Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global CBA CapitalT BHP illitonFinanceUSALtd BHP illitonFinanceLtd Australian Government Australia &NewZealandBankingGroupLtd ANZ CapitalT Amcor Ltd/ustralia Australia Petrobras EnergiaSA Argentina Banco NacionaldeDesenvolvimento EconomicoeSocial Banco radescoSA/razil Brazil Weatherford Internationalnc Oil InsuranceLtd Max USAHoldingsLtd Holcim GBFinanceLtd Fidelity InternationalLtd Catlin InsuranceCoLtd Bacardi Ltd Bermuda Solvay SA Solvay FinanceFranceSA SNCB Holding Kingdom ofBelgium KBC InternationaleFinancieringsmaatschappijNV KBC ankFundingT Home LoanInvest Fortis BankSA/NV Flemish Community Euroclear FinanceSA Elia SystemOperatorSA/NV Delhaize AmericaInc Belgacom SA ASR NederlandNV Anheuser-Busch InevNV Belgium Commonwealth oftheBahamas Bahms V UniCredit BankAustriaG T RZB FinanceJerseyIVLtd Republic ofAustria Raiffeisen ZentralbankOesterreichAG Pfandbriefstelle derOesterreichischenLandes-Hypothekenbanken Oesterreichische V Oesterreichische KontrollbankAG OeBB InfrastrukturAG Kommunalkredit AustriaG KIG -KrankenanstaltenmmobiliengesellschaftmbH KA FinanzG Hypo Alpe-dria-BankInternationalG Erste GroupBankAG BA Asfinag Austria WT FinanceAustPtyLtd/Westfield Europe FinancePLC/WEALL WT FinanceAustPtyLtd/Westfield Capital/W EA FinanceLLC Woodside FinanceLtd Westpac SecuritisationT Westpac BankingCorp WEA FinanceLLC/TAustPtyLtd WCI FinanceLLC/WEA T Swan Suncorp-Metway Ltd Suncorp InsuranceFunding2007Ltd Stockland FinancePtyLtd St GeorgeBankLtd SPI Electricity&GasAustraliaHoldingsPtyLtd SingT QBE InsuranceGroupLtd QBE CapitalFundingLP QBE CapitalFundingIILP Qantas AirwaysLtd Puma FinanceLtd National RMBST National CapitalT National CapitalT National AustraliaBankLtd Medallion T Macquarie GroupLtd Insurance AustraliaGroupLtd Foster’s FinanceCorp FBG FinanceLtd Crusade GlobalT Crusade EuroT Commonwealth BankofAustralia Clydesdale BankPLC elekom FinanzmanagementGmbH elstra CorpLtd erbund InternationalFinanceBV W Postsparkasse AG P.S.K. BankfuerArbeitundWirtschaftOesterreichische el OptusFinancePtyLtd rust rust II rust II rust rust rust rust II rust I olksbanken AG rust III rust

2 591987093 7 369567013 1 184890759 1 182951348 1 116701850 1 359598384 8 252782100 137 265035 241 938771 418 358417 139 140448 170 533482 187 466424 401 028819 600 472448 343 789406 195 735549 328 975224 137 071666 201 758605 352 295530 524 391945 493 351147 431 597984 421 427546 169 428782 319 186606 120 236172 209 336324 273 979463 686 925778 633 065924 202 062273 265 599 113 199356 283 461347 693 589176 177 097734 199 744761 500 793438 117 586621 401 010089 610 290268 11 524125 22 583678 53 530088 24 486045 12 436424 39 657451 58 876493 56 145103 39 681177 26 686994 32 391421 49 123484 19 557282 77 612849 14 859312 86 096311 25 008256 28 103128 35 986551 75 288610 52 311845 41 007415 31 662942 16 611376 40 675783 22 680427 48 614572 32 705591 14 915654 92 402519 28 149195 35 782942 45 923444 29 663982 36 243310 80 428563 56 306574 23 929792 9 011808 8 237582

Market value Holdings of bonds at 31 December 2009 (NOK) Hasco NIMT Guggenheim StructuredR eal EstateFundingLtd FirstCaribbean International Bank Ltd/CaymanIsland Dwr CymruFinancingLtd Crest Ltd Blade EngineSecuritizationLtd Bishopsgate AssetFinanceLtd BCP FinanceCo ASIF II Ca YPG HoldingsInc Xstrata FinanceCanadaLtd Xstrata CanadaCorp World ColorUsaCorp V T T T Thomson ReutersCorp TELUS Corp T Suncor EnergyInc Sun LifeFinancialInc Sun LifeCapitalT Shaw CommunicationsInc Scotiabank CapitalT Royal BankofCanada RONA Inc Rogers CommunicationsInc Province ofQuebecCanada Province ofOntarioCanada Province ofNovaScotiaCanada Province ofNewfoundland Province ofNewBrunswickCanada Province ofManitobaCanada Province ofAlbertaCanada Potash CorpofSaskatchewanInc Petro-Canada Ontario ElectricityFinancialCorp Nexen Inc NBC AssetT National BankofCanada Metro Inc Marathon GlobalFundingCorp Manulife FinancialCapitalT Hydro Quebec Hydro OneInc Husky EnergyInc Holcim FinanceCanadaInc Greater T Great-West Life&Annuity Insurance Co Government ofCanada EPCOR UtilitiesInc EnCana Corp Enbridge Inc ConocoPhillips CanadaFundingCoI City ofT Citigroup FinanceCanadaInc Cenovus EnergyInc Canadian PacificRailwayCo Canadian NaturalResourcesLtd Canadian NationalRailwayCo Canadian ImperialBankofCommerce/Canada Canada Mortgage&HousingCorp Cameco Corp Caisse CentraleDesjardinsduQuebec Brookfield PowerCorp Brookfield AssetManagementInc BMO SubordinatedNotesT Bell AliantRegionalCommunicationsLP Bell Canada Bank ofNovaScotia Bank ofMontreal American ExpressCanadaCreditCorp Alberta EnergyCoLtd Agrium Inc 407 Internationalnc Canada Republic ofBulgaria Bulgaria V V Usiminas CommercialLtd T Petrobras InternationalFinanceCo GTL T Gerdau HoldingsInc Federative RepublicofBrazil Embraer OverseasLtd Cia deBebidasdasAmericas Centrais EletricasBrasileirasSA ransCanada PipeLinestd ransAlta Corp oronto-Dominion Bank/The alisman EnergyInc ele NorteLesteParticipacoesSA ale IncoLtd oto-V ale OverseasLtd yman Islands rade FinanceInc otorantim OverseasT oronto Canada oronto Airportsuthority rust rust rust rust rust rust rading OperationsNV

1 423368246 2 006976318 7 131388405 3 509595317 1 715338315 338 763088 289 879703 375 704628 424 076475 266 140496 189 920346 148 722110 202 805323 719 101443 245 628094 345 768592 438 482217 182 751250 109 872615 241 261475 176 770911 201 963151 750 326360 244 291361 174 839928 141 960009 205 951802 414 996408 131 072306 125 154688 135 277629 269 809392 110 611189 390 751488 152 579890 71 829334 167 798334 90 142323 25 338876 42 575053 65 663589 41 154897 64 401579 47 432387 52 281013 73 928705 35 582903 49 637040 35 453630 21 568989 29 678581 27 065785 18 085869 15 618176 63 871014 15 226864 84 451430 17 016248 23 943139 18 249237 81 726638 57 143526 80 232494 11 291318 84 220946 25 335174 30 455771 54 489872 29 792877 68 490355 15 993812 92 290879 29 461179 18 935628 18 397904 59 772229 40 996230 74 398363 32 130441 35 864923 27 172072 81 494068 2 731248 5 426544 3 300620 8 339781 195 456 5 062 Market value (NOK) 1 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global T Inversiones CMPCSA Corp NacionaldelCobredeChile-CODELCO Celulosa AraucoyConstitucionSA Banco SantanderChile Chile T T TIAA RetailCommercialT STRIPs IIILtd/Corp Shinsei FinanceIICaymanLtd Resix FinanceLtdCredit-inkedNotes RESI FinanceLP Navigator CDOLtd N-Star RealEstateCDOLtd Mastr AlternativeNIM Long BeachAssetHoldingsCorp LNR CDOtd High IncomeT T Spar NordBankA/S Realkredit DanmarkA/S Nykredit RealkreditA/S Nordea KreditRealkreditaktieselskab Kommunekredit Kingdom ofDenmark FIH ErhvervsbankA/S Dong EnergyA/S Danske BankA/S Danica PensionLivsforsikringsaktieselskab Carlsberg BreweriesA/S BRFkredit AS Denmark Czech Republic CEZ FinanceBV CEZ AS Czech Republic Republic ofCyprus Marfin PopularBankPublicCoLtd Cyprus Republic ofCroatia Croatian BankforReconstruction&Development Croatia Export-Import BankofChina China Government China DevelopmentBankCorp China CM-CIC CoveredBonds Ciments FrancaisSA CIF Euromortgage Cie FinanciereetIndustrielledesAutoroutes Cie deFinancementFoncier Casino GuichardPerrachonSA Carrefour SA Caisse Refinancementdel’Habitat Caisse NationaledesAutoroutes Caisse desDepotsetConsignations Caisse d’AmortissementdelaDetteSociale Caisse CentraleduCreditImmobilierdeFrance BPCE SA Bouygues SA BNP ParibasPublicSectorCF BNP ParibasHomeLoanCoveredondsSA BNP ParibasCapitalT BNP Paribas/USMedium-T BNP Paribas Banques PopulairesCoveredond Banque FederativeduCreditMutuel/France AX SA Autoroutes duSuddelaFrance Areva SA Alstom SA Akerys HoldingsSA Air LiquideSA Agence FrancaisedeDevelopement Accor SA France T Stora EnsoOYJ Sampo OYJ Sampo HousingLoanBankPC Republic ofFinland Pohjola BankPLC OP MortgageBank Nokia OYJ Metso OYJ Fortum OYJ Elisa OYJ Finland Eesti nergiaAS Estonia ranselec SA rafford CentreFinLtd ryg ForsikringA/S eollisuuden V imberstar T rust oima OYJ rust SecuritiesInc rust VI rust erm NoteProgramLLC

