GOVERNMENT PENSION FUND GLOBAL HOLDINGS OF FIXED INCOME AT 31 DECEMBER 2012

Country Market value Market value NOK USD

CORPORATE

407 International Inc Canada 83,389,347 14,983,936 AbbVie Inc United States 1,688,049,211 303,319,565 Abertis Infraestructuras SA Spain 135,300,832 24,311,726 AbitibiBowater Inc/Old United States 25 4 ABB Ltd Switzerland 112,876,778 20,282,427 Achmea BV Netherlands 125,110,260 22,480,618 ACE INA Holdings Inc United States 134,064,447 24,089,564 Adecco International Financial Services BV Netherlands 114,699,757 20,609,992 Advance Auto Parts Inc United States 88,967,478 15,986,250 ADT Corp/The United States 259,558,753 46,639,190 Aegon NV Netherlands 71,138,462 12,782,618 Aetna Inc United States 171,737,912 30,858,975 Agilent Technologies Inc United States 258,876,271 46,516,557 Agrium Inc Canada 73,844,429 13,268,843 AG2R La Mondiale Vie France 72,380,410 13,005,779 Air Products & Chemicals Inc United States 49,844,389 8,956,361 Alabama Power Co United States 33,320,852 5,987,306 Alimentation Couche Tard Inc Canada 197,233,564 35,440,198 Allergan Inc/United States United States 166,939,759 29,996,812 Allianz Finance BV Netherlands 114,241,956 20,527,731 Allianz Finance II BV Netherlands 165,366,628 29,714,142 Allied World Assurance Co Ltd Bermuda 98,918,086 17,774,239 Allstate Corp/The United States 155,163,041 27,880,696 Allstate Life Insurance Co United States 46,228,674 8,306,666 Alltel Corp United States 153,333,821 27,552,010

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 1 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

Alpek SA de CV Mexico 104,932,789 18,855,000 Alstom SA France 102,285,343 18,379,290 Amazon.com Inc United States 940,677,915 169,027,072 Amcor Ltd/Australia Australia 166,845,218 29,979,825 Ameren Corp United States 12,326,553 2,214,915 Ameren Illinois Co United States 140,295,445 25,209,190 American Express Bank FSB United States 142,073,171 25,528,623 American Express Canada Credit Corp Canada 42,988,075 7,724,374 American Express Centurion Bank United States 19,999,126 3,593,572 American Express Co United States 147,272,770 26,462,921 American Express Credit Corp United States 195,014,427 35,041,450 American Honda Finance Corp United States 54,737,200 9,835,533 American International Group Inc United States 655,821,204 117,842,182 American Tower Corp United States 61,569,163 11,063,144 American Water Capital Corp United States 280,876,596 50,469,718 America Movil SAB de CV Mexico 1,433,015,494 257,493,463 AmerisourceBergen Corp United States 110,169,482 19,795,963 Amgen Inc United States 1,100,593,329 197,761,705 Amlin PLC United Kingdom 90,882,624 16,330,376 Amphenol Corp United States 117,814,413 21,169,653 Anadarko Petroleum Corp United States 187,360,008 33,666,054 Anglo American Capital PLC United Kingdom 282,827,862 50,820,334 Anheuser-Busch Cos Inc United States 271,502,760 48,785,366 Anheuser-Busch InBev NV Belgium 366,745,305 65,899,161 United States 1,373,668,699 246,829,648 Anheuser-Busch InBev Worldwide Inc

ANZ New Zealand Int'l Ltd/New Zealand New Zealand 117,547,947 21,121,773 Aon PLC United States 59,196,451 10,636,800

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 2 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Apache Corp United States 144,786,907 26,016,245 Appalachian Power Co United States 67,249,742 12,083,867 ArcelorMittal Netherlands 27,157,541 4,879,842 Archer-Daniels-Midland Co United States 206,281,556 37,066,000 Arden Realty LP United States 30,303,538 5,445,135 Asciano Finance Ltd Australia 152,946,408 27,482,397 Assicurazioni Generali SpA Italy 373,672,413 67,143,868 Assurant Inc United States 155,381,914 27,920,024 AstraZeneca PLC United Kingdom 296,318,061 53,244,340 ASML Holding NV Netherlands 96,848,479 17,402,359 Atlantia SpA Italy 154,843,104 27,823,207 Atlas Copco AB Sweden 24,935,759 4,480,618 AT&T Inc United States 1,709,932,227 307,251,647 AT&T Mobility LLC United States 93,146,502 16,737,164 Australia & New Zealand Banking Group Ltd Australia 432,313,910 77,680,950 Autoroutes du Sud de la France SA France 605,821,092 108,857,840 AutoZone Inc United States 398,546,428 71,613,392 Aviva PLC United Kingdom 488,144,014 87,712,864 Axis Capital Holdings Ltd United States 116,728,916 20,974,604 AXA SA France 523,417,490 94,051,029 Baidu Inc Cayman Islands 476,810,843 85,676,446 Baker Hughes Inc United States 150,005,316 26,953,922 Baltimore Gas & Electric Co United States 69,700,360 12,524,210 Bank of America NA United States 444,679,899 79,902,951 Bank of New York Mellon Corp/The United States 274,617,815 49,345,099 Bank of Tokyo-Mitsubishi UFJ Ltd Japan 58,092,180 10,438,378 Baxter International Inc United States 79,278,277 14,245,232 Bayer AG Germany 90,060,013 16,182,564 Bayer Capital Corp BV Netherlands 31,749,771 5,705,004

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 3 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

BASF Finance Europe NV Netherlands 87,667,443 15,752,651 BASF SE Germany 397,028,723 71,340,681 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Austria 38,081,472 6,842,724 Oesterreichische Postsparkasse AG Beam Inc United States 43,532,682 7,822,233 Becton Dickinson and Co United States 325,168,835 58,428,433 BellSouth Corp United States 811,692,302 145,850,106 BellSouth Telecommunications Inc United States 52,493,019 9,432,284 Bell Aliant Regional Communications LP Canada 96,479,215 17,336,007 Bell Canada Canada 283,372,587 50,918,213 Bemis Co Inc United States 60,058,564 10,791,710 Berkshire Hathaway Finance Corp United States 400,010,697 71,876,501 Berkshire Hathaway Inc United States 28,106,012 5,050,269 Bertelsmann SE & Co KGaA Germany 150,688,393 27,076,662 Best Buy Co Inc United States 48,066,755 8,636,944 BG Energy Capital PLC United Kingdom 478,455,580 85,971,983 BHP Billiton Finance Ltd Australia 449,533,335 80,775,048 BHP Billiton Finance USA Ltd Australia 718,710,552 129,142,546

Biogen Idec Inc United States 57,244,551 10,286,070 BMW Canada Inc Canada 10,188,508 1,830,737 BMW Finance NV Netherlands 601,628,405 108,104,471 BNP Paribas Fortis Belgium 260,812,734 46,864,514 BNP Paribas SA France 842,917,681 151,460,883 Boston Properties LP United States 97,326,932 17,488,331 Bottling Group LLC United States 130,744,514 23,493,017 Bouygues SA France 97,603,643 17,538,052 BPCE SA France 56,483,146 10,149,256 BP AMI Leasing Inc United States 131,050,761 23,548,046

BP Capital Markets PLC United Kingdom 3,236,779,564 581,605,420 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 4 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

British Sky Broadcasting Group PLC United Kingdom 309,578,687 55,627,094 British Telecommunications PLC United Kingdom 1,035,001,604 185,975,761 BRP Finance ULC Canada 18,534,092 3,330,325 BSKYB Finance UK PLC United Kingdom 53,379,004 9,591,484 Burlington Northern Santa Fe LLC United States 439,641,751 78,997,664 Burlington Resources Finance Co Canada 55,468,413 9,966,922 Cadbury Schweppes US Finance LLC United States 37,691,286 6,772,613 Caisse Centrale du Credit Immobilier de France SA France 57,966,425 10,415,781 Cameco Corp Canada 13,066,752 2,347,918 Canadian National Railway Co Canada 68,889,059 12,378,430 Canadian Natural Resources Ltd Canada 459,958,194 82,648,254 Canadian Pacific Ltd Canada 189,286,199 34,012,165

Canadian Pacific Railway Co Canada 53,855,768 9,677,152 Capital Desjardins Inc Canada 19,203,016 3,450,522 Capital One Bank USA NA United States 48,974,029 8,799,969 Capital One Financial Corp United States 50,650,250 9,101,163 Capmark Financial Group Inc United States 179 32 Cargill Inc United States 371,028,699 66,668,829 Carlisle Cos Inc United States 167,707,746 30,134,809 Carlsberg Breweries A/S Denmark 32,509,228 5,841,468 Carolina Power & Light Co United States 412,247,161 74,075,228 Carrefour SA France 206,390,523 37,085,580 Casino Guichard Perrachon SA France 151,244,109 27,176,517 Caterpillar Financial Services Corp United States 663,721,572 119,261,771 Caterpillar Financial Services Ltd Canada 11,403,246 2,049,009 Caterpillar Inc United States 124,380,703 22,349,527 CBS Corp United States 220,124,907 39,553,463 CC Holdings GS V LLC United States 168,395,166 30,258,329

Celgene Corp United States 289,485,504 52,016,622

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 5 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Celulosa Arauco y Constitucion SA Chile 30,523,379 5,484,638 Cenovus Energy Inc Canada 154,267,923 27,719,855 CenterPoint Energy Houston Electric LLC United States 76,973,627 13,831,118 CenterPoint Energy Inc United States 46,224,236 8,305,869 CenterPoint Energy Resources Corp United States 53,474,545 9,608,651 Centrica PLC United Kingdom 223,548,712 40,168,674 CenturyLink Inc United States 57,392,497 10,312,654 Chevron Corp United States 561,177,401 100,835,973 Chorus Ltd New Zealand 271,963,083 48,868,080 Chubb Corp/The United States 224,387,437 40,319,381 Church & Dwight Co Inc United States 207,369,052 37,261,408 Ciba Specialty Chemicals Finance Luxembourg SA Luxembourg 53,721,300 9,652,990 Cie de St-Gobain France 265,215,741 47,655,674 Ciments Francais SA France 47,387,580 8,514,906 Cintas Corp No 2 United States 46,678,791 8,387,546 Cisco Systems Inc United States 119,006,850 21,383,918 Citigroup Finance Canada Inc Canada 57,007,756 10,243,521 Citigroup Inc United States 3,609,688,531 648,612,107 Clerical Medical Finance PLC United Kingdom 96,667,241 17,369,793 Cleveland Electric Illuminating Co/The United States 44,930,512 8,073,404 Clorox Co/The United States 210,651,431 37,851,207 CNP Assurances France 124,904,707 22,443,683 Coca-Cola Co/The United States 346,393,807 62,242,272 Coca-Cola HBC Finance BV Netherlands 40,497,472 7,276,847 Coca-Cola Refreshments USA Inc United States 55,986,930 10,060,092 Colonial Bank/Montgomery AL United States 47,221 8,485 Comcast Cable Communications Holdings Inc United States 115,804,919 20,808,574 Comcast Cable Holdings LLC United States 41,914,115 7,531,398 Comcast Corp United States 1,087,513,771 195,411,486

