Review of Norges Bank’s management of the Government Pension Fund Global

We refer to Norges Bank’s letter of 13 December 2013 where we submitted four reports and discussed:

• Performance and risk, with particular emphasis on the past five years
• Experience with the management of the real estate portfolio
• Experience with environment-related mandates
• Evaluation of objectives and strategies in the strategy plan for 2011-2013

These reports have now been updated in line with the final results to 31 December 2013 and are enclosed.

We intend to publish the letter of 13 December 2013 and the updated reports on 4 April 2014.

Yours faithfully

Øystein Olsen                                                                        Yngve Slyngstad