1 397914322 4 549646089 1 517743193 3 738456593 9 177937199 2 630534710 5 832665221 1 187329883 1 457822307 101 472553 115 087623 661 637812 424 162086 320 676385 192 717652 174 891769 188 555540 337 265682 240 228425 880 350718 265 097844 395 802432 260 860226 428 803926 190 146697 183 366063 311 173702 404 012672 885 978589 558 585734 254 193514 791 308345 386 754112 117 128433 399 627458 346 080397 276 255137 459 570645 246 747222 110 969780 134 015851 17 398702 75 133700 29 209048 61 009058 21 257461 22 795166 29 745579 37 972973 75 897321 39 716413 25 650488 52 482775 30 762282 40 268343 43 091912 48 992412 86 924301 28 751950 15 341208 27 727697 26 657203 80 109313 89 278060 42 521396 43 435091 69 975935 40 070499 3 543560 2 005311 7 174849 4 588231 816 059 518 420 273 144 596 786 577 916 317 461 91 275 3 648 8 645 2 191

Market value Holdings of bonds at 31 December 2009 (NOK) Deutsche PfandbriefbankA G Deutsche Mortgage&Asset Receiving Corp Deutsche KreditbankAG Deutsche BankFinancialLLC Deutsche BankCapitalT Deutsche BankCapitalFundingT Deutsche BankAG/London Deutsche BankAG Deutsche BahnFinanceBV Deutsche Apotheker-und AerztebankeG DEPF DekaBank DeutscheGirozentrale Daimler InternationalFinanceBV Daimler FinanceNorthAmericaLLC Daimler CanadaFinanceInc Daimler AG Commerzbank CapitalFundingT Commerzbank CapitalFundingT Commerzbank AG Bundesrepublik Deutschland Bremer LandesbankKreditanstaltOldenburg-Girozentrale BMW USCapitalLLC BMW UKCapitalPLC BMW FinanceNV Bertelsmann USFinanceLLC Bertelsmann AG Berlin-Hannover Hypothekenbank BayernLB CapitalT Bayerische Landesbodenkreditanstalt Bayerische Landesbank Bayer CapitalCorpBV Bayer AG BASF SE Allianz SE Allianz FinanceIIBV Aareal HypG Aareal BankG Germany V V V V Unibail-Rodamco SE Unedic T T Suez EnvironnementCo Sodexo Societe T Societe NationaledesCheminsdeFerFrancais Societe GeneraledeCreditFonciere Societe Generale Societe FrancaiseduRadiotelephone Societe Financementdel’EconomieFrancaise Societe DesAutoroutesParis-Rhin-hone SES SA SCOR SE Schneider ElectricSA Sanofi-A RTE EDFT Reseau FerredeFrance Regie AutonomedesT RCI BanqueSA PPR Natixis Michelin LuxembourgSCS Legrand FranceSA LaSer Cofinoga Lafarge SA La Poste La MondialeV Klepierre IXIS Corporate&nvestmentBank Imerys SA HSBC France Groupe CreditMutuel Groupama SA GIE SuezAlliance GIE PSAT GDF Suez French Republic France T EDF SA Dexia MunicipalAgency Dexia CreditLocal Credit LogementSA Credit AgricoleSA/London Credit AgricoleSA Credit AgricoleCoveredBonds Compagnie deSt-Gobain CNP Assurances otal CapitalSA echnicolor eolia Environnement auban MobilisationGarantie ivendi SA inci SA A DeutschePfandbriefbankG ventis SA elecom SA elevision Francaise1 resorerie ransport SA ie rust I ransports Parisiens rust IV rust II rust I rust VII

42 970988701 36 867981322 2 680891489 2 743216119 1 332373929 1 010026970 2 323589799 1 056496587 3 057711659 1 115237202 1 614295922 7 837646598 1 058043870 647 041574 568 592257 351 298070 942 697993 174 021183 531 552463 300 045604 709 930054 153 035259 236 586807 584 929926 250 565556 442 403041 171 466781 364 321568 121 245577 729 776697 453 585185 343 911982 187 722019 404 771414 373 180518 180 751151 241 504822 695 245709 351 572346 778 213914 103 062929 334 231671 151 728374 107 705860 266 586660 455 172784 219 840367 287 477199 217 169788 442 042379 907 353563 162 139358 979 613478 841 445810 171 975429 156 890635 154 889167 414 795768 124 103607 119 344330 243 834060 24 650349 85 858561 92 243329 28 217107 36 033524 35 682752 39 503046 35 724467 37 485488 93 160941 44 507608 33 909894 27 643065 45 611633 47 378110 30 746329 55 730285 67 777207 85 010402 62 850949 47 347455 45 686971 82 761679 75 338773 34 161775 1 160356 4 222504 8 912729 77 306 Market value (NOK) 2 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global Deutsche PostbankFundingT Deutsche PostbankAG Deutsche PostFinanceBV Hutchison WhampoaInternational03/13 Ltd Hutchison WhampoaFinance 09Ltd Hutchison WhampoaFinance 05Ltd Hutchison WhampoaFinance03/13Ltd Hongkong LandFinanceCaymanIslandCotd Hong KongSARGovernmentBond Gain SilverFinanceLtd CNOOC Finance2003Ltd CNOOC Finance2002Ltd CLP PowerHongKongFinancingtd Bank ofEastAsiaLtd Hong Kon F&C CommercialProperty Credit Suisse/Guernsey Guernsey C.I. Public PowerCorpSA OTE PLC National BankofGreeceSA Hellenic Republic EFG HellasPLC EFG HellasFundingLtd Coca-Cola HBCFinanceBV Alpha CreditGroupPLC Greece WestLB AG Westfaelische Landschaft-BodenkreditAG V V V V UniCredit BankAG ThyssenKrupp FinanceNederlandBV ThyssenKrupp AG Suedzucker InternationalFinanceBV State ofchleswig-Holstein State ofRhineland-Palatinate State ofNorthRhine-Westphalia State ofLoweraxony State ofHesse State ofBrandenburg State ofBerlin State ofBaden-Wurttemberg Siemens FinancieringsmaatschappijNV SEB AG RWE FinanceBV Rheinland-Pfalz Bank RCL SecuritisationGmbH ProPart FundingLP NRW.BANK Norddeutsche LandesbankGirozentrale NORD/LB G-MTNSA Muenchener RueckversicherungsAG Muenchener HypothekenbankeG Metro FinanceBV Metro AG Merck FinancialServicesGmbH MAN SE Linde FinanceBV Lanxess FinanceBV Landwirtschaftliche Rentenbank Landeskreditbank Baden-WuerttembergFoerderbank Landesbank Hessen-ThueringenGirozentrale Landesbank BerlinAG Landesbank Baden-Wuerttemberg/NewYork Landesbank Baden-Wuerttemberg Kreditanstalt fuerWiederaufbau IKB DeutschendustriebankAG Hypothekenbank inEssenAG Hypo RealEstateInternationalT Hypo RealEstateBankInternationalAG HVB FundingT HT1 FundingGmbH HS NordbankAG HS FinanzfondsAoeR Henkel AG&CoKGaA HDI-Gerling LebensversicherungAG Hannover FinanceLuxembourgSA Gothaer AllgemeineV Gemeinsame DeutscheBundeslaender Free StateofBavaria EW AG Europaeische HypothekenbankSAGermany Eurohypo AG Enbw InternationalFinanceBV E.ON InternationalFinanceBV Duesseldorfer HypothekenbankAG Dexia KommunalbankDeutschlandAG Deutsche T olkswagen LeasingGmbH olkswagen InternationalFinanceNV olkswagen FinancialServicesAG oith AG elekom InternationalFinanceBV rust II ersicherung AG rust IV rust I

18 036477002 9 363193735 5 316445563 1 431206460 1 324294529 2 444834500 2 431277996 1 182473458 2 817579339 1 814343413 1 978819110 1 725059206 2 242699057 1 906694708 2 093298744 260 583605 111 885853 190 891032 109 275596 149 789557 372 643864 115 453460 734 627596 868 772033 515 180669 233 582105 980 335706 173 348914 178 738845 383 056446 665 639137 730 414612 624 377 893 999025 668 757202 752 829973 326 555513 941 394185 432 493020 754 678784 341 338178 196 881408 372 004234 200 250990 253 586177 404 281079 223 059878 112 940244 120 716782 165 374590 436 252853 436 206450 285 144058 88 718859 98 934625 83 437111 61 812524 57 118343 29 417004 53 582610 31 921828 32 406917 28 925189 26 671756 24 189997 39 848310 39 566407 57 629438 59 693315 44 001267 44 742799 50 758878 54 895604 33 028372 43 938545 35 616246 49 734594 48 403611 49 514445 81 383404 61 003646 28 717949 36 220823 83 147786 81 000328 62 500303 6 763219 207 206

Market value Holdings of bonds at 31 December 2009 (NOK) Unicredito ItalianoCapitalT UniCredit SpA UGF AssicurazioniSpA T T T T Region ofSicilyItaly Region ofLombardyItaly MPS CapitalT Mediobanca SpA Lottomatica SpA Italian Republic IntesaBci CapitalT Intesa SecpA Intesa SanpaolopA Hera SpA Generali FinanceBV Gemina Spa Fiat FinanceNorthAmericaInc Exor SpA ENI SpA Enel SpA Edison SpA Cordusio RMBSSrl City ofRomeItaly Cassa DepositiePrestitiSpA Banco PopolareSC Banca PopolarediV Banca PopolarediMilanoScarl Banca PopolarediLodiInvestorsT Banca PopolarediergamoCapitalT Banca MontedeiPaschidiSienapA Banca CarigeSpA Atlantia SpA Assicurazioni GeneraliSpA A2 SpA Ital T State ofIsrael Israel ElectricCorpLtd Israel Sasol FinancingInternationalPLC Isle ofMan UT2 FundingPLC Ulster BankLtd T Saphir FinancePLC Republic ofIreland Metrix SecuritiesPLC Lambay CapitalSecuritiesPC Kildare SecuritiesLtd Irish NationwideBldgSociet Irish LifeAssurancePC Irish Life&PermanentGroupHoldingsPC Governor &CooftheBankIreland/The German PostalPensions GE CapitalUKFunding Freshwater FinancePLC Depfa ACSBank DECO Series Celtic ResidentialIrishMortg Bord GaisEireann BOI CapitalFundingNo.3 BOI CapitalFundingNo2LP Bank ofIrelandUKHoldingsPlc Bank ofIrelandMortgage Anglo IrishCapitalUKLP Anglo IrishBankCorpLtd Anglo IrishssetFinancePLC Allied IrishBanksPLC AIB MortgageBank Ireland IC BankLtd/ndia IC BankLtd India Republic ofIceland Landsbanki IslandsHF Kaupthing BankHf Glitnir BankiHF Iceland Republic ofHungary OTP MortgageBank OTP BankLC Hungar PCCW-HKT CapitalNo3Ltd PCCW-HKT CapitalNo2Ltd Jardine StrategicFinanceLtd Hutchison WhampoaInternational09/16Ltd Hutchison WhampoaInternational09Ltd Hutchison WhampoaInternational03/33Ltd erna ReteElettricaNazionaleSpA elecom ItaliaSpA elecom ItaliaFinanceSA elecom ItaliaCapitalSA eva PharmaceuticalFinanceCoLLC alisman FinancePLC y y rust I rust icenza rust IV rust III rust

