1. Norwegian Government Pension Fund Global Head of Secretariat Eli Lund Senior Executive Officer Pablo Valverde (Secretariat of the Council on Ethics)

3. The Norwegian Government Pension Fund Global

9. Exclusion from the investment universe The assets in the Fund shall not be invested in companies which themselves or through entities they control : The assets of the Fund shall not be invested where there is an unacceptable risk that the company contributes to or is responsible for : Ethics and the NGPFG Exclusion and negative screening Serious or systematic human rights violations; Serious violations of the rights of individuals in situations of war or conflict; Severe environmental damage; Gross corruption; or Other particularly serious violations of fundamental ethical norms. Produce weapons that violate fundamental humanitarian principles through their normal use; Produce tobacco; or Sell weapons or military material to certain states (at present Burma). Exclusion (negative screening) based on products (Jan. 2011: 37 companies) Exclusion based on conduct (Jan. 2011: 14 companies)

11. 1) Identification of companies potentially violating the ethical guidelines Ethics and the NGPFG A typical assessment process 2) Selection of companies for an initial assessment 3) An in-depth assessment of companies 4) Recommendation for exclusion or observation New recommendation: Company re-included or observation removed Company remains excluded or under observation (no recommendation) 5) Regular follow-up to assess if basis for exclusion or observation remains Ministry makes decision News monitoring Suggestions by organisations or others Requests from Ministry Council’s own initiative Severe and systematic violations? Company responsibilities? Credible information? Draft recommendation sent to company Likely future situation? Dialogue with company Assistance by consultants / experts Establish and quality check ‘all’ the facts Central Bank (NBIM) given two months to sell securities, after which recommendation and decision is made public