Government PensionFund–Global la n 17422783 13424908 69603327 27022547 12703107 116697865 101449488 8346699 19170875 1347940122 82368195 13368918 5181554 143822061 56341206 244420072 Apache FinanceCanada 1247256 Anadarko FinanceCo 142256408 4378314 American ExpressCanada 176087912 21132094 Alcan Inc Alberta EnergyCoLtd 21174816 07 InternationalInc 28110497 CANADA 90584049 Republic ofBulgaria 79697015 BULGARIA 56934628 Usiminas CommercialLtd Tele NLParticipacoes 429088505 Fed RepublicofBrazil 886614226 Companhia DeBebidasDas Banco NacDeDesenEcono 3049074 71577408 White MountainsReGroup 25140722162 Weatherford IntlLtd 95514899 Oil InsuranceLtd Nine DragonsPaperHold 2205872 1559825 Montpelier ReHoldings Invesco Ltd 95789061 Fidelity International Digicel GroupLtd Catlin InsuranceCoLtd BW GroupLtd 273434558 Axis CapitalHoldings Allied World Assurance 47393382 17496794731 214659079 BERMUDA Solvay SA 235662386 SNCB Holdings Home LoanInvest 614301737 Fortis BankSA/NV 479177345 2093645306 385048319 Elia SystemOPSA/NV 237660247 B-Tra 1610584237 1284263531 Belgium Kingdom 72292977 1672580609 Belgacom SADroitPub BELGIUM Gulf InternationalBank 946460330 BBK Ahli UnitedBank 529147549 103365808 BAHRAIN Wienerberger AG 644822856 406863692 Unicredit BKAustriaAG Telekom Finanzmanagement 170198992 Sappi PapierHoldingAG Republic ofAustria 36621245 20473443 Raiff ZentralbkOestAG Pfandbrief OstLandHypo 124663954 284098580 Oekb Oest.Kontrollbank 64649031 89805751 Oebb-Infrastruktur Bau 43661740 Kommunalkredit Austria 461 Hypo Tirol BankAG 13608363 Hypo Alpe-AdriaIntlAG Erste GroupBankAG 177661962 28406219 Bawag P.S.K. 37260513 427489510 ASFINAG AUSTRIA 1473015787 WT Fin/West EUFin/Wea 31931862 30034743 Westpac SecuritisationTrust Westpac BankingCorp 17759492 Telstra CorpLtd 924936261 548546059 Swan Suncorp-Metway Ltd 64523903 Suncorp InsuranceFund 340243585 Stockland FinancePty 121713918 St GeorgeBankLimited 1162386551 SPI Electricity&Gas Singtel OptusFinance 1165740610 Rio Tinto FinUSALtd Qantas Airways 176750693 Puma FinanceLimited 21637714 New SWales Treasury Crp 235 National RMBSTrust National CapitalTrst II National AustraliaBank Medallion Trust AustraliaGrp Hanson AustraliaFunding FBG FinanceLtd Crusade GlobalTrust Crusade EuroTrust Commonwealth BankAust BHP BillitonFinance Australian Government Aust &NZBankingGroup Amcor Ltd AUSTRALIA UFJ FinanceArubaAec ARUBA Petrobras EnergiaSA

Market value (NOK) Fixed incomesecuritiesat31December2008 ai iac t 29337647 145719474 1597917 9963569 42559 27657564 24919 72474334 107592924 68007405 56642887 192337285 45939348 76092599 88634051 18066274 317538819 177549585 Banif FinanceLtd 599447971 Banco DoBrasil(Cayman) 112306131 233848343 Banco Bradesco(Cayman) 172423801 Axon FinancialFndgLtd ASIF II 64307356 54863112 AMP CMBS Allstate LifeFunding 17584897 ABX FinancingCo 22813177 86816745 ABSC NimsTrust 22383808 CAYMAN ISLANDS Ypg HoldingsInc 1029378053 54769514 Xstrata FinanceCanada Xstrata CanadaCorp 198859215 West FraserTimber Co 164900856 Wells FargoFinCanada 281134 Vale IncoLtd 35334621 Trans-Canada 216167142 Pipelines 3657846826 Transalta Corp Toronto-Dominion Bank 40875139 Thomson ReutersCorp 202107327 185931814 Telus Corp Talisman Energy 2385037266 Suncor EnergyInc 482428070 Sun LifeFinancialInc 13579140 Sun LifeCapTrust 12651668 Shaw CommunicationsInc 41878502 Scotiabank SubNotesTR Scotiabank CapTR 65126135 700368494 Royal BankofCanada 40045526 Rona Inc Rogers WirelessInc 56049131 66793416 Rogers Communications Rio Tinto AlcanInc 140578590 19630532 Quebecor World CapCorp Quebec (ProvinceOf) 182767258 788351514 Potash Corp-Saskatchewan 14093245 11254219 3336068 Placer DomeInc 24997908 Petro-Canada Ontario ElectricityFin Ontario (ProvinceOf) Nova Scotia(ProvinceOf) 24289079 124674829 Nexen Inc 16052971 Newfoundland (ProvinceOf) 16407145 203668078 New Brunswick(ProvinceOf) 224343920 80245465 NBC AssetTrust 114685944 National BankofCanada Molson CoorsCapitalFin Metro Inc Marathon GlobalFDGCorp Manulife FinCapTrust 134171753 245669662 163482360 Manitoba (ProvinceOf) 107969640 Mach OneTrust, CommercialMor Kinder MorganFinance 50620298 15840280 Ispat InlandULC 83257171 Iron MountainCanada 26546245 Hydro-Quebec Hydro OneInc Husky EnergyInc 388182150 108564487 HSBC FinancialCorpLtd 95665415 HSBC BankofCanada Holcim FinanceCanadaIN 6609329771 Greater Toronto Airport 10443775436 General ElecCapCanada 39017452 55080250 Epcor Utilities 100244284 58782186 Encana Corp Enbridge Inc 46561666 Devon FinancingCorpUlc Daimler CanadaFinance Conocophillips Canada 111203459 Conoco FundingCo 44377724 11937506 Citigroup FinCanadaInc 250885479 Cit GroupFdgCoCanada Catalyst PaperCorp Canadian Pacifi Canadian OilSAnds Canadian NatlResources Canadian NatlRailway Canadian ImperialBank Canadian Government Canada HousingTrust Burlington ResourcesFin Brookfi Brookfi Bombardier Inc BMO SubNotesTrust Bell Canada Bell AliantRegionalCom BCE Inc Barrick NAFinanceLLC Bank ofNovaScotia Bank ofMontreal edPwrCr 19333192 46086821 eldPowerCorp eldAssetMgmnt cR o 249667528 cRRCo

Market value (NOK) 1 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global E S 45053619 374116595 369010670 7057997 332957315 468200402 2060032 94448458 35900253 294846749 108712859 161406321 Byggereits Realkreditfon 8311807 DENMARK 10808305 Czech ExportBank 136664954 CEZ AS CZECH REPUBLIC 85334933 Marfi Bank ofCyprusLtd 380932408 CYPRUS 30468080 Zagrebacka Bank Republic ofCroatia 1273108 Croatian BKRecon&Dev 294902465 CROATIA 5590047 Republic ofCostaRica COSTA RICA 150219249 26166304 Republic ofColombia 111932828 121934400 COLOMBIA People’S RepofChina 20464446 Export ImportBankChina China DevelopmentBank CHINA 162983 110033659 HQI Transelec ChileSA 191232015 Codelco Inc 57982038 18331642 Celulosa AraucoConstitu CHILE Xl CapitalLtd 35820258 Vale OverseasLimited 20325064 60078625 37020580 64203665 Trafford CentreFinLtd Tiaa RealEstateCDOLtd 514948 Strips 1695577 STB FinanceCayman 383534782 South EastWater FinLtd SMFG PreferredCapital 57329860 37164558 SMFG PrefCapUSD3 SMFG PrefCapGBP2 165744956 Shinsei FinanceII 112505862 Shinsei FinCaymanLtd Sharps SPILLCNetInterestM 4046 366714969 691412466 Santander FinIssuances 243437 349225380 Santander CentHispIssu 21420274 36875228 Resona PFDGlobalSecs Resix FinanceLimitedCredit-L Resi FinanceLimitedPartnersh Rampart CLOLtd 7380 Punch Taverns FinanceB 75901982 Princ FinGlobalFndII Petrobras IntlFinCo 283609946 765 N-Star RealEstateCdoLtd 348756833 126281 Norinchukin Fin(Cayman) 104667082 Navigator CdoLtd 72200290 75899782 MUFG CapitalFinance2 172882 MUFG CapitalFin5Ltd 32565223 MUFG CapitalFin4Ltd MUFG CapitalFin1Ltd Monumental GlobalFundng 4137621 464993604 Mizuho Finance(Cayman) 573367 20939780 Mizuho CapitalInvestEU 22898610 Mizuho CapInv1USDLtd 42811769 93620695 Mastr AlternativeNim 657531703 Mantis ReefLtdII Long BeachAssetHoldingsCorp 35711861 LNR CDOLtd 99816717 Hutchison Whampoa05 Hutchison WhampIntlLtd 7580772 31294135 Hutchison WhamInt03/33 Hutchison WhamFin03/13 13110006 Hutch WhampoaFinance06 523719545 27928710 217221085 Hongkong LandFinance 481 5598820 High IncomeTrust Securities Hasco NimTrust 25480259 9768564 Guggenheim StructuredRealEst 70282766 Globalsantafe Corp Global MortgageSecuritization First CaribbeanIntlBK 52127753 Embraer OverseasLtd DWR CymruFinancingLtd Dubai HoldingCommOp DP World SukukLtd DBS CapitalFundingCorp Crest Ltd Caixa GeralDepositFin Brazil DevelopmentFund BPI CapitalFinanceLtd Bosphorus FinancialServ Blade EngineSecuritizationLT Bishopsgate AssetFin BES FinanceLtd BCP FinanceCo BCP FinanceBankLtd BCM IrelandFinance BBVA BancomerSA BBV IntlFinanceCayman nPplrB ulc 7035870 nPopularBKPublic