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 6 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Commerzbank AG Germany 52,146,411 9,370,003

Commonwealth Bank of Australia Australia 583,473,102 104,842,209 Commonwealth Edison Co United States 189,020,648 33,964,449

Computer Sciences Corp United States 32,632,230 5,863,569

ConAgra Foods Inc United States 87,451,964 15,713,933 Connecticut Light & Power Co/The United States 33,486,406 6,017,053

ConocoPhillips United States 777,034,020 139,622,482 ConocoPhillips Canada Funding Co I Canada 108,010,329 19,407,992

Consolidated Edison Co of New York Inc United States 192,690,489 34,623,869 Constellation Energy Group Inc United States 63,636,389 11,434,597

Con-way Inc United States 54,355,329 9,766,916 Cooperatieve Centrale Raiffeisen-Boerenleenbank Netherlands 3,007,425,630 540,393,627 BA/Netherlands Cooper US Inc United States 61,837,385 11,111,340

Corning Inc United States 130,021,404 23,363,084 Costco Wholesale Corp United States 1,264,008,077 227,125,120

Covidien International Finance SA Luxembourg 80,296,633 14,428,217 COX Communications Inc United States 205,639,593 36,950,648

Credit Agricole SA France 801,307,030 143,984,013 Credit Logement SA France 46,023,034 8,269,716

Credit Suisse Group AG Switzerland 2,931,254,016 526,706,620 Credit Suisse USA Inc United States 181,633,390 32,637,059

Credit Suisse/New York NY Switzerland 640,161,493 115,028,344 CRH America Inc United States 183,470,189 32,967,106

CR Bard Inc United States 111,982,755 20,121,783 CSX Corp United States 330,036,355 59,303,060

CVS Caremark Corp United States 563,545,134 101,261,423 Daimler AG Germany 298,680,067 53,668,760

Daimler Finance North America LLC United States 176,596,624 31,732,020 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 7 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Daimler International Finance BV Netherlands 330,907,990 59,459,681

Daimler North America Corp United States 306,190,399 55,018,265

Dai-ichi Life Insurance Co Ltd/The Japan 17,639,950 3,169,660 Danaher Corp United States 38,245,311 6,872,164

Danske Bank A/S Denmark 58,552,385 10,521,070 Darden Restaurants Inc United States 256,900,556 46,161,548 Dayton Power & Light Co/The United States 58,203,861 10,458,445

DCP Midstream LLC United States 44,384,360 7,975,268 Deere & Co United States 65,022,966 11,683,746

Dell Inc United States 224,540,063 40,346,806 Deutsche Apotheker-und Aerztebank eG Germany 75,973,143 13,651,344

Deutsche Bank AG Germany 365,018,824 65,588,936 Deutsche Postbank Funding Trust IV United States 83,968,841 15,088,063

Deutsche Telekom AG Germany 324,663,620 58,337,652 Deutsche Telekom International Finance BV Netherlands 1,505,111,081 270,448,063

Devon Energy Corp United States 134,234,976 24,120,206 Dexia Credit Local SA France 1,414,722,557 254,206,470

DENTSPLY International Inc United States 176,648,802 31,741,396 Diageo Capital PLC United Kingdom 384,196,778 69,034,954

Diageo Finance BV Netherlands 86,726,466 15,583,571 Diageo Investment Corp United States 229,542,978 41,245,762

Discovery Communications LLC United States 134,293,323 24,130,690 DIRECTV Holdings LLC United States 537,121,038 96,513,371

Dominion Resources Inc/VA United States 227,333,713 40,848,787 Dow Chemical Co/The United States 384,372,092 69,066,456

DTE Energy Co United States 30,682,560 5,513,240 Duke Energy Carolinas LLC United States 138,225,797 24,837,302

Duke Energy Corp United States 501,159,327 90,051,539 Duke Energy Indiana Inc United States 61,779,599 11,100,957

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 8 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Duke Energy Ohio Inc United States 52,378,812 9,411,763

eBay Inc United States 84,830,396 15,242,872 Eastern Power Networks PLC United Kingdom 51,101,960 9,182,330

Eastman Chemical Co United States 442,474,384 79,506,650 Ecolab Inc United States 144,705,501 26,001,617

Edison SpA Italy 38,958,572 7,000,327 EI du Pont de Nemours & Co United States 449,246,597 80,723,525

Electricity North West Ltd United Kingdom 71,386,233 12,827,139 Elia System Operator SA/NV Belgium 181,477,766 32,609,095

Elisa OYJ Finland 268,844,885 48,307,782 Eli Lilly & Co United States 171,327,242 30,785,183

Elsevier Finance SA Switzerland 38,995,756 7,007,009 Embarq Corp United States 92,736,001 16,663,402

Embraer Overseas Ltd Cayman Islands 45,378,680 8,153,934 Emerson Electric Co United States 42,933,395 7,714,549 Enbridge Inc Canada 163,964,299 29,462,162

Encana Corp Canada 212,232,486 38,135,301 Enel Finance International NV Netherlands 1,367,687,558 245,754,918

Enel SpA Italy 165,726,518 29,778,809 Energy Transfer Partners LP United States 234,806,250 42,191,501

Eni SpA Italy 305,965,450 54,977,845 Entergy Arkansas Inc United States 24,558,773 4,412,879

Entergy Corp United States 60,157,233 10,809,439 Entergy Gulf States Louisiana LLC United States 19,729,568 3,545,136

Entergy Louisiana LLC United States 19,902,536 3,576,216 Enterprise Products Operating LLC United States 426,625,051 76,658,740

EOG Resources Inc United States 286,900,619 51,552,153 EPCOR Utilities Inc Canada 19,812,094 3,559,965

Equifax Inc United States 325,388,506 58,467,905

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 9 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

EQT Corp United States 148,905,558 26,756,311

ERAC USA Finance LLC United States 268,304,170 48,210,623 ERB Hellas PLC United Kingdom 37,391,217 6,718,695

ERP Operating LP United States 223,297,397 40,123,516 Estee Lauder Cos Inc/The United States 109,969,284 19,759,990

Estee Lauder Inc United States 26,357,929 4,736,163 Eurogrid GmbH Germany 37,419,790 6,723,829

Exelon Corp United States 115,133,011 20,687,842 Exelon Generation Co LLC United States 490,508,946 88,137,810

Express Scripts Holding Co United States 436,449,756 78,424,106 E.ON International Finance BV Netherlands 1,202,995,692 216,162,022

E.ON SE Germany 233,741,271 42,000,139 Falconbridge Ltd/Old Canada 40,995,732 7,366,377 FBG Finance Ltd Australia 84,405,827 15,166,583

FedEx Corp United States 115,264,338 20,711,439 Fiat Finance North America Inc United States 306,734 55,116

FirstEnergy Corp United States 71,825,763 12,906,116 FirstEnergy Solutions Corp United States 48,959,361 8,797,334

Fiserv Inc United States 420,985,230 75,645,340 Florida Power Corp United States 94,231,815 16,932,180

Florida Power & Light Co United States 222,458,231 39,972,729 Flowers Foods Inc United States 172,877,896 31,063,815

Flowserve Corp United States 225,933,867 40,597,254 Fonterra Cooperative Group Ltd New Zealand 141,784,045 25,476,671

Foster's Finance Corp United States 45,195,541 8,121,026 France Telecom SA France 1,495,012,476 268,633,480

Friends Life Group PLC United Kingdom 210,715,467 37,862,714 G4S International Finance PLC United Kingdom 139,000,676 24,976,538

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 10 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

British Virgin Gain Silver Finance Ltd 31,647,947 5,686,707 Islands GDF Suez France 223,174,447 40,101,424

Genentech Inc United States 16,375,140 2,942,391 Generali Finance BV Netherlands 68,292,048 12,271,155

General American Life Insurance Co United States 90,030,914 16,177,335 General Electric Capital Corp United States 2,571,718,834 462,103,020

General Electric Co United States 307,673,996 55,284,847 General Mills Inc United States 619,868,046 111,381,887 Genworth Life Insurance Co United States 11,405,259 2,049,371

Georgia Power Co United States 360,246,101 64,731,342 Gerdau Holdings Inc United States 66,438,264 11,938,056

GE Capital Canada Funding Co Canada 301,421,329 54,161,328 GE Capital European Funding Ireland 1,385,251,708 248,910,958

GE Capital UK Funding Ireland 956,233,051 171,822,120 Gilead Sciences Inc United States 846,156,788 152,042,907

GIE PSA Tresorerie France 33,058,145 5,940,101 GlaxoSmithKline Capital PLC United Kingdom 324,808,917 58,363,760

GlaxoSmithKline PLC United Kingdom 177,151,121 31,831,656 Glencore Finance Europe SA Luxembourg 264,012,415 47,439,453

Glencore Funding LLC United States 29,709,160 5,338,333 Glitnir Banki HF Iceland 59,972,412 10,776,230

Goldman Sachs Group Inc/The United States 1,636,681,738 294,089,527 Google Inc United States 129,606,088 23,288,458

Greater Toronto Airports Authority Canada 203,635,426 36,590,526 Great River Energy United States 30,912,833 5,554,617

Groupama SA France 728,449,816 130,892,559 Grupo Televisa SAB Mexico 134,830,568 24,227,226

GS Caltex Corp South Korea 93,462,805 16,793,999

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 11 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

British Virgin GTL Trade Finance Inc 19,477,216 3,499,792 Islands Halliburton Co United States 35,647,940 6,405,452

Hammerson PLC United Kingdom 80,154,782 14,402,728 Hannover Finance Luxembourg SA Luxembourg 145,465,687 26,138,213 Harris Corp United States 53,112,571 9,543,609

