 0,029 Kuraray Co Ltd 76 350 0,302 0,302 Kagawa Bank Ltd/The 699 0,029 0,029 KUREHA CORP 1 458 0,027 0,027 Kagome Co Ltd 417 0,005 0,005 Kurimoto Ltd 44 0,003 0,003 Kagoshima Bank Ltd/The 17 699 0,226 0,226 Kurita Water Industries Ltd 49 089 0,224 0,224 Kajima Corp 42 471 0,226 0,226 Kuroda Electric Co Ltd 688 0,027 0,027 Kakaku.com Inc 30 708 0,908 0,909 Kyocera Corp 277 287 0,301 0,301 Kaken Pharmaceutical Co Ltd 6 859 0,157 0,157 Kyoden Co Ltd 7 932 1,306 1,306 Kameda Seika Co Ltd 49 0,003 0,003 Kyodo Printing Co Ltd 532 0,040 0,040 Kamei Corp 25 0,003 0,003 Kyoei Steel Ltd 131 0,003 0,003 Kamigumi Co Ltd 24 418 0,226 0,226 Kyokuto Kaihatsu Kogyo Co Ltd 622 0,036 0,036 Kanaden Corp 31 0,003 0,003 Kyokuto Securities Co Ltd 529 0,035 0,035 Kanagawa Chuo Kotsu Co Ltd 26 0,002 0,002 Kyokuyo Co Ltd 36 0,004 0,004 Kanamoto Co Ltd 385 0,037 0,037 Kyorin Co Ltd 178 0,004 0,004 Kandenko Co Ltd 7 257 0,115 0,115 Kyoritsu Maintenance Co Ltd 32 0,002 0,002 Kaneka Corp 24 316 0,151 0,151 Kyosan Electric Manufacturing Co Ltd 468 0,041 0,041 Kanematsu Corp 936 0,027 0,027 Kyoto Kimono Yuzen Co Ltd 18 0,002 0,002 Kanematsu Electronics Ltd 5 391 0,464 0,464 Kyowa Exeo Corp 18 937 0,390 0,390 Kansai Electric Power Co Inc/The 181 513 0,149 0,149 Kyowa Hakko Kogyo Co Ltd 39 753 0,201 0,201 Kansai Paint Co Ltd 35 743 0,333 0,333 Kyudenko Corp 637 0,028 0,028 Kansai Urban Banking Corp 7 120 0,087 0,087 Kyushu Electric Power Co Inc 174 243 0,275 0,275 Kanto Auto Works Ltd 734 0,015 0,015 Kyushu-Shinwa Holdings Inc 58 0,005 0,005 Kanto Denka Kogyo Co Ltd 747 0,040 0,040 LaSalle Japan REIT Inc 341 0,016 0,016 Kanto Natural Gas Development Ltd 11 743 0,613 0,613 Lawson Inc 45 585 0,226 0,226 Kanto Tsukuba Bank Ltd/The 668 0,036 0,036 Leopalace21 Corp 168 830 0,723 0,723 Kao Corp 412 752 0,460 0,406 Life Corp 650 0,017 0,017 Kappa Create Co Ltd 7 825 0,308 0,308 Lintec Corp 13 418 0,190 0,190 Kasumi Co Ltd 616 0,032 0,032 Lion Corp 14 690 0,189 0,189 Katakura Industries Co Ltd 671 0,020 0,020 Mabuchi Motor Co Ltd 34 922 0,226 0,226 Kato Sangyo Co Ltd 64 0,003 0,003 Mac House Co Ltd 14 441 1,899 1,899 Kato Works Co Ltd 400 0,032 0,032 Macnica Inc 4 600 0,221 0,221 Kawasaki Heavy Industries Ltd 60 446 0,225 0,225 Macromill Inc 21 0,002 0,002 Kawasaki Kisen Kaisha Ltd 76 274 0,224 0,224 Maeda Corp 949 0,028 0,028 Kayaba Industry Co Ltd 2 233 0,032 0,032 Maeda Road Construction Co Ltd 1 132 0,028 0,028 KDDI Corp 292 737 0,161 0,161 Maezawa Kasei Industries Co Ltd 536 0,053 0,053 Keihan Electric Railway Co Ltd 36 195 0,302 0,302 Maezawa Kyuso Industries Co Ltd 598 0,037 0,037 Keihanshin Real Estate Co Ltd 7 834 0,704 0,704 Makino Milling Machine Co Ltd 1 251 0,028 0,028 Keihin Corp 1 328 0,019 0,019 Makita Corp 75 129 0,226 0,226 Keihin Electric Express Railway Co Ltd 40 644 0,226 0,226 Mandom Corp 145 0,004 0,004 Keio Corp 48 065 0,227 0,227 Mars Engineering Corp 484 0,034 0,034 Keisei Electric Railway Co Ltd 22 700 0,226 0,226 Marubeni Corp 213 016 0,319 0,319 Keiyo Bank Ltd/The 13 741 0,151 0,151 Marubun Corp 536 0,043 0,043 Keiyo Co Ltd 40 0,002 0,002 Marudai Food Co Ltd 593 0,038 0,038 Kenedix Inc 17 648 0,317 0,317 Maruetsu Inc/The 626 0,014 0,014

34

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Maruha Nichiro Holdings Inc 620 0,019 0,019 Mizuno Corp 1 253 0,027 0,027 Marui Group Co Ltd 44 747 0,254 0,254 Mochida Pharmaceutical Co Ltd 13 114 0,201 0,201 Maruichi Steel Tube Ltd 21 218 0,160 0,160 Modec Inc 521 0,010 0,010 Marusan Securities Co Ltd 1 050 0,027 0,027 Monex Beans Holdings Inc 12 763 0,151 0,151 Maruzen Co Ltd 25 0,004 0,004 Money Partners Co Ltd 10 892 0,710 0,710 Maruzen Showa Unyu Co Ltd 35 0,002 0,002 Mori Seiki Co Ltd 23 853 0,224 0,224 Maspro Denkoh Corp 22 0,002 0,002 Morinaga & Co Ltd 654 0,021 0,021 Matsuda Sangyo Co Ltd 56 0,002 0,002 Morinaga Milk Industry Co Ltd 763 0,019 0,019 Matsui Securities Co Ltd 60 277 0,520 0,520 Morita Corp 525 0,040 0,040 Matsumotokiyoshi Holdings Co Ltd 54 785 0,773 0,773 Mory Industries Inc 33 0,004 0,004 Matsushita Electric Industrial Co Ltd 820 829 0,297 0,297 MOS Food Services Inc 838 0,037 0,037 Matsushita Electric Works Information Systems Co Ltd 16 0,001 0,001 Moshi Moshi Hotline Inc 123 0,003 0,003 Matsushita Electric Works Ltd 40 886 0,091 0,091 Mr Max Corp 26 0,003 0,003 Matsuya Co Ltd 850 0,014 0,014 Murata Manufacturing Co Ltd 329 402 0,464 0,464 Matsuya Foods Co Ltd 27 0,002 0,002 Musashi Seimitsu Industry Co Ltd 1 289 0,027 0,027 Max Co Ltd 999 0,029 0,029 Musashino Bank Ltd/The 20 131 0,226 0,226 Motor Corp 57 606 0,150 0,150 Mutoh Holdings Co Ltd 40 764 3,174 3,174 MCJ Co Ltd 17 631 1,295 1,296 Nabtesco Corp 165 924 1,509 1,509 MEC Co Ltd/Japan 19 0,001 0,001 Nachi-Fujikoshi Corp 3 901 0,073 0,073 Mediceo Paltac Holdings Co Ltd 39 207 0,200 0,200 Nafco Co Ltd 16 944 0,559 0,559 Megachips Corp 612 0,027 0,027 Nagaileben Co Ltd 603 0,033 0,033 Megane TOP Co Ltd 16 535 2,041 2,041 Nagano Bank Ltd/The 590 0,048 0,048 Meidensha Corp 922 0,027 0,027 Nagase & Co Ltd 5 309 0,068 0,068 Meiji Dairies Corp 18 784 0,206 0,206 Nagatanien Co Ltd 41 0,003 0,003 Meiji Seika Kaisha Ltd 18 470 0,208 0,208 Nagoya Railroad Co Ltd 31 238 0,226 0,226 Meisei Industrial Co Ltd 15 0,002 0,002 Nakamuraya Co Ltd 47 0,003 0,003 Meitec Corp 10 434 0,180 0,180 Nakanishi Inc 26 267 0,536 0,536 Meiwa Estate Co Ltd 30 0,002 0,002 Nakayama Steel Works Ltd 56 0,004 0,004 Melco Holdings Inc 11 840 0,600 0,600 Namco Bandai Holdings Inc 49 716 0,229 0,229 Mercian Corp 42 0,003 0,003 Nanto Bank Ltd/The 23 701 0,302 0,302 Message Co Ltd 2 882 0,150 0,150 NEC Corp 115 027 0,226 0,226 Michinoku Bank Ltd/The 757 0,028 0,028 NEC Electronics Corp 9 223 0,058 0,058 Micronics Japan Co Ltd 45 288 1,232 1,232 NEC Fielding Ltd 611 0,017 0,017 MID Reit Inc 7 779 0,167 0,166 NEC Leasing Ltd 40 0,002 0,002 Mie Bank Ltd/The 718 0,019 0,019 NEC Mobiling Ltd 33 0,003 0,003 Mikuni Coca-Cola Bottling Co Ltd 123 0,004 0,004 NEC Networks & System Integration Corp 730 0,021 0,021 Milbon Co Ltd 64 0,004 0,004 NEC Tokin Corp 46 0,002 0,002 Millea Holdings Inc 342 602 0,227 0,227 NET One Systems Co Ltd 4 189 0,124 0,124 Mimasu Semiconductor Industry Co Ltd 474 0,013 0,013 Neturen Co Ltd 77 0,003 0,003 Minato Bank Ltd/The 694 0,015 0,015 New City Residence Investment Corp 5 778 0,158 0,158 Minebea Co Ltd 41 854 0,301 0,301 New Japan Radio Co Ltd 22 0,003 0,003 Ministop Co Ltd 630 0,022 0,022 NGK Insulators Ltd 231 894 0,442 0,442 Miraca Holdings Inc 314 0,004 0,004 NGK Spark Plug Co Ltd 32 894 0,151 0,151 Misawa Homes Co Ltd 19 805 1,916 1,916 NHK Spring Co Ltd 32 059 0,263 0,263 MISUMI Group Inc 105 953 1,258 1,258 Nice Holdings Inc 700 0,036 0,036 Mito Securities Co Ltd 631 0,038 0,038 Nichias Corp 51 503 2,027 2,027 Mitsuba Corp 540 0,037 0,037 Nichicon Corp 9 301 0,216 0,216 Mitsubishi Cable Industries Ltd 43 0,003 0,003 Nichiden Corp 644 0,029 0,029 Mitsubishi Chemical Holdings Corp 170 549 0,272 0,272 Nichiha Corp 35 0,002 0,002 Mitsubishi Corp 622 898 0,247 0,247 Nichii Gakkan Co 498 0,019 0,019 Mitsubishi Electric Corp 709 793 0,582 0,582 Nichi-iko Pharmaceutical Co Ltd 167 0,004 0,004 Mitsubishi Estate Co Ltd 786 801 0,434 0,434 Nichirei Corp 14 600 0,208 0,208 Mitsubishi Gas Chemical Co Inc 58 763 0,227 0,227 Nidec Copal Corp 678 0,015 0,015 Mitsubishi Heavy Industries Ltd 238 065 0,302 0,302 Nidec Copal Electronics Corp 482 0,025 0,025 Mitsubishi Kakoki Kaisha Ltd 493 0,038 0,038 Nidec Corp 70 180 0,120 0,120 Mitsubishi Logistics Corp 24 291 0,227 0,227 Nidec Sankyo Corp 12 822 0,151 0,151 Mitsubishi Materials Corp 65 862 0,225 0,225 Nidec-Tosok Corp 11 0,002 0,002 Mitsubishi Motors Corp 114 215 0,225 0,225 Nifco Inc/Japan 1 856 0,027 0,027 Mitsubishi Paper Mills Ltd 148 0,004 0,004 Nihon Dempa Kogyo Co Ltd 1 492 0,027 0,027 Mitsubishi Pencil Co Ltd 579 0,023 0,023 Nihon Eslead Corp 28 0,003 0,003 Mitsubishi Rayon Co Ltd 35 856 0,226 0,226 Nihon Inter Electronics Corp 5 661 1,332 1,332 Mitsubishi Steel Manufacturing Co Ltd 127 0,004 0,004 Nihon Kohden Corp 21 893 0,369 0,369 Mitsubishi Tanabe Pharma Corp 24 140 0,084 0,084 Nihon Nohyaku Co Ltd 536 0,026 0,026 Mitsubishi UFJ Financial Group Inc 1 870 641 0,338 0,338 Nihon Parkerizing Co Ltd 33 084 0,686 0,686 Mitsubishi UFJ Lease & Finance Co Ltd 32 792 0,226 0,226 Nihon Trim Co Ltd 8 560 1,286 1,286 Mitsubishi UFJ Nicos Co Ltd 27 703 0,161 0,161 Nihon Unisys Ltd 1 368 0,018 0,018 Mitsuboshi Belting Co Ltd 581 0,028 0,028 Nihon Yamamura Glass Co Ltd 525 0,040 0,040 Mitsui & Co Ltd 948 229 0,454 0,454 Nikkiso Co Ltd 836 0,028 0,028 Mitsui Chemicals Inc 63 737 0,226 0,226 Nikko Cordial Corp 71 247 0,090 0,090 Mitsui Engineering & Shipbuilding Co Ltd 103 449 0,587 0,587 Nikon Corp 242 269 0,322 0,322 Mitsui Fudosan Co Ltd 367 846 0,353 0,353 Nintendo Co Ltd 1 323 391 0,287 0,287 Mitsui High-Tec Inc 554 0,023 0,023 Nippei Toyama Corp 553 0,024 0,024 Mitsui Home Co Ltd 23 0,002 0,002 Nippo Corp 866 0,018 0,018 Mitsui Knowledge Industry Co Ltd 34 0,003 0,003 Nippon Beet Sugar Manufacturing Co Ltd 69 0,004 0,004 Mitsui Matsushima Co Ltd 38 337 2,976 2,976 Nippon Carbon Co Ltd 67 695 2,515 2,515 Mitsui Mining & Smelting Co Ltd 26 577 0,213 0,213 Nippon Ceramic Co Ltd 12 889 0,714 0,714 Mitsui Mining Co Ltd 99 0,003 0,003 Nippon Chemical Industrial Co Ltd 502 0,041 0,041 Mitsui OSK Lines Ltd 189 138 0,226 0,226 Nippon Chemi-Con Corp 1 120 0,027 0,027 Mitsui Sugar Co Ltd 564 0,020 0,020 Nippon Chemiphar Co Ltd 56 0,005 0,005 Mitsui Sumitomo Insurance Co Ltd 349 139 0,436 0,436 Nippon Commercial Investment Corp 8 270 0,132 0,133 Mitsui-Soko Co Ltd 3 747 0,091 0,091 Nippon Concrete Industries Co Ltd 827 0,162 0,162 Mitsukoshi Ltd 28 790 0,226 0,226 Nippon Denko Co Ltd 129 0,004 0,004 Mitsumi Electric Co Ltd 55 021 0,344 0,344 Nippon Densetsu Kogyo Co Ltd 654 0,028 0,028 Mitsuuroko Co Ltd 42 0,002 0,002 Nippon Denwa Shisetsu Co Ltd 29 0,003 0,003 Miura Co Ltd 44 067 0,794 0,794 Nippon Electric Glass Co Ltd 64 251 0,151 0,151 Miyazaki Bank Ltd/The 887 0,027 0,027 Nippon Express Co Ltd 93 888 0,316 0,316 Miyoshi Oil & Fat Co Ltd 22 0,004 0,004 Nippon Filcon Co Ltd/Tokyo 15 0,002 0,002 Mizuho Financial Group Inc 1 401 196 0,474 0,474 Nippon Flour Mills Co Ltd 688 0,019 0,019 Mizuho Investors Securities Co Ltd 9 059 0,091 0,091 Nippon Gas Co Ltd 554 0,030 0,030 Mizuho Trust & Banking Co Ltd 46 003 0,091 0,091 Nippon Kanzai Co Ltd 439 0,015 0,015