33 240412624 1 564586425 7 410136766 2 032396384 1 145696964 3 961733020 1 026118191 1 261081568 1 804642442 1 096402230 872 775492 210 226506 883 063884 215 365597 838 683217 127 122046 152 482877 113 413429 224 581655 329 801731 218 809917 793 432417 111 784453 484 939194 587 825836 261 795536 164 023823 233 368215 292 194568 131 576096 206 622169 219 571976 501 738224 339 144388 272 615705 540 564514 666 681326 781 847433 649 746581 122 134646 673 435081 126 422815 321 637230 43 749239 57 082910 46 080442 89 158675 77 897110 19 006516 33 580925 35 321577 12 950856 61 214208 39 393103 82 363647 16 860077 82 347344 62 350251 64 166054 54 061363 25 603500 25 304846 14 090039 16 231867 17 449826 52 800849 85 276026 29 024796 30 659527 30 971716 88 665402 47 159391 68 995631 32 045112 69 749449 14 164253 26 433718 59 374742 1 399299 5 030064 2 869771 4 188299 316 993 501 744

Market value (NOK) 3 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global ArcelorMittal Amstel SecuritisationofHighg Amstel CorporateLoanOffering Alliander FinanceBV Akzo NobelNV Aegon NV Adecco InternationalFinancialServicesBV Achmea HypotheekbankNV ABN AmroBankV Netherlands United MexicanStates T Petroleos Mexicanos Pemex ProjectFundingMasterT Grupo T BBVA BancomerSA/GrandCayman Banco MercantildelNorteSA America MovilSABdeCV Mexico T Sarawak Internationalnc Public Bankhd Petronas CapitalLtd Petroliam NasionalBhd Penerbangan MalaysiaBhd Malaysia Government Mala Unicredit LuxembourgFinanceSA UniCredit InternationalBankLuxembourgSA T Nord/LB CoveredFinanceBankSA ITW FinanceEuropeSA Hypo PfandbriefBankInternationalSA Holcim USFinanceSarl&CieCS Glencore FinanceEuropeSA Fortis HybridFinancingSA Espirito SantoFinancialGroupSA Erste uropaeischePfandbriefundKommunalkreditbankAGinLuxembourg Enel FinanceInternationalSA Blueorchard LoansforDevelopmentSA ArcelorMittal FinanceSCA Luxembourg Republic ofLithuania Lithuania T Kazakhstan ProSecure FundingLP Bawag CapitalFinanceJerseyLtd Bank ofScotlandCapitalFundingLP ASIF IIIJerseyLtd Arran MasterT Jersey C.I. T Sumitomo MitsuiBankingCorp/NewYork Sumitomo MitsuiBankingCorp STB FinanceCaymanLtd SMFG PreferredCapitalUSD3Ltd SMFG PreferredCapitalUSD1Ltd SMFG PreferredCapitalGBP2Ltd SMFG PreferredCapitalGBP1Ltd Shinsei FinanceCaymanLtd Shinsei BankLtd Resona PreferredGlobalSecuritiesCaymanLtd Resona BankLtd Promise CoLtd ORIX Corp Norinchukin FinanceLtd/Cayman Nissan MotorAcceptanceCorp Nippon LifeInsuranceCo MUFG CapitalFinance5Ltd MUFG CapitalFinance4Ltd MUFG CapitalFinance2Ltd MUFG CapitalFinance1Ltd Mizuho FinancialGroupCaymanLtd Mizuho CapitalInvestmentUSD1Ltd Mizuho CapitalInvestmentEUR1Ltd Japan Government Japan FinanceOrganizationforMunicipalities Japan FinanceCorp Fukoku MutualLifeInsuranceCo East JapanRailwayCo Development BankofJapan Dai-ichi MutualLifeInsuranceCo/The Chuo MitsuiT Bank ofT Bank ofT Aiful Corp Japan V Unipol GruppoFinanziarioSpA Unione diBancheItalianeSCP elefonos deMexicoSABCV enaga NasionalBhd alanx FinanzLuxembourgAG uranAlem FinanceBV oyota MotorCreditCorp ela HomeSrl ysia elevisa SA okyo-Mitsubishi UFJLtd/NewYork NY okyo MitsubishiCuracaoHoldingsN.V rust &BankingCoLtd/The rust A rust .

43 696435472 1 453832843 1 205558416 1 285726317 1 105019397 1 791872744 1 026736604 124 870025 429 995054 176 064964 130 152601 124 395896 199 794699 129 773227 180 972131 178 344879 110 566574 161 260247 228 631782 322 517699 152 286415 297 639341 274 170381 175 567456 119 078847 578 052078 117 157511 221 706742 461 318962 149 248923 261 220854 241 191099 101 692120 248 916169 103 705317 740 204804 269 183369 147 744414 140 073921 378 709141 300 711522 188 003605 166 477666 16 318717 49 272873 63 216571 17 505654 75 288745 85 102654 29 681201 28 655495 23 030940 35 297565 30 114212 16 466441 46 544765 41 396421 86 061978 88 709039 80 099694 65 194397 42 748961 60 513131 51 779654 44 042557 37 427423 48 026689 77 171053 24 637330 18 527477 46 313404 53 108184 90 296181 31 136952 40 770555 18 096765 55 724284 81 278942 43 709725 13 295205 43 534331 4 045970 9 940909

Market value Holdings of bonds at 31 December 2009 (NOK) United OverseasBankLtd T SP PowerAssetsLtd Singapore T Singapore Government PSA InternationalPteLtd Oversea-Chinese BankingCorpLtd Noble GroupLtd DBS CapitalFundingCorp DBS BankLtd/Singapore Singapore VTB CapitalSA TNK-BP FinanceSA Russian Federation RSHB CapitalSAforOJSCRussianAgriculturalank Lukoil InternationalFinanceBV Gaz CapitalSAforGazprom Dresdner BankAGforCityofMoscow Russia State ofQatar Ras LaffaniquefiedNaturalGasCotdIII Ras LaffaniquefiedNaturalGasCotdII Nakilat Inc Qatar Republic ofPortugal Refer-Rede FerroviariaNacionalSA Portugal T Parpublica -ParticipacoesPublicasSGPSA EDP FinanceBV CP -ComboiosdePortugalEPE Caixa GeraldeDepositosSA Caixa EconomicaMontepioGeral Brisa FinanceBV BPI CapitalFinanceLtd BES FinanceLtd BCP FinanceankLtd BANIF SGPSA Banco SantanderT Banco EspiritoSantoSA Banco ComercialPortuguesSA Banco PISA Portugal TPSA EurofinanceFranceSA Republic ofPoland Poland Republic ofPeru Peru Westpac SecuritiesNZLtd New ZealandGovernment Fonterra CooperativeGroupLtd ANZ NationalInternationalLtd/NewZealand New Zealand Wolters KluwerNV Urenco FinanceNV Unilever CapitalCorp TN V Standard LifeFundingBV SovRisc BV SN REAALV SN BankV Shell InternationalFinanceBV Scotland InternationalFinanceNo2BV Schlumberger FinanceBV Schiphol NederlandBV SABIC CapitalBV Rodamco EuropeFinanceBV Rabobank NederlandNV NIBC BankV Netherlands Government Nederlandse Waterschapsbank NV Nederlandse GasunieNV LeasePlan CorpNV Koninklijke PhilipsElectronicsNV Koninklijke KPNNV Koninklijke DSMNV ING V ING SecurityLifenstitutionalFunding ING GroepNV ING CapitalFundingTRIII ING BankNV HIT FinanceBV Fortis BankNederlandNV Eureko BV Cimpor FinancialOperationsBV Candide Financing Beluga MasterIssuerBV BASF FinanceEuropeNV Bank NederlandseGemeenten ASML HoldingNV Arran CorporateLoansBV emasek FinancialILtd erzekeringen NV elecom InternationalFinanceBV elecommunications Ltd otta SA

1 440897516 2 690394220 5 045447367 1 145126905 1 047363794 2 283035746 6 184487305 1 440491740 1 613955833 3 241123206 148 870836 461 635681 163 622611 968 279113 112 970217 145 032466 177 898858 189 653326 185 228288 253 953048 434 294213 140 271584 734 282139 282 090020 118 312917 333 672156 808 044145 141 052162 145 381483 189 793102 156 769103 148 945193 946 836557 351 903259 110 528262 428 026640 316 206 997 731242 132 911867 415 479141 139 841597 717 894877 267 980199 182 886215 797 284095 173 991212 238 528777 605 349571 251 023465 35 983413 91 885349 30 742756 89 892919 29 936461 29 529064 59 057926 78 715884 41 026432 89 657455 58 533137 51 269100 57 546280 76 462125 85 981296 22 517776 43 148786 34 931082 71 109577 69 065863 31 883229 26 614875 40 473158 25 848818 66 563896 35 270414 19 806439 41 192458 24 840240 49 810016 96 611326 93 059260 92 142886 6 583822