Hartford Financial Services Group Inc United States 261,452,316 46,979,438 Hasbro Inc United States 91,737,634 16,484,010

HBOS PLC United Kingdom 325,441,764 58,477,474 Health Care REIT Inc United States 62,546,342 11,238,730

Health Care Service Corp United States 63,482,930 11,407,022 Heathrow Funding Ltd Jersey C.I. 402,636,174 72,348,264

Heineken NV Netherlands 500,223,886 89,883,453 Henkel AG & Co KGaA Germany 39,706,522 7,134,724

Hera SpA Italy 120,262,213 21,609,490 Hess Corp United States 182,554,999 32,802,659

Hewlett-Packard Co United States 728,093,831 130,828,594 Historic TW Inc United States 59,914,029 10,765,739

HIT Finance BV Netherlands 130,570,726 23,461,790 HJ Heinz Co United States 78,034,716 14,021,781

HJ Heinz Finance Co United States 95,544,321 17,168,020 Holcim Finance Canada Inc Canada 17,103,652 3,073,294

Holcim GB Finance Ltd Bermuda 58,567,701 10,523,822 Holcim US Finance Sarl & Cie SCS Luxembourg 31,837,849 5,720,830

Home Depot Inc/The United States 746,075,256 134,059,612 Hongkong Land Finance Cayman Island Co Ltd Cayman Islands 29,933,031 5,378,560

Hong Kong Telecommunications HKT Ltd Hong Kong 59,983,498 10,778,222 Hospira Inc United States 125,702,456 22,587,028

Hospitality Properties Trust United States 30,560,610 5,491,328

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 12 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

HSBC Finance Corp United States 78,583,275 14,120,349 HSBC Holdings PLC United Kingdom 1,057,489,802 190,016,585 Husky Energy Inc Canada 282,905,938 50,834,363 Hutchison Whampoa Finance 03/13 Ltd Cayman Islands 92,847,786 16,683,489 Hutchison Whampoa Finance 05 Ltd Cayman Islands 80,527,559 14,469,711

Hutchison Whampoa Finance 09 Ltd Cayman Islands 133,903,362 24,060,619 Hutchison Whampoa International 03/33 Ltd Cayman Islands 473,670,277 85,112,129 Hutchison Whampoa International 09 Ltd Cayman Islands 50,901,125 9,146,242 Hutchison Whampoa International 09/16 Ltd Cayman Islands 91,514,493 16,443,914

Hyundai Capital America United States 232,282,762 41,738,064 Hyundai Steel Co South Korea 89,912,879 16,156,126 Iberdrola Finanzas SAU Spain 174,943,990 31,435,064

IDEX Corp United States 41,588,006 7,472,801 Imerys SA France 79,554,803 14,294,920

Imperial Mobility Finance BV Netherlands 60,414,778 10,855,717 Indiana Michigan Power Co United States 65,558,262 11,779,931 Ingredion Inc United States 132,382,595 23,787,358 Insurance Australia Group Ltd Australia 36,419,631 6,544,114

Intel Corp United States 857,348,879 154,053,974 InterContinental Hotels Group PLC United Kingdom 75,505,530 13,567,321 International Business Machines Corp United States 178,409,735 32,057,811 International Paper Co United States 223,686,257 40,193,389

Intuit Inc United States 152,238,489 27,355,193 Investor AB Sweden 205,441,426 36,915,040 ING Groep NV Netherlands 360,198,491 64,722,787 ITC Holdings Corp United States 62,557,121 11,240,667

ITW Finance Europe SA Luxembourg 136,421,430 24,513,082 Jersey Central Power & Light Co United States 21,055,895 3,783,459 Johnson Controls Inc United States 211,681,052 38,036,216 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 13 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

John Deere Bank SA Luxembourg 161,226,125 28,970,150 John Deere Capital Corp United States 455,507,052 81,848,444 JPMorgan Chase & Co United States 2,610,898,102 469,143,004

Kaupthing Bank Hf Iceland 17,368,302 3,120,849 KBC Bank Funding Trust III United States 17,733,365 3,186,445 KBC Internationale Financieringsmaatschappij NV Netherlands 172,334,954 30,966,256 Kellogg Co United States 413,191,542 74,244,920

Kerr-McGee Corp United States 140,338,279 25,216,887 KeyCorp United States 28,659,649 5,149,751 Kia Motors Corp South Korea 117,170,641 21,053,976 Kinder Morgan Energy Partners LP United States 329,038,796 59,123,812

Kohl's Corp United States 402,456,425 72,315,965 Koninklijke DSM NV Netherlands 130,638,114 23,473,899 Koninklijke KPN NV Netherlands 1,429,547,280 256,870,272 Korreden SA France 1,687 303

Kraft Foods Group Inc United States 61,776,090 11,100,326 Kroger Co/The United States 168,054,201 30,197,062 KT Corp South Korea 167,298,269 30,061,232 Laboratory Corp of America Holdings United States 498,027,090 89,488,718

Lambay Capital Securities PLC Ireland 56,539 10,159 Landsbanki Islands HF Iceland 5,557,106 998,537 Land Securities Capital Markets PLC United Kingdom 195,534,870 35,134,966 Lanxess Finance BV Netherlands 41,975,514 7,542,431

LaSer Cofinoga France 54,067,901 9,715,269 Legal & General Group PLC United Kingdom 174,194,838 31,300,451 Legrand France SA France 155,615,638 27,962,021 Lehman Brothers Holdings Inc United States 363,587,535 65,331,752 Lehman Brothers Holdings PLC United Kingdom 3,669 659

Lexmark International Inc United States 24,419,575 4,387,867

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 14 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Liberty Mutual Group Inc United States 45,637,295 8,200,403

Life Technologies Corp United States 62,997,604 11,319,816 Lincoln National Corp United States 32,609,360 5,859,460 London Power Networks PLC United Kingdom 261,356,229 46,962,172 London Stock Exchange Group PLC United Kingdom 87,073,802 15,645,982

Lottomatica Group SpA Italy 44,019,808 7,909,763 Lowe's Cos Inc United States 187,437,583 33,679,993 Lubrizol Corp United States 63,564,824 11,421,737 Lukoil International Finance BV Netherlands 147,368,228 26,480,073

Luxottica Group SpA Italy 74,506,891 13,387,878 LVMH Moet Hennessy Louis Vuitton SA France 197,158,997 35,426,800 Magellan Midstream Partners LP United States 163,775,704 29,428,274 Manulife Financial Corp Canada 29,614,631 5,321,348

Marathon Oil Corp United States 694,222,383 124,742,353 Marks & Spencer PLC United Kingdom 341,202,165 61,309,405 Marriott International Inc/DE United States 65,114,419 11,700,179 Massachusetts Electric Co United States 50,030,475 8,989,798

Mattel Inc United States 40,762,304 7,324,434 Maxim Integrated Products Inc United States 28,230,041 5,072,556 MAN SE Germany 45,735,927 8,218,126 MAPFRE USA Corp/MA United States 32,609,639 5,859,510 McDonald's Corp United States 263,436,600 47,335,987

McGraw-Hill Cos Inc/The United States 65,014,611 11,682,244 McKesson Corp United States 223,444,061 40,149,869 Medco Health Solutions Inc United States 18,364,972 3,299,936 Medtronic Inc United States 415,136,330 74,594,372

Merck KGaA Germany 221,368,591 39,776,936 Merck & Co Inc United States 1,110,560,567 199,552,683 Merrill Lynch & Co Inc United States 866,350,356 155,671,417

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 15 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

MetLife Inc United States 222,145,256 39,916,492 Metropolitan Life Insurance Co United States 343,758,252 61,768,699 Metro AG Germany 175,099,974 31,463,092

Metro Inc Canada 19,552,895 3,513,390 Metso OYJ Finland 37,274,151 6,697,660

Michelin Luxembourg SCS Luxembourg 25,559,115 4,592,627 Michigan Bell Telephone Co United States 21,340,236 3,834,551 Microsoft Corp United States 83,225,283 14,954,456 Midamerican Funding LLC United States 35,901,368 6,450,989

MidAmerican Energy Co United States 98,898,600 17,770,738 MidAmerican Energy Holdings Co United States 419,566,916 75,390,488 Molson Coors Capital Finance ULC Canada 46,710,677 8,393,276 Molson Coors International LP United States 23,735,830 4,265,007 Mondelez International Inc United States 458,011,261 82,298,416

Morgan Stanley United States 975,826,763 175,342,844 Motability Operations Group PLC United Kingdom 94,822,060 17,038,239 Motorola Solutions Inc United States 72,216,261 12,976,283 Motors Liquidation Co GUC Trust United States 45 8

Muenchener Rueckversicherungs AG Germany 211,571,385 38,016,510 Nabors Industries Inc United States 76,211,634 13,694,198 National Australia Bank Ltd Australia 1,648,757,551 296,259,387 United Arab National Bank of Abu Dhabi PJSC 59,065,853 10,613,333 Emirates National Fuel Gas Co United States 33,970,097 6,103,966 National Grid PLC United Kingdom 678,754,694 121,963,020 National Oilwell Varco Inc United States 252,991,686 45,459,177

National Rural Utilities Cooperative Finance Corp United States 228,788,364 41,110,168 National Westminster Bank PLC United Kingdom 32,831,502 5,899,376

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 16 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Nationwide Health Properties Inc United States 45,862,543 8,240,877

Nationwide Mutual Insurance Co United States 63,642,805 11,435,750 NASDAQ OMX Group Inc/The United States 36,221,966 6,508,596 NBCUniversal Media LLC United States 91,362,233 16,416,555

NetApp Inc United States 333,224,215 59,875,875 Nevada Power Co United States 56,505,774 10,153,322 Newmont Mining Corp United States 111,549,755 20,043,979 NewMarket Corp United States 85,455,091 15,355,122

News America Holdings Inc United States 655,488,659 117,782,428 News America Inc United States 491,279,330 88,276,237 New York Life Insurance Co United States 146,501,494 26,324,333 Nexen Inc Canada 112,646,835 20,241,110 NextEra Energy Capital Holdings Inc United States 29,121,914 5,232,813

Next PLC United Kingdom 260,956,569 46,890,359 Niagara Mohawk Power Corp United States 62,387,310 11,210,154 Nippon Telegraph & Telephone Corp Japan 141,138,815 25,360,732 Nisource Finance Corp United States 116,735,377 20,975,765