Market value (NOK) Fixed incomesecuritiesat31December2008 easS 50301170 338619598 301250168 460505805 4311384 55266799 66243482 89635833 88239345 721765451 53809185 1272059992 10400225 31008788 474963134 1582864870 46655576347 226192579 41889602 10497781 Nexans SA Natixis 12084677024 Legrand FranceSA Lafarge SA La Poste 189942814 La Mondiale 274067813 665318795 2268437286 Klepierre 420377133 Ixis Corp&Investment Imerys SA 468803102 HSBC France 245201801 7272916 Groupama SA 103241708 248558833 Gie SuezAlliance GIE PSATresorerie 47556943 Gecina 4225047894 GE CapitalFCC French Government 2012635066 France Telecom 41412919 Electricite DeFrance 11663144 Dexia MunicipalAGency 332107290 286176199 Dexia CreditLocal Danone Finance 272350726 12848868260 CSSE NatEpargPrev CSSE DeRefL’Habitat CSSE CenEpargPrev Credit LogementSA Credit AgricoleSA 231539906 Credit Agricole(London) 433719344 Compagnie FinEtIndus 269473511 Compagnie DeStGobain 1629471881 6256206557 Cofi 201889227 CNP Assurances 634954706 2300971559 CM-CIC CoveredBonds 351868194 CMA CGM 488681861 209481156 Ciments Francais CIF Euromortgage 491152390 20930664 CIE GenEtabMichelin 5160551 CIE FinanciereDuCred 106521 CIE FinancementFoncier 69939272 Casino GuichardPerrach Cars Alliance Carrefour SA Caisse Refi 82877404 996412560 Caisse Refi 25728932 1880816070 Caisse NatlD’Autoroutes Caisse DesDepotsEtCon 11613149 Caisse D’AmortDetteSoc Caisse CentCreditImmob 77886067 Bouygues SA 65717677 318190961 408167832 BNP ParibasCovered 53348306 BNP Paribas Banques PopulairesCB 95230205 Banque PsaFinance 5185791298 Banque FedCredMutuel 62045424 Axa SA Assurances GenDeFrance ASF 281351915 Alcatel-Lucent 49092987 Akerys HoldingsSA 166438402 Air Liquide Agence FrancaiseDevelop 69891894 11991120 FRANCE UPM-Kymmene Corp 2505049595 Stora EnsoOYJ Sampo OYJ 3987392428 Sampo HousingLoanBank 13473896 763390298 Sampo BankPLC Pohjola BankPLC OP MortgageBank 349087958 Nordea BankFinlandPLC 6709343159 177371823 2119801978 Fortum OYJ Finnish Government Elisa Corp 12643378 FINLAND Eesti EnergiaAS ESTONIA Republic ofElSalvador EL SALVADOR AID-Egypt EGYPT Tryg ForsikringA/S TDC AS Sydbank A/S Realkredit Danmark Nykredit Nordic Tel CoHldgs Kommunekredit Kingdom ofDenmark Dong EnergyA/S Danske BankA/S Danica Pension Carlsberg FinanceA/S ng A 63874021 nogaSA nneLHbt 888126654 278763863 nanceL’Habit nanceHypothe

Market value (NOK) 2 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global E G 1781264648 50079839 3885040 98752408 4180600 7326093 2094630 9428342435 367618242 736563164 26720834 1921076256 53777469 1158087892 2668350725 415054745 1844743453 9610955839 Thyssenkrupp AG 857627555 Semper FinanceLtd 225847244 SEB AG 1038361261 2226179647 2533456784 Salomon Bros(Sibneft) 7842520338 Rheinmetall AG 1000965604 RCL SecuritisationGMBH Prime Bricks Peri GMBH NRW Bank Norddeutsche Landesbank 1887418005 26960809 19063493 Munich RE Muenchener Hypothekenbnk 2605156904 37374328008 3984306282 Merck KGAA 71148125 74291207 LRP LBRheinland-Pfalz L-Bank BWFoerderbank 37876623 LB Baden-Wuerttemberg 78948985 Landwirtsch. Rentenbank 8226207185 Landesbank BerlinAG Landbk Hessen-Thueringen 123746002 3709086728 Land Schleswig-Holstein Land Nordrhein-Westfalen Land Niedersachsen 35333812 1360120295 Land Hessen 27739277 Land Brandenburg 203453918 Land Berlin 190936574 48839775 Land Baden-Wuerttemberg Kreditanstalt FurWiederaufbau 746919916 IKB DeutscheIndustriebk 12231896 Hypo RealEstateBankAG 1131246047 363641460 HT1 FundingGMBH 2997905793 HSH NordbankAG Henkel AG&CoKGAA 160900819 HDI-Gerling Lebensversic 246631134 Gothaer ALLGVersicherun 1127414042 Gemeinsame Bundeslaender 3100924192 7806087 EWE AG 71788260 Evonik DegussaGMBH Eurohypo AG 263876900 103362872 Duesseldorfer Hypobank Dresdner (EximUkraine) 94975570092 175168062 Dresdner (CityofMoscow) Dexia KommunalbankAG 1674895529 115001315 Deutsche PostbankAG 1121816742 63318750 2371960109 Deutsche LufthansaAG Deutsche KreditbankAG 274822734 1381059449 Deutsche Genossen-Hypobk 32086149 Deutsche BoerseAG Deutsche BankAG 1093282246 Deutsche Ausgleichsbank Deut ApothekeAerztebank DEPFA DeutschePfandbrie 899476648 Dekabank 110877115 Commerzbank AG 470676123 Citigroup GM(Gazprom) 30387924 2049452 Capital IssuingGMBH 50425081 Bundesrepub. Deutschland 51730545 Bremer Landesbank 108489148 1017500490 Bertelsmann AG Berlin-Hannover HypbkAG Bayerische Landesboden 10069196 Bayerische Landesbank 507965003 Bayer Hypo-Vereinsbank 350579657 42458427 Bayer AG 50204654 Aries Vermogensverwaltng Allianz SE GERMANY 6452285 122830754 Wendel 1706827441 364949119 Vivendi Vinci SA 154337175 Veolia Environnement 248079918 Vauban MobilisationGar TPSA Eurofi Total CapitalSA Thomson (Ex-Tmm) Solvay Finance 2714740 Societe Tel Francais1 Societe Generale Soc NatlCheminsFerFRA SFR SA Scor SE Schneider ElectricSA RTE EDFTransport SA Rhodia SA Reseau FerreDeFrance Renault SA Remy CointreauSA Regie AutonomeDesTrans RCI BanqueSA PPR SA Pernod Ricard Paris PrimeCommercialRealES nneFac 39602009 nanceFrance

Market value (NOK) Fixed incomesecuritiesat31December2008 arsCb 1865603 2911430 14220010 440798 323881065 538301325 2420653 4151513 314373915 16227642 126752543 213437270 4155189 180961212 2728320 2376515 2470504942 Titan Europe PLC Taurus 5328073 Cmbs 1551389946 355866376 Talisman FinancePLC 1000656347 27841585 Saphir FinancePLC PB Domicile 2570567361 59031778 Metrix SecuritiesPLC 33389830 19466318 4086467 Mermaid SecuredFinanceLtd 25811431 Lusitano MortgagesPLC 13829895 Leaseplan FinanceNV 51399378 Lambay CaptlSecurities Kildare SecuritiesLtd 4320099387 Irish NationwideBldgSo Irish LifeAssurancePLC Irish Life&Permanent Immeo ResidentialFinancePLC 44278123 299346413 Hypo RealIntlTrust I 19130612 1470609623 Government ofIreland German ResidentialAssetNote 12808375 730152709 German PostalPensions German PostalPension2 2677289014 461524913 GE CapitalUKFunding 5708443641 761893522 GE CapitalEuroFunding Freshwater FinancePLC French ResidentialAsset Fleet StreetFinancePLC 1483260097 Fidis RetailFinServ 34951730 1677182779 European LoanConduit Epic DAA FinancePLC DEPFA ACSBank 1357582527 752739038 49009077867 Deco Celtic ResidentialIrishMortg 280327426 BOI CapitalFundingNo3 BOI CapitalFundingNo2 1303667398 Bank ofIrelandMTGEBNK 24129258 427848540 Bank ofIreland 114390974 Ardagh GlassFinance Anglo IrishBankCorp 670098377 5039361 Allied IrishBanksPLC AIB MortgageBank 2056391 10680086 IRELAND Nordic InvestmentBank Intl BKRecon&Develop Inter-American DevelBK 46991346 IFFIM 30865446 1784739407 European InvestmentBank 37130260 European BKRecon&Dev Eurofi 128456564 Council ofEurope Corp AndinaDeFomento 16556040 Asian DevelopmentBank 31422300 African DevelopmentBank 108876983 75879791 INTERNATIONAL ORGANISATIONS Republic ofIndonesia INDONESIA 27875711 22584704 ICICI BankLimited Republic ofIceland 30128427 Landsbanki IslandsHF 213122068 Kaupthing Bank 220250437 Glitnir BankiHF 166628005 Danaher EuroFinCoEHF 22590966711 ICELAND 1800933454 1118074470 Republic ofHungary 567033981 OTP JelzalogbankResveny OTP BankPLC 4828494 OTP BankNyrt 51734100 National BankofHungary Mol HungarianOil&Gas HUNGARY 20177645 47022055 Mass Transit Railway 138683319 HKSAR Government 971553 Chinatrust CommBankHK Bank ofEastAsiaLtd HONG KONG F&C CommercialProperty Cred SuisseGrpCapIII Cred SuisseGPFin(GRN) GUERNSEY C.I. Public PowerCorp Hellenic Republic GREECE Aareal BankAG Wuerttembergische Leben WL Bank Westlb AG Volkswagen LeasingGMBH Volkswagen FinServAG Volkswagen BankGMBH Voith AG Vac FinanzierungGMBH m 1515749759 ma

Market value (NOK) 3 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global B aia udn P 37555961 94269965 805355 12722764 19613184 45587811 214234969 25931703 612292055 55740264 125688638 41233398 571869396 35757968 646484642 7003491 17898423 8071769 372028599 QBE CapitalFundingLP 56189216 QBE CapFundingIILP Prosecure Funding 132869511 Propart FundingLP Old MutualCapFunding 26324421 615859750 129392542 NBOG FundingLimited 916889960 31001842 1207486905 Lloyds TSBCapital1 HSBC CapitalFundingLP HBOS EuroFinanceLP HBOS CapitalFundingLP 21586042 Fortis CapitalCompany 55721374594 Erste CapitalFinanceJE 1363827424 EFG HellasFundingLtd BAA FundingLtd BK ofScotlandCapFund 3134372355 Bawag CapFinJerseyLtd 128999075 383518175 300866858 BACB (Jersey)Ltd 157244491 ASIF IIIJerseyLtd 19559556 Arran Annington RepackNo1 1922116496 JERSEY C.I. 253196078 Takefuji Corporation 174534850 313083478 434723453 Sumitomo MitsuiBanking Softbank Corporation 337492508 98335833 Shinsei BankLtd 7576718 Resona BankLtd 422796435 229985060 Promise CoLtd Orix Corp 708391898 Nippon LifeInsurance Japan Government Japan FinanceCorp 21688356 153446796 81780993026 Japan FinCorpMuniEnt Japan ExpHld/DebtRepay 259064555 86707750 Fukoku MutualLifeInsur Electric PowerDevCo East JapanRailwayCo 81463984 1449659209 Development BKofJapan Dai-Ichi MutualLife Chuo MitsuiTrust&Bankin 89558951 3366594 BK Tokyo-Mitsubishi UFJ 9752107 Aiful Corporation 1488781483 JAPAN 108656739 26666670 Vela HomeSRL Unipol GruppoFinanziar 52672026 Unicredit Spa 342989996 79267633 UBI BancaSPCA Terna Spa Telecom ItaliaSpa 8372100 Split SRL 8960350208 Romulus FinanceSRL 111727015 Republic ofItaly Region ofSicily 77635746 485702398 7664954 3960643 Region ofLombardy 617649340 48391005 Monte DeiPaschiSiena 207953 Mediobanca Lombarda LeaseFinanceSRL 148938021 Locat SecuritisationVehicle S 285949896 Italfi Intesa Sec. Intesa SanpaoloSpa 267650571 IFIL -InvestmentsSpa 24610949 Hera Spa Enel-Societa PerAzioni 359628498 Edison Spa 18047550 Cordusio RMBSSRL 5052145 City ofRome 4554994 Cas DepositiEPrestiti 105134729 BPL ConsumerSRL Banco PopolareScarl Banca PopEmiliaRomagna Banca PopDiVicenza 242281000 1491255 Banca IntesaSpa 364765077 Banca CRFirenze Atlantide FinanceSRL Atlantia Spa Assicurazioni Generali Asset-Backed EuropeanSecuriti ASM A2M Spa ITALY State ofIsrael Israel ElectricCorpLtd ISRAEL Sasol FinancingInt ISLE OFMAN Vip Fin(Vimpelcom) UT2 FundingPLC Ursus PLC Ulster BankIrelandLtd Transcredit Finance(Tra) Transcapit (Transneft) nneScrtsto e 8726621 nanceSecuritisationVeh