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 35

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Nippon Kasei Chemical Co Ltd 20 0,002 0,002 Ohara Inc 533 0,024 0,024 Nippon Kayaku Co Ltd 13 039 0,201 0,201 Ohashi Technica Inc 23 0,003 0,003 Nippon Koei Co Ltd 397 0,033 0,033 Oiles Corp 811 0,027 0,027 Nippon Konpo Unyu Soko Co Ltd 3 525 0,066 0,066 Oita Bank Ltd/The 1 367 0,028 0,028 Nippon Light Metal Co Ltd 7 592 0,147 0,147 OJI Paper Co Ltd 17 411 0,061 0,061 Nippon Meat Packers Inc 25 964 0,207 0,207 Okamoto Industries Inc 541 0,026 0,026 Nippon Metal Industry Co Ltd 116 0,004 0,004 Okamura Corp 20 396 0,396 0,396 Nippon Mining Holdings Inc 69 635 0,216 0,216 Okasan Holdings Inc 9 691 0,151 0,151 Nippon Oil Corp 139 430 0,215 0,215 Oki Electric Industry Co Ltd 13 175 0,226 0,226 Nippon Paint Co Ltd 16 024 0,226 0,226 Okinawa Electric Power Co Inc/The 1 314 0,030 0,030 Nippon Paper Group Inc 212 0,001 0,001 OKUMA Corp 27 387 0,277 0,277 Nippon Parking Development Co Ltd 28 0,003 0,003 Okumura Corp 2 199 0,036 0,036 Nippon Residential Investment Corp 6 222 0,103 0,103 Okura Industrial Co Ltd 2 847 0,366 0,366 Nippon Road Co Ltd/The 23 0,003 0,003 Okuwa Co Ltd 647 0,020 0,020 Nippon Seiki Co Ltd 1 074 0,015 0,015 Olympic Corp 17 0,002 0,002 Nippon Sharyo Ltd 584 0,042 0,042 Olympus Corp 137 872 0,226 0,226 Nippon Sheet Glass Co Ltd 56 094 0,302 0,302 OMC Card Inc 3 628 0,091 0,091 Nippon Shinyaku Co Ltd 101 0,003 0,003 Omron Corp 97 414 0,302 0,302 Nippon Shokubai Co Ltd 52 129 0,512 0,512 Ono Pharmaceutical Co Ltd (4 344) -0,014 0,000 Nippon Signal Co Ltd 629 0,032 0,032 Onoken Co Ltd 400 0,034 0,034 Nippon Soda Co Ltd 925 0,027 0,027 Onward Holdings Co Ltd 21 723 0,226 0,226 Nippon Steel Corp 365 649 0,160 0,160 Optex Co Ltd 9 440 0,685 0,685 Nippon Steel Trading Co Ltd 30 0,001 0,001 Oracle Corp Japan 86 215 0,283 0,283 Nippon Suisan Kaisha Ltd 112 570 1,492 1,492 Organo Corp 558 0,019 0,019 Nippon Synthetic Chemical Industry Co Ltd/The 32 955 1,188 1,188 Orient Corp 3 598 0,077 0,077 Nippon Telegraph & Telephone Corp 550 188 0,129 0,121 Oriental Land Co Ltd 37 628 0,121 0,121 Nippon Television Network Corp 8 408 0,045 0,045 Oriental Yeast Co Ltd 26 0,003 0,003 Nippon Thompson Co Ltd 4 991 0,169 0,169 Origin Electric Co Ltd 34 892 3,501 3,501 Nippon Valqua Industries Ltd 544 0,035 0,035 ORIX Corp 458 458 0,538 0,538 Nippon Yakin Kogyo Co Ltd 189 0,004 0,004 Osaka Gas Co Ltd 3 463 0,007 0,007 Nippon Yusen KK 120 109 0,226 0,226 Osaka Securities Exchange Co Ltd 154 097 2,245 2,245 Nipponkoa Insurance Co Ltd 120 934 0,296 0,296 Osaka Steel Co Ltd 2 201 0,069 0,069 Nipro Corp 10 475 0,150 0,150 OSAKA Titanium Technologies Co 11 634 0,078 0,078 NIS Group Co Ltd 3 405 0,207 0,207 Osaki Electric Co Ltd 474 0,044 0,044 Nishimatsu Construction Co Ltd 5 678 0,135 0,135 OSG Corp 1 595 0,027 0,027 Nishimatsuya Chain Co Ltd 527 0,013 0,013 Otsuka Corp 73 367 0,497 0,497 Nishi-Nippon City Bank Ltd/The 24 551 0,226 0,226 Otsuka Kagu Ltd 7 971 0,463 0,463 Nishi-Nippon Railroad Co Ltd 16 106 0,226 0,226 Oyo Corp 578 0,029 0,029 Nishio Rent All Co Ltd 25 789 1,059 1,059 Pacific Golf Group International Holdings KK 600 0,011 0,011 Nissan Chemical Industries Ltd 39 553 0,302 0,302 Pacific Industrial Co Ltd 522 0,037 0,037 Nissan Motor Co Ltd 571 519 0,211 0,211 Pacific Management Corp 1 000 0,027 0,027 Nissan Shatai Co Ltd 752 0,011 0,011 Pacific Metals Co Ltd 36 470 0,357 0,357 Nissay Dowa General Insurance Co Ltd 12 771 0,121 0,121 Pack Corp/The 10 981 0,686 0,686 Nissen Holdings Co Ltd 646 0,030 0,030 Pal Co Ltd 23 0,002 0,002 Nissha Printing Co Ltd 2 572 0,027 0,027 PanaHome Corp 7 458 0,121 0,121 Nisshin Fudosan Co/Japan 19 0,002 0,002 Paramount Bed Co Ltd 56 415 2,546 2,546 Nisshin Oillio Group Ltd/The 674 0,019 0,019 Parco Co Ltd 156 976 2,811 2,811 Nisshin Seifun Group Inc 29 065 0,208 0,208 Paris Miki Inc 737 0,018 0,018 Nisshin Steel Co Ltd 30 352 0,160 0,160 Park24 Co Ltd 14 085 0,225 0,225 Nisshinbo Industries Inc 29 899 0,226 0,226 Pasona Group Inc 433 0,019 0,019 Nissho Electronics Corp 27 0,003 0,003 Pegasus Sewing Machine Manufacturing Co Ltd 8 031 1,080 1,080 Nissin Corp 496 0,031 0,031 Penta-Ocean Construction Co Ltd 563 0,029 0,029 Nissin Electric Co Ltd 299 0,011 0,011 Pigeon Corp 21 464 1,161 1,161 Nissin Food Products Co Ltd 46 831 0,209 0,209 Pilot Corp 749 0,028 0,028 Nissin Kogyo Co Ltd 2 229 0,027 0,027 Piolax Inc 35 0,002 0,002 Nitori Co Ltd 22 118 0,149 0,149 Pioneer Corp 19 960 0,194 0,194 Nitta Corp 34 141 1,011 1,011 Plenus Co Ltd 403 0,012 0,012 Nittetsu Mining Co Ltd 75 0,002 0,002 Pocket Card Co Ltd 11 0,001 0,001 Nitto Boseki Co Ltd 909 0,027 0,027 Point Inc 214 893 2,984 2,984 Nitto Denko Corp 113 191 0,226 0,226 Press Kogyo Co Ltd 768 0,027 0,027 Nitto Kogyo Corp 483 0,018 0,018 Prima Meat Packers Ltd 45 0,004 0,004 Nitto Kohki Co Ltd 672 0,028 0,028 Privee Investment Holdings Co Ltd 17 0,004 0,004 Nitto Seiko Co Ltd 499 0,034 0,034 Promise Co Ltd 41 004 0,225 0,225 NIWS Co HQ Ltd 5 0,001 0,001 PRONEXUS INC 708 0,037 0,037 NOF Corp 1 222 0,028 0,028 QP Corp 18 257 0,208 0,208 Nohmi Bosai Ltd 475 0,021 0,021 Raito Kogyo Co Ltd 31 0,004 0,004 NOK Corp 45 094 0,226 0,226 Rakuten Inc 141 415 0,405 0,405 Nomura Co Ltd 578 0,033 0,033 Rasa Industries Ltd 434 0,055 0,055 Nomura Holdings Inc 751 037 0,415 0,415 Rengo Co Ltd 2 551 0,027 0,027 Nomura Real Estate Holdings Inc 23 661 0,121 0,121 Renown Inc 603 0,032 0,032 Nomura Research Institute Ltd 91 115 0,226 0,226 Resona Holdings Inc 160 327 0,144 0,144 Noritake Co Ltd 626 0,018 0,018 Resort Solution Co Ltd 18 574 1,704 1,704 Noritsu Koki Co Ltd 607 0,015 0,015 Resorttrust Inc 22 592 0,408 0,408 Noritz Corp 986 0,027 0,027 Rhythm Watch Co Ltd 426 0,044 0,044 Nosan Corp 69 0,004 0,004 Ricoh Co Ltd 215 206 0,288 0,288 NS Solutions Corp 7 228 0,085 0,085 Ricoh Leasing Co Ltd 667 0,019 0,019 NSD CO LTD 1 022 0,028 0,028 Right On Co Ltd 35 0,002 0,002 NSK Ltd 70 857 0,227 0,227 Riken Corp 783 0,026 0,026 NTN Corp 50 284 0,226 0,226 Riken Technos Corp 28 0,003 0,003 NTT Data Corp 81 818 0,121 0,121 Ringer Hut Co Ltd 42 0,003 0,003 NTT DoCoMo Inc 605 203 0,146 0,146 Rinnai Corp 76 196 0,792 0,792 NTT Urban Development Corp 34 952 0,121 0,121 Risa Partners Inc 24 033 0,715 0,715 OAK Capital Corp 27 0,005 0,005 Riso Kagaku Corp 20 332 0,749 0,749 Obara Corp 563 0,026 0,026 Riso Kyoiku Co Ltd 17 0,003 0,003 Obayashi Corp 44 611 0,226 0,226 Rock Field Co Ltd 556 0,053 0,053 OBIC Business Consultants Ltd 3 860 0,060 0,060 Rohm Co Ltd 169 704 0,301 0,301 Obic Co Ltd 50 439 0,504 0,504 Rohto Pharmaceutical Co Ltd 307 0,004 0,004 Odakyu Electric Railway Co Ltd 57 538 0,226 0,226 Roland Corp 5 493 0,137 0,137 Oenon Holdings Inc 37 0,005 0,005 Roland DG Corp 727 0,015 0,015 Ogaki Kyoritsu Bank Ltd/The 24 458 0,266 0,266 Rorze Corp 3 515 0,907 0,907