Noble Group Ltd Singapore 30,074,959 5,404,062 Nordea Bank AB Sweden 812,339,182 145,966,341 Nordstrom Inc United States 134,707,816 24,205,169 Norfolk Southern Corp United States 43,435,129 7,804,704

Northern Gas Networks Finance PLC United Kingdom 54,392,908 9,773,668 Northern States Power Co/MN United States 22,991,150 4,131,198 Novartis Capital Corp United States 476,315,551 85,587,449 Novartis Finance SA Luxembourg 92,339,010 16,592,069

Novartis Securities Investment Ltd Bermuda 33,772,244 6,068,415

NSTAR Electric Co United States 33,665,630 6,049,258

NSTAR LLC United States 25,718,712 4,621,304

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 17 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

NuStar Logistics LP United States 71,291,425 12,810,103 NuStar Pipeline Operating Partnership LP United States 22,617,373 4,064,035 Occidental Petroleum Corp United States 542,285,393 97,441,336

Oglethorpe Power Corp United States 60,747,711 10,915,540 Ohio Power Co United States 100,481,148 18,055,100 Omnicom Group Inc United States 532,066,583 95,605,154 Oncor Electric Delivery Co LLC United States 156,139,126 28,056,085

ONEOK Inc United States 220,367,788 39,597,105 ONEOK Partners LP United States 99,310,406 17,844,734 Oracle Corp United States 855,607,705 153,741,109 Owens Corning United States 31,017,068 5,573,347 O'Reilly Automotive Inc United States 326,270,432 58,626,375

Pacific Gas & Electric Co United States 455,608,619 81,866,694 Pacific LifeCorp United States 50,242,142 9,027,832 PacifiCorp United States 478,436,020 85,968,469 Pall Corp United States 31,646,661 5,686,476

Parker Hannifin Corp United States 71,147,962 12,784,324 Pearson Funding Four PLC United Kingdom 204,502,258 36,746,284 Pearson PLC United Kingdom 215,972,255 38,807,287 Peco Energy Co United States 357,034,737 64,154,303

Pennsylvania Electric Co United States 44,290,423 7,958,389 Pentair Finance SA Luxembourg 305,433,523 54,882,265 PepsiCo Inc United States 758,813,264 136,348,460 Pepsi Bottling Group Inc/The United States 40,521,624 7,281,187

Pernod-Ricard SA France 188,072,856 33,794,143

Petrohawk Energy Corp United States 371,079,729 66,677,998 Petro-Canada Canada 266,420,290 47,872,115 Pfizer Inc United States 202,843,279 36,448,188

Pharmacia Corp United States 74,626,441 13,409,360 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 18 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

Phillips 66 United States 118,421,916 21,278,813

Pitney Bowes Inc United States 58,901,338 10,583,772 Plains All American Pipeline LP United States 222,432,103 39,968,034 Plum Creek Timberlands LP United States 92,101,432 16,549,379 Pohjola Bank PLC Finland 111,345,830 20,007,337

PostNL NV Netherlands 150,853,228 27,106,281 POSCO South Korea 255,533,166 45,915,847 PPG Industries Inc United States 258,057,400 46,369,417 PPL Electric Utilities Corp United States 37,764,955 6,785,851 PPL Energy Supply LLC United States 60,358,905 10,845,677

PPR France 86,351,252 15,516,150 Praxair Inc United States 249,307,640 44,797,204 Precision Castparts Corp United States 558,500,640 100,354,996 Principality Building Society United Kingdom 25,451,755 4,573,335

Principal Financial Group Inc United States 34,315,811 6,166,086 Principal Financial Services Inc United States 92,638,997 16,645,972 Progress Energy Inc United States 96,231,700 17,291,532 ProPart Funding LP Jersey C.I. 110,058 19,776

Prudential Financial Inc United States 490,915,040 88,210,779 PSA International Pte Ltd Singapore 159,834,660 28,720,122 PSEG Power LLC United States 31,609,452 5,679,790 Public Service Co of Colorado United States 134,067,482 24,090,109

Public Service Electric & Gas Co United States 106,112,167 19,066,918 Puget Sound Energy Inc United States 58,789,731 10,563,718

Qantas Airways Ltd Australia 89,352,106 16,055,362 QBE Insurance Group Ltd Australia 50,510,219 9,076,002 Qtel International Finance Ltd Bermuda 49,520,445 8,898,153

Quebecor Media Inc Canada 7 1 RCI Banque SA France 85,994,637 15,452,071

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 19 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Realty Income Corp United States 70,471,065 12,662,695 Red Electrica de Espana Finance BV Netherlands 51,364,929 9,229,582 Reed Elsevier Investments PLC United Kingdom 61,853,224 11,114,186

Regency Centers LP United States 62,649,052 11,257,186 Reliance Holdings USA Inc United States 250,814,019 45,067,880 Reliance Steel & Aluminum Co United States 127,660,849 22,938,924 Rentokil Initial PLC United Kingdom 61,199,503 10,996,721 Repsol International Finance BV Netherlands 521,718,567 93,745,756

Repsol SA Spain 83,120,514 14,935,630 Republic Services Inc United States 275,912,601 49,577,755 Rexam PLC United Kingdom 145,376,483 26,122,184 Roche Holdings Inc United States 283,762,966 50,988,359

Rogers Communications Inc Canada 476,206,847 85,567,916 Rohm & Haas Co United States 66,895,455 12,020,207 Rolls-Royce Holdings PLC United Kingdom 35,193,188 6,323,739 Roper Industries Inc United States 68,188,599 12,252,567

Royal Bank of Scotland Group PLC United Kingdom 472,682,165 84,934,579 RONA Inc Canada 24,335,139 4,372,695 RPM International Inc United States 39,912,344 7,171,707 RR Donnelley & Sons Co United States 60,129,046 10,804,375

RWE Finance BV Netherlands 520,224,091 93,477,219 Safeway Inc United States 74,947,072 13,466,973 Samsung Electronics America Inc United States 361,005,034 64,867,712 Sanofi France 478,252,134 85,935,427

San Diego Gas & Electric Co United States 28,617,045 5,142,095 Saphir Finance PLC Ireland 271,389 48,765 Sasol Financing International PLC Isle of Man 339,853,678 61,067,100 SABMiller Holdings Inc United States 367,731,049 66,076,286

SABMiller PLC United Kingdom 207,226,749 37,235,838

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 20 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

SAP AG Germany 369,004,795 66,305,161 Schlumberger Finance BV Netherlands 35,718,144 6,418,066

Schlumberger Investment SA Luxembourg 763,476,655 137,186,408 Schlumberger Oilfield UK PLC United Kingdom 96,113,314 17,270,260 Schneider Electric SA France 279,768,089 50,270,534 Scotland International Finance No 2 BV Netherlands 28,156,996 5,059,431

Scottish Power Ltd United Kingdom 90,281,800 16,222,416 Scottish Widows PLC United Kingdom 165,142,319 29,673,837 SCA Finans AB Sweden 60,731,180 10,912,570 Securitas AB Sweden 38,966,957 7,001,834

Sempra Energy United States 143,548,757 25,793,766 Severn Trent Utilities Finance PLC United Kingdom 83,510,245 15,005,659 SES SA France 114,083,895 20,499,330 Shaw Communications Inc Canada 150,430,512 27,030,324

Shell International Finance BV Netherlands 989,197,619 177,745,406 Siemens Financieringsmaatschappij NV Netherlands 411,009,396 73,852,818 Simon Property Group LP United States 283,377,180 50,919,039 Singapore Telecommunications Ltd Singapore 32,132,439 5,773,764

Singer & Friedlander Ltd United Kingdom 3,392 610 SingTel Group Treasury Pte Ltd Singapore 254,774,474 45,779,520 SK Telecom Co Ltd South Korea 107,247,695 19,270,957 Smiths Group PLC United Kingdom 151,540,535 27,229,780

SNS Bank NV Netherlands 121,238,444 21,784,905 Societe Generale SA France 703,744,389 126,453,329 Society of Lloyd's United Kingdom 688,196,178 123,659,526 Southern California Edison Co United States 257,614,996 46,289,923 Southern Electric Power Distribution PLC United Kingdom 40,111,187 7,207,437

Southern Gas Networks PLC United Kingdom 35,883,467 6,447,773 Southern Power Co United States 43,123,493 7,748,707

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 21 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Southwestern Electric Power Co United States 25,679,013 4,614,171 Southwest Airlines Co United States 81,869,682 14,710,872 South Eastern Power Networks PLC United Kingdom 75,334,776 13,536,638 Spectra Energy Capital LLC United States 164,454,437 29,550,234

SPD Finance UK PLC United Kingdom 317,700,156 57,086,412

SPI Electricity & Gas Australia Holdings Pty Ltd Australia 115,503,828 20,754,472

SP PowerAssets Ltd Singapore 28,923,087 5,197,087 SSE PLC United Kingdom 480,188,409 86,283,349 Stagecoach Group PLC United Kingdom 40,200,842 7,223,547 Standard Chartered Bank United Kingdom 323,140,047 58,063,887

Standard Chartered PLC United Kingdom 78,516,115 14,108,282 Standard Life PLC United Kingdom 49,158,041 8,833,034 Suez Environnement Co France 358,984,592 64,504,666 Sumitomo Mitsui Banking Corp Japan 161,532,034 29,025,117 Suncorp Insurance Funding 2007 Ltd Australia 45,369,375 8,152,262

Suncor Energy Inc Canada 233,521,605 41,960,668 Sunoco Inc United States 37,906,495 6,811,283 Sunoco Logistics Partners Operations LP United States 61,603,125 11,069,247 Sun Life Financial Inc Canada 59,683,407 10,724,299

Svenska Cellulosa AB Sweden 162,473,031 29,194,202 Svenska Handelsbanken AB Sweden 225,171,775 40,460,316 Swedbank AB Sweden 344,359,568 61,876,747 Swiss Re Treasury US Corp United States 178,007,462 31,985,528

Symantec Corp United States 288,647,900 51,866,116 Target Corp United States 379,340,528 68,162,352 Tate & Lyle International Finance PLC United Kingdom 118,642,658 21,318,478 TCI Communications Inc United States 61,338,160 11,021,636

TDC A/S Denmark 66,225,380 11,899,803 Technicolor SA France 2,935 527

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 22 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

Teck Resources Ltd Canada 435,568,477 78,265,752 Telecom Italia Capital SA Luxembourg 500,091,099 89,859,593