Market value (NOK) Fixed incomesecuritiesat31December2008 rp eeiaS 79849712 3257253 70953300 68501069 333490925 51723286 29526046 28582183 202815436 25838353 133712971 568813216 203730012 48574961 44000788 25969313 26615621 228641311 Kansas CitySouthernMex Grupo Televisa SA 7186547 Banco NacionalComExt 2801353 Banco MercantilDelNort America MovilSABDeCV 199307913 108410690 222620221 MEXICO 591120585 Tenaga NasionalBerhad 180083621 808499291 Sarawak International 21061775 Public BankBerhad Petronas CapitalLtd 43959184 Petroliam NasionalBerhd Penerbangan MalaysiaBd Government ofMalaysia 64381834 25483253 MALAYSIA Wind AcquisitionFinSA 3085817 VTB CapitalSA 4307333 36296163 VTB Capital(Vneshtorgbk) 251308815 46116480 Volkswagen 255330586 CarLease Unicredito LuxemFin 384239421 Unicredit IntlBank UBS LuxSA(Sberbank) 1832992 Tyco InternationalFinan Tyco ElectronicsGroupS 221172591 TNK-BP FinanceSA 22117209 154845743 Telecom ItaliaFinSA 368129968 Telecom ItaliaCapital 27345015 Talanx FinanzAG 313293697 T2 CapitalFinanceCoSA SES 1602204086 580417283 SB CapitalSA RSHB Captl(RussAGBK) 21978260 13933136 86915432 Prologis InternationalF Pan-European IndustrialProper Novorossiysk Port(SeaPo) 43165343 Norddeutsche L/BLuxSA 1733188649 Nord/LB CoveredFinBank 776239593 Merrill Lynch SA 371006064 Merck-Finanz AG 117548724 5140315 69368272 Lecta SA 16796368 40309484 Kuznetski (BofMoscow) JPMorgan Lux(SwissLif) 6060391 ITW FinanceEuropeSA 54990850 Hypovereinsbank Lux 99738073 Hypo PfandbriefbkIntl Holcim FinanceLuxSA 3445172 94306584 Hannover FinanceSA Glencore FinanceEurope 45159674 Gazprom IntlSA(Gazprom) 1707491 Gaz CapitalSA Fortis HybridFinancing 79633537 246801161 Fiat Finance&Trade Eurohypo SALuxembourg 168654206 171533660 Euroclear Finance2SA Erste EuropaeischeP&K 241847736 Enel FinanceInternation Covidien InternationalF 65557346 Colt Telecom GroupSA Coca-Cola EntFinLt1 99246069 Clariant FinanceLux Ciba SpecialChemFinLX 121585609 906390191 45297746 Calcipar SA 84935738 Blueorchard 32676447 Beverage PackagingHold 2643428 Arcelormittal Finance Arcelormittal 691993028 47678175 Absolut Cap(AbsolutBank) 5341119 LUXEMBOURG Royal CaribbeanCruises LIBERIA Parex Bank 78721127 LATVIA 113722225 Woori Bank 36128621 Shinhan Bank Republic ofKorea KT Corp Korea RailroadCorp Korea East-West PowerCo Korea DevelopmentBank Industrial BankofKorea Hyundai CapitalServices Hana Bank GS CaltexCorp Export-Import BKKorea KOREA, REPUBLICOF(SOUTH) Dev BankofKazakhstan ATF Bank KAZAKHSTAN WPP PLC Whistlejacket CapLtd Swiss RECapitalILP RZB FinanceJerseyIV

Market value (NOK) 4 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global tctn epi 2938956 90760696 1298141696 117228143 34219538 8068433 582455356 118879593 3738363 347034004 84697912 29960238 61052359 28630566 430292692 260400541 106942308 66010053 2509764173 Suedzucker IntFinance 20248778 Stichting Memphis 161061446 Standard LifeFundingBV 5634647 12034435 Sovrisc BV SNS ReaalGroepNV SNS BankNederland 49775906 330696 13799598481 SyntheticBV 4556380636 Smile SecuritisationCompanyB 3598804 Siemens Financieringsmat Shield BV 85989195 108639087 Shell InternationalFin Scotland IntlFinNo.2 45753716 Schiphol NederlandBV 13330704 Sabic CapitalBV 859052129 RWE FinanceBV 20352757 Rodamco EuropeFinBV 1174499367 Repsol IntlFinance 138434261 5821734 Red ElectricaFinanceBV Rabobank Nederland Portugal Telecom IntFin 2338869 1767975 NXP BV/NXPFundingLLC 452641002 NIBC BankNV 263353432 2044103503 619023033 Netherlands Government Neder Waterschapsbank 8021076 Monastery BV Metro FinanceBV 58534560 Marlin (Emc-II)BV 74967543 71157412 21451571 Magyar Telecom BV 120230665 Lukoil IntlFinanceBV Linde FinanceBV Leaseplan CorporationNV 194771222 2197083 Lanxess FinanceBV 30145222 230475131 Lambda FinanceBV Koninklijke PhilipsElec 86725743 Koninklijke KPNNV Koninklijke DSMNV 34039657 412974065 Kazkommerts IntlBV 8091440 Kazkommerts Finance2BV 79126575 Kazakhstan Temir Zholy 1457437725 International EndesaBV 69906432 ING Verzekeringen NV ING GroepNV ING BankNV 99956351 Impress HoldingsBV 2247084596 Imperial Tobacco O/SBV Imperial MobFinance 108931017 2015827 Iberdrola IntlBV 1338778009 18044107 HSBK EuropeBV 33783081 113345223 Hit FinanceBV Generali FinanceBV 59700969 Fresenius FinanceBV 549353126 91929377 Fortis FinanceNV 35110652 Fixed-Link FinanceBV 323204276 Eureko BV ENBW IntlFinanceBV 35640864 ELM BV(SwissReinCo) 195876611 7903737 EDP FinanceBV 879589749 67818317 E.On IntlFinanceBV 3373790343 Dutch MBSBV Diageo FinanceBV Deutsche Telekom INtFin Deutsche PostFinance 307041503 Deutsche BahnFinanceBV 91789243 Daimler IntlFinanceBV 143704156 Coca-Cola HBCFinanceBV 730865733 259974134 Clondalkin Acquisition 172715866 Clock FinanceBV Cimpor FinancialOpertns 136980900 Cez FinanceBV 2334159677 Cemex FinanceEuropeBV Candide Financing 1673106879 Brisa FinanceBV 1569280062 BMW FinanceNV 193582245 BK NederlandseGemeenten Beluga MasterIssuerBV Baxter FincoBV Bat HoldingsBV Asml HoldingNV Arran CorporateLoansBV Arena BV Amstel SecuritisationofHighg Amstel CorporateLoanOffering Altadis FinanceBV Allianz FinanceIIBV Akzo NobelNV Adecco IntFinancialSvs Achmea HypotheekbankNV ABN AmroBankNV NETHERLANDS United MexicanStates Telefonos DeMexicoSA

Market value (NOK) Fixed incomesecuritiesat31December2008 BARB T 190417818 232617555 789210 6402983 8976410735 3940114 1175008663 14052292 2590375 6537485365 2204593273 3678068094 15449280715 12558952 218891752 147146281 306630515 228172594 BBVA RMBSFTA 1428630806 474238583 BBVA PymeFondoDeTitulizacio 1186241145 BBVA IntlPrefUniperson BBVA HipotecarioFondoDeTitu 1239749907 29826414 BBVA AutosFondoDeTitulizaci 200912729 Bankinter FondoDeTitulizacio Banco SantanderSA Banco SabadellSA 112047373 14909795973 5082525 Banco PopularEspanol Banco PastorSA Banco EspanolDeCredito 292370320 2931705 Banco CreditLocalEspan Banco BilbaoVizcaya Arg 92208725 Bancaja FondoDeTitulizacion 1004915667 Bancaja EmisionesSAUni 360764015 Bancaja CapitalSAUni 20398718 AYT CedulasCajasX AYT CedulasCajasVIII AYT CedulasCajasVII AYT CedulasCajasVI 35620924 AYT CedulasCajasV 214840426 106162161 AYT CedulasCajasIX AYT CedulasCajasIV 1971671277 AYT CedulasCajasIII 168190298 AYT CedulasCajasGlobal 563746662 Abertis Infraestructuras 101317478 SPAIN 57440026 1270075 Standard IntlHoldings 306294977 4100106 Republic ofSouthAfrica 67256192 New ReclamationGroup Eskom HoldingsLimited SOUTH AFRICA 86410290 807319903 Republic ofSlovenia Nova LjubljanskaBankDd 44841850 SLOVENIA 85563898 Slovak Republic 84795833 SLOVAKIA United OverseasBankLtd Temasek 231107232 FinancialILtd SP PowerassetsLtd Singapore Government 112070481 Sing Telecommunications PSA InternationalPTELT 2034594 Oversea-Chinese Banking ICICI BankLtdSingapore 512812331 14463969670 DBS BankLtd/Singapore 5367426945 Chartered Semiconductor 303604380 SINGAPORE 2353382182 Saudi BritishBank Riyad Bank 46327210 257490825 SAUDI ARABIA Russian Federation RUSSIAN FEDERATION State ofQatar 334499483 RAS LaffanLNGII 26966181 RAS LaffanLNG3 Nakilat Inc QATAR Sagres StcSA/DouroMortgages 99312366 Refer-Rede Ferroviaria 867535296 146715929 Parpublica Government ofPortugal 49481372 Caixa GeralDeDepositos 146939902 Banco EspiritoSanto Banco ComercPortugues 75807251 177148510 32546824 PORTUGAL 183526212 Republic ofPoland 40327567 Republic ofPhilippines 27058896 Philippines Republic ofPeru 398086764 PERU 103524049 Republic ofPanama PANAMA Bank MuscatSaog OMAN New ZealandGovernment Fonterra CooperativeGro ANZ NationalIntlNZ NEW ZEALAND BK Tokyo-Mit Curacao NETHERLANDS ANTILLES Wolters KluwerNV Verbund InternationalFI Urenco FinanceNV Union FenosaFinance Unilever NV Turanalem FinanceBV TNT NV Telefonica EuropeBV Syngenta FinanceNV