Market value (NOK) 4 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global Union FenosaFinanceBV T T Santander ConsumerFinanceSA Repsol InternationalFinanceBV Red ElectricadespanaFinanceBV Pastor ParticipacionesPreferentesSA Montes dePiedadyCajaAhorrosRondaCadiz Almeria Malaga Monte dePiedadyCajaAhorrosSanFernandoHuelvaJerez Sevilla Mapfre SA La CajadeAhorrosyPensionesBarcelona Kingdom ofSpain International EndesaBV Instituto deCreditoOficial IM Cedulas9 Iberdrola nternationalBV Iberdrola FinanzasSAU Gas NaturalCapitalMarketsSA Enagas Cores Cedulas TDA Cedulas GrupoBancoPopular2 CEAMI GuaranteedBondsI Cajamar CajaRuralSCC Caja deAhorrosyMontePiedadMadrid Caja deAhorrosyMontePiedadBaleares Caja deAhorrosyMontePie Caja deAhorrosdelMediterraneo Caja deAhorrosV Caja deAhorrosV Caja deAhorrosGalicia Caixa GaliciaPreferentesSAU Caixa deAforrosV Caixa d’EstalvisdeCatalunya Bilbao izkaiaKutxa BBVA SeniorFinanceSAU BBVA RMBSFTA BBVA InternationalPreferredSAUnipersonal BBVA AutosFondodeT BBV InternationalFinanceCayman Basque Government Banco SantanderSA Banco PopularEspanolSA Banco PastorSA Banco GuipuzcoanoSA Banco EspanoldeCreditoSA Banco deSabadellSA Banco deCreditoLocalEspanaSA Banco CooperativoEspanolSA Banco ilbaoV Bancaja EmisionesSAUnipersonal Bancaja CapitalSAUnipersonal A A A A A A A A Autonomous CommunityofV Autonomous CommunityofMadridSpain Autonomous CommunityofCatalonia Abertis InfraestructurasSA Spain Woori Bank Shinhan Bank Republic ofKorea KT Corp Korea RailroadCorp Korea ElectricPowerCorp Korea East-West PowerCoLtd Korea DevelopmentBank/Republicof Hyundai CapitalServicesInc Hana Bank GS CaltexCorp Export-Import BankofKorea South Korea Standard BankPLC Republic ofSouthAfrica New ReclamationGroupPtyLtd/The Imperial MobilityFinanceBV Eskom HoldingsLtd South Africa Republic ofSlovenia Nova LjubljanskaBankaDDjubljana Slovenia Slovak Republic Slov elefonica EuropeBV elefonica EmisionesSAU yT CedulasCajasXFondode yT CedulasCajasVIIFondode yT CedulasCajasVIFondode yT CedulasCajasVFondode yT CedulasCajasIXFondode yT CedulasCajasIVFondode yT CedulasCajasIIIFondode yt CedulasCajasGlobal y Antequera aki izcaya ArgentariaSA alencia CastellonyAlicante alencia Ca igo OurenseePontevedra itulizaci alencia itulizacion itulizacion deActivos itulizacion deActivos itulizacion deActivos itulizacion itulizacion deActivos itulizacion deActivos

12 327724891 13 064965755 1 064387175 1 124493966 9 660669589 3 635934907 2 940293231 2 339764117 6 668265929 9 184346876 6 199917140 2 054774237 2 795712918 7 024968744 1 269292381 1 597076242 267 201542 427 773557 139 878949 260 206701 153 977537 184 416573 417 015344 549 409745 347 744756 300 239943 154 552395 146 935166 165 004357 374 035723 836 403096 108 409909 536 710978 423 633246 165 926599 114 710109 594 232230 261 480095 376 196083 290 239026 259 066562 178 478251 345 896876 148 452711 263 659100 111 580721 225 105809 167 902700 105 968542 409 574717 151 587012 291 622736 731 462438 114 882976 674 619915 209 956247 26 875754 35 014692 59 689517 47 703711 77 550707 16 984201 51 303855 19 872032 37 130966 48 165506 95 689487 48 694082 76 938464 43 844271 56 155948 37 223951 69 235022 87 855351 66 008756 31 326659 29 437382 34 832669 88 991972 64 292020 96 446454 5 831129 5 049218 3 164575

Market value Holdings of bonds at 31 December 2009 (NOK) Bradford &ingleyPLC BP CapitalMarketsLC BG EnergyCapitalPLC Beazley GroupLtd Barclays PLC Barclays ankPLC Bank ofScotlandPLC BACB JerseyLtd BAA FundingLtd Chinatrust CommercialBankT A AstraZeneca PLC Aspire DefenceFinance Arran ResidentialMortgagesFundingPLC Arran ResidentialMortgagesFu Arkle MasterIssuerPLC Annington FinancePlc Anglo mericanCapitalPLC Anglian Water Plc Amlin PLC Alliance &LeicesterPC Aire V United Kgdom TDIC FinanceLtd National BankofAbuDhabiPJSC First GulfBankPJSC Emirate ofAbuDhabi Dubai HoldingCommercialOperationsMTNLtd Dolphin EnergyLtd Abu DhabiNationalEnergyCo Abu DhabiCommercialBankPJSC United ArabEmirates T2 CapitalFinanceCoSA Turkey Banque CentraledeT Tunisia Petroleum CoofT Trinidad anobago Thai OilPCL PTT PCL PTT ChemicalPCL Bangkok ankPCL/Thailand Thailand T Zurich FinanceUSAInc ZFS FinanceUSAT ZFS FinanceUSAT UBS PreferredFundingT UBS AG/StamfordCT UBS AG/Jersey Syngenta FinanceNV Switzerland Government Swiss ReCapitalILP Roche HoldingsInc Novartis SecuritiesInvestmentLtd Novartis FinanceSA Novartis CapitalCorp Merck FinanzAG JP MorganBankLuxembourgSAforSwissife Holcim FinanceLuxembourgSA ELM BVforSwissReinsuranceCo Credit Suisse/NewYork NY Credit SuisseGroupAG Credit SuisseAG Cloverie PlcforZurichInsuranceCo Ciba SpecialtyChemicalsFinanceLuxembourgSA Banque SYZ&CoSA Switzerland V V V T Swedbank HypotekAB Swedbank AB Svenska HandelsbankenAB Svensk ExportkreditAB Stadshypotek AB SKF AB Skandinaviska EnskildaBankenAB Securitas AB Scania CVAB SCA FinansAB Rodamco SverigeAB Nordea HypotekAB Nordea BankAB Lansforsakringar HypotekAB Kommuninvest ISverige Kingdom ofSweden Investor AB Atlas CopcoAB Sweden eliaSonera AB aiw olvo T attenfall T attenfall AB viva PLC an alley MortagesPLC reasury AB reasury AB rinidad &T rust II rust I unisie rust I obago Ltd aiwan

21 849914970 4 884551995 1 106905603 3 949598621 2 228773992 1 516306562 1 162261994 3 433318212 1 008191139 1 084989583 2 403519509 1 767915270 1 426521564 1 087766304 5 738339984 232 585425 109 571573 549 961795 770 496924 321 611040 215 777259 148 056728 672 919553 138 818278 165 961863 166 889691 481 127388 148 338875 336 395660 237 637068 627 092373 178 100369 480 009242 421 438618 122 400808 116 972690 454 805675 213 453840 148 884014 100 359831 250 913742 384 515347 216 637552 226 255055 909 419881 115 079342 737 170198 781 521262 107 612613 96 929875 15 163992 79 026521 30 684035 35 126230 94 553977 58 745058 28 951265 59 102441 29 740555 91 099534 29 685434 64 041121 92 250247 24 653546 97 061496 30 744071 42 707559 13 930573 54 165472 17 434961 29 513655 60 496094 65 995896 16 100216 47 078049 51 921442 66 360415 85 677177 25 255230 19 692931 5 780244 8 282607

Market value (NOK) 5 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global Network RailInfrastructureFinanceP LC Nats Ltd Nationwide BuildingSociety National Westminster BankPLC National GridPLC National GridGasPLC National GridElectricityT Msc PropertyIntermediateHold Mound FinancingPLC Motability OperationsGroupPlc MmO2 PLC Mitchells &ButlersPlc Metrix FundingPLC Massachusetts ElectricCo Marston’S Plc Marks &SpencerPLC London StockExchangeGroupPC Lloyds TSBBankPC Lloyds BankingGroupPC Lend easeEuropeFinancePC Lehman BrothersUKCapitalFundingIIIP Legal &GeneralGroupPC Legal &GeneralFinancePC Leek Financetd LBG CapitalNo.2Plc LBG CapitalNo.1Plc Land SecuritiesCapitalMarketsPC Kingfisher PLC J SainsburyPlc Investec FinancePLC Intercontinental HotelsGroupPLC Integrated AccomodationService Hutchison WhampoaFinanceUKPLC HSBC HoldingsPL HSBC FinanceCapitalT HSBC CapitalFundingLP/JerseyChannelIslands HSBC BankPL HSBC BankCanada/T HBOS PLC HBOS EuroFinanceLP HBOS CapitalFundingLP Harbour FundingPlc Hammerson PLC Greene KingPlc Granite MortgagesPLC Granite MasterIssuerPLC Gracechurch CardFundingPLC GlaxoSmithKline CapitalPLC GlaxoSmithKline CapitalInc Genfinance IIPlc G4S PLC Friends ProvidentGroupPLC Firstgroup PLC European PrimeRealstatePLC Erste CapitalFinanceJerseyT ENW FinancePlc Enterprise InnsPlcinc ELM BVforElsevierFinanceSA Electricity NorthWest Ltd EGG BankingPLC EDF nergyNetworksSPNPLC Edf nergyNetworksLPNPC EDF nergyNetworksPNPLC E.ON UKPLC Diageo InvestmentCorp Diageo FinancePLC Diageo FinanceBV Diageo CapitalPLC Derby HealthcarePlc Depfa FundingIVLP Daily Mail&GeneralT Credit Suisse/London Coventry BuildingSociety Compass GroupPLC Co-Operative BankPLC/UnitedKingdom Clerical MedicalFinancePLC Chelsea BuildingSociety Channel T Centrica PLC Carnival PLC Capital GroupPlc Canary WharfFinanceIIPLC Cadbury SchweppesUSFinanceLLC BUP BSKYB FinanceUKPLC Brunel ResidentialMortgageSe British T British SkyroadcastingGroupPLC British LandSainsburyuperstoretd British LandCoPlc British roadcastingCorp A FinancePLC elecommunications PLC unnel RaillinkFin oronto rust PLC rust IX ransmission PLC ier 1PC

14 012751752 2 724597563 1 044028365 1 325260286 1 182400721 4 134174865 1 117279760 330 092555 306 578284 113 646325 167 723611 426 577520 153 645102 177 694560 275 237274 117 407759 496 173930 679 596094 157 255052 101 010230 161 784055 404 325876 155 793965 212 613276 187 250546 262 903799 303 080487 167 458109 505 874376 941 027115 73 337383 60 460193 29 594835 41 194204 47 781044 91 863702 40 509217 46 458075 82 163812 95 585995 16 322255 33 946203 15 363605 91 249518 66 444830 16 658057 95 764192 17 980283 46 498956 27 254955 28 474190 50 867647 31 448614 39 876955 22 959466 23 481666 21 839515 60 052107 25 996895 92 186939 47 756380 61 663795 42 590878 42 559673 41 733388 29 550681 19 711630 48 787325 91 549058 35 769440 77 660512 51 548586 94 507623 13 707208 47 569658 97 057597 56 228798 24 346874 79 020971 50 179957 47 886429 74 617280 82 604888 51 928170 48 373080 41 501630 30 714888 1 393392 3 299284 4 972955 345 189