Telecom Italia Finance SA Luxembourg 89,717,249 16,120,974 Telecom Italia SpA Italy 788,442,395 141,672,413 Telefonica Emisiones SAU Spain 1,789,621,962 321,570,812 Telefonica Europe BV Netherlands 152,762,961 27,449,434

Telefonica SA Spain 169,892,253 30,527,335 Telekom Austria AG Austria 65,801,622 11,823,660 Telekom Finanzmanagement GmbH Austria 61,310,196 11,016,611 Telemar Norte Leste SA Brazil 29,228,384 5,251,944

TeliaSonera AB Sweden 457,076,918 82,130,527 Telstra Corp Ltd Australia 1,186,880,229 213,266,291 Teollisuuden Voima Oyj Finland 103,969,050 18,681,829 Tesco PLC United Kingdom 847,489,395 152,282,358

Teva Pharmaceutical Industries Ltd Israel 1,205,055,262 216,532,099 TELUS Corp Canada 94,242,844 16,934,162 TE Connectivity Ltd United States 60,166,814 10,811,161 Thai Oil PCL Thailand 28,921,074 5,196,725

Thames Water Utilities Cayman Finance Ltd Cayman Islands 31,115,846 5,591,096 Thames Water Utilities Finance Ltd United Kingdom 89,728,089 16,122,921 Thermo Fisher Scientific Inc United States 422,550,782 75,926,649 Thomson Reuters Corp Canada 445,660,087 80,079,078 ThyssenKrupp Finance Nederland BV Netherlands 158,312,470 28,446,605

Time Warner Cable Inc United States 720,708,824 129,501,608 Time Warner Entertainment Co LP United States 283,816,134 50,997,913 Time Warner Inc United States 973,332,596 174,894,676 TJX Cos Inc United States 35,403,428 6,361,516

TNK-BP Finance SA Luxembourg 171,818,282 30,873,417 Toledo Edison Co/The United States 64,072,959 11,513,042

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 23 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Toll Brothers Finance Corp United States 29,890,890 5,370,988 Tosco Corp United States 124,573,709 22,384,207 Total Capital International SA France 619,722,782 111,355,785 Total Capital SA France 284,442,640 51,110,487

Total Infrastructures Gaz France SA France 164,539,814 29,565,575 Toyota Motor Credit Corp United States 194,169,272 34,889,587 TransAlta Corp Canada 61,279,701 11,011,132 TransCanada PipeLines Ltd Canada 402,939,099 72,402,695

Transocean Inc Cayman Islands 30,524,283 5,484,800 Transocean Ltd Switzerland 154,838,448 27,822,371 Transocean Worldwide Inc Cayman Islands 28,485,061 5,118,379 Travelers Commercial Casualty Co United States 33,918,950 6,094,776

Travelers Cos Inc/The United States 273,815,540 49,200,942 Tyson Foods Inc United States 119,799,018 21,526,260 Unilever Capital Corp United States 62,264,663 11,188,116 Unilever PLC United Kingdom 63,403,468 11,392,744 Union Electric Co United States 68,366,499 12,284,533

Union Pacific Corp United States 226,876,835 40,766,692 Unipol Assicurazioni SpA Italy 53,134,697 9,547,585 UnitedHealth Group Inc United States 103,115,602 18,528,476 United Parcel Service Inc United States 55,966,063 10,056,343

United Technologies Corp United States 404,986,971 72,770,670 United Utilities Water PLC United Kingdom 97,954,003 17,601,007 US Bancorp United States 223,840,462 40,221,097 Valero Energy Corp United States 323,628,756 58,151,701

Vale Canada Ltd Canada 62,161,159 11,169,518 Vale Overseas Ltd Cayman Islands 355,421,924 63,864,503

Vale SA Brazil 33,495,943 6,018,767

Veolia Environnement SA France 660,465,821 118,676,757 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 24 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Verizon Communications Inc United States 1,709,305,273 307,138,992

Verizon New York Inc United States 30,067,833 5,402,782 Verizon Wireless Capital LLC United States 259,671,354 46,659,423

Viacom Inc United States 334,905,673 60,178,011

Virginia Electric and Power Co United States 175,529,036 31,540,189 Vivendi SA France 373,738,166 67,155,683

Vodafone Group PLC United Kingdom 1,264,442,751 227,203,226 Volkswagen AG Germany 1,183,008,264 212,570,552

Volkswagen Financial Services AG Germany 207,088,126 37,210,930

Volvo Treasury AB Sweden 77,469,331 13,920,189 Voto-Votorantim Overseas Trading Operations NV Cayman Islands 33,043,189 5,937,413

VW Credit Canada Inc Canada 29,715,940 5,339,552

Wales & West Utilities Finance PLC United Kingdom 95,877,809 17,227,943 Walt Disney Co/The United States 430,785,190 77,406,260

Washington Mutual Inc United States 314 56 Waste Management Inc United States 446,768,485 80,278,242

Watson Pharmaceuticals Inc United States 18,152,219 3,261,708

Weatherford International Inc United States 163,715,446 29,417,447 Weatherford International Ltd/Bermuda Bermuda 92,509,449 16,622,694

Weatherford International Ltd/Switzerland United States 40,176,907 7,219,246 WellPoint Inc United States 218,642,975 39,287,179

Wells Fargo Bank NA United States 127,616,927 22,931,032

Wells Fargo Canada Corp Canada 34,837,800 6,259,880 Wells Fargo & Co United States 1,002,193,318 180,080,557

Wessex Water Services Finance PLC United Kingdom 121,546,721 21,840,298

Western Power Distribution East Midlands PLC United Kingdom 547,605,708 98,397,324 Western Union Co/The United States 106,464,062 19,130,149

Westfield America Trust Australia 34,962,612 6,282,308 Westfield Trust Australia 90,116,530 16,192,719

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 25 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Westpac Banking Corp Australia 712,947,467 128,106,997 Westpac Securities NZ Ltd New Zealand 218,333,119 39,231,502

Williams Partners LP United States 127,211,264 22,858,140

Willis North America Inc United States 149,165,956 26,803,101 Wolters Kluwer NV Netherlands 88,001,524 15,812,681

Woolworths Ltd Australia 205,099,117 36,853,532

WPP PLC United Kingdom 230,747,798 41,462,252 Wyeth LLC United States 234,661,624 42,165,514

Xcel Energy Inc United States 114,139,033 20,509,237 Xerox Corp United States 359,968,858 64,681,525

Xstrata Finance Canada Ltd Canada 693,966,201 124,696,321

Yorkshire Water Services Bradford Finance Ltd Cayman Islands 110,847,979 19,917,879 YPG Financing Inc Canada 23,695,805 4,257,815

Yum! Brands Inc United States 651,658,350 117,094,174 Zimmer Holdings Inc United States 147,492,987 26,502,491

Zurich Finance UK PLC United Kingdom 44,426,540 7,982,847

Zurich Finance USA Inc United States 279,885,556 50,291,641 CORPORATE/SECURITIZED

Abbey National Treasury Services PLC/London United Kingdom 6,095,355,214 1,095,252,722

ABN AMRO Bank NV Netherlands 3,215,128,418 577,715,003 Bankia SA Spain 5,882,454,503 1,056,997,350

Bank of America Corp United States 3,517,211,818 631,995,295 Bank of Montreal Canada 2,283,639,103 410,338,997

Bank of Nova Scotia Canada 4,077,506,079 732,672,581

Bank of Scotland PLC United Kingdom 13,896,801,016 2,497,066,801 Barclays Bank PLC United Kingdom 2,273,696,283 408,552,407

Bayerische Landesbank Germany 242,692,651 43,608,580

Canadian Imperial Bank of Commerce/Canada Canada 2,957,717,466 531,461,743 Credit Suisse AG Switzerland 3,925,283,202 705,320,193

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 26 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Duesseldorfer Hypothekenbank AG Germany 554,429,703 99,623,504 HSBC Bank PLC United Kingdom 1,618,109,245 290,752,301

HSBC France SA France 435,524,168 78,257,790 ING Bank NV Netherlands 2,441,653,986 438,732,130

LBBW Germany 259,749,499 46,673,465

Lloyds TSB Bank PLC United Kingdom 4,454,310,937 800,379,307 Nationwide Building Society United Kingdom 8,130,544,364 1,460,948,630

Royal Bank of Canada Canada 1,479,389,531 265,826,249

Royal Bank of Scotland PLC/The United Kingdom 4,162,125,748 747,877,588 Skandinaviska Enskilda Banken AB Sweden 767,270,162 137,868,049

UBS AG Switzerland 7,398,022,341 1,329,324,350 GOVERNMENT

Banco Central de Chile Chile 2,568,490 461,523

Government of Australia Australia 18,125,249,878 3,256,861,754

Government of Austria Austria 12,253,953,414 2,201,869,352 Government of Belgium Belgium 6,500,804,606 1,168,106,483

Government of Brazil Brazil 15,337,817,572 2,755,997,947 Government of Canada Canada 22,141,011,883 3,978,439,762

Government of Chile Chile 250,201,840 44,957,880

Government of China China 4,939,434,380 887,549,415 Government of Croatia Croatia 161,215,609 28,968,260

Government of Denmark Denmark 5,180,344,803 930,837,753 Government of Finland Finland 7,004,526,744 1,258,618,525

Government of France France 44,016,211,510 7,909,116,663

Government of Germany Germany 63,926,127,358 11,486,658,705 Government of Greece Greece 181,854,011 32,676,701

Government of Hungary Hungary 248,714,888 44,690,695

Government of India India 7,276,388,636 1,307,468,422 Government of Indonesia Indonesia 7,508,670,660 1,349,206,354 Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 27 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Government of Israel Israel 4,627,333,821 831,469,174

Government of Italy Italy 26,535,486,957 4,768,067,375

Government of Japan Japan 103,001,297,766 18,507,937,247 Government of Korea South Korea 20,731,785,005 3,725,220,791

Government of Lithuania Lithuania 292,812,097 52,614,365 Government of Luxembourg Luxembourg 260,653,412 46,835,885

Government of Malaysia Malaysia 5,347,006,336 960,784,571

Government of Mexico Mexico 22,568,643,568 4,055,279,380 Government of New Zealand New Zealand 2,285,821,777 410,731,194

Government of Peru Peru 440,025,674 79,066,650

Government of Poland Poland 12,599,674,852 2,263,990,809 Government of Qatar Qatar 465,657,453 83,672,333