Market value (NOK) 5 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global aqeCn eTnse 18004150 29176876 37390841 102453380 28260358 17782314 69734189 1189312006 20556098 1448482825 319570318 5264967573 1566086616 18117506 66639777 152331675 Banque CentDeTunisie 181360330 TUNISIA 194778758 Petro CoTrin/Tobago Ltd 657467372 TRINIDAD ANDTOBAGO Thai OilCoLtd PTT PublicCoLtd PTT ChemicalPCL 160610341 2211724484 Bangkok BankPubCo(HK) 38861627 11769940494 829066986 THAILAND 1755970262 UBS AGStamfordCT 6275385896 UBS AGLondon UBS AGJerseyBranch 1411702729 55079016 47031757 Transocean Ltd Government ofSwitzerland 57199822 Credit SuisseNewYork 1590756506 Credit SuisseLondon Credit SuisseGuernsey 121080455 Credit SuisseFBLondon 954064269 3755385763 Banque Syz&CoSA SWITZERLAND 79429677 Volvo Treasury AB 2101543633 155445040 Vattenfall Treasury AB 92317720 Teliasonera AB 109667244 Swedish HousingFinanceCorp. 78804989 3267009 Swedish Government Swedish ExportCredit 175363796 Swedbank HypotekAB Swedbank AB 32699422 Svenska 10048602 Stadshypotek AB Specialfastigheter Sveri 1449923 SKF AB Skandinaviska Enskilda 99460700 Scania CVAB SCA FinansAB 521921704 1512251295 Rodamco SverigeAB Nordea HypotekAB 62357416 1071261783 Nordea BankAB 16622144 Nordbanken HypotekAB 2087157373 45205865 Lansforsakringar Hypotek 145847063 Kommuninvest 196322773 Investor AB 465162305 If SkadeforsakringAB Atlas CopcoAB Akademiska HusAB 232190156 SWEDEN 1505396 Republic ofSriLanka 13420091210 2388671 SRI LANKA 732635691 6217024 346505486 UCI Titulizacion DeActivos Telefonica SA Telefonica EmisionesSau 294943092 Santander Perpetual 700958038 Santander Issuances 1986628384 732646799 Santander IntlDebtSA Santander ConsumerFin 227445843 Popular CapitalSA Pastor PartPreferentes 8037671 Obrascon HuarteLainSA 99320357 8536439375 2678702405 MBS BancajaFTA Mapfre SA Institut CreditoOfi 504351502 IM Cedulas9 1033619760 Iberdrola FinanzasSau 354019569 Government ofSpain 16191458 Generalitat DeValencia 14685706262 365736035 GAT FTGENCAT 20310476 FTPYME Banesto 242295632 FTPYME Bancaja FTA SantanderEmpresas FTA SantanderConsumerSpainA 488553532 Cores 367074211 Cedulas TDAA-6 1088074966 Cedulas TDA6 Cedulas TDA1 Cedulas GrupoPopular2 Caja Valencia Castel&A Caja RuralIntermedi Caja PostYBCOHipoteca Caja Madrid Caja DelMediterraneo Caja DeAhorrosGalicia Caja AhorrosBarcelona Caixa GaliciaPreferente CA Valencia YAlicante BPE FinanciacionesSA Bilbao BizkaiaKutxa BBVA USSeniorSAUniper BBVA SubCapitalUnipers BBVA SeniorFinanceSA ca 7957153770 cial

Market value (NOK) Fixed incomesecuritiesat31December2008 isgopPC 27735460 873492 1232852581 31912459 83824073 9985252 8948593 198278570 61444696 8704635 11201761 34051348 3178000 15334041 55914828 334873209 31943211 2307466 870421465 Fosse MasterIssuerPLC Firstgroup PLC 51819948 53651038 31090199 F&C AssetManagementPLC Eurosail PLC European PrimeRealEstatePLC 49503351 Equity ReleaseFundingPLC 2626216 48787300 Enterprise INNSPLC 296903266 302678482 Electricity NorthWest Egg BankingPLC 295205619 EFG HellasPLC 87404620 96324361 Eddystone FinancePLC 26197019 Eclipse PLC E.On UKPLC 14783545 DSG InternationalPLC 36123269 Diageo FinancePLC 222079210 3683540 Diageo CapitalPLC 47711647 Deutsche BankAGLondon Derby HealthcarePLC DEPFA FundingIVLP 93031840 Daily Mail&GeneralTrust 8467914 1192348958 589557744 CTRL Section1FinPLC CSFB (EximUkraine) 96207126 CPUK MortgageFinanceLtd 53227401 8189528 Coventry BldgSociety Co-Operative BankPLC Compass GroupPLC 6323002327 81260375 Clerical MedicalFinPLC 8397322 71840003 Chester AssetReceivablesDeal Chelsea BldgSociety 63497865 249679338 118404749 Centrica PLC Carnival PLC 484285912 Canary WharfFinIIPLC 850660039 1914310104 Bupa FinancePLC BSKYB FinanceUKPLC 25698940434 Brunel ResidentialMortgageSE 45364680 Broadgate FinancingPLC 360688029 23801963 Brixton PLC British Telecom PLC British SkyBroadcasting 62773314 181106480 13311185 British BroadcastingCor British Airways Britannia BldgSociety Bradford &BingleyBS BP CapitalMarketsPLC 87646764 1517488463 67672811 18275428 25822393 BOI CapitalFundingNo4 2947846776 BL SuperstoreFinance 49059501 BK ofEnglandEuroNote 2587045 BG EnergyCapitalPLC 197198512 Beazley GroupPLC 7378684 Bat IntlFinancePLC BankPLC 13930933 91517920 Bank ofScotlandPLC 11282497 730407020 Bank ofIrelandHoldings 541062208 Aviva PLC Auburn SecuritiesPLC Astrazeneca PLC Aspire DefenceFinance 98572732 Artesian FinanceIIIPLC 770062118 937031135 Artesian FinanceII Arran ResidentialMortgagesFu 21091664 Arkle MasterIssuerPLC 49603749 Annington FinanceNo4 528501502 Anglo IrishCap2UKLP 3880123 4488723 405183505 Anglo IrishAssetFin Anglo AmericanCapital Anglian Water ServFin Amlin PLC Alpha CreditGroupPLC 218892882 250155325 Allied DomecqFinanPLC 78960712 Alliance &LeicesterPLC Alba PLC Aire Valley Mortgages AIB UK2LP AIB UK1LP Aggregate IndustriesPLC Abbey NatlTreasury Serv Abbey NationalPLC Xstrata FinanceDubai Taqa AbuDhabiNatlEner National BKofAbuDhabi National BankofDubai Dubai SukukCentre DP World Abu DhabiCommercialBnk UNITED ARABEMIRATES Ukraine Government UKRAINE Republic ofTurkey TURKEY

Market value (NOK) 6 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global MCPC 4228199 19866060 43200623 161032373 2504629940 70648581 48012334 117281540 154834514 56558303 19704491 79166678 35134924 14077267 63282430 748716 155309572 Royal BKofScotlandPLC 1889155529 Rolls-Royce PLC 1114770792 31835989 444227311 RMPA ServicesPLC 123933404 699998097 RMAC PLC 67695825 Rl FinanceBondsPLC 23294702 Rexam PLC 20094032 18721489 Reuters FinancePLC 559799515 Rentokil InitialPLC Reed ElsevierInvestment 34131829 31282707 Punch Taverns Finance Prudential PLC 49924099 5079658618 Prominent CMBSFundingPLC Principality BldngSoc Premiertel Preferred ResidentialSecuriti 75782333 62761007 Pillar FundingPLC 7898274209 Permanent MasterIssuerPLC Permanent FinancingPLC 1209676521 Pendeford MasterIssuerPLC 16284113046 119075202 499735102 9975051 Pearson PLC(U.K.) Pearson DollarFinPLC 354499457 Pearson DolFinTwo PLC Pearl GroupHoldingsLtd 89755630 Paragon MortgagesPLC 11780567 OTE PLC 184785039 40579617 Opera Ono FinancePLC Old MutualPLC 52035838 Octagon Healthcare 20708072 443468603 Northern RockPLC 3182028 NGG FinancePLC Next PLC 119790315 Network RailMTNFinance 47374689 Network RailInfraFin 27180886 Nats EnRoutePLC 856956312 Nationwide BldgSociety 10337571 10326282 National Westminster BK National GridPLC 1617603 Moyle Interconnecter 118300444 34007108 Mound FinancingPLC 33119671 MMO2 PLC Mitchells &ButlerFin 3936179 4960812 Metronet RailSslFinan 262634473 74510755 Metrix FundingPLC Meadowhall Finance 203953022 19190455 MBNA EuropeFundingPLC 81519423 Marstons IssuerPLC Marks &SpencerPLC Lothian MortgagesPLC 24593216 Longstone FinancePLC London StockExchangePl London andRegionalDebtSecur 106061221 3608148 383579888 Lloyds TSBGroupPLC 910279683 4887940411 Lloyds TSBBankPLC 77720852 Lend LeaseEuropeFin 1005670823 Lehman BrosCapFundIII Legal &GeneralGroup 36025305 894237833 Legal &GeneralFinPLC 2366175414 Leek FinancePLC 31347752 Leeds &HolbeckBldgSoc 124568434 Land SecuritiesCMPLC Lanark MasterIssuerPLC Ladbrokes GroupFinPLC 47786731 30948847 Kingfi Karta PLC 131772304 25717240 JTI UKFinancePLC ITV PLC Investec FinancePLC 1437002902 Integrated AccomService 178318381 Imperial Tobacco Finance 95417051 238919430 Hutchison WhampoaFinUK 347050724 HSBC HoldingsPLC 210096764 1232193601 HSBC BankPLC Honours PLC Holmes MasterIssuerPLC Holmes FinancingPLC HBOS PLC Harbour FundingPLC Hanson PLC Hammerson PLC Greene KingFinancePLC Granite MortgagesPLC Granite Mortgages04-3 Granite Mortgages03-2 Granite MasterIssuerPLC Gracechurch MortgageFunding Gracechurch MortgageFinancing Gracechurch CardPLC Glaxosmithkline Capital GKN HoldingsPLC Friends ProvidentPLC se L 56005460 sherPLC