36

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Round One Corp 15 510 0,226 0,226 Shinkawa Ltd 526 0,031 0,031 Royal Holdings Co Ltd 561 0,024 0,024 Shin-Keisei Electric Railway Co Ltd 18 0,002 0,002 Ryobi Ltd 1 375 0,027 0,027 Shinki Co Ltd 6 0,001 0,001 Ryoden Trading Co Ltd 605 0,035 0,035 Shinko Electric Co Ltd 568 0,029 0,029 Ryohin Keikaku Co Ltd 327 063 3,550 3,550 Shinko Electric Industries Co Ltd 65 859 0,439 0,439 Ryosan Co Ltd 1 811 0,037 0,037 Shinko Plantech Co Ltd 928 0,027 0,027 Ryoshoku Ltd 986 0,021 0,021 Shinko Securities Co Ltd 41 250 0,226 0,226 Ryoyo Electro Corp 823 0,036 0,036 Shinko Shoji Co Ltd 3 408 0,227 0,227 S Science Co Ltd 26 0,004 0,004 Shin-Kobe Electric Machinery Co Ltd 21 0,002 0,002 Sagami Chain Co Ltd 620 0,044 0,044 Shinmaywa Industries Ltd 682 0,028 0,028 Sagami Railway Co Ltd 18 349 0,226 0,226 Shinsei Bank Ltd 88 214 0,266 0,266 Saibu Gas Co Ltd 731 0,016 0,016 Shinwa Co Ltd/Nagoya 488 0,039 0,039 Saizeriya Co Ltd 6 620 0,157 0,157 Shinwa Kaiun Kaisha Ltd 757 0,014 0,014 Sakai Chemical Industry Co Ltd 753 0,028 0,028 Shionogi & Co Ltd 478 042 1,418 1,418 Sakata INX Corp 54 0,003 0,003 Shiroki Corp 17 0,001 0,001 Sakata Seed Corp 649 0,018 0,018 Shiseido Co Ltd 104 158 0,198 0,198 Sala Corp 21 0,002 0,002 Shizuoka Bank Ltd/The 97 219 0,226 0,226 San-A Co Ltd 12 239 0,466 0,466 Shizuoka Gas Co Ltd 38 0,002 0,002 San-Ai Oil Co Ltd 40 0,003 0,003 Sho-Bond Corp 698 0,035 0,035 Sanden Corp 1 064 0,027 0,027 Shobunsha Publications Inc 28 0,004 0,004 Sanei-International Co Ltd 41 0,002 0,002 Shochiku Co Ltd 198 0,004 0,004 Sangetsu Co Ltd 1 362 0,027 0,027 Shoei Co Ltd - 3003 JP 113 572 3,738 3,738 San-In Godo Bank Ltd/The 16 841 0,226 0,226 Shoko Co Ltd 22 0,003 0,003 Sankei Building Co Ltd 506 0,017 0,017 Shonai Bank Ltd/The 677 0,042 0,042 Sanken Electric Co Ltd 16 475 0,449 0,449 Showa Aircraft Industry Co Ltd 52 0,003 0,003 Sanki Engineering Co Ltd 692 0,027 0,027 Showa Corp 1 052 0,027 0,027 Sankyo Co Ltd 72 028 0,293 0,293 Showa Denko KK 51 679 0,213 0,213 Sankyo Seiko Co Ltd 6 555 0,762 0,762 Showa Sangyo Co Ltd 63 0,003 0,003 Sankyo-Tateyama Holdings Inc 607 0,027 0,027 Showa Shell Sekiyu KK 19 576 0,086 0,086 Sankyu Inc 2 533 0,027 0,027 Siix Corp 34 0,002 0,002 SANNO CO LTD 299 0,110 0,110 Simplex Technology Inc 19 0,002 0,002 Sanoh Industrial Co Ltd 518 0,036 0,036 Sinanen Co Ltd 47 0,003 0,003 Sanrio Co Ltd 125 0,003 0,003 Sinko Industries Ltd 22 071 1,746 1,746 Sanshin Electronics Co Ltd 628 0,027 0,027 Sintokogio Ltd 880 0,027 0,027 Santen Pharmaceutical Co Ltd 23 411 0,201 0,201 Sky Perfect Jsat Corp 3 759 0,048 0,048 Sanwa Holdings Corp 1 982 0,027 0,027 Skymark Airlines Inc 408 0,055 0,055 Sanyo Chemical Industries Ltd 2 972 0,083 0,083 SMC Corp/Japan 402 254 0,865 0,865 Sanyo Denki Co Ltd 444 0,027 0,027 SMK Corp 1 008 0,028 0,028 Sanyo Electric Co Ltd 31 728 0,226 0,226 Snow Brand Milk Products Co Ltd 20 175 0,372 0,372 Sanyo Shokai Ltd 763 0,019 0,019 Sodick Co Ltd 10 674 0,691 0,691 Sanyo Special Steel Co Ltd 258 0,004 0,004 Softbank Corp 724 854 0,597 0,597 Sapporo Hokuyo Holdings Inc 43 763 0,226 0,227 Sohgo Security Services Co Ltd 18 524 0,212 0,212 Sapporo Holdings Ltd 32 371 0,188 0,188 Sojitz Corp 73 322 0,302 0,302 Sasebo Heavy Industries Co Ltd 75 241 1,817 1,817 Sompo Japan Insurance Inc 468 641 0,966 0,966 Sato Corp 98 277 3,795 3,795 Sony Corp 1 334 150 0,441 0,370 Satori Electric Co Ltd 26 0,003 0,003 Sony Financial Holdings Inc 145 279 0,322 0,322 Sawai Pharmaceutical Co Ltd 139 0,004 0,004 Sorun Corp 33 0,004 0,004 Saxa Holdings Inc 26 0,005 0,005 Sotoh Co Ltd 36 0,004 0,004 Sazaby League Ltd 322 0,014 0,014 Square Enix Co Ltd 97 376 0,509 0,509 SBI Holdings Inc/Japan 76 012 0,412 0,412 SRA Holdings 314 0,024 0,024 SBS Holdings Inc 5 954 0,670 0,668 SRI Sports Ltd 7 789 0,409 0,409 Secom Co Ltd 156 558 0,226 0,226 SSP Co Ltd 52 0,002 0,002 Secom Techno Service Co Ltd 24 671 0,951 0,951 ST CORP 545 0,029 0,029 Sega Sammy Holdings Inc 28 727 0,150 0,150 St Marc Holdings Co Ltd 111 0,004 0,004 Seijo Corp 34 0,003 0,003 Stanley Electric Co Ltd 456 288 1,788 1,788 Seika Corp 486 0,048 0,048 Star Micronics Co Ltd 3 902 0,060 0,060 Seikagaku Corp 132 0,004 0,004 Starzen Co Ltd 24 0,002 0,002 Seiko Epson Corp 52 403 0,226 0,226 Stella Chemifa Corp 488 0,033 0,033 Seiko Holdings Corp 804 0,027 0,027 Studio Alice Co Ltd 12 153 1,200 1,200 Seino Holdings Corp 17 362 0,226 0,226 Sugi Pharmacy Co Ltd 99 681 1,009 1,009 Seiren Co Ltd 745 0,028 0,028 Sumco Corp 48 079 0,121 0,121 Sekisui Chemical Co Ltd 71 880 0,364 0,364 Sumco Techxiv Corp 43 318 0,749 0,749 Sekisui House Ltd 184 717 0,443 0,443 Sumida Corp 467 0,032 0,032 Sekisui Jushi Corp 636 0,030 0,030 Sumikin Bussan Corp 586 0,018 0,018 Sekisui Plastics Co Ltd 34 0,002 0,002 Sumisho Computer Systems Corp 25 460 0,535 0,535 Senko Co Ltd 518 0,032 0,032 Sumitomo Bakelite Co Ltd 40 664 0,466 0,466 Senshu Bank Ltd/The 57 0,001 0,001 Sumitomo Chemical Co Ltd 578 708 0,721 0,721 Senshukai Co Ltd 786 0,029 0,029 Sumitomo Coal Mining Co Ltd 60 0,004 0,004 Seven & I Holdings Co Ltd 477 969 0,312 0,312 Sumitomo Corp 360 348 0,374 0,374 SFCG Co Ltd 14 012 0,151 0,151 Sumitomo Electric Industries Ltd 154 526 0,227 0,227 Sharp Corp 246 199 0,227 0,227 Sumitomo Forestry Co Ltd 30 363 0,432 0,432 Shibaura Mechatronics Corp 29 0,002 0,002 Sumitomo Heavy Industries Ltd 183 580 0,605 0,605 Shibusawa Warehouse Co Ltd/The 680 0,028 0,028 Sumitomo Light Metal Industries Ltd 114 0,004 0,004 Shibuya Kogyo Co Ltd 25 0,002 0,002 Sumitomo Metal Industries Ltd 248 713 0,205 0,205 Shiga Bank Ltd/The 21 879 0,226 0,226 Sumitomo Metal Mining Co Ltd 178 371 0,330 0,330 Shikoku Bank Ltd/The 3 990 0,089 0,089 Sumitomo Mitsui Construction Co Ltd 516 0,028 0,028 Shikoku Chemicals Corp 426 0,032 0,032 Sumitomo Mitsui Financial Group Inc 1 728 332 0,549 0,549 Shikoku Coca-Cola Bottling Co Ltd 26 0,002 0,002 Sumitomo Osaka Cement Co Ltd 125 939 2,833 2,833 Shikoku Electric Power Co Inc 81 774 0,226 0,226 Sumitomo Precision Products Co Ltd 18 0,002 0,002 Shima Seiki Manufacturing Ltd 21 508 0,226 0,226 Sumitomo Real Estate Sales Co Ltd 6 294 0,091 0,091 Shimachu Co Ltd 23 897 0,302 0,302 Sumitomo Realty & Development Co Ltd 158 543 0,248 0,248 Shimadzu Corp 148 838 1,029 1,029 Sumitomo Rubber Industries Inc 19 257 0,151 0,151 Shimamura Co Ltd 33 258 0,196 0,196 Sumitomo Seika Chemicals Co Ltd 500 0,033 0,033 Shimano Inc 43 503 0,230 0,230 Sumitomo Trust & Banking Co Ltd/The 184 398 0,303 0,303 Shimizu Bank Ltd/The 782 0,033 0,033 Sumitomo Warehouse Co Ltd/The 79 528 1,383 1,383 Shimizu Corp 42 340 0,226 0,226 Sun Frontier Fudousan Co Ltd 505 0,018 0,018 Shimojima Co Ltd 21 0,002 0,002 Suncall Corp 27 0,003 0,003 Shindengen Electric Manufacturing Co Ltd 414 0,030 0,030 Suncity Co Ltd 10 508 1,221 1,222 Shin-Etsu Chemical Co Ltd 401 878 0,273 0,273 Sundrug Co Ltd 211 052 2,180 2,180 Shin-Etsu Polymer Co Ltd 3 284 0,103 0,103 Sunx Ltd 28 0,002 0,002

