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Recommendation of DRD Gold Limited

The Council has reached the conclusion that the Ethical Guidelines, point 4.4, second clause, third bullet point, provide a basis for recommending the exclusion of DRD Gold Limited owing to an unacceptable risk of contributing to severe

Recommendation on exclusion of the companies Rheinmetall AG and Hanwha Corp.

The companies were recommended for exclusion because of their involvement in production of cluster munitions.

Recommendation on the exclusion of the company Serco Group Plc.

The company is recommended for exclusion because of its involvement in the production of nuclear weapons.

Recommendation on exclusion of the company GenCorp Inc.

The company is excluded because of its production of key components for nuclear weapons.

Recommendation of 6 September 2006

Poongsan Corporation

Recommendation - New assessment of the company Rheinmetall AG

New information which has been brought to the attention of the Coucil has lead to the conclusion that the grounds for excluding Rheinmetall AG are no longer valid, and a new recommendation was issued with regard to this.

Recommendation - Vedanta Resources Plc.

At a meeting on 2 October 2006 the Council on Ethics for the Government Pension Fund - Global decided to assess whether the investments in the company Vedanta Resources Plc. may imply a risk of the Fund contributing to unethical acts under the

Recommendation on the exclusion of the company Textron Inc.

The company Textron Inc. produces weapons which, according to the definition of the convention, must be considered cluster munitions. The Council on Ethics therefore recommends that Textron Inc. is excluded from the investment universe of the

Recommendation on exclusion

Recommendation on Exclusion from the Government Petroleum Fund’s Investment Universe of the Company Kerr-McGee Corporation

Recommendation on suspension of exclusion of KerrMcGee Corporation (“KerrMcGee”)

(Unofficial English translation) To the Ministry of Finance Oslo, May 24, 2006 Recommendation on suspension of exclusion of KerrMcGee Corporation (“KerrMcGee”). 1 Background The Council on Ethics for the Government Petroleum Fund, now the Government

Recommendation of 14 November 2005

Recommendation on Exclusion of Cluster Weapons from the Government Petroleum Fund

Recommendation of 18 April 2006

The Council on Ethics for the Government Pension Fund - Global To the Ministry of Finance Recommendation of 18 April 2006 (Unofficial English translation) Introduction The exclusion of EADS from the investment universe of the Government Pension Fund

Recommendation to reverse the exclusion of DRD Gold

According to point 4.6 of the Ethical Guidelines, the Council ”shall review on a regular basis whether the reasons for exclusion still apply and may against the background of new information recommend that the Ministry of Finance reverse a decision

Recommendation to reverse the exclusion of Thales SA

The Council recommends that Thales SA no longer be excluded from the investment universe of the Government Pension Fund - Global.