Market value (NOK) Fixed incomesecuritiesat31December2008 mrcnGnrlFnne 314355 113686560 10475683 159199656 58047409 70608288 1545266687 95499568 71201224 5204484 397141105 20191129 109566332 91361604 41805202 22192291 95929582 10589564 329268653 55755231 American GeneralMortgage American GeneralFinance 76030036 5132656 American ExpressCreditAccoun 163735000 American ExpressBKFSB 13492463 212052265 American Express American ExprCenturion American ElectricPower 61181100 American CapitalLtd 56305703 Amer GenlFin 119035700 Amer ExpressTravel Amer ExpressCreditCo 51456391 Amer AirlnPTTrst 1999 15765812 227690879 Amer AirlnPTTrst 01-2 27702058 5598466 Amer AirlnPTTrst 01-1 50503984 Ambac FinancialGrpInc 19044934 AMB PropertyLP 279996 Altria GroupInc Alltel Corp 805 Allstate LFGLBFNTrst Allstate Corp 69200184 Allison Transmission Inc 139589817 Allied Waste NorthAmer 18930457 1366878 Allied CapitalCorp 464692176 Allergan Inc Allegheny EnergySupply Aleutian InvestmentsLLC Alcoa Inc 112133589 89650461 30399576 45716790 Alabama PowerCo Air Products&Chemicals 10769094 24507350 AIG SunamerGlobFinX AIG LifeHoldingsUSInc Agilent Technologies Inc 52555359 AGFC CapitalTrust I 4254336 118503317 AFC HomeEquityLoanTrust 2665185488 49079704 Aetna Inc Aes Corporation 23884228 Aegis AssetBackedSecurities Advanta BusinessCardMasterT 932825931 3265357 122685711 Adjustable RateMortgageTrust Ace SecuritiesCorp. 85499514112 89665147 Ace InaHoldings 37062499 78693636 Ace CapitalTrust II Accredited MortgageLoanTrust ABN AmroNAHoldingCap 328228291 7911239 ABN AmroMortgageCorp ABFS MortgageLoanTrust 159419455 164586366 Abbott Laboratories Abbey NatlCapTrust I 81252682 21101283 UNITED STATES Zurich Finance(UK)PLC Yorkshire Water ServFin 155386897 3984658 24448286 Yorkshire Building Soc WPP Finance(UK)Corp 1308284617 White Tower PLC 536417986 White CityPropertyFin 168700825 Wessex Water ServsFin 54565168 Vodafone GroupPLC 31846618 1182867572 13271669 Vanwall FinancePLC United UtilitWater PLC 25168 37377684 Unique PubFinanceCo UK Treasury Turquoise CardBackedSecuriti Tomkins PLC 149640025 Tomkins FinancePLC 55837700 141249922 Thames Water UtilFin 89975746 Tesco PLC 109614826 10484765 Telereal Securitisation Taylor WimpeyPLC 196933392 51457381 Tate &Lyle IntlFinPLC Standard CharteredBank Standard BankPLC 17726087 Spirit IssuerPLC 53073078 Southern Water SrvcsFin Southern GasNetworkPLC 240101659 Southern ElectricPower Society ofLloyd’S Smith GroupPLC Sl PLC Singer &FriedlanderLtd Sherwood CastleFundingPLC Severn Trent Water Util Segro PLC Scottish WidowsPLC Scottish PowerUKPLC Scottish PowerLtd Scottish &SouthernEner Sandwell CommercialFinancePl Safeway Ltd Sabmiller PLC RSL Finance(No.1)PLC RSA InsuranceGroupPLC

Market value (NOK) 7 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global elot op 647792321 30427244 26444494 37195103 43042203 10126830 1071940 838185 931986313 122186491 21032861 68434894 732247518 569907512 107632398 20782212 9558450 415493571 Berkley (WR)Corporation Bellsouth Telecommunicat 2007257 Bellsouth Corp 1955599 30580124 71511353 Bellsouth CapFunding Bella Vista MortgageTrust 40887871 Beckman CoulterInc 123036923 178527479 139613752 Beaver Valley FundgCorp 145102375 Bear StearnsSmallBalanceCom 5157829 Bear StearnsMortgageFunding 25031701 Bear StearnsCommercialMortga Bear StearnsCoInc Bear StearnsAssetBackedSecu 61947015 Bear StearnsAlt-ATrust 500441142 Bear StearnsAdjustableRateM BB&T Corporation 30902059 BB&T Corp 8511852 BB&T CapitalTrust Iv BB&T CapitalTrust II 293114032 Bayview FinancialAssetTrust 5305874311 Bayview FinancialAcquisition 272371943 Bayview CommercialAssetTrust 1370490865 103748706 Bayernlb CapitalTrust I 10815155 Bay View AutoTrust 981282532 183279708 Baxter InternationalInc 14912816 199076343 Barclays BankPLCNY 63331317 7795728 Bankunited Trust Bankamerica CapitalIII 54837257 5297568 Bank OneCorp 107987121 Bank ofOklahoma 31377320 Bank ofNewYork Mellon 80631180 Bank ofAmerica-FirstUnionNB Bank ofAmericaNA Bank ofAmericaMortgageSecur 164992103 Bank ofAmericaLargeLoan 5681472073 294965510 Bank ofAmericaFundingCorpor 184907256 Bank ofAmericaCreditCardTR 21079647 8863343 Bank ofAmericaCorp 28875019 Bank ofAmericaCommercialMor 1285002024 Bank ofAmericaAlternativeLO 142357320 375358986 155319513 Banca PopolareLodiTrst 123072148 Banca PopBergamoCapTR Banca LombardaPrefSec Baltimore Gas&Electric 5442964 Ball Corp BAC CapitalTrust XV 4645448 BAC CapitalTrust XIV BAC CapitalTrust XIII Bac CapitalTrust XI 70889219 BAC CapitalTrust VI 29062695 33005228 401239 BA CreditCardTrust 190521905 109565951 BA CoveredBondIssuer Axon FinancialFndgLLC Axa FinancialInc 129848713 9792690 111654579 Aviation CapitalGroupTrust 7449149 Avalonbay Communities 33805358 Ava CapitalTrust III Autozone Inc 9752667 Atmos EnergyCorp AT&T MobilityLLC 18989803 AT&T Inc AT&T Corp 313845957 71186998 223630436 8224707 Assurant Inc 177731653 Associates CorpNA Associated MaterialsInc Asset SecuritizationCorporati Asset BackedSecuritiesCorpH 58635288 Asset BackedFundingCertifi Arizona PublicService 227309241 Argent SecuritiesInc. 832956643 24366324 Arden RealtyLP 258661217 Archer-Daniels-Midland 765564103 Arcap ReitInc Aramark Corporation Appalachian PowerCo Apache Corp Aon CapitalA 278410868 51303989 ANZ CapitalTrust II Anton Veneta CapTrust Anheuser-Busch CosInc Anadarko PetroleumCorp Amsouth BankNA Amsouth Bancorp Amgen Inc Amerisourcebergen Corp Ameriquest MortgageSecurities Ameriprise FinancialInc American Water CapCorp American IntlGroup American HondaFinance American HomeMortgageInvestm American HomeMortgageAssets c 87080787 ca

Market value (NOK) Fixed incomesecuritiesat31December2008 LCptlTut1 366197803 82587223 8348150578 84479382 457549554 356714823 86010369 86823 908 75982383 699513366 47304761 182811539 150823296 2221857 2133315351 31216411 23607617 5544788 43355080 280512536 Clear ChannelCommunicat 74403755 CL CapitalTrust 1 Citimortgage AlternativeLoan 8915240 Citigroup/Deutsche BankCommercialMortg Citigroup MortgageLoanTrust Citigroup Inc Citigroup FundingInc 1605515585 Citigroup CommercialMortgage 417537153 28953646 Citigroup CapitalXXI 182272830 34384118 Citicorp ResidentialMortgage 144883320 9085595 Citicorp MortgageSecurities, 3663325 2009933 Citibank CreditCardIssuance 67095608 Cit GroupSecuritizationCorp. Cit GroupInc Cisco SystemsInc 29366212 63408231 Cintas CorporationNo.2 2821321 Cincinnati FinlCorp 74541964 Cimarex EnergyCo 239596597 259075811 16431570 Cigna Corp Chubb Corp 21070408 CHS/Community HealthSys 35721683 52578944 Chevron Phillips Chase MortgageFinanceCorpora Chase ManhattanBank-FirstUni Chase IssuanceTrust Chase FundingMortgageLoanAS 634813053 4856066 493773356 Chase CommercialMortgageSecu 14269334 Charter OneBankNA Charter CommOptLLC/Cap 233507406 Centurytel Inc 40806672 23579163 197760893 Centex HomeEquity Centex Corp Centerpoint EnergyResou 70390669 12429812 Centerpoint EnergyInc Centerpoint EnerHouston 61851180 15583397 Centennial Communication 16246132 Cendant MortgageCorporation 54333290 CCH IILLC/CCHCapita CCH ILLC 373470256 CC USAInc 29018713 11129946 CBS Corp 120793903 CBA CommercialSmallBalanceC Caterpillar Inc 26744357 8476042 Caterpillar FinServCrp 309718444 Casella Waste Systems Carrington MortgageLoanTrust 37043599 Carolina Power&Light 217614953 38935352 9228243 Carmax AutoOwnerTrust Cargill Inc Cardinal HealthInc 49927683 Capmark FinancialGroup 116495657 135141586 Capital OneMulti-Asset Capital OneFinancialCo 925390 Capital OneIV 47270012 Capital OneIII Capital OneBankUSANA Capital AutoReceivablesAsset 22073886 Campbell SoupCompany 85794155 Camden PropertyTrust 63719110 Cadbury SchweppesUSFin 37606860 CA Inc 241410009 33417644 Burlingtn NorthSantaFE 20375141 Bunge NAFinanceLP 108778451 17625489 Bunge LtdFinanceCorp 7305781 Bruce Mansfi 68163829 Bristol-Myers Squibb 10451327 144813029 Brinker International 141545547 Brandywine OperPartners 17968977 Branch Banking&Trust Bowater Inc Bottling GroupLLC 41612559 Boston Scientifi 60002977 Bon-Ton DeptStores Bombardier CapitalMortgageSE BNY MellonNA BNSF FundingTrust I BNP ParibasCapitalTrst BNP ParibasCapTrst VI BNP ParibasCapTrst IV BNC MortgageLoanTrust BMW FloorplanMasterOwnerTru BMC SoftwareInc Blackrock Inc Black &Decker BK Tokyo-Mitsub UFJNY Biogen IdecInc BFC Trust Best BuyCo Bertelsmann USFinance Berry Plastics Berkshire HathawayFin edUi 17400639 eldUnit12 cCr 150018660 cCorp