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 37

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Suruga Bank Ltd 35 520 0,226 0,226 Tokyo Dome Corp 1 460 0,027 0,027 Suruga Corp 14 816 0,414 0,414 Tokyo Electric Power Co Inc/The 515 091 0,271 0,271 Suzuken Co Ltd 24 241 0,133 0,133 Tokyo Electron Device Ltd 28 0,003 0,003 Suzuki Motor Corp 646 179 0,727 0,727 Tokyo Electron Ltd 255 643 0,425 0,425 SWCC Showa Holdings Co Ltd 634 0,031 0,031 Tokyo Energy & Systems Inc 32 0,003 0,003 Sysmex Corp 200 673 1,700 1,700 Tokyo Gas Co Ltd 479 495 0,688 0,688 T Hasegawa Co Ltd 545 0,015 0,015 Tokyo Kikai Seisakusho Ltd 496 0,044 0,044 T RAD Co Ltd 697 0,027 0,027 Tokyo Leasing Co Ltd 546 0,018 0,018 T&D Holdings Inc 1 125 768 1,630 1,630 Tokyo Ohka Kogyo Co Ltd 6 852 0,119 0,119 Tachihi Enterprise Co Ltd 445 0,009 0,009 Tokyo Rakutenchi Co Ltd 38 0,003 0,003 Tachi-S Co Ltd 736 0,045 0,045 Tokyo Rope Manufacturing Co Ltd 69 0,004 0,004 Tadano Ltd 57 676 0,803 0,803 Tokyo Seimitsu Co Ltd 11 991 0,224 0,224 Taihei Dengyo Kaisha Ltd 806 0,038 0,038 Tokyo Star Bank Ltd/The 28 559 0,239 0,239 Taihei Kogyo Co Ltd 551 0,025 0,025 Tokyo Steel Manufacturing Co Ltd 13 887 0,148 0,148 Taiheiyo Cement Corp 27 920 0,226 0,226 Tokyo Style Co Ltd 12 731 0,226 0,226 Taiho Kogyo Co Ltd 645 0,027 0,027 Tokyo Tatemono Co Ltd 37 025 0,226 0,226 Taikisha Ltd 519 0,025 0,025 Tokyo Tatemono Real Estate Sales Co Ltd 4 408 0,654 0,654 Taisei Corp 35 395 0,226 0,226 Tokyo Tekko Co Ltd 6 490 0,686 0,686 Taisei Lamick Co Ltd 12 0,002 0,002 Tokyo Tomin Bank Ltd/The 1 546 0,025 0,025 Taisei Rotec Corp 15 0,002 0,002 Tokyotokeiba Co Ltd 520 0,015 0,015 Taisho Pharmaceutical Co Ltd 67 296 0,201 0,201 Tokyu Community Corp 26 0,001 0,001 Taiyo Ink Manufacturing Co Ltd 656 0,014 0,014 Tokyu Construction Co Ltd 1 778 0,080 0,080 Taiyo Nippon Sanso Corp 46 834 0,228 0,228 Tokyu Corp 251 554 0,576 0,576 Taiyo Yuden Co Ltd 31 899 0,302 0,302 Tokyu Land Corp 107 683 0,432 0,432 Takagi Securities Co Ltd 28 0,003 0,003 Tokyu Livable Inc 376 0,012 0,012 Takamatsu Corp 29 0,001 0,001 Tokyu Store Chain Co Ltd 24 0,001 0,001 Takano Co Ltd 15 0,002 0,002 Toli Corp 8 200 1,231 1,232 Takara Holdings Inc 13 379 0,188 0,188 Tomato Bank Ltd 59 0,004 0,004 Takara Standard Co Ltd 624 0,016 0,016 Tomen Electronics Corp 25 0,002 0,002 Takasago International Corp 642 0,017 0,017 Tomoku Co Ltd 31 0,003 0,003 Takasago Thermal Engineering Co Ltd 937 0,024 0,024 Tomy Co Ltd 1 055 0,027 0,027 Takashimaya Co Ltd 49 179 0,227 0,227 Tonami Transportation Co Ltd 27 0,002 0,002 Takata Corp 19 354 0,151 0,151 TonenGeneral Sekiyu KK 44 711 0,148 0,148 Take And Give Needs Co Ltd 12 187 2,168 2,167 Topcon Corp 23 374 0,491 0,491 Takeda Pharmaceutical Co Ltd 862 785 0,304 0,304 Toppan Forms Co Ltd 5 129 0,086 0,086 Takefuji Corp 191 366 0,985 0,985 Toppan Printing Co Ltd 210 085 0,562 0,486 Takihyo Co Ltd 39 0,004 0,004 Topre Corp 8 896 0,294 0,294 Takiron Co Ltd 29 0,003 0,003 Topy Industries Ltd 133 0,004 0,004 Takuma Co Ltd 483 0,025 0,025 Toray Industries Inc 134 945 0,226 0,226 Tamron Co Ltd 18 773 0,488 0,488 Torii Pharmaceutical Co Ltd 54 0,002 0,002 Tamura Corp 615 0,032 0,032 Torishima Pump Manufacturing Co Ltd 670 0,027 0,027 TCM Corp 446 0,028 0,028 Tosei Corp 425 0,034 0,034 TDK Corp 146 548 0,280 0,280 Toshiba Corp 398 128 0,302 0,302 Tecmo Ltd 503 0,032 0,032 Toshiba Machine Co Ltd 988 0,013 0,013 Teijin Ltd 67 884 0,296 0,296 Toshiba Plant Systems & Services Corp 608 0,012 0,012 Teikoku Piston Ring Co Ltd 581 0,031 0,031 Toshiba TEC Corp 18 018 0,170 0,170 Teikoku Tsushin Kogyo Co Ltd 514 0,051 0,051 Toshin Group Co Ltd 18 521 1,443 1,443 Tekken Corp 443 0,049 0,049 Tosho Printing Co Ltd 24 0,002 0,002 Telepark Corp 24 938 1,226 1,224 Tosoh Corp 31 818 0,226 0,226 Tempstaff Co Ltd 609 0,016 0,016 TOTO Ltd 36 296 0,227 0,227 Tenma Corp 614 0,021 0,021 Tottori Bank Ltd/The 360 0,026 0,026 Teraoka Seisakusho Co Ltd 11 603 1,585 1,585 Touei Housing Corp 26 0,002 0,002 Terumo Corp 213 614 0,354 0,354 Towa Bank Ltd/The 579 0,039 0,039 THK Co Ltd 229 558 1,568 1,568 Towa Pharmaceutical Co Ltd 92 0,002 0,002 TIS Inc 9 250 0,216 0,216 Towa Real Estate Development Co Ltd 454 0,042 0,042 TKC 602 0,021 0,021 Toyama Chemical Co Ltd 275 0,004 0,004 Toa Corp/Hyogo 22 092 1,444 1,444 Toyo Construction Co Ltd 512 0,041 0,041 Toa Corp/Tokyo 516 0,046 0,046 Toyo Corp/Chuo-ku 637 0,028 0,028 Toa Oil Co Ltd 23 0,002 0,002 Toyo Engineering Corp 863 0,017 0,017 Toagosei Co Ltd 1 142 0,025 0,025 Toyo Ink Manufacturing Co Ltd 944 0,017 0,017 Tobishima Corp 428 0,052 0,052 Toyo Kanetsu K K 724 0,035 0,035 Tobu Railway Co Ltd 49 327 0,226 0,226 Toyo Kohan Co Ltd 50 0,002 0,002 TOC Co Ltd 1 425 0,025 0,025 Toyo Securities Co Ltd 701 0,034 0,034 Tocalo Co Ltd 50 0,004 0,004 Toyo Seikan Kaisha Ltd 56 344 0,270 0,270 Tochigi Bank Ltd/The 647 0,018 0,018 Toyo Suisan Kaisha Ltd 22 693 0,207 0,207 Toda Corp 19 146 0,227 0,227 Toyo Tanso Co Ltd 2 471 0,027 0,027 Toda Kogyo Corp 551 0,054 0,054 Toyo Tire & Rubber Co Ltd 1 074 0,025 0,025 Toei Co Ltd 198 0,004 0,004 Toyo Wharf & Warehouse Co Ltd 27 0,004 0,004 Toenec Corp 57 0,002 0,002 Toyobo Co Ltd 17 466 0,226 0,226 Toho Bank Ltd/The 1 274 0,025 0,025 Toyoda Gosei Co Ltd 293 087 1,168 1,168 Toho Co Ltd/Hyogo 17 0,002 0,002 Toyota Auto Body Co Ltd 5 656 0,055 0,055 Toho Co Ltd/Tokyo 41 751 0,180 0,180 Toyota Boshoku Corp 78 707 0,238 0,238 Toho Gas Co Ltd 23 937 0,156 0,156 Toyota Industries Corp 87 389 0,121 0,121 Toho Pharmaceutical Co Ltd 254 0,004 0,004 Toyota Motor Corp 2 713 155 0,256 0,256 Toho Real Estate Co Ltd 29 875 1,623 1,623 Toyota Tsusho Corp 43 988 0,084 0,084 Toho Titanium Co Ltd 7 757 0,078 0,078 Trans Cosmos Inc/Japan 773 0,025 0,025 Toho Zinc Co Ltd 148 0,004 0,004 Trend Micro Inc 216 187 0,795 0,795 Tohoku Electric Power Co Inc 139 455 0,226 0,226 Trusco Nakayama Corp 17 875 0,681 0,681 Tohokushinsha Film Corp 34 707 1,299 1,299 TS Tech Co Ltd 3 693 0,044 0,044 Tokai Carbon Co Ltd 71 269 0,658 0,658 Tsubakimoto Chain Co 1 470 0,025 0,025 Tokai Corp 45 0,003 0,003 Tsugami Corp 485 0,037 0,037 Tokai Rika Co Ltd 104 417 0,651 0,651 Tsukishima Kikai Co Ltd 698 0,028 0,028 Tokai Rubber Industries Inc 8 795 0,091 0,091 Tsumura & Co 15 240 0,201 0,201 Tokai Tokyo Securities Co Ltd 1 739 0,025 0,025 Tsuruha Holdings Inc 104 0,002 0,002 Token Corp 535 0,018 0,018 Tsurumi Manufacturing Co Ltd 45 0,004 0,004 Toko Inc 464 0,049 0,049 Tsutsumi Jewelry Co Ltd 517 0,025 0,025 Tokushima Bank Ltd/The 818 0,034 0,034 TV Asahi Corp 4 155 0,048 0,048 Tokushu Tokai Holdings Co Ltd 67 0,004 0,004 TV Tokyo Corp 80 0,002 0,002 Tokuyama Corp 34 080 0,226 0,226 Ube Industries Ltd/Japan 175 829 0,941 0,941 Tokyo Broadcasting System Inc 10 195 0,046 0,046 Uchida Yoko Co Ltd 549 0,046 0,046

38

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Ulvac Inc 43 753 0,413 0,413 Cheil Communications Inc 3 363 0,045 0,045 UMC Japan 2 667 0,623 0,623 Cheil Industries Inc 17 707 0,117 0,117 Unicharm Corp 202 297 0,853 0,853 Chong Kun Dang Pharm Corp 1 445 0,096 0,096 Unicharm Petcare Corp 113 0,003 0,003 CJ CGV Co Ltd 1 0,000 0,000 Uniden Corp 667 0,033 0,033 CJ CheilJedang Corp 175 768 0,908 0,908 Unimat Life Corp 25 0,002 0,002 CJ Corp 33 603 0,366 0,366 Union Tool Co 7 433 0,178 0,178 CJ Home Shopping 3 0,000 0,000 Unipres Corp 718 0,035 0,035 Core Logic Inc 468 0,075 0,075 United Arrows Ltd 36 394 1,506 1,506 Dae Han Flour Mills Co Ltd 942 0,041 0,041 United Technology Holdings Co Ltd 28 265 1,330 1,332 Daeduck Electronics Co 1 557 0,097 0,097 Unitika Ltd 717 0,025 0,025 Daeduck GDS Co Ltd 939 0,099 0,099 UNY Co Ltd 19 996 0,227 0,227 Daegu Bank 13 772 0,116 0,116 Urban Corp 146 170 0,886 0,886 Daehan City Gas Co Ltd 1 731 0,079 0,079 USC Corp 21 0,003 0,003 Daekyo Co Ltd 2 024 0,046 0,046 U-Shin Ltd 22 0,003 0,003 Daelim Industrial Co 311 920 0,863 0,863 Ushio Inc 92 652 0,555 0,555 Daesang Corp 1 544 0,066 0,066 USS Co Ltd 24 778 0,224 0,224 Daewoo Engineering & Construction Co Ltd 16 212 0,035 0,035 Valor Co Ltd 15 027 0,431 0,431 Daewoo International Corp 18 864 0,086 0,086 Venture Link Co Ltd 46 0,004 0,004 Daewoo Motor Sales 6 651 0,100 0,100 Victor Co Of Japan Ltd 3 760 0,090 0,090 Daewoo Securities Co Ltd 29 350 0,087 0,087 Vital-net Inc 35 0,003 0,003 Daewoo Shipbuilding & Marine Engineering Co Ltd 26 680 0,047 0,047 VSN Inc 8 205 1,687 1,687 Daewoong Pharmaceutical Co Ltd 3 254 0,061 0,061 Wacoal Holdings Corp 23 181 0,226 0,226 Daishin Securities Co Ltd 12 154 0,139 0,115 Wacom Co Ltd/Japan 1 308 0,027 0,027 Daum Communications Corp 6 638 0,114 0,114 Wakachiku Construction Co Ltd 20 0,004 0,004 DC Chemical Co Ltd 28 299 0,097 0,097 Warabeya Nichiyo Co Ltd 53 0,004 0,004 DMS Co Ltd 705 0,059 0,059 Watabe Wedding Corp 5 733 0,830 0,830 Dong-A Pharmaceutical Co Ltd 4 251 0,073 0,073 WATAMI Co Ltd 154 0,004 0,004 Dongbu Corp 2 148 0,072 0,072 West Japan Railway Co 122 145 0,226 0,226 Dongbu HiTek Co Ltd 1 445 0,069 0,069 Wood One Co Ltd 681 0,045 0,045 Dongbu Insurance Co Ltd 22 066 0,098 0,098 Works Applications Co Ltd 3 623 0,131 0,131 Dongbu Steel Co Ltd 1 572 0,065 0,065 Wowow Inc 15 558 1,009 1,010 Dongkuk Steel Mill Co Ltd 10 256 0,060 0,060 Xebio Co Ltd 5 117 0,069 0,069 Dongsuh Co Inc 801 0,019 0,019 Yachiyo Industry Co Ltd 18 908 1,172 1,172 Doosan Construction & Engineering Co Ltd 5 408 0,070 0,070 Yahagi Construction Co Ltd 18 0,002 0,002 Doosan Corp 25 091 0,098 0,098 Yahoo! Japan Corp 218 370 0,149 0,149 Doosan Heavy Industries and Construction Co Ltd 298 377 0,390 0,390 Yakult Honsha Co Ltd 61 150 0,277 0,277 Doosan Infracore Co Ltd 239 488 0,821 0,821 Yamada Denki Co Ltd 374 788 0,627 0,627 E1 Corp 4 824 0,093 0,093 Yamagata Bank Ltd/The 1 287 0,025 0,025 Eugene Investment & Securities Co Ltd 5 063 0,071 0,071 Yamaguchi Financial Group Inc 37 877 0,227 0,227 Genexel-Sein Inc 800 0,100 0,100 Yamaha Corp 58 069 0,226 0,226 GIIR Inc 490 0,064 0,064 Yamaha Motor Co Ltd 56 600 0,150 0,150 Glovis Co Ltd 3 178 0,023 0,023 Yamaichi Electronics Co Ltd 17 0,004 0,004 Gmarket Inc 119 520 1,786 1,786 Yamanashi Chuo Bank Ltd/The 1 519 0,025 0,025 Green Cross Corp/South Korea 1 218 0,025 0,025 Yamatake Corp 245 966 2,255 2,255 GS Engineering & Construction Corp 99 434 0,215 0,215 Yamatane Corp 29 0,004 0,004 GS Holdings Corp 156 135 0,499 0,499 Yamato Holdings Co Ltd 114 379 0,319 0,319 GS Home Shopping Inc 1 201 0,047 0,047 Yamato Kogyo Co Ltd 26 114 0,161 0,161 Halla Climate Control 2 561 0,048 0,048 Yamazaki Baking Co Ltd 67 264 0,574 0,574 Halla Engineering & Construc 1 527 0,095 0,095 Yamazen Corp 521 0,023 0,023 Hana Financial Group Inc 496 306 0,801 0,801 Yaoko Co Ltd 623 0,021 0,021 Hana Tour Service Inc 127 364 2,471 2,471 Yaskawa Electric Corp 226 254 1,210 1,210 Hanarotelecom Inc 2 754 0,019 0,019 Yellow Hat Ltd 24 0,003 0,003 Hanbit Soft Inc 711 0,072 0,072 Yodogawa Steel Works Ltd 194 0,004 0,004 Handsome Co Ltd 2 729 0,111 0,111 Yokogawa Bridge Holdings Corp 489 0,042 0,042 Hanil Cement Manufacturing 4 651 0,098 0,098 Yokogawa Electric Corp 36 301 0,226 0,226 Hanjin Heavy Ind & Const Holdings Co Ltd 4 146 0,058 0,058 Yokohama Reito Co Ltd 82 0,004 0,004 Hanjin Heavy Industries & Construction Co Ltd 18 068 0,095 0,096 Yokohama Rubber Co Ltd/The 25 120 0,227 0,227 Hanjin Shipping Co Ltd 8 550 0,047 0,047 Yokowo Co Ltd 30 0,004 0,004 Hanjin Transportation Co Ltd 2 756 0,100 0,100 Yomiuri Land Co Ltd 37 0,002 0,002 Hankook Tire Co Ltd 13 818 0,087 0,087 Yonekyu Corp 50 0,003 0,003 Hankuk Electric Glass Co Ltd 768 0,048 0,048 Yoshimoto Kogyo Co Ltd 16 323 0,560 0,560 Hanmi Pharm Co Ltd 113 466 1,355 1,355 Yoshinoya Holdings Co Ltd 8 231 0,135 0,135 Hansol CSN 611 0,101 0,101 Yuasa Trading Co Ltd 536 0,033 0,033 Hansol LCD Inc 1 385 0,099 0,099 Yuraku Real Estate Co Ltd 19 0,002 0,002 Hansol Paper Co 3 247 0,076 0,076 Yurtec Corp 596 0,025 0,025 Hanssem Co Ltd 605 0,066 0,066 Yusen Air & Sea Service Co Ltd 712 0,014 0,014 Hanwha Chem Corp 4 870 0,045 0,045 Yushin Precision Equipment Co Ltd 17 464 1,133 1,133 Hanwha Securities Co 136 328 2,747 2,747 Yushiro Chemical Industry Co Ltd 568 0,041 0,041 Hite Brewery Co Ltd 182 491 1,042 1,042 Zakkaya Bulldog Co Ltd 5 038 2,312 2,312 Honam Petrochemical Corp 11 470 0,059 0,059 Zenrin Co Ltd 45 767 0,692 0,692 Hotel Shilla Co Ltd 5 005 0,098 0,098 Zensho Co Ltd 41 888 0,641 0,641 Humax Co Ltd 2 915 0,123 0,123 Zeon Corp 17 970 0,227 0,227 Hynix Semiconductor Inc 40 313 0,058 0,029 Zephyr Co Ltd 353 0,027 0,027 Hyosung Corp 13 695 0,115 0,115 ZERIA Pharmaceutical Co Ltd 48 0,002 0,002 Hyundai Autonet Co Ltd 4 786 0,056 0,056 Zuken Inc 643 0,041 0,041 Hyundai Cement Co 1 293 0,074 0,074 Hyundai Department Store Co Ltd 18 231 0,116 0,116 KAZAKHSTAN Hyundai Development Co 47 665 0,119 0,119 Eurasian Natural Resources Corp 18 621 0,021 0,021 Hyundai Elevator Co Ltd 7 032 0,126 0,126 Halyk Savings Bank Kazakhstan 64 805 0,313 0,313 Hyundai Engineering & Construction Co Ltd 288 798 0,509 0,509 Kazakhstan Kagazy PLC 18 558 0,622 0,000 Hyundai H&S Co Ltd 2 268 0,074 0,074 Hyundai Heavy Industries 796 368 0,408 0,408 KOREA, REPUBLIC OF Hyundai Hysco 757 0,016 0,016 Actoz Soft Co Ltd 9 0,002 0,002 Hyundai Marine & Fire Insurance Co Ltd 9 371 0,071 0,071 Ahnlab Inc 843 0,072 0,072 Hyundai Merchant Marine Co Ltd 3 468 0,010 0,007 Amorepacific Corp 12 953 0,054 0,054 Hyundai Mipo Dockyard 222 118 0,664 0,664 Asiana Airlines 168 194 1,936 1,936 Hyundai Mobis 39 485 0,089 0,089 Binggrae Co Ltd 905 0,042 0,042 Hyundai Motor Co 543 143 0,595 0,595 Bukwang Pharmaceutical Co Ltd 31 973 0,531 0,531 Hyundai Securities Co 28 587 0,126 0,126 CDNetworks Co Ltd 18 865 2,241 2,241 Hyundai Steel Co 116 025 0,298 0,298