Government of Russian Federation Russia 16,624,290,789 2,987,159,748

Government of Singapore Singapore 3,895,796,898 700,021,903 Government of Slovakia Slovakia 1,346,853,248 242,011,275

Government of Slovenia Slovenia 838,954,729 150,748,795 Government of South Africa South Africa 8,484,668,455 1,524,579,930

Government of Spain Spain 5,260,704,293 945,277,264

Government of Sweden Sweden 5,395,258,512 969,454,834 Government of Switzerland Switzerland 16,775,546,295 3,014,338,313

Government of the Czech Republic Czech Republic 4,670,231,606 839,177,325 Government of the Netherlands Netherlands 24,623,936,706 4,424,587,701

Government of the Philippines Philippines 6,513,648 1,170,414

Government of Taiwan Taiwan 3,897,106,854 700,257,285 Government of Thailand Thailand 4,959,485,428 891,152,316

Government of Turkey Turkey 7,273,586,684 1,306,964,949

United Arab Government of United Arab Emirates 108,256,286 19,452,188 Emirates

Government of United States of America United States 323,982,891,614 58,215,334,731

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 28 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Hong Kong Special Administrative Region Hong Kong 2,900,430,809 521,168,107

United Kingdom Government United Kingdom 59,783,689,351 10,742,318,737 GOVERNMENT RELATED

A2A SpA Italy 191,364,947 34,385,688 United Arab Abu Dhabi National Energy Co 354,065,866 63,620,838 Emirates

ACEA SpA Italy 31,124,318 5,592,618 International African Development Bank 473,057,535 85,002,028 Organisations

Agence Francaise de Developpement France 3,850,311,805 691,848,849 Agricultural Development Bank of China China 80,525,523 14,469,345

Allied Irish Banks PLC Ireland 647,236,874 116,299,694 Areva SA France 149,626,067 26,885,776

Autobahnen- Und Schnellstrasen-Finanzierungs-AG Austria 237,157,262 42,613,946

Autonomous Community of Andalusia Spain Spain 83,333,042 14,973,818 Autonomous Community of Catalonia Spain 398,430,117 71,592,492

Autonomous Community of Madrid Spain Spain 1,185,693,227 213,053,003

Autonomous Community of Valencia Spain 51,330,748 9,223,440 Banco Cooperativo Espanol SA Spain 66,964,248 12,032,568

Banco del Estado de Chile Chile 30,633,680 5,504,457 Banco Financiero y de Ahorros SA Spain 1,363,345,720 244,974,749

Bank Nederlandse Gemeenten Netherlands 2,866,024,885 514,985,829

Bank of Thailand Thailand 1,638,311,041 294,382,290 Basque Government Spain 42,506,790 7,637,894

Bayerische Landesbodenkreditanstalt Germany 395,807,238 71,121,196 Bremer Landesbank Kreditanstalt Oldenburg - Germany 78,552,776 14,114,869 Girozentrale

BRFkredit A/S Denmark 312,587,743 56,167,781

Caisse des Depots et Consignations France 353,626,239 63,541,842

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 29 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Caisse d'Amortissement de la Dette Sociale France 1,258,534,337 226,141,564 Caisse Nationale des Autoroutes France 412,064,617 74,042,427

Caixa d'Estalvis de Catalunya Tarragona i Manresa Spain 129,895,934 23,340,539

Caja de Ahorros de Murcia Spain 148,196,278 26,628,863 Caja de Ahorros y Monte de Piedad de Baleares Spain 32,184,352 5,783,092

Canada Housing Trust No 1 Canada 2,250,923,656 404,460,475 CDP Financial Inc Canada 373,550,958 67,122,044

Centrais Eletricas Brasileiras SA Brazil 180,324,535 32,401,875

Ceske Drahy Czech Republic 123,092,010 22,117,966 CEZ AS Czech Republic 417,456,386 75,011,255

China Development Bank Corp China 551,939,274 99,176,007

City of Rome Italy Italy 31,301,594 5,624,472 City of Toronto Canada Canada 118,155,419 21,230,927

British Virgin CNOOC Finance 2003 Ltd 65,464,500 11,763,083 Islands

Comunidad Autonoma de Canarias Spain 35,500,892 6,379,029

Comunidad Autonoma de las Islas Baleares Spain 43,275,489 7,776,019 Cores Spain 258,431,332 46,436,608

International Corp Andina de Fomento 525,643,390 94,450,993 Organisations

Corp Nacional del Cobre de Chile Chile 314,454,488 56,503,210 International Council Of Europe Development Bank 1,381,813,094 248,293,086 Organisations CP - Comboios de Portugal EPE Portugal 125,694,161 22,585,537

DekaBank Deutsche Girozentrale Germany 457,808,793 82,262,035

Deutsche Bahn Finance BV Netherlands 619,403,479 111,298,411 Development Bank of Japan Inc Japan 225,949,812 40,600,119

DONG Energy A/S Denmark 173,994,438 31,264,442

EBS Ltd Ireland 191,928,208 34,486,898

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 30 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Eesti Energia AS Estonia 84,354,386 15,157,340

Electricite de France SA France 1,711,313,297 307,499,806

Enbw International Finance BV Netherlands 84,828,956 15,242,614 Erste Abwicklungsanstalt Germany 2,601,002,183 467,364,841

Eskom Holdings SOC Ltd South Africa 90,859,742 16,326,264

International Eurofima 1,308,149,277 235,056,696 Organisations

International European Financial Stability Facility 3,597,275,015 646,381,567 Organisations

International European Investment Bank 17,931,634,070 3,222,071,618 Organisations International European Union 6,218,139,416 1,117,315,380 Organisations

EWE AG Germany 134,186,913 24,111,570 Export-Import Bank of China China 228,792,898 41,110,983

Export-Import Bank of Korea South Korea 412,762,735 74,167,869 Federal Agricultural Mortgage Corp United States 146,766,155 26,371,889

Finnvera OYJ Finland 249,770,646 44,880,400

Flemish Community Belgium 319,382,844 57,388,769 FMS Wertmanagement AoeR Germany 8,395,986,132 1,508,644,918

Fortum OYJ Finland 264,038,309 47,444,106 Gazprom OAO Russia 63,244,800 11,364,234

Gemeinsame Deutsche Bundeslaender Germany 784,855,027 141,027,811

Government of Egypt Egypt 156,448,795 28,111,728 Governor & Co of the Bank of Ireland/The Ireland 1,301,842,798 233,923,507

HSH Finanzfonds AoeR Germany 101,781,817 18,288,813

HSH Nordbank AG Germany 1,771,843,545 318,376,272 Hydro-Quebec Canada 706,255,125 126,904,474

Hypo Alpe-Adria-Bank International AG Austria 1,611,921,873 289,640,514

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 31 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Indian Oil Corp Ltd India 23,611,534 4,242,673

Industrial Bank of Korea South Korea 30,432,319 5,468,275 Instituto de Credito Oficial Spain 2,390,171,159 429,481,364

International International Finance Facility for Immunisation 30,482,251 5,477,247 Organisations International Inter-American Development Bank 349,126,203 62,733,247 Organisations

IPIC GMTN Ltd Cayman Islands 231,489,468 41,595,520 Irish Bank Resolution Corp Ltd/Old Ireland 85,154,908 15,301,183

Japan Bank for International Cooperation/Japan Japan 1,505,587,402 270,533,651 Japan Finance Corp Japan 384,074,722 69,013,022

Japan Finance Organization for Municipalities Japan 360,216,422 64,726,009

Junta Comunidades de Castilla-La Mancha Spain 22,392,207 4,023,576 KA Finanz AG Austria 189,132,952 33,984,628

KIG - Krankenanstalten Immobiliengesellschaft mbH Austria 84,994,999 15,272,449

Kommunekredit Denmark 577,647,784 103,795,478 Kommuninvest I Sverige AB Sweden 1,829,539,824 328,743,511

Korea Development Bank/The South Korea 483,898,012 86,949,914 Korea East-West Power Co Ltd South Korea 114,653,376 20,601,658

Korea Electric Power Corp South Korea 59,524,053 10,695,666

Korea Finance Corp South Korea 277,758,507 49,909,439 Korea Hydro & Nuclear Power Co Ltd South Korea 338,491,538 60,822,342

Korea National Oil Corp South Korea 121,006,455 21,743,220

Korea Railroad Corp South Korea 62,496,023 11,229,688 Kreditanstalt fur Wiederaufbau Germany 25,884,350,077 4,651,066,902

Landesbank Berlin AG Germany 289,262,558 51,976,561 Landesbank Hessen-Thueringen Girozentrale Germany 152,818,406 27,459,396

Landeskreditbank Baden-Wuerttemberg Foerderbank Germany 154,838,155 27,822,318

Landwirtschaftliche Rentenbank Germany 803,825,521 144,436,552

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 32 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Land Thueringen Germany 197,780,695 35,538,510

La Poste SA France 222,016,203 39,893,303 LeasePlan Corp NV Netherlands 70,766,404 12,715,764

Liberbank SA Spain 568,050,061 102,070,897 Municipality Finance PLC Finland 868,487,060 156,055,354

Municipal Finance Authority of British Columbia Canada 606,003,753 108,890,661

National Archives Facility Trust United States 97,578,716 17,533,573 Natixis France 197,755,243 35,533,937

NCG Banco SA Spain 152,417,420 27,387,345

Nederlandse Waterschapsbank NV Netherlands 808,458,641 145,269,061 Network Rail Infrastructure Ltd United Kingdom 1,694,020,189 304,392,469

New South Wales Treasury Corp Australia 1,432,151,522 257,338,219 NIBC Bank NV Netherlands 58,026,388 10,426,556

Norddeutsche Landesbank Girozentrale Germany 566,721,692 101,832,207

International Nordic Investment Bank 176,073,835 31,638,082 Organisations

International North American Development Bank 421,127,184 75,670,848 Organisations

NORD/LB G-MTN SA Luxembourg 188,426,753 33,857,734

NRW Bank Germany 1,543,433,737 277,334,125 OeBB Infrastruktur AG Austria 207,373,138 37,262,142

Oesterreichische Kontrollbank AG Austria 1,567,875,273 281,725,937

Ontario Electricity Financial Corp Canada 263,453,104 47,338,952 Pemex Project Funding Master Trust United States 398,056,715 71,525,397