Market value (NOK) 8 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global icvrFnnilSs 52347385 45354936 259430520 23130893 40966253 75974863 71605067 109656001 26498622 245937569 79183 27803443 53253840 29273452 76368544 7135068 149123603 6307973 14020912 13240930 Discover FinancialSvs Discover CardMasterTrust I 36624337 15138914 Directv Holdings/Fing 50179839 Diageo InvestmentCorp 38630155 Devon EnergyCorporation Developers DiversRealty Deutsche PostbankIV 79235464 83707414 Deutsche MortgageSecurities 981869788 14545578 Deutsche MortgageandAssetRe 503859520 Deutsche CapTrust IV 63519876 Deutsche BKFinlLLC Deutsche BKCapFNDGTST 46058161 498193362 Deutsche Alt-ASecuritiesInc Detroit EdisonCompany Deluxe Corp Delta AirLines 55329564 Dell Inc 302967460 31082794 Delhaize AmericaInc 37659030 Dean HoldingCo 395544499 Dcp MidstreamLLC DB MasterFinanceLLC 910718603 Dayton Power&Light 11051274 9777342 Darden RestaurantsInc 162534703 Danaher Corp 31778670 209832955 Daimler NorthAmerCorp 514083732 305107061 Daimler FinanceNALLC Daimler ChryslerAutoTrust D.R. HortonInc 703467009 Cwcapital Cobalt 125631304 CVS Pass-ThroughTrust CVS CaremarkCorp 1310829435 CSX Corp CSAB MortgageBackedTrust 335581554 CS FirstBostonMortgageSecur 27264073 Crown CastleTowers 55045031 LLC 56460747 74889023 Cricket CommunicationsI 446306644 CRH AmericaInc 3320406 Cresi FinanceLimitedPartners 21023012 1312817934 Credit-Based AssetServicingA Credit SuisseUSAInc 101996817 Credit SuisseMortgageCapital Credit SuisseFBUSAInc 14290189 119450742 Cred SuisseGPFin(US) 70536973 101249993 23151124 CPS AutoTrust 287989251 177241229 Cox Enterprises Cox CommunicationsInc 337232037 Coventry HealthCareInc Countrywide HomeLoans 175244978 Countrywide HomeEquityLoanT 34469522 Countrywide FinancialCorp Countrywide Asset-BackedCerti 93097630 Countrywide AlternativeLoanTrust 257474409 Countryplace ManufacturedHous Costco WholesaleCorp 87712874 Corrections CorpofAmer Cooper USInc Con-Way Inc Continental AirlinesInc 83133839 54363526 33965026 14491873 2858864 Consumers EnergyCompany 6402128 1081276588 Constellation EnergyGrp Constellation BrandsInc 9627630 Conseco FinanceSecuritization Cons EdisonCoofNY 90796930 Conocophillips 31949053 Conocophil AU 33370737 286609835 Conoco Inc 60481234 203867079 20208910 Connecticut Light&PWR Conagra FoodsInc 195287821 Computer SciencesCorp 94391142 Commonwealth Edison 150754686 Commerzbank CapFundTru Commercial MortgagePass-ThroughCertifi 26551922 Commercial MortgageLoanTrust Commercial MortgageLease-Back Commercial MortgageAssetTrus Commercial MortgageAcceptance Commerce GroupInc Comerica CapTRII Comerica Bank Comcast Corp Comcast CableHoldings Comcast CableCommunicat Comcast CableCommHldgs Columbus SouthernPower Colonial RealtyLP Colonial Bank Coca-Cola Enterprises Coca-Cola Co CNA FinancialCorp Clorox Company Cleveland ElectricIllum 88592148

Market value (NOK) Fixed incomesecuritiesat31December2008 rdi a 36474003424 35787714 183531879 436443422 14232514 31796382 89874303 195657821 9650119 237326443 45801211 104594269 349971960 220017215 28685346 Freddie Mac 3668022 731347 33651364 FPL GroupCapitalInc Fosters FinCorp 37779286 Fortune BrandsInc 9832371 Fortis CapitalFunding 411959334 161197514 Ford MotorCreditCoLLC 224236314 35796291 Ford MotorCompany 110953699 36149372 Ford CreditAutoOwnerTrust Florida PowerCorp Florida Power&Light 184064042 Fleet CapitalTrust V 16314739 Flagstar HomeEquityLoanTrus 25458909 Five FinanceInc Fisher Scientifi 21178436 Fiserv Inc 152398438 15832099 Firstenergy Corp 35461050 First Union-LehmanBrothers-BA 8788297064 First UnionNB-BankofAmerica 10695366 1793507672 First UnionNationalBankComm 64497483065 First UnionInstitCAPII 43881391 First HorizonMortgagePass-TH 704920342 First HorizonAlternativeMort 163852348 First FranklinMTGLoanAsset First DataCorporation 223555970 Fifth ThirdCapTrust IV 14997098 Fifth ThirdBank 93587124 Fifth ThirdBancorp 183297518 190034423 Fieldstone MortgageInvestment 13927413 11565616 Fiat FinanceNorthAmeri 37605678 FHLMC StructuredPassThrough 14379881 FFCA SecuredLendingCorporati 133244008 Fedex Corp Federated RetailHldgs Federal HomeLoanBank 7441741 Federal FarmCreditBank 88330916 Farmers InsuranceExch 395691533 Farmers InsExch 20307946 31307656 Farmers ExchangeCapital Fannie MaeGrantorTrust 4222290 Fannie Mae 216822219 235584530 Exelon GenerationCoLLC 7 72674808 Exelon Corporation 108876439 Everest ReinsuranceHldg Eurohypo CapFundTrust1 39897685 E-Trade RvandMarineTrust 17849581 Estee LauderCoInc 13235346 ERP OperatingLP 46476439 Erac USAFinanceCompany 19543801 Equity OneInc 31260214 Equity OneAbsInc Equifi Equifax Inc 10033563 136470533 2163147 Entertainment PropertiesTrust 27824665 Enterprise ProductsOper 20684610 Entergy GulfStates Entergy ArkansasInc 13958442 Enogex Inc 27249587 Energy Transfer Partners 80592690 Energy PartnersLtd 355149647 Encore CreditReceivablesTrus 35338439 Emerson ElectricCo 24604718 Embarq Corp 88490950 Ellington LoanAcquisitionTru 8402520 Eli Lilly&Co 78407481 5676140 El PasoNaturalGas El PasoCorp 66771369 Echostar DBSCorp 9557407 350260097 Eaton Vance Corp 239809406 Eastman Chemical E.I. DuPontDeNemours 279509211 E*Trade FinancialCorp Dvi ReceivablesCorp. 341545369 Dun &BradstreetCorp Duke RealtyLP Duke EnergyOhioInc 14652556 Duke EnergyIndianaInc Duke EnergyCorp Duke EnergyCarolinas DTE EnergyCompany Dsla MortgageLoanTrust Drive AutoReceivablesTrust Dresdner FundngTrst III Dresdner FndgTrust I Dr PepperSnappleGroup DPL Inc Dow ChemicalCompany Dorada FinanceInc Donnelley (R.R.)&Sons Domtar Corp Dominion ResourcesInc DLJ CommercialMortgageCorp rtMrgg onTut 995653 rstMortgageLoanTrust cIt 112662634 cIntl

Market value (NOK) 9 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global SCFnneCr 1759016921 375726908 35355412 3521806 107108501 39359201 19621196 79558377 587967 2563553 421735479 33672848 100575403 71871146 178604671 30278493 141468444 6717937 36510583 45982927 HSBC FinanceCorp 16919649 HSBC FinCapTrust IX 137580269 12189376 HSBC BankUSA 173784695 HRPT PropertiesTrust 83730946 88645224 Household HomeEquityLoanTru Hospitality PropTrust 26827455 Hospira Inc Hometown CommercialMortgage 22159215 Homebanc MortgageTrust 14462547 Home EquityMortgageTrust Home EquityLoanTrust 11516835 Home EquityAssetTrust 155091249 29871450 Home DepotInc Historic TWInc Highwoods RealtyLimited 37853035 47997249 210561038 Hexion USFin/NovaScoti 18128142 Hewlett-Packard Co Hess Corp 60584690 Hershey Company Heinz (H.J.)FinanceCo 174433567 Heinz (H.J.)Co. 128034916 Healthsouth Corp 288600730 Healthcare RealtyTrust 2507378 Health NetInc 658246827 Health ManagementAssoc HCP Inc 173583069 HCA Inc 47899345 Hawker BeechcraftAcqCo Hasbro Inc Hartford FinlSvcsGRP 747924559 Harsco Corp 530959669 Harris Corporation 188316063 Harrahs OperatingCoInc 65959122 19568813 Harley-Davidson Funding 32137577 421557912 6019579 Harborview MortgageLoanTrust Hanesbrands Inc 34472983 Halliburton Company 26144178 32754126 124111961 6711196990 GTE Corp 62525092 GSAA HomeEquityTrust GSRPM MortgageLoanTrust GSR MortgageLoanTrust 23379076 GSMPS MortgageLoanTrust GSC CapitalCorpMortgageTrus 9060270911 14500513 14447666 338125340 Gsamp Trust GS MortgageSecuritiesCorpora 188377764 Greylock GlobalOpportunityFund Greenwich CapitalCommercialF Greenpoint MortgageFundingTR 154415 753 Greenpoint ManufacturedHousin 88270865 Green Tree FinancialCorporati 27966228 Great West Life&AnnIn 29081392 Government NationalMortgageA 224469055 12145693 188105352 Goodyear Tire &Rubber 202260961 Goldman SachsGroupInc Goldman SachsCapitalII Goldman SachsCapitalI 74517924 30719151 Golden West Finl 49409105 GMAC MortgageCorporationLoan 5643241320 GMAC LLC GMAC CommercialMortgageSecuritiesInc 33463920 Global SignalTrust Glencore FundingLLC Glaxosmithkline CapInc 469984620 Ginnie Mae 46604783 G-Force LLC 17664178 37788976 1539591511 Georgia-Pacifi 122169194 Georgia PowerCompany 390843 Genworth LifeInstFund 40724 595172949 Genworth GlobalFunding Genworth FinancialInc 444012404 69738650 General MotorsCorp General MillsInc General ElectricCo 8797178 231705415 General ElectricCapitalAssur General ElecGlobInsur General ElecCapCorp Genentech Inc GE GlobalInsuranceHldg GE EquipmentMidticketLLC GE DealerFloorplanMasterNot GE CorporateAircraftFinancin GE CommercialLoanTrust GE CapitalFranchiseFin GE CapitalCreditCardMaster GE CapitalCommercialMortgage GE BusinessLoanTrust Gannett CoInc Frontier Communications Fremont NimTrust Fremont HomeLoanTrust Freescale Semiconductor cLC 17368303 cLLC