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 39

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Hyunjin Materials Co Ltd 30 315 0,912 0,912 Pusan Bank 15 506 0,116 0,116 IHQ Inc 547 0,070 0,070 ReignCom Ltd 552 0,079 0,079 Ilyang Pharmaceutical Co Ltd 2 219 0,048 0,048 S&T Daewoo Co Ltd 2 548 0,102 0,102 Industrial Bank Of Korea 14 371 0,035 0,035 S1 Corp/Korea 10 503 0,084 0,084 Insun ENT Co Ltd 748 0,068 0,068 Saehan Industries Inc 1 543 0,073 0,073 Interpark Corp 2 343 0,122 0,122 Sam Young Electronics Co Ltd 1 624 0,106 0,106 INTOPS Co Ltd 1 119 0,075 0,075 Samchully Co Ltd 4 448 0,095 0,095 Jahwa Electronics Co Ltd 552 0,097 0,097 Samsung Card Co 11 700 0,034 0,034 Jeonbuk Bank 2 339 0,096 0,096 Samsung Corp 196 377 0,301 0,301 Jusung Engineering Co Ltd 2 917 0,086 0,086 Samsung Electro-Mechanics Co Ltd 18 650 0,088 0,088 Kangwon Land Inc 26 454 0,087 0,087 Samsung Electronics Co Ltd 1 808 408 0,381 0,381 KCC Corp 18 507 0,058 0,058 Samsung Engineering Co Ltd 20 991 0,096 0,096 KEC Corp 509 0,112 0,112 Samsung Fine Chemicals Co Ltd 5 604 0,085 0,085 KH Vatec Co Ltd 401 0,065 0,065 Samsung Fire & Marine Insurance Co Ltd 484 976 0,698 0,698 Kia Motors Corp 17 633 0,087 0,087 Samsung Heavy Industries Co Ltd 62 870 0,117 0,117 Kiryung Electronics Co Ltd 397 0,091 0,091 Samsung SDI Co Ltd 192 371 1,095 1,095 Kolon Engineering & Construction Co Ltd 1 290 0,071 0,071 Samsung Securities Co Ltd 234 695 0,667 0,667 Komipharm International Co Ltd 1 493 0,047 0,047 Samsung Techwin Co Ltd 22 011 0,117 0,117 Kook Soon Dang Brewery Co Ltd 15 0,003 0,003 Samyang Corp 2 482 0,075 0,075 Kookmin Bank 623 350 0,463 0,459 Seah Besteel Corp 2 111 0,065 0,065 Korea Development Corp 806 0,048 0,048 Seoul Semiconductor Co Ltd 5 574 0,076 0,076 Korea Electric Power Corp 379 409 0,257 0,163 SEWON CELLONTECH CO LTD 1 106 0,066 0,066 Korea Electric Terminal Co Ltd 1 217 0,084 0,084 SFA Engineering Corp 3 063 0,096 0,096 Korea Exchange Bank 18 808 0,035 0,035 Shinhan Financial Group Co Ltd 693 503 0,564 0,564 Korea Express Co Ltd 7 186 0,077 0,077 Shinsegae Co Ltd 465 363 0,586 0,586 Korea Gas Corp 10 198 0,035 0,035 Shinsung Eng Co 1 720 0,163 0,163 Korea Information Service 417 0,085 0,085 Sindo Ricoh Co Ltd 1 731 0,046 0,046 Korea Investment Holdings Co Ltd 28 102 0,115 0,115 SK Chemicals Co Ltd 8 976 0,099 0,099 Korea Iron & Steel Co Ltd 2 784 0,047 0,047 SK Energy Co Ltd 411 119 0,429 0,429 Korea Kumho Petrochemical 6 505 0,074 0,074 SK Gas Co Ltd 2 964 0,081 0,081 Korea Line Corp 3 0,000 0,000 SK Holdings Co Ltd 62 920 0,117 0,117 Korea Zinc Co Ltd 6 623 0,046 0,046 SK Securities Co Ltd 5 236 0,073 0,073 Korean Air Lines Co Ltd 223 227 0,696 0,696 SK Telecom Co Ltd 37 387 0,032 0,032 Korean Reinsurance Co 8 010 0,094 0,094 SKC Co Ltd 2 560 0,044 0,044 KP Chemical Corp 1 148 0,031 0,031 SODIFF Advanced Materials Co Ltd 2 852 0,089 0,089 KT Corp 125 559 0,159 0,126 S-Oil Corp 40 463 0,078 0,078 KT Freetel Co Ltd 10 657 0,031 0,031 Solborn Inc 657 0,100 0,100 KT&G Corp 22 432 0,034 0,034 Ssangyong Cement Industrial Co Ltd 4 990 0,071 0,071 KTBNetwork 4 110 0,100 0,100 Ssangyong Motor Co 4 927 0,113 0,113 Kumho Electric Co Ltd 1 181 0,100 0,100 SSCP Co Ltd 2 609 0,063 0,063 Kumho Industrial Co Ltd 10 138 0,064 0,069 STX Corp 11 940 0,071 0,071 Kumho Tire Co Inc 2 969 0,052 0,052 STX Engine Co Ltd 7 525 0,070 0,070 Kwang Dong Pharmaceutical Co Ltd 784 0,062 0,062 STX Pan Ocean Co Ltd 359 996 1,008 1,079 Kyeryong Construction Industrial Co Ltd 1 722 0,072 0,072 STX Shipbuilding Co Ltd 71 501 0,342 0,342 Kyobo Securities Co 2 663 0,062 0,062 Sungshin Cement Co Ltd 1 611 0,090 0,090 LG Chem Ltd 420 348 1,075 1,075 Taekwang Industrial Co Ltd 5 949 0,074 0,074 LG Corp 264 174 0,378 0,378 Taewoong Co Ltd 131 870 1,609 1,609 LG Dacom Corp 3 115 0,030 0,030 Taeyoung Engineering & Construction 3 515 0,070 0,070 LG Electronics Inc 228 029 0,272 0,272 Taihan Electric Wire Co Ltd 13 363 0,096 0,096 LG Fashion Corp 5 126 0,100 0,100 Technosemichem Co Ltd 26 875 1,272 1,272 LG Household & Health Care Ltd 294 071 1,673 1,673 Tong Yang Investment Bank 11 222 0,094 0,094 LG International Corp 5 486 0,110 0,110 Union Steel 503 0,036 0,036 LG Life Sciences Ltd 1 116 0,018 0,018 Webzen Inc 683 0,073 0,073 LG Micron Ltd 1 843 0,112 0,112 Woongjin Coway Co Ltd 15 090 0,115 0,115 LG Telecom Ltd 37 374 0,236 0,236 Woongjin Holdings Co Ltd 1 300 0,022 0,022 LG.Philips LCD Co Ltd 436 448 0,425 0,422 Woongjin Thinkbig Co Ltd 892 0,033 0,033 LIG Insurance Co Ltd 143 634 1,734 1,734 Wooree ETI Co Ltd 527 0,062 0,062 Lotte Chilsung Beverage Co Ltd 3 675 0,049 0,049 Woori Finance Holdings Co Ltd 31 497 0,036 0,036 Lotte Confectionery Co Ltd 9 107 0,065 0,065 Woori Investment & Securities Co Ltd 119 322 0,589 0,589 Lotte Midopa Co Ltd 1 111 0,024 0,024 Yedang Entertainment Co Ltd 836 0,105 0,105 Lotte Shopping Co Ltd 62 581 0,090 0,045 Youlchon Chemical Co Ltd 783 0,071 0,071 LS Cable Ltd 129 394 0,769 0,769 Yuhan Corp 8 898 0,079 0,079 LS Industrial Systems Co Ltd 3 217 0,033 0,033 Yungjin Pharmaceutical Co Ltd 562 0,055 0,055 Macquarie Korea Infrastructure Fund 8 794 0,069 0,069 Maeil Dairy Industry Co Ltd 727 0,042 0,042 MegaStudy Co Ltd 7 312 0,074 0,074 Aeon Co M Bhd 19 145 0,627 0,627 Meritz Fire & Marine Insurance Co Ltd 7 022 0,077 0,077 AirAsia BHD 33 012 0,530 0,530 Meritz Securities Co Ltd 2 248 0,068 0,068 British American Tobacco Malaysia Bhd 18 490 0,096 0,096 Mirae Asset Securities Co Ltd 13 226 0,034 0,034 Bumiputra-Commerce Holdings Bhd 43 347 0,071 0,071 Mirae Corp 527 0,098 0,098 Guinness Anchor BHD 15 309 0,556 0,556 Modetour Network Inc 39 369 1,527 1,527 Hap Seng Plantations Holdings Bhd 2 663 0,064 0,064 MtekVision Co Ltd 485 0,108 0,108 Hong Leong Bank BHD 27 577 0,167 0,167 NCSoft Corp 4 875 0,084 0,084 Lion Diversified Holdings BHD 19 438 0,836 0,836 Neowiz Corp 450 0,075 0,075 Malayan Banking Bhd 36 273 0,049 0,049 Neowiz Games Corp 1 497 0,077 0,077 Oriental Holdings BHD 819 0,015 0,015 NEPES Corp 831 0,100 0,100 Parkson Holdings BHD 55 468 0,354 0,354 NH Investment & Securities Co Ltd 2 970 0,073 0,073 POS Malaysia BHD 18 229 0,848 0,848 NHN Corp 689 467 1,099 1,099 Public Bank BHD 37 025 0,058 0,029 Nong Shim Co Ltd 4 520 0,066 0,066 Samling Global Ltd 10 719 0,228 0,228 ON*Media Corp 1 297 0,027 0,027 SP Setia Bhd 16 558 0,201 0,201 Orion Corp 4 559 0,053 0,053 Star Publications Malaysia BHD 21 520 0,516 0,516 Osstem Implant Co Ltd 1 391 0,053 0,053 Telekom Malaysia Bhd 62 525 0,099 0,099 Pacific Corp 5 280 0,073 0,073 Tenaga Nasional Bhd 28 767 0,042 0,042 Paradise Co Ltd 696 0,040 0,040 United Plantations BHD 2 623 0,060 0,060 Planet82 Inc 739 0,102 0,102 Plantynet Co Ltd 461 0,142 0,142 NEW ZEALAND POSCO 1 154 585 0,397 0,389 Air New Zealand Ltd 5 888 0,069 0,071 Posdata Co Ltd 4 205 0,080 0,080 AMP NZ Office Trust 3 668 0,108 0,108 Power Logics Co Ltd 599 0,107 0,107 Auckland International Airport Ltd 43 099 0,286 0,290 Pulmuone Co Ltd 716 0,044 0,044 Briscoe Group Ltd 13 0,001 0,001