Permanent TSB PLC Ireland 977,749,987 175,688,421 Petrobras International Finance Co - Pifco Cayman Islands 810,125,501 145,568,573

Petroleos Mexicanos Mexico 348,260,707 62,577,729

Trinidad and Petroleum Co of Trinidad & Tobago Ltd 40,334,934 7,247,641 Tobago

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 33 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Portigon AG Germany 199,305,244 35,812,451 Private Export Funding Corp United States 32,995,007 5,928,756

Province of Alberta Canada Canada 715,817,850 128,622,766

Province of British Columbia Canada 998,171,551 179,357,900 Province of Manitoba Canada Canada 297,038,332 53,373,763

Province of New Brunswick Canada Canada 597,674,670 107,394,038 Province of Ontario Canada Canada 3,217,112,219 578,071,465

Province of Quebec Canada Canada 1,800,866,394 323,591,284

PTT PCL Thailand 102,344,143 18,389,856 Qatari Diar Finance QSC Qatar 66,211,016 11,897,222

Rede Ferroviaria Nacional REFER EP Portugal 142,229,562 25,556,725 Regie Autonome des Transports Parisiens France 466,349,146 83,796,621

Region of Lombardy Italy Italy 64,730,028 11,631,109

Reseau Ferre de France France 1,528,773,944 274,699,959 Rheinland-Pfalz Bank Germany 33,040,091 5,936,857

RTE Reseau de transport d'electricite France 107,320,598 19,284,057

Sarawak International Inc Malaysia 30,930,862 5,557,857 SABIC Capital I BV Netherlands 60,932,342 10,948,716

Slovenska izvozna in razvojna banka dd Slovenia 80,737,459 14,507,427 Societe Financement de l'Economie Francaise France 745,149,452 133,893,258

Societe Nationale des Chemins de Fer Francais France 515,092,117 92,555,072

State Bank of India India 59,326,734 10,660,210 State of Berlin Germany 671,046,561 120,577,972

State of Hesse Germany 233,157,149 41,895,180

State of Lower Saxony Germany 197,572,288 35,501,062 State of North Rhine-Westphalia Germany 7,147,762,359 1,284,356,023

State of Queensland Australia Australia 3,091,666,780 555,530,619 State of Rhineland-Palatinate Germany 77,660,548 13,954,548

State of Victoria Australia Australia 380,807,202 68,425,893

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 34 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Svensk Exportkredit AB Sweden 2,132,514,938 383,184,033

Tennessee Valley Authority United States 112,456,361 20,206,884

TenneT Holding BV Netherlands 58,498,880 10,511,456 Vattenfall AB Sweden 455,946,078 81,927,331

VERBUND International Finance GmbH Austria 133,015,565 23,901,094 Wirtschafts- und Infrastrukturbank Hessen Germany 221,723,341 39,840,679

International World Bank 1,342,636,674 241,253,614 Organisations Xunta de Galicia Spain 29,621,857 5,322,646 SECURITIZED

ABFS Mortgage Loan Trust United States 335,815 60,341 ABN Amro Mortgage Corp United States 4,883,739 877,542

ABSC NIMs Trust Cayman Islands 2 Accredited Mortgage Loan Trust United States 100,790 18,111

Achmea Hypotheekbank NV Netherlands 315,427,665 56,678,077

ACE Securities Corp United States 22,264,202 4,000,575 Aegis Asset Backed Securities Trust United States 575 103

AFC Home Equity Loan Trust United States 176,735 31,757

AIB Mortgage Bank Ireland 1,705,962,816 306,538,397 Aktia Real Estate Mortgage Bank PLC Finland 645,286,636 115,949,263

American Home Mortgage Investment Trust United States 3,961,086 711,754

Ameriquest Mortgage Securities Inc United States 7,108,963 1,277,384 Argent Securities Inc United States 12,203,840 2,192,865

Asset Backed Funding Certificates United States 4,527,154 813,468 Aviation Capital Group Trust United States 5,354,643 962,157

Ayt Cedulas Cajas Global Spain 5,380,908,038 966,876,248

AyT Cedulas Cajas IX Fondo de Titulizacion Spain 971,626,658 174,588,142 AyT Cedulas Cajas VI Fondo de Titulizacion de Spain 373,057,517 67,033,380 Activos Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 35 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

AyT Cedulas Cajas V Fondo de Titulizacion de Spain 913,437,782 164,132,390 Activos AyT Cedulas Cajas X Fondo de Titulizacion Spain 459,154,316 82,503,808

Banca Carige SpA Italy 211,713,085 38,041,972

Banca Monte dei Paschi di Siena SpA Italy 665,553,318 119,590,911 Banca Popolare di Milano Scarl Italy 74,128,855 13,319,951

Banco Bilbao Vizcaya Argentaria SA Spain 5,370,023,240 964,920,397 Banco BPI SA Portugal 200,208,578 35,974,768

Banco Comercial Portugues SA Portugal 236,549,799 42,504,793

Banco de Sabadell SA Spain 379,896,948 68,262,333 Banco Espanol de Credito SA Spain 172,932,961 31,073,709

Banco Espirito Santo SA Portugal 74,002,067 13,297,168

Banco Pastor SA Spain 97,232,748 17,471,407 Banco Popolare SC Italy 118,251,633 21,248,216

Banco Popular Espanol SA Spain 5,574,765,202 1,001,709,753

Banco Santander SA Spain 2,770,397,989 497,802,972

Banco Santander Totta SA Portugal 319,708,880 57,447,353

Banc of America Alternative Loan Trust United States 175,496,724 31,534,383 Banc of America Funding Corp United States 52,602,972 9,452,041

Banc of America Large Loan Inc United States 8,927,991 1,604,239

Banc of America Merrill Lynch Commercial Mortgage United States 193,768,864 34,817,639 Inc

Banc of America Mortgage Securities Inc United States 20,587,409 3,699,278 Bankinter SA Spain 209,235,632 37,596,807

Bank of America-First Union NB Commercial United States 234,911 42,210 Mortgage Bank of Ireland Mortgage Bank Ireland 1,023,860,514 183,973,858

Banques Populaires Covered Bond SA France 615,736,335 110,639,474 Bayview Commercial Asset Trust United States 2

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 36 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Country Market value Market value NOK USD

Bayview Financial Acquisition Trust United States 30,462,134 5,473,633 Bayview Financial Asset Trust United States 696,733 125,194

Bear Stearns Adjustable Rate Mortgage Trust United States 6,454,516 1,159,789

Bear Stearns Asset Backed Securities Trust United States 24,853,440 4,465,826 Bear Stearns Commercial Mortgage Inc United States 136,953,197 24,608,633

Bear Stearns Cos LLC/The United States 10,807,194 1,941,906

BFC Trust United States 777,027 139,621

Blade Engine Securitization Ltd Cayman Islands 7,558,139 1,358,095

BNC Mortgage Loan Trust United States 38,270 6,877 BNP Paribas Home Loan SFH France 2,727,026,944 490,009,783

BNZ International Funding Ltd New Zealand 402,847,959 72,386,319 Bombardier Capital Mortgage Securitization Corp United States 3,704,162 665,588

BPCE SFH SA France 818,864,027 147,138,768

Bradford & Bingley PLC United Kingdom 2,053,820,859 369,043,773 Caisse Centrale Desjardins du Quebec Canada 2,109,314,550 379,015,238

Caisse de Refinancement de l'Habitat SA France 8,123,500,593 1,459,682,960 CaixaBank Spain 12,628,364,461 2,269,145,943

Caixa Geral de Depositos SA Portugal 573,139,612 102,985,421

CBA Commercial Small Balance Commercial United States 4,917,265 883,566 Mortgage

Cedulas TDA Spain 2,889,303,909 519,168,754

Celtic Residential Irish Mortgage Securitisation Ireland 506,559,685 91,021,910 Cendant Mortgage Corp United States 406,103 72,971

Centerline REIT Inc United States 85,703 15,400 Centex Home Equity United States 3,376,598 606,729

Chase Funding Mortgage Loan Asset-Backed United States 2,661,027 478,151 Certificates Chase Mortgage Finance Corp United States 24,306,585 4,367,564

Cie de Financement Foncier SA France 3,166,179,851 568,919,609

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 37 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Citicorp Mortgage Securities Inc United States 32,165,159 5,779,643

Citigroup Commercial Mortgage Trust United States 83,808,307 15,059,217 Citigroup Mortgage Loan Trust Inc United States 27,880,685 5,009,781

Citigroup/Deutsche Bank Commercial Mortgage Trust United States 126,984,115 22,817,324 CIF Euromortgage SA France 1,411,772,201 253,676,331

CIT Group Securitization Corp/The United States 1,668,940 299,886

Commercial Mortgage Asset Trust United States 3,378,293 607,033 Commercial Mortgage Loan Trust United States 127,147,996 22,846,772

Commercial Mortgage Pass Through Certificates United States 5,474,038 983,610

Conseco Financial Corp United States 4,163,256 748,081 Countryplace Manufactured Housing Contract Trust United States 8,557,633 1,537,691

Countrywide Alternative Loan Trust United States 1,130,895,094 203,206,522 Countrywide Asset-Backed Certificates United States 127,239,730 22,863,255

Countrywide Home Loan Mortgage Pass Through United States 381,998,073 68,639,877 Trust Coventry Building Society United Kingdom 1,063,039,903 191,013,863

Credit Agricole Covered Bonds France 2,284,668,526 410,523,970

Credit Mutuel - CIC Home Loan SFH France 389,690,508 70,022,103

Credit Suisse First Boston Mortgage Securities Corp United States 78,991,452 14,193,693

Credit-Based Asset Servicing and Securitization LLC United States 8,784,393 1,578,436

Crest Ltd Cayman Islands 697,331 125,301 CW Capital Cobalt Ltd Cayman Islands 56,513,636 10,154,735

Depfa ACS Bank Ireland 664,461,717 119,394,765

Deutsche ALT-A Securities Inc Alternate Loan Trust United States 3,592,358 645,498 Deutsche Mortgage & Asset Receiving Corp United States 2,963 532

Deutsche Pfandbriefbank AG Germany 4,402,852,015 791,132,836 Dexia Kommunalbank Deutschland AG Germany 376,664,605 67,681,525

Dexia Municipal Agency SA France 2,723,717,315 489,415,087

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 38 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

DLJ Commercial Mortgage Corp United States 4,309,492 774,357

Ellington Loan Acquisition Trust United States 4,516,965 811,637

Erste Europaeische Pfandbrief und Luxembourg 41,185,509 7,400,478 Kommunalkreditbank AG in Luxembourg