Market value (NOK) Fixed incomesecuritiesat31December2008 iet ei L 17090965 273608993 697468775 740057551 462384852 3070457 4744 5662260 176230398 569878 63627787 396179764 35967638 8511587 92332025 802546457 599041183 53751973 53770259 54379690 32506763 Liberty MutualGroup 8282378 Liberty MediaLLC 12803341 Liberty LightUSCapital 41310221 597211846 Lehman XSTrust Lehman MortgageTrust Lehman BrothersSmallBalance 130338524 86793897 123622933 Lehman BrothersHoldings Lehman BrothersFloatingRate Lehman BrosE-CapTrst I 5862158 Lehman ABSManufacturedHousin 451549569 16595343 Lear Corp LB-UBS CommercialMortgageTRU LB CommercialConduitMortgage 4506493 Lazard GroupLLC Labranche &Company 52042017 138865487 Laboratory CorpofAmer 4210531654 Kroger Co 12780415 Kraft FoodsInc 94074573 Kohls Corporation Knight Inc Kinder MorganEnerPart 17824448 1162541185 Kimco RealtyCorp Kimberly-Clark 88363775 94651694 Keycorp Key BankNA 61648628 794856864 Kerr-McGee Corp 91674579 1806973278 Kennametal Inc Kellogg Co 86022144 KBC BankFundTrust III 65448354 194842964 Kar HoldingsInc 33155965 K2 (USA)LLC K HovnanianEnterprises 20750836 77597462 JPMorgan ChaseCaptXX 208561138 4381849 JPMorgan Chase&Co JPMC CapitalXVIII JPM ChaseCapitalXXV 65195631 7320801 73373821 JPM ChaseCapitalXXII JP MorganMortgageTrust 5465046 41402110 142361372 301793725 JP MorganMortgageAcquisition 29429075 JP MorganChaseCommercialMor 239613688 JP MorganChaseCapXV JP MorganChaseBankNA Joy GlobalInc Jones ApparelGroup Johnson ControlsInc 895190756 68835848 John HancockGlobFDGII 15932987 John DeereCapitalCorp Jersey CentralPwr< 63947487 48434041 Jefferies GroupInc JC PenneyCorporationIN 7698866 175052500 Janus CapitalGroupInc Jackson NatlLifeGlobal Jabil CircuitInc 9143151 J.P. MorganAlternativeLoanT Ixis RealEstateCapitalTrust 61803568 ITC HoldingsCorp 81009687 67506247 394773698 38647185 Istar FinancialInc Irwin HomeEquity 34339676 127792680 317290373 5982176 Iron MountainInc 28817127 IPCS Inc 21529707 Intuit Inc Intl PaperCo Intl LeaseFinanceCorp Intesabci CapitalTrust 27558131 63096527 6714631 14004200 37525578 Integrys EnergyGroup 147757639 23010201 ING USAGlobalFunding ING SecLifeInstFund 49642409 ING CapFundingTrst III Indymac ResidentialAssetBack Indymac LoanTrust Indymac IndxMortgageLoanTru Indymac IndbMortgageLoanTru Indymac ImscMortgageLoanTru 51384223 Indiana MichiganPower 48156903 Impac SecuredAssetsCorp. Impac CMBTrust Illinois State ILFC E-CapitalTrust II ILFC E-CapitalTrust I ICI Wilmington IBM Corp Hypovereinsbk FundingII HVB FundingTrust VIII HVB FundingTrust I Huntsman IntlLLC Humana Inc. Hubbell Inc Hub IntlHoldings HSN HSI AssetSecuritizationCorpo HSI AssetLoanObligation

Market value (NOK) 10 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global ainlCptlTut 32928529 5142995 161845245 19964000 34173335 1173658 55156728 29966921 4721430 219466891 9896019 1031310 29800853 5561270 6481906078 252299255 65745131 724904145 8271765 National CapitalTrust National ArchivesFacTR 36433944 7986390 Nabors IndustriesInc Mutual ofOmahaInsCo 154867357 46629046 20947408 Murphy OilCorporation Multi SecurityAssetTrust MSCC HelocTrust 133107798 MPS CapitalTrust I 33111565 Motorola Inc Mosaic Co 410271283 166243553 Mortgageit Trust 354481468 20452486 42933136 Mortgage CapitalFunding,Inc. Morgan StanleyMortgageLoanT 21387550 Morgan StanleyIxisRealEstat Morgan StanleyHomeEquityLoa 18618371 Morgan StanleyDeanWitterCap Morgan StanleyCapitalInc 615086327 57813647 Morgan Stanley Moog Inc Monumental GlobFundII Momentive Performance 261893652 Mohawk IndustriesInc 48156795 163475554 MLCC MortgageInvestors,Inc. 6766199 5875829370 Miller BrewingCo 378667 455 106576843 Mid-State Trust 108633212 Midamerican FundingLLC 70560559 Midamerican EnergyHldgs 206243484 9177818 Midamerican EnergyCo 19763325 14142355 42446641 Michigan BellTelephone 3273246 MGIC InvestmentCorp Mezz CapCommercialMortgageTrust Metropcs WirelessInc Metlife Inc 206265509 147824237 Metlife CapitalTrust X 114242028 41603282 Met LifeGlobFundingI 247218923 59622544 Merrill Lynch/Countrywide CommercialMtg Merrill Lynch MortgageTrust Merrill Lynch MortgageInvesto Merrill Lynch FloatingTrust 41495516 Merrill Lynch FirstFranklinM Merrill Lynch AlternativeNote Merrill Lynch &Co 1023853635 13174736 Merrill AutoTrust Securitizat 201659131 Meridian FundingCo.LLC 11914338 Merck &CoInc 188004031 Mellon ResidentialFundingCor 43878177 48160259 Mellon FundingCorp Mellon CapitalIV 11481718 74973196 Mellon CapitalIII 409953284 Medtronic Inc 177814499 140039987 Medco HealthSolutions 637652 131184093 Meadwestvaco Corp 120230165 McKesson HBOCInc Mcgraw-Hill CosInc 26597156 19027955 Mcdonald’s Corp MBNA CreditCardMasterNoteT MBNA Corp Max USAHoldingsLtd 16922315 133871811 22305745 Mastr SpecializedLoanTrust 249975359 Mastr ReperformingLoanTrust Mastr AssetSecuritizationTru 25798330 82328350 Mastr AssetBackedSecurities 163884924 Mastr AlternativeLoansTrust 18181463 Mastr AdjustableRateMortgage 137241175 Masco Corp Martin MariettaMaterial 100307242 36185515 Marsh &MclennanCosInc Marriott Vacation ClubOwnerT Marriott International 70385961 37029713 Markel Corp 39751133 22893589 Marathon OilCorp 153551256 Manuf &Traders Trust Co Manpower Inc 76869332 Mainstreet CapTRI Magellan MidstreamPartn Madison Avenue ManufacturedHo Macys RetailHldgsInc Mack-Cali RealtyLP Macdermid Inc M&I Marshall&IlsleyBK M &TBankCorporation Luminent MortgageTrust Lubrizol Corp Lowe’S CompaniesInc Long BeachMortgageLoanTrust Local INsightMediaFinanceLLC Liz ClaiborneInc Lincoln NationalCorp Limited BrandsInc Liberty PropertyLP Liberty MutualInsurance

Market value (NOK) Fixed incomesecuritiesat31December2008 M ru n 8574403 85760345 22945497 68051296 144542533 28976239 258361115 87863862 77967905 33155808 3569537 5878667 31125316 40615219 101424404 48391452 34810037 PMI GroupInc 44091830 1579545448 Plum CreekTimberlands 67304243 8318399 Platinum UnderwrtrsFin 25294704 Plains AllAmerPipeline 16869791 Plains AllAmerPipe/Paa Pitney BowesInc Philip MorrisIntlInc PHHMC MortgagePassThroughCE PHH AlternativeMortgageTrust 20457277 120231108 Pharmacia Corp 461935553 Pepsico Inc Pepsiamericas Inc 7146755 Pepsi BottlingGroupInc 28169769 Pepco HoldingsInc 50975387 People’s FinancialRealtyMort 107084099 Pennsylvania ElectricCo Pemex ProjFDGMasterTR 60759692 Peco EnergyCo Partnerre FinanceALLC 79153291 111854423 Parker-Hannifi 151321662 33669523 Park PlaceSecuritiesInc 135094059 Panhandle EastPipeLine 7081632 Paetec HoldingCorp 106104863 28270952 23710786 Pactiv Corp Pacifi 4365809 4530359 Pacifi 116209208 33784911 Pacifi Ownit MortgageLoanAsset-Back Owens CorningInc Origen ManufacturedHousing Oregon State 1512541 22910428 Oracle Corp 38046547 54672012 Option OneMortgageLoanTrust 129001969 Opteum MortgageAcceptanceCor 53502017 49216807 Oneok PartnersLP Oneok Inc 84825127 Onebeacon USHoldings Oncor ElectricDelivery Ohio PowerCompany Occidental Petroleum Oakwood MortgageInvestorsInc 78022986 80571700 124310099 Nuveen Investments 279336629 Nustar PipelineOper 30386071 295022185 Nustar Logistics 72232898 22239487 Nucor Corp NTK HoldingsInc 194975192 Nstar ElectricCo 50192935 NSCR Trust 90448560 51187236 Novastar HomeEquityLoan Northwest Airlns2000-1 Northern Trust Corp 30929007 704138 Northern StatesPwr-Minn 97964449 Northern NatGas Nortek Inc Norfolk SouthernCorp 121077979 54030240 466316045 Nordstrom Inc Nomura AssetSecuritiesCorpor 5922238 33271359 Nomura AssetAcceptanceCorpor Nissan MotorAcceptance 21157113 Nisource FinanceCorp 328803 32583449 NGPL PipecoLLC Nextel Communications 104229144 News AmericaInc 7518825 News AmericaHoldings 34173185 Newpage Corp 204572405 129698364 Newmont MiningCorp Newell RubbermaidInc 100271443 24976768 New York 32624149 Times Co New York LifeInsurance New York LifeGlobalFdg 143734327 New York CityTax Lien 134016743 New CingularWirelessSV 12890446 New CenturyHomeEquityLoanT 27951620 New AlbertsonsInc Nevada PowerCo NBD BankNAMichigan Navistar FinancialCorpOwner Navigators GroupInc Natl RetailProperties Natixis RealEstateCapitalTR Nationwide MutualIns Nationwide HealthPPTYS National Semiconductor National RuralUtilities National RuralUtilCoop National OilwellVarco I National FuelGasCo National CollegiateStudentLO National CityCreditCardMast National CityCorp National CityBank cr 101934947 36659919 324242525 corp cLifeGlobalFndg cGas&Electric nCr 66743219 nCorp