Market value Holdings of bonds at 31 December 2009 (NOK) ACE CapitalT Accredited MortgageLoan T ABSC NIMsT ABN AmroNorthmericanHoldingPreferredCapital Repackage T ABN AmroMortgageCorp ABFS MortgageLoanT Abbott Laboratories Aames MortgageInvestmentT United States Zurich FinanceUKPLC Yorkshire Water ServicesOdsalFinance Ltd Yorkshire Water Services Bradford FinanceLtd Yorkshire BuildingSociety WPP PLC WPP FinanceUK White T White CityPropertyFin Wessex Water ServicesFinancePLC Wales &West UtilitiesFinancePlc V V United tilitiesWater PLC Unilever PLC UK T UBS AG/London T Thames Water UtilitiesFinanceLtd Thames Water UtilitiesCaymanFinanceLtd T T T Standard LifePC Standard CharteredPLC Standard CharteredBank Stagecoach GroupPLC Southern Water CapitalL td Southern GasNetworksPLC Society ofLloyd’s Smiths GroupPLC Skipton Buildingociety Singer &FriedlanderLtd Sherwood CastleFundingPlc Severn T Segro PLC Securitized AssetBackedReceivablesLLCT Scottish WidowsPLC Scottish PowerUKPLC Scottish PowerLtd Scottish &outhernEnergyPLC Santander UKPLC Safeway Ltd SABMiller PLC Rsl Finance(No.1)Plc RSA InsuranceGroupPLC Royal BankofScotlandPLC/The Royal BankofScotlandGroupPLC Rolls-oyce PLC Rmpa ServicesPlc Rl FinanceBondsPLC Rexam PLC Reuters FinancePLC Rentokil InitialPLC Reed ElsevierInvestmentsPLC Reed ElsevierCapitalInc RBS CapitalT RBS CapitalT RBS CapitalT RBS CapitalT Punch T Prudential PLC Prominent CMBSFundingPLC Principality BuildingSociety Premiertel Plc Piraeus GroupFinancePLC Phoenix NaturalGasFinancePlc Permanent HoldingsLtd Permanent FinancingPLC Pendeford MasterIssuerPLC Pearson PLC Pearson DollarFinanceT Pearson DollarFinancePLC Pearl GroupHoldingsLtdNo1 Old MutualPLC Old MutualCapitalFundingLP Octagon HealthcareFundingPlc Northern RockAssetMgmnt Northern RockAssetManagementPLC Northern RockAssetManagement Northern GasNetworksFinancePLC NGG FinancePLC Next PLC omkins PLC esco PLC elereal SecuritisationPlc ate &L olkswagen CarLease odafone GroupPLC reasury ower PLC averns Plc yle InternationalFinancePLC rent UtilitiesFinancePLC rust II rust IV rust III rust II rust I rust rust wo PLC rust rust rust rust i

65 229819055 2 513060284 1 261213311 1 422637651 3 088823760 2 585563584 3 920286858 1 354215067 105846748 107 258165 124 083153 104 789542 156 778880 432 955818 155 916029 419 377011 214 922359 478 012461 157 758761 700 645490 138 765719 274 997258 264 987487 508 445172 163 290537 105 957653 152 427757 518 927635 144 331441 404 198706 109 002308 128932855 148 151518 216 465063 21870618 34979615 40 355875 98 527565 91 279586 43 927226 25 922933 51 159231 16 992869 88 414565 39 979944 37 575209 77 999345 37 040114 32 283914 49 279294 84 012320 44 604289 51 381058 99 331898 93 395234 10 454220 50 732911 84 404638 49 565004 46 833359 59 650703 42 665131 57 594689 56 929399 61 647131 34 660800 29 721636 44 177357 23 338580 18 655265 39 539419 25 418270 32 912047 97 839588 57 041455 55 971954 33 796334 29 920312 26 412212 44 927132 15598189 73 695360 2375815 5757127 3 441829 4 452006 4 884191 128 909 21017

466 Market value (NOK) 6 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global BAC CapitalT BA CreditCardT BA CoveredBondIssuer Axon FinancialFundingLtd Axon FinancialFndgLLC Axon FinancialFndLLC Axis CapitalHoldingsLtd A AutoZone Inc Atmos EnergyCorp AT& T MobilityLLC AT& T Inc AT& T Corp Assurant Inc Associates CorpofNorthmerica Asset SecuritizationCorp Asset BackedSecuritiesCorpHomeEquity Asset BackedFundingCertificates Arizona PublicServiceCo Argent SecuritiesInc Arden RealtyLP Archer-Daniels-Midland Co ArcelorMittal USAPartnership Appalachian PowerCo Apache FinanceCanadaCorp Apache Corp AON FinancialServicesLuxembourgSA AON Corp Anheuser-Busch InevWorldwide Inc Anheuser-Busch CosInc Analog DevicesInc Anadarko PetroleumCorp Anadarko FinanceCo Amsouth Bank/irminghamAL Amgen Inc AmerisourceBergen Corp Ameriquest MortgageSecuritiesInc Ameriprise FinancialInc AmeriCredit utomobileReceivablesT American Water CapitalCorp American T American InternationalGroupnc American HondaFinanceCorp American HomeMortgageInvestmentT American HomeMortgagessets American GeneralMortgageLoanT American GeneralFinanceCorp American ExpressT American ExpressReceivablesF American ExpressCreditCorp American ExpressCo American ExpressCenturionBank American ExpressBankFSB American ElectricPowerCoInc Ameren Corp Ambac FinancialGroupInc Alltel Corp Allstate LifeGlobalFundingT Allstate LifeFundingLLC Allstate Corp/The Allied World AssuranceCoHoldingsLtd Allied Waste NorthAmericaInc Allergan Inc/UnitedStates Aleutian InvestmentsLLC Alcoa Inc Alabama PowerCo Air Products&ChemicalsInc AIG SunAmericaGlobalFinancingX AIG LifeHoldingsUSInc Agilent T AGFC CapitalT Aflac Inc AFC HomeEquityLoanT Aetna Inc Aegis ssetBackedSecuritiesT Adjustable RateMortgageT ACE SecuritiesCorp ACE INHoldingsnc BAC CapitalT BAC CapitalT Bank ofNewYork Mellon Corp/The Bank ofAmerica-FirstUnionN B CommercialMortgage Bank ofAmericaNA Bank ofAmericaMortgageSecuritiesInc Bank ofAmericaLargeoanInc Bank ofAmericaFundingCorp Bank OfAmericaCreditCardT Bank ofAmericaCorp Bank ofAmericaCommercialMortgageInc Bank ofAmericalternativeLoanT Baltimore Gas&ElectricCo viation CapitalGroupT echnologies Inc ower Corp rust XIII rust XIV rust XV rust I rust ravel RelatedServicesCoInc rust rust rust rusts rust rust rust rust rust rust

4391487779 1349061875 4059798528 830582741 180768082 144673503 115400957 191090780 132971714 277886002 140991641 116973414 158602065 206388105 269895015 319589180 100931990 232833568 867605922 122744195 248888536 142342143 296316587 471617320 116701006 101355837 252028033 229599019 214913282 284787856 134408791 165343903 152010543 232379530 890656681 259000648 90561275 15542422 73459059 66235283 77578320 31289594 54655453 30187306 20425424 32709261 12142913 98278829 41751770 27929182 30981414 61973717 60502813 71909709 16510678 11040883 46682156 39979359 47892769 89054029 59206735 13113303 50261230 90395338 12216780 52151667 49791073 49441647 24127287 65556099 31431567 79464268 29595511 18708807 81635106 18318923 85628220 65429613 63356212 74 824996 6545114 7300468 4528783 4759821 8073113 6067157 8657016 9473642 6273898 183499 664

Market value Holdings of bonds at 31 December 2009 (NOK) Chase MortgageFinanceCorp Chase IssuanceT Chase FundingMortgageL oan Asset-BackedCertificates Chase CommercialMortgageSecuritiesCorp Chase BankUSANA Charter OneBankNA Charles SchwabCorp/The CenturyT Centex HomeEquity CenterPoint EnergyResourcesCorp CenterPoint EnergyInc CenterPoint EnergyHoustonlectricLLC Centerline REITInc Cendant MortgageCorp Cellco Partnership/V CCH IHoldingsLLC/CapitalCorp CBS Corp/Old CBS Corp CBA CommercialSmallBalanceMortgage Caterpillar InternationalFinanceLtd Caterpillar Inc Caterpillar FinancialServicesLtd Caterpillar FinancialServicesCorp Carrington MortgageLoanT Carolina Power&LightCo CarMax AutoOwnerT Cargill Inc Cardinal HealthInc Capmark FinancialGroupInc Capital OneMulti-Asset Capital OneFinancialCorp Capital AutoReceivablesssetT Campbell SoupCo California State CA Inc Burlington ResourcesFinanceCo Burlington NorthernSantaFeCorp Bunge NAFinanceLP Bunge LtdFinanceCorp Bruce MansfieldUnit Bristol-Myers SquibbCo Brandywine OperatingPartnershipLP Branch anking&T BP AMILeasingnc Bowater Inc Bottling GroupLLC Boston PropertiesLP Bon-T Bombardier CapitalMortgageSecuritizationCorp BNY MellonNA BNSF FundingT BNP ParibasCapitalT BNP ParibasCapitalT BNC MortgageLoanT BMC SoftwareInc Blackstone HoldingsFinanceCoLLC BlackRock Inc Black &DeckerCorp Biogen Idecnc BFC T Best uyCoInc Berkshire HathawayFinanceCorp Bemis CoInc BellSouth T BellSouth Corp Bellsouth CapitalFundingCorp Bella V Becton DickinsonandCo Beckman CoulterInc Beaver V Bear StearnsmallalanceCommercialT Bear StearnsMortgageFundingT Bear StearnsCosLLC/The Bear StearnsCommercialMortgageecuritiesInc Bear StearnsCommercialMortgageecurities Bear StearnsAssetackedecuritiesT Bear StearnsAlt-T Bear StearnsAdjustableRateMortgageT BB&T Corp BB&T Capital BB&T Capital Bayview FinancialAssetT Bayview FinancialAcquisitionT Bayview CommercialAssetT Bay V Baxter Internationalnc Baxter FinCoBV Bankunited T BankAmerica CapitalIII Bank OneCorp Bank ofOklahomaNA on DepartmentStoresInc/The iew AutoT rust ista MortgageT alley IIFunding el Inc elecommunications Inc rust rust IV rust II rust I rust rust rust Co/WilsonNC rust erizon WirelessCapitalLLC rust IV rust rust rust rust rust rust rust rust rust rust rust rust rust