Erste Group Bank AG Austria 151,094,265 27,149,592 FFCA Secured Lending Corp United States 38,345 6,890

First Franklin Mortgage Loan Asset Backed United States 10,333,690 1,856,824 Certificates First Horizon Alternative Mortgage Securities United States 4,523,712 812,850

First Horizon Asset Securities Inc United States 967,368 173,823

First Union National Bank-Bank of America United States 1,292 232 Commercial Mortgage Trust

Flagstar Home Equity Loan Trust United States 5,237,142 941,043 Fremont Home Loan Trust United States 854,492 153,541

GCE Covered Bonds SA France 392,757,316 70,573,167

GE Business Loan Trust United States 210,517 37,827 GE Capital Commercial Mortgage Corp United States 126,810,554 22,786,138

Global Mortgage Securitization Ltd Cayman Islands 12,359,175 2,220,776 GMAC Mortgage Corp Loan Trust United States 38,001,242 6,828,308

Greenwich Capital Commercial Funding Corp United States 55,750,323 10,017,578

GSAA Trust United States 8,567,375 1,539,441 GSAMP Trust United States 60,756,184 10,917,063

GSMPS Mortgage Loan Trust United States 13,767,682 2,473,866

GSRPM Mortgage Loan Trust United States 1,521,370 273,370 GSR Mortgage Loan Trust United States 37,693,879 6,773,079

GS Mortgage Securities Corp II United States 160,853,495 28,903,193 G-Force LLC United States 5,570,180 1,000,886

Harborview Mortgage Loan Trust United States 3,756,954 675,074

Hasco NIM Trust Cayman Islands

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 39 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Hometown Commercial Mortgage United States 20,444,216 3,673,548

Home Equity Asset Trust United States 26,883,112 4,830,531 Home Equity Mortgage Trust United States 155,584 27,956

HSI Asset Securitization Corp Trust United States 11,317,693 2,033,636

Hypothekenbank Frankfurt AG Germany 3,248,584,542 583,726,615 Hypothekenbank Frankfurt International SA Luxembourg 661,598,404 118,880,267

Impac Funding Corp United States 4,352,155 782,023 IMPAC Mortgage Holdings Inc United States 7,657,190 1,375,893

IM Cedulas 9 Spain 346,126,230 62,194,193

Indymac Index Mortgage Loan Trust United States 25,081,579 4,506,820 Indymac Residential Asset Backed Trust United States 8,589,824 1,543,475

Intesa Sanpaolo SpA Italy 572,619,823 102,892,022

Irwin Home Equity Corp United States 17,834,189 3,204,562 IXIS Real Estate Capital Trust United States 1,690,714 303,798

JP Morgan Alternative Loan Trust United States 152,186,741 27,345,895 JP Morgan Chase Commercial Mortgage Securities United States 476,759,603 85,667,239 Corp

JP Morgan Mortgage Acquisition Corp United States 29,300,990 5,264,991 JP Morgan Mortgage Trust United States 78,968,705 14,189,606

Kommunalkredit Austria AG Austria 197,552,454 35,497,499 Kutxabank SA Spain 1,612,476,115 289,740,104

Lansforsakringar AB Sweden 458,472,591 82,381,311

Lansforsakringar Hypotek AB Sweden 189,038,879 33,967,724 LB Commercial Conduit Mortgage Trust United States 19,644,956 3,529,932

LB-UBS Commercial Mortgage Trust United States 325,611,849 58,508,036

Leeds Building Society United Kingdom 523,687,278 94,099,506 Lehman XS Trust United States 31,181,326 5,602,862

Luminent Mortgage Trust United States 5,940,965 1,067,511 Mastr Adjustable Rate Mortgages Trust United States 15,440,540 2,774,456

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 40 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Mastr Asset Backed Securities Trust United States 9,655,633 1,734,986 Mastr Specialized Loan Trust United States 6,050,882 1,087,262

MASTR Asset Securitization Trust United States 26,461,272 4,754,732

Mellon Residential Funding Corp United States 1,251,994 224,966 Merrill Lynch Mortgage Investors Inc United States 44,168,246 7,936,435

Merrill Lynch Mortgage Trust United States 247,674,522 44,503,755

Merrill Lynch/Countrywide Commercial Mortgage Trust United States 39,819,271 7,154,983 Mid-State Trust United States 2,169,605 389,849

Montes de Piedad y Caja de Ahorros de Ronda Cadiz Spain 951,780,432 171,022,044 Almeria Malaga Antequera

Morgan Stanley ABS Capital I United States 56,561,057 10,163,255

Morgan Stanley Capital I Inc United States 194,486,573 34,946,601 Morgan Stanley Home Equity Loan Trust United States 1,002,970 180,220

Morgan Stanley IXIS Real Estate Capital Trust United States 5,427,256 975,204 Morgan Stanley Mortgage Loan Trust United States 4,335,264 778,988

MSDWCC Heloc Trust United States 212,497 38,183

Muenchener Hypothekenbank eG Germany 1,404,569,969 252,382,188 Multi Security Asset Trust United States 27,158,978 4,880,100

National Bank of Canada Canada 1,029,909,339 185,060,750

New Century Home Equity Loan Trust United States 542 97 Nordea Bank Finland PLC Finland 1,159,582,220 208,361,209

Nordea Hypotek AB Sweden 2,286,824,076 410,911,294 Nordea Kredit Realkreditaktieselskab Denmark 1,047,996,859 188,310,832

Nord/LB Covered Finance Bank SA Luxembourg 347,612,027 62,461,170

Northern Rock Asset Management PLC United Kingdom 2,690,385,317 483,425,779 Novastar Home Equity Loan United States 6,128,796 1,101,262

NSCR Trust Cayman Islands 56 10

Nykredit Realkredit A/S Denmark 1,123,582,124 201,892,480 Oakwood Mortgage Investors Inc United States 16,146,067 2,901,229

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 41 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Option One Mortgage Loan Trust United States 19,185 3,447 OP Mortgage Bank Finland 252,220,215 45,320,554

Origen Manufactured Housing United States 810,605 145,655 People's Financial Realty Mortgage Securities Trust United States 15,061,006 2,706,259

Popular ABS Mortgage Pass-Through Trust United States 5,045,877 906,676

Public Service New Hampshire Funding LLC United States 183,127 32,905 Rampart CLO Ltd Cayman Islands 21,301,689 3,827,625

RAAC Series United States 119,736 21,515 RALI Trust United States 577,798,931 103,822,637

RAMP Trust United States 6,704,102 1,204,636

RASC Trust United States 34,703,571 6,235,761 Realkredit Danmark A/S Denmark 702,540,503 126,237,007

Renaissance Home Equity Loan Trust United States 5,424,467 974,703

Residential Asset Securitization Trust United States 1,311,826 235,717 Residential Funding Mortgage Securities II Home United States 162,920 29,275 Loan Trust Resix Finance Ltd Credit-Linked Notes Cayman Islands 3,110,734 558,957

RESI Finance LP Cayman Islands 12,516,158 2,248,984

RFMSI Trust United States 33,233,457 5,971,602 RFSC Trust United States 2,771,181 497,944

Santander Consumer Finance SA Spain 1,740,657,847 312,772,624

Saxon Asset Securities Trust United States 3,813,422 685,220 SBI Heloc Trust United States 7,505,870 1,348,703

Sequoia Mortgage Trust United States 663,007 119,133 SG Mortgage Securities Trust United States 22,532,936 4,048,863

Sharp SP I LLC Net Interest Margin Trust Cayman Islands 2

Smart Home Reinsurance Ltd Cayman Islands 4,871,926 875,419 Soundview Home Equity Loan Trust United States 15,721,745 2,824,985

Specialty Underwriting & Residential Finance United States 392,963 70,610

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 42 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Stadshypotek AB Sweden 3,776,905,427 678,658,717

Structured Adjustable Rate Mortgage Loan Trust United States 18,831,363 3,383,741

Structured Asset Investment Loan Trust United States 69,896 12,559 Structured Asset Mortgage Investments Inc United States 4,769,271 856,973

Structured Asset Receivables Trust United States 11,535,308 2,072,739 Structured Asset Securities Corp United States 76,353,304 13,719,654

Swedbank Hypotek AB Sweden 4,712,631,331 846,795,981

Swedish Covered Bond Corp Sweden 1,154,704,319 207,484,717 Terwin Mortgage Trust United States 4,916,263 883,386

TIAA Real Estate CDO Ltd Cayman Islands 544,636 97,864 TIAA Seasoned Commercial Mortgage Trust United States 54,180,978 9,735,587

Toronto-Dominion Bank/The Canada 3,396,161,967 610,244,278

UniCredit Bank AG Germany 569,015,669 102,244,404 UniCredit SpA Italy 2,484,747,443 446,475,440

Unione di Banche Italiane SCPA Italy 1,160,965,228 208,609,717

Wachovia Bank Commercial Mortgage Trust United States 282,810,821 50,817,272 WaMu Mortgage Pass Through Certificates United States 19,105,183 3,432,942

Washington Mutual Alternative Mortgage Pass- United States 6,342,675 1,139,693 Through Certificates

Washington Mutual Asset-Backed Certificates United States 199,621 35,869

Washington Mutual MSC Mortgage Pass-Through United States 1,574,441 282,906 CTFS

WAMU Asset-Backed Certificates United States 10,517,149 1,889,789

Wells Fargo Home Equity Trust United States 8,383,482 1,506,398 Wells Fargo Mortgage Backed Securities Trust United States 75,311,838 13,532,517

WL BANK AG Westfaelische Landschaft Germany 759,659,039 136,500,434 Bodenkreditbank

WM Covered Bond Program United States 1,550,485,719 278,601,270

Yale Mortgage Loan Trust United States 2,389,539 429,368

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 43 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012 Market value Market value Country NOK USD

Yorkshire Building Society United Kingdom 313,723,363 56,371,837

Country association according to country classification for companies in the equity holdings list, by use of issuer, guarantor or ultimate parent. For remaining companies, the country of incorporation and country of risk is used, or a further assessment is made. US AID guaranteed bonds are classified to the issuing country. Country is defined as a sovereign state currently member of the United Nations. Exceptions are Hong Kong and Taiwan. The country association methodology was updated as of 2014. 44 GOVERNMENT PENSION FUND GLOBAL HOLDINGS 2012