Market value (NOK) 11 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global ceigPog 936106447 68932290 92551209 22887639 25644164 11615 196143459 28869156 30236582 107316830 98210332 4388739 5403055 633581 12480893 11598055 72533275 34238892 26114308 39093504 Schlumberger Tech Corp 42363089 Schering-Plough Scana Corporation SBI HelocTrust 166703985 SBA CMBSTrust 132006298 SB FinanceNimTrust Saxon AssetSecuritiesTrust 9110240 Sara LeeCorp 3483431 Santander DriveAutoReceivabl 641508385 Sanpaolo ImiCapital 3023583 440 San DiegoG&E 72022060 Salomon BrothersMortgageSecu Safeway Inc 79517829 Saco ITrust Sabre HoldingsCorp 87186380 122366019 Raac Series 946547017 31553837 Ryerson Inc 79459787 17801624 Ryder SystemInc 51351615 28860194 RPM InternationalInc 49125359 Rouse Company Roper IndustriesInc 65736510 3756950 Rohm &HaasCompany 54472852 Reynolds AmericanInc Residential FundingSecurities 38117971 5260300 Residential FundingMTGSecI 33319283 Residential FundingMortgageS 67220160 Residential CapitalLLC 42581521 Residential AssetSecuritizati 47946128 Residential AssetSecuritiesN Residential AssetSecuritiesC 14585885 Residential AssetMortgagePro 31965542 Residential AccreditLoans,IN 69991586 Renaissance HomeEquityLoanT Reliance Steel&Alum 492063072 57767325 Reinsurance GRPofAmer 45382451 116479583 Regions FinancingTRII Regions FinancialCorp Regions Bank 34900809 Regency CentersLP 104583599 Reed ElsevierCapital 20885831 97166247 Reckson OperatingPRTSHP 151496333 Realty IncomeCorp 1893938 Realogy Corp 65940295 RBS CapitalTrust IV 32587352 RBS CapitalTrust III 6213270 RBS CapitalTrust II 436956469 RBS CapitalTrust I 31717957 13848812 RBS CapitalTrust A Range ResourcesCorp 28330500 91651085 Rabobank CapitalFundII Rabobank CapFdTrust IV 306806424 Rabobank CapFDTrst III 68867836 74699543 Qwest Corp Quest DiagnosticInc 24483578 68593067 Pulte HomesInc 121790076 Puget SoundEnergyInc Public ServiceOklahoma 103460859 Public ServiceNewHampshireF 14189651 Public ServiceEl&Gas Pub SvcElec&Gas 47572575 132599 14156867 50051011 PSEG PowerLLC Prudential SecuritiesSecured Prudential InsuranceCo Prudential FinancialInc 9289922 Provident FundingMortgageLoa 20680422 18336756 Protective LifeSecdTR 8814584 Prologis Progressive Corp 23231624 Progress EnergyInc Procter &GambleCo 147546444 70742696 50117139 Principal LifeIncFDG 78158950 Principal LifeGlobal Principal FinancialGrp 91814904 Prime MortgageTrust Pricoa GlobalFunding1 Pres &FellowsofHarvar Praxair Inc PPL EnergySupplyLLC PPL CapitalFundingInc PPG IndustriesInc PPF FundingInc Power ContractFinancing Potomac ElectricPower Popular NorthAmerInc Popular N.A.CapTrust I Popular ABSMortgagePass-Thro Polo RalphLaurenCorp PNC PreferredFundingTR Pnc MortgageAcceptanceCorp. PNC FundingCorp PNC BankNA

Market value (NOK) Fixed incomesecuritiesat31December2008 olCr 25460817 325626326 125429120 794269217 25087844 15166942 71093541 645356712 246104458 9910362 13167782 30433793 666322921 3547402 5504685 20892574 130987435 Trizechahn Offi 35416763 219380991 Travelers CosInc 2049995 Toyota MotorCreditCorp Tosco Corp 51905395 Toll Corp 1222567 Toll BrosFinanceCorp 39439591 189250733 54520561 Toledo EdisonCompany 68888806 Tiaa SeasonedCommercialMortg Tiaa 59394568 GlobalMarkets 817137239 Time Warner Inc 433473379 Time Warner Ent Time Warner CosInc 57105080 Time Warner CableInc Timberstar Trust 695756664 Ticketmaster Entertain 73283270 53847817 Thornburg MortgageSecurities 9967550 35955217 The MonyGroupInc 66454597 The MoneyStoreHomeEquityTR 199271373 Textron Inc Textron FinancialCorp Texas IndustriesInc Texas EasternTransmiss 11595279 Texas CompElecHoldLLC 72249176 Teva PharmFinanceLLC Terwin MortgageTrust Teppco PartnersLP 443699426 Teppco PartnersLP 26996509 Tenn Valley Authority 68890325 Temple-Inland Inc 255689584 3804873 TCI CommunicationsInc 242547290 3778521 563755350 TBW MortgageBackedPassThrou 17677443 Target Corp 35459955 Tango FinanceCorp Synovus FinancialCorp 141593981 315734750 Symetra FinlCorp 52318144 Surgical CareAffi 341066579 Suntrust CapitalVIII 75815238 Suntrust BanksInc 8375639 Sunoco Inc 25773680 Sungard DataSystemsInc 57888198 Sumitomo MitsuiBankNY Structured AssetSecuritiesCo 32815818 69331556 26505096 Structured AssetReceivablesT 16134113 32803787 Structured AssetMortgageINve Structured AssetInvestmentLO 53984550 Structured AdjustableRateMor Stingray PassThroughTR 35909570 Steel DynamicsInc 297117768 39136915 State StreetCapTRIV State StreetBank&Trst 24576651 13266817 Starwood Hotels&Resort Stanley Works Stancorp FinancialGroup Sprint CapitalCorp Spectra EnergyCapital 163998272 Specialty Underwriting&Resid 1480929659 Sovereign CapitalTRVI Sovereign Bank 237104076 Sovereign Bancorp 72280472 Southwestern ElecPower 40448020 280059961 Southwest AirlinesCo 117638159 Southern UnionCo 22480023 129298 426136856 Southern PowerCo Southern CopperCorp 158666136 48270617 Southern Co 5212441 Southern CalifGasCo 11761391 Southern CalEdison 80597073 South CarolinaElec&Gas Source GasLLC 85275307 Soundview HomeEquityLoanTru Sonoco Products 278032826 13393505 Smurfi 25314882 Smithfi Smith BreedenCreditPartnersFund Smart HomeReinsuranceLimited SLM StudentLoanTrust SLM StudentLNTR03-10 SLM Corp SLC StudentLoanTrust Simon PropertyGroupLP SG MortgageSecuritiesTrust SG CapitalTrust III Service CorpIntl Sequoia MortgageTrust Sempra Energy Select MedicalCorp Securitized AssetBackedRecei Sealed AirCorp Seacor HoldingsInc Science ApplicationsInt Schwab CapitalTrust I tSoeCnanr 2027983 t-StoneContainer edFosIc 22840947 eldFoodsInc c rprisT 17228280 cePropertiesT lae 9927896 liates

Market value (NOK) 12 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008 Government PensionFund–Global etaoCr 44241515 177753972 160474820 21366008 10331676 338691671 25809434 24036763 61725058 65017046 2613403298 528589866 360168724 1873870045 55114687 157883296 13703575 91783128 2031 Weyerhaeuser Co Westvaco Corp Western UnionCo Western FinancialBK 5602 Westdeutsche Landesbank 32362849 98026 Wendy’S International 74344394 5532 62579507 Wells FargoMortgageBackedSE 2101 Wells FargoHomeEquityTrust Wells FargoCapitalXV 24507 3946059 Wells FargoCapitalXiii Wells FargoCapitalX 13640478 Wells FargoBankNA Wells FargoAlternativeLoanT 150768986 Wells Fargo&Company Wellpoint Inc 1234031101 14059976 Weatherford IntlInc 1768105445 WEA Finance/WCIFinance 102149121 27212740 Waste ManagementInc 71751187 Washington MutualPFDIV 2013356076 Washington MutualMscMortgage 51831318 Washington MutualMortgagePAS 24655530 Washington MutualMasterNote 34319078 390629489 278767 Washington MutualBKNV Washington MutualBankN 631009582 Washington MutualAsset-Backed 169500917 Wash MutualPFDFDGIII Wash MutualPFDFDGII 87534824 Wash MutualPFDFDGDel 90702618 Wamu MortgagePass-ThroughCer 34214854 Wamu CommercialMortgageSecur 63349689 Wamu Asset-BackedCertifi 65557090 Walt DisneyCompany 117339737 Walgreen Co 73804989 Wachovia StudentLoanTrust 74927150 353819 Wachovia MortgageFSB 846717096 Wachovia Corp 6222274 Wachovia CapTrust III 56652162 Wachovia BankNA 21804479 Wachovia BankCommercialMortg 26712466 28678011 300852197 Wachovia AssetSecuritization 1824578 Vulcan Materials Vornado RealtyLP 10067058 Virginia Elec&PowerCo 26919751 Viacom Inc 65896199968 38421557 VF Corp Verizon WirelessCapital 3304991 Verizon Virginia Inc 20430927 360697082 Verizon Pennsylvania 171058650 Verizon NewYork Inc 13027878 Verizon NewJerseyInc Verizon NewEnglandInc Verizon FloridaLLC 4911949 37438372 Verizon Communications 30052165 Vendee MortgageTrust 56043878 Vanderbilt MortgageFinance Valspar Corp Valor Telecom Enterprise Valero Logistics 520691257 9502197 Valero EnergyCorp 78944931 UST Inc 75953017 Usi HoldingsCorp 33168274 USG Corp USB RealtyCorp USB CapitalIX 47939458 173145685 US Treasury 58854210 US SteelCorp US OncologyInc 100998101 99038053 53353604 US CellularCorp 9885574 US BankNA US Bancorp 603543 30150571 Unum Group Univision CommInc Universal HealthSvcs 3353918 Universal Corp Unitrin Inc Unitedhealth GroupInc United RentalsNorthAm United ParcelService Unionbancal Corporation Union Pacifi Union ElectricCo Union BankofCalifornia Unilever CapitalCorp Unicredito ItalCapTrst UBS PFDFundingTrust I UBS PFDFundingTRV Tyson FoodsInc Tyco/Tyco IntlFinSA Twin ReefsPass-Through Turner Broadcasting Trump EntertainmentRes cCr 219566876 cCorp cts 4279873 cates

Market value (NOK) Fixed incomesecuritiesat31December2008 cwHtCptlN2Ld 29809339 35476922 25819661 17917475 27878001 7940012 68956566 35500647 37763491 16098528 37004270 16659046 35921177 129928050 614827743 Pccw-Hwt CapitalNo2Ltd 61239731 8029843 PCCW-HKT CapitalNo3Ltd 11059460 Jardine StrategicFin 434681435 33835898 GTL Trade FinanceInc 56277482 324028377 Galaxy EntertainmentFin 708114267 Gain SilverFinance 6993523 71967151 376850528 CNOOC Finance2003Ltd CNOOC Finance2002Ltd 9706828 CLP PowerHkFinancing C8 CapitalSPVLtd C5 CapitalSpvLtd C10-Eur CapitalSPVLtd 2733411 C10 CapitalSpvLtd 202694618 VIRGIN ISLANDS(BRITISH) 17026189 Republic ofVenezuela 20680471 17084638 VENEZUELA 5119771939 Aames MortgageInvestmentTrus 7497175 Zurich Finance(USA)Inc 154180390 ZFS FinanceUSATrust V 49276491 ZFS FinanceUSATrust IV ZFS FinanceUSATrust II ZFS FinanceUSATrust I Yum! BrandsInc 406953818 Yale MortgageLoanTrust XTO EnergyInc Xerox Corporation Xcel EnergyInc Wyndham Worldwide Wyeth WSTFLD Cap/WTFin/Wea WMG AcqusitionCorp WM CoveredBondProgram Wisconsin Power&Light Wisconsin EnergyCorp Wisc ElecPower Willis NorthAmericaInc Williams PartnersLP/Wil Williams CosInc William StreetFundingCorpora

Market value (NOK) 13 GOVERNMENT PENSION FUND – GLOBAL ANNUAL REPORT 2008