317975654 315506266 222370397 172114069 234093580 407581080 259697994 130089707 315513180 170545121 102847346 154990101 530197959 570726228 664724520 139985431 117031430 151564763 251464649 101372759 106421191 175104935 419640697 462903501 32516633 64222786 29778839 57430142 65814958 29501328 70808349 27212207 32546361 17929111 47946689 11778412 33474075 42917304 46560171 11159645 42918368 23416927 33882863 74067915 16787263 15761999 28914496 93088321 43199667 20575179 29341259 31522851 18110893 63414007 51508675 12778388 34429998 29960067 23876563 48401102 20767192 25810726 10894021 92635406 30100443 21659470 28063413 76462591 28176148 81162760 28306320 54161235 33313164 34665947 5944211 7371185 4527688 7238666 9460101 6301839 4843032 5065952 9761366 1169174 1803222 5474494 9557352 105563 230711 909071 442916

Market value (NOK) 7 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global Commercial MortgageAssetT Commercial MortgageAcceptanceCorp Commerce GroupInc Comerica CapitalT Comerica Bank Comcast Corp Comcast CableHoldingsLLC Comcast CableCommunicationsLLC Comcast CableCommunicationsHoldingsInc Columbus SouthernPowerCo Colonial Bank/MontgomeryAL Colgate-Palmolive Co Coca-Cola EnterprisesInc Coca-Cola EnterprisesFinanceLT 1CommanditeSCA Coca-Cola Co/The CNA FinancialCorp CME GroupInc Clorox Co Cleveland ElectricIlluminatingCo/The CL CapitalT Citimortgage AlternativeLoanT Citigroup/Deutsche BankCommercialMortgageT Citigroup/Deutsche BankCommercialMortg Citigroup MortgageLoanT Citigroup Inc Citigroup CommercialMortgageT Citicorp ResidentialMortgageSecuritiesInc Citicorp MortgageSecuritiesInc Citibank CreditCardIssuanceT Citibank CreditCardIssuance CIT GroupSecuritizationCorp/The Cisco SystemsInc Cintas CorpNo2 Cincinnati FinancialCorp CIGNA Corp Chubb Corp Chevron PhillipsChemicalCoLLC Chevron Corp Commercial MortgageLoanT Commercial MortgageLease-BackedCertificates Deere &Co DCP MidstreamLLC Dayton Power&LightCo/ The Darden RestaurantsInc Danaher EuropeanFinanceCoHF Danaher Corp Daimler ChryslerAutoT CW CapitalCobaltLtd CVS Pass-Through CVS CaremarkCorp CSX Corp CSAB MortgageBackedT CRH AmericaInc Cresi FinanceLP Credit-Based AssetServicingandecuritizationLLC Credit SuisseUSAInc Credit SuisseMortgageCapitalCertificates Credit SuisseMortgageCapital Credit SuisseGroupFinanceUSInc Credit SuisseFirstBostonMortgageecuritiesCorp COX EnterprisesInc COX CommunicationsInc Covidien InternationalFinanceSA Coventry HealthCareInc Countrywide HomeLoansInc Countrywide HomeLoanMortgagePassThrough Countrywide HomeEquityLoanT Countrywide FinancialCorp Countrywide Asset-BackedCertificates Countrywide AlternativeLoanT Countryplace ManufacturedHousingContractT Costco WholesaleCorp Cooper USInc Continental AirlinesInc Consumers EnergyCo Constellation EnergyGroupInc Consolidated NaturalGasCo Consolidated EdisonCoofNewYork Inc Conseco FinancialCorp Conseco FinanceSecuritizationsCorp ConocoPhillips HoldingCo ConocoPhillips AustraliaFundingCo ConocoPhillips Conoco FundingCo Connecticut Light&PowerCo/The ConAgra FoodsInc Con-way Inc Computer SciencesCorp Commonwealth EdisonCo Commercial MortgagePass-ThroughCertificates Commercial MortgagePassThroughCertificates rust I rust II rust rust rust rust Inc rust rust rust rust rust rust rust rust rust rust

6043682969 1331457161 1471069772 893404679 100481041 136297625 106753342 145351142 170897646 375169782 132395533 508520689 393422228 236056698 101091943 384891281 480176443 281236934 101867205 655131843 396779438 250610404 271580723 610604029 107898347 124390840 228807597 381294155 118297234 218776787 507494301 397325120 254063290 381520861 103183996 259515084 162311344 32831245 55627578 36897494 18559449 17781709 53092862 14529525 50407302 38463427 27522064 12567690 36048209 43077081 25054075 31240301 61957476 61783167 23798375 56723083 94777289 97696606 57760590 49613737 43700825 41380131 43264397 31719754 56569731 63541199 18643334 27774673 44994051 28908797 20303959 62983434 50232384 33368165 12961021 18294114 19689046 39101968 30637636 41171984 93562908 19859034 74077939 8519231 2044817 7550848 3873064 8216811 633456 309338 49016

Market value Holdings of bonds at 31 December 2009 (NOK) GE BusinessLoanT G-Force LLC Fremont NIMT Fremont HomeLoanT Freddie Mac FPL GroupCapitalInc Fortune BrandsInc Ford CreditAutoOwnerT Florida PowerCorp Florida Power&LightCo Florida GasT Fleet CapitalT Flagstar HomeEquityLoanT Fiserv Inc FirstEnergy SolutionsCorp FirstEnergy Corp First Union-LehmanBrothers-ankofAmerica First UnionNationalBank-ankofAmericaCommercialMortgageT First UnionNationalBankCommercialMortgage First UnionInstitutionalCapitalII First HorizonAssetSecuritiesInc First HorizonAlternativeMortgageSecurities First FranklinMortgageLoanAssetBackedCertificates Fifth ThirdCapital Fifth ThirdBank/Ohio Fifth ThirdBancorp Fieldstone MortgageInvestmentCorp FFCA SecuredLendingCorp FedEx Corp Federal HomeLoanBanks Federal FarmCreditBank Farmers InsuranceExchange Farmers ExchangeCapital Fannie Mae Express ScriptsInc Exelon GenerationCoLLC Exelon Corp Everest ReinsuranceHoldingsInc Eurohypo CapitalFundingT Estee LauderCosInc/The ERP OperatingL ERAC USAFinanceLL Equity OneABSInc Equifirst MortgageLoanT Equifax Inc EQT Corp EOG ResourcesInc Entertainment PropertiesT Enterprise ProductsOperatingLLC Entergy LouisianaLLC Entergy GulfStatesLouisianaLLC Entergy GulfStatesInc Entergy ArkansasInc Enogex LLC Energy T Emerson lectricCo Embarq Corp Ellington LoanAcquisitionT Eli Lilly&Co El PasoNaturalGasCo EI duPontdeNemours&Co Egypt GovernmentAIDBonds Eaton V Eastman ChemicalCo E-T DVI ReceivablesCorp Dunkin Securitization Dun &BradstreetCorp Duke RealtyLP Duke EnergyOhioInc Duke EnergyIndiananc Duke EnergyCorp Duke EnergyCarolinasLLC DTE EnergyCo Dresdner FundingT Dresdner FundingT Dr PepperSnappleGroupInc Downey Savings&LoanAssociationMortgageT Dow ChemicalCo/The Dominion ResourcesInc/VA DLJ CommercialMortgageCorp Discover FinancialServices DirecTV HoldingsLLC/FinancingCoInc Diamond OffshoreDrillingInc Devon FinancingCorpULC Devon EnergyCorp Deutsche MortgageSecuritiesInc Deutsche ALT Detroit EdisonCo/The Delta AirLinesInc Dell Inc rade RV andMarineT ance Corp ransfer PartnersLP ransmission CoLLC -A SecuritiesInclternateLoanT rust V rust rust IV rust III rust I rust rust rust rust rust rust rust 1 rust rust rust rust rust

11442036324 8267404123 1555206660 126618459 242422609 154998287 187922622 108636754 118634285 189303743 311898850 132911579 119098228 165489427 183226359 174851759 351504536 189506108 119180238 282865645 130315446 138891019 124033781 261491710 357434348 447814134 348393361 151443120 204068935 156430962 102905800 11676180 21932844 10471660 20529187 22724274 29837345 69559070 30335623 43747075 63540934 58859950 33697892 17633543 43891339 54484524 25205180 61566859 42532955 33679399 77005378 17029036 18261169 17688134 62585833 18017956 17931543 32768783 42385665 21909271 18141570 30184704 12663114 70210038 75952034 32538389 50068225 12508095 98705124 10692738 49487386 53787454 31049042 90421758 55233767 23378237 7700302 3475934 4769488 8531563 7558863 8110364 5999364 4452760 2987434 4770817 6510289 179518 387103 293480 1684 Market value (NOK) 8 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global Hospitality PropertiesT Hospira Inc Hometown CommercialMortgage Homebanc MortgageT International BusinessMachinesCorp Integrys EnergyGroupnc Ingersoll-Rand GlobalHoldingCo Ltd ING USAGlobalFundingT Indymac ResidentialAssetBackedT Indymac LoanT Indymac ndexMortgageLoanT Indymac NDBMortgageLoanT Indymac MSCMortgageLoanT Indiana MichiganPowerCo Impac SecuredAssetsCMNOwnerT Impac CMBT Illinois State ILFC E-CapitalT ILFC E-CapitalT IC Wilmingtonnc HVB FundingT HVB FundingT Humana Inc Hubbell Inc HSI AssetSecuritizationCorpT HSBC FinancialCorpLtd HSBC FinanceCorp HSBC BankUSANA/NewYork NY HSBC BankUSANA HRPT Properties Home EquityMortgageT Home EquityLoanT Home EquityAssetT Home DepotInc HJ HeinzFinanceCo HJ HeinzCo Historic TWInc Highwoods RealtyLP HFC HomeEquityLoanAssetBackedCertificates Hewlett-Packard Co Hess Corp Hershey Co/The HCP Inc Hasbro Inc Hartford FinancialServicesGroupInc Harsco Corp Harris Corp Harley-Davidson MotorcycleT Harley-Davidson FundingCorp Harborview MortgageLoanT Halliburton Co Guardian LifeInsuranceCoofAmerica GTE Corp GSRPM MortgageLoanT GSR MortgageLoanT GSMP MortgageLoanT GSC CapitalCorpMortgageT GSAMP T GSAMP NIMT GSAA T Gs MortgageSecuritiesCorpora GS MortgageecuritiesCorpII Greylock GlobalOpportunityFundLp Greenwich CapitalCommercialFundingCorp Greenpoint MortgageFundingT Greenpoint ManufacturedHousing Goldman SachsGroupInc/The Goldman SachsCapitalII Goldman SachsCapitalI Golden West FinancialCorp GMAC MortgageCorpLoanT GMAC CommercialMortgageSecuritiesInc GlobalSantaFe Corp Global MortgageSecuritizationLtd Glencore FundingLLC Ginnie Mae Georgia PowerCo Genworth LifeInstitutionalFundingT Genworth GlobalFundingT Genworth FinancialInc General MillsInc General ElectricCo General ElectricCapitalServi General ElectricCapitalCorp General ElectricCapitalAssuranceCo Genentech Inc GE CorporateAircraftFinancingLLC GE CapitalFranchiseFinanceCorp GE CapitaluropeanFunding GE CapitalCommercialMortgageCorp GE CapitalCanadaFundingCo rust rust rust rust rust VIII rust I rust II rust I rust rust rust rust rust rust rust rust rust rust rust rusts rust rust rust rust rust rust rust rust rust rust rust rust

