Letter, 03.09.2009

Recommendation on the exclusion of the company Elbit Systems Ltd

(Unofficial English translation)

To the Ministry of Finance

Recommendation 15th May 2009

The Council on Ethics recommends that the Israeli company Elbit Systems Ltd (“Elbit”) be excluded from the Government Pension Fund – Global

Elbit supplies a surveillance system that is part of the separation barrier being built by the Israeli government in the West Bank. The construction of parts of the barrier may be considered to constitute violations of international law, and Elbit, through its supply contract, is thus helping to sustain these violations. The Council on Ethics considers the Fund’s investment in Elbit to constitute an unacceptable risk of complicity in serious violations of fundamental ethical norms.

As of 31.12.08 the Fund’s equity investments in Elbit Systems Ltd had a market value equivalent to NOK 35.8 million.

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Contact information

Asset Management Department

Telephone: +47 22 24 41 63
Fax: +47 22 24 95 91

Address

The Ministry of Finance
Asset Management Department
P.O. Box 8008 Dep
0030 Oslo
Norway

Old Government Building: Stairway

Contact information

Asset Management Department

Telephone: +47 22 24 41 63
Fax: +47 22 24 95 91

Address

The Ministry of Finance
Asset Management Department
P.O. Box 8008 Dep
0030 Oslo
Norway