40

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Contact Energy Ltd 43 260 0,218 0,218 Metro Holdings Ltd 3 584 0,151 0,151 Fisher & Paykel Appliances Holdings Ltd 17 539 0,430 0,430 MFS Technology Ltd 19 0,002 0,002 Fisher & Paykel Healthcare Corp 29 227 0,389 0,394 Midas Holdings Ltd 2 810 0,058 0,058 Fletcher Building Ltd 103 677 0,431 0,431 MobileOne Ltd 14 344 0,224 0,224 Freightways Ltd 2 997 0,149 0,149 Neptune Orient Lines Ltd 28 178 0,130 0,130 Hellaby Holdings Ltd 21 0,004 0,004 Olam International Ltd 9 332 0,056 0,056 Kiwi Income Property Trust 17 230 0,428 0,428 OSIM International Ltd 32 0,003 0,003 Mainfreight Ltd 2 682 0,099 0,099 Oversea-Chinese Banking Corp 263 645 0,270 0,270 Nuplex Industries Ltd 4 423 0,190 0,190 Pacific Century Regional Developments Ltd 3 403 0,084 0,084 Port of Tauranga Ltd 6 840 0,178 0,178 Parkway Holdings Ltd 24 333 0,211 0,211 Pumpkin Patch Ltd 2 715 0,148 0,148 Raffles Education Corp Ltd 15 814 0,121 0,121 Sky City Entertainment Group Ltd 38 481 0,430 0,432 SembCorp Industries Ltd 73 501 0,188 0,188 Sky Network Television Ltd 16 957 0,174 0,174 SembCorp Marine Ltd 80 835 0,256 0,256 Steel & Tube Holdings Ltd 37 0,003 0,003 SIA Engineering Co Ltd 11 702 0,065 0,065 Telecom Corp of New Zealand Ltd 76 486 0,227 0,230 Airlines Ltd 168 658 0,217 0,217 Tower Ltd 3 177 0,169 0,172 Singapore Airport Terminal Services Ltd 25 364 0,224 0,224 Vector Ltd 11 532 0,125 0,125 Singapore Exchange Ltd 170 294 0,316 0,316 Warehouse Group Ltd 15 381 0,207 0,208 Singapore Food Industries Ltd 525 0,034 0,034 Singapore Land Ltd 18 469 0,148 0,148 PAPUA NEW GUINEA Singapore Petroleum Co Ltd 42 690 0,290 0,290 Lihir Gold Ltd 466 334 1,423 1,423 Singapore Post Ltd 40 998 0,504 0,504 New Britain Palm Oil Ltd 7 782 0,137 0,000 Singapore Press Holdings Ltd 82 959 0,307 0,307 Oil Search Ltd 632 040 2,441 2,441 Singapore Telecommunications Ltd 331 006 0,138 0,138 SMRT Corp Ltd 14 151 0,147 0,147 StarHub Ltd 79 797 0,442 0,442 Aboitiz Power Corp 12 271 0,247 0,000 STATS ChipPAC Ltd 9 156 0,074 0,074 Ayala Land Inc 48 801 0,200 0,200 Straits Trading Co Ltd 28 291 0,460 0,460 Bank of the Philippine Islands 33 203 0,152 0,152 Sunningdale Tech Ltd 975 0,110 0,110 Jollibee Foods Corp 17 102 0,246 0,246 Suntec Real Estate Investment Trust 14 778 0,154 0,154 Philippine Long Distance Telephone Co 14 619 0,019 0,019 Unisteel Technology Ltd 2 769 0,109 0,109 United Fiber System Ltd 1 052 0,055 0,055 SINGAPORE United Industrial Corp Ltd 39 881 0,279 0,279 Allco Commercial Real Estate Investment Trust 3 366 0,142 0,142 United Overseas Bank Ltd 417 159 0,365 0,365 Allgreen Properties Ltd 16 488 0,184 0,184 UOB-Kay Hian Holdings Ltd 2 599 0,044 0,044 Ascendas Real Estate Investment Trust 18 522 0,151 0,151 UOL Group Ltd 25 105 0,185 0,185 Ascott Group Ltd/The 23 236 0,315 0,315 Venture Corp Ltd 75 813 0,573 0,573 Banyan Tree Holdings Ltd 6 650 0,113 0,113 Verigy Ltd 9 812 0,111 0,111 Beyonics Technology Ltd 848 0,118 0,118 Want Want Holdings Ltd 38 0,000 0,000 Biosensors International Group Ltd 1 051 0,029 0,029 WBL Corp Ltd 33 209 1,039 1,039 Cambridge Industrial Trust 2 992 0,141 0,141 Wheelock Properties S Ltd 41 063 0,425 0,425 CapitaCommercial Trust 35 326 0,277 0,277 Wilmar International Ltd 179 938 0,139 0,139 CapitaLand Ltd 112 684 0,170 0,170 Wing Tai Holdings Ltd 23 615 0,292 0,292 CapitaMall Trust 60 273 0,278 0,278 Yanlord Land Group Ltd 78 085 0,344 0,344 CDL Hospitality Trusts 8 356 0,114 0,114 Cerebos Pacific Ltd 3 321 0,064 0,064 CH Offshore Ltd 4 042 0,191 0,191 Ability Enterprise Co Ltd 5 831 0,166 0,166 Chartered Semiconductor Manufacturing Ltd 13 851 0,150 0,150 AcBel Polytech Inc 1 811 0,134 0,134 China Yuchai International Ltd 2 551 0,127 0,127 Accton Technology Corp 3 244 0,209 0,209 Chuan Hup Holdings Ltd 1 268 0,082 0,082 Acer Inc 28 0,000 0,000 City Developments Ltd 162 406 0,333 0,333 Action Electronics Co Ltd 1 599 0,201 0,201 Cityspring Infrastructure Trust 24 557 1,429 1,429 A-DATA Technology Co Ltd 3 267 0,180 0,180 ComfortDelgro Corp Ltd 75 422 0,524 0,524 Advanced International Multitech Co Ltd 2 161 0,176 0,176 Cosco Corp Singapore Ltd 63 600 0,130 0,130 Advanced Semiconductor Engineering Inc 13 441 0,045 0,045 Creative Technology Ltd 5 307 0,260 0,260 Advantech Co Ltd 2 723 0,045 0,045 CSE Global Ltd 3 431 0,150 0,150 AGV Products Corp 858 0,116 0,116 Datacraft Asia Ltd 2 267 0,071 0,071 ALI Corp 4 921 0,163 0,163 DBS Group Holdings Ltd 271 221 0,229 0,229 Altek Corp 4 640 0,211 0,211 Elec & Eltek International Co Ltd 544 0,031 0,031 Ambassador Hotel/The 4 019 0,211 0,211 Ezra Holdings Ltd 6 587 0,145 0,145 AmTRAN Technology Co Ltd 6 796 0,324 0,324 FJ Benjamin Holdings Ltd 11 788 0,879 0,879 Ardentec Corp 3 086 0,202 0,202 Flextronics International Ltd 266 819 0,490 0,490 Arima Communication Corp 2 311 0,186 0,186 Fortune Real Estate Investment Trust 7 654 0,260 0,260 Arima Computer Corp 2 215 0,226 0,226 Fraser and Neave Ltd 149 420 0,484 0,484 ASE Test Ltd 6 281 0,081 0,081 Frasers Centrepoint Trust 1 333 0,039 0,039 Asia Cement Corp 5 734 0,026 0,026 Fu Yu Corp Ltd 9 0,002 0,002 Asia Optical Co Inc 19 0,001 0,001 Global Voice Group Ltd 1 042 0,085 0,085 Asia Polymer 2 298 0,201 0,201 Goodpack Ltd 1 239 0,032 0,032 Asia Vital Components Co Ltd 1 798 0,187 0,187 Guocoland Ltd 21 0,000 0,000 Asustek Computer Inc 33 923 0,056 0,056 GuocoLeisure Ltd 8 739 0,172 0,172 Aten International Co Ltd 3 561 0,207 0,207 Haw Par Corp Ltd 14 388 0,272 0,272 AU Optronics Corp 33 959 0,041 0,041 Hi-P International Ltd 677 0,042 0,042 Audix Corp 959 0,151 0,151 Hong Leong Asia Ltd 2 273 0,042 0,042 AV TECH Corp 4 814 0,155 0,155 Hong Leong Finance Ltd 34 412 0,547 0,547 Avermedia Technologies 5 477 0,224 0,224 Hotel Properties Ltd 11 539 0,149 0,149 Avision Inc 612 0,085 0,085 HTL International Holdings Ltd 753 0,091 0,091 Bank of 2 012 0,153 0,153 Huan Hsin Holdings Ltd 35 0,004 0,004 Basso Industry Corp 1 794 0,138 0,138 Hyflux Ltd 3 478 0,055 0,055 Behavior Technology Computer 936 0,169 0,169 Jardine Cycle & Carriage Ltd 42 035 0,148 0,148 BES Engineering Corp 4 170 0,205 0,205 Jaya Holdings Ltd 3 963 0,072 0,072 Bright Led Electronics Corp 4 142 0,180 0,180 Jurong Technologies Industrial Corp Ltd 1 722 0,173 0,173 Capital Securities Corp 6 810 0,171 0,171 K1 Ventures Ltd 1 163 0,064 0,064 Career Technology Co Ltd 1 831 0,202 0,202 Keppel Corp Ltd 271 833 0,350 0,350 Catcher Technology Co Ltd 12 088 0,071 0,071 Keppel Land Ltd 36 606 0,185 0,185 Cathay Financial Holding Co Ltd 5 645 0,005 0,005 Keppel Telecommunications & Transportation Ltd 2 100 0,017 0,017 Cathay Real Estate Development Co Ltd 1 826 0,044 0,044 Kim Eng Holdings Ltd 5 098 0,100 0,100 Central Reinsurance Co Ltd 1 905 0,137 0,137 K-REIT Asia 844 0,042 0,042 Chang Hwa Commercial Bank 25 462 0,178 0,178 KS Energy Services Ltd 2 806 0,092 0,092 Cheng Loong Corp 3 301 0,171 0,171 Labroy Marine Ltd 6 342 0,071 0,071 Cheng Shin Rubber Industry Co Ltd 11 523 0,100 0,100 Macquarie International Infrastructure Fund Ltd 7 164 0,150 0,150 Cheng Uei Precision Industry Co Ltd 839 0,017 0,017 Mapletree Logistics Trust 4 971 0,109 0,109 Chi Mei Optoelectronics Corp 13 956 0,027 0,027