1290941046 4238562911 2405406019 1352739730 3308281964 1553610703 109420708 113085312 254410776 315019286 175255142 103168307 416027788 146446332 211622966 183914271 164649598 127838375 134814386 181902409 606301293 192582468 893249835 729189130 191751405 299996722 115959086 182489743 172480947 397743193 170312359 191305824 25589150 10736061 43331862 37920002 24265208 35046928 64541929 82149783 48357784 27120632 24188125 42953100 25129080 46665710 30651465 14061451 56460260 42743377 33146498 93750575 33478260 23621489 31108636 89580651 47857706 12297482 46807380 17024230 11946236 14970406 53082050 29735565 57812814 69147776 30637386 65802799 30697825 20693840 29971964 95885044 35492224 34399767 43714063 16536572 31085400 56394111 24040349 75394681 29499456 5081008 6454319 4089421 7534913 1510354 1482485 4988517 140402 149276 2981

Market value Holdings of bonds at 31 December 2009 (NOK) McDonald’s Corp MBNA EuropeFundingPL C MBNA CreditCardMasterNote T MBNA Corp MBIA Inc Mastr SpecializedLoanT Mastr ReperformingLoanT MASTR AssetSecuritizationT Mastr AssetBackedSecuritiesT MASTR AlternativeLoansT Mastr AdjustableRateMortgagesT Massachusetts St Massachusetts MutualLifeInsuranceCo Maryland StT Martin MariettaMaterialsInc Marsh &McLennanCosInc Marriott V Marriott Internationalnc/DE Markel Corp Marathon OilCorp Manufacturers &T Manpower Inc Magellan MidstreamPartnersLP Madison A Mack-Cali RealtyLP Mach OneT M&T BankCorp M&I Marshall&lsleyBank Luminent MortgageT Lubrizol Corp Lowe’s CosInc Los AngelesCalifUniSchDist Long BeachMortgageoanT Local InsightMediaFinancelc Lincoln NationalCorp Liberty PropertyP Liberty MutualInsuranceCo Liberty MutualGroupInc Liberty ighthouseCoLLC Lexmark Internationalnc Lehman XST Lehman MortgageT Lehman BrothersSmallalanceCommercial Lehman BrothersHoldingsInc Lehman BrothersHoldingsE-CapitalT Lehman BrothersFloatingRateCommercialMortgageT Lehman ABSManufacturedHousingContractT LB-UBS CommercialMortgageT LB CommercialConduitMortgageT Lazard GroupLLC Laboratory CorpofAmericaHoldings Kroger Co/The Kraft FoodsInc Kohl’s Corp Kinder MorganEnergyPartnersLP Kimco RealtyCorp Kimberly-Clark Corp KeyCorp KeyBank NA Kerr-McGee Corp Kellogg Co JPMorgan ChaseCapitalXXVII JPMorgan ChaseBankNA JPMorgan Chase&Co JP MorganMortgageT JP MorganMortgageAcquisitionCorp JP MorganCommercialMortgageFinanceCorp JP MorganChaseCommercialMortgageSecuritiesCorp JP MorganChaseCommercialMor JP MorganChaseCapitalXXV JP MorganChaseCapitalXXII JP MorganChaseCapitalXX JP MorganChaseCapitalXVIII JP MorganChaseCapitalXV JP MorganAlternativeLoanT Joy GlobalInc Johnson ControlsInc John HancockGlobalFundingII John DeereCapitalCorp Jersey CentralPower&LightCo Jefferies GroupInc JC PenneyCorpInc Jackson NationalLifeGlobalFunding IXIS RealEstateCapitalT ITT Corp ITC HoldingsCorp Irwin HomeEquityCorp Intuit nc International PaperCo International LeaseFinanceCorp International GameT acation ClubOwnerT venue ManufacturedHousingContract rust CommercialMortgage-Backed rust ransn Auth raders T rust echnology rust rust rust rust rust Co rust rust rust rust rust rust rust rust rust rust rust rust I rust rust

2705005789 2014374367 214635810 191338170 168487273 205867164 104527393 134076342 101427634 212611470 781988663 264399186 344752830 760043238 431946537 124118822 192154806 367357478 735520353 101774063 220779403 211254362 155600101 189244876 497451455 119572648 180860135 524364948 613264554 669186117 19128169 49911882 55322031 27704255 14260242 57946041 12118956 35503728 21872249 18292657 87009220 65430170 58611109 92565332 27027305 76758802 58946352 26788305 23004180 87917226 49506697 16858892 30140053 37999815 58931205 10404301 12131664 56633381 48653279 49622112 90148514 17666691 91822838 76527929 32055939 64461405 31808385 24546018 56993934 36576711 27465673 31470925 25866845 28398467 30105309 44664752 56533169 6614009 3973633 7080522 4166673 2254238 6308968 8715045 8096101 8576634 727758 892683 372869 674017 11741 Market value (NOK) 9 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global MortgageIT T Mortgage CapitalFundingInc Morgan StanleyMortgageLoanT Morgan StanleyIXISRealEstateCapitalT Morgan StanleyHomeEquityLoanT Morgan StanleyDeanWitterCapitalI Morgan StanleyCapitalI Morgan StanleyABSCapitalI Morgan Stanley Mony GroupInc Monumental GlobalFundingLtd Montpelier ReHoldingsLtd Money StoreHomeEquityT Molson CoorsCapitalFinanceULC MLCC MortgageInvestorsnc Midamerican FundingLLC Midamerican EnergyHoldingsCo MidAmerican EnergyCo Mid-State T Microsoft Corp Michigan BellT Mezz CapCommercialMortgageT Metropolitan LifeGlobalFundingI MetLife Inc MetLife CapitalT Merrill L Merrill L Merrill L Multi SecurityAssetT MSDWCC HelocT Motors LiquidationCo Motorola Inc Mosaic Co/The Merrill L Merrill L Merrill L Merrill L Merrill L Merrill L Merrill L Merck &CoInc Mellon ResidentialFundingCorp Mellon FundingCorp Mellon CapitalIV Mellon CapitalIII Medtronic Inc Medco HealthSolutionsInc Mead JohnsonNutritionCo McKesson Corp McGraw-Hill CosInc/The New CenturyHomeEquityLoanT Nevada PowerCo NBD ankA/Michigan Navigators GroupInc Natixis RealEstateCapitalT Nationwide MutualInsuranceCo Nationwide HealthPropertiesInc National RuralUtilitiesCooperativeFinanceCorp National FuelGasCo National CollegiateStudentLoanT National CityCreditCardMast National CityCorp National CityBank/ClevelandOH National ArchivesFacilityT Nabors Industriesnc Mutual ofOmahaInsuranceCo Murphy OilCorp Northern T Northern StatesPowerCo/MN Northern NaturalGasCo Norfolk SouthernCorp Nordstrom Inc Nomura AssetSecuritiesCorp Nomura AssetcceptanceCorp Nisource FinanceCorp Niagara MohawkPowerCorp NGPL PipecoLLC News AmericaInc News AmericaHoldingsInc Newmont MiningCorp New York StUrbanDevCorpRev New York LifeInsuranceCo New York LifeGlobalFunding New York CityT New CingularWirelessServicesInc Nscr T Novastar HomeEquityLoan NuStar LogisticsP Nucor Corp NSTAR ElectricCo NSTAR rust ynch/Countrywide CommercialMtgeT ynch/Countrywide CommercialMortgageT ynch SA ynch MortgageT ynch MortgageInvestorsnc ynch InternationalHo ynch FloatingT ynch FirstFranklinMortgageLoanT ynch AlternativeNotesset ynch &CoInc rust Corp rust rust elephone Co ax Lien rust X rust rust rust rust rust rust rust/The rust rust rust rust rust rust rust rust rust

3620847944 2702579317 189403869 469232475 148859691 224909373 104323320 364729082 146875363 605434780 377354613 225289838 252213934 121503349 164798809 101927388 470202651 139721314 106388633 131468269 118903901 274126426 129478362 123439285 115118467 161221108 101417980 402310811 172676802 117053476 398834710 111256341 16522449 10814581 17971973 60435567 44302244 30820346 18669747 52567203 34648515 82404048 32187560 18052035 24608634 12665056 77964895 31119501 32965049 18706927 13897384 20936918 36028964 28677688 44401143 50522075 25246403 26620640 30320064 25866121 63400367 78266583 19521989 30640978 10482235 44381125 69593646 78466821 24934632 58183655 90745145 97946481 14073272 27148717 37008111 65699493 30749318 22618885 5079394 8513946 5032811 2320328 3139187 5881632 1577286 1333386 2888402 856883 871413 706053 118082

Market value Holdings of bonds at 31 December 2009 (NOK) Renaissance HomeEquity Loan T Reliance Steel&AluminumCo Reinsurance GroupofAmerica Inc Regions FinancialCorp/Old Regions FinancialCorp Regions Bank/irminghamAL Regency CentersLP Realty IncomeCorp Realogy Corp Rampart CLOtd Rabobank CapitalFundingT RAAC Series Qwest Corp Questar MarketResourcesInc Quest DiagnosticsInc/DE Puget SoundEnergyInc Public ServiceNewHampshireFundingLLC Public ServiceElectric&GasCo Public ServiceCoofColorado PSEG PowerLLC Prudential SecuritiesecuredFinancingCorp Prudential InsuranceCoofAmerica/The Prudential FinancialInc Provident FundingMortgageLoanT Protective LifeSecuredT ProLogis Progressive Corp/The Progress EnergyInc Procter &GambleCo/The Private ExportFundingCorp Principal LifeIncomeFundingT Principal LifeGlobalFundingI Principal FinancialGroupInc Principal FinancialGlobalFundingIILLC Prime MortgageT President andFellowsofHarvardCollege Praxair Inc PPL EnergySupplyLLC PPL ElectricUtilitiesCorp PPL CapitalFundingInc PPG Industriesnc PPF FundingInc Power ContractFinancingLLC Potomac ElectricPowerCo Popular NorthAmericaCapitalT Popular ABSMortgagePass-Through PNC PreferredFundingT PNC PreferredFundingT PNC MortgageAcceptanceCorp PNC FundingCorp PNC BankNA PMI Groupnc/The Plum CreekT Platinum UnderwritersFinanceInc Plains AllmericanPipelineLP/ Pitney BowesInc PHH MortgageCapitalLLC PHH AlternativeMortgageT Pharmacia Corp Pfizer Inc PepsiCo Inc/NC PepsiAmericas Inc Pepsi BottlingGroupInc Pepco HoldingsInc People’s FinancialRealtyMortgageSecuritiesT Pennsylvania ElectricCo Peco EnergyCo PartnerRe FinanceALLC Parker HannifinCorp Park PlaceSecuritiesInc Panhandle EasternPipelineCoLP Pactiv Corp PacifiCorp Pacific LifeGlobalFunding Pacific Gas&ElectricCo Ownit MortgageLoanAssetBackedCertificates Owens Corning Origen ManufacturedHousing Oregon State Oracle Corp Option OneMortgageLoanT Opteum MortgageAcceptanceCorp ONEOK PartnersLP Oneok Inc Oncor ElectricDeliveryCoLLC Omnicom GroupInc Ohio PowerCo Oglethorpe PowerCorp Occidental PetroleumCorp Oakwood MortgageInvestorsnc NuStar PipelineOperatingPartnershipLP imberlands LP rust rust II rust I rusts rust rust rust rusts rust I rust AA FinanceCorp rust rust rust

