invest more or less relative to the benchmark index. Norges Bank uses both internal and external managers for security selection. The fund allocation strategy

year. Investments in unlisted real estate returned -0.6 percent. While valuations of many of the fund’s unlisted real estate investments fell considerably

Real estate is a large part of the overall investable market and an opportunity for us to enhance the fund’s returns. During this strategy period, we will shift from geographic concentration to sector diversification.

Letter to the European Commission, 2 June 2020

Norges Bank's letter to the Ministry of Finance of 5 February 2008

Letter to the Japanese Ministry of Economy, Trade and Industry, 29 August 2022.

Letter sent to the Ministry of Finance, 28 November 2023. Translated to English from the original Norwegian submission for information only.

Letter to the Climate Disclosure Unit, Australian Treasury, 12 July 2023

Approved by the Executive Board of Norges Bank on 9 December 2025. Effective from 11 December 2025.

The fourth Investment Conference took place on Tuesday 28 April at our Oslo office.

Letter to the International Sustainability Standards Board, 26 July 2022.

Letter to Ikatan Akuntan Indonesia, 21 March 2025.

Letter to Securities and Exchange Board of India, 6 March 2023.

Letter to the Climate Disclosure Unit, Australian Treasury, 6 February 2023.

The aim of the fund is to ensure a long-term management of revenue from Norway’s oil and gas resources. Our mission is to safeguard this wealth and achieve the highest possible return for current and future generations.