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 41

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Chia Hsin Cement Corp 2 748 0,113 0,113 Grand Pacific Petrochemical 2 977 0,249 0,249 Chicony Electronics Co Ltd 8 457 0,165 0,165 Great Gas Co Ltd 1 135 0,081 0,081 China Airlines 3 0,000 0,000 Great Wall Enterprise Co 5 213 0,205 0,205 China Bills Finance Corp 3 572 0,169 0,169 Greatek Electronics Inc 6 492 0,206 0,206 China Development Financial Holding Corp 32 906 0,140 0,140 HannStar Display Corp 6 501 0,054 0,054 China General Plastics Corp 1 432 0,218 0,218 Harvatek Corp 1 401 0,146 0,146 China Life Insurance Co Ltd/Taiwan 7 354 0,222 0,222 High Tech Computer Corp 16 188 0,028 0,028 China Manmade Fibers 6 272 0,220 0,220 Highwealth Construction Corp 5 526 0,205 0,205 China Metal Products 2 173 0,157 0,157 Ho Tung Chemical Corp 1 367 0,153 0,153 China Motor Corp 11 0,000 0,000 Holtek Semiconductor Inc 3 204 0,178 0,178 China Petrochemical Development Corp 7 611 0,215 0,215 Holystone Enterprise Co Ltd 4 276 0,204 0,204 China Steel Chemical Corp 3 505 0,119 0,119 HON HAI Precision Industry Co Ltd 306 063 0,144 0,144 China Steel Corp 16 809 0,020 0,020 Hotai Motor Co Ltd 3 674 0,048 0,048 China Synthetic Rubber Corp 5 544 0,221 0,221 Hsin Kuang Steel Co Ltd 2 086 0,165 0,165 Chinatrust Financial Holding Co Ltd 17 366 0,054 0,054 Hsing TA Cement Co 512 0,066 0,066 Chin-Poon Industrial Co 4 048 0,207 0,207 HUA ENG Wire & Cable 2 370 0,205 0,205 Chipbond Technology Corp 3 918 0,233 0,233 Hua Nan Financial Holdings Co Ltd 1 073 0,005 0,005 ChipMOS TECHNOLOGIES Bermuda Ltd 1 239 0,064 0,064 Huaku Construction Corp 4 202 0,202 0,202 Chong Hong Construction Co 3 040 0,186 0,186 Huang Hsiang Construction Co 2 578 0,152 0,152 Chroma ATE Inc 5 249 0,158 0,158 Hung Poo Real Estate Development Corp 987 0,086 0,086 Chun Yuan Steel 1 094 0,098 0,098 Hung Sheng Construction Co Ltd 4 678 0,208 0,208 Chung Hsin Electric & Machinery Manufacturing Corp 4 160 0,223 0,223 Ichia Technologies Inc 2 832 0,202 0,202 Chung Hung Steel Corp 5 043 0,140 0,140 ICP Electronics Inc 1 990 0,143 0,143 Chung HWA Pulp 2 953 0,153 0,153 Infortrend Technology Inc 4 450 0,208 0,208 Chunghwa Picture Tubes Ltd 731 0,005 0,005 Inotera Memories Inc 740 0,005 0,005 Chunghwa Telecom Co Ltd 281 722 0,264 0,038 International Games System Co Ltd 3 938 0,170 0,170 Clevo Co 9 393 0,212 0,212 International Semiconductor Technology Ltd 1 414 0,148 0,148 CMC Magnetics Corp 11 0,000 0,000 Inventec Appliances Corp 1 696 0,034 0,034 C-Media Electronics Inc 2 841 0,248 0,248 Inventec Co Ltd 8 390 0,110 0,110 Compal Communications Inc 27 0,000 0,000 Jenn Feng Industrial Co Ltd 609 0,151 0,151 Compal Electronics Inc 12 726 0,055 0,055 Jih Sun Financial Holdings Co Ltd 4 712 0,135 0,135 Compeq Manufacturing Co 913 0,041 0,041 Johnson Health Tech Co Ltd 2 013 0,082 0,082 Concord Securities Corp 2 405 0,184 0,184 Kaulin Manufacturing Co Ltd 1 214 0,153 0,153 Continental Engineering Corp 6 770 0,269 0,269 Kenda Rubber Industrial Co Ltd 2 912 0,154 0,154 Coretronic Corp 3 915 0,077 0,077 KGI Securities Co Ltd 8 450 0,119 0,119 Cosmos Bank Taiwan 304 0,035 0,035 Kindom Construction Co 1 144 0,121 0,121 Creative Sensor Inc 1 515 0,208 0,208 King Slide Works Co Ltd 2 995 0,132 0,132 CTCI Corp 1 933 0,082 0,082 King Yuan Electronics Co Ltd 7 141 0,222 0,222 Cyberlink Corp 3 947 0,170 0,170 King’s Town Bank 3 294 0,211 0,211 CyberTAN Technology Inc 7 273 0,217 0,217 King’s Town Construction Co Ltd 2 056 0,211 0,211 Delta Electronics Inc 26 994 0,069 0,069 Kinik Co 2 846 0,209 0,209 Depo Auto Parts Ind Co Ltd 8 740 0,289 0,289 Kinko Optical Co Ltd 797 0,147 0,147 D-Link Corp 26 0,000 0,000 Kinpo Electronics 6 149 0,235 0,235 E.Sun Financial Holding Co Ltd 15 816 0,170 0,170 Kinsus Interconnect Technology Corp 8 285 0,111 0,111 Eastern Media International Corp 2 918 0,128 0,128 Kuoyang Construction Co Ltd 1 948 0,172 0,172 Elan Microelectronics Corp 8 528 0,221 0,221 KYE Systems Corp 3 865 0,177 0,177 Elite Semiconductor Memory Technology Inc 5 131 0,217 0,217 L&K Engineering Co Ltd 2 413 0,201 0,201 Elitegroup Computer Systems 571 0,020 0,020 Largan Precision Co Ltd 1 245 0,014 0,014 Emerging Display Technologies Corp 1 176 0,215 0,215 Lealea Enterprise Co Ltd 2 005 0,205 0,205 Epistar Corp 29 645 0,207 0,207 LEE Chang Yung Chem IND Corp 7 677 0,220 0,220 Eternal Chemical Co Ltd 6 904 0,146 0,146 Li Peng Enterprise Co Ltd 1 674 0,202 0,202 E-Ton Solar Tech Co Ltd 5 380 0,170 0,170 Lien Hwa Industrial Corp 3 572 0,163 0,163 Etron Technology Inc 4 166 0,228 0,228 LITE-ON IT Corp 2 215 0,067 0,067 Eva Airways Corp 188 0,002 0,002 Lite-On Semiconductor Corp 2 816 0,155 0,155 Evergreen International Storage & Transport Corp 3 723 0,138 0,138 Lite-On Technology Corp 12 363 0,060 0,060 Evergreen Marine Corp Taiwan Ltd 10 0,000 0,000 Long Bon Development Co Ltd 1 944 0,130 0,130 Everlight Chemical Industrial Corp 2 608 0,187 0,187 Long Chen Paper Co Ltd 1 258 0,130 0,130 Everlight Electronics Co Ltd 14 533 0,211 0,211 Macronix International 15 025 0,197 0,197 Everskill Technology Co Ltd 1 529 0,172 0,172 Makalot Industrial Co Ltd 3 594 0,201 0,201 Far Eastern Department Stores Co Ltd 15 529 0,211 0,211 Marketech International Corp 652 0,146 0,146 Far Eastern International Bank 1 632 0,050 0,050 Masterlink Securities Corp 6 013 0,207 0,207 Far Eastern Textile Co Ltd 51 874 0,182 0,182 MediaTek Inc 135 0,000 0,000 Far EasTone Telecommunications Co Ltd 25 216 0,095 0,095 Mega Financial Holding Co Ltd 17 184 0,047 0,047 Faraday Technology Corp 567 0,014 0,014 Meiloon Industrial Co 1 615 0,155 0,155 Farglory Land Development Co Ltd 7 982 0,086 0,086 Mercuries & Associates Ltd 2 521 0,148 0,148 Federal Corp 1 818 0,193 0,193 Merry Electronics Co Ltd 4 611 0,173 0,173 Feng Hsin Iron & Steel Co 11 286 0,216 0,216 Microelectronics Technology 2 578 0,177 0,177 Firich Enterprises Co Ltd 11 290 0,213 0,213 Microlife Corp 956 0,103 0,103 First Financial Holding Co Ltd 46 511 0,190 0,190 Micro-Star International Co Ltd 2 159 0,049 0,049 Forhouse Corp 2 128 0,245 0,245 MIN AIK Technology Co Ltd 1 679 0,204 0,204 Formosa Chemicals & Fibre Corp 113 875 0,148 0,148 Mitac International 2 213 0,029 0,029 Formosa International Hotels Corp 2 982 0,102 0,102 Mitac Technology Corp 3 661 0,162 0,162 Formosa Petrochemical Corp 11 466 0,008 0,008 Mosel Vitelic Inc 10 078 0,211 0,211 Formosa Plastics Corp 111 209 0,127 0,127 Motech Industries Inc 15 663 0,153 0,153 Formosa Taffeta Co Ltd 1 208 0,013 0,013 Nan Kang Rubber Tire Co Ltd 7 775 0,223 0,223 Formosan Rubber Group Inc 3 013 0,206 0,206 Nan Ya Plastics Corp 187 790 0,171 0,171 Foxconn Technology Co Ltd 22 315 0,067 0,067 Nan Ya Printed Circuit Board Corp 190 0,001 0,001 FSP Technology Inc 1 712 0,142 0,142 Nanya Technology Corp 787 0,005 0,005 Fu Sheng Industrial Co Ltd 1 106 0,025 0,025 Nien Hsing Textile Co Ltd 2 586 0,131 0,131 Fubon Financial Holding Co Ltd 31 561 0,085 0,085 Nien Made Enterprises 1 061 0,037 0,037 Gemtek Technology Corp 4 957 0,221 0,221 Novatek Microelectronics Corp Ltd 998 0,009 0,009 Genius Electronic Optical Co Ltd 992 0,153 0,153 Optimax Technology Corp 2 027 0,211 0,211 Giant Manufacturing Co Ltd 2 180 0,064 0,064 Opto Technology Corp 5 954 0,219 0,219 Gigabyte Technology Co Ltd 962 0,041 0,041 Orient Semiconductor Electronics Ltd 1 594 0,117 0,117 GigaMedia Ltd 5 621 0,110 0,110 Oriental Union Chemical Corp 4 461 0,086 0,086 Global Brands Manufacture Ltd 2 269 0,102 0,102 O-TA Precision Industry Co Ltd 2 219 0,158 0,158 Globe Union Industrial Corp 2 512 0,147 0,147 Pacific Electric Wire & Cable Co Ltd 106 0,000 0,000 Gloria Material Technology Corp 4 092 0,162 0,162 Pan-International Industrial 8 435 0,161 0,161 Gold Circuit Electronics Ltd 4 456 0,180 0,180 Phihong Technology Co Ltd 2 655 0,206 0,206 Goldsun Development & Construction Co Ltd 6 270 0,213 0,213 Phison Electronics Corp 7 742 0,212 0,212