105999282 131497469 497785317 117216979 320521130 121450965 126360685 375100771 104850518 115063069 363240149 602281961 159761011 145694232 144774944 214300727 87609304 87982280 24476124 23227903 26897094 55442437 58933513 15459128 22143222 36221066 18644407 43954772 45853392 18103552 42058257 12038684 55088489 42958302 27109351 69502581 25989716 60644488 78439715 11706714 89328682 31202818 81036950 46407786 13033038 19171571 92897842 53912604 90484787 29720625 61103805 63436346 31296682 34695730 30163508 45260874 92500057 42586420 62375358 18336722 63584824 32394177 27106893 46968435 17324402 83334861 33828886 31615056 71987699 23367036 82047734 24024575 56971956 31344294 50441503 60591351 42027145 38861509 28827821 23066171 53221877 1316656 7324068 2709321 6984490 6843415 5341218 2816594 8193892 4253969 499501

Market value (NOK) 10 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global TIAA SeasonedCommercialMortgage T TIAA GlobalMarketsInc Thermo FisherScientificInc T T T T TD AmeritradeHoldingCorp TCI Communicationsnc TBW MortgageBackedPassThroughCertificates T Symetra FinancialCorp Swiss ReT Swiss ReolutionsHoldingCorp Surgical CareAffiliatesInc SunT SunT Sunoco Inc Structured AssetecuritiesCorp Structured AssetecuritiesCo Structured AssetReceivablesT Structured AssetMortgageInvestmentsnc Structured AssetInvestmentLoanT Structured AdjustableRateMortgageLoanT Stingray Pass-Through State treetCorp State treetCapitalT State treetBankandT Staples Inc Stanley Works/The StanCorp FinancialGroupInc St JudeMedicalInc Spectra EnergyCapitalLLC Specialty Underwriting&ResidentialFinance Sovereign CapitalT Sovereign Bank Sovereign BancorpInc Southwestern ElectricPowerCo Southwest AirlinesCo Southern PowerCo Southern ElectricPowerDistributionPLC Southern CopperCorp Southern Co Southern CaliforniaGasCo Southern CaliforniaEdisonCo Southeast upplyHeaderLLC South CarolinaElectric&GasCo Source GasLLC Soundview HomeEquityLoanT Sonoco ProductsCo Smart HomeReinsuranceLtd SLM StudentLoanT SLM Corp SLC StudentLoanT Simon PropertyGroupLP Sharp PILLCNetnterestMarginT SG MortgageecuritiesT SG CapitalT SES GlobalAmericasHoldingsGP Serpentine UnlistedFund Sequoia MortgageT Sempra Energy SEACOR HoldingsInc Science ApplicationsInternationalCorp Schwab CapitalT Schlumberger T SCAN Corp SBI HelocT SBA CMBST SB FinanceT Saxon AssetecuritiesT Sara LeeCorp San DiegoGas&ElectricCo Salomon BrothersMortgageecuritiesVIIInc Sallie Mae Safeway Inc SACO Inc Ryder SystemInc RR Donnelley&SonsCo RPM Internationalnc Roper Industriesnc Rohm andHaasCo Residential FundingSecuritiesLLC Residential FundingMortgageSecuritiesIIInc Residential FundingMortgageSecuritiesI Residential AssetSecuritizationT Residential AssetSecuritiesNIMCorp Residential AssetSecuritiesCorp Residential AssetMortgageProductsInc Residential AccreditLoansInc Republic ServicesInc exas EasternT erwin MortgageT ennessee V eachers Insurance&Annuityssociationofmerica arget Corp rust CapitalVIII rust Bank/AtlantaGA reasury USCorp rust rust III alley Authority rust rust ransmission LP echnology Corp rust I rust rust VI rust rust rust rust IV rust Co rust rust rust rust rust rust rust rust rust rust

207983701 311338399 165071905 145031207 488112812 174247236 245648003 114725370 867801868 406892602 276301246 123758829 430899862 422554765 129138021 220500084 536097093 878272053 28011575 49910894 73162903 60926952 34335854 34460650 51068410 32542707 57322271 35298562 10511233 20286342 42076448 30580292 10189938 25559981 55275556 59490118 28731411 79991576 23813023 23907972 74476143 30936632 33896528 55747739 50073779 31264966 18017532 20302731 36726520 12483868 34959286 21642101 40050648 73626994 30938381 64796156 12490065 28797734 76220644 62670520 52020782 22096072 59881856 12030802 29533043 54854240 23610819 43485693 63776338 75434944 35799762 36296705 68078115 60060917 83944032 57848352 74629333 29831356 7092084 7143823 4775263 9477114 3455776 3749578 4937027 1525530 294727 254530 24346 4031 54 Market value Holdings of bonds at 31 December 2009 (NOK) T T T T T T T T T T T TJX CosInc T T T T UBS PreferredFundingT Wyeth WR BerkleyCorp WM CoveredBondProgram Wisconsin Power&LightCo Wisconsin EnergyCorp Wisconsin ElectricPowerCo Willis NorthAmericaInc Williams CosInc/The William StreetEquityLLC White MountainsReGroupLtd Whirlpool Corp Western UnionCo/The Wells FargoMortgageBackedSecuritiesT Wells FargoHomeEquityT Wells FargoFinancialCanadaCorp Wells FargoCapitalXV Wells FargoCapitalXIII Wells FargoCapitalX Wells FargoBankNA Wells FargoAlternativeLoanT Wells Fargo&Co WellPoint Inc WellPoint HealthNetworksInc Weatherford InternationalLtd Watson PharmaceuticalsInc W W Walt DisneyCo/The Walgreen Co Wachovia Corp Wachovia CapitalT Wachovia BankNA Wachovia BankCommercialMortgage T Wachovia AssetSecuritization Inc V V V VF Corp V V V V V V V V V V V V USB RealtyCorp USB CapitalIX US T US CentralFederalCreditUnion US Bancorp Universal HealthServicesInc Unitrin Inc UnitedHealth GroupInc United StatesteelCorp United StatesCellularCorp United ParcelServiceInc UnionBanCal Corp Union PacificCorp Union ElectricCo Union BankNA UFJ FinanceArubaAEC Waste ManagementInc Washington MutualPreferredFundingLLC/NotacquiredbyJPMorgan Washington MutualPreferredFundingDelaware/NotacquiredbyJPMorgan Washington MutualMSCMortgagePass-ThroughFS Washington MutualBank/DebtnotacquiredbyJPMorgan Washington MutualAsset-BackedCertificates Washington MutualAlternativeMortgagePass- Through Certificates WaMu MortgagePassThroughCertificates win ReefsPass-Through urner BroadcastingSystemInc rizecHahn OfficeProperties ravelers CosInc/The ransocean Inc osco Corp oll BrothersFinanceCorp oledo EdisonCo/The yco InternationalLtd/T yco InternationalFinanceSA yco ElectronicsGroupSA ime Warner Inc ime Warner EntertainmentCoLP ime Warner CosInc ime Warner CableInc erizon V erizon PennsylvaniaInc erizon NewYork Inc erizon NewJerseyInc erizon NewEnglandInc erizon GlobalFundingCorp erizon FloridaLLC erizon CommunicationsInc anderbilt MortgageFinance alspar Corp alor T alero EnergyCorp ulcan MaterialsCo irginia ElectricandPowerCo iacom Inc AMU CommercialMortgageSecuritiesT AMU sset-BackedCertificates reasury elecommunications EnterprisesFinanceCorp irginia Inc rust III yco InternationalFinanceSA rust V rust rust rust rust rust rust

107703227631 5089670589 1654941918 1792556897 1313708289 317369134 108027521 661955765 244707467 621880106 579142248 132239078 380113440 195859387 450790553 807100159 277237529 152821976 701621558 199363828 292021702 165888297 109645363 627750189 310332416 144639518 346617863 233256253 166245473 624404298 203787958 29785124 24009845 20020061 27918713 50583658 33981193 62180848 62703480 11348794 83135516 27010307 67413277 25242020 19016617 25937431 14634223 15621019 21675079 19393370 91512313 23314655 23536393 48966724 15975469 36225295 88218842 11683413 60129631 24646587 30532101 56782505 59646286 66643579 13728549 60441853 14197756 37575342 83778808 73647431 37741981 22407849 68147448 29160561 80145350 41318793 27998548 52630768 80594710 26333705 63364571 9248679 1386011 8011802 8282272 1195798 3032820 1627007 1511802 134145 85497 Market value (NOK) 11 Government pension fund global ANNUAL REPORT 2009 Country association accordingtoFTSE(thebenchmark providerforequities). If acompanyis notinthebenchmark, countryofincorporation is listed. Government Pension Fund Global Yale MortgageLoanT XTO EnergyInc XL Capitaltd Xerox Corp Xcel EnergyInc Nordic InvestmentBank International BankforReconstruction&Development Inter-American Development Bank European InvestmentBank European Community Eurofima Corp AndinadeFomento Asian DevelopmentBank African DevelopmentBank International Organisations Zimmer HoldingsInc Yum! BrandsInc rust

21 699755039 1 111858771 1 252921750 326229968 314669040 321270797 778 909923 265 776444 703 350663 487 542258 273 112910 384664107 70149757 89 526198 28441408 4236240

Market value Holdings of bonds at 31 December 2009 (NOK)

Market value (NOK) 12 Government pension fund global ANNUAL REPORT 2009