42

Government Pension Fund – Global Holding of equities at 31 December 2007

Asia/Oceania Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Phoenix Precision Technology Corp 6 915 0,219 0,219 Taiwan Sogo Shin Kong SEC 1 298 0,071 0,071 Phoenixtec Power Co Ltd 7 309 0,196 0,196 Taiwan Styrene Monomer 3 154 0,233 0,233 Pihsiang Machinery Manufacturing Co Ltd 2 883 0,154 0,154 Taiwan TEA Corp 4 206 0,221 0,221 Pixart Imaging Inc 9 930 0,209 0,209 Taiyen Biotech Co Ltd 1 210 0,123 0,123 Polaris Securities Co Ltd 5 069 0,098 0,098 Tatung Co Ltd 9 818 0,083 0,083 POU Chen Corp 14 206 0,111 0,111 Teco Electric and Machinery Co Ltd 10 849 0,209 0,209 Powerchip Semiconductor Corp 1 021 0,006 0,006 Tecom Co Ltd 1 994 0,196 0,196 Powertech Technology Inc 17 341 0,161 0,161 Test-Rite International Co 2 910 0,194 0,194 President Chain Store Corp 9 319 0,071 0,071 Ton Yi Industrial Corp 4 199 0,124 0,124 President Securities Corp 4 331 0,121 0,121 Tong Yang Industry Co Ltd 2 949 0,152 0,152 Prime View International Co Ltd 7 115 0,157 0,157 Topco Scientific Co Ltd 2 778 0,204 0,204 Prince Housing Development Corp 4 281 0,158 0,158 Transcend Information Inc 1 192 0,019 0,019 Princeton Technology Corp 1 846 0,261 0,261 Tripod Technology Corp 17 734 0,211 0,211 Prodisc Technology Inc 2 416 0,193 0,193 Tsann Kuen Enterprise Co Ltd 2 743 0,154 0,154 ProMOS Technologies Inc 564 0,006 0,006 TSRC Corp 9 426 0,202 0,202 Qisda Corp 1 878 0,020 0,020 Tung Ho Steel Enterprise Corp 10 723 0,127 0,127 Quanta Computer Inc 2 915 0,011 0,011 TXC Corp 4 618 0,201 0,201 Quanta Storage Inc 3 500 0,171 0,171 TYC Brother Industrial Co Ltd 909 0,098 0,098 Radiant Opto-Electronics Corp 6 111 0,226 0,226 U-Ming Marine Transport Corp 7 652 0,060 0,060 Radium Life Tech Co Ltd 3 477 0,185 0,185 Unimicron Technology Corp 5 711 0,057 0,057 Realtek Semiconductor Corp 6 076 0,071 0,071 Uni-President Enterprises Corp 5 182 0,020 0,020 Rechi Precision Co Ltd 1 340 0,150 0,150 Unitech Printed Circuit Board Corp 4 711 0,234 0,234 Richtek Technology Corp 12 368 0,212 0,212 United Integrated Services Co Ltd 2 293 0,204 0,204 Ritek Corp 2 021 0,065 0,065 United Microelectronics Corp (4 930) -0,011 0,000 Ruentex Development Co Ltd 5 706 0,166 0,166 Universal Scientific Industrial Co Ltd 5 449 0,166 0,166 Ruentex Industries Ltd 5 968 0,179 0,179 UPC Technology Corp 4 073 0,166 0,166 Sampo Corp 1 972 0,211 0,211 USI Corp 4 655 0,172 0,172 San Shing Fastech Corp 589 0,054 0,054 Vanguard International Semiconductor Corp 1 859 0,027 0,027 Sanyang Industrial Co Ltd 5 034 0,209 0,209 Via Technologies Inc 207 0,005 0,005 Sanyo Electric Taiwan Co Ltd 1 711 0,105 0,105 Wafer Works Corp 14 533 0,203 0,203 Senao International Co Ltd 2 443 0,157 0,157 Waffer Technology Co Ltd 1 805 0,189 0,189 Sheng Yu Steel Co Ltd 875 0,059 0,059 Wah Hong Industrial Corp 1 549 0,206 0,206 Shih Wei Navigation Co Ltd 3 461 0,113 0,113 Wah Lee Industrial Corp 4 381 0,192 0,192 Shihlin Electric & Engineering Corp 4 960 0,158 0,158 Walsin Lihwa Corp 3 572 0,049 0,049 Shihlin Paper Corp 2 099 0,151 0,151 Walsin Technology Corp 4 724 0,206 0,206 Shin Kong Financial Holding Co Ltd 460 0,002 0,002 Wan Hai Lines Ltd 6 0,000 0,000 Shin Zu Shing Co Ltd 5 572 0,150 0,150 Waterland Financial Holdings 7 656 0,201 0,201 Shining Building Business Co Ltd 5 798 0,211 0,211 Wei Chuan Food Corp 2 511 0,161 0,161 Shinkong Synthetic Fibers Corp 4 968 0,199 0,199 Wellypower Optronics Corp 3 938 0,180 0,180 Shinkong Textile Co Ltd 2 069 0,211 0,211 Weltrend Semiconductor 3 345 0,245 0,245 Sigurd Microelectronics Corp 1 663 0,198 0,198 Winbond Electronics Corp 3 082 0,053 0,053 Silicon Integrated Systems Corp 1 528 0,057 0,057 Wintek Corp 5 023 0,060 0,060 Siliconware Precision Industries Co (13 745) -0,046 0,013 Wistron Corp 7 031 0,050 0,050 Silitech Technology Corp 3 750 0,117 0,117 Wistron NeWeb Corp 3 331 0,171 0,171 Simplo Technology Co Ltd 9 742 0,212 0,212 WPG Holdings Co Ltd 9 934 0,215 0,000 Sinbon Electronics Co Ltd 1 834 0,206 0,206 WUS Printed Circuit Co Ltd 1 323 0,206 0,206 Sincere Navigation 4 880 0,110 0,110 XAC Automation Corp 1 006 0,205 0,205 Sino-American Silicon Products Inc 18 655 0,212 0,212 Ya Hsin Industrial Co Ltd 372 0,035 0,035 SinoPac Financial Holdings Co Ltd 16 845 0,117 0,117 Yageo Corp 5 061 0,109 0,109 Sintek Photronic Corp 3 291 0,213 0,213 Yang Ming Marine Transport Corp 26 0,000 0,000 Sinyi Realty Co 1 727 0,060 0,060 Yeun Chyang Industrial Co Ltd 3 104 0,194 0,194 Sitronix Technology Corp 4 409 0,232 0,232 Yieh Phui Enterprise 4 847 0,175 0,175 Soft-World International Corp 3 177 0,176 0,176 Yosun Industrial Corp 2 409 0,193 0,193 Solar Applied Materials Technology Co 5 949 0,204 0,204 Yuanta Financial Holding Co Ltd 11 672 0,040 0,040 Sonix Technology Co Ltd 4 349 0,215 0,215 Yuen Foong Yu Paper Manufacturing Co Ltd 6 300 0,197 0,197 Southeast Cement Co Ltd 1 758 0,158 0,158 Yulon Motor Co Ltd 1 006 0,013 0,013 Spirox Corp 1 979 0,211 0,211 Yung Chi Paint & Varnish Manufacturing Co Ltd 1 295 0,116 0,116 Springsoft Inc 2 591 0,198 0,198 Yung Shin Pharmaceutical Industrial Co Ltd 2 405 0,177 0,177 Stark Technology Inc 1 200 0,208 0,208 Yungtay Engineering Co Ltd 3 910 0,225 0,225 Sunplus Technology Co Ltd 117 0,003 0,003 ZIG Sheng IND Co Ltd 944 0,153 0,153 Sunrex Technology Corp 2 097 0,105 0,105 Zinwell Corp 7 849 0,165 0,165 Synnex Technology International Corp 9 289 0,063 0,063 Zyxel Communications Corp 10 0,000 0,000 Systex Corp 2 652 0,155 0,155 T JOIN Transportation Co 2 722 0,211 0,211 TA Chen Stainless Pipe 5 450 0,195 0,195 Bangkok Bank PCL 59 597 0,161 0,161 Ta Chong Bank Co Ltd 7 013 0,199 0,199 Hana Microelectronics Pcl 27 082 0,937 0,937 Ta Ya Electric Wire & Cable 2 040 0,210 0,210 Kasikornbank PCL 36 037 0,107 0,053 Commercial Bank 5 833 0,205 0,205 PTT Exploration & Production PCL 56 837 0,065 0,065 Tainan Enterprises Co Ltd 1 378 0,135 0,135 Regional Container Lines PCL 24 884 0,783 0,783 Tainan Spinning Co Ltd 6 438 0,200 0,200 Siam Cement PCL 41 114 0,091 0,091 Taishin Financial Holdings Co Ltd 5 778 0,045 0,045 Siam City Cement Pcl 11 050 0,106 0,106 Taiwan Acceptance Corp 17 0,002 0,002 Siam Commercial Bank PCL 6 972 0,026 0,026 Taiwan Business Bank 2 366 0,037 0,037 Siam Makro PCL 25 533 0,717 0,667 Taiwan Cement Corp 7 686 0,031 0,031 Tisco Bank PCL 26 012 1,004 0,988 Taiwan Cogeneration Corp 1 414 0,119 0,119 Total Access Communication PCL 9 281 0,052 0,052 Taiwan Cooperative Bank 19 782 0,107 0,107 Taiwan Fertilizer Co Ltd 5 237 0,040 0,040 UNITED ARAB EMIRATES Taiwan Fire & Marine Insurance Co 2 149 0,151 0,151 I-Mate PLC 1 919 0,422 0,422 Taiwan FU Hsing Industrial Co Ltd 968 0,140 0,140 Taiwan Glass Industrial Corp 18 750 0,176 0,176 Taiwan Hon Chuan Enterprise Co Ltd 1 464 0,184 0,184 Taiwan Kai Yih Industrial Co Ltd 10 0,003 0,003 Taiwan Life Insurance Co Ltd 4 094 0,094 0,094 Taiwan Mask Corp 2 248 0,204 0,204 Taiwan Mobile Co Ltd 54 700 0,150 0,150 Taiwan Navigation Co Ltd 6 037 0,152 0,152 Taiwan Paiho Ltd 2 927 0,202 0,202 Taiwan Polypropylene 2 620 0,191 0,191 Taiwan Secom Co Ltd 6 546 0,175 0,175 Taiwan Semiconductor Manufacturing Co Ltd 410 066 0,150 0,150

No r g e s Ba n k In v e s t m e n t Ma n a g e m e n t An n u a l Re p o r t 2007 43

Government Pension Fund – Global Holding of equities at 31 December 2007 Government Pension Fund – Global Holding of equities at 31 December 2007

Africa Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

ARAB REPUBLIC OF EGYPT Steinhoff International Holdings Ltd 71 849 0,345 0,345 Orascom Telecom Holding SAE 51 060 0,052 0,000 Sun International Ltd 43 839 0,358 0,358 Super Group Ltd 11 664 0,313 0,313 SOUTH AFRICA Telkom SA Ltd 113 589 0,194 0,194 ABSA Group Ltd 93 093 0,155 0,155 Tiger Automotive Ltd 951 0,119 0,000 Aeci Ltd 27 150 0,358 0,358 Tiger Brands Ltd 75 845 0,330 0,330 Afgri Ltd 2 242 0,070 0,070 Tiger Wheels Ltd 4 0,001 0,001 African Bank Investments Ltd 69 448 0,532 0,532 Tongaat-Hulett 12 122 0,166 0,166 African Oxygen Ltd 15 716 0,179 0,179 Trans Hex Group Ltd 18 0,002 0,002 African Rainbow Minerals Ltd 27 120 0,107 0,107 Truworths International Ltd 34 451 0,355 0,355 Allied Technologies Ltd 8 476 0,150 0,150 Wilson Bayly Holmes-Ovcon Ltd 19 446 0,269 0,269 Anglo Platinum Ltd 203 446 0,107 0,107 Woolworths Holdings Ltd 40 730 0,356 0,356 AngloGold Ashanti Ltd 870 422 1,348 0,261 ApexHi Properties Ltd 26 714 0,402 0,373 ArcelorMittal South Africa Ltd 65 007 0,134 0,134 Aspen Pharmacare Holdings Ltd 20 514 0,174 0,174 Astral Foods Ltd 7 790 0,152 0,152 Astrapak Ltd 929 0,087 0,087 Aveng Ltd 68 611 0,359 0,359 AVI Ltd 18 179 0,333 0,333 Avusa Ltd 13 444 0,297 0,297 Barloworld Ltd 62 098 0,315 0,356 Bidvest Group Ltd 94 668 0,299 0,299 Business Connexion Group Ltd 1 774 0,144 0,144 City Lodge Hotels Ltd 4 406 0,159 0,159 Coronation Fund Managers Ltd 57 0,003 0,003 DataTec Ltd 15 866 0,357 0,357 Discovery Holdings Ltd 23 858 0,187 0,187 Ellerine Holdings Ltd 29 524 0,358 0,358 Exxaro Resources Ltd 15 528 0,054 0,054 First Uranium Corp 1 566 0,024 0,024 FirstRand Ltd 188 378 0,203 0,203 Foschini Ltd 33 063 0,358 0,358 FOUNTAINHEAD PROPERTY TRUST 19 136 0,358 0,358 Freeworld Coatings Ltd 6 083 0,356 0,000 Gold Fields Ltd 460 221 0,897 0,465 Gold Reef Resorts Ltd 8 290 0,107 0,107 Grindrod Ltd 20 627 0,233 0,233 Group Five Ltd/South Africa 13 907 0,268 0,268 Growthpoint Properties Ltd 52 329 0,393 0,393 Harmony Gold Mining Co Ltd 58 519 0,260 0,261 Highveld Steel and Vanadium Corp Ltd 11 703 0,131 0,131 Hulamin Ltd 2 543 0,072 0,000 Ifour Properties Ltd 1 182 0,077 0,077 Iliad Africa Ltd 2 779 0,162 0,162 Illovo Sugar Ltd 10 337 0,167 0,167 Impala Platinum Holdings Ltd 569 029 0,478 0,478 Imperial Holdings Ltd 53 899 0,277 0,306 Investec Ltd 33 004 0,097 0,272 JD Group Ltd 25 911 0,355 0,355 JSE Ltd 17 883 0,304 0,304 Kumba Iron Ore Ltd 57 293 0,080 0,080 Lewis Group Ltd 13 079 0,358 0,358 Liberty Group Ltd 33 048 0,160 0,160 Massmart Holdings Ltd 40 821 0,355 0,355 Medi-Clinic Corp Ltd 11 617 0,162 0,162 Merafe Resources Ltd 5 856 0,129 0,129 Metorex Ltd 15 133 0,245 0,245 Metropolitan Holdings Ltd 21 175 0,316 0,316 Mondi Ltd 28 130 0,107 0,364 Mr Price Group Ltd 15 401 0,193 0,357 MTN Group Ltd 665 097 0,351 0,351 Murray & Roberts Holdings Ltd 96 355 0,358 0,358 Mvelaphanda Group Ltd 4 328 0,120 0,120 Mvelaphanda Resources Ltd 13 889 0,200 0,200 Nampak Ltd 39 825 0,355 0,355 Naspers Ltd 178 117 0,355 0,355 Nedbank Group Ltd 74 624 0,150 0,150 Net 1 UEPS Technologies Inc 5 325 0,058 0,064 Network Healthcare Holdings Ltd 30 771 0,180 0,180 New Clicks Holdings Ltd 13 971 0,358 0,358 Northam Platinum Ltd 15 149 0,200 0,200 Omnia Holdings Ltd 4 088 0,158 0,158 Palabora Mining Co Ltd 587 0,016 0,016 Peregrine Holdings Ltd 2 895 0,079 0,079 Pick’n Pay Holdings Ltd 9 184 0,143 0,143 Pick’n Pay Stores Ltd 26 017 0,172 0,172 Pretoria Portland Cement Co Ltd 66 788 0,358 0,358 PSG Group Ltd 2 935 0,074 0,074 Rainbow Chicken Ltd 1 976 0,043 0,043 Remgro Ltd 256 741 0,336 0,362 Reunert Ltd 39 775 0,357 0,357 RMB Holdings Ltd 65 806 0,231 0,231 Sanlam Ltd 133 569 0,297 0,297 Santam Ltd 13 022 0,132 0,132 Sappi Ltd (17 796) -0,096 0,000 Sasol Ltd 578 960 0,341 0,341 Shoprite Holdings Ltd 66 594 0,358 0,358 Spar Group Ltd/The 28 921 0,355 0,355 Standard Bank Group Ltd 180 964 0,166 0,166